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Norwegian Air Shuttle revenue up 8.4%, profitable in 4Q2009

12-Feb-2010 3:55 PM

Norwegian Air Shuttle revenue up 8.4% - financial/traffic highlights:

  • Three months ended 31-Dec-2009:
    • Operating revenue: EUR217.2 million, +8.4% year-on-year;
    • Operating cost: EUR191.7 million, -6.9%;
      • Labour: EUR44.2 million, +12.9%;
      • Fuel: EUR38.8 million, -47.7%;
    • EBITDAR: EUR25.4 million, compared to a loss of EUR5.6 million in the previous corresponding period;
    • EBITDA: EUR6.2 million, compared to a loss of EUR20.9 million in the previous corresponding period;
    • EBIT: EUR940,447, compared to a loss of EUR24.7 million in the previous corresponding period;
    • Profit before tax: EUR1.1 million, compared to a loss of EUR24.5 million in the previous corresponding period;
    • Net profit: EUR98,263, compared to a net loss of EUR17.1 million in the previous corresponding period;
    • Passenger numbers: 2.8 million, +26.0%;
    • Load factor: 76%, stable;
    • Yield: EUR 7.20 cents, -13.4%;
    • Unit revenue: EUR 5.46 cents, -13.7%;
    • Unit cost: EUR 6.21 cents, -21.9%;
    • Unit cost excl fuel: EUR 4.96 cents, -7.0%;
    • Ancillary revenue per passenger: EUR 9.25 cents, +20.6%;
  • 12 months ended 31-Dec-2009:
    • Operating revenue: EUR906.8 million, +17.4%;
    • Operating cost: EUR740.5 million, -1.0%;
      • Fuel: EUR171.8 million, -35.8%;
      • Labour: EUR161.7 million, +20.7%;
    • EBITDAR: EUR166.4 million, +571.1%;
    • EBITDA: EUR89.4 million, compared to a loss of EUR25.8 million in the previous corresponding period;
    • EBIT: EUR71.0 million, compared to a loss of EUR41.9 million in the previous corresponding period;
    • Net profit: EUR55.4 million, up from 489,454 in the previous corresponding period;
    • Passenger numbers: 10.8 million, +18%;
    • Load factor: 78%, -1 ppt;
    • Yield: EUR 7.45 cents, +3.2%;
    • Unit revenue: EUR 5.83 cents, +4.1%;
    • Unit cost: EUR 6.08 cents, +12.5%;
    • Unit cost excl fuel: EUR 4.72 cents, +1.8%;
    • Ancillary revenue per passenger: EUR 9.10 cents, +44.5%;
  • 2010 Forecast:
    • Capacity (ASKs): +30%;
    • Unit cost: EUR 6.08 cents to EUR 6.20 cents, assuming fuel price of USD850 per tonne and exchange rate of USD/NOK6.00. [more]

*Based on the conversion rate at EUR1 = NOK8.06

Norwegian Air Shuttle: “The demand for travelling with Norwegian and advanced bookings has been satisfactory entering the first quarter of 2010. Norwegian has executed several sales and marketing campaigns that have been well received by the market, and continue to attract customers to the continuously growing route portfolio. The current macro economic outlook is uncertain. Norwegian will closely monitor the traffic development and will make adjustments to the route portfolio as necessary. For 2010 Norwegian anticipate a production growth (ASK) by up to 30 % mainly from replacing Boeing 737-300 with 737-800. Norwegian may decide to adjust capacity deployment depending on the development in the overall economy and in the marketplace. Assuming a fuel price of USD 850 pr ton and USD/NOK 6.00 the company is targeting a unit cost (CASK) in the area NOK 0.49 – 0.50 for 2010,” Company statement. Source: Norwegian Air Shuttle, 11-Feb-2010.