April - June
- Strong revenue growth due to additional B737 revenues generated from the contract with Royal Mail. Revenue growth amounted to 17.9 % year-on-year.
- EBITDA amounted to MSEK 1.3 (36.2) corresponding to a margin of 0.4 % (11.3).
- Earnings per share of SEK -1.44 (-0.56).
- Significant subcharter costs, caused by continued aircraft delivery delays and disruptions for the B767 fleet.
- One B737-400, previously held on an operating lease agreement with a customer, was redelivered.
Key performance indicators for the Group
| All figures in MSEK unless otherwise stated | Apr - Jun | Apr - Jun | Jan - Jun | Jan - Jun | Jan - Dec |
| 2017 | 2016 | 2017 | 2016 | 2016 | |
| Financial metrics* | |||||
| Revenue | 376.5 | 319.3 | 768.5 | 643.2 | 1,320.4 |
| Revenue growth | 17.9% | -5.4% | 19.5% | -3.9% | -6.3% |
| EBITDA | 1.3 | 36.2 | 32.1 | 40.3 | 127.5 |
| EBITDA margin (%) | 0.4% | 11.3% | 4.2% | 6.3% | 9.7% |
| Net income | -38.8 | -15.2 | -53.2 | -51.2 | -81.8 |
| Cash and cash equivalents incl non-utilised overdraft facility | 139.4 | 161.2 | 139.4 | 161.2 | 160.2 |
| Cash flow from operating activities | 105.1 | 130.0 | 112.7 | 116.1 | 240.1 |
| Earnings per share before dilution (SEK) | -1.44 | -0.56 | -1.97 | -1.90 | -3.03 |
| Net interest bearing debt / EBITDA** | 5.4 | 5.2 | 5.4 | 5.2 | 5.1 |
| Interest coverage ratio** | 1.9 | 2.3 | 1.9 | 2.3 | 2.1 |
| Equity / Asset ratio | 4.1% | 9.9% | 4.1% | 9.9% | 8.3% |
| Total assets | 1,244.2 | 1,363.9 | 1,244.2 | 1,363.9 | 1,276.8 |
| Operating metrics* | |||||
| Fleet dispatch regularity | 99.7% | 99.4% | 99.5% | 98.8% | 99.0% |
| Performed flights | 5,533 | 5,699 | 11,514 | 11,717 | 23,200 |
| Aircraft in service (incl. wet leases) | 43 | 42 | 43 | 42 | 40 |
| Average employees | 460 | 478 | 463 | 488 | 477 |
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 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 2016 West Atlantic had 477 employees. For 2016 West Atlantic reported revenues of MSEK 1,320 and EBITDA of MSEK 128.
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/aa4c0fa9-a56b-42a8-b3e8-00a65143fa48
