Press release - 22 April 2010 07:30

Norwegian cuts costs – strengthening its competitive position

Today, Norwegian announced financial results for the first quarter, showing a unit cost of NOK 0.40 ex. fuel. This represented a large cost reduction compared to the same period last year. More than 2.7 million passengers chose to travel with Norwegian in the first quarter of 2010, an increase of 28 per cent compared to the same period last year. The turnover was NOK 1.6 billion, an increase of 15 percent. The net result after tax was MNOK -199.

- In light of the strong passenger and production growth I’m satisfied with the result. I’m especially pleased that we have reduced our costs, thus strengthening our competitive position. We expected to report a loss during the first quarter but I’m happy that we delivered a better set of numbers than the market expected, said Norwegian CEO Bjorn Kjos.

Since 2009, the company has reduced costs significantly. Between 2009 and 2010, the unit cost was reduced by 11 per cent ex. fuel and has now been cut to NOK 0.40. New aircraft with higher capacity will enable Norwegian to operate even more efficiently, thus reducing the unit cost further.

During the first quarter, Norwegian received 6 new Boeing 737-800 aircraft from Seattle. Norwegian currently has a fleet of 52 aircraft. By 2014, Norwegian will have one of the most environmentally friendly and modern fleets in Europe.

- New aircraft mean an improved travel experience for the passengers, and fewer delays due to technical maintenance. New aircraft also make us even more cost efficient. This is a fleet for the future, said Kjos.

For full report please find pdf attached

Key figures first quarter 2010 (Q1 2009)
Passengers: 2.7 million (2.1 million)
Revenue: NOK 1.6 billion (1.4)
Load factor: 75 % (75)
EBITDAR: MNOK -23 (49)
EBITDA: MNOK -192(-102)
EBT: MNOK -275 (-150)
Net result: MNOK -199 (-110)

Contacts:
CFO Frode Foss, phone + 47 91 63 16 45
SVP Corporate Communications Anne-Sissel Skånvik, phone + 47 97 55 43 44

Topics

Norwegian Air Shuttle ASA, commercially branded “Norwegian,” is a public low-cost airline noted on the Oslo Stock Exchange. The company is the second largest airline in Scandinavia, and has a route portfolio that stretches across Europe into North Africa and the Middle East. With competitive prices and customer friendly solutions and service, the company has experienced significant growth over the previous years. With more than 10.7 million passengers in 2009, Norwegian is the 4th largest low-cost airline in Europe. The turnover in 2009 was in excess of NOK 7.3 billion. Norwegian currently operates 52 aircraft on 230 routes to 91 destinations and employes approximately 2 000 people.

Contacts

For journalists only

Press contact Norwegian Press Office press@norwegian.com +47 815 11 816

Marketing/sponsorhip requests: marketing@norwegian.com

Press contact Marketing/sponsorship requests: marketing@norwegian.com

Norwegian First Quarter Results 2010

First quarter revenue up by 15 % to MNOK 1,592.2 (1,387.3).

Earnings before depreciation and leasing (EBITDAR) in the first quarter were MNOK -22.8 (48.5)

Earnings before depreciation (EBITDA) in the first quarter were MNOK -192.2 (-101.9).

Net result after tax in the first quarter was MNOK -199.1 (-109.6).

Ancillary revenue pr

Norwegian.com

The Norwegian group is a leading Nordic aviation company, headquartered at Fornebu outside Oslo, Norway. The company has over 8,200 employees and owns two of the prominent airlines in the Nordics: Norwegian Air Shuttle and Widerøe’s Flyveselskap. Widerøe was acquired by Norwegian in 2024, aiming to facilitate seamless air travel across the two airline’s networks.

Norwegian Air Shuttle, the largest Norwegian airline with around 4,700 employees, operates an extensive route network connecting Nordic countries to key European destinations. In 2023, Norwegian carried over 20 million passengers and maintained a fleet of 87 Boeing 737-800 and 737 MAX 8 aircraft.

Widerøe’s Flyveselskap, Norway’s oldest airline, is Scandinavia’s largest regional carrier. The airline has more than 3,500 employees. Mainly operating the short-runway airports in rural Norway, Widerøe operates several state contract routes (PSO routes) in addition to its own commercial network. In 2023, the airline had 3.3 million passengers and a fleet of 48 aircraft, including 45 Bombardier Dash 8’s and three Embraer E190-E2's. Widerøe Ground Handling provides ground handling services at 41 Norwegian airports.

The Norwegian group has sustainability as a key priority and has committed to significantly reducing carbon emissions from its operations. Among numerous initiatives, the most noteworthy is the investment in production and use of fossil-free aviation fuel (SAF). Norwegian strives to become the sustainable choice for its passengers, actively contributing to the transformation of the aviation industry.