Continued expansion in the B737 operations was the main driver of the 12 percent
year-on-year growth in revenue during Q4, 2014
October - December in brief
* Revenue TSEK 319 490 (285 082)
* Performed flights 6 808 (6 238)
* EBITDA TSEK 45 033 (45 399)
* Operating income TSEK 16 203 (22 360)
* Net income for the period TSEK -4 226 (9 729)
* Earnings per share SEK -0,16 (0,36)
* Cash flow from operating activities TSEK 79 964 (-1 626)
January - December in brief
* Revenue TSEK 1 236 944 (1 064 529)
* Performed flights 26 195 (23 644)
* EBITDA TSEK 183 865 (162 691)
* Operating income TSEK 90 209 (84 269)
* Net income for the period TSEK 10 584 (35 174)
* Earnings per share SEK 0,39 (1,30)
* Cash flow from operating activities TSEK 227 068 (72 222)
Comments by the CEO
"West Atlantic's fourth quarter performance resulted in an EBITDA of TSEK
45 033 (45 399). The cash flow from operating activities amounted to TSEK
79 964 (-1 626), the improved cash flow mainly derives from reduced working
capital. Revenue for the quarter increased by 12 per cent Q4 year-on-year
indicating a continued solid growth for the Group. The increase in revenue
primarily derives from additional B737 operations.
While EBITDA remained stable the Group experienced a decrease in net income.
This was mainly attributable to non-realised foreign exchange differences on
financial leasing agreements of TSEK 5 993 and an impairment of a parked BAe ATP
aircraft of TSEK 4 992.
The B767 project remains on schedule for a late Q1 operation start. Commercial
agreements are agreed and in place. West Atlantic has continued to subcontract
two wet-leased B767 on a management recharge basis. The wet-leases have not had
a significant impact on revenues nor EBITDA for the period. Start-up costs from
the project are continuously expensed and impacted profitability for the
period.
West Atlantic will in 2015 increase the efforts to rationalise and streamline
the organisation on the technical side and in flight operations. The Group
expects an increase in efficiency from these actions in the later part of 2015
and with full effect in 2016." - says Gustaf Thureborn, CEO & President.
West Atlantic traffic statistics Q4, 2014
2014 2013
|
Q4 YTD| Q4 YTD
|
Oct - Dec Jan - Dec|Oct - Dec Jan - Dec
---------------------------------------------+-------------------
Performed flights 6 808 26 195| 6 021 23 644
|
Regularity (target >99%) 99,3% 99,34 %| 99,3% 99,23%
|
Number of hours flown 7 036 27 241| 6 678 26 032
|
Scheduled destinations 48 48| 43 43
Financial calendar
Annual report 2014 (January - December) April 29(th), 2015
Interim report Q1 (January - March) May 27(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 2014-02-26
Gustaf Thureborn
CEO and president
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.
Contact
For further information please contact:
West Atlantic AB (publ)
CEO Gustaf Thureborn
Telephone: +46 (0) 10 - 452 95 07 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) 10 - 452 95 00, Fax: +46 10 - 452 96 97
Contact Email: info@westatlantic.eu
Investor Relations: investor.relations@westatlantic.eu
Webpage: www.westatlantic.eu
[HUG#1897609]
West Atlantic AB (publ) : Financial Interim Report January - December 2014 published
| Source: West Atlantic AB (publ)
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