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2016-11-24

West Atlantic AB (publ): Financial Interim Report January - September 2016

The third quarter continued on the positive track with improved financial
performance

July - September

* Revenue growth from B737/B767 aircraft fleet offset by decreasing ATP fleet
utilisation. Underlying revenue growth amounted to -9.1 % year-on-year.
* EBITDA amounted to MSEK 49.0 (51.4) corresponding to a margin of 15.1 %
(13.7).
* Earnings per share of SEK -0.27 (0.18).

January - September

* Revenue growth from B737/B767 aircraft fleet offset by decreasing ATP fleet
utilisation. Underlying revenue growth amounted to -2.4 % year-on-year.
* EBITDA amounted to MSEK 89.3 (139.5) corresponding to a margin of 9.2 %
(13.3).
* Earnings per share of SEK -2.17 (-0.14).
* 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.
* Two leased B737-400 aircraft were acquired.

Key performance indicators for the Group

------------------------------------------------------------------------------------------------------
| All figures in MSEK unless stated otherwise Jul - Sep Jul - Sep Jan - Sep Jan - Sep Jan - Dec |
| 2016 2015 2016 2015 2015 |
| Financial metrics* |
| Revenue 323.7 375.6 966.9 1,045.2 1,409.9 |
| Revenue growth -13.8% 16.6% -7.5% 13.6% 13.3% |
| Underlying revenue growth -9.1% 11.6% -2.4% 8.4% 8.6% |
| EBITDA 49.0 51.4 89.3 139.5 177.9 |
| EBITDA margin (%) 15.1% 13.7% 9.2% 13.3% 12.6% |
| Net income -7.3 4.8 -58.5 -3.7 -49.6 |
| Cash including unused overdraft facility 171.3 81.1 171.3 81.1 316.8 |
| Cash flow from operating activities 55.1 58.5 171.2 176.1 216.7 |
| Earnings per share before dilution (SEK) -0.27 0.18 -2.17 -0.14 -1.84 |
| Net interest bearing debt / EBITDA** 5.2 - 5.2 - 3.4 |
| Interest coverage ratio** 2.1 - 2.1 - 2.9 |
| Equity / Asset ratio 9.7% 20.0% 9.7% 20.0% 13.3% |
| Total assets 1,335.8 1,153.0 1,335.8 1,153.0 1,412.1 |
| Operating metrics* |
| Fleet dispatch regularity 99.2% 99.1% 98.9% 99.1% 99.1% |
| Performed flights 5,814 6,969 17,531 19,947 26,790 |
| Aircraft in service (incl. wet leases) 39 46 39 46 48 |
| Average employees 466 511 481 506 508 |
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CEO's comments
Our third quarter performance continued on the positive track initiated in
second quarter with improved financial performance backed by higher
reliability on most of our fleets. The 2016 "back-to-basics" program is
delivering on its objectives, and it is comforting to see the company moving
in the right direction. Operational and cost focus will remain our main
priorities going forward, as we return to growth and profitability in 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
air freight services to European NMO's and air freight 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 per December 31 2015 West Atlantic had 511 employees. For 2015 West
Atlantic reported revenues of MSEK 1,410 and EBITDA of MSEK 178.

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.

WAG - Interim Report Q3, 2016
http://hugin.info/160193/R/2059277/771817.pdf

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This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: West Atlantic AB (publ) via Globenewswire

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