Untitled - Aegean Airlines

115 Pages·2008·3.05 MB·English

AEGEAN AIRLINES S.A.

ANNUAL REPORT
FOR THE YEAR 2007
In accordance with the CMC rule 7/372/15.02.2006

TABLE OF COnTEnTs
Message from the Chairman 4
Message from the Managing Director 6
1. Board of Directors 9
2. Summary of Financial Figures 10
3. Principal Milestones 12
4. Business Review 14
5. The Fleet 17

6. Routes and Destinations 18
7. Financial and Operating Highlights 20
8. Strategic Review 24
9. Information about the preparation of the Annual Report and the Company’s auditors 28
10. Consolidated and Separate Financial Statements for the year ended 31.12.2007
in accordance with International Financial Reporting Standards 31
11. Financial Data and Information for the period January 1 2007 to December 31 2007 102
12. Use of Proceeds for the period July 11 2007 to December 31 2007 104
13. Report on Related Party Transactions 108
14. Information of Article 10 Law 3401 / 2005 111
15. Website Address 112
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MEssAgE FrOM ThE ChAirMAn
2007 HAS Been AnOTHeR yeAR The rise in passenger traffic mirrors
OF STROng PeRFORMAnCe in the best possible way the successful path
FOR AegeAn, AS THe COMPAny that AegeAn follows during the last years.
This success is the direct result of team
MAnAgeD TO FURTHeR
efforts of our employees combined
ReInFORCe ITS POSITIOn
with consistent implementation
In THe DIFFICULT AnD COnSTAnT
of a well defined strategy.
CHAngIng InTeRnATIOnAL
AIRLIne SeCTOR.
AegeAn does not rely on the success of the past. I wish to thank AegeAn’s employees for their
We are all very much aware of the challenges commitment and dedication, our shareholders
of the airline sector that we need to cope for their support and our customers
with on a daily basis. To this end, for the confidence they are showing in us
we are constantly looking for opportunities and for sharing with us our ambition
to grow whist we place our utmost efforts for offering high quality services.
to offer new services and more choices
to our passengers. At the same time,
our investment in new fleet and the know-how
that we steadily develop allow us to increase
our productivity and competitiveness. With these
efforts, we create a solid foundation for the most
efficient use of our shareholders funds.
I feel particularly proud of the Company’s
financial and commercial achievements.
More importantly, I feel proud of the fact THeODORe VASSILAkIS
that AegeAn’s progress and dynamic growth
in aforementioned fields is achieved
by simultaneously maintaining high social
responsibility standards.
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MEssAgE FrOM ThE MAnAging DirECTOr
AEgEAn COnTinuED iTs ExpAnsiOn AegeAn managed to report progress during
COursE in 2007, AChiEving 2007 on areas that have been set as key
signiFiCAnT iMprOvEMEnT priorities on our strategic development plan
and these include growing our international
in FinAnCiAL AnD OpErATing
network, further strengthening of our
rEsuLTs:
relationship with Lufthansa, reinforcing
- rEvEnuE inCrEAsED By 20%,
our domestic and international position
rEAChing €482.7 MiLLiOn
and last but not least achieve progress
- prE-TAx EArnings rEAChED
in the field of efficient revenue and cost
€ 44.6 MiLLiOn, grOwing By 30%
management. Worth mentioning that AegeAn’s
- nET EArnings AFTEr TAx dynamic development was achieved besides
AnD MinOriTy inTErEsT fierce competitive conditions prevailing mainly
inCrEAsED By 39% in Western european markets and the adverse
TO €35.8 MiLLiOn impact from the sharp rise in oil prices.
In 2007 the total airline market in our main I would like to thank AegeAn employees
base Athens International Airport continued and congratulate them for their efforts
to register healthy growth with the number and their important contribution to the progress
of total passengers rising by 10%. AegeAn of the Company.
carried 18% more passengers with the Company I would also like to express my gratitude
managing to reinforce its market share. to our shareholders for their constant support
Domestic passengers increased by 10% and ensure them of our commitment to
to 3.4 million. International passengers implement our strategy with consistency.
rose by 35%, reaching 1.9 million. Last, I would like to thank our passengers
for the confidence they have shown in us
The Combined Offering and the listing and ensure them that we would continue
of AegeAn shares in Athens exchange during to work with enthusiasm in order to offer
2007 represent an important milestone for our them quality services.
Company. gross IPO proceeds of €135m combined
with improved financial results create a solid base
for the implementation of our expansion plans.
The fleet renewal program which was initiated
in 2007 opens new horizons for AegeAn.
The use of new aircraft is expected to bring image
and cost benefits and at the same time improve
our competitive position. During 2007
AegeAn took delivery of the first 3 Airbus A320
out of total 27 aircraft (A320 and A321)
which will be added to our fleet. 2008 is going
to be an important year for our fleet renewal plan DIMITRIS geROgIAnnIS
as we would take delivery of 10 new aircraft.
2008 should be a challenging year given the
uncertainty in financial markets and global
economies and the sharp rise in oil prices.
In response to the aforementioned challenges
the Company has accelerated the fleet renewal
program aiming at bringing forward the benefits
of a younger fleet both in terms of revenue
and operating costs.
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1. BOArD OF DirECTOrs
Theodore Vassilakis, Chairman
(executive)
eftichios Vassilakis, Vice Chairman
(executive)
Dimitrios gerogiannis, Managing Director
(executive)
Achilleas Constantakopoulos, Director
(non-executive)
Anastasios David, Director
(non-executive)
Iakovos georganas, Director
(non-executive)
Christos Ioannou, Director
(non-executive)
Panagiotis Laskarides, Director
(non-executive)
Alexandros Makrides, Director
(Independent, non-executive)
Victor Pizante, Director
(Independent, non-executive)
Antonios Symigdalas, Director
(executive)
Markos Tsaktanis, Director
(non-executive)
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