October 6, 2022

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Flyr collects 250 million NOK - E24

Flyr collects 250 million NOK – E24

Flyr raises more money, soon after the previous release. Without it, the cash balance will soon be empty. The stock fell sharply.

CEO Tonje Wikstrøm Frislid poses as Flyr with new colleagues in the company. The photo is regarding the first flight to the Flyr June 30, 2021.
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Flyr raised NOK 250 million through a private placement. The confirmed The company shortly before midnight, after the notification of the capital increase earlier Thursday.

The company will use the funds to restore the company’s financial position, fund several ways in general corporate purposes and reopen.

The issue price was set at NOK 1.20 per share, a 40 percent discount from Thursday’s closing price of NOK 2.

At the end of the trading day, the stock was down more than 33 percent to 1.33 Norwegian crowns per share, still above the issue price.

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Chairman and founder Eric J. Prathen has vowed to spit in $15 million. In doing so, 12.5 million new shares were allocated in the company.

Issues approaching. By the end of January at the latest, the company had raised NOK 242 million.

In a separate announcement to the stock exchange Thursday afternoon, Flyr updated its first-quarter results.

I’m running out of money

It appears that cash flow from operations was minus 143 million DKK during this period. The cash balance at the end of the quarter was 272 million. In other words, the box would have been practically empty had it not been for the problem being implemented now.

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Revenue was 82 million Norwegian kroner, down five percent from the previous quarter. In the first three months of the year, the net loss was NOK 210.7 million.

Better times ahead

Stock analyst Jacob Pedersen at Sydbank notes that the airline has struggled to establish itself in the Nordic region, although the timing was attractive at first.

– The company is still characterized by weak earnings and high fuel prices, he tells E24.

However, Pedersen says he believes things will improve for the airline in the future.

– Levels of seizure are not far from what they were before the pandemic.

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Strong moment

In April, the Norwegian low-cost carrier had 122,700 passengers, a 46 percent increase from March.

Flyr’s fill rate reached 61.6 percent in April, thus returning to the same level it was in February after declining in March.

A total of 164,180 passengers traveled with Flyr in the first quarter, down four percent from the previous quarter. At the same time, the fill rate was 58.4 percent in the first quarter of the year. In comparison, the mobilization rate was 54.1% in the fourth quarter of 2021.

Flyr is experiencing strong production and passenger growth after reopening following government restrictions in connection with the omicron wave of the covid-19 pandemic, and is currently seeing strong momentum in orders for the summer season, according to a company stock exchange announcement.

The company’s market capitalization is currently 849.37 million NOK after a 45 percent price increase since the new year.

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Flyr will submit a full quarterly report on May 25.

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