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Aegean Airways reduces its loss for 2012 to $13.4 million

Aegean Airlines (Athens) reduced its annual net loss for 2012 down to $13.4 million, down from a $34.8 million net loss in 2011.

The airline issued this financial statement:

Aegean reports 2012 revenue of €653.4m, 2% lower compared to 2011. Νet result after tax improved to a loss of €10.5 million compared to a loss of €27.2 million in 2011.

Passengers carried totaled 6.1 million compared to 6.5 million in 2011, with load factor improving from 69% to 74%. The number of passengers carried on domestic routes declined significantly by 12% with average fare falling by more than 10%, declining for the fourth consecutive year. International traffic reached 3.5m passengers with traffic from/to Athens declining by 6% whilst from/to other regional airports increased by 10%.

Despite weak local demand, the company managed to improve its operating result reporting marginally positive EBITDA of €2.9 million, given improved performance in international routes with incoming leisure focus, cost management efforts and also more stable conditions in the country during the second half of the year.

The Company’s cash position stood at €149 million at the end of December 2012.

Mr. Dimitris Gerogiannis, Managing Director, commented:

“Our efforts on improving our efficiency and cost structure are ongoing within an environment of declining domestic demand. In 2012 after a difficult start due to lack of visibility about the course of our country in 1H12, we have managed to limit our losses and defend our revenue relative to 2011. The gradual recovery of incoming leisure traffic as of July, as well as our cost management efforts have contributed to the improvement of our results. We need the economies of scale from the acquisition of Olympic Air, which we can only yield post the pending approval from the European Commission, in order to achieve profitable growth. Our best European regional airline award strengthens our efforts and resolve. We continue to invest in strengthening Greek tourism and increasing our international activity by utilizing the capacity which by necessity is released domestically due to declining demand.”


Aegean Airlines 2012 results


In € 000 2011 2012 %
Revenue 668.218 653.388 -2%
EBITDAR* 61.779 73.394 19%
EBITDA (17.688) 2.944  
Profit / (Loss) before tax (31.153) (12.618) -59%
Profit / (Loss) after tax (27.176) (10.496) -61%

*EBITDAR: Earnings before interest, tax, depreciation & amortization and lease costs

Passengers (million) 2011 2012 %
Domestic 2,96 2,60 -12%
International from/to Athens 2,2 2,1 6%
International from/to rest of country 1,3 1,4 +10%
International 3,5 3,5 0%
Total 6,5 6,1 -6%
Load Factor (RPK/ASK) 68,9% 74,3% 5,4pp

Copyright Photo: Ole Simon. Airbus A321-232 SX-DVP (msn 3527) taxies at Paris (CDG).

Aegean Airlines: AG Slide Show

Aegean and Olympic facing a day of strikes


Please click on photo for full view and caption.

Please click on photo for full view and caption.

Aegean Airlines (Athens) and Olympic Airlines (Athens) today are facing a long day of country-wide general strikes in Greece including the air traffic controllers. Aegean has already cancelled 50 flights and Olympic has cancelled 140 flights. The workers are protesting low wages and job cuts.