Look up the latest financial statements for a non-financial company of your choice and calculate th following ratios for the latest year: a. Return on capital. b. Return on equity c. Operating profit margin d. Days in inventory. e. Debt ratio. f. Times-interest-earned. g. Current ratio h. Quick ratio. scuss your results. AEGEAN ASTAA ALLIANCE MEMBER . Balance Sheet AEGEAN Group Summary Financil assets awalable for sale Net cash fows from operating activiies Net cish fows from Einancing activite Cash at the bagining of the period 0.5 Foreign exchange difference impact in cash & eonalents Operating figures (AEGEAN & Olympic Air) Total avilable seats (000 Average capacity per Sight Scheduie passengers Total number of passengers AEGEAN A STAR ALLIANCE MEMBER AEGEAN at a glance 530 ,22%|59.7 53.8 ,38% (10.5) (14.7) 41% (18.3) -32% (13.81-31% 6996 7% Pre-tax eamingsILosses) for Pe 5% 2.7) (2001 Total number of passengera in 5555 Awsrage number of passengera par actor- Scheduled services Load lactor-Scheduled service 80.7% 81.396 06pp 789% 809% 20pp Average sector lengh (m) aldRavanue per RPK, in Ecens) CASK (EBT level in cents)- el Selected KPls excluding IFRS 15 impact n milions Jun 2017 Jun 2018 an 2017 Jun Pre-tax eamings/Losses) for re RASK (Revenue per ASK., 0ensl Yeld (Revenue per RPK, in Ecen) (26.7) (184) -31% 6.6 6.1 depreciation, amortization and leases of aircraft& spare engines BITOAR Eamings befone intenest, tax depreciation, amoization&lease payments BITOA: Eamings belore interest, tax, depreciation & amortiration Scheduled Revenue passenger km drvided by Available Sear km -20 20 62 ISTRATION No: EL 094468359 . FAE ATHNOL Societe Anemme Reg : S260ywBwS/L General CommercialReg.79g9O000 AEGEAN A STAR ALLIANCE MEMBEF In m First Half 2018 Finance income Finance epense and amortization (EBIDTA)(a leases of a and spare nterest taxes 50.0 Included in the Consolidated Statement of Comprehensive Income. "Not presented separately in the Consoldated Statement of Comprehensive Income About AEGEAN AEGEAN and Olympic Air carried 13.2 million passengers in 2017. 2018 network covers 153 destinations (31 domestic and 122 international) to 44 countries. Since June 30, 2010 AEGEAN is a member of STAR ALLIANCE, the strongest airline aliance worldwide. The Company has been honored with the Skytrax World Airline award, as the best European regional airline in 2018. In June 2018 AEGEAN signed a Purchase Agreement with Airbus, for the order of up to 42 new generation aircraft of the A320neo famly AEGEAN A STAR ALLIANCE MEMBER Consolidated Results million Revenue EBIT 10.5) 14.7) l for the period 20.0 13.8) Passenger traffic (in,000) t Half 2017 First Half 3,022 Total Load Factor 3,277 5,935 817% number cl Financial statements and Key Performance Indicators are posted on the company's website Aagean Airlines will host a conference call to present and discuss First Half 2018 Financial Results on Monday September 3d 2018. Details are available at The Group adopted IFRS 15 Revenue from contracts with customers as of January 1, 2018. The change in accounting treatment had a negative impact of 5.7m on group revenues in the first haf of 2018. The Group has also adjusted the recognition of certain distribution expenses, recognizing the expenses which correspond with the revenue recognized on each period, resulting to reduced distribution expenses by 5.8m in the first half of 2018. As a result, the net change in recognition of revenue and expense items had a positive impact of 0.1m on the consolidated operating and pre-tax results for the first half of 2018. Alternative Performance Measures The Group uses the EBITDA and EBITDAR financial indicators as part of its performance assessment. Those serve to better understand the financial and operating results of the Group. Specifically, EBITDA is defined as eamings before interest, taxes depreciation and amortization. The definition of EBITDAR (an indicator widely used in the aviation industry) is defined as earmings before interest, taxes depreciation, amortization and leases of aircraft&spare engines BITOAR Eamings befone intenest, tax deprecation amotization&lease payments A STAR ALLIANCE MEMBEI Balance Sheet AEGEAN Group Summary Financial assets avalable tor sale Cashflow AEGEAN Group- Summary Jan- Jun 2017 Jan-Jun 2018 Net cash tows from inwesting activities Net (decrease increase in cash and cash euvaents Cash at the beginning of the perod Foreign exchange ditlerence impact in cash& eash equivalents Operating figures (AEGEAN & Olympic Air) Ape-Jun Total number of passengers AEGEAN ALLANGE MEMBRR AEGEAN AIRL E. Financial Data and Information for th AEGEAN SUMMARY FINANCIAL DATA STAR ALLIANCE MEMBER tollowing data and intormation aim at prodding a general aveniew of the Inancial status and results of AE Companry's Website (www.aegeanair.com) where the inancial statements are posted. (Amounts in thousa Address of head offices Societe Anonyme Reg No. Superdsing Au Website addres Date of Approva Viltanioti 31, 145 64 Kifisia CertifiedAuditor Auditing Company Review of Financial Information: Kaminaris Vassilios AM 20411 Ernst & Young (Hellas] SA Unqualified opinion Compary Group 3062018 3112/2017 32638 94.510,24 94.19186 39.756 30 39.756 30 3016/2018 3112/2017 ASSETS angble assets 72.41656 72416.56 27.23438 27.863 32 62.83452 21.988.14 non ourrent as 25.896.04 16.550 34 15.193 25 38 115.556.86 309.94545 215.195.95 382 009,31 293.723.58 67 37862 103.522 29 157 other trade h and cash equalets 143.63742 ASSETS 46421,11 46421,11 48421,11 48.421,11 paid-in capital and reserves 344949-150.10154- shareholders' equity (a) g tem bank loans s and other long term liabilities 76.117,02 71.43948 0.00 Shon tem bank loants 0.00 shon term lablities iabilities () AND LABLmES(c)a(a) +(b) EQUITY AND LIABILITIES (c) (a) ( 797.983.09 594430,34 880.686,77 681.581, CASHFLOW STATEMENT (INDIRECT METHOD) Company Group 30/62018 305/2017 3062018 30/201 Profht /(loss) before aes Plus Mess) adjustments for Depreciaton ,) (25404,61) (1825723) (266910 883189 846621 20649 67. 793,13)169,25 .3728) 1.184 Foreign exchange differences Profit loss from imesting aciuties 6.111,98)5404,80 0979) 59854 747,28) 565,27) 083 421873,64 775,85) 7123 14,60 0 Cash flows from operating activities before changes in working capital (Increase)/Decrease in inventonies Increase)Decrease in trade & other recenables 1.139,64) (519,04)357836 58 283,20) (63406,78) 9.797 86) 69 986,5 243500,49 196490,18 24145328 21192.E 959,77) (1238,1 000 (45078200045078 163.155,94 127432,1 Deorease) in payables (oher than banks) Inerest eopenses paid ncome tax payments Net cash flows from operaning activines (a) 928,59) (120945) netbities 109 46.7 117.791.1 3.799.85)570,19 3820,84) (1.575,5 Sales of tangible &intangible assets Downpayme for purchases of tangible asses Purchace of fnandal assets 0,00 0,00 335831) 7,87 (33.583 61) 5.654,50) (450,00) 5.65450) (450,0 0,00 322 000 5,49 Interestand other financial income receed Net cash tlows from investing activities (b) 42.631,88) (120229) (42.624,50) (464 Diidends paid Changes in financial leases capital Net cash tlows from financing actvities () 35.474,21) (28523,05) 35.47421) (28 523,0 4844 02) 5 3536 40 318.83) 33.876.68) 40.31833) 33.876 ej in cash and cash equivalents 866925 82.712,14 0212,62 93.09 Cash and eash equivalents at the beginning of the Net foneign exchange nfenences Cash and eash equivalents at the end of the period 222403,88 194454,36 300 931,52 248477 19942 7 66404 198029 (79688 1100056 26950246 383.12442 33300,2 ..il 60% 1 2:26 . . |O: STATEMENT OF COMPREHENSIVE INCOME Company Group 01/01 30/06/2018 01/01- 30/06/2017 01/01 30/06/2018 01/01 30/06/2017 Revenue Gross profit EBIT Profit/ (loss) before tax Income tax Profit/(loss) after tax (a) Other Total Comprehensive Income (b) Total Comprehensive Income (a)+(b) 368.460,71 10.744,31) (21.600,96) (15.825,13) 4.009.29 1.815,84) 20.879.91 9.064,07 371.435,91 4.120,12) (18.691.45) (25.404,61) 6.317,34 19.087,28) 41.362 24 60.449,52 455.713,71 450.674,50 4.612,15 (23.948,63) 9421,20 (18.257,23) (26.691,08 6.653,54 (13.754,12) 20.03754 41.548,62 61.586,15 1.400,93) 4.503,11 20.879,91 7.125,79 Basic earnings after tax per share in EBITDA (0,1926) (14.742,13 2806 8.831,99 (10.225,23) STATEMENT OF CHANGES IN EQUITY AEGEAN A STAR ALLIANCE MEMBER Balance Sheet AEGEAN Group - Summary In millions Total fixed assets Cash & equivalents Financial assets available for sale Other current assets Total assets Total equity Finance lease liabilities Loans Other Liabilities Total equity and liabilities December 17 205.0 300.9 7.0 168.7 681.6 247.9 31.6 0.0 402.0 681.6 June 18 245.9 383.1 12.7 239.0 880.7 230.4 27.6 0.0 622.7 880.7 Cashflow AEGEAN Group-Summary Operating figures (AEGEAN & Olympic Air) Apr-Jun 2017 Apr-Jun 2018 Ch In | Jan-Jun 2017 Jan-Jun 2018 Ch ln Capacity ASKs (in millions) Total available seats (000) Total Block Hours Total Sectors Flown Average capacity per flight Average sector length (km) Passengers (000) By type of service 4,532 4,305 48,311 29,315 147 916 4,539 4,413 47,850 28,781 153 921 7,247 7,079 78,532 48,355 146 890 0% 2% 196 -2% 7,431 7,369 79,088 48,342 152 900 396 49% 196 0% 4% 1% 1% Schedule passengers Charter passengers By network 3,293 156 3,428 138 5,389 166 5,740 196 11% 18% 1,541 1,908 3,449 3,653 118 80.7% Domestic 1,582 1,985 3,567 3,711 124 81.3% 81.9% 2,533 3,022 5,555 5,731 115 78.9% 79.2% 2,659 3,277 5,935 6,060 123 80.9% 5% 4% International Total number of passengers RPKs (in millions) Paxiflight Load factor -scheduled (Pax/AVS) 8% 6% 5% 0.6pp | 2.0pp AEGEAN AEGEAN AIRLINES SA. -.- 4.1 Interim Cash Flow Statement of the Company for the peried ended at 30.06.2018 Prafit before ta Depreciation of tangible assets (Note 5.7, 5.8) 6111,98) nance Cost (Ncte 5.22) 529,04) 243 560,49 Total changes in working capital 928,59) 0,00 Puechases of tangble assets (Note 5.7,5.4) 0.00 Intenest and Financial leases capital pad (Note 5.14) 82 712,1 19 AEGEAN AEGEAN AIRLINES S.A. defined as earnings before interest, taxes depreciation and amortization. The definition of EBITDAR indicator widely used in the aviation industry) is also induded in the financial report and is earnings be interest, taxes depreciation, amortization and leases of aircraft& spare engines. 01/01 30/06/2018 01/01 30/06/2017 (18.257,23)1 1 c26691,06) (8.967,52) 4.804,24 (22.074,12) (14.742,13)(10.454,69) before taxes (a)* Depreciation (b)* (9.206,49) 16 272,41 (10.581,01) Finance income (c) Finance expense (d)* Loss before interest, taxes depreciation and amortization (EBIDTA) (e)s (a)-(b)-(c)-(d) leases of aircraft and spare engines (0 ,)(0128,56) 9.673,87 Earnings before interest, taxes depreciation, amortization 50011,18 and leases (EBITDAR) (9) (e)-(n Included in the Consolidated Statement of Comprehensive Income ** Not presented separabely in the Consolidated Statement of Comprehensive Income EBITDAR was 50.0 milion from 59.7 mlion in the same period of 2017 EBITDA amounted to -14.7 milion from -10.5 million in the same period of 2017. Risks and Risk Management Foreign exchange risk The Company incurs a substantial portion of its expenses, such as aviation fuel, aircraft lease exper distribution costs, spare parts, maintenance expenses and aviation insurance premiums in U.S. dol whereas it generates most of its revenue in euro. Appreciation of the euro versus the U.S. dollar posit impacts operating profit as the euro equivalent of the U.S. dollar operating expenses decreases, w depreciation of the euro versus the U.S. dolar negatively impacts the Company's operating profit. At 30 2018 the company has entered onto agreements to hedge the 56% of its estimated annual US dolar n for 2018 and 60% of estimated needs for 2019, Cover leves are monitored and reviewed on an ong basis in light of market developments and the overal needs of the business. Despite the foreign exch risk hedging policies, substantialy adverse movements of the US. dollar could potentialy have a mat negative impact on the business activity, the financial status and the operating results of the Company. Interest rate risk Company is exposed to interest rate fluctuations risk through the aircraft finance leases agreen based on a floating interest rate. The Company's policy is to continuously monitor its exposure to cash risk from interest rate fluctuations relating to its aircraft finance leases. Additionally, the Group has ado hedging policies against interest rate risk related to finance leases. At 30 June 2018 the company hedging contracts covering 37% of its interest rate risk from labilities of the finance leases. Jet fuel risk The Company is exposed to the fluctuations of oil price which has a direct impact on the jet fuel price manage this risk, the Company enters into derivative contracts on oil products in order to hedge sp percentages of its projected jet fuel needs. At 30 June 2018 the company had futures contracts for purchase of aircraft fuel covering 55% of the projected fuel needs for 2018 and 50% of estimated need 2019. Look up the latest financial statements for a non-financial company of your choice and calculate th following ratios for the latest year: a. Return on capital. b. Return on equity c. Operating profit margin d. Days in inventory. e. Debt ratio. f. Times-interest-earned. g. Current ratio h. Quick ratio. scuss your results. AEGEAN ASTAA ALLIANCE MEMBER . Balance Sheet AEGEAN Group Summary Financil assets awalable for sale Net cash fows from operating activiies Net cish fows from Einancing activite Cash at the bagining of the period 0.5 Foreign exchange difference impact in cash & eonalents Operating figures (AEGEAN & Olympic Air) Total avilable seats (000 Average capacity per Sight Scheduie passengers Total number of passengers AEGEAN A STAR ALLIANCE MEMBER AEGEAN at a glance 530 ,22%|59.7 53.8 ,38% (10.5) (14.7) 41% (18.3) -32% (13.81-31% 6996 7% Pre-tax eamingsILosses) for Pe 5% 2.7) (2001 Total number of passengera in 5555 Awsrage number of passengera par actor- Scheduled services Load lactor-Scheduled service 80.7% 81.396 06pp 789% 809% 20pp Average sector lengh (m) aldRavanue per RPK, in Ecens) CASK (EBT level in cents)- el Selected KPls excluding IFRS 15 impact n milions Jun 2017 Jun 2018 an 2017 Jun Pre-tax eamings/Losses) for re RASK (Revenue per ASK., 0ensl Yeld (Revenue per RPK, in Ecen) (26.7) (184) -31% 6.6 6.1 depreciation, amortization and leases of aircraft& spare engines BITOAR Eamings befone intenest, tax depreciation, amoization&lease payments BITOA: Eamings belore interest, tax, depreciation & amortiration Scheduled Revenue passenger km drvided by Available Sear km -20 20 62 ISTRATION No: EL 094468359 . FAE ATHNOL Societe Anemme Reg : S260ywBwS/L General CommercialReg.79g9O000 AEGEAN A STAR ALLIANCE MEMBEF In m First Half 2018 Finance income Finance epense and amortization (EBIDTA)(a leases of a and spare nterest taxes 50.0 Included in the Consolidated Statement of Comprehensive Income. "Not presented separately in the Consoldated Statement of Comprehensive Income About AEGEAN AEGEAN and Olympic Air carried 13.2 million passengers in 2017. 2018 network covers 153 destinations (31 domestic and 122 international) to 44 countries. Since June 30, 2010 AEGEAN is a member of STAR ALLIANCE, the strongest airline aliance worldwide. The Company has been honored with the Skytrax World Airline award, as the best European regional airline in 2018. In June 2018 AEGEAN signed a Purchase Agreement with Airbus, for the order of up to 42 new generation aircraft of the A320neo famly AEGEAN A STAR ALLIANCE MEMBER Consolidated Results million Revenue EBIT 10.5) 14.7) l for the period 20.0 13.8) Passenger traffic (in,000) t Half 2017 First Half 3,022 Total Load Factor 3,277 5,935 817% number cl Financial statements and Key Performance Indicators are posted on the company's website Aagean Airlines will host a conference call to present and discuss First Half 2018 Financial Results on Monday September 3d 2018. Details are available at The Group adopted IFRS 15 Revenue from contracts with customers as of January 1, 2018. The change in accounting treatment had a negative impact of 5.7m on group revenues in the first haf of 2018. The Group has also adjusted the recognition of certain distribution expenses, recognizing the expenses which correspond with the revenue recognized on each period, resulting to reduced distribution expenses by 5.8m in the first half of 2018. As a result, the net change in recognition of revenue and expense items had a positive impact of 0.1m on the consolidated operating and pre-tax results for the first half of 2018. Alternative Performance Measures The Group uses the EBITDA and EBITDAR financial indicators as part of its performance assessment. Those serve to better understand the financial and operating results of the Group. Specifically, EBITDA is defined as eamings before interest, taxes depreciation and amortization. The definition of EBITDAR (an indicator widely used in the aviation industry) is defined as earmings before interest, taxes depreciation, amortization and leases of aircraft&spare engines BITOAR Eamings befone intenest, tax deprecation amotization&lease payments A STAR ALLIANCE MEMBEI Balance Sheet AEGEAN Group Summary Financial assets avalable tor sale Cashflow AEGEAN Group- Summary Jan- Jun 2017 Jan-Jun 2018 Net cash tows from inwesting activities Net (decrease increase in cash and cash euvaents Cash at the beginning of the perod Foreign exchange ditlerence impact in cash& eash equivalents Operating figures (AEGEAN & Olympic Air) Ape-Jun Total number of passengers AEGEAN ALLANGE MEMBRR AEGEAN AIRL E. Financial Data and Information for th AEGEAN SUMMARY FINANCIAL DATA STAR ALLIANCE MEMBER tollowing data and intormation aim at prodding a general aveniew of the Inancial status and results of AE Companry's Website (www.aegeanair.com) where the inancial statements are posted. (Amounts in thousa Address of head offices Societe Anonyme Reg No. Superdsing Au Website addres Date of Approva Viltanioti 31, 145 64 Kifisia CertifiedAuditor Auditing Company Review of Financial Information: Kaminaris Vassilios AM 20411 Ernst & Young (Hellas] SA Unqualified opinion Compary Group 3062018 3112/2017 32638 94.510,24 94.19186 39.756 30 39.756 30 3016/2018 3112/2017 ASSETS angble assets 72.41656 72416.56 27.23438 27.863 32 62.83452 21.988.14 non ourrent as 25.896.04 16.550 34 15.193 25 38 115.556.86 309.94545 215.195.95 382 009,31 293.723.58 67 37862 103.522 29 157 other trade h and cash equalets 143.63742 ASSETS 46421,11 46421,11 48421,11 48.421,11 paid-in capital and reserves 344949-150.10154- shareholders' equity (a) g tem bank loans s and other long term liabilities 76.117,02 71.43948 0.00 Shon tem bank loants 0.00 shon term lablities iabilities () AND LABLmES(c)a(a) +(b) EQUITY AND LIABILITIES (c) (a) ( 797.983.09 594430,34 880.686,77 681.581, CASHFLOW STATEMENT (INDIRECT METHOD) Company Group 30/62018 305/2017 3062018 30/201 Profht /(loss) before aes Plus Mess) adjustments for Depreciaton ,) (25404,61) (1825723) (266910 883189 846621 20649 67. 793,13)169,25 .3728) 1.184 Foreign exchange differences Profit loss from imesting aciuties 6.111,98)5404,80 0979) 59854 747,28) 565,27) 083 421873,64 775,85) 7123 14,60 0 Cash flows from operating activities before changes in working capital (Increase)/Decrease in inventonies Increase)Decrease in trade & other recenables 1.139,64) (519,04)357836 58 283,20) (63406,78) 9.797 86) 69 986,5 243500,49 196490,18 24145328 21192.E 959,77) (1238,1 000 (45078200045078 163.155,94 127432,1 Deorease) in payables (oher than banks) Inerest eopenses paid ncome tax payments Net cash flows from operaning activines (a) 928,59) (120945) netbities 109 46.7 117.791.1 3.799.85)570,19 3820,84) (1.575,5 Sales of tangible &intangible assets Downpayme for purchases of tangible asses Purchace of fnandal assets 0,00 0,00 335831) 7,87 (33.583 61) 5.654,50) (450,00) 5.65450) (450,0 0,00 322 000 5,49 Interestand other financial income receed Net cash tlows from investing activities (b) 42.631,88) (120229) (42.624,50) (464 Diidends paid Changes in financial leases capital Net cash tlows from financing actvities () 35.474,21) (28523,05) 35.47421) (28 523,0 4844 02) 5 3536 40 318.83) 33.876.68) 40.31833) 33.876 ej in cash and cash equivalents 866925 82.712,14 0212,62 93.09 Cash and eash equivalents at the beginning of the Net foneign exchange nfenences Cash and eash equivalents at the end of the period 222403,88 194454,36 300 931,52 248477 19942 7 66404 198029 (79688 1100056 26950246 383.12442 33300,2 ..il 60% 1 2:26 . . |O: STATEMENT OF COMPREHENSIVE INCOME Company Group 01/01 30/06/2018 01/01- 30/06/2017 01/01 30/06/2018 01/01 30/06/2017 Revenue Gross profit EBIT Profit/ (loss) before tax Income tax Profit/(loss) after tax (a) Other Total Comprehensive Income (b) Total Comprehensive Income (a)+(b) 368.460,71 10.744,31) (21.600,96) (15.825,13) 4.009.29 1.815,84) 20.879.91 9.064,07 371.435,91 4.120,12) (18.691.45) (25.404,61) 6.317,34 19.087,28) 41.362 24 60.449,52 455.713,71 450.674,50 4.612,15 (23.948,63) 9421,20 (18.257,23) (26.691,08 6.653,54 (13.754,12) 20.03754 41.548,62 61.586,15 1.400,93) 4.503,11 20.879,91 7.125,79 Basic earnings after tax per share in EBITDA (0,1926) (14.742,13 2806 8.831,99 (10.225,23) STATEMENT OF CHANGES IN EQUITY AEGEAN A STAR ALLIANCE MEMBER Balance Sheet AEGEAN Group - Summary In millions Total fixed assets Cash & equivalents Financial assets available for sale Other current assets Total assets Total equity Finance lease liabilities Loans Other Liabilities Total equity and liabilities December 17 205.0 300.9 7.0 168.7 681.6 247.9 31.6 0.0 402.0 681.6 June 18 245.9 383.1 12.7 239.0 880.7 230.4 27.6 0.0 622.7 880.7 Cashflow AEGEAN Group-Summary Operating figures (AEGEAN & Olympic Air) Apr-Jun 2017 Apr-Jun 2018 Ch In | Jan-Jun 2017 Jan-Jun 2018 Ch ln Capacity ASKs (in millions) Total available seats (000) Total Block Hours Total Sectors Flown Average capacity per flight Average sector length (km) Passengers (000) By type of service 4,532 4,305 48,311 29,315 147 916 4,539 4,413 47,850 28,781 153 921 7,247 7,079 78,532 48,355 146 890 0% 2% 196 -2% 7,431 7,369 79,088 48,342 152 900 396 49% 196 0% 4% 1% 1% Schedule passengers Charter passengers By network 3,293 156 3,428 138 5,389 166 5,740 196 11% 18% 1,541 1,908 3,449 3,653 118 80.7% Domestic 1,582 1,985 3,567 3,711 124 81.3% 81.9% 2,533 3,022 5,555 5,731 115 78.9% 79.2% 2,659 3,277 5,935 6,060 123 80.9% 5% 4% International Total number of passengers RPKs (in millions) Paxiflight Load factor -scheduled (Pax/AVS) 8% 6% 5% 0.6pp | 2.0pp AEGEAN AEGEAN AIRLINES SA. -.- 4.1 Interim Cash Flow Statement of the Company for the peried ended at 30.06.2018 Prafit before ta Depreciation of tangible assets (Note 5.7, 5.8) 6111,98) nance Cost (Ncte 5.22) 529,04) 243 560,49 Total changes in working capital 928,59) 0,00 Puechases of tangble assets (Note 5.7,5.4) 0.00 Intenest and Financial leases capital pad (Note 5.14) 82 712,1 19 AEGEAN AEGEAN AIRLINES S.A. defined as earnings before interest, taxes depreciation and amortization. The definition of EBITDAR indicator widely used in the aviation industry) is also induded in the financial report and is earnings be interest, taxes depreciation, amortization and leases of aircraft& spare engines. 01/01 30/06/2018 01/01 30/06/2017 (18.257,23)1 1 c26691,06) (8.967,52) 4.804,24 (22.074,12) (14.742,13)(10.454,69) before taxes (a)* Depreciation (b)* (9.206,49) 16 272,41 (10.581,01) Finance income (c) Finance expense (d)* Loss before interest, taxes depreciation and amortization (EBIDTA) (e)s (a)-(b)-(c)-(d) leases of aircraft and spare engines (0 ,)(0128,56) 9.673,87 Earnings before interest, taxes depreciation, amortization 50011,18 and leases (EBITDAR) (9) (e)-(n Included in the Consolidated Statement of Comprehensive Income ** Not presented separabely in the Consolidated Statement of Comprehensive Income EBITDAR was 50.0 milion from 59.7 mlion in the same period of 2017 EBITDA amounted to -14.7 milion from -10.5 million in the same period of 2017. Risks and Risk Management Foreign exchange risk The Company incurs a substantial portion of its expenses, such as aviation fuel, aircraft lease exper distribution costs, spare parts, maintenance expenses and aviation insurance premiums in U.S. dol whereas it generates most of its revenue in euro. Appreciation of the euro versus the U.S. dollar posit impacts operating profit as the euro equivalent of the U.S. dollar operating expenses decreases, w depreciation of the euro versus the U.S. dolar negatively impacts the Company's operating profit. At 30 2018 the company has entered onto agreements to hedge the 56% of its estimated annual US dolar n for 2018 and 60% of estimated needs for 2019, Cover leves are monitored and reviewed on an ong basis in light of market developments and the overal needs of the business. Despite the foreign exch risk hedging policies, substantialy adverse movements of the US. dollar could potentialy have a mat negative impact on the business activity, the financial status and the operating results of the Company. Interest rate risk Company is exposed to interest rate fluctuations risk through the aircraft finance leases agreen based on a floating interest rate. The Company's policy is to continuously monitor its exposure to cash risk from interest rate fluctuations relating to its aircraft finance leases. Additionally, the Group has ado hedging policies against interest rate risk related to finance leases. At 30 June 2018 the company hedging contracts covering 37% of its interest rate risk from labilities of the finance leases. Jet fuel risk The Company is exposed to the fluctuations of oil price which has a direct impact on the jet fuel price manage this risk, the Company enters into derivative contracts on oil products in order to hedge sp percentages of its projected jet fuel needs. At 30 June 2018 the company had futures contracts for purchase of aircraft fuel covering 55% of the projected fuel needs for 2018 and 50% of estimated need 2019