Norwegian Air Shuttle Asa · OSL:NAS
Norwegian Air Shuttle Asa — Investor Presentation (April 2021)
18 slides from Norwegian Air Shuttle Asa's investor presentation, Apr 14, 2021
Slide 1: Company presentation
Company presentation 14 April 2021 Jacob Schram, CEO Geir Karlsen, CFO
Slide 2: Disclaimer
Disclaimer By receiving this company presentation (the “Presentation”) or attending any meeting or oral presentation held in relation thereto, you (the “Recipient”) agree to be bound by the following terms, conditions and limitations. This Presentation has been prepared by Norwegian Air Shuttle ASA
Slide 3: A restructured and investable New Norwegian built on its unique market and customer position
A restructured and investable New Norwegian built on its unique market and customer position Strategy & Short-haul only & focused on four Nordic source markets. Established, proven routes in the portfolio positioning Brand & No 1 or 2 position in core markets with strongest top of mind brand awarene
Slide 4: Highly qualified and diverse Executive Team and a very strong Red Nose Warrior people platform & culture
Highly qualified and diverse Executive Team and a very strong Red Nose Warrior people platform & culture CEO Jacob Schram Finance & Control People Geir Karlsen Guro Halvorsen Poulsen IT & Business Communications & Services Public Affairs Knut Olav Irgens Høeg Anne-Sissel Skånvik Network, pricing and
Slide 5: Norwegian post restructuring is a de-risked airline focused solely on a strengthened short-haul network in Europe
Norwegian post restructuring is a de-risked airline focused solely on a strengthened short-haul network in Europe Short-haul route network for Norwegian Rationale Short-haul -68% #68 aircraft in operation 100,031 -41% ASKs (mill.) ~40 & aircraft at 53,628 year-end 156 ~32,000 *68 operational + 2 119
Slide 6: No 1 or 2 position in all core markets with strongest top of mind brand awareness
No 1 or 2 position in all core markets with strongest top of mind brand awareness Since 2002, Norwegian has grown to become the leading LCC … and built a special connection with the Nordic customers who in the Nordics by offering quality at an affordable price… have learned to know and love the bran
Slide 7: To leverage the attractive loyalty program as a means to drive market share in the new competitive environment
To leverage the attractive loyalty program as a means to drive market share in the new competitive environment Industry-leading loyalty program to drive market shares While closely managing liquidity risk Nordic Reward members (million) • Reward program frozen1 as of Feb 1, 2021 Norway 1,80 • Curren
Slide 8: Norwegian has clear advantages in a ramp-up environment
Norwegian has clear advantages in a ramp-up environment Win back the Nordic customer Cash-accretive operation Customer needs Operational requirements Attractive • The cost position & network Aircraft • Retain aircraft on Power-by- prices strength to offer highly flexibility the-Hour (PBH) terms; if
Slide 9: Norwegian is strongly positioned to win
Norwegian is strongly positioned to win Ultra low-cost Start-ups Legacy Norwegian competes on Norwegian competes on Norwegian competes on QUALITY SCALE PRICE BRAND • Compete on quality of service: • Stronger network breadth & depth in • Compete on price from sustainably Good quality The Reliable & I
Slide 10: Competitive cost position already in 2022
Competitive cost position already in 2022 Competitive cost level Clear strategic position – with further ambition on cost CASK ex. fuel (NOK)1 60 Compete on PRICE 55 SAS 50 0.39 Finnair 45 Firm ambition to strengthen easyJet COST EFFICIENCY 40 NAS 2022E CASK affected by > reduced sector length with
Slide 11: To emerge with a rightsized, lean and efficient organization
To emerge with a rightsized, lean and efficient organization Developed a strong organization over the past year Est. full-time equivalents (FTE) per aircraft • Rightsized organization for ~50 A/C short-haul operation with all long- haul resources terminated 46 • High crew utilization1 within commerc
Slide 12: Higher operational efficiency with a focused, streamlined operation
Higher operational efficiency with a focused, streamlined operation Major steps taken to simplify operations • Consolidated AOC-structure with one EU and one Norwegian AOC with full flexibility on crew and clear accountability • Removed complexity of long-haul and other types of production outside c
Slide 13: Thoroughly restructured and flexible ownership costs
Thoroughly restructured and flexible ownership costs Evolution of the fleet in the past 12 months Implications of fleet restructuring 147 140 47x leased 1. Aircraft debt reduction – total aircraft debt reduced by ~90% 37 37 4x owned 51 2. No outstanding order – cancelled two aircraft orders (185 uni
Slide 14: Summary of the capital raise
Summary of the capital raise Item Amount Description Directed towards shareholders as of the record date (to be determined by the board) Up to Rights Offering Subscription period to commence following approval of prospectus by the Norwegian FSA NOK 400m Eligible shareholders will receive tradeable s
Slide 15: Illustrative issue price and ownership considerations
Illustrative issue price and ownership considerations Previously communicated pro-forma ownership Ownership based on increased deal size Ownership based on NOK 4,500m capital raise Ownership based on NOK 6,000m capital raise Pro-forma ownership Pro-forma ownership Fully diluted Fully diluted # share
Slide 16: Total liabilities reduced by > NOK 35bn compared to Q4 2020
Total liabilities reduced by > NOK 35bn compared to Q4 2020 Liabilities reduction1) Estimated total liabilities > NOK 35bn reduction 56,178 NOKm Target Aircraft financing ~[6,000]-[7,000] NAS 13 750 13,289 NAS 09 [250] Retained claims [3,750] 3,426 1,532 Total interest bearing debt2) ~[10,750]-[11,7
Slide 17: Timeline
Timeline Date Event Assumptions and considerations Thur 11 Mar Irish Scheme proposal launched Norwegian Reconstruction Plan launched Same day as Irish launch Earliest possible Ch. 15 filing Requires advance notice to US counsel of final draft Scheme proposals; sign-off on draft pleadings; certified
Slide 18: Fly Norwegian
Fly Norwegian Book tickets at Norwegian.com
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