• After three quarters of 2018, Enter Air’s revenues increased by 37.3%, from PLN 774.3 million in the corresponding period of 2017, to PLN 1.06 billion
• Operating profit for the first nine months improved by 54.9% yoy to PLN 122.8 million
• Net profit was PLN 78.6 million, up by 16.7% from PLN 67.3 million one year prior
• Strong demand for Enter Air’s services in Poland and abroad hint at a good year of 201919
• Boeing 737-800 aircraft with Enter Air colors, the first 737 MAX 8 on its route to Poland
– The three first quarters of the year, and especially the Summer 2018 season, were very successful for us. We owe the success to the optimum preparation of the sales and operational program and efficient implementation, as a result of which we managed to make more flights than in the previous year. The results are consistent with our expectations. We increased revenues as well as the operating profit and net profit, despite the higher costs of fuel, higher costs of crews and negative FX differences – says Grzegorz Polaniecki, member of the Enter Air Management Board. – We are already working on the next year. The demand for our services reported by tour operators across Europe is very high. The insufficient supply of transport services has been caused, among others, by the fact that several of our competitors were pushed out of the market. But we are not changing our approach and contract flights with the most stable partners only. The market conditions are favorable to us and will allow us to accelerate our growth next year. The Boeing 737 MAX 8 aircraft that we will receive in the coming weeks will also offer new opportunities – he adds.
In the first nine months of 2018, Enter Air generated sales revenues of PLN 1.06 billion. This signifies growth by more than 37%, which was possible thanks to a well-planned sales program. The Group’s operating profit increased by 54.9% to PLN 122.8 million, while its EBITDA rose 51.9% yoy to PLN 149.8 million. In the three quarters, the operator earned net profit of PLN 78.6 million, 16.7% more than in the corresponding period of 2017. Enter Air has signed long-term contracts with the largest tour operators in Poland, such as TUI Poland, Rainbow Tours, Itaka Holdings. In September it concluded a charter contract with an estimated value of more than PLN 100.6 million with Coral Travel Poland. The total value of contracts signed by the operator on the Polish market and abroad is more than PLN 1 billion. Enter Air expects that negotiations currently being conducted with tour operators will soon result in the signing of further contracts.
At the end of November, a Boeing 737-800 was added to the Enter Air’s fleet for use over a 5-year period under an operating lease. Currently, the operator has 19 Boeing 737-800 aircraft and is days away from adding the first Boeing 737 MAX 8 to its fleet. The aircraft will begin regular service in Enter Air’s colors in December 2018. Boeing is currently finalizing the assembly of the other aircraft, which will be ready for pickup within a few weeks. Enter Air has ordered six 737 MAX 8 aircraft overall.
In November 2018, it signed a financing agreement with the DVB bank for the two first Boeing 737 MAX 8 aircraft. This agreement has been signed for 6 years with the total amount of lease financing for two aircraft coming in at roughly PLN 374 million plus interest. In connection with the sourcing of financing for new aircraft Enter Air has submitted an application to the Financial Supervision Authority (KNF) to suspend proceedings to approve a prospectus related to the planned share issue.