Consolidated revenue in 2023 reached €1,69 bil., 27% higher than 2022. In 2023, the Group offered 18,9 mil. seats, 3 mil. more than 2022 and carried 15,7 mil. passengers, 3,2 mil. more than 2022, with international traffic reaching 9,5 mil. Load factor reached 83,4%, increased by 3,6 p.p.
Network expansion with 30 new destinations reaching 180 destinations in total, along with significant capacity investment, yielded positive results within a strong demand environment for inbound traffic but also increased demand from Greeks for international travel. AEGEAN offered 11,2 mil. seats on the international network which covered 49 countries and further enhanced connectivity between destinations, thus further improving its product competitiveness and strengthening its operations in its key hubs in Athens and in Thessaloniki, leading consequently to strong revenue growth.
Despite inflationary pressures on operating costs, AEGEAN maintained a competitive cost structure. As a result, the Group recorded €400,4 mil. EBITDA, 46% higher compared to the already strong 2022, further strengthening the Group’s position and confirming the full recovery from the two-year pandemic period.
Profit before interest and tax (EBIT) amounted to €246,8 mil., 68% higher than 2022, with EBIT margin at 14,6% while Net Profit reached €168,7 mil. 58% higher compared to 2022.
Strong profitability resulted in the generation of €334,8 mil. Cash Flow from Operating activities after aircraft lease payments, securing the smooth delivery of the 9 A320 neo family new aircraft and the rapid implementation of the Flight Simulator Training Centre and the Aircraft MRO Base investment.
On 31.12.2023, Cash, cash equivalents and financial assets amounted to €709,3 mil. while Equity stood at €418,8 mil.
Total Debt excluding lease liabilities amounted to €220,3 mil., following the full repayment of the loans drawn during the pandemic.
Mr. Dimitris Gerogiannis, AEGEAN’s CEO, commented:
“AEGEAN delivered strong growth of its activity, passenger traffic and profitability, recording one of the best set of results in the sector, within an environment of strong demand but also intense competition, high interest rates as well as higher volatility.
We are extremely satisfied with the result, which confirms AEGEAN’s growth strategy. In 2023 the Group progressed on all of its strategic pillars, adding 30 new destinations to its network, increasing by 4 the Airbus A320neo family aircraft order reaching 50 in total, as well as initiating in December 2023 the operation of the Flight Simulator Training Center while the aircraft MRO Base will be operational within the first four months of 2024.
We start 2024 on even more solid ground which allows further development of our people’s skills, higher value-added services for our country and our shareholders, always prioritizing our continuous efforts to better serve our customers. Our strong performance in 2023 sets a high benchmark for 2024, especially given the challenges in the industry supply chain. Nevertheless, the increased demand prospects on our additional new capacity seem encouraging.”
As already announced, it is noted that the Extraordinary General Shareholders Meeting dated 14.12.2023 has approved the buyback of the Warrants from the Hellenic Republic. Given that the decision to exercise the right to buyback the warrants took place before 31.12.2023, the Company’s equity was decreased by the market value of the warrants buyback with a corresponding increase of Other short-term liabilities of €85.4 mil. Cash outflow on the warrants buyback was executed on 02.01.2024 and therefore, as at 31.12. 2023 cash balance was not affected.
The Company’s Board of Directors will propose for approval to the upcoming General Meeting of Shareholders the dividend distribution of €0,75 per share.
In 2024, the Group plans to expand its operations mainly from its Athens base, adding more frequencies in existing routes mainly to the United Kingdom, Germany, Portugal, Croatia, Italy, Spain and UA Emirates, adding 7% more seats compared to 2023. A similar capacity growth is expected in the domestic network as well as out of its Thessaloniki base.
In 2024, the Group plans to offer 19,5 mil. seats out of its 7 bases, in 47 countries, serving 249 routes in total.
Tags: Dimitris Gerogiannis, AEGEAN
