Aegean Airlines SA : Nine months 2011 Results - 23/11/2011
11/23/2011| 11:00am US/Eastern
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Kifissia, 23 November 2011
AEGEAN reports Nine-Month 2011 revenue of €537.4m, 15% higher
compared to the respective period last year. Total passengers
carried increased by 6% to 5.2m. Net result after taxes
stands at €2.7m losses. It is noted that Nine-Month 2010
result of €8.4m losses was burdened by social contribution
tax charges.
On a like for like basis, the impact of rising fuel prices
amounted to €38m, up 40% versus last year (and in total €50m,
or 52% higher given the increase in the company's activity).
In addition, the intensifying crisis in the Greek economy
continues to negatively impact demand from Greek
consumers.
Despite the negative environment, operating cash flow
improved to an inflow of €24m against an outflow of €23m in
the Nine-Month 2010 period, allowing for the investment in
airport slots in London Heathrow and Paris CDG and also the
increase in the company's cash and cash equivalents to
€194m.
During the third quarter of 2011 international traffic grew
by 22%. Growth in the international network stems from the
successful implementation of the company's expansion strategy
with destinations and frequencies added to important markets
like UK, France, Italy, Spain, Russia and Israel. High growth
rates were also registered on international routes from
regional airports and more specifically from/to Heraklion
(+21%), Thessaloniki (+15%) and Rhodes (+22%).
Mr. Dimitris Gerogiannis, Managing Director, commented:
"AEGEAN made a substantial contribution to Greek tourism with
capacity added both in Athens and the country's regional
airports. Our international strategy was implemented despite
the intensifying crisis and higher fuel prices. The
improvement of our productivity, the offer of innovative
services and our fleet homogeneity all contribute to our
ability to compete, within an environment where customers
expect and must receive improved value. However, a
substantial part of our cost base is determined by exogenous
factors, like fuel and airport costs. As a result, we believe
it is now urgent that the Greek State reshapes its policy for
Athens International Airport where charges are 2.5 times
higher compared to Spain and Turkey and 3.5 times higher
compared to the rest of the Greek airports while domestic
travel is burdened by €41 per segment. If the Athens airport
charges are not adjusted the economy and
tourism of the city will continue to suffer and so will the
competitiveness of the Greek airlines, particularly within
this adverse environment."
|
In € 000 Nine Month 2010
|
Nine Month 2011
|
%
|
|
Revenue 466.199
EBITDAR* 68.624
Profit / (Loss) before tax (1.919) Profit / (Loss)
after tax (8.438)
|
537.353
65.633 (2.928)
(2.722)
|
15%
-4%
-
-
|
*EBITDAR: Earnings before interest, tax, depreciation &
amortization and lease costs
Nine Month
Nine Month
Third Quarter
Third Quarter
Passengers (,000) 2010 2011 % 2010 2011 %
|
Domestic 2.483
|
2.382
|
-4%
|
949
|
963
|
2%
|
|
International 2.433
|
2.812
|
16%
|
1.065
|
1.297
|
22%
|
|
Total 4.916
|
5.194
|
6%
|
2.014
|
2.260
|
12%
|
|
Average pax per flight 104
|
111
|
7%
|
118
|
123
|
4%
|
|
Load Factor (RPK/ASK) 69,1%
|
69,2%
|
0,2
|
77,0%
|
76,6%
|
-0,5
|
About Aegean Airlines
Aegean Airlines carried 6.23 million passengers in 2010.
Since June 30, 2010 it is a member of STAR ALLIANCE, the
strongest airline alliance worldwide. The Company has been
recently honored with the Skytrax World Airline award, as the
best European regional airline for 2011. In its 12 year
history, Aegean has been awarded six times by the European
Regions Airline Association (ERA). Furthermore, the company
has been repeatedly awarded by the Athens International
Airport as the greatest contributor to the airport's
passenger volume increase.
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