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AEGEAN Reports Fourth Quarter Net loss of €40.7 Million, Full Year 2020 Net Loss of €227.9 Million

Aegean has reported a fourth quarter net loss of €40.7 million on a 73.8 percent decline in revenue to €72.6 million versus Q4 2019. For the full year, the carrier reported a net loss of €227.9 million on a year-over-year revenue decline of 68.3 percent to €415.1 million.

AEGEAN Reports Fourth Quarter and Full Year 2020 Financial Results - Courtesy AEGEAN

On Monday (April 12, 2021), AEGEAN announced their fourth quarter and full fiscal year 2020 financial results. For the fourth quarter, the carrier reported a net loss of €40.7 million on a revenue decline of 73.8 percent to €72.6 million compared to the fourth quarter of 2019. For the full year 2020, AEGEAN reported a net loss of €227.9 million on a year-over-year revenue decline of 68.3 percent to €415.9 million. In response to the global COVID-19 pandemic, the company took immediate actions to reduce costs, manage capital expenditures and strengthen liquidity. At December 31, 2020, AEGEAN had cash and cash equivalents totaling €478.4 million.

In today’s announcement, AEGEAN’s CEO, Dimitris Gerogiannis, said,

“2020 was certainly the most difficult year in aviation history. From the onset of the crisis we have worked diligently to manage the challenges of this special period. We continue to work to further enhance our resilience and competitiveness but also to develop new services for our passengers to be more effective once restrictions are gradually lifted. Naturally, the completion of the upcoming share capital increase is another important step in this process. The first months of 2021 are also heavily impacted by restrictions imposed all over Europe during the second lockdown, already in effect for six months. We expect gradual but significant recovery in H2 2021 and onwards, provided that the recently improved vaccination rate continues, and the EU digital green passport is implemented successfully no later than the end of June.”

AEGEAN expects the delivery of their fourth Airbus A321neo, the Ninth A320neo Family in their fleet, in May 2020. The company plans to receive a total of 46 new aircraft through 2026. Aegean and its subsidiary Olympic Air carried 15 million passengers in 2019 and the airlines has been honored ten out of the last eleven years with the Skytrax World Airline Award for ‘Best European Regional Airline.’

Source: AEGEAN

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