The divestment concentrates Aegean’s strengths in the Greek market. The company is increasing its summer program by 3-5%, mainly from Athens and Thessaloniki, with the aim of responding to the increased demand.
It focuses on the Greek market Aegean Airlines with the aim of maintaining the growth momentum, after the record of 2023. The decision disinvestment from the Romanian Animawings, which was officially announced yesterday, is moving in this direction. THE transfer of 51% of the airline to the other shareholder, Memento Groupwith which it measures fifteen years of cooperationaligns the strategic choice both sides to give weight to their core markets.
Having recorded a record year, in terms of passenger traffic and profitability, with estimates bringing the EBITDA at 400-415 million and profit before tax at 200-215 million eurosthe Greek airline seeks its further development, following it dynamic which already appears in demand for the summer season of 2024.
They will contribute to this two aircraft which until today was leased by Aegean to Animawings. The first has already returned, while the second will also be here to join the company’s summer program, which will be enhanced by 3-5%, mainly from Athena and the Thessaloniki.
The addition of the two aircraft to the service of extended network of the company, completes it puzzle of the fleet which will offset the need to dock for inspection ten aircraft from Airbusdue to the problem that has arisen in the international aviation market with engines GTF her Pratt & Whitney.
In the same direction, four aircraft which were previously operating flights charterare returning to the flying program, while the company has also renewed the leasing for yet five aircraft.
At the same time, it has already been agreed extension her order to Airbus from the 46 at 50 aircraft. For three new aircraft of the Neo family was used optionwhile an additional one will be acquired with leasing. At the same time, five from the remaining aircraft were upgraded in Awill be321raising 321neo’s share to 60% of the order. THE effect of these developments in the capacities and efficiency of the company is expected from the 2025.
The investment history
THE first phase of Aegean’s investment in the Romanian charter airline, with activity in Europe and Africastarted in his early days 2020so he got percentage 25%investing 450 thousand euros. Afterwards, the October of 2021strengthened its participation in 51%of the share capital, bringing the total investment to 1.3 million euros.
Aegean’s long-term cooperation in the emerging Romanian market with the domestic tour operator Cristian Tour, a member of the Memento Group, which founded the airline in 2019, was a guarantor of the decision. The dominant position of the travel group, combined with the dynamics presented by the Romanian market for the Greek tourism, they reduced the risk. With a percentage of 51%, Aegean took over the co-management and business management of the company, while the commercial management and support of Animawings was provided by the Memento Group.
By transferring the percentage, his group Cristian Pandel owns it now 100% of the airline. In Memento Group’s announcement about the acquisition, reference is made to Aegean’s contribution to expertise integration and experience at Animawings. Neither side is disclosing the amount of the transaction, but Pandel, speaking to Romanian media, pegged it at millions of euros.
For its part, Aegean, in its announcement, wished its three-year partner and long-term customer every success in its further development Animawings.