AEGEAN: First Quarter 2019 Trading Update

AEGEAN announces its trading update for Q1 2019 with total passenger traffic rising by 7% and consolidated revenue at EUR 172 mil., 4% higher than Q1 2018. Total capacity offered increased by 5% while load factor was recorded improved in the quarter reaching 82.3% from 81.2% in the respective 2018 period.

Passengers carried on domestic flights increased by 4% το 1.1 mil. while passengers traveled on the international network increased by 9% to 1.4 mil.
Net losses after tax stood at EUR 35.2 mil. from EUR 30.8 mil. in 2018 impacted by higher fuel costs and a downward pressure on fares. This result also includes the effect of the application of IFRS 16 which (also) requires USD denominated lease obligation to be revalued causing a negative EUR 5.2 mil. valuation effect.

Cash & short-term financial investments reached EUR 552.6 mil. at period end 31.03.2019, following the successful issuance of the EUR 200 mil. common bond loan and the positive cash flows of the first quarter.

Mr. Dimitris Gerogiannis, CEO of AEGEAN, commented:
“The Group managed to deliver growth in revenues, passenger traffic & load factors, within the context of the European economic slowdown, however with a drop in average fares. Aegean is one of few European airlines which managed to achieve higher revenue during the first quarter of 2019, despite the increased seasonality of the Greek market.

For the summer period we continue to pursue our strategy for moderate and steady growth, adding new destinations and investing in the extension of the tourism season. At the same time, we are working hard to prepare for the induction of our new Airbus A320 neo aircraft in our fleet in 2020. We remain cautiously optimistic for our progress in the following summer quarters as the trend of our bookings remains positive.”

Key Performance Indicators are posted on the company’s website http://en.about.aegeanair.com/investor-relations/financial-results/financial-results/

Given the EU directive 2013/50/EU which was transposed into Greek law (L.4374) in April 2016, AEGEAN issues trading updates with key financial and operating performance indicators for the First Quarter ending March 31 and 9-month period ending September 30 and detailed financial reports and statements for the First Half ending June 30 and Fiscal Year ending December 31.