• In Q3'23, the group generated PLN 1 070,6 million in revenue, which means an increase of approx. 6,4% y/y.
• In the area of airline services, the company generated turnover of PLN 1 042,9 million (+6,3% y/y), and PLN 27,6 million (+12,4% y/y) in on-board sales.
• Domestic revenue accounted for 75,4% of total airline services (+6,8% y/y) = PLN 786,1 million, while international revenue accounted for 24,6% = PLN 256,8 million (+4,6% y/y)
• In Q3'23, cost of sales increased by 10,2% y/y to PLN 928,3 million, with the main factor contributing to the higher level of costs compared to the same period last year being the increase in costs of external services (+24,7% y/y to PLN 443,8 million) due to the higher number of flight operations performed, rising inflation and higher aircraft maintenance costs. • The gross result on the sale of the company amounted to PLN 142,3 million (-13,2% r/r).
• At the EBITDA level, Enter Air reported a profit of PLN 192,8 million (-8,1% y/y).
• The company's financial balance amounted to PLN -69,8 million (PLN -77,0 million of which were exchange differences from the balance sheet valuation). SWAP valuation (fuel price hedging) = PLN 30,2 million.
• The result was boosted by a gain from the settlement of entities accounted for using the equity method (+PLN 9,2million -relates to Chair Airlines).
• In the discussed period, the company generated a net result of PLN 133,9 million (-3,0% y/y).
• In the discussed period, cash flow from operating activities amounted to PLN 181,9 million (vs. PLN 240,8 million a year ago), investment CF = PLN 25,8 million and financial CF = PLN -115,8 million. At the end of September 2023, the group had PLN 455,5 million in cash and other financial assets (PLN +87,2 million q/q).
• The reported demand for the company's services during the low season is high, and orders for the next year exceed its transport capabilities, even with the planned expansion of the fleet.
• During the peak of the summer season, Enter Air utilized its entire fleet, which currently consists of 28 aircraft - 23 Boeing 737-800s and 5 Boeing 737 MAX 8s, including, among them, three new aircraft received this year: SP-EXC, SP-EXE, SP-EXF. In total, the group operated with over 36 aircraft during the summer season, taking into account four additional planes leased on wet-lease terms from foreign carriers and a fifth plane leased at the end of the high season. Additionally, during the summer season of 2023, four aircraft from the Swiss airline Chair Airlines were in operation, in which Enter Air holds a 49% stake.
