October - December
- Strong revenue growth generated from the contract with Royal Mail, DHL and from the increased production linked to holiday season peak. Revenue growth amounted to 24.6 % year-on-year.
- EBITDA amounted to MSEK 66.4 (38.2) corresponding to a margin of 15.1 % (10.8).
- Earnings per share of SEK 0.64 (-0.86).
- Capital contribution of MSEK 25.0 made by certain shareholders
- Financial covenant for the corporate bond loan met according to the Maintenance Test.
- One B737-400 was delivered on long term operating lease agreement.
January - December
- Strong revenue growth mainly generated from the contract with Royal Mail. Revenue growth amounted to 20.4 % year-on-year.
- EBITDA amounted to MSEK 126.3 (127.5) corresponding to a margin of 7.9 % (9.7).
- Earnings per share of SEK -2.28 (-3.03).
- Capital contribution of MSEK 25.0 made by certain shareholders.
- Significant subcharter costs, caused by aircraft delivery delays of B737-400 aircraft, maintenance disruptions for the B767-fleet and effects of parked ATPs.
- Financial covenant for the corporate bond loan again met at year-end according to the Maintenance Test.
- Six B737-400 were put in service, of which five were delivered on long term operating lease agreements.
Key performance indicators for the Group
| All figures in MSEK unless stated otherwise | Oct - Dec | Oct - Dec | Jan - Dec | Jan - Dec | |
| 2017 | 2016 | 2017 | 2016 | ||
| Financial metrics* | |||||
| Revenue | 440.5 | 353.5 | 1,589.3 | 1,320.4 | |
| Revenue growth | 24.6% | -3.0% | 20.4% | -6.3% | |
| EBITDA | 66.4 | 38.2 | 126.3 | 127.5 | |
| EBITDA margin (%) | 15.1% | 10.8% | 7.9% | 9.7% | |
| Net income | 17.4 | -23.3 | -61.6 | -81.8 | |
| Cash and cash equivalents incl unused overdraft facility | 173.4 | 160.2 | 173.4 | 160.2 | |
| Cash flow from operating activities | 78.0 | 68.9 | 233.7 | 240.1 | |
| Earnings per share before dilution (SEK) | 0.64 | -0.86 | -2.28 | -3.03 | |
| Net interest bearing debt / EBITDA** | 5.0 | 5.1 | 5.0 | 5.1 | |
| Interest coverage ratio** | 2.0 | 2.1 | 2.0 | 2.1 | |
| Equity / Asset ratio | 5.3% | 8.3% | 5.3% | 8.3% | |
| Total assets | 1,287.0 | 1,276.8 | 1,287.0 | 1,276.8 | |
| Operating metrics* | |||||
| Fleet dispatch regularity | 99.3% | 99.4% | 99.4% | 99.0% | |
| Performed flights | 6,328 | 5,699 | 23,862 | 23,200 | |
| Aircraft in service (incl. wet leases) | 42 | 40 | 42 | 40 | |
| Average employees | 466 | 465 | 459 | 477 | |
| *Definitions of key performance indicators and other measures can be found at note 3 and at the end of this report. **Defined by the corporate bond loan WEST002 terms and conditions. See note 10 for more information. The loan was issued December 2015. | |||||
The full report can be downloaded at http://www.westatlantic.eu/
For further information, please contact:
CEO, Fredrik Groth, +46 (0) 10-452 97 09
CFO, Magnus Dahlberg, +46 (0) 10-452 95 49
About West Atlantic
The West Atlantic Group is one of the market leading providers of dedicated airfreight services to European NMO's and airfreight capacity to Global Integrators and Freight Forwarders. The Group has a well-established geographic network and operates a customised aircraft fleet, whereof a majority is wholly owned. West Atlantic was founded in 1962 and is headquartered in Gothenburg, Sweden. Operations are performed all over Europe and 2017 West Atlantic had 459 employees. For 2017 West Atlantic reported revenues of MSEK 1,589 and EBITDA of MSEK 126.
West Atlantic AB (publ) discloses the information contained in this interim report pursuant to the Swedish Securities Market Act and/or the Swedish Financial Instrument Trading Act.
Attachment:http://www.globenewswire.com/NewsRoom/AttachmentNg/e6651c37-ebc5-4f33-9bb4-46c9c82a5b38
