Registered number: 10084121
Jet Holdings Ltd
For the Year Ended 31 December 2024
Jet Holdings Ltd
Company Information
Jet Holdings Ltd
Contents
Jet Holdings Ltd
Group strategic report
For the Year Ended 31 December 2024
The directors present the group strategic report for the year ended 31 December 2024.
The Group consists of the Parent Company, which had no operations during the year ended 31 December 2024, and its wholly owned subsidiary BLUE BIRD AIRWAYS S.A. Accordingly, the information presented in this report reflects the activities, performance, financial position, risks and prospects of the subsidiary, which represents the entire operating activity of the Group.
Group structure and principal activities
The Group operates in the international passenger air transport sector, providing charter and scheduled flights primarily between Israel, Greece and selected European destinations.
The Group’s operations include:
The Group consists of the Parent Company, which had no operations during the year ended 31 December 2024, and its wholly owned subsidiary BLUE BIRD AIRWAYS S.A. Accordingly, the information presented in this report reflects the activities, performance, financial position, risks and prospects of the subsidiary, which represents the entire operating activity of the Group.
Group structure and principal activities
The Group operates in the international passenger air transport sector, providing charter and scheduled flights primarily between Israel, Greece and selected European destinations.
The Group’s operations include:
∙The operation of a fleet of four Boeing 737 aircraft, all operated under lease arrangements,
∙The provision of passenger air transport services mainly to travel agencies and retail customers,
∙A business model focused on serving seasonal tourist demand, with increasing activity during off-peak periods.
The Parent Company functions solely as a holding company and did not carry out any operational or financing activities during the reporting period.
Despite challenges, sluggish economic growth, and geopolitical tensions, passenger demand has increased significantly, showing signs of resilience as consumers continue to prioritise travel experiences. In 2024, global passenger traffic, according to the International Air Transport Association (IATA), increased by 10.4% compared to the previous year, representing an increase of 3.8% compared to pre-pandemic levels.
In Europe, traffic per passenger kilometre recorded an annual increase of 8.7% overall. In 2024, global available mileage increased by 8.7% year-on-year, while in Europe, mileage increased by 8.1% compared to 2023. According to Eurocontrol's analysis, the number of flights in Europe in 2024 amounted to 96% of 2019 activity.
In Greece, according to the Hellenic Civil Aviation Authority, passenger traffic for the whole of 2024 reached 79.4 million passengers. compared to 72.6 million passengers. in 2023, recording an increase of 9.3% compared to 2023. Correspondingly, 603,931 flights were operated in 2024, recording an increase of 7.6% compared to the previous year. Greece continued to attract the interest of air carriers in 2024, with the annual increase in capacity in the country amounting to 9.6% compared to an increase of 6.5% in the European market as a whole. Compared to 2019, Greece in 2024 has recorded a 28% increase in total available capacity, with the European market returning to pre-pandemic levels in 2024. The trend of decreasing seasonality and the lengthening of the tourist season improved arrivals and travel receipts in the off-peak months. This trend is guaranteed to be maintained as it was supported both by the increase in flights in the off-peak months and by the broad base of origin markets, inside and outside the EU, which seem to be moving away from their intense seasonal character, allowing the sector to follow a course characterized by increasing sizes and resilience.
In Israel, the aviation industry for 2024 experienced a significant recession, mainly due to the war conflict that began on October 7, 2023. This has led to a significant reduction in both the number of passengers and flights at Ben Gurion International Airport. According to the Israel Airports Authority (IAA), the total number of passengers in 2024 was about 13.8 million, down 34% from the 21 million passengers recorded in 2023. Similarly, the number of international flights decreased from 144,869 in 2023 to 84,100 in 2024. The sharp drop in passenger traffic is attributed to the ongoing conflict between Israel and Hamas, which has led many foreign airlines to reduce or suspend their operations in Israel. As a result, only 20 foreign airlines continued their operations, serving 50 destinations. The impact of the collision was also evident during the first nine months of 2024, where passenger traffic at Ben Gurion Airport decreased by almost 43% compared to the same period in 2023.
In Europe, traffic per passenger kilometre recorded an annual increase of 8.7% overall. In 2024, global available mileage increased by 8.7% year-on-year, while in Europe, mileage increased by 8.1% compared to 2023. According to Eurocontrol's analysis, the number of flights in Europe in 2024 amounted to 96% of 2019 activity.
In Greece, according to the Hellenic Civil Aviation Authority, passenger traffic for the whole of 2024 reached 79.4 million passengers. compared to 72.6 million passengers. in 2023, recording an increase of 9.3% compared to 2023. Correspondingly, 603,931 flights were operated in 2024, recording an increase of 7.6% compared to the previous year. Greece continued to attract the interest of air carriers in 2024, with the annual increase in capacity in the country amounting to 9.6% compared to an increase of 6.5% in the European market as a whole. Compared to 2019, Greece in 2024 has recorded a 28% increase in total available capacity, with the European market returning to pre-pandemic levels in 2024. The trend of decreasing seasonality and the lengthening of the tourist season improved arrivals and travel receipts in the off-peak months. This trend is guaranteed to be maintained as it was supported both by the increase in flights in the off-peak months and by the broad base of origin markets, inside and outside the EU, which seem to be moving away from their intense seasonal character, allowing the sector to follow a course characterized by increasing sizes and resilience.
In Israel, the aviation industry for 2024 experienced a significant recession, mainly due to the war conflict that began on October 7, 2023. This has led to a significant reduction in both the number of passengers and flights at Ben Gurion International Airport. According to the Israel Airports Authority (IAA), the total number of passengers in 2024 was about 13.8 million, down 34% from the 21 million passengers recorded in 2023. Similarly, the number of international flights decreased from 144,869 in 2023 to 84,100 in 2024. The sharp drop in passenger traffic is attributed to the ongoing conflict between Israel and Hamas, which has led many foreign airlines to reduce or suspend their operations in Israel. As a result, only 20 foreign airlines continued their operations, serving 50 destinations. The impact of the collision was also evident during the first nine months of 2024, where passenger traffic at Ben Gurion Airport decreased by almost 43% compared to the same period in 2023.
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Jet Holdings Ltd
Group strategic report (continued)
For the Year Ended 31 December 2024
Specifically, 10.85 million international passengers passed through the airport between January and September 2024, up from 19.01 million during the same period in 2023. Despite the overall decline, Israeli airlines saw an increase in passenger numbers, with a reported increase of 15-25%, as travellers opted for domestic carriers amid reduced foreign airline operations.
The company for 2024, as shown by the attached financial statements, showed a turnover of € 80,185,198 compared to € 55,872,771 in the previous year, showing a significant increase of 43.51% with the gross profit margin remaining stable at approximately the same levels of 11% to 12%. A similar increase is observed in the number of flights, which increased to 4,048 from 3,186 in 2023 with the company carrying a total of 551,176 passengers compared to 434,616 in 2023, despite the ongoing conflict taking place in Israel with the consequences of which are judged to be insignificant in the Company's activity due to the high demand observed on flights to and from Israel and the low availability of seats.
Total earnings before operating taxes decreased compared to the previous year, recording profits for 2024 of € 4,653,634 compared to € 3,018,449 in 2023. The decrease in results is mainly due to the significant appreciation of the dollar against the euro in the second half of 2024, which had a negative impact on the company due to its significant liabilities in dollars. In this context, the EBITDA ratio increased to € 13,448,154 in 2024 compared to € 9,367,223 in 2023.
Within 2023, the Company proceeded to conclude a new aircraft lease agreement with its delivery and commencement of flights taking place within 2024, thus increasing its fleet to 4 Boeing 737 aircrafts.
Key financial indicators
The company for 2024, as shown by the attached financial statements, showed a turnover of € 80,185,198 compared to € 55,872,771 in the previous year, showing a significant increase of 43.51% with the gross profit margin remaining stable at approximately the same levels of 11% to 12%. A similar increase is observed in the number of flights, which increased to 4,048 from 3,186 in 2023 with the company carrying a total of 551,176 passengers compared to 434,616 in 2023, despite the ongoing conflict taking place in Israel with the consequences of which are judged to be insignificant in the Company's activity due to the high demand observed on flights to and from Israel and the low availability of seats.
Total earnings before operating taxes decreased compared to the previous year, recording profits for 2024 of € 4,653,634 compared to € 3,018,449 in 2023. The decrease in results is mainly due to the significant appreciation of the dollar against the euro in the second half of 2024, which had a negative impact on the company due to its significant liabilities in dollars. In this context, the EBITDA ratio increased to € 13,448,154 in 2024 compared to € 9,367,223 in 2023.
Within 2023, the Company proceeded to conclude a new aircraft lease agreement with its delivery and commencement of flights taking place within 2024, thus increasing its fleet to 4 Boeing 737 aircrafts.
Key financial indicators
The Group operates in a market characterised by economic uncertainty, geopolitical risk and a strict regulatory framework. Global and European aviation markets continued their recovery during 2024, with passenger traffic approaching or exceeding pre-pandemic levels. Greece experienced strong growth in passenger traffic and airline capacity, outperforming the European average. Israel recorded a significant reduction in passenger traffic as a result of the ongoing conflict. The reduction in competition from foreign carriers partially mitigated the impact on the Group’s operations.
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Jet Holdings Ltd
Group strategic report (continued)
For the Year Ended 31 December 2024
The Group is exposed to a number of financial and operational risks. The Board is responsible for overseeing risk management and regularly reviews the Group’s risk profile.
Credit risk
The Group is exposed to concentration of credit risk, as a significant portion of revenue is generated from a limited number of customers, including one major travel agency based in Israel. The prevailing geopolitical situation has increased this risk.
Liquidity risk
The Group maintains positive working capital and adequate cash resources. No material liquidity constraints were identified during the year.
Fuel price risk
Aviation fuel represents a significant operating cost. The Group mitigates this risk primarily through contractual arrangements that allow fuel cost increases to be passed on to customers.
Foreign exchange risk
The Group is exposed to currency risk, primarily arising from USD-denominated revenues and operating expenses, including aircraft leases, fuel and insurance costs.
Interest rate risk
The Group has no bank borrowings and therefore has no material exposure to interest rate movements.
Regulatory risk
The Group operates in a highly regulated environment and is subject to EU and national aviation regulations. Failure to comply could result in penalties or the withdrawal of operating licences.
Environmental and climate-related risks
The aviation sector faces increasing regulatory requirements relating to climate change and emissions reduction, including potential increases in operating costs arising from the use of Sustainable Aviation Fuels (SAF).
Geopolitical risk
The Group’s operations are materially exposed to geopolitical developments in Israel. Management closely monitors developments and maintains contingency plans to mitigate potential disruptions.
During the year ended 31 December 2024:
∙A new leased Boeing 737 aircraft entered service, increasing the operational fleet to four aircraft,
∙New routes from Tel Aviv to Bulgaria were introduced during the summer season.
The outlook for 2025 is cautiously optimistic, supported by:
∙Continued demand for Greece as a tourist destination,
∙Expected growth in airline capacity in Greece exceeding the European average,
∙Expansion of the route network, including new services to Italy.
Notwithstanding the above, geopolitical developments in Israel continue to represent a key source of uncertainty. Management believes that the Group’s flexible operating model provides a degree of resilience.
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Jet Holdings Ltd
Group strategic report (continued)
For the Year Ended 31 December 2024
∙Average number of employees during 2024: 156 (2023: 125),
∙The Group complies with applicable labour, health and safety and environmental legislation,
∙No research and development activities were undertaken.
The Group qualifies for the exemption from sustainability reporting under Article 151 of Law 4548/2018 for the relevant reporting period.
In the first quarter of 2025, the Group became a member of the International Air Transport Association (IATA). There were no other material events after the reporting period requiring adjustment or disclosure.
This report was approved by the board on 31 December 2025 and signed on its behalf.
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Jet Holdings Ltd
Directors' report
For the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Group strategic report, Directors' report and the consolidated financial statements, in accordance with applicable law.
Company law requires the directors to prepare consolidated financial statements for each financial year. Under that law they have elected to prepare the consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the UK.
Under company law the directors must not approve the consolidated financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of the profit or loss of the Group for that period. In preparing the consolidated financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgments and estimates that are reasonable and prudent;
∙state whether they have been prepared in accordance with IFRS as adopted by the UK, subject to any material departures disclosed and explained in the financial statements;
∙assess the Group and Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
∙use the going concern basis of accounting unless they either intend to liquidate the Group or the Company or to cease operations, or have no realistic alternative but to do so.
The Group’s operations include:
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Jet Holdings Ltd
Directors' report (continued)
For the Year Ended 31 December 2024
The profit for the year, after taxation, amounted to £3,798,490 (2023 - £2,496,718).
The Board of Directors do not propose the distribution of dividends for the year ended 31 December 2024.
The directors who served during the year were:
Initial projections for 2025 remain encouraging, despite concerns stemming from economic, political and geopolitical challenges. Greece remains an attractive and competitive destination with demand steadily maintaining its momentum. The first indications, as reflected in the pre-bookings for the country, appear higher than last year. According to the flight schedules published so far, a reasonable increase in the capacity of airlines throughout the country is expected, mainly in the off-peak months, with Athens Airport attracting the largest investment in available seats, followed by Thessaloniki, Heraklion and Rhodes. In the country as a whole, an increase in offered capacity is expected for 2025, about 4%-6% more than the average capacity in the whole of Europe. It is a given that the problems faced by aircraft and engine manufacturers are expected to continue to affect and limit the capacity offered.
On the other hand, the war situation that Israel is still in is causing instability and uncertainty in the flight activity of airlines bound for or departing from Israel. The ceasefire between the two sides has been a key factor in the country's gradual return to normality and flight activity to safer levels. The company is constantly monitoring developments and has an alternative business model that provides for flights from safe airports.
Regarding the Company's performance, the first five months of 2025 showed an increase in the number of flights to 1.873 from 1.268 in the corresponding period of 2024 and a parallel increase in passengers from 164.794 to 229.599. Also, starting from March 2025, the Company will operate 3 weekly flights to Naples, along with daily flights to Rome and weekly flights to Bergamo, expanding its Italian destinations from Israel International Airport.
On the other hand, the war situation that Israel is still in is causing instability and uncertainty in the flight activity of airlines bound for or departing from Israel. The ceasefire between the two sides has been a key factor in the country's gradual return to normality and flight activity to safer levels. The company is constantly monitoring developments and has an alternative business model that provides for flights from safe airports.
Regarding the Company's performance, the first five months of 2025 showed an increase in the number of flights to 1.873 from 1.268 in the corresponding period of 2024 and a parallel increase in passengers from 164.794 to 229.599. Also, starting from March 2025, the Company will operate 3 weekly flights to Naples, along with daily flights to Rome and weekly flights to Bergamo, expanding its Italian destinations from Israel International Airport.
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Jet Holdings Ltd
Directors' report (continued)
For the Year Ended 31 December 2024
The auditors, Mantax Lynton, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 31 December 2025 and signed on its behalf.
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Jet Holdings Ltd
Independent auditors' report to the members of Jet Holdings Ltd
We have audited the financial statements of Jet Holdings Ltd (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024 which comprise the Consolidated statement of profit or loss and other comprehensive income, the Consolidated statement of financial position, the Company Statement of financial position, the Consolidated statement of cash flows, the Company Statement of cash flows, the Consolidated statement of changes in equity, the Company Statement of changes in equity and the related notes, including a summary of significant accounting policies set out on pages 22 - 30. The financial reporting framework that has been applied in the preparation of the financial statements is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom.
The Group’s subsidiary BLUE BIRD AIRWAYS S.A. has not had its tax obligations examined by the tax authorities for the fiscal years 2019 to 2024. As a result, the tax results for those years have not become final. Management has recognised a provision of €250 thousand in respect of potential tax liabilities arising from these open tax years. However, based on the audit procedures performed, we were unable to obtain sufficient appropriate audit evidence regarding the adequacy of the provision recognised. Consequently, we were unable to determine whether any adjustment might be necessary in respect of corporation tax expense, provisions, liabilities and equity as at 31 December 2024.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group and the Parent Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group and the Parent Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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Jet Holdings Ltd
Independent auditors' report to the members of Jet Holdings Ltd (continued)
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the Group's and the Parent Company's ability to continue to adopt the going concern basis of accounting included:
Assessing the cash flow forecasts, the key assumptions used therein, the availability of liquidity to meet obligations as they fall due and the potential impact of adverse economic and geopolitical conditions. We also assessed the adequacy of the related disclosures in the financial statements.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual report, other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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Jet Holdings Ltd
Independent auditors' report to the members of Jet Holdings Ltd (continued)
Responsibilities of directors
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and relevant taxation legislation.
∙We identified the greatest risks of material impact on the financial statements from irregularities, including fraud, to be override of controls by management, inappropriate revenue recognition, carrying value of intangibles and going concern. Our audit procedures to respond to these risks included enquiries of management about their own identification and assessment of the risks of irregularities, reviewing accounting estimates for biases, corroborating revenue recognised by the company through agreements to supporting documentation and ensuring accounting policies are appropriate under United Kingdom Generally Accepted Accounting Practice and applicable law.
∙Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
∙These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.
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Jet Holdings Ltd
Independent auditors' report to the members of Jet Holdings Ltd (continued)
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors' report.
Prior period financial statements of the parent company (entity only) were not audited.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditors
2nd Floor Equitable House
7 General Gordon Square
United Kingdom
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Jet Holdings Ltd
Consolidated statement of profit or loss and other comprehensive income
For the Year Ended 31 December 2024
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Jet Holdings Ltd
Registered number: 10084121
Consolidated statement of financial position
As at 31 December 2024
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Jet Holdings Ltd
Registered number: 10084121
Consolidated statement of financial position (continued)
As at 31 December 2024
The financial statements on pages 12 to 51 were approved and authorised for issue by the board of directors on 31 December 2025 and were signed on its behalf by:
The notes on pages 22 to 51 form part of these financial statements.
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Jet Holdings Ltd
Registered number: 10084121
Company statement of financial position
As at 31 December 2024
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Jet Holdings Ltd
Registered number: 10084121
Company statement of financial position (continued)
As at 31 December 2024
The Company's loss for the year was £148,947 (2023 - £129,164 ).
The financial statements on pages 12 to 51 were approved and authorised for issue by the board of directors on 31 December 2025 and were signed on its behalf by:
The notes on pages 22 to 51 form part of these financial statements.
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Jet Holdings Ltd
Consolidated statement of changes in equity
For the Year Ended 31 December 2024
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Jet Holdings Ltd
Company statement of changes in equity
For the Year Ended 31 December 2024
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Jet Holdings Ltd
Consolidated statement of cash flows
For the Year Ended 31 December 2024
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Jet Holdings Ltd
Company statement of cash flows
For the Year Ended 31 December 2024
The notes on pages 22 to 51 form part of these financial statements.
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Jet Holdings Ltd
Notes forming part of the consolidated financial statements
For the Year Ended 31 December 2024
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Jet Holdings Ltd
Notes to the consolidated financial statements
For the Year Ended 31 December 2024
1.Accounting policies
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Jet Holdings Ltd
Notes to the consolidated financial statements
For the Year Ended 31 December 2024
1.Accounting policies (continued)
The Company recognizes revenue for the purpose of capturing the transfer of the promised goods or services to customers in an amount that reflects the consideration they estimate to be entitled to in respect of such goods or services.
Revenue from contracts with customers is recognized when all of the following criteria are met:
∙The parties to the contract have approved the contract and have committed to perform their respective obligations.
∙The Company or the Group may specify the rights of each party with respect to the goods or services to be transferred.
∙The Company or the Group may specify the terms of payment for the goods or services to be transferred.
∙The contract has commercial status
∙It is possible that the Company or the Group will collect the consideration it is entitled to in respect of the goods or services that will be transferred to the customer.
The relevant revenue is measured at the fair value of the consideration received, net of value added tax, refunds, discounts and airport charges. All taxes and related charges collected by the Company from passengers on behalf of third parties (e.g. airport taxes) are recorded on a net basis, as it acts as a representative.
The amount of revenue is considered to be reliably measured when all contingent liabilities related to the sale of goods or the provision of services have been resolved.
Scheduled and special flights
The Company is active in the field of air transport, providing services related to the transportation of passengers, with regular or extraordinary flights. Therefore, it recognises revenue when it fulfils the performance obligation by transferring the service to the customer at a given time. The obligation to perform is fulfilled with the performance of the flight. The Company distinguishes possible other
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Jet Holdings Ltd
Notes to the consolidated financial statements
For the Year Ended 31 December 2024
1.Accounting policies (continued)
obligations that may be included in the contract and constitute a separate performance obligation and determines the part of the revenue to which they are accrued.
Ancillary Services
Specific categories of ancillary services such as baggage transfer, ticket re-issuance fee, excess baggage charge, etc. constitute an amendment to the contract and are directly dependent on the provision of the obligation to perform the flight in question. They are therefore recognised as revenue when it is realised.
Unused tickets
Customers pay for their ticket but do not always exercise the right deriving from it, as it may remain unused (unfinished contract). This revenue is recognised using accounting data on the frequency of exercise of the right retained by passengers. In this way, the percentage of change in the non-performance obligation (breakage), on the basis of which the relevant income is calculated, is calculated. The part of the revenue from unused tickets, which has not been recognised on the basis of the accounting data, is held in a relevant liability account from pre-collected tickets and is recognised when the enforcement obligation is deemed remote.
The Company as a lessee
Right-of-Use Asset (ROU)
On the date the asset is available for use, the Company recognizes the asset with the right to use and the obligation from the lease.
The cost of the right-of-use asset consists of:
- the amount of the initial measurement of the obligation from the lease,
- any rents paid on or before the start date of the lease period, less any lease incentives received;
- any initial direct costs, and
- an estimate of the cost that the Company will incur in order to restore the underlying asset to the condition provided for by the terms and conditions of the lease. The Company undertakes to bear these costs either on the date of commencement of the lease period or due to the use of the underlying asset for a specific period of time. Upon initial recognition of the value of leased aircraft, the Company estimates the restoration costs upon delivery of the aircraft at the end of the lease and recognizes the present value thereof.
For right-of-use assets, depreciation is made using the method of fixed depreciation (direct method) on the acquisition value at the initial recognition of the asset, plus any variations that have occurred, from the date of commencement of the lease period to the end of the useful life of the underlying asset or the lease period if it expires earlier. If the asset is expected to come into the ownership of the Company at the end of the lease period, or it appears that such a right is to be exercised, the relevant depreciation is carried out until the end of the useful life of the asset. Assets with a right of use are subject to an impairment control when management deems that there are indications of impairment.
Obligations
On the date of commencement of the lease period (the date on which the asset is available for use), the Company recognises as a lease obligation the present value of future lease payments. Payments include contractual fixed rents, as well as the exercise price of a purchase right, which is relatively certain to be exercised by the Company, as well as penalty payments for the termination of a lease, if the terms of the
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Jet Holdings Ltd
Notes to the consolidated financial statements
For the Year Ended 31 December 2024
1.Accounting policies (continued)
Liabilities are divided into short-term and long-term, depending on the repayment period (less or longer than 12 months).
For the discounting of future leases, the Company uses the imputed interest rate of the lease. If this interest rate cannot be easily determined, the Company uses its incremental borrowing rate. After the start of the lease, the amount of lease liabilities is increased by interest costs and reduced by the rent payments made. In addition, the carrying amount of lease liabilities is remeasured, using a renewed discount rate, if there is an amendment to the contract, or any change in the duration of the contract, to fixed rents or to the purchase valuation of the asset. These recounts are recorded on a line in the note of asset usage rights as conversions.
Exemptions
The Company has chosen to apply the exemption provided by the standard, with respect to short-term leases (of a duration of 12 months or less, without an option to purchase the underlying asset). The recognition of these rents is carried out as an expense either by the direct method, throughout the duration of the lease, or on another systematic basis.
The Company as lessor
Leases to which the Company does not transfer substantially all of the risks and benefits of the asset are classified as operating leases.
Sale and Releasing Transactions
If a sale and releasing transaction does not meet the criteria for recognition of sale under IFRS 15, the Company does not derecognise the asset and continues to recognise it in the financial statements. The amount received by the lessor is recognised as a financial obligation, reflecting a loan secured by the aircraft, in accordance with IFRS 9.
Lease payments are divided between financial costs and repayment of the loan obligation. The asset remains on the balance sheet and its depreciation continues throughout its useful life.
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Jet Holdings Ltd
Notes to the consolidated financial statements
For the Year Ended 31 December 2024
1.Accounting policies (continued)
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Jet Holdings Ltd
Notes to the consolidated financial statements
For the Year Ended 31 December 2024
1.Accounting policies (continued)
According to Greek labour law, employees are entitled to compensation in the event of leaving the service, the amount of which depends on the amount of their remuneration, their previous service in the company and the reason for their exit from the service (dismissal or retirement). In the event of resignation or justified dismissal, this right does not exist.
Income tax includes current and deferred tax. The current tax refers to the tax to be paid on the taxable income for the fiscal year, based on the tax rates in force at the balance sheet closing date.
Deferred tax is calculated on the differences between the book value and the tax base of the assets and liabilities, based on the tax rates in force or expected to be in force at the time of settlement of the assets. A deferred tax – claim is not considered if it is not likely that the expected tax benefit will be realized in the near future. For transactions that are recognised directly in the net position, the corresponding tax effect is also recognised in the net position. The carrying amount of deferred tax claims is reviewed at each balance sheet date and is reduced to the extent that it is not likely that there will be enough taxable profits against which part or all of them will be used.
The income tax return is filed on an annual basis, but the declared gains or losses remain provisionally until the tax authorities check the company's books and records and the final audit report is issued.
Deferred tax is calculated on the differences between the book value and the tax base of the assets and liabilities, based on the tax rates in force or expected to be in force at the time of settlement of the assets. A deferred tax – claim is not considered if it is not likely that the expected tax benefit will be realized in the near future. For transactions that are recognised directly in the net position, the corresponding tax effect is also recognised in the net position. The carrying amount of deferred tax claims is reviewed at each balance sheet date and is reduced to the extent that it is not likely that there will be enough taxable profits against which part or all of them will be used.
The income tax return is filed on an annual basis, but the declared gains or losses remain provisionally until the tax authorities check the company's books and records and the final audit report is issued.
Income tax expense represents the sum of the tax currently payable and deferred tax.
Page 27
Jet Holdings Ltd
Notes to the consolidated financial statements
For the Year Ended 31 December 2024
1.Accounting policies (continued)
Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives. It is provided at the following range:
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Page 28
Jet Holdings Ltd
Notes to the consolidated financial statements
For the Year Ended 31 December 2024
1.Accounting policies (continued)
Page 29
Jet Holdings Ltd
Notes to the consolidated financial statements
For the Year Ended 31 December 2024
1.Accounting policies (continued)
Page 30
Jet Holdings Ltd
Notes to the consolidated financial statements
For the Year Ended 31 December 2024
4.1 Judgment
common bonds by companies with similar credit rating. The carrying amount of lease liabilities is remeasured, using a renewed discount rate, if there is a change in the contract, or any change in the duration of the contract, in fixed rents or in the purchase valuation of the asset.
The most important judgments, estimates and assumptions include future turnover growth rates, fuel prices and the cash flow discount rate. As of 31.12.2024, no signs of impairment were detected for the assets with rights of use.
Page 31
Jet Holdings Ltd
Notes to the consolidated financial statements
For the Year Ended 31 December 2024
4.Accounting estimates and judgments (continued)
Page 32
Jet Holdings Ltd
Notes to the consolidated financial statements
For the Year Ended 31 December 2024
Page 33
Jet Holdings Ltd
Notes to the consolidated financial statements
For the Year Ended 31 December 2024
Page 34
Jet Holdings Ltd
Notes to the consolidated financial statements
For the Year Ended 31 December 2024
Changes in tax rates and factors affecting the future tax charges
There were no factors that may affect future tax charges.
Page 35
Jet Holdings Ltd
Notes to the consolidated financial statements
For the Year Ended 31 December 2024
10.Tax expense (continued)
Page 36
Jet Holdings Ltd
Notes to the consolidated financial statements
For the Year Ended 31 December 2024
10.Tax expense (continued)
Page 37
