Aegean will distribute a dividend for the first time in four years for the financial year 2023. As he mentioned, during today’s annual general meeting, the company’s president, Eutychis Vassilakis, the company having exhausted all its debt or indirect obligations to the State, such as warrants, proposes the distribution of a dividend for 2023 in the amount of 0.75 euros per share, the which amounts to a total amount of 67.625 million euros.

The cut-off date was set on Monday 20 May 2024, the date of registration of beneficiary designation is Tuesday 21 May 2024, while the payment will be made on Monday 27 May 2024.

Dec. Gerogiannis: The outlook for 2024 – committed to raising the bar even higher

CEO Dimitris Gerogiannis during his presentation stated that 2023 was a very successful year for AEGEAN, where both the commercial and financial figures of the company recorded historical highs, presenting one of the best results, compared to the rest of the listed European airlines and in a highly competitive environment of high interest rates and rising costs.

It is recalled that in 2023:

  • Turnover showed an increase of 27% compared to 2022, and amounted to 1.7 billion euros
  • 246.8 million euro EBIT earnings with 14.6% operating margin
  • Profitability in 2023 amounted to €168.7m profit after tax, 52% higher than in 2019
  • Cash, cash equivalents and other financial investments amounted to 709.3 million euros
  • Loan liabilities (excluding leases) amounted to 220.3 million euros
  • Equity amounted to 418.8 million euros from 328 million euros on 31.12.2019

The managing director of Aegean also referred to the dynamic development of the company’s flight work for 2023, which offered 18.9 million seats, 3 million more than in 2022. “The addition of 30 new destinations to the network, reaching a total of 180 destinations in 49 countries and the significant increase in capacity worked effectively in an increasing environment of inbound demand but also of increasing potential of Greeks to travel abroad” he said and added that “The offer of 11.2 million seats in the foreign network in 49 countries but and increased connectivity between destinations contributed to welcoming 15.7 million passengers in 2023 recording a further improvement in load factors, which in the third quarter reached 86%”.

Regarding the fleet, Mr. Gerogiannis noted that in 2023 the Group received 9 new aircraft of the Airbus A320 neo family, having received a total of 28 aircraft of the Airbus A320 and A321 neo family since the end of 2019. The free of encumbrances (leases or loans ) aircraft reached a total of 11 (2 Airbus neo, 6 Airbus CEO , 3 ATR 72 -600) from just 4 on 31/12/2019. “In the 4th quarter of 2023, we increased our total new aircraft order to 50 from 46 previously, by increasing the A321neo aircraft, while a few days ago we announced the further conversion of our order, according to which 4 new Airbus A321neo aircraft are converted into Long Range aircraft and will have the possibility of longer range flights, which will be able to reach and serve markets outside the EU, mainly in the Gulf, India, but also Central Africa”.

“As we invest in the dynamics of Athens and Thessaloniki, in 2023 we offered the largest network in our history with 180 destinations in 49 countries, adding destinations in both the winter and summer seasons. We have created special programs and partnerships to mitigate seasonality in the Greek region, further strengthening the interconnectivity of our network with international air hubs, within the framework of our important new, but also established partnerships.

At the same time, we invest in the education of our people, but also in the progress of the country itself, we are working with CAE, the world leader in the aviation training industry for pilots and cabin crew, to create the first modern Flight Simulator and Crew Training Center in Hellas.

Within a period of 12 months, the upgrade work of the building was completed, which has infrastructure to support a total of 7 flight simulators as well as specialized cabin crew training equipment.

At the end of 2023, the first 4 simulators were delivered, of which 3 are already in operation, meeting the needs of both Aegean and third-party airlines. Regarding the Aircraft Maintenance Base, the Group is planning to start its full operation within the next few weeks” pointed out the managing director of Aegean and emphasized:

“We therefore continue with an even more solid basis for the development and specialization of our people, adding over time greater added value for our country and our shareholders, always having of course as an absolute priority the effort for even better service to our passengers. And all of the above, of course, is the result of the continuous effort and passion of our people.”

Referring to the company’s prospects for 2024, Dimitris Gerogiannis noted that the Group’s operational work will be affected by the need for early mandatory checks and repairs on the GTF engines of the Airbus A320 neo family of aircraft, so it is estimated that on average around 10 aircraft will not be available for flights within 2024.

“Previously we negotiated with the manufacturer and agreed a compensation package that covers a significant part of the related financial impact. To address the impact on capacity offered due to the engine issue, we have extended the leases of some aircraft and adjusted our flying work to this environment. Of course, vigilance, flexibility and adaptability remain priorities, as they have always been in the 25 years we have been in business. The company for this year plans to expand its activity, mainly from the Athens base, offering 7% more seats, while a corresponding increase in capacity is expected throughout the internal network, but also from the Thessaloniki base. In total for 2024, AEGEAN plans to allocate 19.5 million seats from its 7 bases, covering 47 countries with 249 routes. Already, in the first quarter of the year AEGEAN carried a total of 2.8 million passengers, 11% more compared to the first quarter of 2023, offering 3.8 million seat kilometers (12% more seats compared to the first quarter of 2022) noted and concluded:

“We remain committed to raising the bar even higher, constantly improving our services and innovating, to meet the evolving needs of our passengers and the competitive conditions of the European market.”