The third quarter continued on the positive track with improved financial performance
July - September
- Revenue growth from B737/B767 aircraft fleet offset by decreasing ATP fleet utilisation. Underlying revenue growth amounted to -9.1 % year-on-year.
- EBITDA amounted to MSEK 49.0 (51.4) corresponding to a margin of 15.1 % (13.7).
- Earnings per share of SEK -0.27 (0.18).
January - September
- Revenue growth from B737/B767 aircraft fleet offset by decreasing ATP fleet utilisation. Underlying revenue growth amounted to -2.4 % year-on-year.
- EBITDA amounted to MSEK 89.3 (139.5) corresponding to a margin of 9.2 % (13.3).
- Earnings per share of SEK -2.17 (-0.14).
- The bond loan issued in 2015 (WEST002) was listed on NASDAQ, Stockholm in January 2016.
- The shareholders changed the composition of the Board and a new CEO was appointed.
- One of the Group's CRJ200PF was involved in an accident resulting in a total loss of the aircraft.
- Two leased B737-400 aircraft were acquired.
Key performance indicators for the Group
| All figures in MSEK unless stated otherwise | Jul - Sep | Jul - Sep | Jan - Sep | Jan - Sep | Jan - Dec |
| 2016 | 2015 | 2016 | 2015 | 2015 | |
| Financial metrics* | |||||
| Revenue | 323.7 | 375.6 | 966.9 | 1,045.2 | 1,409.9 |
| Revenue growth | -13.8% | 16.6% | -7.5% | 13.6% | 13.3% |
| Underlying revenue growth | -9.1% | 11.6% | -2.4% | 8.4% | 8.6% |
| EBITDA | 49.0 | 51.4 | 89.3 | 139.5 | 177.9 |
| EBITDA margin (%) | 15.1% | 13.7% | 9.2% | 13.3% | 12.6% |
| Net income | -7.3 | 4.8 | -58.5 | -3.7 | -49.6 |
| Cash including unused overdraft facility | 171.3 | 81.1 | 171.3 | 81.1 | 316.8 |
| Cash flow from operating activities | 55.1 | 58.5 | 171.2 | 176.1 | 216.7 |
| Earnings per share before dilution (SEK) | -0.27 | 0.18 | -2.17 | -0.14 | -1.84 |
| Net interest bearing debt / EBITDA** | 5.2 | - | 5.2 | - | 3.4 |
| Interest coverage ratio** | 2.1 | - | 2.1 | - | 2.9 |
| Equity / Asset ratio | 9.7% | 20.0% | 9.7% | 20.0% | 13.3% |
| Total assets | 1,335.8 | 1,153.0 | 1,335.8 | 1,153.0 | 1,412.1 |
| Operating metrics* | |||||
| Fleet dispatch regularity | 99.2% | 99.1% | 98.9% | 99.1% | 99.1% |
| Performed flights | 5,814 | 6,969 | 17,531 | 19,947 | 26,790 |
| Aircraft in service (incl. wet leases) | 39 | 46 | 39 | 46 | 48 |
| Average employees | 466 | 511 | 481 | 506 | 508 |
CEO's comments
Our third quarter performance continued on the positive track initiated in second quarter with improved financial performance backed by higher reliability on most of our fleets. The 2016 "back-to-basics" program is delivering on its objectives, and it is comforting to see the company moving in the right direction. Operational and cost focus will remain our main priorities going forward, as we return to growth and profitability in 2017 and beyond. - says Mr. Fredrik Groth, CEO & President
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 air freight services to European NMO's and air freight capacity to Global Integrators and Freight Forwarders. The Group has a well-established geographic network and operates an aircraft fleet of 48 customised aircraft, 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 per December 31 2015 West Atlantic had 511 employees. For 2015 West Atlantic reported revenues of MSEK 1,410 and EBITDA of MSEK 178.
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.
Attachments:http://www.globenewswire.com/NewsRoom/AttachmentNg/2b59313b-c9f1-43c9-89a6-03f7a80827c3
