Norse Atlantic Asa · OSL:NORSE
Norse Atlantic Asa — Norse Atlantic Airways — Corporate Update (September 2022)
14 slides from Norse Atlantic Asa's corporate update, Sep 22, 2022
Slide 1: Norse Atlantic Airways
Norse Atlantic Airways 22 September 2022
Slide 2: To Dream Is To Explore
To Dream Is To Explore Norse Atlantic Airways brings much needed competition into the transatlantic market Allowing customers to explore at an affordable price
Slide 3: Norse Atlantic Airways
Norse Atlantic Airways • Established and founded in March 2021 by Bjørn Tore Larsen, CEO and major shareholder. • Headquartered in Arendal, Norway and publicly traded on the Euronext Growth Exchange in Oslo, Norway. Began trading on the OTCQX Market in New York on September 22nd 2022. • Direct trans
Slide 4: Connecting Key hubs across the Atlantic
Connecting Key hubs across the Atlantic Summer 2022 Network Since Launch in June¹: • 100,000 Passengers flown • 388 Flights operated • 100% regularity • 2.4 million kms flown ¹ = up to 31 August 2022
Slide 5: Fleet Facts - Boeing Dreamliners
Fleet Facts 15 - Boeing 787 Dreamliners
Slide 6: Modern and more environmentally friendly aircraft
Modern and more environmentally friendly aircraft •A more comfortable cabin •25% lower CO2 emissions and 50% quieter than altitude, with cleaner air and the previous generation of aircraft still in better humidity operation with many major airlines globally •The largest windows on any jet •Lowest ca
Slide 7: Aircraft Delivery and Finance Arrangements
Aircraft Delivery and Finance Arrangements Flexible lease terms with power by the hour (PBH) 13 • 15 modern Dreamliners on long-term leases 12 • 13 received; 2 remaining to be delivered in Q422 10 10 9 • 12 year average remaining lease term at low cost 7 with no inflationary adjustments • PBH lease
Slide 8: Our People
Our People
Slide 9: Our advantage is our people
Our advantage is our people • As of 30 June 2022, the • Locally based crew in Norway, U.S., Company employed a total 468 UK and France. employees • Norse has collective union • 323 pilots and cabin crew agreements for all cabin crew in • 145 engineers, maintenance Norway, the UK and the US. personne
Slide 10: Key financials since first flight
Key financials since first flight 14 June to 31 August 2022 August July June Number of aircraft in fleet 13 13 11 June – Norse’s first flight Aircraft subleased out 4 4 2 • Oslo to New York (OSL-JFK), 14 June • Oslo to Miami (OSL-FLL), 18 June ASK (millions) 505 248 54 July – new route added RPK (mi
Slide 11: Balance sheet at 30 June 2022
Balance sheet at 30 June 2022 • Total liquidity $106 million • Current assets $133 million • Current liabilities $52 million • Aircraft lease liabilities $908 million • 11 of 15 aircraft delivered at 30 June 2022 • Average remaining lease length 12 years • Balance sheet does not include the positive
Slide 12: Cash flow H1 2022
Cash flow H1 2022 • Total liquidity $106 million: USD millions • $76 million free cash • $5m restricted cash • $24m investment in VTIP (US Treasury Inflation-Protected Securities)
Slide 13: Outlook
Outlook • Challenging winter season ahead • High global inflation, high aviation fuel price and uncertain traveler behaviour post-Covid • Norse will take a careful approach to adding new routes during Winter 2022 and will potentially thin its winter program in line with demand • Advantage of PBH fle
Slide 14: www.flynorse.com
« NORSE www.flynorse.com
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