Norwegian Air Shuttle Asa · OSL:NAS
Norwegian Air Shuttle Asa — Q1 2022 Earnings Presentation
16 slides from Norwegian Air Shuttle Asa's earnings presentation, May 13, 2022
Slide 1: Presentation of first quarter 2022
Presentation of first quarter 2022 13 May 2022
Slide 2: Highlights
Highlights Number of passengers Operating loss (EBIT) limited to NOK 849 million this quarter – omicron and macro headwinds – adjusting capacity to demand 2,215,860 Traffic figures improving through Q1 and into April Load factor 76.9% Protecting strong liquidity position – cash & equiv. at NOK 7.5 b
Slide 3: Traffic figures developing positively
Traffic figures developing positively Traffic – PAX per month, load factor and yield Summer program started 27 March 1,6 00 0.8 7 1,400 90. 0% 83% 1,4 00 81% 80% 0.8 2 77% 79% Stable load factor with increased 80. 0% 1,203 1,2 00 71% 0.7 7 capacity in April 70% – production up 51% MoM 70. 0% 1,005 0
Slide 4: Sales momentum increasing into summer
Sales momentum increasing into summer Booking momentum 7-day rolling sales figures (abs) – All markets* Strong uptick in sales ahead of summer Fares significantly up from 2019 Ukraine invasion Increased consumer confidence with longer booking curve Strong pent-up demand for leisure travel Summer pro
Slide 5: Corporate travelers choosing Norwegian
Corporate travelers choosing Norwegian Corporate share of ticket revenue (Jan.-Apr.) Corporate travel significantly above 2019 – “unidentified” corporate travelers not included Preferred travel partner – regularity 99.4% in quarter – strong on-time performance and few cancellations 2019* 2022 Higher
Slide 6: Financial results for Q1 2022
Financial results for Q1 2022
Slide 7: Quarterly financial highlights
Quarterly financial highlights Revenues Unit revenue - total Passenger traffic (million RPK) 3,563 0.54 2,976 Traffic and fares increasing through quarter 0.48 0.46 Ancillary NOK 155 per pax 142 Q1 2021 Q4 2021 Q1 2022 Q1 2021 Q4 2021 Q1 2022 Profits EBITDAR (NOK million) 114 -1,113 Limiting losses
Slide 8: Q1 earnings – limiting losses in difficult quarter
Q1 earnings – limiting losses in difficult quarter NOK million Q1 2022 Q4 2021 Passenger revenue 1,513 2,032 Ancillary passenger revenue 344 444 Other revenue 59 75 Total operating revenue 1,916 2,550 Personnel expenses 633 644 OPEX 10% lower from Q4 2021 Aviation fuel 634 725 – no furlough during o
Slide 9: Balance sheet – cash burn kept to minimum
Balance sheet – cash burn kept to minimum 31 Mar. 31 Dec. NOK million 2022 2021 Net interest bearing debt Intangible assets 2,069 2,071 Tangible fixed assets 6,795 6,768 31 Mar. 31 Dec. Chng. NOK million Total non-current assets 9,075 8,961 2022 2021 (QoQ) Receivables 3,418 2,153 Holdback (%) reduce
Slide 10: Cash flow – cash burn kept to minimum
Cash flow – cash burn kept to minimum NOK million Opening balance (31 Dec. 2021) 7,695 Positive CF from operating activities in seasonally weakest quarter Q1 operating loss Operating activities +107 Reduced holdback Increased air traffic liabilities improving liquidity outlook Investing activities +
Slide 11: The way forward
The way forward
Slide 12: Ramping up - aircraft for peak summer
Ramping up - 70 aircraft for peak summer Solving “winter problem” with seasonal flexibility 19 aircraft with power-by-the hour 9 additional aircraft sourced (PBH) for winter 2022/23 for summer New fuel-efficient aircraft reduce emissions and saves cost Utilising technology to improve operational eff
Slide 13: Summary
Summary Starting to capitalise on strong pent-up demand Strong outlook for production, load and yields Fleet increasing to 70 aircraft – 85 for summer 2023 Targeted marketing and sales efforts Market-leading reward program Robust balance sheet and flexible cost structure Preserved liquidity through
Slide 14: Fly Norwegian
Fly Norwegian Book tickets at Norwegian.com
Slide 15: Appendix
Appendix
Slide 16: 20 largest shareholders as of 31 March 2022
20 largest shareholders as of 31 March 2022* Name Country Number of shares Per cent 1 Geveran Trading Company, Ltd. Cyprus 125,698,801 13.5 % 2 Sundt AS Norway 105,003,198 11.3 % 3 Folketrygdfondet Norway 61,302,613 6.6 % 4 Silver Point Capital, L.P. United States 56,243,500 6.1 % 5 DNB Asset Manage
Norwegian Air Shuttle — Q1 2022 Earnings Presentation on 6ix