1. travel
2. transports
3. air travel
4. airlines

PRESS RELEASE
First Quarter 2015 Financial Results
Significant investment in international destinations and capacity during the
winter season
International network traffic 22% higher with lower fares
Kifissia, 27 May 2015
AEGEAN announces first quarter 2015 results with consolidated revenue at
€138.1m, 3% higher versus 2014. Total number of passengers carried rose by 13%
to 1.8m as the company invested more capacity, either by maintaining routes
launched in the previous summer season for the winter months as well or by
increasing frequencies on existing routes.
International passenger traffic rose by 22%, with Athens base being the main driver
with 26% growth. Passengers carried on the domestic network rose by 7%.
Net losses after tax stood at €8.3m compared to losses of €8.4m in 2014, as lower
fares, more capacity invested in the seasonally weakest period and a stronger dollar
offset the benefit of lower fuel costs and unit cost reduction stemming from
economies of scale.
Cash and cash equivalent reached €238m at 31.03.2015.
Mr. Dimitris Gerogiannis, Managing Director, commented:
“We started the year with a significant investment in capacity and network expansion,
offering more choices to our customers and consistently supporting Athens hub with
10 new international destinations. Network expansion combined with lower fares led
to a 22% growth on our international network traffic. We are investing within an
environment that continues to be challenging for our country and despite increased
competitive intensity, with our strategy being supported by our improving unit costs.
We continue to believe that network synergies and tourism development in our
country can offer further potential to our company provided a return to stability is
achieved in the very near term for our country. Meanwhile, we start taking delivery of
our new aircraft as of June 2015 with planned deliveries until March 2016. The
performance of the forthcoming summer period of June-October, given the
significance of summer revenues will as usual determine the validation of our 2015
capacity and scope investments.”
1
Consolidated Results
First Quarter 2014
First Quarter 2015
∆%
Revenue
133.9
138.1
3%
EBITDA
(6.6)
(14.2)
116%
Pre-tax loss for the period
Net loss for the period
(10.8)
(8.4)
(12.3)
(8.3)
13%
0%
€ million
Passenger traffic (in ,000)
Passenger traffic
Domestic
International
Total
Load Factor
Avg number of passengers
per flight
AEGEAN & Olympic Air
First Quarter 2014
930
697
1,628
73.0%
91
First Quarter 2015
995
851
1,846
70.3%
96
%
7%
22%
13%
-2.7
6%
Financial statements and Key Performance Indicators are posted on the company’s
website http://en.aegeanair.com/investor-relations/financial-results/
About AEGEAN
ΑEGEAN & Olympic Air carried 10.1 million passengers in 2014. The group’s fleet
comprised of 50 aircraft in 2014. AEGEAN has recently announced its decision to
take delivery of 7 brand new A320 aircraft in 2015-2016. The 2015 network will offer
15m available seats, 2m more than 2014, with flights to 134 destinations (34
domestic and 100 international) to 42 countries. Since June 30, 2010 AEGEAN is a
member of STAR ALLIANCE, the strongest airline alliance worldwide. The Company
has been honored with the Skytrax World Airline award, as the best European
regional airline in 2014. AEGEAN won this award for the 4th year in a row and for the
5th time since 2009.
2
AEGEAN at a glance
Consolidated results
In € millions
Jan Mar 2014
Jan Mar 2015
Change
In %
Revenue
133.9
138.1
3%
EBITDAR
14.0
6.7
-52%
EBITDA
(6.6)
(14.2)
116%
Pre-tax earnings for the period
(10.8)
(12.3)
13%
Net earnings for the period
(8.4)
(8.3)
0%
Total number of passengers (in thousands)
1,628
1,846
13%
91
96
6%
Load factor - Scheduled services (RPK/ASK)
73.0%
70.3%
-2.7pp
Load factor - Scheduled services (Pax/AVS)
71.0%
70.7%
-0.3pp
Average sector length (km)
673
725
8%
RASK (Revenue per ASK, in € cents)
7.4
6.3
-15%
Yield (Revenue per RPK, in € cents)
10.1
9.0
-11%
CASK (EBITDAR level, in € cents)
6.6
6.0
-10%
CASK (EBITDAR level, in € cents) - excl. fuel costs
4.6
4.6
-1%
CASK (EBT level, in € cents)
7.9
6.8
-14%
CASK (EBT level, in € cents) - excl. fuel costs
6.0
5.5
-9%
Average number of passengers per flight
3
Profit & Loss account
Jan Mar 2014
Jan Mar 2015
Change
In %
114.0
114.3
0%
Charter
0.8
1.0
22%
Other (ancillary, cargo, executive aviation)
19.0
22.7
19%
Total revenue
133.9
138.1
3%
3.6
2.1
-42%
Employee benefits
(22.2)
(24.3)
9%
Aircraft fuel
(37.1)
(30.8)
-17%
Aircraft maintenance
(12.1)
(12.9)
6%
Overflight expenses
(9.0)
(10.6)
18%
Ground handling expenses
(8.6)
(10.2)
20%
Airport charges
(4.1)
(9.4)
129%
Catering expenses
(3.5)
(3.8)
11%
Distribution expenses
(14.0)
(17.0)
21%
Consolidated results
In € millions
Revenue
Scheduled Services
Other operating income
Marketing and advertising expenses
(2.2)
(2.3)
4%
Other operating expenses
(10.9)
(12.2)
12%
14.0
6.7
-52%
10.4%
4.9%
(20.5)
(20.9)
2%
(6.6)
(14.2)
116%
(3.1)
(3.3)
7%
EBIT
(9.7)
(17.5)
81%
EBIT margin
-7.2%
-12.6%
EBITDAR
EBITDAR margin
Aircraft leases
EBITDA
Depreciation
Financial results
(1.2)
5.2
-
EBT
(10.8)
(12.3)
13%
EBT margin
-8.1%
-8.9%
Income Tax
2.5
4.0
59%
(8.4)
(8.3)
0%
Net earnings / (loss) after tax
4
Balance Sheet AEGEAN Group – Summary
In € millions
Dec 14
Mar 15
Total fixed assets
273.4
295.2
Cash
207.5
228.1
Other current assets
146.5
212.4
Total assets
627.4
735.7
Total equity
216.4
229.6
Finance lease liabilities
58.5
63.5
Loans
0.0
0.0
Other Liabilities
352.5
442.6
Total equity and liabilities
627.4
735.7
Cashflow AEGEAN Group – Summary
In € millions
Net cash flows from operating activities
Jan – Mar 2014
42.4
Jan – Mar 2015
32.0
Net cash flows from investing activities
8.4
(9.0)
Net cash flows from financing activities
(1.9)
(2.3)
Net (decrease)/ increase in cash and cash equivalents
48.9
20.6
Cash and cash equivalents at the beginning of the period
226.9
207.5
Cash and cash equivalents at the end of the period
275.8
228.1
Operating figures (AEGEAN & Olympic Air)
Jan – Mar 2014
Jan – Mar 2015
Change In %
Capacity
ASKs (in millions)
1,867
2,233
20%
Total available seats (000)
2,295
2,613
14%
Total Block Hours
24,491
27,428
12%
Total Sectors Flown
17,829
19,150
7%
Average capacity per flight
129
136
6%
Average sector length (km)
673
725
8%
1,625
1,844
13%
2
3
7%
Domestic
930
995
7%
International
697
851
22%
Total number of passengers
1,628
1,846
13%
RPKs (in millions)
1,362
1,566
15%
Passengers (000)
By type of service :
Schedule passengers
Charter passengers
By network :
91
96
6%
Load factor - Scheduled (Pax/AVS)
Pax/flight
71.0%
70.7%
-0.3pp
Load factor - Scheduled (RPK/ASK)
73.0%
70.3%
-2.7pp
Detailed financial statements are available at www.aegeanair.com under the investor
relations / Financial results section.
5