Quarterly Interim ReportsRegulatory Releases

West Atlantic Interim Report Q1, 2019

January – March

  • Revenue amounted to MSEK 506.6 (396.1) corresponding to a growth of 27.9 % year-on-year. Continued strong growth for the Group’s B737 fleet.
  • The first quarter with the new standard, IFRS16 leases, which has affected operating income, net income and the balance sheet significantly.
  • EBITDA amounted to MSEK 101.8 (62.3) corresponding to a margin of 20.1 % (15.7). EBITDA positively affected by reversed leasing costs but also negatively affected by long heavy maintenance overruns for the B767 fleet.
  • Earnings per share of SEK -1.42 (0.28).
  • The fourth B737-800BCF Next Generation Freighter, has been delivered to the Group.
  • Discussion about principal terms for a refinancing of the Group continued to progress among an external investor, the shareholders of the Group and the bondholders as regards the repayment of the Bonds. After the reporting period shareholders and bondholders have accepted an offer from the external investor.   

Key performance indicators for the Group  

All figures in MSEK unless stated otherwise Jan – Mar Jan – Mar Jan – Dec
  2019 2018 2018
Financial metrics*      
Revenue 506.6 396.1 1,813.1
Revenue growth 27.9% 1.0% 14.1%
EBITDA 101.8 62.3 156.1
EBITDA margin (%) 20.1% 15.7% 8.6%
Net income -61.0 7.5 -35.2
Cash and cash equivalents incl unused overdraft facility 104.0 151.9 144.4
Cash flow from operating activities 71.9 51.8 304.6
Earnings per share before dilution (SEK) -1.42 0.28 -0.82
Net interest bearing debt / EBITDA** 5.7 4.1 4.4
Interest coverage ratio** 2.0 2.3 2.4
Equity / Asset ratio -0.8% 6.4% 3.0%
Total assets 2,566.1 1,266.9 1,360.5
Operating metrics*      
Fleet dispatch regularity 99.2% 98.8% 99.2%
Performed flights 5,700 5,378 22,535
Aircraft in service (incl. wet leases) 43 39 42
Average employees 472 456 461
*Definitions of selected 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. These have not been affected by the application of the new standard IFRS16.


Full report available for download:

West Atlantic Interim Report Q1, 2019 (English version)

West Atlantic Delårsrapport Q1, 2019 (Swedish version)


For further information, please contact:

CEO, Lars Jordahn, +46 (0) 10-452 95 95

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 209-05-29, 17:00 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 2018 West Atlantic had 461 employees. For 2018 West Atlantic reported revenues of MSEK 1,813 and EBITDA of MSEK 156.


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