AEGEAN: Fourth Quarter and Full Year 2020 Financial Results

AEGEAN announces financial results for the fourth quarter and the fiscal year 2020.

The resurgence of the pandemic and the renewed restrictive measures imposed in Europe and in Greece, heavily impacted the Group’s activity and load factors in the fourth quarter. Sectors flown were 61% lower than 2019 while passenger traffic was lower by 77% and revenues by 74% during Q4-20. Indeed, for the two-month period of November/December, when essential travel restrictions were applied to the domestic market, the traffic decline exceeded 85%.

Including the fourth quarter, revenues for the full year reached €415,1 mil. compared to €1,3 bil. in 2019, while the Group carried 5,17 mil passengers, a 65% reduction from the 15 mil. passengers carried in 2019. Indeed, for the 9 month period from April, following the inception of the pandemic to the end of the year, revenues and passenger traffic recorded a decrease of 76%, while load factor fell from 85% in 2019 to 62% in 2020.

For the full year net losses before taxes reached €296,8 mil. while net losses after taxes reached €227,9 mil. compared with € 106,7 mil. profit before taxes and €78,5 mil. after taxes in 2019.

The Company took immediate actions to effect costs savings, manage capital expenditures and to strengthen liquidity in response to the crisis.

Cash and cash equivalents stood at €478,4 mil. on 31/12/2020.

Mr. Dimitris Gerogiannis, CEO of AEGEAN, commented:

“2020 was certainly the most difficult year in aviation history. From the onset of the crisis we have worked diligently to manage the challenges of this special period. We continue to work to further enhance our resilience and competitiveness but also to develop new services for our passengers to be more effective once restrictions are gradually lifted. Naturally, the completion of the upcoming share capital increase is another important step in this process.

The first months of 2021 are also heavily impacted by restrictions imposed all over Europe during the second lockdown, already in effect for six months. We expect gradual but significant recovery in H2 2021 and onwards, provided that the recently improved vaccination rate continues, and the EU digital green passport is implemented successfully no later than the end of June”.

The Company expects the delivery of its 4th A321 neo, 9th Airbus A320 neo family delivery, in May, within a total delivery plan of 46 new aircraft extending to 2026.