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2015 Financial Results
Thursday, 24-03-2016
Strong network expansion, higher revenue and pre-tax profit
Kifissia, 24 March 2016
AEGEAN reports full year 2015 results with consolidated revenue at 983m, 8% higher compared to 2014. Passenger traffic rose by 15% to 11.6m passengers, continuing the fast growth for a second consecutive year following the acquisition of Olympic Air.
Pre-tax earnings rose 6% to 100.3m while net earnings after tax reached 68.4m, 15% lower compared to 2014 due to higher corporate tax rate as well as an increased deferred taxation effect.
EBITDAR reached 217.3m while EBITDA stood at 111.2m, resulting to cash & short term financial assets of 238m at year end.
Traffic in the domestic network increased by 7% to 5.6m passengers driven by demand stimulation on lower fares and strong connecting traffic. International traffic rose by 24% to 6m passengers.
Mr. Dimitris Gerogiannis, Managing Director, commented:
In 2015 despite numerous challenges we implemented significant investments in both network and fleet, growing by 18% in terms of revenue passenger kilometers within a recessionary environment. Just two years following the acquisition of Olympic Air we now carry 40% more passengers on our international network, growing considerably faster than the overall rate of air arrivals to Greece. Within the same period we launched new products for families, upgraded our loyalty scheme as well as our digital services. Our service level and competitive fares have allowed us even to grow domestic traffic despite strong additional competitive entries. The success of our overall effort has allowed us to improve our operating and pre-tax financial results for a third consecutive year.
In 2016 we will continue to face challenges from competitors as well the significant volatility and socioeconomic problems of our region. However even within this uncertain environment, tourism demand for Greece and particularly our main hub Athens appears resilient, aided by more direct connections offered largely by Aegean but also other operators.
The BoD plans to propose the distribution of EUR0.70 dividend per share for Fiscal Year 2015.