Norwegian Air Shuttle Asa · OSL:NAS
Norwegian Air Shuttle Asa — Debt Investor Presentation (January 2021)
14 slides from Norwegian Air Shuttle Asa's debt investor presentation, Jan 27, 2021
Slide 1: Fordringshavermøte
Fordringshavermøte Norwegian Air Shuttle ASA January 27, 2021
Slide 2: Three stages of our journey
Three stages of our journey GREAT enterprise within future mobility From 2025 to 2030 GOOD & PROFITABLE organisation within the aviation industry From fall and until 2025 LICENSE to operate Until summer 2021 2
Slide 3: Adjusting the course – but NAS’ strategic compass remains true!
Adjusting the course – but NAS’ strategic compass remains true! Sales-oriented, sustainable & New & flexible personalized PEOPLE OFFER Institutionalize new CUSTOMER JOURNEY LEADERSHIP EXPECTATIONS Establish PERFORMANCE Restructure & strengthen Profitable year-round NETWORK that BALANCE SHEET MANAGEM
Slide 4: A de-risked airline focused on a strengthened short-haul network in Europe
A de-risked airline focused on a strengthened short-haul network in Europe Short-haul route network for Norwegian in 2022 Fleet reduction plan for summer 2021 Short-haul -62% -49% #68 aircraft in 140 operation 68 operational + 2 -37 103 No. of spare aircraft aircraft ~40 -50 53* *50 operational + 3
Slide 5: Flexible & cash focused approach to ramp-up in 2021
Flexible & cash focused approach to ramp-up in 2021 Ramp up Controlled, iterative ramp-up focused on cash-generation and minimizing risk 53* a/c Current operation Monitor demand Flexible aircraft costs Flexible staff costs Summer 2021 • Currently in "hibernation“ with • Expect COVID-cases to reduce
Slide 6: NAS is targeting a lean and simplified narrow-body operation
NAS is targeting a lean and simplified narrow-body operation Focused • Short-haul only and focused on core Nordic markets network • Selected established, proven routes in the portfolio • Simpler flying patterns allow for increased utilization • Long-term, predictable planning of both network & opera
Slide 7: Rightsized organization with an attractive employer brand
Rightsized organization with an attractive employer brand Red Nose Warriors-culture Lean, effective organization People development • ‘Tribe’ culture built through crisis • Rightsizing organization through restructuring • Leadership training for all Top 150 leaders • Dedicated staff willing to go th
Slide 8: An established customer brand with a unique market & customer position
An established customer brand with a unique market & customer position From 2002, Norwegian has grown to We have created an industry-leading Norwegian has built a special connection become the leading LCC in the Nordics by loyalty program with a very strong and with the Nordic customers who have off
Slide 9: Post restructuring ownership and plan
Post restructuring ownership and plan Ownership distribution post restructuring Restructuring plan 1) Cut aircraft debt with approximately NOK 39bn with dividend into 25% of post restructured company Existing shareholders 2) Convert unsecured creditors into a 2026 bond or receive Converted debtholde
Slide 10: Indicative proposal – subject to final terms
Indicative proposal – subject to final terms ➢ Unsecured creditors will receive [5 %] dividend equaling approximately [25 %] of the shares: • 50 % will be convertible 60 days following after NAS’ expected emergence from the Examinership and Reconstruction until the 30 August 2021 • 50 % will be conv
Slide 11: Post Examinership operations
Post Examinership operations Fleet ➢ Fleet plan aligned with estimated production plan and with flexibility on ramp-up ➢ Leased aircraft lease rates significantly reduced compared to pre-Covid period with PBH until March 2022 (no equity conversion for non-paid amount above PBH) • Remaining financed
Slide 12: A robust financial platform to prepare for a successful new Norwegian
A robust financial platform to prepare for a successful new Norwegian Clear, de-risked business plan based on core markets and flexible ramp-up Government of Norway to support and contribute to airline’s funding of new capital, pending certain conditions Fleet will be rightsized through Examinership
Slide 13: Targeting exit of Examinership in April
Targeting exit of Examinership in April Timing Additional comments Nov Dec Jan Feb Mar April 1) The restructuring process will be presented to the Irish Examiner in the start of February Lessors and Bank financiers process 2) The following processes will go on through February: 1) A legal process Bo
Slide 14: New Norwegian in summary
New Norwegian in summary • Select routes that have proven historical profitability Network • Network designed to retain position as leading LCC-carrier in the Nordics • Removing complexity and streamlining operations across the business Operations • Exiting long-haul operations • Loyal customer base
Norwegian Air Shuttle — Debt Investor Presentation (January 2021) on 6ix