![Aegean returns to positive cash flow – Liquidity of 600 Million after Share Capital Increase and State Aid](https://www.ot.gr/wp-content/uploads/2021/05/aegean.png)
With liquidity hovering at 600 million euros after the recent share capital increase, which also gave the green light for the completion of state aid, Aegean is moving forward this summer with activity that reaches 75-80% of 2019 flights. Considering that the intense variability will prevail in the near future, due to the uncertain course of the health conditions in Europe, the President of Aegean, Mr. Eftychios Vasilakis, speaking at the Ordinary General Assembly, stressed the urgency of vaccination, so that new turmoil in the coming months.
As noted by the Aegean CEO Mr. Dimitris Gerogiannis, the company has returned to positive cash flows since April, while in the first months of 2021, the trend was negative, as in the fall of 2020, due to significant restrictions on movements. Aegean flights recorded, in the first quarter, a decrease of 60% compared to 2019, passenger traffic was 82% lower and turnover decreased by 70%. The quarterly result was loss-making, but the losses were 50% lower than those recorded in 2020.
Regarding the activity of the second quarter, from May onwards, it moved higher, but again recording a reduction of flights by 50% and of passenger traffic by 75% compared to 2019.
Ticket pre-sales, as Mr. Vasilakis said, amounted to 70-75% of those in 2019 in June, advocating for the company’s goal to fly this summer with 75-80% of the complement of flights in 2019. However, given that the pre-sales In the coming months, occupancy rates for July are expected to be lower.
“Our country is very high both in terms of demand and interest. It is among the countries that have made a very dynamic restart and this is positive for Aegean, despite the fact that many of our European competitors are flying to Greece this year, “said Mr. Vasilakis.
Meanwhile, Aegean’s liquidity, which did not fall below € 400 million during the pandemic, is currently hovering at around € 600 million following a € 60 million share capital increase and government support. In fact, as pointed out by the president of the airline, an amount of 90 million, which the company borrowed last year, has already been returned to Greek banks. He stressed that the country’s credit institutions remain at the disposal of Aegean, if needed.
Regarding the company’s staff, Mr. Vasilakis pointed out that 93% of the tenured staff has remained in the company, while about 75% of the seasonal staff has returned, ie a total of 2,700 people are currently employed. “It is a conquest for us and an investment in the future of the company,” he stressed.
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