Nordic Aviation Capital A/S

Beskrivelse af udviklingen i virksomhedens aktiviteter og økonomiske forhold
Development in activities and financial position Profit for the year (including comparison with forecasts previously announced) The Company's income statement for 2023 shows a profit of USD 14,467 thousand as against a profit of USD 111,217 thousand in 2022. Equity in the Company's balance sheet at 31 December 2023 stood at USD 412,643 thousand as against USD 398,176 thousand at 31 December 2022. ● Revenue for the financial year 2023 reached a more stabilised level. And it shows a 45% decrease compared to the financial year 2022. The past financial year for the Company was characterised by a heavy decrease in airplane handling and close of hangar, causing a severe drop in revenue on an annualised basis compared to earlier years. ● Gross loss was by reduced 307% and is expected to be at a stabilised level compared to the financial year 2022 when production costs experienced an exceptional increase due to maintenance volume increases post-pandemic, required to bring the fleet to an airworthy condition. ● Administrative expenses show a negative variance of USD 69,057 thousand This results from a reduction in staff costs due to staff decrease. ● Other financial income contains a gain; however, a decrease compared to a gain in 2022 due to the financial year 2022 containing a restructuring gain of USD 23.8 million. In July 2023, the Company left its former office and hangar facilities in Billund and moved to new office facilities in Vejle. Result for the year are within the range communicated in the financial statement for 2022.