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A3 financial results [last update Nov 2023, Q3 2023 results]

A3 financial results [last update Nov 2023, Q3 2023 results]

Old Nov 22, 2019, 7:03 am
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Originally Posted by Dover2Golf
I presume by that you mean reduced business class pricing in line with your usual complaints about A3?
No, I mean understanding market segmentation and pricing your product accordingly. Lufthansa, for example, has understood that many wealthy older people are happy to pay a significant premium for business travel if the price is right. So they offer highly discounted non-refundable/non-changeable P fares to those who are willing to book 6 months or so in advance. The prices are then raised as time goes on so that business travelers pay the full fare. Lufthansa can still make a good profit on their leisure business fares, especially on intra-Europe routes. By contrast, Aegean charge sky-high business fares from the outset and totally lose out on leisure travelers. Yesterday, I checked an Aegean flight from ATH to TXL for next June and found that they had six I class seats available out of 12 business seats, with the remaining seats offered for full price. It is no wonder that LH flights that I am on from Cyprus often have 11 rows of business class on an A321 and Aegean are lucky to operate with 3 on many routes. To improve profits, Aegean needs to rethink its business product and how to market it. Given that one can renew an A3*S card with two cheap 4-sector economy returns, does it really not make commercial sense to scrap the unnecessary upgrades and instead try to offload these 6-9 months out to wealthier leisure travelers?
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Old Nov 22, 2019, 4:09 pm
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Originally Posted by KLouis
I did not use any of my coupons this year, they never cleared. The only time I was coupon-upgraded was when I was using my wife's coupons (along with her)
But you didn't just let them expire right? Plenty of people would be very grateful to get some extra coupons that otherwise would be unused

In any case, overall, I think the percentage of coupons used among FTers is probably a lot higher than with 'regular' folks.
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Old Jan 16, 2020, 2:05 pm
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AEGEAN carried 1 million more passengers for 2019 and succeeded a new passenger traffic record of 15 million

Thursday, 16-01-2020

7% growth in total passenger traffic, 11% more passengers from last year at the international network and 3% more at domestic network

AEGEAN set a new passenger traffic record in 2019, reaching the 15 million passenger threshold, recording a 7% increase in total passenger traffic for 2019; a significant achievement marking 20 years of operation. More specifically AEGEAN and Olympic Air carried 14.99 million passengers in 2019, nearly 1 million more than the previous year, offering 17.85 million seats in total.

The increase resulted the repeatedly enhanced investment at the international network, which continues to be the main driver of growth with 8.7 million passengers, an equivalent to an 11% increase. This increase was driven both from the Athens hub (+11%) as well as the regional bases of Thessaloniki, Heraklion, Chania, Rhodes, Kalamata (+ 8%) where they are growing at a significantly larger pace compared to the general trend of the country, which shows signs of reduction.

Domestic traffic also reported a marginal increase of 3%, despite the remaining significant burden of increased passenger VAT, which remains for four consecutive years (2016-2019) at 24%.

Load factor rate improved by almost 1 percentage point (pp), from 83.9% in 2018 to 84.8% in 2019.


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Old Mar 17, 2020, 1:46 am
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PRESS RELEASE 2019 Financial Results

10% rise in consolidated revenue at 1.30bn with 15 mil. passengers

Net earnings at 78.5 mil.

Kifissia, 17th March, 2020

AEGEAN announces financial results for fiscal year 2019, showing a 10% rise in consolidated revenue at 1,308.8 mil. Net earnings after tax increased by 15% at 78.4 mil.
Passenger traffic increased by 7% with AEGEAN and Olympic Air carrying 15 mil. passengers. EBITDA reached at 269.4m while cash and cash equivalents reached 516,9m.
Mr. Dimitris Gerogiannis, CEO of AEGEAN, commented:
2019 has proven our maturing of operations and the gradual success of our efforts of extending the season. For the first time we managed to achieve a profitable result also in the traditionally weak last quarter of the year. The success of 2019 contributes to a stronger starting base and contributes to reserves in organization and financial condition.
Our entire industry will be challenged by the unprecedented effects of the COVID-19 in Global Aviation and Travel. We believe in the strength of our organization, our excellent staff and our resilience and adoptability in crisis. In this particular instance, policy makers actions and policies to mitigate the effects of the crisis will also be crucial.

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Old Mar 17, 2020, 2:47 am
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Let's see how the present viral situation (pun intended) will affect A3...
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Old Mar 17, 2020, 9:24 am
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Originally Posted by KLouis
Let's see how the present viral situation (pun intended) will affect A3...
I am surprised they are still flying and not grounded, especially to Europe, but my guess is not for long.
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Old Apr 14, 2020, 10:34 am
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Kifissia, 14 April 2020
ANNOUNCEMENT Credit Rating Review
Aegean Airlines S.A. (The Company) hereby informs investors, in accordance with the provisions of its Common Bond Loan issued on 28.02.2019, that credit rating agency ICAP Group S.A., assigned a BB rating to the Company (ie downgrade by one notch) and has also assigned a negative outlook for the following 4 months, in anticipation of the final impact of the COVID-19 pandemic. The Credit Rating agency plans to reassess the Companys rating after the aforementioned period, taking into consideration any new facts and data in relation to the consequences of the pandemic, the developments in the sector as well as the course of the domestic, European and Global economies.

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Old Apr 16, 2020, 7:45 am
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It's not looking good
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Old Apr 19, 2020, 1:01 pm
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i dont think, its a big problem. Other companys are in worse position. And i am sure, the greek goverment will do everything, to keep them alive, because the last 7 years Agean had very good results. Alitalia, Tarom, Croatian are in big truble. If Aegean will survive thes Corona virus, will be biger and stronger in mediterran business, then all the rest.
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Last edited by powergean; Apr 19, 2020 at 1:12 pm
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Old May 19, 2020, 5:33 am
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AEGEAN provides a preliminary estimate of First Quarter 2020

Kifissia, 19 May 2020

AEGEAN hosted an analyst call to update on the current situation following the crisis which was caused due to the COVID-19 pandemic and due to travel restrictions imposed by EU member states as of March 2020.

More specifically, traffic in the first quarter of 2020 fell by 15% to 2.1m passengers, driven by March performance where traffic fell by 56% due to the evolving situation caused by the pandemic, reversing the very strong start to the year with 11% and 7% growth recorded in January and February.

Similarly, March revenue performance, with a drop of 59%, has reversed the increase recorded in the first two months of the year. Hence revenue in the First Quarter is estimated to be 15% lower to €146.4m.

Pre-tax loss is estimated at €80m compared to pre-tax loss of €48.7m in the prior year.

First quarter result is expected to be burdened by extra €30m from fuel hedging ineffectiveness, as the suspension of the largest part of network operations in the second quarter resulted to prior hedging positions deemed ineffective for the second quarter of the year.

As a result, pre-tax losses for the quarter, including aforementioned provision, are estimated at € 110m.

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Old Jun 25, 2020, 9:50 am
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Kifissia, 25 June 2020


First Quarter 2020 Trading Update
AEGEAN confirms the financial and operating results for the first quarter 2020, as per
preliminary estimate guidance dated May 19 ,2020. Consolidated Revenue for the
first quarter reached 147,0 mil., registering a 15% decline. Passenger traffic reached 2,1 mil., 15% lower, with the company operating 6% fewer flights compared to the same quarter last year. The decline in passenger traffic was driven entirely by March performance, reversing the positive course of the previous two months of the year.

Net Losses for the first quarter of 2020 stood at EUR 85,4 mil. compared to net losses of EUR 35,2 mil. in the same period last year. First quarter 2020 result was burdened with 38,7 mil. due to hedging ineffectiveness deriving mainly from oil derivatives originally in place to hedge volumes which will eventually not be consumed following the suspension of the largest part of network operations in the second quarter.

Mr. Dimitris Gerogiannis, CEO of AEGEAN, commented:
Over the last four-month period, aviation industry worldwide is experiencing an unprecedented crisis. In June, following some easing signs of the course of the pandemic and the subsequent gradual ease of travel restrictions, we have partially restored our flight operation schedule while a gradual sales recovery was also evident. The next few months will be challenging and uncertain as our operations are directly linked with epidemiological developments.

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Old Jul 21, 2020, 9:33 am
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CEO sounds cautiously optimistic.

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Old Jul 21, 2020, 10:03 am
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Originally Posted by atothepoweroftwo
Yes more positive then feared but still Aug Sep to get through yet .

AEGEAN Ordinary General Shareholders Meeting 2020
Continuous efforts to shield the company and enhance flexibility in an ever-changing environment
st Athens, July 21 , 2020
AEGEAN Ordinary General Shareholders Meeting 2020 was held today, July 21st 2020, exclusively as a virtual general meeting without the possibility of shareholders or their proxies attending in person. Dimitris Gerogiannis, AEGEANs CEO main remarks focused on the current situation, the impact of the pandemic and the initiatives undertaken by the management of the airline.
The past 5 months have been the most challenging in the history of AEGEAN. Management efforts to adapt, have focused both on developing the necessary procedures to ensure the health and safety of passengers and crew, as well as addressing the commercial and economic challenges.
At an operational level, the gradual reintroduction of network operations that followed the ease of travel restrictions in mid-May, is still evolving. During July, AEGEAN restored 40% of its network operation, compared to 2019, whereas it expects to fly 50% of its respective 2019 operations in August. By the beginning of August, AEGEAN will directly connect Athens with 73 destinations and with 52 additional destinations from all its bases in Heraklion, Rhodes, Chania and Larnaca, operating approximately 1,600 flights per week. Given the changing conditions of the pandemic and the growing passenger trend of short-term planning, the airline will continue to proceed with all the necessary network adjustments.
AEGEAN has already received five (5) new Airbus A320neo aircraft, while another two (2) are expected in the coming months, including the first A321neo. The company's investment program for the order of total 46 aircraft remains unchanged, though the airline is working on possible solutions towards achieving necessary adjustments and flexibility.
The estimated result for Q2 2020 (April-June), which incorporates the lockdown period and the resulting operational suspension, with regard to the 26-28 million euro estimated losses, is aligned with what was previously communicated from AEGEAN during the 18/05 analyst call. The cash burn for the same period though, has been considerably lower than the initial estimate of 40 million euro losses per month, therefore cash flow (excluding new bank credit lines) was maintained over 400 million euro, at the end of June.
Average load factor is gradually evolving at a positive pace throughout June, July and August, based on current estimates, but it is still expected to remain significantly below usual levels. However, their contribution will be positive in order to partly mitigate the losses compared to the previous months.
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Old Jul 21, 2020, 5:54 pm
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To taking the new planes, sounds good!
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Old Jul 22, 2020, 2:51 am
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The cash burn for the same period though, has been considerably lower than the initial estimate of 40 million euro losses per month, therefore cash flow (excluding new bank credit lines) was maintained over 400 million euro, at the end of June..
Stop breaking the law and give us our refunds then!
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