AEGEAN AIRLINES S.A. FY 2023 and Q4 2023 Financial Results Presentation
March 2024
M I L E S T O N E S
- Revenues 27% higher driven by network expansion, significant capacity investment and higher load factors.
- Efficient and competitive cost structure.
- €246,8 mil. EBIT, 68% higher than 2022 and a margin of 14,6%.
- €168,7 mil. Net Profit, 58% higher compared to 2022.
- €709,3 mil. Cash, cash equivalents and financial assets.
- Net Debt / ΕBITDA at 1,0x.
- Net Cash excluding leases of €489,0 mil.
- €418,8 mil. Equity.
- 30 new destinations to AEGEANs network.
- Increased A320neo family order to 50 aircraft.
- Launched the operation of the Training Center.
- Propose dividend distribution €0,75 per share.
Strong year driven by higher capacity, increased load factor and higher RASK
RPKs (in mil.) | ASKs (in mil.) | Passengers (in '000) | Load Factor | ||||||||||||||
16.965 | 20.434 | ||||||||||||||||
15.768 | 18.596 | 15.695 | |||||||||||||||
14.992 | 84,8% | 83,4% | |||||||||||||||
16.744 | 79,8% | ||||||||||||||||
13.327 | 12.465 | ||||||||||||||||
FY-19 | FY-22 | FY-23 | FY-19 | FY-22 | FY-23 | FY-19 | FY-22 | FY-23 | FY-19 | FY-22 | FY-23 | ||||||||||||||||||
↑| 27% | ↑| 22% | ↑| 26% | ↑| 3,6 p.p. | ||||||||||||||||||||||||||
↑| 8% | ↑| 10% | ↑| 5% | |||||||||||||||||||||||||||
Revenue (in € mil) | EBITDA (in € mil) | |
1.693,1 | ||
1.308,8 | 1.336,8 | 400,4 |
269,4 | 274,9 |
FY-19 | FY-22 | FY-23 | FY-19 | FY-22 | FY-23 |
↑| 27% | ↑| 46% | ||||
↑| 29% | ↑| 49% | ||||
Pre- tax Profit / (Loss) (in € mil)
214,8
141,3
106,7
FY-19FY-22FY-23↑| 52%
↑| 101%
Net Profit (in € mil)
168,7
106,8
78,5
FY-19FY-22FY-23
↑|58%
↑| 115%
3
Market continues to grow, AEGEAN is growing ahead of market
Greek Airports | Athens International Airport | |||||||||||||||
% change | Civil Aviation Authority | |||||||||||||||
Flights | Passengers | Flights | Passengers | |||||||||||||
2023/2022 | ||||||||||||||||
Domestic | International | Domestic | International | Domestic | International | Domestic | International | |||||||||
1st quarter | 13% | 31% | 40% | 67% | 13% | 29% | 41% | 71% | ||||||||
2nd quarter | 10% | 3% | 21% | 9% | 7% | 16% | 19% | 25% | ||||||||
3rd quarter | 7% | 5% | 14% | 8% | 6% | 13% | 13% | 17% | ||||||||
4th quarter | 6% | 11% | 15% | 14% | 6% | 20% | 14% | 20% | ||||||||
Total Year | 9% | 7% | 20% | 12% | 7% | 18% | 19% | 26% | ||||||||
Greek Airports | Athens International Airport | |||||||||||||||
Civil Aviation Authority | ||||||||||||||||
% change | ||||||||||||||||
Flights | Passengers | Flights | Passengers | |||||||||||||
2023/2019 | ||||||||||||||||
Domestic | International | Domestic | International | Domestic | International | Domestic | International | |||||||||
1st quarter | 1% | -8% | 1% | 4% | 5% | 0% | 1% | 3% | ||||||||
2nd quarter | 5% | 1% | 16% | 8% | 10% | 3% | 16% | 8% | ||||||||
3rd quarter | 3% | 10% | 13% | 13% | 10% | 2% | 13% | 9% | ||||||||
4th quarter | 9% | 11% | 19% | 18% | 16% | 13% | 21% | 14% | ||||||||
Total Year | 4% | 6% | 13% | 12% | 10% | 5% | 13% | 9% | ||||||||
Greek Airports | Athens International Airport | AEGEAN | ||||||||||||||
Civil Aviation Authority | ||||||||||||||||
Flights | Passengers | Flights | Passengers | Flights | Passengers | |||||||||||
FY | 7% | 14% | 13% | 24% | 18% | 26% | ||||||||||
%chg '23/'22 | ||||||||||||||||
FY | 5% | 12% | 7% | 10% | 3% | 5% | ||||||||||
%chg '23/'19 | ||||||||||||||||
4
Network expansion to new destinations, significant capacity investment and strong passenger traffic
Total Passengers (in '000)
3.518
3.069
Q4-22Q4-23
↑| 15%
Total Passengers (in '000)
15.695
12.465
FY-22FY-23
↑| 26%
Domestic Passengers (in '000)
1.381
1.186
Q4-22Q4-23
↑| 16%
Domestic Passengers (in '000)
6.239
5.129
FY-22FY-23
↑| 22%
International Passengers (in '000)
2.137
1.883
Q4-22Q4-23
↑| 13%
International Passengers (in '000)
9.455
7.336
FY-22FY-23
↑| 29%
5
Record profitability with one of the best set of results in our sector
EBITDA Margin | EBIT Margin | EBT Margin |
23,6%
14,6%
20,6% 20,6%
11,0%
9,4%
12,7%
10,6%
8,2%
FY-19 | FY-22 | FY-23 | FY-19 | FY-22 | FY-23 | FY-19 | FY-22 | FY-23 |
Key financial and operating metrics as a percentage of the corresponding results for the period of 2019.
2019 | 2022 | 2023 | |
ASKs | 100% | 90% | 110% |
Revenue | 100% | 102% | 129% |
Pre-tax profit for the period | 100% | 132% | 201% |
RASK (Revenue per ASK, in € cents) | 100% | 113% | 118% |
CASK (EBIT level, in € cents) | 100% | 114% | 112% |
6
Balance sheet strengthening
Cash & Cash Equivalents | Debt (€ mil.) |
(€ mil.) | |
709,3 | 268,2 | ||||
220,3 | |||||
516,9 | 527,9 | 198,7 | |||
FY 2019 | FY 2022 | FY 2023 | FY 2019 | FY 2022 | FY 2023 |
(amounts in EUR mil.) | ||||
FY 2019 | FY 2022 | FY 2023 | ||
Cash and Cash Equivalents1 | 517 | 528 | 709 | |
Debt2 | 199 | 268 | 220 | |
Leases (IFRS 16) | 343 | 737 | 901 | |
Net Debt/ (Net Cash) incl. leases | 25 | 478 | 412 | |
Net Debt/ (Net Cash) excl. leases | (318) | (260) | (489) | |
EBITDA | 269 | 275 | 400 | |
Net Debt/EBITDA | 0,1x | 1,7x | 1,0x | |
Equity | 328 | 348 | 419 |
Notes: | |
1. Including restricted cash of €8,7 mil. and financial investments of €11,8 mil. in 2019, restricted cash of €1,4 mil. and financial investments of €64,2 mil. in | |
FY 2022 and restricted cash of €0,5 mil. and financial investments of €133,1 mil. on 31.12.23 | 7 |
2. Bond accrued interest accounting treatment | |
Cash Flow Bridge
Amounts in € mil. | *Pdps: Pre-Delivery payments | 8 |
Fleet Program Driving Efficiency / Quality
28 A320/321 NEO aircraft received + 22 aircraft pending mostly A321 NEO!
77 aircraft
28
A320 neo family
16 | 12 |
A320 neo | A321 neo |
15
Turboprop (ATR. Dash 8-100)
Fleet Evolution
Deliveries | Total | |||
34 | 2019 | 1 | ||
A320 ceo family | ||||
2020 | 7 | |||
29 | 5 | |||
2021 | 1 | |||
A320 ceo | A321 ceo | 2022 | 10 | |
2023 | 9 | |||
2024 | 5 | |||
2025 | 5 | |||
2026 | 5 | |||
2027 | 5 | |||
2028 | 2 | |||
10
ATR72-600
3
ATR42-600
2
D-100
9
Mr. Dimitris Gerogiannis, CEO of AEGEAN, commented:
"AEGEAN delivered strong growth of its activity, passenger traffic and profitability, recording one of the best set of results in the sector, within an environment of strong demand but also intense competition, high interest rates as well as higher volatility.
We are extremely satisfied with the result, which confirms AEGEAN's growth strategy. In 2023 the Group progressed on all of its strategic pillars, adding 30 new destinations to its network, increasing by 4 the Airbus A320neo family aircraft order reaching 50 in total, as well as initiating in December 2023 the operation of the Flight Simulator Training Center while the aircraft MRO Base will be operational within the first four months of 2024.
We start 2024 on even more solid ground which allows further development of our people's skills, higher value-added services for our country and our shareholders, always prioritizing our continuous efforts to better serve our customers. Our strong performance in 2023 sets a high benchmark for 2024, especially given the challenges in the industry supply chain. Nevertheless, the increased demand prospects on our additional new capacity seem encouraging."
10
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Disclaimer
Aegean Airlines SA published this content on 14 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 March 2024 11:05:51 UTC.
