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22-Oct-2010 1:39 PM

Norwegian Air Shuttle revenues and profits rise in 3Q2010

Norwegian Air Shuttle revenues surge 24.5% - financial highlights for the three months ended 30-Sep-2010:

  • Revenue: EUR346.8 million, +24.5% year-on-year;
    • Ancillary: EUR39.2 million, +31.1%;
  • Operating costs: EUR243.8 million, +24.1%;
    • Fuel: EUR74.5 million, +27.4%;
    • Labour: EUR46.2 million, +22.2%;
  • EBITDAR: EUR103.0 million, +25.5%;
  • EBITDA: EUR76.5 million, +21.2%;
  • EBIT: EUR70.3 million, +20.5%;
  • Net profit: EUR64.8 million, +41.2%;
  • Total assets: EUR794.9 million, +44.0%;
  • Total liabilities: EUR574.3 million, +48.8%;
  • Operating cash flow (outflow): (EUR5.9 million), compared to a positive cash flow of EUR13.9 million in p-c-p;
  • Cash and cash equivalents: EUR144.8 million, -16.1% when compared to period ended 31-Dec-2009;
  • Passenger numbers: 3.8 million, +25%;
  • Load factor: 80%, -2 ppts;
  • Yield: EUR 6.50 cents, -13%;
  • Revenue per ASK: EUR 5.27 cents, -15%;
  • Cost per ASK: EUR 5.03 cents, -6%;
  • Cost per ASK excl fuel: EUR 3.68 cents, -7%;
  • FY2010 forecast:
    • Capacity: +30%;
    • Cost per ASK: EUR 5.64 cents;
  • FY2011 forecast:
    • Capacity: +20%;
    • Cost per ASK: EUR 5.64 cents to EUR 5.76 cents. [more]

*Based on the conversion rate at EUR1 = NOK8.15375

Norwegian Air Shuttle: “The demand for travelling with Norwegian and advanced bookings has been satisfactory entering the fourth quarter of 2010. Assuming a fuel price of USD 737 pr ton and USD/NOK 5,87 for the remainder of the year (excluding hedged volumes) and with the current route portfolio, the company is targeting a unit cost (CASK) of NOK 0.46 (including current hedges) for 2010, down 2% since the Q2 2010 guiding. Assuming a fuel price of USD 850 pr ton and USD/NOK 6.00 for the year 2011 (excluding hedged volumes) and with the current route portfolio, the company is targeting a unit cost (CASK) in the area of NOK 0.46 – 0.47 for 2011 compared to last years guiding for 2010 of 0.49 – 0.50 with the same assumptions,” Bjørn Kjos, CEO. Source: Norwegian Air Shuttle, 21-Oct-2010.

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