Atlantic Airways P/F - Financial Statement Release

Atlantic Airways Q1-Q3 Quarter Report 2011: Solid result for the first nine months despite small decline in Q3

Turnover for Q3 2011 was at the same level as the corresponding period during
2010. The result before tax (EBT) was 6% lower in Q3 2011 compared to Q3 2010.
The main explanatory factors for the lower result can be ascribed to higher
fuel costs and lower contribution from offshore activity in Faroese waters
during 2011, as there was significant activity in the corresponding period
during 2010. 

Atlantic Airways' EBITDA result for the third quarter of 2011 amounted to DKK
29.7 million compared to DKK 33.2 million for the same period last year, which
corresponds to a decrease of 10%. The result before tax for the third quarter
of 2011 was DKK 17.9 million compared to DKK 19.0 million in the same period
last year, corresponding to a decrease of 6%. Revenue in the third quarter
amounted to DKK 134 million, which was unchanged compared to the same period in
2010. 


EBITDA for the first 3 quarters of 2011 was DKK 61.9 million compared to DKK
51.0 million for the first 3 quarters of 2010, equal to an increase of 21%. The
result before tax for the first 3 quarters of 2011 amounted to DKK 27.4 million
compared to DKK 10.3 million in 2010, corresponding to a result increase of
166% for the first 3 quarters period. 


The result in Q3 confirms a continued stable development during the year with
much improved utilization based mainly on improved sales of block hours in the
ACMI and charter segment, but also due to higher load factors and passenger
numbers on scheduled services and a stabilized helicopter segment. 


“It is encouraging to witness the growth we have been able to achieve outside
Faroe Islands in the ACMI and charter segment through improving utilization of
marginal capacity. We are aiming for growth in the company's scheduled service
and helicopter operations in 2012. The new Airbus opens up for new direct
routes from Faroe Islands to destinations like Spain,” says Magni Arge, CEO of
Atlantic Airways. 


The last quarter of the year is traditionally a weak financial quarter in the
airline industry, but Atlantic Airways' result after the first nine months of
2011 indicates a marked improvement of the full year result for 2011 compared
to 2010. Nonetheless, the level of improvement can still be affected by the
level of impact that external factors and adverse weather can induce. 


For further information contact:
Magni Arge, CEO, tel. +298 213700, magni@atlantic.fo
Marius Davidsen, CFO, tel. +298 213703, marius@atlantic.fo

Attachments:

Q3 2011-Atlantic Airways.pdf