Norwegian Air Shuttle Asa · OSL:NAS
Norwegian Air Shuttle Asa — Q1 2023 Earnings Presentation
18 slides from Norwegian Air Shuttle Asa's earnings presentation, May 12, 2023
Slide 1: Presentation of first quarter 2023
Presentation of first quarter 2023 12 May 2023
Slide 2: Highlights
Highlights Quarterly loss (EBT) limited to NOK 992 million Number of passengers – utilising fleet flexibility to reduce quarterly loss in low-season this quarter – capacity reduced 20-30% – liquidity position NOK 8.6 billion – strong quarterly cash flow 3,808,855 Ramping up for strong summer – booki
Slide 3: Ramp-up following reduced winter capacity
Ramp-up following reduced winter capacity 2,2 00 Traffic – PAX per month, load factor and yield Fleet flexibility to minimise winter 90. 0% 86% 1,887 0.87 2,0 00 84% cash-burn 81% 83% – PBH in place through Q1 0.84 79% – capacity reduced 20-30% 1,8 00 78% 78% 0.81 1,672 80. 0% 1,6 00 0.78 0.77 1,502
Slide 4: Strong booking momentum
Strong booking momentum 7-day rolling sales figures (abs) – All markets2) Strong momentum through spring Diversified bookings across travels months for domestic, beach and city destinations Booking momentum robust also after sales campaigns Booked fares significantly above previous years – avg. June
Slide 5: Financial results for Q1 2023
Financial results for Q1 2023
Slide 6: Quarterly financial highlights
Quarterly financial highlights Revenues Unit revenue - total Passenger traffic (million RPK) 0.64 5,656 Unit revenue robust in seasonally weakest quarter 0.63 4,886 – up 31% from last year 2,976 0.48 Ancillary NOK 158 per pax Q1 2022 Q4 2022 Q1 2023 Q1 2022 Q4 2022 Q1 2023 Profits EBITDAR (NOK milli
Slide 7: Q1 earnings – minimising loss during winter
Q1 earnings – minimising loss during winter Chng. NOK million Q1 2023 Q1 2022 (YoY) Passenger revenue 3,191 1,513 Ancillary passenger revenue 604 344 Other revenue 181 59 Total operating revenue 3,975 1,916 +107% Unit revenue up 31% Personnel expenses 920 633 Aviation fuel 1,539 634 +143% Fuel eleva
Slide 8: Maintenance expenses – accounting policy change
Maintenance expenses – accounting policy change Heavy Maintenance for Leased Aircraft Adjustment of Comparative Financial Information Ful l year Q1 2023 Aligning treatment of heavy maintenance between leased and Unaudited (in NOK million) 2022 owned aircraft Technical maintenance expenses, previous
Slide 9: Protecting robust balance sheet in winter
Protecting robust balance sheet in winter 31 Mar. 31 Dec. Chng. NOK million 2023 2022 (QoQ) Intangible assets 2,097 2,090 Net interest bearing debt Tangible assets 13,207 10,078 Total non-current assets 15,818 12,625 +25% Additional leased aircraft 31 Mar. 31 Dec. Chng. NOK million 2023 2022 (QoQ) R
Slide 10: Cash flow – strong cash position
Cash flow – strong cash position NOK million Opening balance (31 Dec. 2022) 7,759 Improving strong liquidity position – ETS fee payment and bond Operating loss repurchase totalling NOK 750m in Q1 Operating activities +1,614 Forward bookings and reduced holdback Holdback at 32% – down from 39% at yea
Slide 11: The way forward
The way forward
Slide 12: Taking lead role for sustainable aviation
Taking lead role for sustainable aviation Partners up with Norsk e-Fuel Landmark partnership to build world’s first full scale e-fuel plant in Mosjøen, Norway Over NOK 50 million investment for minority equity stake Sustainable aviation fuels (SAF) key to reach 45% emissions target Covering 20% of S
Slide 13: Attracting business travellers with robust operations
Attracting business travellers with robust operations Capturing Corporate Market Share Relaunching Norwegian Reward From first flight Earn CashPoints Corporate market revenue 8+ flights CashPoint Boost! Choose extra benefit 16+ flights – incl. fast track or cabin bag! 24+ flights One more benefit! N
Slide 14: Summary
Summary Record summer ahead Attractive route network with close to 300 routes Strong bookings at improving fare level Secured fleet additions in spite of delivery delays – fleet increasing to 81 aircraft – serving passengers solely with Norwegian operated flights Strong brand loyalty and robust oper
Slide 15: Book tickets at Norwegian.com
Book tickets at Norwegian.com
Slide 16: Appendix
Appendix
Slide 17: 20 largest shareholders as of 31 March 2023
20 largest shareholders as of 31 March 2023* Name Country Number of shares Per cent 1 Geveran Trading Company, Ltd. Cyprus 114,800,512 12.3 % 2 Sundt AS Norway 96,843,552 10.4 % 3 Folketrygdfondet Norway 40,573,605 4.4 % 4 Silver Point Capital, L.P. United States 39,745,000 4.3 % 5 Ballyfin Aviation
Slide 18: Disclaimer
Disclaimer Certain statements included in this presentation contain forward-looking statements, such as statements of future expectations. Although the statements provided are based on the best reasonable assumptions of management of Norwegian Air Shuttle ASA (“Norwegian”), the statements are based
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