Published on : Wednesday, March 5, 2014
AEGEAN reports improved financial performance for 2013. More specifically, 2013 revenue increased by 21% to €682.7m. Net earnings after tax reached €66.3m, compared to losses of €10.5m in 2012.
ΑEGEAN carried 6.8m passengers in 2013, 12% more versus the previous year and achieving an increase in load factors to 74% from 79%. Load factors improved by 10 percentage points over the last 2 years, being the main contributor to the Company’s profitability.
Revenue growth and strong profitability were driven largely by the performance of the international network. AEGEAN grew its international passenger numbers by 14% to 4 million, boosted by the maturing of routes entered in previous years and also by favorable demand conditions for incoming leisure traffic. Athens as well as the 6 regional bases around Greece all registered substantially positive growth rates in international traffic.
EBITDA reached €94m while cash and cash equivalent rose to €239m from €156m in 2012[1], reinforcing its competitiveness and ability to support its development strategy.
The acquisition of Olympic Air was completed in October 2013, following the approval of the European Commission. For the full year of 2013, Olympic Air generated revenue of €167.4m, passengers carried reached 2m (1.7m domestic and 0.3m international) while net losses after taxes were at €13.9m.[2]
As the acquisition was completed at the end of October, Olympic Air was consolidated in group results only for the last two months of the year. As a result, consolidated group revenue was €699m and net earnings after tax stood at €57.8m.
On a pro-forma basis and taking into account the full year performance of both companies, total revenue was €847m and net earnings after taxes reached €52.5m. Total passengers carried by both companies amounted to 8.8m, with 4.3m passengers carried on international flights and Revenue Passenger Kilometers totaling 8.4 billion. Full year 2013 pro-forma consolidated aggregate figures constitute the appropriate reference point for the future performance of the group.
Mr. Dimitris Gerogiannis, Managing Director, commented:
“In 2013 we have achieved several key milestones. We have successfully expanded our international network while achieving substantial profitability. We have completed the acquisition of Olympic Air, allowing us to target substantial economies of scale which will further support our cost efficiency and ability to grow. Already in the first few months we are seeing the first benefits of network synergies. The integration of administrative, commercial and support services is progressing well. Naturally further effort and time is required to realize the planned synergies and increased competitiveness.
Local consumer demand continues to be weak, however apparently stabilizing at lower levels. Following a particularly strong 2013, incoming leisure demand outlook for 2014 continues to develop positively for Greece while competitive capacity to the country is also substantially increased. Our strategy of expanding both from Athens as well as our regional airport bases will be continued for 2014.
AEGEAN Full Year 2013 Results
€ 000 2012 2013 %
Revenue 562,858 682,683 21%
EBITDA[3] 2,944 94,307
Pre-tax earnings / (losses) for the period (12,618) 83,610
Net earnings / (losses) for the period (10,496) 66,331
Olympic Air[4] Full Year 2013 Results
€ 000 2013
Revenue 167,373
EBITDA (2,507)
Pre-tax earnings / (losses) for the period (12,760)
Net earnings / (losses) for the period (13,872)
Group results
€ 000 Pro-forma (Olympic Air included for full year)[5] Group reported results (Olympic Air consolidated for last 2 months)
Revenue 847,475 698,917
EBITDA 91,801 89,777
Pre-tax earnings / (losses) for the period 70,851 75,075
Net earnings / (losses) for the period 52,460 57,759
2013 Traffic (in million)
Passengers (m) AEGEAN AEGEAN & Olympic Air
2012 2013 % 2013
Domestic 2.6 2.8 9% 4.5
International 3.5 4.0 14% 4.3
Total 6.1 6.8 12% 8.8
Load Factor 74.3% 79.4% 5.0pp 78.3%
Source:-Aegean Airline
Tags: Aegean Airline
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