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Double digit revenue growth in Q2
• Group revenues of MNOK 3,170 in Q2 2012
Slide: 2
Pre‐tax profit improved by 50 million
– EBITDAR MNOK 680 (347)
– EBITDA MNOK 410 (137)
– EBIT MNOK 322 (73)
– Pre‐tax profit (EBT) MNOK 125 (75)
– Net profit MNOK 91 (54)
Slide: 3
EBT development Q2EBITDAR development Q2
Underlying EBT improvement of MNOK 187
4
• Realized fuel price up 7 % since last year – equivalent to MNOK 105
• More efficient aircraft saves MNOK 38 in fuel cost
• Handling of industrial actions with MNOK 70 earnings effect
105
70
125
75
262
75
38
0
100
200
300
Q2 2012Acutal
Fuel Priceincrease
More efficientaircraft reduceconsumption
Handling ofindustrialactions
UnderlyingQ2 2012
UnderlyingQ2 2011
Q2 2011Actual
EBT (M
NOK)
Result impr. M
NOK 187
Cash & cash equivalents of NOK 1.6 billion
5
• Cash flows from operations in Q2 2012 MNOK +571 (+275)
• Cash flows from investing activities in Q2 2012 MNOK ‐478 (‐756)
• Cash flows from financing activities in Q2 2012 MNOK ‐6 (+471)
• Cash and cash equivalents at period‐end MNOK +1,574 (+1,219)
1 219Cash1,574
1 443
Receivables1,777
5 310
Non‐current assets7,078
0
2 000
4 000
6 000
8 000
10 000
Q2 11 Q2 12
MNOK Equity
1,751 1 562
Pre‐sold tickets2,483 1 953
Othercurrent liabilities2,484
1 602
Long term liabilities3,712
2 854
Q2 12 Q2 11
• Total balance of NOK 10.4 billion
• Net interest bearing debt NOK 2.8 billion
• Equity of NOK 1.8 billion at the end of the second quarter
• Group equity ratio of 17 % (20 %)
Equity improved by MNOK 189 compared to last year
Slide: 6Slide: 6
Traffic growth of 12 % in Q2 2012
• Third party strike reduced traffic and load by 3 ‐ 4 p.p.
• Unit revenue (RASK) up 2 %
Slide: 7Slide: 7
ASK 261 642 940 1 324 1 763 2 974 3 469 4 449 5 518 6 357
Load Factor 61 % 67 % 78 % 79 % 79 % 78 % 78 % 75 % 78 % 76 %
61 %
67 %
78 % 79 % 79 % 78 % 78 %75 %
78 %76 %
0 %
20 %
40 %
60 %
80 %
100 %
0
1 000
2 000
3 000
4 000
5 000
6 000
Q2 03 Q2 04 Q2 05 Q2 06 Q2 07 Q2 08 Q2 09 Q2 10 Q2 11 Q2 12
Load
Factor
Available Seat KM (ASK)
ASK Load Factor+ 15 %
Pax (mill) 0.3 0.6 0.9 1.3 1.6 2.3 2.8 3.2 4.0 4.5
0.0
1.0
2.0
3.0
4.0
5.0
Q2 03 Q2 04 Q2 05 Q2 06 Q2 07 Q2 08 Q2 09 Q2 10 Q2 11 Q2 12
Passengers (m
illion)
+ 11 %
• An increase of 430,000 passengers
• Growth reduced by industrial actions
4.5 million passengers in Q2 2012
Slide: 8Slide: 8
27 %
40 %
9 %
18 %
7 %
n/a
31 %
45 %
12 %
16 %
9 %
21 %
31 %
44 %
15 %
24 %
10 %
21 %
29 %
43 %
17 %
24 %
12 %
33 %
0 %
10 %
20 %
30 %
40 %
50 %
InternationalFrom Oslo Airport (OSL)
DomesticFrom Oslo Airport (OSL)
InternationalFrom Stockholm Airport
(ARN)
DomesticFrom Stockholm Airport
(ARN)
InternationalFrom Copenhagen Airport
(CPH)
DomesticFrom Copenhagen Airport
(CPH)
Market Sh
are Norw
egian (Q2)
+ 12,000 pax
‐ 48,000 pax
+ 117,000 pax
+ 18,000 pax
+ 155,000 pax
+14,000 pax
Q2 10
Q2 09
Q2 11
Q2 12
Q2 10
Q2 09
Q2 11
Q2 12
Q2 10
Q2 11
Q2 12
Q2 10
Q2 09
Q2 11
Q2 12
Q2 12
Q2 10
Q2 09
Q2 11
Q2 12
Continued strong international growth in Q2
Norwegian in Oslo‐ 36,000 pax
Norwegian in Stockholm+ 135,000 pax
Norwegian in Copenhagen+ 169,000 pax
• The Helsinki operation grew with 41,000 pax in Q2
• Flights to and from Norway affected by industrial actions
Cost per ASK (CASK) (NOK) 0.47 0.47 0.46 0.46
CASK ex. fuel 0.38 0.34 0.31 0.31
0.38
0.34
0.31 0.31
0.09
0.12
0.15 0.15
0.30
0.35
0.40
0.45
0.50
Q2 09 Q2 10 Q2 11 Q2 12
Operating cost EBITDA level per ASK
(CASK)
Fuel share of CASK
CASK excl fuel
‐ 1 %
Unit cost ex. fuel down 1 %
Slide: 10Slide: 10
• Unit cost inc. fuel up 1 %– 5 % higher NOK denominated spot fuel price
– 7 % higher realized fuel price per ton (including fuel hedges and EU ETS costs)
• More efficient aircraft saved MNOK 38 in fuel cost in Q2
Norwegian hedges USD/NOK to counter foreign currency risk exposure on USD denominated borrowings translated to the prevailing currency rate at each balance sheet date. Hedge gains and losses are according to IFRS recognized under operating expenses while foreign currency gains and losses from translation of USD denominated borrowings are recognized under financial items and is thus not included in the CASK concept. Hedge effects offset under financial items have not been included in this graph.
• Flying cost of 737‐800 lower than 737‐300• 737‐800 has 38 “free” seats• 4 % lower unit fuel consumption in Q2
Norwegian aiming for FY CASK NOK 0.30 excluding fuel
11
Scale economiesScale economies New more efficient aircraftNew more efficient aircraft Growth adapted to int’l marketsGrowth adapted to int’l markets
Crew and aircraft utilizationCrew and aircraft utilization Optimized average stage lengthOptimized average stage length AutomationAutomation
• Uniform fleet of Boeing 737‐800s• Overheads
• Fixed costs divided by more ASKs• Frequency based costs divided by more ASKs• Q2 stage length up by 3 %
• Cost level adapted to local markets• Outsourcing/ Off‐shoring
• Rostering and aircraft slings optimized• Q2 utilization of 10.7 BLH pr a/c
• Self check‐in/ bag drop• Automated charter & group bookings• Streamlined operative systems & processes
Establishing a second base in Spain
12
Non‐stop flights Las PalmasNon‐stop flights Las Palmas Non‐stop flights MalagaNon‐stop flights Malaga
• Flights to and from Spain will increase by 60 %
• 350 weekly flights to and from Spain during Winter 2012/13
Ancillary revenue remains a significant contributor
13
• Ancillary revenue comprises 11 % of Q2 revenues
• NOK 78 per scheduled passenger (equivalent to last year)
Current committed fleet plan
14
• 13 new 800 deliveries in 2012
• Short term shortage of 800’s– Temporarily covered by existing 300’s (2012 CASK guidance unaffected)
• First 787‐8 Dreamliner deliveries expected in Q1 2013
• Business environment– Increased economic uncertainty in parts of Europe
– Seasonal fluctuations
– Continued but stabilized yield pressure
• Production– The company expects a production growth (ASK) in excess of 15 %
– Primarily from increasing the fleet by adding 737‐800’s
– Capacity deployment depending on development in the overall economy and marketplace
• Cost development– Unit cost expected in the area of 0.43 – 0.44 (excluding hedged volumes)
• Fuel price dependent – USD 850 pr. ton (excluding hedged volumes)
• Currency dependent – USD/NOK 6.00 (excluding hedged volumes)
• Based on the currently planned route portfolio
• Production dependent
• Larger share of aircraft with more capacity and lower unit cost
Expectations for 2012
Slide: 15Slide: 15
Slide: 17
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