Atlantic Airways posted a full-year net profit for 2011 of DKK 22.5 million after tax compared to DKK 12.3 million in 2010 – an improvement of DKK 10.2 million. The result before tax was DKK 27.5 million compared to DKK 15.1 million in 2010. EBITDA was DKK 74.4 million compared to DKK 69.0 million in 2010 – an improvement of 7%. The result before financial items (EBIT) amounted to DKK 31.3 million compared to DKK 19.5 million the year before – up DKK 11.8 million. Net sales increased to DKK 435.6 million, from 402.7 the previous year.
The result for Q4 2011 was a loss before tax of DKK 0.1 million compared to a profit of DKK 4.8 million in 2010. EBITDA for Q4 2011 fell from DKK 18.0 million in Q4 2010 to DKK 12.4 million. The net sales improved from DKK 97.5 million in Q4 2010 to DKK 98.4 million in Q4 2011. Average fuel price increased 32% in Q4 2011 compared to Q4 2010.
The full year result in 2011 exceeded the company’s original expectations. The main drivers behind the improvement were higher utilization and lower unit cost as well as higher revenue per flight. Throughout the year, Atlantic Airways witnessed a continued stable development with improved utilization based mainly on improved sales of block hours in the ACMI (Aircraft, Crew, Maintenance and Insurance) and charter segments, but also due to higher load factors and passenger numbers on scheduled and tight cost control.
“We are proud to present a solid financial result for 2011 – close to the best in the company’s history. We have also spent significant resources on preparing for the delivery of our first Airbus A 319. A top priority for 2012 will be preparing the entry into service of the A 319, expected during the end of March 2012. The A 319 will reduce our unit cost and make it possible to offer lower fares and develop new services and products such as direct flights to Barcelona, which will take off in June 2012," says Magni Arge, CEO of Atlantic Airways.
Atlantic Airways signed a four year helicopter contract with the Faroese government to provide Search and Rescue and domestic transport in January and has also won a tender to provide Statoil with air logistic support in connection with oil exploration in Faroese waters in 2012. .
As of 31 December 2011, total equity amounted to DKK 250 million, resulting in an equity ratio of 65%.
The Board proposes a dividend to the shareholders of DKK 7 million.
On the basis of considerable external uncertainties Atlantic Airways abstains at this point in time from providing a more precise guidance as to the expected financial performance of the company in 2012. However, Atlantic Airways expects to reach a result somewhere between the results achieved in 2010 and 2011, respectively.
For further information contact:
Magni Arge, CEO, tel +298 213700 – magni@atlantic.fo
Marius Davidsen, CFO, tel +298 213703 – marius@atlantic.fo
