In 2022 the Group offered 15.8 million seats and transported 12.5 million passengers
The company has completed the repayment of its extraordinary borrowing and the available liquidity in deposits and financial equivalents remains above €500m.
A full recovery of economic figures with the return of demand and the maturation of fleet investments after two years of painful losses due to the pandemic was recorded by Aegean in 2022. According to the financial results the consolidated turnover for the whole year amounted to €1.34 billion, increased by 98% in relation to 2021, and 2% higher than in 2019. In 2022 the Group offered 15.8 million .seats and carried 12.5 million passengers in total 73% more than in 2021, of which 7.3 million passengers from/to foreign destinations. The occupancy rate stood at 79.8%, significantly improved from 2021 (+14.3 percentage points), but below 2019 levels due to the impact of the first and second quarters. The contribution of foreign network traffic represents almost 80% of the Group's total turnover for 2022.
Year 2022 Results
• €1.34 billion Turnover 98% higher than 2021 and 2% higher than 2019.
• 12.5 million passengers 73% more than 2021.
• EBITDA €274.9m
• €106.8m Profit after Tax, from organic Losses €57.6m in 2021, 36% higher than 2019
which had been € 78.5 million
€1.34 billion
the business cycle, 12.5 million passengers and €106.8 million profit after tax
Increased capacity
The increased demand for travel to and from Greece, the increase in the average revenue per offered seat, the enrichment of the fleet with new technology aircraft accelerated in 2022, as well as the timely pre-purchases of fuel for part of the needs contributed to offsetting the effects of the significant increase in fuel costs and the appreciation of the dollar against the euro.
In total, for 2022 the Company's capacity reached 90% of the offered kilometer seats of 2019, but with a gradual increase during the course of the year. The fourth quarter reached 99% of the offered mileage seats and correspondingly 115% of the revenue of the corresponding period of 2019 with €317.4 million revenue and for the first time in the history of the Company with positive profitability after taxes at €13.6 million
With the effect of the positive fourth quarter, Profits after Taxes for the year amounted to €106.8 million from organic Losses of €57.6 million in 2021, exceeding by 36% the corresponding profitability of 2019, which was formed at €78.5 million. Mr. Dimitris Gerogiannis, CEO, said: “We are very pleased that the efforts and the development of the capabilities of all our people have led the Group to significant levels of profitability, after two years of painful losses due to of the pandemic, the most difficult period in the history of aviation. The result vindicates us, especially taking into account the difficult start to 2022 with the uncertainty of the war in Ukraine but also the particularly high fuel costs proving that the investments to upgrade our fleet and services, which continued uninterrupted despite the pandemic, are paying off in improving our competitiveness.
The Board of Directors will propose a non-dividend for the fourth consecutive year in order to maintain sufficient capital stock for both our significant new investment to build the Flight Simulator and Maintenance Services Center (delivered in December 2022) and the option to buy back the rights of the State after possible exercise of the warrants it holds. In 2023 we will take delivery of 9 more new Airbus A320/321neo seamlessly continuing the investment plan for 46 Airbus neo aircraft in the fleet by 2026. Early indications for 2023 are particularly encouraging, with our passengers on international flights in the first two months, but also summer ticket sales to significantly exceed the corresponding figures of 2022 and pre-pandemic 2019. At the same time, the use of additional new technology aircraft for most of our flying work will bring further savings in fuel consumption per seat offered, partially offsetting the impact of higher interest rates and inflation across Europe affecting our suppliers and operating costs.”
76 planes in 2023
AEGEAN plans to operate with 76 aircraft in 2023 and offer a total of 18 million seats, with 11 million foreign seats, 2 million more compared to 2022 and 800 thousand more than 2019. The network will cover 46 countries, with 264 routes to 161 destinations from a total of 8 bases.
It is also noted that on March 15, 2023, AEGEAN completed the repayment of the last part of the emergency loan it had received from the four major Greek banks during the pandemic, three years ahead of its repayment deadline . After the full repayment, the readily available liquidity in deposits and financial equivalents remains over €500m, while the Equity has also returned to pre-pandemic levels. In addition, the ongoing investment in the new Airbus A320 and A321 neo fleet, the universal replacement of the turboprop fleet with ATR 42 & 72-600 completed during 2022 as well as the use of SAF contributed to a 9% reduction in CO2 emissions per seat kilometer in 2022 compared to 2019, while a further significant improvement is predicted for 2023.
