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13-Jul-2012 1:17 PM

Norwegian Air Shuttle back in the black in 2Q2012

Norwegian Air Shuttle revenue up 16% – financial highlights:

  • Three months ended 30-Jun-2012:
    • Operating revenue: NOK3170 million (EUR419.3 million), +16.3% year-on-year;
      • Ancillary: NOK339 million (EUR44.8 million), +9.7%;
    • Operating costs: NOK2490 million (EUR329.4 million), +4.7%;
      • Fuel: NOK966.4 million (EUR127.8 million), +19.5%;
      • Labour: NOK483.8 million (EUR64.0 million), +7.1%;
    • EBITDA: NOK410 million (EUR54.2 million), +200.1%;
    • EBIT: NOK322.3 million (EUR42.6 million), +343%;
    • Net profit: NOK90.5 million (EUR12.0 million), +68.5%;
    • Passenger numbers: 4.5 million, +11%;
    • Load factor: 76%, -2 ppts;
    • Yield: NOK0.57 (EUR 7.54 cents), +5%;
    • Revenue per ASK: NOK0.44 (EUR 5.82 cents), +2%;
    • Cost per ASK: NOK0.43 (EUR5.69 cents), -7%;
    • Cost per ASK excl fuel: NOK0.28 (EUR3.70 cents), -13%;
  • Six months ended 30-Jun-2012:
    • Operating revenue: NOK5530 million (EUR730.1 million), +19.7%;
    • Operating costs: NOK5102 million (EUR673.6 million), +13.3%;
      • Fuel: NOK1732 million (EUR228.7 million), +26.4%;
      • Labour: NOK995.6 million (EUR131.5 million), +10.0%;
    • EBITDA (loss): (NOK87.1 million) (EUR11.5 million), compared to a loss of NOK293 million (EUR38.7 million) in p-c-p;
    • Net profit (loss): (NOK195 million) (EUR25.7 million), compared to a loss of NOK239.5 million (EUR31.6 million);
    • Passenger numbers: 8.1 million, +14%;
    • Load factor: 77%, stable;
    • Yield: NOK0.54 (EUR 7.13 cents), +4%;
    • Revenue per ASK: NOK0.41 (EUR 5.41 cents), +4%;
    • Cost per ASK: NOK0.48 (EUR6.34 cents), -1%;
    • Cost per ASK excl fuel: NOK0.33 (EUR 4.36 cents), -6%;
    • Total assets: NOK10,430 million (EUR1377 million), +15.8% when compared to period ended 31-Dec-2011;
    • Cash and cash equivalents: NOK1574 million (EUR207.9 million), +42.5% when compared to period ended 31-Dec-2011;
    • Total liabilities: NOK8679 million (EUR1146 million), +23.0% when compared to period ended 31-Dec-2011;
  • 2012 forecast:
    • Capacity (ASK): +15%;
    • Cost per ASK: NOK0.43 (EUR 5.69 cents) to NOK0.44 (EUR 5.82 cents). [more – original PR]

*Based on the average conversion rate at EUR1 = NOK7.5602 for 2Q2012
*Based on the average conversion rate at EUR1 = NOK7.5736 for 1H2012

Norwegian Air Shuttle: “The demand for travelling with Norwegian and advance bookings have been satisfactory entering the third quarter of 2012. Going forward, the Company expects continued competitive pressure.” Source: Company statement, 12-Jul-2012.

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