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Beskrivning

LandNorge
ListaOBX
SektorTjänster
IndustriFordon & Transport
Norwegian Air Shuttle bedriver flygverksamhet. Flygbolaget driver ett kortdistansnät över Norden och till viktiga europeiska destinationer. Norwegian är verksamt på den nordiska flygresemarknaden och bedriver kortdistansflyg från punkt till punkt inrikes och gränsöverskridande flygningar inom Norden och till nyckeldestinationer i Europa och närliggande länder. Företaget grundades 1993, startade sin verksamhet 2002 och har sitt huvudkontor i Fornebu, Norge.
2023-08-24 07:00:00
Norwegian delivered an operating profit (EBIT) of NOK 651 million in the second
quarter, which was characterised by strong operational performance amidst
ramping-up into the busy summer travel season. Furthermore, Norwegian and
Strawberry's new loyalty company today announced that Avida has been selected as
the preferred financial partner. Together with Norwegian's recently announced
agreement to acquire Widerøe, these new partnerships will contribute to offering
even better and seamless travel experiences.

For the second quarter of 2023, Norwegian delivered an operating profit (EBIT)
of NOK 651 million. Profit before tax (EBT) amounted to NOK 538 million. The
liquidity position improved through the quarter with cash and cash equivalents
exceeding NOK 9.3 billion. At quarter-end, Norwegian's fleet comprised 81
aircraft.

High load factor and operational excellence

Norwegian had 5.6 million passengers in the quarter, up from 5.0 million
passengers in the second quarter of 2022. Production (ASK) was 8.7 billion seat
kilometres, while passenger traffic (RPK) was 7.3 billion seat kilometres.
Production was up 44 percent from the previous quarter as Norwegian ramped up
capacity ahead of the busy summer travel season. The quarterly load factor was
84.4 percent, up from 81.2 percent in the same period last year.

"This quarter has demonstrated our ability to ramp up capacity and deliver a
superb operational performance to become one of the top airlines in Europe.
These results have been made possible thanks to over 4,700 of our colleagues
working tirelessly to ensure our passengers arrive at their destinations as
smoothly as possible. By solely flying with our own aircraft and crew, we can
deliver "the Norwegian way" to all our customers. Our seamless customer
experience has made us one of the most loved airlines in the Nordics," said Geir
Karlsen, CEO of Norwegian.

Punctuality, share of flights departing on schedule, was 81.5 percent in the
quarter, up from 78.8 percent in the same period last year. Regularity, share of
flights taking place, was 99.5 percent. Cirium, the global aviation consultancy,
named Norwegian the most on-time European airline in May. In April, June, and
July, Norwegian finished among the top three European airlines.

"The summer season of 2023 will be one of the best in our history, and I am
happy that forward bookings remain strong with business travel returning and
others planning their autumn holidays," said Karlsen.

Sustainable growth through significant partnerships

In April, Norwegian announced a landmark partnership with Norsk e-Fuel to build
the world's first full scale e-fuel plant in Mosjøen, Norway. The plant will
produce sustainable aviation fuels (SAF). The partnership is estimated to secure
approximately 20 percent of Norwegian's total demand for SAF by 2030. In
addition, Norwegian will invest more than NOK 50 million for a minority equity
stake in the company.

In June, Norwegian announced a new partnership with Strawberry, formerly Nordic
Choice Hotels, to establish a joint loyalty company, offering a shared ecosystem
for loyalty programmes. The loyalty company today reached its next milestone
with the announcement that KKR owned Avida Finans AB will become the preferred
financial partner, developing next generation financial services to more than 7
million members. Upon completion, which is subject to certain closing conditions
and regulatory approval, Norwegian and Strawberry will hold equal ownership in
the loyalty company, while Avida will acquire a stake of close to 2 percent.
Norwegian expects to record an associated non-recurring gain of approximately
NOK 800 million upon final closing, expected to take place in the fourth quarter
of 2023.

In addition, Norwegian recently won an exclusive contract with the Norwegian
Armed Forces, demonstrating once more the airline's attractive offering.
Norwegian was among other things awarded the contract based on its concrete
measures to reduce emissions and its ability to meet the Armed Forces high
standards on providing more sustainable solutions.

Widerøe and Norwegian to deliver a better offering

In July, Norwegian announced that it had entered into an agreement to acquire
Widerøe, the regional Norwegian carrier, for a cash consideration of NOK 1,125
million, subject to certain closing conditions. The transaction will create an
improved customer offering with better connectivity and seamless end-to-end
experience. In addition, the acquisition will be accretive to shareholders
through linking the complimentary route networks together and realising
significant operational synergies. Closing of the transaction, which is subject
to approval by the Norwegian Competition Authority, is expected by the end of
the fourth quarter of 2023.

Norwegian's customers highly value the airline's strong operational performance
and the attractive and growing route network. The acquisition of Widerøe and the
development of a shared ecosystem for loyalty programmes with attractive
partners will further ensure that Norwegian remains a preferred travel partner
throughout the Nordics.

Capital structure

Ensuring that Norwegian has a capital structure fit-for-purpose is a key
priority for the Board of Directors of Norwegian. Having undergone a successful
transformation since the reconstruction, Norwegian is today a strong business
able to adapt to an ever-evolving trading landscape. The Board has initiated a
process to ensure that the company's capital structure reflects this, a process
that also looks to enable for a potential dividend distribution. As part of this
process, it has been concluded to exercise the call option to redeem the NAS13
bond.


For detailed information, please see attached report and presentation.


For further information, please contact:
Jesper M. Hatletveit, Investor Relations at Norwegian Air Shuttle ASA Tel: +47
906 64 401


Fornebu, 24 August 2023
Norwegian Air Shuttle ASA


This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act. This stock exchange
announcement was published by Jesper M. Hatletveit, VP Investor Relations at
Norwegian Air Shuttle ASA, on 24 August 2023 at 07:00 CET.