West Atlantic Group - Financial Interim report January - March 2014 published

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| Source: West Atlantic AB (publ)
multilang-release

West Atlantic continues network expansion and maintain performance in a market characterised by overcapacity

January - March in brief

  • Revenue: TSEK 298 984 (262 093)
  • Performed flights 6 439 (5 824)
  • EBITDA TSEK 52 993 (27 138)
  • Income before tax TSEK 19 573 (13 240)
  • Net income for the period TSEK 15 203 (10 702)
  • Earnings per share SEK 0,56 (0,40)
  • Cash flow from operating activities TSEK 25 815 (-4 817)

Comments by the CEO
"West Atlantic first quarter performance resulted in an income before tax of TSEK 19 573 (13 240) which corresponded well with projections. The cash flow from operating activities increased to TSEK 25 815 (-4 817), indicating a solid operational performance. The Group's financial position remains strong and planned investments in the aircraft fleet will continue during 2014.

Revenue increased 14 per cent year-on-year and indicates a continued solid growth for the Group, especially in B737 segment.

The period has been influenced by the Group's corporate bond instrument (WEST001) listing on NASDAQ OMX which was completed on April 11th. This has also resulted in an IFRS transition which has been completed during the reporting period.

The aircraft fleet was expanded by two B737-400 freighters. One aircraft will replace current subcontracted capacity in intra EU traffic and one have been dry leased out on long term contract to another aircraft operator. These actions are expected to further increase operational margin in the network." - says Gustaf Thureborn, Group president & CEO.

West Atlantic traffic statistics January - March

  Jan - Mar Jan - Mar Year-on-year
  2014 2013 change
Performed flights 6 439 5 876 9,6%
Regularity (target >99%) 99,1% 99,0% 0,1%
Number of hours flown 6 660 6 508 2,3%
Tonnes carried 23 011 21 164 8,7%
Scheduled destinations 49 42 16,7%

West Atlantic financial calendar for fiscal year 2014
Interim report Q2 (April - June) August 28th, 2014
Interim report Q3 (July - September) November 27
th, 2014
Interim report Q4 (October - December) February 26
th, 2015
Annual report 2014 (January - December) April 28
th, 2015

All reports are available in Swedish and English and can be found on the West Atlantic webpage. The reports can also be ordered electronically via investor.relations@westatlantic.eu.

Gothenburg 2014-05-28

Gustaf Thureborn
CEO and president

Contact
For further information please contact:
West Atlantic AB (publ)
CEO Gustaf Thureborn
Telephone: +46 31-703 04 51 E-mail: gustaf.thureborn@westatlantic.eu

About West Atlantic Group

West Atlantic Group is a European dedicated cargo airline specialised in mail and express freight. Developing from many years' experience the Group can offer its customers customised efficient solutions for airfreight services, maintenance and airworthiness services and aircraft leasing.

West Atlantic AB (publ) Org. no: 556503-6083
Box 5433, SE-402 29 Gothenburg, Sweden
Phone: +46 (0) 31 - 703 04 50, Fax +46 (0) 31 - 703 04 55
Contact Email:
info@westatlantic.eu
Investor Relations: investor.relations@westatlantic.eu
Webpage: www.westatlantic.eu

West Atlantic discloses the information contained in this interim report pursuant to the Swedish Securities Market Act and/or the Swedish Financial Instrument Trading Act.