As already announced, the Covid-19 pandemic and the resulting travel restrictions imposed by EU member states as of March 2020 had a severe negative impact on traffic and financials.

Net sales amounted to €147.0mln, down by 15% in Q1 2020 vs Q1 2019 while net losses widened to €85.4mln vs €35.2mln with a €38.7mln hedging ineffectiveness provision taking its toll. Q1 2020 operating cash-flow stood at €48.7mln from €102mln in Q1 2019 while net cash outflow from investing activities rose to €43mln from €2.5mln in Q1 2019.

The remainder of the year is expected to be highly uncertain for load factors and passengers traffic owed to the correlation to the pandemic developments.

Key financial data for Q1 2020 for Aegean Airlines are presented in the following table.

Amounts in 000,000 eur.Q1 2020Q1 2019D%
Net sales147.0172.0(15%)
Profit before tax(112.3)(48.7)131%
Net profit (loss)(85.4)(35.2)143%
Total passengers2,135,0002,525,000(15%)
Total average load factor76.0%82.3%(6.3 p.p.)

The following weekly chart depicts Aegean’s stock for the last years. After trading within the long-term range from 6 to 9 euros, the large diamond formation proved to be critical for the forthcoming decline. The pattern worked as a major trend reversal, giving a break-out at the end of February 2020.

Initially, the stock dropped quickly to 3.5 euros as investors were unable to quantify the damage to the line of business of the company from the pandemic. At the end of March, it started an upward reaction in an effort to absorb the selling pressure. Lately, Aegean Airlines is trying to stabilize while we note that on 11.6.20 the Chairman of the BoD reported the purchase of 43,419 stocks through his holding company for a total amount of 164,093 eur.

Aegean Airlines
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