Aegan: New dynamic growth with responsibility

AEGEAN presented the benefits, arising from the acquisition of Olympic Air, for the company, the passengers, the society and the Greek tourism, as well as its overall strategy, during a press conference held today in Athens.

In the immediate period of the next 6 to 14 months, following the acquisition of Olympic Air, the resulting synergies will lead to an enhanced fleet and an immediate expansion of the network, to the enhancement of the connectivity in Greece and abroad, as well as to cost savings from the consolidation of Administrative Services, with benefits saving up to €35 million annually.

AEGEAN's objective and commitment is to pass these benefits to the passengers with more competitive rates, enhancement of privileges for loyal customers of both companies and network expansion.
In terms of benefits arising regarding the prices, AEGEAN has already announced the launch of two new categories of fares in economy class, the GoLight and Flex fares, with prices starting from €24 to Athens, which ensure money-saving and unlimited flexibility respectively. These new fares will be offered to Olympic Air's passengers from February 2014.

Moreover, following a recent meeting with representatives of the Greek region, the company announced a package of initiatives to support the remote areas of Greece, by integrating the second lowest fare of €39 from/to remote areas in order to boost the demand, by introducing new charges for the connection between the remote islands and abroad with a significant reduction in travel cost up to €140, as well as by increasing capacity during July - September, at no additional cost to the state, where it is commercially and operationally feasible.

AEGEAN will make dynamic start in 2014 also in terms of its network, with a further expansion of international destinations and new routes.

Analytically, AEGEAN announced today the addition of 15 new destinations from Athens in 2014, reaching to 47 overall international destinations from Athens. Specifically the new destinations include: Birmingham in England, Marseille and Nantes in France, Zurich in Switzerland, Hamburg, Hanover and Nuremberg in Germany, Copenhagen in Denmark, Catania in Italy, Abu Dhabi in the United Arab Emirates, Beirut in Lebanon and Paphos in Cyprus, as well as 4 additional cities for considering inter alia, Stockholm, Sweden or Oslo in Norway, Ljubljana in Slovenia, Dubrovnik in Croatia.

Overall in 2014, 45 to 50 new routes are added from the 8 bases of the company in Athens and in the Greek region, including the new base in Chania. As a result, AEGEAN and Olympic Air will jointly cover in 2014 a network of more than 250 routes, of which 205 or more are international routes and 47 to 50 domestic routes.

The progress so far and the development of AEGEAN is based on collaborative effort and support by six major business groups (Vassilakis, A & P Laskarides Constantakopoulos A., D. Ioannou, G. David, Piraeus Bank) and 52,000 shareholders who continue to support the company into its dynamic new course that appears after the acquisition of Olympic Air.

Concluding his strategy presentation, AEGEAN's Vice-President Mr. Eftychios Mr. Vassilakis noted: "The conditions for the establishment of a stronger carrier, which will be able to stand in the highly competitive environment that has developed in the region, are created. Our goal is AEGEAN and Olympic Air to lead in the changes in the tourism market in the country and the region. Sensing the responsibility towards the state, the society and the passengers, we are committed to ensure the overall coverage of the Greece's territory, providing access to the smallest island, as well as to continue the strategic strengthening of tourism development of Athens and the main tourist destinations in the region with even higher quality services and competitive prices. "