West Atlantic AB (publ) : Financial Interim Report January

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News Desk 2018

Aug 28, 2014 at 7:00 AM

West Atlantic AB (publ) : Financial Interim Report January - June 2014 published

West Atlantic reports 17 per cent growth in revenue Q2 year-on-year from increased mail and cargo operations April - June in brief * Revenue: TSEK 303 419 (259 467) * Performed flights 6 126 (5 743) * EBITDA TSEK 41 806 (47 493) * Income before tax TSEK 2 093 (11 614) * Net income for the period TSEK - 1 802 (9 901) * Earnings per share SEK -0,07 (0,37) * Cash flow from operating activities TSEK 51 796 (55 819) Comments by the CEO "West Atlantic's second quarter performance resulted in an income before tax of TSEK 2 093 (11 614) and an EBITDA of TSEK 41 806 (47 493). The cash flow from operating activities amounted to TSEK 51 796 (55 819), indicating a continuously solid operational performance. The Group's financial position remains basically unchanged and planned investments in the aircraft fleet will continue during 2014. Revenue for the quarter increased by 17 per cent Q2 year-on-year indicating a continued solid growth for the Group. The increase in revenue derives primarily from additional B737 operations. Operational factors reduced profitability, the most notable being issues with the introduction of the B737-400 aircraft type, where the Group took delivery of one aircraft. Due to these issues, which now have been resolved, the aircraft was parked for the entire quarter and West Atlantic was forced to subcharter this capacity from other operators. Further, the second quarter included more scheduled heavy maintenance combined with additional increased manpower costs from the reor-ganisation within the technical department in the UK, initiated and reported during Q1. The delayed B767 introduction project further explains the reduced profitability. The aircraft fleet expanded by one B737-400, delivered in April. The aircraft will replace current subcontracted capacity in intra EU operations which is expected to increase operational margin in the express network for the remainder of 2014. Scheduled traffic is estimated to increase 11 % during Q3 (compared to Q2) and the Group notes increased demand for peak traffic during Q4. These factors combined should indicate a solid second half of 2014 and improved profitability." - says Gustaf Thureborn, Group president & CEO. West Atlantic traffic statistics January - June 2014 2013 | Q2 YTD| Q2 YTD | Apr - Jun Jan-Jun|Apr - Jun Jan-Jun -------------------------------------------+----------------- Performed flights 6 132 12 565| 5 743 11 567 | Regularity (target >99%) 99,12% 99,11%| 99,47% 99,49% | Number of hours flown 6 533 13 193| 6 240 12 662 | Tonnes carried 27 343 50 354| 22 434 43 598 | Scheduled destinations 49 49| 42 42 West Atlantic financial calendar for fiscal year 2014 Interim report Q3 (July - September) November 27(th), 2014 Interim report Q4 (October - December) February 26(th), 2015 Annual report 2014 (January - December) April 28(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 2014-08-28 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 31-703 04 51 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) 31 - 703 04 50, Fax +46 (0) 31 - 703 04 55 Contact Email: info@westatlantic.eu Investor Relations: investor.relations@westatlantic.eu Webpage: www.westatlantic.eu [HUG#1851491]

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