Aegean Airlines SA · ATHEX:AEGN
Aegean Airlines SA — Investor Presentation (December 2022)
29 slides from Aegean Airlines SA's investor presentation, December 2022
Slide 1: Corporate Presentation
Corporate Presentation December 2022
Slide 2: Strong Results driven by robust demand, network and fleet expansion
Strong Results driven by robust demand, network and fleet expansion Passengers (in ‘000) 11.633 9.396 81% of 2019 traffic 4.968 68 Aircraft summer 2022 9M-19 9M-21 9M-22 Available Seats (in ‘000) Revenues (in € mil) 13.879 1.031,9 1019,5 11.995 7.848 86% of 2019 capacity 486,8 €360,3 mil. Equity 9M-
Slide 3: Build resilience
Build resilience Rapidly adapting strategy to address both the challenges and the opportunities Load Factor Evolution 84,8% 79,5% 85% 64% 79% 68,1% 68,9% 74,3% 78,3% 78,3% 76,9% 77,4% 83,2% 83,9% 67,4% 65,5% Available Seats Kilometers – (in million) 14,4 12,6 7,5 14,7 16,4 16,7 17,2 18,6 16,3 9,8 9,
Slide 4: Strategic Priorities
Strategic Priorities Restoring Financial Performance Rebuild capital base Generate strong cash flows Extract ancillary revenue potential 02 Strengthening our Sustaining low unit cost rates Complete investment program Brand Invest in customer experience Deliver high quality services New upgraded loun
Slide 5: React to opportunity
React to opportunity Extrovert ramp up activity quickly, capture market growth / international contribution to revenue returning closer to pre-pandemic levels 156 destinations International Domestic 26% 24% in 42 countries 74% 9M 2022 9M 2019 76% Efficiency Performance Higher web penetration- elevat
Slide 6: Double digit EBIT and EBT margins
Double digit EBIT and EBT margins Strong profit recovery exceeding 2019 on marginally lower capacity, despite fuel and fx headwinds One of the best results in our industry after two extremely difficult years (in € mil.) Q3 2021 Q3 2022 % change 9M 2021 9M 2022 % change Revenue 333,9 571,4 71% 486,8
Slide 7: AEGEAN ranked among the top tiers in 9M-22
AEGEAN ranked among the top tiers in 9M-22 Capacity in Available Seats* Passengers* Revenue* Wizzair 122% Wizzair 112% Wizzair 122% Ryanair 110% Ryanair 105% Ryanair 117% Aegean 86% Aegean 81% Aegean 99% Air France 83% Air France 78% TAP 98% IAG 80% TAP 78% Air France 94% TAP 80% IAG 77% Easyjet 90%
Slide 8: Greece outperforms rest of Europe in terms of flights activity
Greece outperforms rest of Europe in terms of flights activity 20% 10% 0% 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 weeks 2022 -10% -20% -30% % traffic in flights compared to 2019 Eurocontrol Network Area Greece Mediterranean countrie
Slide 9: AEGEAN delivers strong performance on all key metrics with a pronounced QoQ recovery
AEGEAN delivers strong performance on all key metrics with a pronounced QoQ recovery Capacity 14.438 12.648 (ASKs in mil.) 7.497 6.323 6.136 5.099 4.823 4.301 3.015 2.211 869 1.805 Q1:19 Q2:19 Q3:19 9M:19 Q1:21 Q2:21 Q3:21 9M:21 Q1:22 Q2:22 Q3:22 9M:22 as a % of 2019 29% 35% 76% 52% 73% 84% 97% 88%
Slide 10: Operational expenses – CASK breakdown
Operational expenses – CASK breakdown Q3-2019 Q3-2021 Q3-2022 ASK’s 6.323 4.823 6.136 Employee benefits 0,63 0,45 0,64 Aircraft fuel 1,55 1,24 2,17 Depreciation 0,58 0,71 0,54 Aircraft maintenance 0,98 1,03 0,85 Overflight expenses 0,38 0,36 0,38 Ground handling expenses 0,38 0,39 0,44 Airport charg
Slide 11: AEGEAN liquidity position
AEGEAN liquidity position Cash & Cash Equivalents Debt (€ mil.) (€ mil.) 618,9 516,9 CAPEX 9M 2022 = € 52,1 mil. 474,4 346,2 337,0 ( 39,7 ) 198,7 23,5 ( 19,6 ) ( 16,3 ) PDPs inflow Engines Turboprop Other FY 2019 FY 2021 9M 2022 FY 2019 FY 2021 9M 2022 (amounts in EUR mil.) PDP Balance ( in $ mil.):
Slide 12: Aegean Fleet development
Aegean Fleet development • NEO core fleet to provide significant cost benefits • Turboprop fleet; shift to ATR 72/42s contribute to fleet optimization Operating Today A/C Owned Lease Finance Lease Debt Free AIRBUS NEO 17 2 - 15 AIRBUS CEO 38 - 6 32 Turboprop 14 - 3 11 Τotal 69 2 9 58 Delivery Schedu
Slide 13: Fleet Renewal driving efficiency
Fleet Renewal driving efficiency Benefits of Fleet Transformation Fleet summer 2023 Scale Jets Elevated onboard product NEO 26 Younger fleet offering improved customer experience and services CEO 32 New configuration, improved engines, lower operating Total 58 and maintenance costs Turboprop Busines
Slide 14: Fleet Transformation neo- A320/321
Fleet Transformation 46 neo- A320/321 the largest private investment in Greece Driving Efficiency and Elevating Product Quality the new aircraft facilitate the offer of new services to passengers, as well as increased range capabilities for expansion to new destinations and markets. NEO fleet will s
Slide 15: Multiple benefits from A320neo fleet
Multiple benefits from A320neo fleet Quality upgrade Improved Range Fuel Savings Financial Benefits Possibilities Aegean’s specific benefits ▪ Increased seat ▪ Operational ▪ The new engine ▪ Re-contracting of capacity per opportunities to option offers min maintenance; No aircraft. The new reach new
Slide 16: FY 2022 Outlook
FY 2022 Outlook • Resilient demand Oct-Nov 22 as a % of 2019 Oct. Nov. Passengers 91% 92% • Offered Capacity marginally lower than Q4-19 • FY revenue expected at 1.31 – 1.32bn (+0,1% - +1% vs 2019) • Q4 marginally positive bottom line => resulting to full year profitability expected to exceed 2019 l
Slide 17: Summer '23 45 Countries 145 Destinations
Planned Destinations from Summer ’23 Athens Base 45 Countries 16 destinations (Birmingham, Bristol, Bratislava, Dammam, Baku, Ljubljana, Palma 145 Destinations di Mallorca, Riga, Split, Sevilla, Genova, Chisinau, Newcastle, 220 Routes Olbia, Pisa, Marrakech) Planned Destinations from Thessaloniki Ba
Slide 18: Appendix
Appendix
Slide 19: More than 22 years of experience
More than 22 years of experience 2003 2013 2007 1999 First profitable Olympic Air 2019 Listing in Athens ∙ year pre-tax acquisition. 2022 Launch scheduled Exchange, raising Issuance of a EUR Introduction basis; ∙ flights; €135m through 200 mil. of high- Domestic market Low-cost carriers 2018 Common
Slide 20: Hedging Coverage
Hedging Coverage Managing exposure to reduce volatility on results and target cost certainty. Hedging rate % Jet Fuel 4Q 22 57% 2023 40% Hedging rate % US dollars* 4Q 22 58% 2023 55% *Including cashflow and non cashflow hedges as % of total USD expenses 20
Slide 21: Aegean at a glance
Aegean at a glance (in € mil.) Q3 2021 Q3 2022 % change 9M 2021 9M 2022 % change Revenue 333,9 571,4 71% 486,8 1019,5 109% EBITDA 104,61 197,8 89% 94,5 1 235,5 149% Pre-tax earnings/(Loss) 58,81 152,1 158% (32,9) 1 121,4 - Net earnings/(Loss) 51,31 120,8 136% (27,1)1 93,2 - Total passengers (in thou
Slide 22: Profit and Loss Account
Profit and Loss Account Consolidated Income Statement- Three months ended September 2022 Q3 2021 Q3 2022 % change (in € mil.) Q3 22 vs Q3 21 Scheduled Services 280,2 489,7 75% Charter 20,4 33,8 66% Other 33,3 47,9 44% Total Revenue 333,9 571,4 71% Other operating income 96,1 20,2 -79% Employee benef
Slide 23: Profit and Loss Account
Profit and Loss Account Consolidated Income Statement- Nine months ended September 2022 9M 2021 9M 2022 % change (in € mil.) 9M 22 vs 9M 21 Scheduled Services 403,4 869,0 115% Charter 28,2 55,4 97% Other 55,2 95,1 72% Total Revenue 486,8 1.019 109% Other operating income 100,9 35,0 -65% Employee ben
Slide 24: Balance Sheet Aegean Group
Balance Sheet Aegean Group December September (in € mil.) 2021 2022 Total Fixed Assets 814,3 1.156,1 Cash & Cash Equivalents1 462,1 568,9 Financial Assets Available for Sale 12,3 50,0 Other Current Assets 251,7 326,4 Total Assets 1.540,4 2.101,5 Total Equity 213,6 360,3 Lease Liabilities 414,2 721,5
Slide 25: Cash Flow Aegean Group - Summary
Cash Flow Aegean Group - Summary (in € mil.) Jan-Sep 2021 Jan-Sep 2022 Net cash flows from operating activities 232,8 260,1 Net cash flows from investing activities (49,3) (135,3) Net cash flows from financing activities (100,9) (24,3) Net (decrease)/ increase in cash and cash equivalents 82,6 100,5
Slide 26: Group Operating Figures
Group Operating Figures % Q3 2021 Q3 2022 change 9M 2021 9M 2022 % change Capacity ASKs (in millions) 4.823 6.136 27% 7.497 12.648 69% Total available seats (000) 4.640 5.557 20% 7.848 11.995 53% Total Block Hours 48.768 65.709 35% 79.358 133.154 68% Total Sectors Flown 30.496 35.958 18% 53.401 77.4
Slide 27: Building 57, Athens International Airport, Spata Greece
Building 57, Athens International Airport, Spata Greece 19019 t. 0030 2103551519 e. [email protected] www.aegeanair.com https://en.about.aegeanair.com/investor-relations 27
Slide 28: Disclaimer
Disclaimer Forward Looking Statements Except for historical information, the statements made or information contained in this presentation are forward-looking in nature. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objecti
Slide 29: Slide 29
Aegean Airlines — Investor Presentation (December 2022) on 6ix