West Atlantic AB (publ) : Financial Interim Report January

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News Desk 2018

Feb 26, 2015 at 10:15 AM

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

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]

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