Norwegian Air Shuttle reports operating loss in 4Q2011

Norwegian Air Shuttle revenue up 18% - financial highlights:

• Three months ended 31-Dec-2011:
  • Operating revenue: EUR337.2 million, +18% year-on-year;
    • Ancillary passenger revenue: EUR38.9 million, +14%;
  • Operating costs: EUR308.5 million, +20%;
    • Fuel: EUR105.5 million, +56%;
    • Labour: EUR62.3 million, +13%;
  • EBIT (loss): (EUR11.3 million), compared to a loss of EUR4.2 million in p-c-p;
  • Net profit (loss): (EUR17.7 million), compared to a loss of EUR3.1 million in p-c-p;
  • Yield: EUR 6.8 cents, -3%;
  • Revenue per ASK: EUR 5.3 cents, -1%;
  • Cost per ASK: EUR 6.1 cents, -2%;
  • Cost per ASK excl fuel: EUR 4.3 cents, -11%;
• 12 months ended 31-Dec-2011:
  • Operating revenue: EUR1400 million, +23%;
    • Ancillary passenger revenue: EUR162.8 million, +18%;
  • Operating costs: EUR1196 million, +21%;
    • Fuel: EUR244.1 million, +20%;
    • Labour: EUR406.2 million, +48%;
  • EBIT: EUR55.3 million, +97.9%;
  • Net profit: EUR16.2 million, -28.6%;
  • Passenger numbers: 15.7 million, +20%;
  • Load factor: 79%, +2 ppts;
  • Yield: EUR 6.9 cents, stable;
  • Revenue per ASK: EUR 5.5 cents, +2%;
  • Cost per ASK: EUR 6.0 cents, -3%;
  • Cost per ASK excl fuel: EUR 4.1 cents, -11%;
  • Total assets: EUR1197 million, +36%;
  • Cash and cash equivalents: EUR146.9 million, -6%;
  • Total liabilities: EUR938.3 million, +46%;
• FY2012 forecast:
  • Capacity (ASK): +15%;
  • Cost per ASK excl hedged volumes: EUR 5.72 cents to EUR 5.85 cents. [more - original PR]

*Based on the conversion rate at EUR1 = NOK7.52204

Norwegian Air Shuttle: "The demand for travelling with Norwegian and advance bookings has been satisfactory entering the first quarter of 2012. Norwegian will continue to take advantage of its increasing competitive power realized through continuous cost cutting, and from introducing larger aircraft (737-800Ws), with a lower operating cost. Going forward, the Company expects continued competitive pressure. Pricing and production appear to have been adjusted recently to reflect the market situation." Source: Company statement, 16-Feb-2012.