AEGEAN announces results for the full year 2009. Revenue increased 2%, reaching €622.7m. Earnings before interest, tax, depreciation and amortization and lease costs (EBITDAR) declined 6% to €95.9m. Net earnings after tax reached €23m compared to €29.5m in 2008 (-22%).
Athens – AEGEAN managed to marginally increase revenue for the full year mainly due to the significant international network expansion, despite difficult economic conditions. More specifically, during 2009, AEGEAN added routes from Athens to Paris, Düsseldorf, Brussels, Berlin, Barcelona, Venice, Istanbul, Vienna and Madrid.
AEGEAN carried 6.6 million passengers in 2009, achieving a 10% y-o-y growth. The Company carried 3.8 million passengers on domestic flights, i.e. 2% more compared to 2008 while the number of passengers carried on international flights increased by 22% to 2.8 million passengers.
The company’s profitability was negatively impacted by the European wide recession and specifically – during the last 4 months of the year – by the deteriorating economic environment in Greece. Rising seat capacity offered by competitors both domestically and internationally combined with a weak consumer confidence and declining demand for airline services put further pressure on average fares and thus impacting the company’s profitability which was negative during the last four months of the year. These pressures were only partly offset by the cost benefits from the fleet renewal.
Dimitris Gerogiannis, Managing Director, commented:
“In 2009, AEGEAN continued its network expansion and fleet renewal plans. Operating profitability was significantly reduced but nevertheless remained in positive territory in a year where the majority of European airlines reported losses. Nevertheless, the conditions that we are facing in 2010 are even more difficult given the deteriorating economic conditions in Greece. Within this environment, our target is to ensure the long-term prospects of the company by a) effective cost management, b) maintaining the quality of services provided while improving the attractiveness of our fare offers and c) securing and implementing the necessary local and international co-operations and alliances.”
Full Year 2009 Results
| Σε € εκ. | 2008 | 2009 | % |
| Revenue | 611.7 | 622.7 | 2% |
| EBITDAR | 102.2 | 95.9 | -6% |
| EBITDA | 57.5 | 31.5 | -45% |
| Pre-tax earnings for the period | 39.9 | 32.5 | -19% |
| Net earnings for the period | 29.5 | 23.0 | -22% |
| Passengers (thousand) | 2008 | 2009 | |
| Domestic Network | 3,667 | 3,751 | 2% |
| International Network | 2,311 | 2,817 | 22% |
| Total | 5,978 | 6,568 | 10% |
Picture: Carstino Delmonte/ Touristikpresse.net
