"Second European lockdown cuts Aegean Airlines’ revenue by 74%"

" \n Greek flag carrier Aegean Airlines has today released its full-year financial results for 2020. The carrier posted a \u20ac228 million ($271 million) net loss for the full year and saw a 74% reduction in revenue during Q4 due to Europe\u2019s second lockdown. We\u2019ve looked at the results in more detail. \n \n\n \n Results reflect a difficult year \n \n\n \n The Greek carrier\u2019s results haven\u2019t come as a huge surprise. Like all airlines, Aegean struggled last year due to a massive drop in demand and long-standing travel restrictions. Aegean\u2019s financial results for 2020 show that when Greece introduced domestic travel restrictions for November and December, traffic declined by as much as 85%. Over the full year, traffic was down 77% compared to 2019. \n \n\n \n In 2019, Aegean had \u20ac1.3 billion ($1.5billion) in revenues compared to just \u20ac415.1 million ($494 million) for 2020. Passengers carried dropped by 65% year-on-year from 15 million passengers to 5.1 million. From the beginning of the pandemic in April to the end of the year, the load factor fell from 85% in 2019 to 62% in 2020. \n \n\n \n While other international airlines started to see improvements towards the end of the year, Aegean was subject to the second set of strict travel restrictions introduced across Europe. The new restrictions led to a 74%\u00a0revenue reduction in Q4\u00a0and a 61% drop in the number of flights operated during the period. \n \n\n \n <a href=\"http:\/\/www.pinterest.com\/pin\/create\/bookmarklet\/?url=https%3A%2F%2Fsimpleflying.com%2Fagean-revenue-down-europe-lockdown%2F&media=data%3Aimage%2Fsvg%2Bxml%2C%253Csvg%2520xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%2520viewBox%3D%270%25200%25201000%2520856%27%253E%253C%2Fsvg%253E&description=The%20second%20European%20lockdown%20had%20a%20significant%20impact%20on%20the%20airline%E2%80%99s%20Q4%20results.%20Photo%3A%20Aegean%20Airlines&is_video=false\" target=\"_blank\" rel=\"noreferrer noopener\"> The second European lockdown had a significant impact on the airline\u2019s Q4 results. Photo: Aegean Airlines \n \n\n \n Overall, the airline\u2019s net loss of \u20ac228 million ($271 million) is indicative of the difficult year faced by all airlines. Aegean did scrape together \u20ac415 million ($494 million) in revenues over the year. Of the total amount, just \u20ac72 million ($85 million) was earned in the fourth quarter. At the end of the year, Aegean had \u20ac478.4 million ($557 million) of cash or cash-equivalent assets. \n \n\n \n Looking forward \n \n\n \n Despite a difficult year that ended with a tough Q4, Aegean CEO Dimitris Gerogiannis has a positive outlook for 2021. In a statement included with the results, he said, \n \n\n \n \u201cWe 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.\u201d \n \n\n \n However, Q1 of this year is likely to be a tough time. Restrictions are still in place across much of Europe and domestically, making recovery difficult. However, the airline is still looking forward to receiving a new aircraft in May. Aegean\u2019s fourth A321neo should arrive in May. \n \n\n \n <a href=\"http:\/\/www.pinterest.com\/pin\/create\/bookmarklet\/?url=https%3A%2F%2Fsimpleflying.com%2Fagean-revenue-down-europe-lockdown%2F&media=data%3Aimage%2Fsvg%2Bxml%2C%253Csvg%2520xmlns%3D%27http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg%27%2520viewBox%3D%270%25200%25201000%2520665%27%253E%253C%2Fsvg%253E&description=Aegean%20has%20a%20strong%20domestic%20and%20European%20network%20so%20will%20likely%20see%20benefits%20from%20the%20EU%20health%20passport.%20Photo%3A%20Aegean%20Airlines&is_video=false\" target=\"_blank\" rel=\"noreferrer noopener\"> Aegean has a strong domestic and European network so will likely see benefits from the EU health passport. Photo: Aegean Airlines \n \n\n \n Most of Aegean\u2019s network is based on\u00a0domestic flights\u00a0around the mainland and to many of the Greek Islands, as well as flights to destinations in Europe such as Rome, Vienna, Madrid, Barcelona, Paris, and London. With European restrictions in place, recovery will be hard for the airline. \n \n\n \n However, when\u00a0Europe opens up international travel,\u00a0we could see a large number of Europeans choosing Greece as a vacation destination. Experts think an intra-Europe travel boom is likely as short0haul routes will recovering faster than long-haul international routes. \n \n\n \n As Mr Gerogiannis pointed out, the\u00a0EU digital green passport\u00a0will be a huge boost not only to Aegean but for all European airlines. \n \n\n \n \n "

"Second European lockdown cuts Aegean Airlines’ revenue by 74%"

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