Norse Atlantic Asa · OSL:NORSE
Norse Atlantic Asa — Q1 2024 Earnings Presentation
16 slides from Norse Atlantic Asa's earnings presentation, May 24, 2024
Slide 1: Norse Atlantic Airways Q1 2024 Presentation
Norse Atlantic Airways Q1 2024 Presentation he 14 May 2024
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: Norse Atlantic Airways – The Explorers' Airline
Norse Atlantic Airways – The Explorers´ Airline • • • • •
Slide 4: Highlights from first quarter
Highlights from first quarter 201,000 passengers across 862 flights Revenue increased 97% YoY, revenue per passenger up 30% YoY Load factor of 73% - up from 54% Q1 2023
Slide 5: Filling more seats at higher prices
Filling more seats at higher prices Increase in passenger numbers and Load Factor Airfare and ancillary sales growing Passengers Load factor USD per passenger + 45% 160,000 100% $450 90% 140,000 $400 $89 $87 80% $350 120,000 70% $300 $85 100,000 $74 60% $250 80,000 50% $200 $52 40% $349 60,000 $335
Slide 6: Ancillary level increasing
Ancillary level increasing Ancillary revenue per passenger USD + 48% $140 $131 $120 $120 $120 $116 $42 $33 $34 $100 $42 $78 $80 Norse’s fare model offers value and choice $26 $60 $87 $89 $85 $40 $74 $52 $20 $- Q1 - 2023 Q2 - 2023 Q3 - 2023 Q4 - 2023 Q1 - 2024 A la carte Bundles • Bundles are ancilla
Slide 7: Lowering cost and growing revenue
Lowering cost and growing revenue CASK improving RASK growing USD cent per ASK USD cent per ASK 8.0 7.0 - 28% + 14% 7.0 6.0 6.0 5.0 5.0 4.0 4.0 7.1 3.0 5.9 3.0 5.7 5.9 4.9 5.1 2.0 4.2 4.0 2.0 3.5 3.6 1.0 1.0 0.0 0.0 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Note
Slide 8: Strong operational performance
Strong operational performance % of flights completed and arriving on time Completion Punctuality (A15) 100.0 % 100% 90.0 % 90% 80.0 % 80% 70.0 % 70% 100% completion rate through Q1 60.0 % 60% 50.0 % 50% 40.0 % 40% 30.0 % 30% Improved on-time performance 20.0 % 20% through fall, weather-related dip
Slide 9: Income Statement
Income Statement 3 months 3 months 12 months USD thousands Q1 2024 Q1 2023 FY 2023 Revenue 78,242 39,757 439,436 • Q1 2024 revenue up 97% YoY due to; ⚬ 72% increased capacity (ASK) Personnel expenses 27,853 19,353 99,759 ⚬ 30% increased revenue per passenger ⚬ Load factor up to average of 73% over F
Slide 10: Cash Flow Statement
Cash Flow Statement 3 months 3 months 12 months USD thousands Q1 2024 Q1 2023 FY 2023 Operating cash flows before (30,211) (41,967) (44,610) WC1) movements WC1) movements 33,363 21,197 24,051 • Net cash outflow during first Operating cash flows 3,151 (20,771) (20,559) quarter’s seasonal low • Net pr
Slide 11: Balance Sheet
Balance Sheet Statement of financial position USD thousands 31 MAR 24 31 MAR 23 31 DEC 23 Total non-current assets 923,446 952,147 935,505 Credit card receivables 112,095 66,746 60,214 • USD112 million receivables from credit card companies for booked tickets Other receivables/current assets 40,439
Slide 12: An opportunistic strategy leading to a sustainable year-round business model
An opportunistic strategy leading to a sustainable year-round business model SUMMER WINTER • • • • •
Slide 13: Outlook
Outlook Building a profitable long-haul low-cost airline Activity Revenues Cost Control Profitability Operating fleet increasing Number of ticket sold YTD Continued cost control Aiming to achieve full year from 10 to 12 in 2024 and ‘24 +45%1 versus YTD ’23 across the business profitability in 2024.
Slide 14: Appendix
» Appendix
Slide 15: Key Operational Numbers
Key Operational Numbers Monthly break-down over last five quarters Jan23 Feb23 Mar23 Apr23 May23 Jun23 Jul23 Aug23 Sep23 Oct23 Nov23 Dec23 Jan24 Feb24 Mar24 Number of aircraft 15 15 15 15 15 15 15 15 15 15 15 15 15 15 15 in fleet Number of aircraft 5 5 5 5 5 5 5 5 5 5 5 5 5 5 4 subleased out ASK (mi
Slide 16: Contact
Contact: Investors: investor.relations@flynorse.com Media: media@flynorse.com