Atlantic Airways P/F - Financial Statement Release

Atlantic Airways 1-3 Quarter Report 2012: Increased turnover and steady profit

Revenue increased 28% to DKK 170.8 million in Q3 2012 from DKK 133.9 million in
the corresponding period in 2011. The increase is mainly attributable to an
increase in the helicopter segment, increased charter activity and an increase
in passenger numbers. 

EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) for the
third quarter of 2012 increased 24% from DKK 29.7 million in the third quarter
2011, to DKK 36.8 million. 

The result before tax (EBT) for the third quarter of 2012 was DKK 18.1 million,
compared with DKK 17.9 million last year and the result after tax for the third
quarter of 2012 was DKK 14.9 million, compared with DKK 14.7 million last year. 

EBITDA for the first 3 quarters of 2012 were DKK 68.5 million, compared with
DKK 61.9 million for the first 3 quarters of 2011, an increase of 11%. The
result before tax for the first 3 quarters of 2012 amounted to DKK 19.8
million, compared with DKK 27.4 million in 2011, and the result after tax was
DKK 16.2 million, compared with DKK 22.5 million last year. 

Main explanatory factors for the lower result during the first nine months are
higher capital costs (because of the new Airbus 319) and lower contribution
from charter and ACMI activity in Europe, as well as increased fuel costs and
diversion costs. In addition there have also been costs related to the phasing
in of the new Airbus A 319 and the leased AW 139 helicopter for offshore
operations, as well as costs related to managing two new aircraft types. 

“Performance in quarter 3 has been good. Turnover and EBITDA have increased and
profit is slightly up compared to the corresponding period last year. Passenger
numbers on scheduled services increased 9%, while production for tour operators
in Denmark has grown considerably and the helicopter operation is performing
better than ever” says Magni Arge, CEO. 

“On top of that we also recieved the European Airline of the Year Bronze Award.
The nomination was partly thanks to the groundbreaking introduction of RNP
navigational aid system on our new Airbus, but also because of the genuine
regional service we provide to the remote Faroe Islands. Everybody in and
around Atlantic Airways can be proud of this achievment.” 

Oilrelated activity will have an impact in Q4, while campaigns to support
traffic in Q4 will increase the number of passengers, although at a lower
yield. The helicopter activity related to the exploration campaign in the Faroe
Islands will now extend into November. 

The company is currently exploring the possibility of entering into longer-term
commitments for RJ aircraft outside Europe, and to add a second Airbus 319 to
operations within Europe. 

Fuel prices, adverse weather and external economic factors are still
unpredictable and may have a serious impact on economic performance in the
coming quarter. We remain cautious in our guidance as to financial performance
in 2012 and expect a result after tax of DKK 12-18 million. 





For further information contact:

Magni Arge, CEO, tel. +298 213700, magni@atlantic.fo

Marius Davidsen, CFO, tel. +298 213703, marius@atlantic.fo

Attachments:

AA Q1-Q3 report 2012.pdf