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First Half 2018 Financial Results

4 September, 2018

AEGEAN announces its first half 2018 results with consolidated revenue at €455.7m, 1% higher compared to the respective period in 2017 and net losses narrowing to €13.8m from €20m in 2017.

Total passenger traffic increased by 7% to 5.9m passengers, with the Company offering 3% more capacity in ASKs and 4% in total available seats. Passengers carried on domestic flights increased by 5% το 2.7m while passengers traveled on the international network increased by 8% to 3.3m. Load factor improved to 81.7% from 79.2%, reflecting commercial initiatives and increased network synergies. International traffic from Athens International Airport grew by 13%, with the Company initiating 11 new international destinations from Athens.

Operating cashflow strengthened to €163.2m from €127.4m, resulting to cash and cash equivalents of €395.8m [1] at 30.06.2018, a net increase of €58.4m relative to June 2017 even following advances of €33.6m related to the recent purchase agreement with Airbus.

Mr. Dimitris Gerogiannis, CEO, commented:

“Following a very successful 2017 we managed to further improve our load factors and passenger volumes through our service efforts, conservative focused capacity expansion for a second consecutive year and the optimization of our network despite substantial competitive capacity increases. Tourism demand for Greece continues to develop and is supportive but substantially seasonal.

We have opened 11 new routes that expand our offering and support hub flows through Athens. We continue to develop our product with additional bank loyalty programs, and new booking & selection options. Most importantly we are now committed to the A320 neo family which will bring additional efficiency, range and improved service possibilities to our customers.

The outlook for the third quarter, which substantially determines full year results, remains positive, despite competitive capacity increases. Higher Fuel prices will continue to affect our costs, only partly mitigated by our fuel hedging policy.”

Consolidated Results

€ million
First Half 2017 First Half 2018 %
Revenue 450.7 455.7 1%
EBITDAR [2] 59.7 50.0 -16%
EBITDA [3] (10.5) (14.7) 41%
Pre-tax profit / (Losses) for the period (26.7) (18.3) -32%
Net profit / (Losses) for the period (20.0) (13.8) -31%


Passenger traffic (in ,000)

  First Half 2017 First Half 2018 %

2,533 2,659 5%
International 3,022 3,277 8%
Total 5,555 5,935 7%
Load Factor [4] 79.2% 81.7% 2.4
Avg number of passengers per flight 115 123 7%


The Group adopted IFRS 15 Revenue from contracts with customers as of January 1, 2018. The change in accounting treatment had a negative impact of €5.7m on group revenues in the first half of 2018. The Group has also adjusted the recognition of certain distribution expenses, recognizing the expenses which correspond with the revenue recognized on each period, resulting to reduced distribution expenses by €5.8m in the first half of 2018. As a result, the net change in recognition of revenue and expense items had a positive impact of €0.1m on the consolidated operating and pre-tax results for the first half of 2018.

Alternative Performance Measures

The Group uses the EBITDA and EBITDAR financial indicators as part of its performance assessment. Those serve to better understand the financial and operating results of the Group. Specifically, EBITDA is defined as earnings before interest, taxes depreciation and amortization. The definition of EBITDAR (an indicator widely used in the aviation industry) is defined as earnings before interest, taxes depreciation, amortization and leases of aircraft & spare engines.

 In € m First Half 2017 First Half 2018
Loss before taxes  (a)* (26.7) (18.3)
Depreciation (b)* (9.0) (9.2)
Finance income (c)* 14.8 16.3
Finance expense (d)* (22.1) (10.6)
Loss before interest, taxes depreciation and amortization (EBIDTA)  (e) = (a) - (b) - (c) - (d) (10.5) (14.7)
leases of aircraft and spare engines (f)** (70.1) (64.8)
Earnings before interest, taxes depreciation, amortization and leases (EBITDAR) (g) = (e) – (f) 59.7 50.0


* Included in the Consolidated Statement of Comprehensive Income.
** Not presented separately in the Consolidated Statement of Comprehensive Income

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