AEGEAN announces a trading update for the nine-month period ending September 30, 2019 with consolidated revenue at €1.031,9 mil., 10% higher than respective period in 2018. Net earnings after tax reached €77,1 mil. from €80,9 mil. last year.

Total passenger traffic increased by 7% to 11.6 mil. passengers, with the company offering 6% more capacity, totaled to 13,9 mil. available seats. AEGEAN and its subsidiary Olympic Air carried 4.9 mil. passengers in the domestic network, 2% more compared to the respective period in 2018. International traffic reached 6.7 mil. passengers an increase of 12%. Load factor further improved to 84.5% from 83.6%. The Group operated 5% more flights, offering 8% more ASK’s.

The nine-month 2019 results include a €14 mil. negative impact from the first-time application of IFRS 16 and a €16 mil. negative impact from the effective fuel unit cost increase.

AEGEAN continues to enjoy net cash of €101 mil.[1] following the IFRS 16 application which capitalizes all future lease rental payments for the fleet and the liability from the recent bond issuance. EBITDA stood at €231 mil. for the period.

Mr. Dimitris Gerogiannis, CEO of AEGEAN, commented:

“AEGEAN managed to improve all its operational figures in the 2019 nine-month period and welcomed more than 12% international passengers on board despite the marginal increase in inbound tourism flows into the country.

We managed to mitigate the increase in the effective fuel unit cost. Moreover, in comparable terms, net of IFRS 16 application, we managed to improve all our financial figures.

Our effort to extend tourism season, which contribute overall to tourism development in our country, yielded positive results in the second quarter and is expected to do so in the fourth quarter as well”.