October - December
- Revenue growth from B737/B767 aircraft fleet offset by decreasing ATP fleet utilisation. Underlying revenue growth amounted to -4.0 % (9.2) year-on-year.
- EBITDA amounted to MSEK 38.2 (38.5) corresponding to a margin of 10.8 % (10.6).
- Earnings per share of SEK -0.86 (-1.70).
- A new extended contract with Royal Mail has been awarded. The five-year contract commenced in January 2017.
- One B737-400 was delivered on a long term operating lease agreement.
January - December
- Revenue growth from B737/B767 aircraft fleet offset by decreasing ATP fleet utilisation. Underlying revenue growth amounted to -2.8 % (8.6) year-on-year.
- EBITDA amounted to MSEK 127.5 (177.9) corresponding to a margin of 9.7 % (12.6).
- Earnings per share of SEK -3.03 (-1.84).
- The bond loan issued in 2015 (WEST002) was listed on NASDAQ, Stockholm in January 2016.
- The shareholders changed the composition of the Board and a new CEO was appointed.
- One of the Group's CRJ200PF was involved in an accident resulting in a total loss of the aircraft.
- New extended contract with Royal Mail was awarded.
- Two B737-400 aircraft were acquired and two B737-400 aircraft were delivered on long term operating lease agreements.
Key performance indicators for the Group
| All figures in MSEK unless stated otherwise | Oct - Dec | Oct - Dec | Jan - Dec | Jan - Dec |
| 2016 | 2015 | 2016 | 2015 | |
| Financial metrics* | ||||
| Revenue | 353.5 | 364.6 | 1,320.4 | 1,409.9 |
| Revenue growth | -3.0% | 12.6% | -6.3% | 13.3% |
| Underlying revenue growth | -4,0% | 9.2% | -2.8% | 8.6% |
| EBITDA | 38.2 | 38.5 | 127.5 | 177.9 |
| EBITDA margin (%) | 10.8% | 10.6% | 9.7% | 12.6% |
| Net income | -23.3 | -45.9 | -81.8 | -49.6 |
| Cash and cash equivalents incl. unused overdraft facility | 160.2 | 316.8 | 160.2 | 316.8 |
| Cash flow from operating activities | 68.9 | 40.6 | 240.1 | 216.7 |
| Earnings per share before dilution (SEK) | -0.86 | -1.70 | -3.03 | -1.84 |
| Net interest bearing debt / EBITDA** | 5.1 | 3.4 | 5.1 | 3.4 |
| Interest coverage ratio** | 2.1 | 2.9 | 2.1 | 2.9 |
| Equity / Asset ratio | 8.2% | 13.3% | 8.2% | 13.3% |
| Total assets | 1,276.8 | 1,412.1 | 1,276.8 | 1,412.1 |
| Operating metrics* | ||||
| Fleet dispatch regularity | 99.4% | 99.0% | 99.0% | 99.1% |
| Performed flights | 5,699 | 6,843 | 23,200 | 26,790 |
| Aircraft in service (incl. wet leases) | 40 | 48 | 40 | 48 |
| Average employees | 465 | 509 | 477 | 508 |
CEO's comments
"Our fourth quarter included a successful year-end operation, but the rate of cost reductions seen earlier in the year was halted some, due to the need to ensure we had all the resources to deliver a quality service to our clients during their peak period. We are seeing an improving operation, and stable cash flow. Costs related to non-flying ATP aircraft, excess aircraft maintenance facilities, and indirect personnel cost are still preventing us from reaching the EBIT levels we are aiming for. We are continuing to implement our aggressive cost reduction plan. This effort, combined with the implementation of the Royal Mail UK contract (which commenced partially in January), will lead us to a stronger 2017 and beyond." - says Mr. Fredrik Groth, CEO & President
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.
Attachments:http://www.globenewswire.com/NewsRoom/AttachmentNg/0523a6d9-461b-4296-b486-f7c48d58a1da
