AEGEAN Airlines today released their First Half Results for 2020 where they disclosed that they lost €158.8 million as a result of the COVID-19 Pandemic that has impacted their operations, especially during Q2 when total flights operated fell by 82% while the Group saw total revenue fall by 64% YoY to €187.4 million in the first half of the year.
Given the bleak outlook for air travel in the foreseeable future along with the importance of cost reductions have seen the airline focus on 4 key areas to mitigate the impacts of the pandemic:
- Dynamic management of the network and capacity offered
- Efficient fleet and capital expenditure management
- Cash shielding, ensuring additional liquidity
- Effective cost management in all categories.
The Group had ambitions to grow the airline during the year and 2020 is an important year for the business with regards to their fleet renewal strategy. However, given the current operating climate, they will maintain their 46 aircraft commitments but have opted to defer deliveries that were scheduled for 2021 and 2022 to 2023 and beyond.
AEGEAN Group Fleet Composition
AEGEAN ends the first half of 2020 with a favourable liquidity position of €436.48 million which ensures that the business is able to settle their short to medium term liabilities.
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