Atlantic Airways Stays on Course

2015 proved to be a good year for Atlantic Airways with a profit of DKK 21.5 million before taxes. The carrier stays on its course with cheaper fares, increased destinations and a substantial increase in passengers

 

Excellent annual result, a significant increase in passenger numbers and new destinations. That, in short, describes Atlantic Airways’ past year. The company has stayed its course and made the necessary adjustments along the way.


The annual results were DKK 21.5 million before taxes in 2015, just over DKK 1 million more than in 2014 when it was DKK 20.2 million. The result after taxes in 2015 was DKK 17.6 million while it was DKK 16.5 million in 2014.


Although the results in 2015 were better than in 2014, income decreased with a total of DKK 70 million, from DKK 574 million in 2014 to DKK 502 million in 2015.


- We are delighted that the annual results are better than in 2014 even though adjustments and changes in the carrier’s operation has resulted in less income, says Niels Mortensen, Chair of Atlantic Airways’ board.


The company’s liquidity was DKK 43 million by year-end 2015. This is DKK 60 million less than the previous year when liquidity was DKK 103 million. The reason for the reduction in liquidity is due to the acquisition of two new AW 139 helicopters, which the company now has taken possession of, and of a new Airbus 320, which will be delivered to Atlantic Airways in December 2016.


267,000 passengers flew with Atlantic Airways in 2015, which was a record year for the carrier. This is an increase of about 30,000 passengers compared with 2014 when 237,000 people flew with Atlantic Airways. This is an increase of 13 per cent.


At the annual meeting today, the board showed its general satisfaction with the course taken by the company to develop its route network with the Faroes as its hub and offer cheap fares.


- We keep the set course and make the necessary adjustments along the way. The annual results are satisfactory considering we have reduced the fares, purchased two new helicopters and are acquiring a new airplane. Overall, Atlantic Airways is a company well-equipped to meet future challenges, concludes Niels Mortensen, Chair.


Søren Jespersen, board member, resigned after serving on the board for three years. In his place, Fróði Magnussen, managing director of the Faroese IT company Formula, was elected to the board.

 

Profitable Initiatives

With its new strategy, Atlantic Airways aimed to become an important gateway between the Faroes and the rest of the world and so benefit both private persons and business.


Cheap fares and new routes are part of this plan, and since the last annual meeting, more than 100.000 annual one-way tickets for under DKK 1,000 have become available on the route network. At the same time, the price of the lowest one-way ticket has been reduced from DKK 779 to DKK 699, and other fares are reduced as well.


The changes will take effect as of 1 September 2016, but the fares were made available on-line already on 1 March. The reduction in fares amount to just over DKK 17 million, the aim being to allow more people to fly cheaply.


Atlantic Airways’ network consists of the NORTH routes, the Denmark routes and the SUN routes, the latter being very well received with many passengers choosing to fly directly from the Faroes to sun and summer in southern climes. This summer, Atlantic will fly to Crete, Barcelona and Mallorca, and from late December through January also to Gran Canaria.


During the high season, there are more than 40 departures from the Faroes to the various destinations, and during the low season, just over 20 departures. Atlantic Airways aims to continually provide good offers to Faroese travellers, and the company wants also to be an active player in the development of the Faroese tourist industry as the cheaper fares draw visitors from abroad to the Faroes.


The company board is pleased with the good work the management and employees carry out day by day in order to ensure a good and reliant service.

 

Yours sincerely,

Atlantic Airways


More and Cheaper Fares
16. February 2016