Atlantic Airways P/F - Ársreikningur

Atlantic Airways achieves significant increase in results: Net result of DKK 22.5 million in 2011

<span lang="DA" style="font-family: Times New Roman, Times, serif; font-size:
12pt"><span lang="EN-US" style="font-family: Times New Roman, Times, serif;
font-size: 12pt"><span lang="EN-US" style="font-family: Times New Roman, Times,
serif; font-size: 12pt">Atlantic Airways posted a full-year net profit for 2011
of DKK 22.5 million after tax compared to DKK 12.3 million in 2010 - an
improvement of DKK 10.2 million. The result before tax was DKK 27.5 million
compared to DKK 15.1 million in 2010. EBITDA was DKK 74.4 million compared to
DKK 69.0 million in 2010 - an improvement of 7%. The result before financial
items (EBIT) amounted to DKK 31.3 million compared to DKK 19.5 million the year
before - up DKK 11.8 million. Net sales increased to DKK 435.6 million, from
402.7 the previous year.</span></span></span><span lang="DA" style="font-family: Times New Roman, Times, serif; font-size:
12pt"><span lang="EN-US" style="font-family: Times New Roman, Times, serif;
font-size: 12pt"><span lang="EN-US" style="font-family: Times New Roman, Times,
serif; font-size: 12pt">The result for Q4 2011 was a loss before tax of DKK 0.1
million compared to a profit of DKK 4.8 million in 2010. EBITDA for Q4 2011
fell from DKK 18.0 million in Q4 2010 to DKK 12.4 million. The net sales
improved from DKK 97.5 million in Q4 2010 to DKK 98.4 million in Q4 2011.
Average fuel price increased 32% in Q4 2011 compared to Q4 2010. </span><span
lang="EN-US" style="font-family: Times New Roman, Times, serif; font-size:
12pt"></span></span></span><span lang="DA" style="font-family: Times New Roman, Times, serif; font-size:
12pt"><span lang="EN-US" style="font-family: Times New Roman, Times, serif;
font-size: 12pt"><span lang="EN-US" style="font-family: Times New Roman, Times,
serif; font-size: 12pt">The full year result in 2011 exceeded the company's
original expectations. The main drivers behind the improvement were higher
utilization and lower unit cost as well as higher revenue per flight.
Throughout the year, Atlantic Airways witnessed a continued stable development
with improved utilization based mainly on improved sales of block hours in the
ACMI (Aircraft, Crew, Maintenance and Insurance) and charter segments, but also
due to higher load factors and passenger numbers on scheduled and tight cost
control.</span></span></span><span lang="DA" style="font-family: Times New Roman, Times, serif; font-size:
12pt"><span lang="EN-US" style="font-family: Times New Roman, Times, serif;
font-size: 12pt"><span lang="EN-US" style="font-family: Times New Roman, Times,
serif; font-size: 12pt"> “We are proud to present a solid financial result for
2011 - close to the best in the company's history. We have also spent
significant resources on preparing for the delivery of our first Airbus A 319.
A top priority for 2012 will be preparing the entry into service of the A 319,
expected during the end of March 2012. The A 319  will reduce our unit cost and
make it possible to offer lower fares and develop new services and products
such as direct flights to Barcelona, which will take off in June 2012," says</span><span lang="EN-US" style="font-family: Times New Roman, Times, serif;
font-size: 12pt">Magni Arge, CEO of Atlantic Airways. </span></span></span><span lang="DA" style="font-family: Times New Roman, Times, serif; font-size:
12pt"><span lang="EN-US" style="font-family: Times New Roman, Times, serif;
font-size: 12pt"><span lang="EN-US" style="font-family: Times New Roman, Times,
serif; font-size: 12pt">Atlantic Airways signed a four year helicopter contract
with the Faroese government to provide Search and Rescue and domestic transport
in January and has also won a tender to provide Statoil with air logistic
support in connection with oil exploration in Faroese waters in 2012.</span></span><span lang="EN-US" style="font-family: Times New Roman, Times,
serif; font-size: 12pt"><span lang="EN-US" style="font-family: Times New Roman,
Times, serif; font-size: 12pt">.</span></span></span><span lang="DA" style="font-family: Times New Roman, Times, serif; font-size:
12pt"><span lang="EN-US" style="font-family: Times New Roman, Times, serif;
font-size: 12pt"><span lang="EN-US" style="font-family: Times New Roman, Times,
serif; font-size: 12pt">As of 31 December 2011, total equity amounted to DKK
250 million, resulting in an equity ratio of 65%.</span></span></span><span lang="DA" style="font-family: Times New Roman, Times, serif; font-size:
12pt"><span lang="EN-US" style="font-family: Times New Roman, Times, serif;
font-size: 12pt"><span lang="EN-US" style="font-family: Times New Roman, Times,
serif; font-size: 12pt">The Board proposes a dividend to the shareholders of
DKK 7 million.</span></span></span><span lang="DA" style="font-family: Times New Roman, Times, serif; font-size:
12pt"><span lang="EN-US" style="font-family: Times New Roman, Times, serif;
font-size: 12pt"><span lang="EN-US" style="font-family: Times New Roman, Times,
serif; font-size: 12pt">On the basis of considerable external uncertainties
Atlantic Airways abstains at this point in time from providing a more precise
guidance as to the expected financial performance of the company in 2012.
However, Atlantic Airways expects to reach a result somewhere between the
results achieved in 2010 and 2011, respectively.</span></span></span><span lang="DA" style="font-family: Times New Roman, Times, serif; font-size:
12pt"><span lang="EN-US" style="font-family: Times New Roman, Times, serif;
font-size: 12pt"><span lang="EN-US" style="font-family: Times New Roman, Times,
serif; font-size: 12pt"></span></span></span><span lang="DA" style="font-family: Times New Roman, Times, serif; font-size:
12pt"><span lang="EN-US" style="font-family: Times New Roman, Times, serif;
font-size: 12pt"><b style="mso-bidi-font-weight: normal"><span lang="EN-US"
style="font-family: Times New Roman, Times, serif; font-size: 12pt">For further
information contact:</span></span></span><span lang="DA" style="font-family: Times New Roman, Times, serif; font-size:
12pt"><span lang="EN-US" style="font-family: Times New Roman, Times, serif;
font-size: 12pt"><span lang="EN-US" style="font-family: Times New Roman, Times,
serif; font-size: 12pt"></span></span></span><span lang="DA" style="font-family: Times New Roman, Times, serif; font-size:
12pt"><span lang="EN-US" style="font-family: Times New Roman, Times, serif;
font-size: 12pt"><span lang="EN-US" style="font-family: Times New Roman, Times,
serif; font-size: 12pt">Magni Arge, CEO, tel +298 213700 - </span><span
lang="EN-US" style="font-family: Times New Roman, Times, serif; font-size:
12pt">magni@atlantic.fo</span></span></span><span lang="DA" style="font-family: Times New Roman, Times, serif; font-size:
12pt"><span lang="EN-US" style="font-family: Times New Roman, Times, serif;
font-size: 12pt"><span lang="DA" style="font-family: Times New Roman, Times,
serif; font-size: 12pt">Marius Davidsen, CFO, tel +298 213703 - </span><span
style="font-family: Times New Roman, Times, serif; font-size:
12pt">marius@atlantic.fo</span></span></span><span lang="DA" style="font-family: Times New Roman, Times, serif; font-size:
12pt"></span>

Viðhengi:

Annual Report 2011.pdf