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Thursday, 31 August 2017

West Atlantic AB (publ): Financial Interim Report January - June 2017

West Atlantic AB (publ)    

Published: 19:00 CEST 31-08-2017 /GlobeNewswire /Source: West Atlantic AB (publ) / : WEST 001 /ISIN: SE0005133360

West Atlantic AB (publ): Financial Interim Report January - June 2017

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.



WAG Interim Report Q2, 2017



This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of NASDAQ OMX Corporate Solutions clients. Source: West Atlantic AB (publ), P.O. BOX 5433, Göteborg 40229, Sweden
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