P/ F Atlantic Airw ays Presentation of Half Year Report 2 0 1 1 1 2 Septem ber 2 0 1 1
Atlantic Airw ays at a glance • Atlantic Airways was established in 1987 to develop the Faroese airline industry and airline services Faroese airline industry and airline services – National airline carrier of the Faroe Islands – International company based in Sørvágur, Faroe Islands – Operational base in Faroes and satellite base in Copenhagen p p g • Operating in three main segments: – Scheduled flights with Faroe Islands as cornerstone – Charter operations in Europe a op a o u op – Helicopter operations in Faroese and North Sea waters • Operating a fleet of 4 aircraft and 2 helicopters in H1 2011 – Excluding aircraft leased out Excluding aircraft leased out • Transported 88,000 passengers on scheduled flights in H1 2011 • Head Quarter and maintenance base in Faroe Islands Head Q a te and maintenance base in Fa oe Islands 2
Second quarter of 2 0 1 1 in brief • Solid result based on improved utilisation and limited effect from volcanic activity limited effect from volcanic activity • Reduced unit cost as a result of higher productivity, reduced fleet and combined efforts in different segments • Revenue was DKK 118.8 million, an increase of 28% • EBITDA increased to DKK 22.9 million or 107 % growth growth • The result before tax was DKK 12.1 million, an improvement of DKK 13.9 million • The result after tax was DKK 9.9 million, an The result after tax was DKK 9.9 million, an improvement of DKK 11.4 million • Net financial items was DKK -0.5 million compared to DKK -0,4 million in Q2 2010 • Total depreciation and impairment was DKK 10.6 million compared to DKK 12.4 million in Q2 2010 3
First half of 2 0 1 1 in brief • Solid result based on improved utilisation • Reduced unit cost as a result of higher productivity, reduced fleet, little volcanic activity and combined efforts in different segments • Revenue was DKK 203.3 million, an increase of Revenue was DKK 203.3 million, an increase of 18% • EBITDA increased to DKK 32.2 million or 80 % growth • The result before tax was DKK 9.5 million, an improvement of DKK 18.2 million • The result after tax was DKK 7.8 million, an improvement of DKK 15.0 million improvement of DKK 15.0 million • Net financial items was DKK -2.8 million compared to DKK -1,6 million in H1 2010 • Total depreciation and impairment was DKK 20.2 million compared to DKK 25.0 million in H1 2010 4
Our m ission and business Mission We transport people and cargo by air with F Faroe Islands as our cornerstone I l d t Provide network services with Faroe Islands as a cornerstone as a cornerstone Charter and capacity provision outside Faroe Islands employing spare and additional Islands employing spare and additional capacity Provide helicopter services in and around Provide helicopter services in and around Faroe Islands Support and invest in development of Support and invest in development of tourism, cargo and logistics 5
Segm ent overview - I ncom e distribution • In H1 2011 the income was distributed between Scheduled services 79% , Charter 13% and Helicopter operations 7% 13% and Helicopter operations 7% • Export income is defined as income originating from customers based outside Faroe Islands Faroe Islands H1 2011 Export income in H1 2011 7% 13% 46% Domestic income Export income 54% 79% 79% Scheduled services Charter / ACMI operation Helicopter 6
Segm ent overview - Block hour distribution H1 2 0 1 1 2 0 1 0 3000 7000 6000 2500 5000 2000 4000 1500 1500 2010 2010 3000 H1 2011 2009 H1 2010 1000 2000 1000 500 0 0 0 Scheduled ACMI/Charter Helicopter Scheduled ACMI/Charter Helicopter services operations services operations 7
Scheduled services - Traffic inform ation Scheduled services W eekly High Low Airborne hours Departures season season 7000 expected expected 6000 Copenhagen 30 18 5000 4000 Reykjavík 3 2 3000 Billund 7 2 2000 1000 Aalborg 3 0 2006 2007 2008 2009 2010 Bergen Bergen 2 2 London 2 Scheduled services Number of passengers Total 4 7 2 2 250000 200000 Passenger numbers on 150000 150000 scheduled services in H1 scheduled services in H1 2011 increased from 81,905 100000 to 87,707, or by 7% . Ash 50000 cloud had an adverse impact on the passenger numbers on the passenger numbers 0 last year. 2006 2007 2008 2009 2010 8
Segm ent overview - Passenger distribution Scheduled services passengers 200.000 Diversified income in H1 2011 Diversified income in H1 2011 180.000 160.000 140.000 7% 120.000 13% 13% S h d l d Scheduled routes 100.000 2011 Taxfree 3% 80.000 2010 Mail and Cargo 60.000 7% Charter 40.000 70% 70% Helicopter 20.000 0 H1 2010 9
Scheduled services - Com m ents • The previous decline in number of passengers has been reversed by new growth throughout Q2 • Passenger numbers increased 7 % on scheduled services in H1 2011 • Loadfactor increased 3% from 74% to 77% • Eyjafjallajokull had a considerable impact in 2010 • Higher growth in the tourist segment Higher growth in the tourist segment • Market demand originating in Faroes has not returned to previous level • Positive trend hampered by high increase of P iti t d h d b hi h i f airport charges • Fuel costs rose 26% in H1 10
Charter operations • Charter/ ACMI counts for 14% of fixed wing operations • Growth in ad hoc/ ACMI demand in H1 2011 • Provided capacity for other airlines such as Blue 1 and BA in H1 2011 such as Blue 1 and BA in H1 2011 • Very competitive environment • Short runways, 100 seats and flexibility are trade marks flexibility are trade marks • Widening our scope for 2012 with Charter operations higher capacity and access to A 319 Airborne hours capacity 9.000 8.000 7.000 6.000 5.000 4.000 3 000 3.000 2.000 1.000 0 2006 2007 2008 2009 2010 11
Helicopters - Recent developm ents Dom estic services since 1 9 9 4 • Scheduled service to remote islands SAR contract from 2 0 0 0 - 2 0 1 0 • Extended contract with Government temporarily for 2011 • Extension for next four years in principle Extension for next four years in principle agreed and supported by parliament Offshore and charter • Secured access to AW 139 helicopter to Secured access to AW 139 helicopter to support oil exploration in 2011 and 2012 • Concentrating on Faroese sector but closely Helicopter services - following development West of Shetland Airbourne hours Airbourne hours Fleet and m aintenance 1400 • Reduced fleet by selling one AW 139 in 1200 January 2011 1000 800 800 • Provided maintenance support to external P id d i t t t t l 600 customers 400 200 0 2006 2006 2007 2007 2008 2008 2009 2009 2010 2010 12
Fleet developm ent The fleet in brief: Fleet in service at No. Ow n Manufact. period-end Q2 Four aircraft in ownership at period-end 2 0 1 1 * Q2 2011* Q BAE 146-200 1 0 1988 – Book value 115 MDKK Avro RJ 100/ 85 3 2 1993-1999 Bell 412 2 2 1993-1997 One BAE 146-200 aircraft leased in for One BAE 146 200 aircraft leased in for the summer season. Expected delivery 1 A319 2012 The company has sold and delivered the * Excluding aircraft leased out * Excluding aircraft leased out AW 139 helicopter in January 2011 One Airbus 319 on order for delivery in March 2012 March 2012 13
Fleet developm ent First Airbus 319 enters into service in March 2012 Effi i Efficient aircraft with lower fuel burn and t i ft ith l f l b d maintenance cost Configured to 144 seats compared to present g p p 95 Equipped with modern navigational technology and HUD Decided to implement RNP – AR 0.1 procedures to enhance safety, lower minima, improve regularity and reduce impact from turbulence New opportunities with direct flights to destinations in southern Europe 14
Financials ( 1 ) I NCOME STATEMENT ( DKK 1 ,0 0 0 ) Q2 2 0 1 1 Q2 2 0 1 0 YTD 2 0 1 1 YTD 2 0 1 0 FY 2 0 1 0 Total revenue 118,833 92,838 203,284 171,606 402,671 Flight expenses -73,415 -59,201 -127,603 -109,956 -244,177 Employee expenditures -22,516 -22,592 -43,460 -43,780 -89,445 Result before depr., am ort. and im pairm . ( EBI TDA) 2 2 ,9 0 2 1 1 ,0 4 5 3 2 ,2 2 1 1 7 ,8 7 0 6 9 ,0 4 9 Depreciations, amortisations and impairment -10,567 -12,415 -20,200 -24,959 -49,546 Result before financial item s ( EBI T) Result before financial item s ( EBI T) 1 2 3 3 5 1 2 ,3 3 5 -1 3 7 0 -1 ,3 7 0 1 2 0 2 1 1 2 ,0 2 1 -7 0 8 9 -7 ,0 8 9 -1 9 5 0 3 -1 9 ,5 0 3 Net financial items -527 -417 -2,814 -1,610 -3,933 Share of p/ l of ass. comp. 310 0 310 0 -488 Result before tax ( EBT) 1 2 ,1 1 8 -1 ,7 8 7 9 ,5 1 7 -8 ,6 9 9 1 5 ,0 8 2 Tax -2,181 322 -1,713 1,543 -2,738 Profit 9 ,9 3 7 , -1 ,4 6 5 , 7 ,8 0 4 , -7 ,1 5 6 , 1 2 ,3 4 4 , 15
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