All Posts By

Victor Bernander

West Atlantic Interim Report Q3, 2018

July – September

  • Revenue amounted to MSEK 457.0 (380.3) corresponding to a growth of 20.2 % year-on-year. Continued strong growth for the Group’s B737 fleet, partly offset by reduction in the Norwegian postal network.
  • EBITDA amounted to MSEK 12.2 (27.8) corresponding to a margin of 2.7 % (7.3).
  • Earnings per share of SEK -0.55. (-0.95).
  • The Group has signed a new overdraft facility up to MSEK 75.0 with a Swedish bank.
  • The second B737-800BCF Next Generation Freighter, has been delivered to the Group.
  • Due to a growing market interest for ATP aircraft outside Europe the Group has defined a large number of parked ATP aircraft where the decision is to sell them.

 

January – September

  • Revenue amounted to MSEK 1,279.9 (1,148.8) corresponding to a growth of 11.4 % year-on-year. Continued strong growth for the Group’s B737 fleet, partly offset by reduction in the Norwegian postal network.
  • EBITDA amounted to MSEK 87.6 (59.9 ) corresponding to a margin of 6.8 % (5.2).
  • Earnings per share of SEK -1.22 (-2.93).
  • Capital contribution of additional MSEK 6.7 made by certain shareholders, in addition to the contributed MSEK 25.0 made during 2017. New share issue decided and registered in April.
  • Long term contract in place with one customer for operations of the four committed B737-800 aircraft, of which two were delivered during the period.
  • The Group sold four ATP aircraft including two aircraft managed through the collaboration agreement, in March. The sales contributed a significant income.

 

Key performance indicators for the Group

All figures in MSEK unless stated otherwise Jul – Sep Jul – Sep Jan – Sep Jan – Sep Jan – Dec
  2018 2017 2018 2017 2017
Financial metrics*          
Revenue 457.0 380.3 1,279.9 1,148.8 1,589.3
Revenue growth 20.2% 17.5% 11.4% 18.8% 20.4%
EBITDA 12.2 27.8 87.6 59.9 126.3
EBITDA margin (%) 2.7% 7.3% 6.8% 5.2% 7.9%
Net income -23.6 -25.8 -52.4 -79.0 -61.6
Cash and cash equivalents incl unused overdraft facility 152.9 111.7 152.9 111.7 173.4
Cash flow from operating activities 38.7 43.0 129.8 155.7 233.7
Earnings per share before dilution (SEK) -0.55 -0.95 -1.22 -2.93 -2.28
Net interest bearing debt / EBITDA** 4.9 6.2 4.9 6.2 5.0
Interest coverage ratio** 2.2 1.7 2.2 1.7 2.0
Equity / Asset ratio 1.7% 2.0% 1.7% 2.0% 5.3%
Total assets 1,267.7 1,252.7 1,267.7 1,252.7 1,270.8
Operating metrics*
Fleet dispatch regularity 99.5% 99.5% 99.2% 99.5% 99.4%
Performed flights 5,732 6,020 16,438 17,534 23,862
Aircraft in service (incl. wet leases) 43 44 43 44 42
Average employees 460 457 460 461 459
*Definitions of key performance indicators and other measures can be found at the end of this report. 
**Defined by the corporate bond loan WEST002 terms and conditions. See note 10 for more information. The loan was issued December 2015.

Full report available for download:

West Atlantic Interim Report Q3 , 2018 (English version)

West Atlantic Delårsrapport Q3, 2018 (Swedish version)

 

For further information, please contact:

CEO, Fredrik Groth, +46 (0) 10-452 97 09

CFO, Magnus Dahlberg, +46 (0) 10-452 95 49

 

This information is information that West Atlantic AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2018-11-30, 18:00 CET.

 

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 a customised aircraft fleet, 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 2017 West Atlantic had 459 employees. For 2017 West Atlantic reported revenues of MSEK 1,589 and EBITDA of MSEK 126.

 

West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden

 

Investor Relations: investor.relations@westatlantic.eu  Webpage: www.westatlantic.eu

West Atlantic Interim Report Q2, 2018

April – June

  • Revenue amounted to MSEK 426.8 (376.5) corresponding to a growth of 13.4 % year-on-year. Continued strong growth for the Group’s B737 fleet, partly offset by reduction in the Norwegian postal network.
  • EBITDA amounted to MSEK 13.1 (1.3) corresponding to a margin of 3.1 % (0.4).
  • Earnings per share of SEK -0.85. (-1.44).
  • Registration of new share issue was finalised in April, where the share capital increased by MSEK 15.9 to MSEK 42.9.
  • The world’s first B737-800BCF Next Generation Freighter, was delivered to the Group.
  • Bankruptcy for a technical service customer. MSEK 3.5 has been provisioned as for bad debt losses.

 January – June

  • Revenue amounted to MSEK 823.0 (768.5) corresponding to a growth of 7.1 % year-on-year. Continued strong growth for the Group’s B737 fleet, partly offset by reduction in the Norwegian postal network.
  • EBITDA amounted to MSEK 75.4 (32.1) corresponding to a margin of 7.9 % (4.2).
  • Earnings per share of SEK -0.67 (-1.97).
  • Capital contribution of additional MSEK 6.7 made by certain shareholders, in addition to the contributed MSEK 25.0 made during 2017. New share issue decided and registered in April.
  • Long term contract in place with one customer for operations of the four committed B737-800 aircraft, of which one was delivered during the period.
  • Bankruptcy for a technical service customer. MSEK 3.5 has been provisioned as for bad debt losses.

Key performance indicators for the Group

 

All figures in MSEK unless stated otherwise Apr – Jun Apr – Jun Jan – Jun Jan – Jun Jan – Dec
  2018 2017 2018 2017 2017
Financial metrics*          
Revenue 426.8 376.5 823.0 768.5 1,589.3
Revenue growth 13.4% 17.9% 7.1% 19.5% 20.4%
EBITDA 13.1 1.3 75.4 32.1 126.3
EBITDA margin (%) 3.1% 0.4% 7.9% 4.2% 7.9%
Net income -36.4 -38.8 -28.8 -53.2 -61.6
Cash and cash equivalents incl unused overdraft facility 113.1 139.4 113.1 139.4 173.4
Cash flow from operating activities 39.2 105.1 91.0 112.7 233.7
Earnings per share before dilution (SEK) -0.85 -1.44 -0.67 -1.97 -2.28
Net interest bearing debt / EBITDA** 4.2 5.4 4.2 5.4 5.0
Interest coverage ratio** 2.4 1.9 2.4 1.9 2.0
Equity / Asset ratio 3.7% 4.1% 3.7% 4.1% 5.3%
Total assets 1,232.5 1,244.2 1,232.5 1,244.2 1,270.8
Operating metrics*
Fleet dispatch regularity 99.2% 99.7% 99.0% 99.5% 99.4%
Performed flights 5,328 5,533 10,706 11,514 23,862
Aircraft in service (incl. wet leases) 43 43 43 43 42
Average employees 456 460 456 463 459
*Definitions of key performance indicators and other measures can be found at the end of this report. 
**Defined by the corporate bond loan WEST002 terms and conditions. See note 10 for more information. The loan was issued December 2015.

 

Full report avialbale for download:

West Atlantic Interim Report Q2 , 2018 (English version)

West Atlantic Delårsrapport Q2, 2018 (Swedish version)

 

For further information, please contact:

CEO, Fredrik Groth, +46 (0) 10-452 97 09

CFO, Magnus Dahlberg, +46 (0) 10-452 95 49

 

This information is information that West Atlantic AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2018-08-30, 17:30 CET.

 

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 a customised aircraft fleet, 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 2017 West Atlantic had 459 employees. For 2017 West Atlantic reported revenues of MSEK 1,589 and EBITDA of MSEK 126.

 

West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden

 

Investor Relations: investor.relations@westatlantic.eu  Webpage: www.westatlantic.eu

 

 

Working capital facility of MSEK 75 secured

West Atlantic AB (publ) has secured a new working capital facility of up to MSEK 75 in order to improve its financial position in support of continued growth.

Reference is made to West Atlantic AB (publ) (the “Issuer”) amendments and waivers to the terms and conditions of West Atlantic’s bond loan, approved by the bondholders in a written procedure concluded on 1 February 2018 which permit any reputable bank, in their capacity as provider of the group’s working capital facility, to share the transaction security provided under the Issuer’s bond loan, where the bank will rank ahead in the waterfall up to a maximum amount of MSEK 75.

Revised terms and conditions are available on the Group’s home page, https://westatlantic.eu/category/corporate/

 

For further information, please contact:

Magnus Dahlberg, CFO

Telephone: +46 (0) 10 452 95 49

E-mail: magnus.dahlberg@westatlantic.eu

 

This information is information that West Atlantic AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 2018-08-28, 15:30 CET.

 

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 a customised aircraft fleet, 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 2017 West Atlantic had 459 employees. For 2017 West Atlantic reported revenues of MSEK 1,589 and EBITDA of MSEK 126.

West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden

Investor Relations: investor.relations@westatlantic.eu  Webpage: www.westatlantic.eu

Press Release

Amended corporate bond terms & conditions for West Atlantic AB (publ)

Reference is made to West Atlantic AB (publ) (the “Issuer”) amendments and waivers to the terms and conditions of West Atlantic’s bond loan, approved by the bondholders in a written procedure concluded on 1 February 2018.

Bond Terms and Conditions, amended 27 August

 

For further information, please contact:

Magnus Dahlberg, CFO

Telephone: +46 (0) 10 452 95 49

E-mail: magnus.dahlberg@westatlantic.eu

 

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 a customised aircraft fleet, 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 2017 West Atlantic had 459 employees. For 2017 West Atlantic reported revenues of MSEK 1,589 and EBITDA of MSEK 126.

West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden

Investor Relations: investor.relations@westatlantic.eu  Webpage: www.westatlantic.eu

Press release from 2018 Annual General Meeting

West Atlantic AB (publ) held its Annual General Meeting (AGM) on June 26 in Gothenburg. At the AGM, the income statements and balance sheets of the Parent Company and the Group for the financial year 2017 were adopted. The AGM also approved the Board’s proposed allocation of profits and losses, with no dividend paid. The Board and CEO were discharged from liability for the financial year 2017.

The AGM resolved that, until the next Annual General Meeting, the Board will comprise six members. Göran Berglund, Tony Auld, Joseph Payne, Russell Ladkin, Lars Jordahn and Anders Ehrling were elected board members. Göran Berglund was re-elected Chairman of the Board. The AGM further resolved to re-appoint Grant Thornton Sweden AB as auditors.

The AGM approved an annual board fee of SEK 200,000 for each board member independent of the shareholders. For shareholding board members, or board members representing shareholders, the AGM resolved that no remuneration will be paid.

For further information, please contact:

Magnus Dahlberg, CFO

Telephone: +46 (0) 10 452 95 49

E-mail: magnus.dahlberg@westatlantic.eu

This information is information that West Atlantic AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 2018-06-29, 17.30 CET.

 

 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 a customised aircraft fleet, 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 2017 West Atlantic had 459 employees. For 2017 West Atlantic reported revenues of MSEK 1,589 and EBITDA of MSEK 126.

West Atlantic AB (publ) Org. no: 556503-6083, Box 5433, SE-402 29 Gothenburg, Sweden

Investor Relations: investor.relations@westatlantic.eu  Webpage: www.westatlantic.eu

Press release