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AEGEAN AIRLINES S.A. Annual Financial Report

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AEGEAN AIRLINES S.A. Annual Financial Report AEGEAN AIRLINES S.A. General Commercial Registry 1197901000 Annual Financial Report FOR FISCAL YEAR 2019 In accordance with art. 4 of Law 3556/2007 and the Board of Directors’ Resolutions of the Hellenic Capital Market Commission 0 Table of Contents 1. Statements of the Board of Directors’ Members ...................................................................................................... 2 2. Annual Report of the Board of Directors ................................................................................................................... 4 3. Independent Auditors Report .................................................................................................................................. 47 4. Consolidated Financial Statements in accordance with IFRS for the year ended 31 December 2019 .................... 56 4.1 Statement of Financial Position of the Company 31.12.2019 ............................................................................... 58 4.2 Statement of Financial Position of the Group 31.12.2019 ..................................................................................... 59 4.3 Statement of Comprehensive Income of the Company 31.12.2019...................................................................... 60 4.4 Statement of Comprehensive Income of the Group 31.12.2019 ........................................................................... 61 4.5 Statement of changes in the Equity of the Company 31.12.2019 ......................................................................... 62 4.6 Statement of changes in the Equity of the Group 31.12.2019 .............................................................................. 62 4.7 Cash Flow Statement of the Company 31.12.2019 ................................................................................................ 63 4.8 Cash Flow Statement of the Group 31.12.2019 ..................................................................................................... 64 4.9 Notes to the Financial Statements ......................................................................................................................... 65 5. Company announcements as per Art. 10 Law 3401/2005 published during fiscal year 2019 .............................. 129 6. Website of the Annual Financial Report ................................................................................................................ 131 1 Aegean Airlines S.A. 1- Statements of the Board of Directors’ Members, amounts in thousand € 1. Statements of the Board of Directors’ Members 2 Aegean Airlines S.A. 1- Statements of the Board of Directors’ Members, amounts in thousand € 1. Statements of the Board of Directors' Members (in accordance to art. 4 paragraph 2 of Law 3556/2007) It is hereby stated that, to the best of our knowledge, the Annual Financial statements of “Aegean Airlines S.A.” for the period 1 January 2019 to 31 December 2019, which were prepared in accordance to the International Financial Reporting Standards as adopted by EU, truly reflect all Assets, Liabilities and Shareholders’ Equity along with the Income Statement of the Company, as well as of the companies included in the consolidation. It is also declared that, to the best of our knowledge, the Board of Directors’ Annual Report truly reflects the business developments, the performance and the position of the Company, as well as of the companies included in the consolidation, including the key risks and prospects they are facing. Kifissia, 16 March 2020 The undersigned Eftichios Vassilakis Dimitrios Gerogiannis Georgios Vassilakis Chairman of the BoD Chief Executive Officer Member of the BoD 3 Aegean Airlines S.A. 2- Annual Report of the Board of Directors, amount in thousand € 2. Annual Report of the Board of Directors 4 Aegean Airlines S.A. 2- Annual Report of the Board of Directors, amount in thousand € 2. Annual Report of the Board of Directors The Board of Directors’ report of the company “AEGEAN AIRLINES S.A.” (hereinafter called the “Company”) covers the twelve-month period ending 31.12.2019. The report has been prepared in accordance with the relevant provisions of the L4548/2018, Law 3556/2007 (FEK 91A/30.4.2007), and decision 7/448/11.10.2007 of the Hellenic Capital Markets Commission. This report contains financial and non-financial information of Aegean Airlines and its subsidiaries Olympic Air S.A. and Aegean Cyprus Limited (hereinafter jointly with the Company, called the “Group”). It aims to provide an overview to the shareholders and investors of the Company’s general course, financial position and results for the period (01/01/2019 – 31/12/2019) as well as highlight major events that occurred during the period and their impact on the annual financial statements. There is also a description of the main risks and uncertainties which the Group is currently facing or may face in the foreseeable future and finally a disclosure of material transactions between the Group and its related parties. 2.1 Description of Business Model The Group operates in the sector of aviation transportation, providing services of air transportation for passengers and cargo with domestic and international, scheduled and non-scheduled flights, in short and medium haul range. Aegean Airlines and its wholly owned subsidiaries (100%), Olympic Air and Aegean Cyprus consist the Group. Indicatively, the Company’s objectives include also the following activities/operations: o services related to the transportation of passengers and cargo, with domestic and international, scheduled and non-scheduled flights; o airline services of all kinds; o aircraft technical support and on ground handling aircraft services; o participation in any type of domestic or foreign business with similar nature of operations (mainly in the tourism sector); o establishment of subsidiaries or agencies; o import, trade, leasing of aircraft and spare parts. The controlling and monitoring of all corporate activities are carried out from the Headquarters in Athens – Kifissia Municipality, while the operational activities (flights and maintenance) are carried out by Aegean’s operational base located at Athens International Airport “Eleftherios Venizelos”. Mission The Group’s mission is to provide high quality services across all travel stages, via an extensive network of domestic and international destinations. Key pillars in Groups’ missions consist the investment in the education, continuous employee development and the customer- centric approach. Vision Group’s development and responsible operation, contributing to sector and economy growth, creating value to all stakeholders. Corporate Values Group’s operation is governed by ethical and professional standards and the values that stem from the business mission and vision. They constitute the foundations of Group’s growth and are focused to “continuous development – quality service – reliability” approach. 5 Aegean Airlines S.A. 2- Annual Report of the Board of Directors, amount in thousand € o Continuous Development o Investing in innovation, targeting constant enhancement of services and travel experience offered; o Employee training and development to boost performance; o Sustainable growth with multiple benefits to the tourism sector, the economy and all stakeholders. o Quality Service o Customer centric approach and authentic high - quality passenger service culture; o Support and development of Greek tourist product; o Partnership with key sector stakeholders to achieve goals and promote Greek tourism. o Reliability o Conduct business in a responsible and respectful manner towards environment, employees, passengers, our suppliers and local communitiess; o Worthy representation of Greece abroad; o Support local communities. Priorities Strategic priorities for the Group which is operating in a highly seasonal, cyclical and competitive sector, consist: o Effective commercial policy with regards to network planning and fare management, adapting in changing circumstances; o Maintaining competitive unit costs, focusing especially on fixed and variable fleet costs, following the recent investment in neo fleet, as well as distribution costs; o The investment in the development and exploitation of the loyalty program as well as the development of innovative services; o Exploiting the opportunities offered from the new fleet, with regards to the improvement of the services offered, the reduction of carbon dioxide emissions (CO2) and enhancement of Group’s competitiveness overall. o Investing in the education through major initiatives such as the establishment of a training center and the scholarship program; o Strategic partnerships with key sector stakeholders, promoting the Greek tourism product and its’ quality characteristics. 2.2 2019 Financial Review and Business Development 2019 was a milestone year for the Group’s operation as its was marked with its 20-year flying operation anniversary. Aegean managed to present solid performance for one more year, transferring 15 mil. passengers and serving an extended network of 151 destinations in 44 countries. Market Overview Greek Economy The Greek economy continued its recovery in 2019, albeit at slower pace. Improved economic activity for the year reflects the growing contribution of the tourism sector and good exports. In the fourth quarter GDP increased 1,0% while the full year 2019, real GDP rose by 1,9%. Economic climate indicator in 2019 continued to rise, with the index being at its highest level since the beginning of
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