October – December
- Revenue amounted to MSEK 533.2 (440.5) corresponding to a growth of 21.0 % year-on-year. Continued strong growth for the Group’s B737 fleet, partly offset by reduction in the Norwegian postal network.
- EBITDA amounted to MSEK 68.5 (66.4) corresponding to a margin of 12.8 % (15.1). EBITDA affected by both successful aircraft management transactions and by start-up costs from new contracts.
- Earnings per share of SEK 0.41 (0.64).
- The third B737-800BCF Next Generation Freighter, has been delivered to the Group.
- The fourth B767-200SF aircraft was delivered to the Group.
January – December
- Revenue amounted to MSEK 1,813.1 (1,589.3) corresponding to a growth of 14.1 % year-on-year. Continued strong growth for the Group’s B737 fleet, partly offset by reduction in the Norwegian postal network.
- EBITDA amounted to MSEK 156.1 (126.3 ) corresponding to a margin of 8.6 % (7.9).
- Earnings per share of SEK -0.82 (-2.28).
- Capital contribution of additional MSEK 6.7 made by certain shareholders, in addition to the contributed MSEK 25.0 made during 2017. New share issue decided and registered in April.
- Long term contract in place with one customer for operations of the four committed B737-800 aircraft, of which three were delivered during the period.
- The Group sold four ATP aircraft including two aircraft managed through the collaboration agreement, in March. The sales contributed a significant income.
- A new overdraft facility up to MSEK 75.0 was signed.
Key performance indicators for the Group
| All figures in MSEK unless stated otherwise | Oct - Dec | Oct - Dec | Jan - Dec | Jan - Dec | ||||
| 2018 | 2017 | 2018 | 2017 | |||||
| Financial metrics* | ||||||||
| Revenue | 533.2 | 440.5 | 1,813.1 | 1,589.3 | ||||
| Revenue growth | 21.0 | % | 24.6 | % | 14.1 | % | 20.4 | % |
| EBITDA | 68.5 | 66.4 | 156.1 | 126.3 | ||||
| EBITDA margin (%) | 12.8 | % | 15.1 | % | 8.6 | % | 7.9 | % |
| Net income | 17.3 | 17.4 | -35.2 | -61.6 | ||||
| Cash and cash equivalents incl unused overdraft facility | 144.4 | 173.4 | 144.4 | 173.4 | ||||
| Cash flow from operating activities | 174.9 | 78.0 | 304.6 | 233.7 | ||||
| Earnings per share before dilution (SEK) | 0.41 | 0.64 | -0.82 | -2.28 | ||||
| Net interest bearing debt / EBITDA** | 4.4 | 5.0 | 4.4 | 5.0 | ||||
| Interest coverage ratio** | 2.4 | 2.0 | 2.4 | 2.0 | ||||
| Equity / Asset ratio | 3.0 | % | 5.3 | % | 3.0 | % | 5.3 | % |
| Total assets | 1,360.5 | 1,270.8 | 1,360.5 | 1,270.8 | ||||
| Operating metrics* | ||||||||
| Fleet dispatch regularity | 99.3 | % | 99.3 | % | 99.2 | % | 99.4 | % |
| Performed flights | 6,097 | 6,328 | 22,535 | 23,862 | ||||
| Aircraft in service (incl. wet leases) | 42 | 42 | 42 | 42 | ||||
| Average employees | 460 | 466 | 461 | 459 | ||||
| *Definitions of key performance indicators and other measures can be found 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://westatlantic.eu/category/quarterlyinterimreports/
For further information, please contact:
CEO, Lars Jordahn, +46 (0) 10-452 95 95
CFO, Magnus Dahlberg, +46 (0) 10-452 95 49
This information is information that West Atlantic AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2019-02-28, 18:00 CET.
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 2018 West Atlantic had 461 employees. For 2018 West Atlantic reported revenues of MSEK 1,813 and EBITDA of MSEK 156.
West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden
Investor Relations: investor.relations@westatlantic.eu Webpage: www.westatlantic.eu
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