MONTREAL, Nov. 23, 2023 /CNW/ – Transat today announces the launch of its packages, tours and excursions in Morocco. Drawing on its proven expertise, the tour operator highlights Morocco’s must-sees, offering a unique immersion in the country’s cultural and historical richness. As a reminder, Air Transat’s new exclusive non-stop flights to Marrakesh, available as of June 12, will be available year-round from Montreal.

“Travelling is much more than a simple trip, it is an adventure that broadens our horizons,” said Joseph Adamo, Chief Sales and Marketing Officer at Transat. “With our new product offering in Morocco, we are paving the way for unforgettable memories and authentic discoveries. Morocco has never been more accessible to Canadians, and we are delighted to accompany them on this adventure.”

Immersion in Moroccan elegance: hotels and riads in Agadir and Marrakesh

Transat now offers a variety of accommodation options in Marrakesh and Agadir, with breakfast, half-board or all-inclusive options.

For those seeking a seaside atmosphere, Transat offers accommodations in Agadir, where golden beaches and views of the Atlantic Ocean await travellers. For total immersion in the vibrant heart of Morocco, its hotels at the centre of Marrakesh offer contemporary elegance, while those seeking relaxation and well-being can turn to its properties in the Marrakesh Palm Grove, for a serene experience in lush gardens. Finally, for the ultimate in authenticity, Transat offers a selection of riads in Marrakesh, with their typical interior patios, colourful mosaics, and unrivalled hospitality.

Five unique tours to suit all tastes

The tour operator is pleased to unveil its new selection of Morocco tours, offering an exceptional opportunity to easily explore this fascinating country. Whether travel enthusiasts wish to discover the rich culture of Marrakesh, to explore the country’s diverse landscapes, or to immerse themselves in the imperial cities, these tours will take them on a memorable journey to the heart of this jewel of North Africa.

• Kasbah and Oasis by 4×4 (9 days): This tour will take them through the wonders of Morocco, offering them an unforgettable cultural immersion. They will visit Marrakesh, a city brimming with history, culture and beauty, as well as other iconic sites such as Ouarzazate, the Todra Gorges, and the famous dunes of Merzouga, where they will experience a night in a bivouac.
  
• Marrakesh, Fes & Desert (9 days): This tour will take them through a diverse experience, combining breathtaking landscapes and fascinating cultural discoveries. From Casablanca to Marrakesh, via Fes and the Todra Gorges, each stage offers unforgettable moments and total immersion in Moroccan culture.
  
• Imperial Cities (9 days): The tour features the four imperial cities of Morocco. Each day reveals new treasures to explore, from the bustling alleys of Marrakesh to the oldest imperial city, Fes, via the gardens of Rabat and Meknes, a true open-air museum. An unforgettable experience in the heart of the country awaits them.
  
• Imperial Cities and North (9 days): This adventure takes them through the cities of Casablanca, Asilah, Tangier, Chefchaouen, Meknes, Volubilis and Fes, where they will discover architectural gems, picturesque medinas, and Morocco’s rich cultural heritage. This tour offers a unique experience highlighting the charms of the north of the country.
  
• Grand Tour of Morocco (16 days): This tour begins in the vibrant city of Marrakesh, then moves on to Essaouira, Oualidia and El Jadida, Casablanca and Rabat. The journey continues through the Erfoud desert and the dunes of Merzouga, offering a unique night under the stars. It concludes with the Todra gorges, the Dades Valley, the Kasbah of Ait Ben-Haddou and back to the architectural wonders of Marrakesh.

With these Morocco tours, travellers enjoy not only in-depth exploration of this country, but also comfort and peace of mind thanks to double-occupancy accommodation and a variety of meals and visits included. In addition, by booking 60 days before departure, they can save up to $500 per couple.

Unique cultural experiences and adventures thanks to a variety of excursions

Transat also offers its customers a variety of exciting excursions to complement their stay, which can be booked on site. Some of the best activities include the charming coastal town of Essaouira, the Ourika Valley with its exotic and contrasting landscapes, or the majestic Ouzoud waterfalls. Whatever their preferences, culture and adventure enthusiasts will find what they are looking for among these Transat excursions.

Morocco easily accessible year-round

As a reminder, Air Transat is the only airline in North America to offer non-stop flights to Marrakesh, which will be operated twice a week in the summer (June to October) and once a week in the winter (November to April). From June 12 to October 24, 2024, flights between Montreal and Marrakesh will be offered on Wednesdays and Saturdays. The service will then continue once a week, on Saturdays, until April 20, 2025.

These flights will be operated with Air Transat’s new-generation Airbus A321LR aircraft featuring spacious cabins, state-of-the-art in-seat entertainment systems and the lowest fuel consumption and greenhouse gas emissions (CO₂ and NO_x) in their class. In addition, its Club Class offers a VIP on-board experience at an affordable price: an exclusive cabin with wider seats offering generous legroom, gourmet meals, enlarged individual touch screens for entertainment, and unrivalled personalized service with a dedicated flight attendant for the 12 Club Class passengers, not to mention priority services at the airport. *Subject to government approvals

About Transat

Founded in Montreal 36 years ago, Transat has achieved worldwide recognition as a provider of leisure travel particularly as an airline under the Air Transat brand. Voted World’s Best Leisure Airline by passengers at the 2023 Skytrax World Airline Awards, it flies to international destinations. By renewing its fleet with the most energy-efficient aircraft in their category, it is committed to a healthier environment, knowing that this is essential to its operations and the destinations it serves. Transat has been Travelife-certified since 2018. (TSX: TRZ) www.transat.com

MONTREAL, Oct. 20, 2023 /CNW/ – Transat A.T. Inc. announced today that Patrick Bui, Chief Financial Officer, intends to step down from his position on December 15, 2023, to pursue another career opportunity. He will remain in his role to ensure a smooth transition, including through the announcement of the Company’s results for the fiscal year ending October 31, 2023. 

“On behalf of the Board of Directors and the Senior Management Team, I would like to thank Patrick for his dedication which contributed to Transat’s significant financial performance improvement, as we recently reported record profitability for a third quarter and raised our adjusted EBITDA margin target in the last two quarters. We wish him every success in his future endeavors,” said Annick Guérard, President and Chief Executive Officer of Transat.

“I am proud to have served Transat as CFO and to have supported its teams in the execution of its strategic plan, enabling the Company to solidify its financial foundation and emerge from the pandemic as a far more resilient business,” said Mr. Bui.

The Corporation has commenced a formal search process for a new Chief Financial Officer.

About Transat

Founded in Montreal 35 years ago, Transat has achieved worldwide recognition as a provider of leisure travel, operating as an air carrier under the Air Transat brand. Voted World’s Best Leisure Airline by passengers at the 2023 Skytrax World Airline Awards, it flies to international destinations. By renewing its fleet with the most energy-efficient aircraft in their category, it is committed to a healthier environment, knowing that this is essential to its operations and the destinations it serves. Transat has been Travelife-certified since 2018. (TSX: TRZ) www.transat.com

Transat Achieves Record Q3 Profitability
Solid operating performance driven by sustained demand and higher yields
Transat raises once again its adjusted EBITDA margin target from 5.5-7% to 7.5-8% for the fiscal year

For the third quarter:

• Revenues of $746.3 million
• Adjusted EBITDA of $114.8 million
• Operating income of $64.4 million
• Net income of $57.3 million

Financial position:

• Unrestricted liquidity of $670.6 million as at July 31, 2023, up from $511.3 million at the same time last year due to a solid cash flow generation in the last 12 months
• Customer deposits for future travel of $819.9 million, an all-time high for a third-quarter, up 40% from July 31, 2022
• Land sale in Mexico completed on August 31 and net proceeds of C$50 million to be applied to debt reduction

MONTREAL, Sept. 14, 2023 /CNW/ – Transat A.T. Inc., a leisure travel reference worldwide, operating as an air carrier under the Air Transat brand, announced today its results for the third quarter ended July 31, 2023.

“Transat generated record adjusted EBITDA and net income for a third quarter, and its first net profit since the end of 2019. These results demonstrate strong overall execution and our ability to meet sustained customer demand in a cost-efficient way. Third-quarter revenues of $746.3 million were 6.8% above 2019 levels despite capacity being 14% less, while our record adjusted EBITDA of $114.8 million was nearly 85% higher. Robust demand for leisure travel produced yields 29% above those of 2019,” said Annick Guérard, President and Chief Executive Officer of Transat.

“Transat will conclude fiscal 2023 with solid momentum and, as a result, we are raising our adjusted EBITDA margin target from 5.5-7% to 7.5-8% for the year. Looking ahead to the winter season, the addition of three new A321LR and one A321ceo will contribute to increasing available capacity by 23% to be deployed on our best performing routes and promising new destinations. Early bookings are ahead of last year which, combined with firm pricing, bode well for the start of the new fiscal year,” concluded Ms. Guérard.

“From a financial perspective, our focus remains on debt reduction. In this regard, net proceeds from our recent land sale in Mexico of approximately C$50 million will be used to reduce our secured facilities. Although the second half usually produces negative free cash flows, our third-quarter performance improved by $45 million compared to last year, bringing our free cash flows generated by operations for the last twelve months to $153 million. This solid momentum raised unrestricted liquidity 31% above last year’s level, while record customer deposits for a third quarter are a strong indicator of resilient demand, which should allow Transat to further improve its financial position,” added Patrick Bui, Chief Financial Officer of Transat.

Third-quarter highlights

• For the third quarter, the Corporation generated $746.3 million in revenues, up $238.0 million from $508.3 million for the corresponding period of 2022. In 2022, the Corporation’s revenues were recovering from earlier sharp declines in demand and massive booking cancellations following the emergence of the Omicron variant.
• Transat recorded operating income of $64.4 million, an improvement of $157.6 million from a $93.2 million loss in 2022.
• Adjusted EBITDA amounted to $114.8 million, up $172.6 million from a loss of $57.8 million in 2022.
• Net income amounted to $57.3 million ($1.49 per share), compared with a net loss of $106.5 million ($2.82 per share) for the corresponding quarter of last year.
• Excluding non-operating items, Transat reported an adjusted net income of $42.3 million ($1.10 per share) for the third quarter of 2023, compared with an adjusted net loss of $120.9 million ($3.20 per share) in 2022.

Financial position

As at July 31, 2023, cash and cash equivalents amounted to $570.6 million, an increase of $159.2 million from $411.3 million at the same date in 2022. Cash and cash equivalents in trust or otherwise reserved resulting from travel package sales also improved year-over-year reaching $263.6 million as at July 31, 2023, compared with $213.5 million at the same date in 2022.

Reflecting the rebound in demand and higher average selling prices, customer deposits for future travel stood at $819.9 million, up 34% from pre-pandemic levels as at July 31, 2019, and up 40% from July 31, 2022.

In total, available financing amounted to a maximum of $963.3 million, of which $863.2 million was drawn down ($863.2 million as at July 31, 2022), for unrestricted liquidity¹ of $670.6 million. The unused amount of $100.0 million is available until October 29, 2023.

Outlook

To date, load factors for the fourth quarter are 2.2 percentage points lower than in 2019, while airline unit revenues, expressed in yield, remain 26% higher. The combination of sustained demand and firm pricing will allow the Corporation to cope with a cost environment that remains generally higher and volatile.

Considering the solid results achieved in the first nine months of fiscal 2023, the Corporation is raising the target for adjusted EBITDA margin from a range of 5.5% to 7% to a target of 7.5% to 8% for the year. In making these forward-looking statements, the Corporation adjusted its assumptions for the full year, including moderate growth in Canada’s GDP, an exchange rate of C$1.35 to US$1 and an average price per gallon of jet fuel of C$4.25. 

For the upcoming winter season, the recent addition of four aircraft (three A321LRs and one A321ceo) and enhanced fleet utilization will contribute to increasing available capacity by 23%, as the Corporation continues to methodically expand its offering. Current market trends regarding demand and pricing continue to bode well for the early stages of the new fiscal year.

Additional Information

The results were affected by non-operating items, as summarized in the following table: 

Highlights and non-IFRS financial measures
(In thousands of Canadian dollars)	Third quarter		Nine-month period
	2023	2022	2023	2022
Revenues	746,317	508,304	2,283,885	1,068,899
Operating income (loss)	64,375	(93,218)	45,012	(254,572)
Restructuring costs	1,007	—	3,350	—
Depreciation and amortization	53,752	38,173	137,623	112,144
Premiums related to derivatives that matured during the period	(4,352)	(2,779)	(11,728)	(2,779)
Adjusted operating income (loss)	114,782	(57,824)	174,257	(145,207)
Net income (loss)	57,303	(106,472)	(28,487)	(319,093)
Asset impairment	4,592	—	4,592	—
Restructuring costs	1,007	—	3,350	—
Change in fair value of derivatives	(12,168)	6,908	11,702	8,628
Revaluation of liability related to warrants	24,972	(14,506)	31,877	(13,697)
Foreign exchange (gain) loss	(29,052)	(1,706)	(36,014)	27,715
Loss (gain) on asset disposals	—	13	(2,511)	(4,005)
Gain on long-term debt modification	—	—	—	(22,191)
Premiums related to derivatives that matured during the period	(4,352)	(2,779)	(11,728)	(2,779)
Tax recovery on ABCP losses	—	(2,359)	—	(2,359)
Adjusted net income (loss)	42,302	(120,901)	(27,219)	(327,781)
Diluted earnings (loss) per share	1.49	(2.82)	(0.75)	(8.44)
Asset impairment	0.12	—	0.12	—
Restructuring costs	0.03	—	0.09	—
Change in fair value of derivatives	(0.32)	0.18	0.31	0.23
Revaluation of liability related to warrants	0.65	(0.38)	0.83	(0.36)
Foreign exchange (gain) loss	(0.76)	(0.05)	(0.93)	0.73
Loss (gain) on asset disposals	—	—	(0.07)	(0.11)
Gain on long-term debt modification	—	—	—	(0.59)
Premiums related to derivatives that matured during the period	(0.11)	(0.07)	(0.31)	(0.07)
Tax recovery on ABCP losses	—	(0.06)	—	(0.06)
Adjusted net earnings (loss) per share	1.10	(3.20)	(0.71)	(8.67)

			As at July 31, 2023	As at October 31, 2022
Cash and cash equivalents			570,592	322,535
Undrawn funds from credit facilities			100,000	100,000
Unrestricted liquidity			670,592	422,535

	Third quarter			Nine-month period
(In thousands of Canadian dollars)	2023	2022	Difference	2023	2022	Difference
	$	$	$	$	$	$
Cash flows related to operating activities	(7,534)	(62,724)	55,190	378,113	(117,793)	495,906
Cash flows related to investing activities	(4,136)	(9,992)	5,856	(21,896)	(25,001)	3,105
Repayment of lease liabilities	(40,407)	(24,191)	(16,216)	(109,947)	(83,600)	(26,347)
Free cash flow	(52,077)	(96,907)	44,830	246,270	(226,394)	472,664

About Transat

Founded in Montreal 35 years ago, Transat has achieved worldwide recognition as a provider of leisure travel, operating as an air carrier under the Air Transat brand. Voted World’s Best Leisure Airline by passengers at the 2023 Skytrax World Airline Awards, it flies to international destinations. By renewing its fleet with the most energy-efficient aircraft in their category, it is committed to a healthier environment, knowing that this is essential to its operations and the destinations it serves. Transat has been Travelife-certified since 2018. (TSX: TRZ) www.transat.com