2016 Financial Results – Rising passenger traffic at 12.5m – Exceeding €1bn in consolidated revenue

Published on : Friday, March 24, 2017

aegean AEGEAN reports full year 2016 results with consolidated revenue at €1,020m, 4% higher compared to 2015.


Passenger traffic rose by 7% compared to 2015, reaching 12.5m passengers, with growth stemming mainly from the international network.



EBITDAR reached €206.9m while EBITDA stood at €76.8m. Net earnings after tax stood at €32.2m from €68.4m in 2015, with the decline attributed to a weak first half reported.



Cash & financial investments reached €253.2m at year end from €236.8m the previous year[1].



Traffic in the international network increased by 12% to 6.7m passengers while domestic traffic increased by 2% to 5.7m passengers.



Mr. Dimitris Gerogiannis, Managing Director of AEGEAN, commented:


“In 2016 we operated a fleet of 61 aircraft, continuing our network expansion and reaching 145 total destinations out of our main hub in Athens and the Greek regional airports. We offered more than 16 million seats and operated more than 112 thousand flights, surpassing 1bn euros in revenue for the first time, thus reaching historical high records for a Greek airline.



Weak demand in the second quarter of the year combined with domestic tax increases in Value Added Tax on airline fares by 11 percentage points, had a negative impact on full year results, despite strong performance in the third and seasonally most important quarter of the year. Given targeted network adjustments in the last quarter, load factors improved significantly, especially on international routes and also continue the positive trend since the start of 2017. Undoubtedly high seasonality and our strong reliance on incoming tourist traffic will lead to weak results during winter months for as long as local demand remains weak.



In 2017 we will continue to adjust our network and focusing on our Athens hub. Preliminary indications for the summer season are positive with a rising prebookings trend compared to last year.”



The BoD plans to propose the distribution of EUR0.40 dividend per share for Fiscal Year 2016 in the forthcoming Annual General Shareholders Meeting.



Source:- AEGEAN


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