Flyr presents results for second quarter 2021 : Establishing the organization and preparing for commercial launch

Flyr’s first financial report shows that the company has successfully launched a new airline in Norway that so far has been well received. The second quarter figures are atypical as they only include one day of operations.

Highlights

  • Raised NOK 600 million in private placement and listed at Euronext Growth
  • Built organization and technological infrastructure
  • World’s first pure NDC/OneOrder based airline
  • Signed collective bargaining agreements with pilot and cabin unions
  • Received AOC from CAA Norway
  • First flight to Tromsø on 30 June

“I am tremendously proud of team Flyr’s swift transformation from start-up project to an efficient, responsible, and professional airline. Our ambition is to offer something new in the aviation industry. We believe that there is need for an airline in Norway that puts the customers and the employees first. Based on the feedback we have received from the customers that have travelled with us this summer and our colleagues both in the air and on the ground, we are on the right track. This positive feedback motivates the entire team to continue to strive to deliver a smooth and enjoyable travel experience,” said CEO Tonje Wikstrøm Frislid of Flyr.”

Financial results

Flyr’s first half year and second quarter primarily consist of expenses related to the establishment and preparations for commercial launch, with the first flight taking off from Oslo to Tromsø on June 30.  

Revenues in the second quarter and first half year was NOK 250 thousand, as the reporting period includes one day of operations with four flights. Expenses are predominantly related to the start-up of the company and its operations.

Net loss for Q2 was NOK 64.7 million, and NOK 87.4 million for H1, while net cash flow in Q2 was NOK -60.8 million and NOK 501.0 million in H1 2021. The company had a total cash balance of NOK 514.8 million at the quarter end.

Total equity on 30 June was NOK 513.6 million, equaling an equity ratio of 68.4%. Total long-term liabilities of NOK 161.2 million is related to aircraft leases.

Flyr has completed the project period and has commenced flight operations according to plan and within estimated costs. With a solid financial position with solid funding and liquidity, the company is well positioned to expand according to plans.

Outlook

Flyr was established during the Covid-19 pandemic with the aim to build a sustainable and profitable business model by adapting and scaling production to meet the needs of the market. Up until the first flight on June 30th 2021, the Company focused on building a robust and efficient organization and IT infrastructure.  Operations in July was successful, and well received by customers.

The airline is currently operating three aircraft on domestic routes in Norway, and will launch flights from Oslo to Alicante, Malaga and Nice on August 21st. One additional aircraft is planned for deployment during third quarter, and an additional two to four aircraft will be put into service by the end of the year.

The company is well positioned to develop in line with its business plan. Focus going forward is to ensure flexible and cost-efficient deployment of operations.

Webcast:

CEO Tonje Wikstrøm Frislid and CFO Brede Huser will present the Company's results at 08:30 CEST. Investors, analysts and media are invited to join the presentation. The presentation will be followed by a live Q&A session, and questions may be asked in writing during the presentation. Please use the following link to access the webcast: https://channel.royalcast.com/landingpage/hegnarmedia/20210819_9/

The second quarter 2021 report and presentation are also available online at www.flyr.com/investors and www.newsweb.no.

For further information please contact:

Brede Huser, Chief Financial Officer

Phone: +47 99 16 99 74

Email: brede.huser@flyr.com

About Flyr

Flyr is a low-cost carrier (LCC) with a demand driven and sustainable business model, with focus on serving the Norwegian market with domestic and international flights from its base at Oslo Airport. Flyr AS is listed at Euronext Growth under the ticker FLYR. To learn more, please visit www.flyr.com.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock exchange release was published by Brede Huser, CFO, on August 19th at 07.00 CEST.