Quarterly Interim Reports

West Atlantic Interim Report Q2, 2018

By August 30, 2018 No Comments

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