Enter Air (ENT) H2 2023 earnings summary

Executive summary

• FY2023 standalone revenue was PLN 58.0m and net income PLN 46.252m, both above FY2022; EPS rose to PLN 2.64 from PLN 1.78.

• The holding entity’s sole operating income source was a trademark licence fee from its subsidiary; 2024 plans include repaying the PFR loan before a dividend.

Financial highlights

• Revenue was PLN 58.0m vs PLN 48.0m in FY2022; gross profit was PLN 58.673m vs PLN 48.148m.

• Operating income was PLN 57.132m vs PLN 46.541m; net income was PLN 46.252m vs PLN 31.300m.

• Net finance costs narrowed to PLN 7k from PLN 7.876m, with FY2022 including PLN 5.711m of discount impact.

• Operating cash flow was negative PLN 12.717m vs positive PLN 4.734m; cash ended FY2023 at PLN 34.549m vs PLN 52.765m.

Outlook and guidance

• 2024 was expected to be another record year for orders and turnover; strong demand for leisure flights continued at the start of the year, subject to no major negative shocks.

• Management plans to repay the PFR loan in full in 2024 and then pay a dividend; the recommended amount was to be announced separately.

• Strategy prioritizes low-cost operations, fleet renewal and overseas expansion, targeting a 40/60 split between domestic and export service volumes.