AEGEAN Airlines SA: Annual Financial Report for the period 01.01.2021 – 31.12.2021







ΑΕGEAN AIRLINES SA

GENERAL COMMERCIAL

RECORD 1797901000

ANNUAL FINANCES

REPORT

FOR FISCAL YEAR 2021

In accordance with art. 4 of Law 3556/2007 and the resolutions of the Board of Directors of the Hellenic Capital Market Commission

Contents

1. Statements by the members of the Board of Directors ……………………………. …………………………………………………. ………… …………….

4

2. Annual report of the Board of Directors of AEGEAN AIRLINES SA on the consolidated and corporate accounts

Declaration for the fiscal year from 1st January to 31st December 2021 ………………………………………… …………………………………………..

6

2.1

Report of the board of directors …………………………………….. …… …………………………………….. …… …………………….

6

2.2

Main risks and risk management ………………………………………….. …… …………………………………….. …… …………………..

24

2.3

Non-financial information ……………………………………….. … ……………………………………….. … …………………………

26

2.4

Corporate governance statement ……………………………………….. …… …………………………………….. …… …………..

54

2.5

Explanatory statement ………………………………………….. ………………………………………….. .. …………………………..

101

3.

The independent auditor’s report ………………………………………….. ………………………………………….. .. ……………………..

106

4.

Consolidated financial statements in accordance with IFRS for the year ended December 31, 2021 ………………….

120

4.1

Statement of the Company’s financial position 31.12.2021 ……………………………. ……… …………………………………. ……

120

4.2

Statement of the Group’s Financial Position 31.12.2021 ………………………………….. …………….. …………………………… …

121

4.3

Statement of comprehensive income of the Company 31.12.2021 ……………………………. …………….. …………………

122

4.4

Statement of comprehensive income of the Group 31.12.2021 ……………………………. ……………. ……………………..

123

4.5

Statement of changes in the Company’s shareholders’ equity 31.12.2021 ……………………………… .. …………………………..

124

4.6

Table of changes in Group equity 31.12.2021 ………………………………………….. . ………………………….

125

4.7

Statement of cash flows of the Company 31.12.2021 ………………………………… . ……………………………………….

126

4.8

Group cash flow statement 31.12.2021……………………………………….. …………………………………………. . ..

127

4.9

Notes to the financial statements ………………………………………… ………………… ………………………. ………………… ………………

128

5.

Report on the use of bond loan funds for the period from 03/12/2019 to 12/31/2021 ………………………. ……….

209

6.

Report on the use of the proceeds of the share capital increase for the period from 14.06.2021 to 31.12.2021 ….

212

7.

Company announcements in accordance with article 10 of law 3401/2005 published during the financial year 2021…………..

215

8.

Annual Financial Report website ………………………………………….. ……………………………………………. …. …………………..

218

1. Statements by members of the Board of Directors

1. Statements by members of the Board of Directors

(according 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 SA for the period from January 1, 2021 to December 31, 2021, which have been prepared in accordance with International Financial Reporting Standards as adopted by the EU, faithfully reflect all of the Assets, Liabilities and Equity as well as the Profit and Loss Account 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 annual report of the board of directors fairly reflects the development of the affairs, the performance and the situation of the company, as well as of the companies included in the consolidation, including the main risks and the uncertainties they face.

Kifissia, March 22, 2022

The undersigned

Eftichios Vasilakis

Dimitrios Gerogiannis

Nikolaos Sofianos

Chairman of the board

Chief Executive Officer

Board member

4

2. Annual report of the Board of Directors of

AEGEAN AIRLINES SA

on the consolidated and corporate accounts

Declaration for the fiscal year from January 1 to 31

December 2021

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Aegean Airlines SA published this content on March 23, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on March 23, 2022 09:53:07 UTC.

Public now 2022

All the news of AEGEAN AIRLINES SA

Sales 2021 674 million
742 million
742 million
Net income 2021 18.0 million
19.8 million
19.8 million
Net debt 2021 329M
362 million
362 million
PER 2021 ratio 38.3x
2021 performance
Capitalization 478M
526M
526M
EV / Sales 2021 1.20x
EV / Sales 2022 0.94x
# of employees 2,699
Floating 38.0%

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Evolution of the income statement

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Medium consensus TO BUY
Number of analysts 5
Last closing price €5.30
Average target price €6.69
Average Spread / Target 26.2%


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