A3 financial results [last update Sept 2023, H1 2023 results]
Jun 3, 19, 10:03 am
#47
Original Poster
Join Date: Jun 2006
Posts: 5,657
PRESS RELEASE
First Quarter 2019 Trading Update
7% growth in passenger traffic
4% rise in consolidated revenue
Kifissia, 03 June 2019
AEGEAN announces its trading update for Q1 2019 with total passenger traffic rising by 7% and consolidated revenue at EUR 172 mil., 4% higher than Q1 2018. Total capacity offered increased by 5% while load factor was recorded improved in the quarter reaching 82.3% from 81.2% in the respective 2018 period.
Passengers carried on domestic flights increased by 4% το 1.1 mil. while passengers traveled on the international network increased by 9% to 1.4 mil.
Net losses after tax stood at EUR 35.2 mil. from EUR 30.8 mil. in 2018 impacted by higher fuel costs and a downward pressure on fares. This result also includes the effect of the application of IFRS 16 which (also) requires USD denominated lease obligation to be revalued causing a negative EUR 5.2 mil. valuation effect.
Cash & short-term financial investments reached EUR 552.6 mil. at period end 31.03.20191, following the successful issuance of the EUR 200 mil. common bond loan and the positive cash flows of the first quarter.
Mr. Dimitris Gerogiannis, CEO of AEGEAN, commented:
“The Group managed to deliver growth in revenues, passenger traffic & load factors, within the context of the European economic slowdown, however with a drop in average fares. Aegean is one of few European airlines which managed to achieve higher revenue during the first quarter of 2019, despite the increased seasonality of the Greek market.
http://en.aegeanair.com/-/media/abou...03_1q19_en.pdf
First Quarter 2019 Trading Update
7% growth in passenger traffic
4% rise in consolidated revenue
Kifissia, 03 June 2019
AEGEAN announces its trading update for Q1 2019 with total passenger traffic rising by 7% and consolidated revenue at EUR 172 mil., 4% higher than Q1 2018. Total capacity offered increased by 5% while load factor was recorded improved in the quarter reaching 82.3% from 81.2% in the respective 2018 period.
Passengers carried on domestic flights increased by 4% το 1.1 mil. while passengers traveled on the international network increased by 9% to 1.4 mil.
Net losses after tax stood at EUR 35.2 mil. from EUR 30.8 mil. in 2018 impacted by higher fuel costs and a downward pressure on fares. This result also includes the effect of the application of IFRS 16 which (also) requires USD denominated lease obligation to be revalued causing a negative EUR 5.2 mil. valuation effect.
Cash & short-term financial investments reached EUR 552.6 mil. at period end 31.03.20191, following the successful issuance of the EUR 200 mil. common bond loan and the positive cash flows of the first quarter.
Mr. Dimitris Gerogiannis, CEO of AEGEAN, commented:
“The Group managed to deliver growth in revenues, passenger traffic & load factors, within the context of the European economic slowdown, however with a drop in average fares. Aegean is one of few European airlines which managed to achieve higher revenue during the first quarter of 2019, despite the increased seasonality of the Greek market.
http://en.aegeanair.com/-/media/abou...03_1q19_en.pdf
Sep 16, 19, 12:44 am
#50
Original Poster
Join Date: Jun 2006
Posts: 5,657
Kifissia, 16 September 2019
AEGEAN announces its first half 2019 results with consolidated revenue at EUR 519.4 mil., 14% higher compared to 2018 and net losses narrowing to EUR 13.0 mil. from EUR 13.8 mil. in 2018, including the effect of implementation of IFRS 16 for the first time. The adoption of IFRS 16 has a negative impact on results of EUR 3,8 mil. Therefore, net losses on a comparable basis, excluding IFRS 16 would have been EUR 9.2 mil. from EUR 13.8 mil. in 2018.
Strong performance during the second quarter, drove the improvement on first half results. The Group offered 12% ASK capacity increase in the second quarter aiming to support the extension of the tourism season. The increased effort resulted in a 10% overall traffic increase and a 15% increase in international traffic, achieving a rate of growth significantly higher than overall air arrivals to the country. Consolidated Revenue recorded a 20% increase in the second quarter, with a 30% increase in net earnings to EUR 22.2 mil. in the second quarter of 2019 from EUR 17 mil. in the respective 2018 period.
Total traffic in the first half of the year reached 6.5 mil. passengers, 9% higher than 2018. Passengers carried on domestic flights increased by 4% to 2.8 mil. International network traffic which accounts for 76% of consolidated revenue, increased by 12% to 3.7 mil. passengers. Load factor improved to 82.2% from 81.7%.
Cash and short-term financial investments reached EUR 602.3 mil.1 at period end 30.06.2019 while loans outstanding reached EUR 200 mil. following the issuance of the 7-year bond.
Mr. Dimitris Gerogiannis, CEO of AEGEAN, commented:
“We have followed our path of consistent growth by investing additional capacity in our international network. Our effort to extend the tourism season by flying more, earlier than usual, in the months of April-May and increase the utilization of our fleet contributed to positive results, despite the overall incoming tourism slowdown. Gradually extending the tourism season remains critical for both Greek tourism and AEGEAN.
The evolution of the third quarter, which materially determines our annual result based on our current load factors and revenues remains positive, despite the marginal increase in total air traffic arrivals in our country.
https://en.aegeanair.com/-/media/abo...16_1h19_ir.pdf
AEGEAN announces its first half 2019 results with consolidated revenue at EUR 519.4 mil., 14% higher compared to 2018 and net losses narrowing to EUR 13.0 mil. from EUR 13.8 mil. in 2018, including the effect of implementation of IFRS 16 for the first time. The adoption of IFRS 16 has a negative impact on results of EUR 3,8 mil. Therefore, net losses on a comparable basis, excluding IFRS 16 would have been EUR 9.2 mil. from EUR 13.8 mil. in 2018.
Strong performance during the second quarter, drove the improvement on first half results. The Group offered 12% ASK capacity increase in the second quarter aiming to support the extension of the tourism season. The increased effort resulted in a 10% overall traffic increase and a 15% increase in international traffic, achieving a rate of growth significantly higher than overall air arrivals to the country. Consolidated Revenue recorded a 20% increase in the second quarter, with a 30% increase in net earnings to EUR 22.2 mil. in the second quarter of 2019 from EUR 17 mil. in the respective 2018 period.
Total traffic in the first half of the year reached 6.5 mil. passengers, 9% higher than 2018. Passengers carried on domestic flights increased by 4% to 2.8 mil. International network traffic which accounts for 76% of consolidated revenue, increased by 12% to 3.7 mil. passengers. Load factor improved to 82.2% from 81.7%.
Cash and short-term financial investments reached EUR 602.3 mil.1 at period end 30.06.2019 while loans outstanding reached EUR 200 mil. following the issuance of the 7-year bond.
Mr. Dimitris Gerogiannis, CEO of AEGEAN, commented:
“We have followed our path of consistent growth by investing additional capacity in our international network. Our effort to extend the tourism season by flying more, earlier than usual, in the months of April-May and increase the utilization of our fleet contributed to positive results, despite the overall incoming tourism slowdown. Gradually extending the tourism season remains critical for both Greek tourism and AEGEAN.
The evolution of the third quarter, which materially determines our annual result based on our current load factors and revenues remains positive, despite the marginal increase in total air traffic arrivals in our country.
https://en.aegeanair.com/-/media/abo...16_1h19_ir.pdf
Nov 21, 19, 8:29 am
#51
Original Poster
Join Date: Jun 2006
Posts: 5,657
PRESS RELEASE
Nine- Month 2019 Trading Update
10% increase in consolidated revenue 12% growth in passenger traffic Net earnings stood at €77,1m
Kifissia, 21 November 2019
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.
1
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”.
1 Net cash calculation includes cash and cash equivalent totaled to €637,2 mil. and liabilities totaled to €536,3 mil. (financial and operating leases (€339,5 mil.) and bond loan (€196,8 mil.)).
http://en.aegeanair.com/-/media/abou...21_9m19_ir.pdf
Nine- Month 2019 Trading Update
10% increase in consolidated revenue 12% growth in passenger traffic Net earnings stood at €77,1m
Kifissia, 21 November 2019
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.
1
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”.
1 Net cash calculation includes cash and cash equivalent totaled to €637,2 mil. and liabilities totaled to €536,3 mil. (financial and operating leases (€339,5 mil.) and bond loan (€196,8 mil.)).
http://en.aegeanair.com/-/media/abou...21_9m19_ir.pdf
Nov 22, 19, 12:04 am
#53
Join Date: Dec 2013
Location: Cyprus
Programs: THY Elite Plus, Aegean Gold, LH FTL. Former BA Gold, Air France Platinum, Czech Gold, United PE.
Posts: 627
The bottom line is that net profit for the third quarter dropped by 5% and also by 5% for the first 9 months. This was despite a rise of 7% in passenger traffic between January and September. A good result? I don't think so. As well as controlling costs better, they need to focus on optimizing business class revenue by proper pricing and reducing giveaway upgrades (e.g. to A3*S cardholders).
Nov 22, 19, 12:46 am
#54
Join Date: Jul 2014
Location: Wedged somewhere between BTS and VIE ✈
Programs: Star Alliance Gold (A3 Gold), Oneworld Emerald (BA Gold), Hilton Diamond
Posts: 6,272
The bottom line is that net profit for the third quarter dropped by 5% and also by 5% for the first 9 months. This was despite a rise of 7% in passenger traffic between January and September. A good result? I don't think so. As well as controlling costs better, they need to focus on optimizing business class revenue by proper pricing and reducing giveaway upgrades (e.g. to A3*S cardholders).
They'd probably control costs better by getting rid of the upgrades for *Gs too, but we don't want that, do we!?
I guess the bottom line is that to become more profitable they will have to copy other airlines, and we all know what that means.
Nov 22, 19, 2:19 am
#55
Join Date: Oct 2009
Location: AMS / ATH
Programs: AFKL Plat, A3 Gold
Posts: 6,958
Truth is that we have no idea about the effectiveness of the upgrade coupons. They are one of the few airlines in Europe offering such (I believe AFKL does as well for their Ultimate members), but in the US this is very common. So the model is not so strange.
My bet is that we on FT do use the coupons to their full extend, making sure they do not expire unused and applying them on the longest flights we can find. My expectation is that the average member just uses them for whatever flight comes up - or not at all.
And it does provide binding to the programme. For me personally I can choose to fly A3, KL, HV or FR for my route (direct flight) or the whole Skyteam and Star network if I don't mind transfering in between. The upgrade coupons are one of the reasons for me using A3 extensively, rather than putting all my flights on Skyteam and building a higher FF status there. So perhaps the coupons an sich don't earn them much - indirectly they are making the programme and the A3 flights more attractive.
My bet is that we on FT do use the coupons to their full extend, making sure they do not expire unused and applying them on the longest flights we can find. My expectation is that the average member just uses them for whatever flight comes up - or not at all.
And it does provide binding to the programme. For me personally I can choose to fly A3, KL, HV or FR for my route (direct flight) or the whole Skyteam and Star network if I don't mind transfering in between. The upgrade coupons are one of the reasons for me using A3 extensively, rather than putting all my flights on Skyteam and building a higher FF status there. So perhaps the coupons an sich don't earn them much - indirectly they are making the programme and the A3 flights more attractive.
Nov 22, 19, 3:50 am
#56
Join Date: Jan 2004
Location: Heraklion, Greece
Posts: 7,422
Originally Posted by xandrios
...{snip}...My bet is that we on FT do use the coupons to their full extend, making sure they do not expire unused...{SNIP}...
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)
Nov 22, 19, 3:51 am
#57
Join Date: Mar 2018
Location: ARN
Programs: A3*G, SK*G
Posts: 336
Yep, that's pretty much my idea as well. I've met some A3*Ss (and even a couple of A3*Gs) who had no idea about their benefits, or at least how to use them properly. Even some who were aware of the upgrade vouchers have told me that they can never cash them. Some of these people were either booking in non-upgradeable GoLight, or calling a couple of days ahead of their flight, or even trying to use the vouchers at the check-in counter. One Greek colleague even told me that she was often seeing J availability on A3's website, was calling A3, but was told that she could not be readily upgraded. So she considered vouchers to be a scam. When I tried to explain her the concepts of I-class availability and waiting list, she replied that they simply were giving those lat-minute J seats "to their own people" (I didn't understand who exactly she thought that these people were).
Nov 22, 19, 4:00 am
#58
Join Date: Jan 2004
Location: Heraklion, Greece
Posts: 7,422
The bottom line is that net profit for the third quarter dropped by 5% and also by 5% for the first 9 months. This was despite a rise of 7% in passenger traffic between January and September. A good result? I don't think so. As well as controlling costs better, they need to focus on optimizing business class revenue by proper pricing and reducing giveaway upgrades (e.g. to A3*S cardholders).
Nov 22, 19, 6:02 am
#59
Join Date: May 2012
Location: Munich, Algarve, Sussex or S.F Bay Area
Programs: Mucci, BA Gold, A3*Gold, AA Plat, HH Gold, IHG Plat Amb, Marriott Plat
Posts: 3,921
I don’t think many A3 passengers pay for seats at all. You can see this from the seat maps in ExpertFlyer. If you know the way A3 often control J availability to keep prices artificially high, you can also be more effective in getting coupons cleared. On my recent 5-flight run, I wait-listed coupons for 4 flights and they all cleared 48-60 hours before departure. Admitedly this is much easier in November than August and who can blame A3 for prioritising cash upgrades or sales before freebies.
Nov 22, 19, 6:11 am
#60
Suspended
Join Date: May 2011
Location: London
Programs: *A G, OW S.
Posts: 996
The bottom line is that net profit for the third quarter dropped by 5% and also by 5% for the first 9 months. This was despite a rise of 7% in passenger traffic between January and September. A good result? I don't think so. As well as controlling costs better, they need to focus on optimizing business class revenue by proper pricing and reducing giveaway upgrades (e.g. to A3*S cardholders).
I presume by that you mean reduced business class pricing in line with your usual complaints about A3?
