Page 8 - Annual Report 2013
P. 8
1 Joint Address
by the Chairman
and the CEO
3.9% and the private consumption
index by 6.0%, the Greeks’ propensity
2013 was a year that the global to travel continued to be negatively
aviation industry proved resilient to influenced. On top of the unfavourable
the relatively slow global economic economic environment in the country,
growth and the high fuel costs, the foreign carriers’ restructuring and
supported by improvements in the network rationalisation - including
industry structure and efficiency gains the exit of Cyprus Airways from the
which included airline consolidations, domestic market - were additional
enhanced airline ancillary revenues, drivers to adversely affect the
improved aircraft utilisation and further aviation market. On the other side,
cost management actions. European favourable development of incoming
airports saw an overall modest tourism in Greece and gradual
passenger traffic increase, with EU resurgence of Athens as a popular
airports underperforming compared tourism destination created positive
to their non-EU counterparts, as a demand trends which somehow
result of the continued impact of the counterbalanced other negative
Eurozone crisis and the maturity of the factors. Olympic Air acquisition by
EU air transport market. However, this Aegean Airlines, finalised late October,
performance gap has narrowed during was also a major development for
the second half of 2013, when EU the Greek aviation market. Finally,
airports started to experience recovery a recovery trend which appeared
signs. in Europe during the second half of
In Greece, for one more year the the year also emerged in Greece.
continuing difficult situation of the As a result, airport’s traffic for year
Greek economy was a key factor 2013 presented a limited reduction
which determined growth of air traffic of -3.2% in terms of passenger
at Athens International Airport (AIA). volumes, outperforming the economic
With the Greek GDP contracting by indicators.
8 / aia.gr
by the Chairman
and the CEO
3.9% and the private consumption
index by 6.0%, the Greeks’ propensity
2013 was a year that the global to travel continued to be negatively
aviation industry proved resilient to influenced. On top of the unfavourable
the relatively slow global economic economic environment in the country,
growth and the high fuel costs, the foreign carriers’ restructuring and
supported by improvements in the network rationalisation - including
industry structure and efficiency gains the exit of Cyprus Airways from the
which included airline consolidations, domestic market - were additional
enhanced airline ancillary revenues, drivers to adversely affect the
improved aircraft utilisation and further aviation market. On the other side,
cost management actions. European favourable development of incoming
airports saw an overall modest tourism in Greece and gradual
passenger traffic increase, with EU resurgence of Athens as a popular
airports underperforming compared tourism destination created positive
to their non-EU counterparts, as a demand trends which somehow
result of the continued impact of the counterbalanced other negative
Eurozone crisis and the maturity of the factors. Olympic Air acquisition by
EU air transport market. However, this Aegean Airlines, finalised late October,
performance gap has narrowed during was also a major development for
the second half of 2013, when EU the Greek aviation market. Finally,
airports started to experience recovery a recovery trend which appeared
signs. in Europe during the second half of
In Greece, for one more year the the year also emerged in Greece.
continuing difficult situation of the As a result, airport’s traffic for year
Greek economy was a key factor 2013 presented a limited reduction
which determined growth of air traffic of -3.2% in terms of passenger
at Athens International Airport (AIA). volumes, outperforming the economic
With the Greek GDP contracting by indicators.
8 / aia.gr
