January - March
- Revenue amounted to MSEK 396.1 (392.0) corresponding to a growth of 1 % year-on-year. Revenue growth continued to be strong for the Group’s B737 fleet, offset by the reduction of five ATP aircraft in the Norwegian postal network.
- EBITDA amounted to MSEK 62.3 (30.7) corresponding to a margin of 15.7 % (7.8). Increase attributable to aircraft sale transactions but also affected by lost operations and reorganization costs.
- Earnings per share of SEK 0.28 (-0.54).
- Capital contribution of additional MSEK 6.2 made by certain shareholders, following a decided new share issue, in addition to the contributed MSEK 25.0 made during the fourth quarter 2017.
- Long term contract in place with one customer for operations of the four committed B737-800 aircraft.
Key performance indicators for the Group
| All figures in MSEK unless stated otherwise | Jan - Mar | Jan - Mar | Jan - Dec | |||
| 2018 | 2017 | 2017 | ||||
| Financial metrics* | ||||||
| Revenue | 396.1 | 392.0 | 1,589.3 | |||
| Revenue growth | 1.0 | % | 21.0 | % | 20.4 | % |
| EBITDA | 62.3 | 30.7 | 126.3 | |||
| EBITDA margin (%) | 15.7 | % | 7.8 | % | 7.9 | % |
| Net income | 7.5 | -14.4 | -61.6 | |||
| Cash and cash equivalents incl unused overdraft facility | 151.9 | 114.2 | 173.4 | |||
| Cash flow from operating activities | 51.8 | 7.6 | 233.7 | |||
| Earnings per share before dilution (SEK) | 0.28 | -0.54 | -2.28 | |||
| Net interest bearing debt / EBITDA** | 4.1 | 4.6 | 5.0 | |||
| Interest coverage ratio** | 2.3 | 2.4 | 2.0 | |||
| Equity / Asset ratio | 6.4 | % | 7.1 | % | 5.3 | % |
| Total assets | 1,266.9 | 1,291.5 | 1,270.8 | |||
| Operating metrics* | ||||||
| Fleet dispatch regularity | 98.8 | % | 99.3 | % | 99.4 | % |
| Performed flights | 5,378 | 5,981 | 23,862 | |||
| Aircraft in service (incl. wet leases) | 39 | 44 | 42 | |||
| Average employees | 456 | 466 | 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://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.
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