Pegasus announced a loss of 150 million euros in 2021

Pegasus reported its consolidated balance sheet for 2021 to the Public Disclosure Platform (KAP).

Pegasus ended the last quarter of 2021 with a loss of 40 million euros. Thus, the company's loss for the whole of 2021 increased to 150 million euros. However, the company's loss decreased both on an annual basis and compared to the same quarter of the previous year.

While the company earned 298 million euros in the last quarter of the year, it increased its revenues compared to last year. Compared to 2019, the company's revenues were 41% less. On the cost side, although the costs increased compared to last year, there was a decrease in costs compared to 2019.

Pegasus achieved an EBITDA of 74 million euros in the 4th quarter and 254 million euros in the cumulative year. On the other hand, 22 million euros of net interest expense and 22 million euros of net foreign exchange difference expense were among the prominent items.

As of the end of the 4th quarter of 2021, the company's total cash and cash equivalents amounted to 662 million euros. The surplus cash position (calculated by deducting bank loans and bonds issued from total cash reserves) was 66 million euros in Q4. The company also burned through 35 million euros in cash in the last quarter of the year.

The strong trend in traffic during the high season continued into the 4th quarter of 2021. With the emergence of the Omikron variant, although the authorities decided to tighten travel restrictions in December, the effect of the variant on demand was limited.

In the last quarter of 2021, 88% of capacity and 74% of guests (80% DO*) were provided on domestic routes compared to the same period of 2019. Despite the tightening travel restrictions after Omikron in international operations, 89 percent capacity and 80 percent number of guests were reached compared to the 4th quarter of 2019.

In the forward expectations of the company, it is foreseen that the capacity supplied by 2022 in the base scenario will be at least at the level of 2019. Pegasus' fleet size of 90 aircraft as of the end of 2021 is expected to increase to 101 aircraft by the end of 2022.