AEGEAN First Quarter 2015 Financial Results

Published on : Friday, May 29, 2015

AegeanAEGEAN announces first quarter 2015 results with consolidated revenue at €138.1m, 3% higher versus 2014. Total number of passengers carried rose by 13% to 1.8m as the company invested more capacity, either by maintaining routes launched in the previous summer season for the winter months as well or by increasing frequencies on existing routes.



International passenger traffic rose by 22%, with Athens base being the main driver with 26% growth. Passengers carried on the domestic network rose by 7%.



Net losses after tax stood at €8.3m compared to losses of €8.4m in 2014, as lower fares, more capacity invested in the seasonally weakest period and a stronger dollar offset the benefit of lower fuel costs and unit cost reduction stemming from economies of scale.



Cash and cash equivalent reached €238m at 31.03.2015.



Mr. Dimitris Gerogiannis, Managing Director, commented:



“We started the year with a significant investment in capacity and network expansion, offering more choices to our customers and consistently supporting Athens hub with 10 new international destinations. Network expansion combined with lower fares led to a 22% growth on our international network traffic. We are investing within an environment that continues to be challenging for our country and despite increased competitive intensity, with our strategy being supported by our improving unit costs. We continue to believe that network synergies and tourism development in our country can offer further potential to our company provided a return to stability is achieved in the very near term for our country. Meanwhile, we start taking delivery of our new aircraft as of June 2015 with planned deliveries until March 2016. The performance of the forthcoming summer period of June-October, given the significance of summer revenues will as usual determine the validation of our 2015 capacity and scope investments.”



Consolidated Results



 million First Quarter 2014  


First Quarter 2015




Revenue 133.9 138.1 3%
EBITDA (6.6) (14.2) 116%
Pre-tax loss  for the period (10.8) (12.3) 13%
Net loss for the period (8.4) (8.3) 0%


Passenger traffic (in ,000)

Passenger traffic AEGEAN & Olympic Air
  First Quarter 2014  


First Quarter 2015

Domestic 930 995 7%
International 697 851 22%
Total 1,628 1,846 13%
Load Factor 73.0% 70.3% -2.7
Avg number of passengers per flight 91 96 6%



Source:- AEGEAN

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