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12-Feb-2016 12:01 PM

Norwegian Air Shuttle reports strong profit improvements in 2015

Norwegian Air Shuttle revenue up 16% - financial highlights:

  • Three months ended 31-Dec-2015:
    • Operating revenue: NOK5319 million (EUR569.6 million), +16% year-on-year;
      • Ancillary passenger: NOK774 million (EUR82.9 million), +17%;
    • Operating costs: NOK5585 million (EUR598.1 million), +2%;
      • Fuel: NOK1200 million (EUR128.5 million), -18%;
      • Labour: NOK862.7 million (EUR92.4 million), +3%;
    • Operating profit (loss): (NOK632.9 million (EUR67.8 million), compared to a loss of NOK1082.2 million (EUR115.9 million) in p-c-p;
    • Net profit (loss): (NOK373.4 million) (EUR40.0 million), compared to a loss of NOK978.4 million (EUR104.8 million);
    • Passenger numbers: 6.1 million, +9%;
    • Load factor: 85%, +4 ppts;
    • Yield: NOK0.43 (EUR 4.6 cents), +2%;
    • Revenue per ASK: NOK0.36 (EUR 3.9 cents), +7%;
    • Cost per ASK: NOK0.43 (EUR 4.6 cents), -2%;
    • Cost per ASK excl fuel: NOK0.32 (EUR 3.4 cents), +7%;
    • Average sector length: 1389 km, +4%;
  • 12 months ended 31-Dec-2015:
    • Operating revenue: NOK22,491 million (EUR2514 million), +15%;
      • Ancillary passenger: NOK3275 million (EUR366.0 million), +20%;
    • Operating costs: NOK21,010 million (EUR2348 million), +4%;
      • Fuel: NOK5185 million (EUR579.4 million), -18%;
      • Labour: NOK3434 million (EUR383.7 million), +7%;
    • Operating profit: NOK347.8 million (EUR38.9 million), compared to a loss of NOK1411 million (EUR157.6 million) in p-c-p;
    • Net profit: NOK246.2 million (EUR27.5 million), compared to a loss of NOK1069.8 million (EUR119.6 million) in p-c-p;
    • Passenger numbers: 25.8 million, +7%;
    • Load factor: 86%, +5 ppts;
    • Yield: NOK0.44 (EUR 4.9 cents), +1%;
    • Revenue per ASK: NOK0.38 (EUR 4.2 cents), +8%;
    • Cost per ASK: NOK0.42 (EUR 4.7 cents), -1%;
    • Cost per ASK excl fuel: NOK0.31 (EUR 3.5 cents), +9%;
    • Average sector length: 1407 km, +5%;
    • Total assets: NOK31,714 million (EUR3544 million);
    • Cash and cash equivalents: NOK2454 million (EUR274.3 million);
    • Total liabilities: NOK28,749 million (EUR3213 million). [more - original PR]

*Based on the average conversion rate at EUR1 = NOK9.3377 for three months ended 31-Dec-2015
*Based on the average conversion rate at EUR1 = NOK8.948 for 12 months ended 31-Dec-2015

Norwegian Air Shuttle: "We enter 2016 with favorable fuel costs and one of the youngest fleets in Europe, which presents a significant competitive advantage. We see a good demand for quality flights at affordable fares, but the unpredictable political decision to introduce passenger tax in Norway is creating an uncertain situation in this market. It is a paradox that the company with the lowest emissions seems to be punished the hardest," Bjørn Kjos, CEO. Source: Company statement, 11-Feb-2016.

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