Norse Atlantic Asa · OSL:NORSE
Norse Atlantic Asa — Norse Atlantic Airways — Q4 2023 Earnings Presentation
15 slides from Norse Atlantic Asa's earnings presentation, Feb 28, 2024
Slide 1: Norse Atlantic Airways Q4 2023 Presentation
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Slide 2: Disclaimer
Disclaimer This presentation and its appendices (the "Presentation") has been produced by Norse Atlantic ASA (the "Company", and together with its direct and indirect subsidiaries, the "Group"). This Presentation has been prepared for information purposes only, and does not constitute or form part o
Slide 3: Highlights from the quarter and the full year
Highlights from the quarter and the full year 1 Successful completion of first full year of operations, validating long-haul low-cost 2 Carrying almost one million passenger across 4,000 flights over the full year 3 Q4 revenue increased 104% YoY, revenue per passenger up 42% YoY 4 Q4 load factor of
Slide 4: Strong operational performance
Strong operational performance % of flights completed and arriving on time Completion Punctuality (A15) 100,0 % 100% • 100% completion 90,0 % 90% rate through Q4 80,0 % 80% • Generally strong 70,0 % 70% completion rates 60,0 % 60% through the year, including 100% 50,0 % 50% through all peak 40,0 % 4
Slide 5: Both scale and pricing on positive trend
Both scale and pricing on positive trend Number of passengers and load … while both airfare and ancillary factors increasing YoY... sales are growing YoY Passengers Load factor USD per passenger + 42% 160 000 100% 450 90% 400 140 000 89 87 80% 350 120 000 70% 300 85 100 000 60% 250 80 000 50% 45 200
Slide 6: Lowering the cost and growing the revenue
Lowering the cost and growing the revenue CASK still improving YoY… …as RASK continues to grow YoY USD cent per ASK USD cent per ASK 8,0 7,0 - 21% + 13% 7,0 6,0 6,0 5,0 5,0 4,0 4,0 7,1 3,0 5,9 6,3 5,7 3,0 5,9 4,9 4,2 2,0 2,0 3,7 3,5 3,6 1,0 1,0 0,0 0,0 • Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q4 20
Slide 7: Ancillary stabilizing at attractive levels
Ancillary stabilizing at attractive levels Ancillary revenue per passenger USD • Norse’s fare model provides pricing flexibility to + 64% $140 passengers $131 $120 $120 $120 • Ancillary revenue consists of: $42 ⚬ Upgrades to Premium cabin $100 $33 $34 ⚬ Extra baggage ⚬ Seat selection $80 $78 $73 ⚬ F
Slide 8: Income Statement
Income Statement First quarter of profit as capacity and revenue increase largely during summer season 3 months 3 months 12 months 12 months USD thousands Q4 2023 Q4 2022 FY 2023 FY 2022 • Q4 2023 revenue up 104% YoY due to; Revenue 94,782 46,428 439,436 104,269 ⚬ 81% increased capacity (ASK) ⚬ 42%
Slide 9: Cash Flow Statement
Cash Flow Statement 3 months 3 months 12 months 12 months USD thousands Q4 2023 Q4 2022 FY 2023 FY 2022 Operating cash flows before (34,827) (35,553) (39,054) (90,862) WC1) movements • Free cash increased by USD 12 WC1) movements 13,973 22,101 18,496 22,223 million during Q4 2023 Operating cash flow
Slide 10: Balance Sheet
Balance Sheet Statement of financial position USD thousands 31 DEC 23 31 DEC 22 Total non-current assets 935,505 973,038 • USD 20 million refundable aircraft lease deposits carried at $16 million Credit card receivables 60,214 31,371 • USD 60 million receivables from credit card Other receivables/
Slide 11: Summary and Outlook
Summary and Outlook Building a profitable long-haul low-cost transatlantic airline Strategy and business • Successful completion of first full year of operations case validated • CASK still decreasing YoY, on journey to validate long-haul low-cost • Q4 production in terms of ASK up by 81% YoY Increa
Slide 12: Norse will be...
Norse will be... The first truly low-cost sustainable transatlantic airline The lowest unit cost airline amongst peers The highest ancillary revenue per passenger in the industry The lowest emissions per passenger versus lon: The most affordable and best value transatlantic product ( NORSE
Slide 13: Appendix
= Appendix
Slide 14: Key Operational Numbers
Key Operational Numbers Monthly break-down over last five quarters Oct22 Nov22 Dec22 Jan23 Feb23 Mar23 Apr23 May23 Jun23 Jul23 Aug23 Sep23 Oct23 Nov23 Dec23 Number of aircraft 14 14 15 15 15 15 15 15 15 15 15 15 15 15 15 in fleet Number of aircraft 4 4 5 5 5 5 5 5 5 5 5 5 5 5 5 subleased out ASK (mi
Slide 15: Contact
Contact: Investors: investor.relations@flynorse.com Media: media@flynorse.com
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