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Annual Report 2018 Norwegian Air Shuttle – Annual Report 2018  02 Norwegian Air Shuttle – Annual Report 2018  03 NORWEGIAN AIR SHUTTLE ASA ANNUAL REPORT 2018 NORWEGIAN AIR SHUTTLE – ANNUAL REPORT 2018 02 NORWEGIAN AIR SHUTTLE – ANNUAL REPORT 2018 03 CONTENTS HIGHLIGHTS 04 LETTER FROM CEO 05 BOARD OF DIRECTORS' REPORT 07 FINANCIAL STATEMENTS 23 Consolidated financial statements 24 Notes to the consolidated financial statements 28 Financial statements of the parent company 66 Notes to the financial statements of the parent company 70 Auditor's report 85 ANALYTICAL INFORMATION 89 Alternative performance measures 92 Other definitions 93 CORPORATE RESPONSIBILITY 94 CORPORATE GOVERNANCE 100 The Board of Directors 104 The Management Team 106 CONTACT 108 NORWEGIAN AIR SHUTTLE – ANNUAL REPORT 2018 Highlights 04 HIGHLIGHTS 2018 Ä 25 new aircraft delivered REVENUES EBITDA In NOK million In NOK million Ä Successfully completed private placement of NOK 1,300 million and subsequent offering of NOK 200 million , , , , , Ä Awarded "The World’s Best Low-Cost Long-Haul Airline and , , , Europe’s Best Low-Cost Airline” , , , Ä Continued process to divest aircraft, in line with the strategy , , , , Ä Entering a phase of moderate growth with a solid business model , and sufficient scale -, , -, -, 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 For detailed information, see Board of Directors' report on page 7. NUMBER OF CO2 PER NUMBER OF NUMBER OF PASSENGERS PASSENGER KILOMETER AIRCRAFT EMPLOYEES +13% -1% +18% +6% NORWEGIAN AIR SHUTTLE – ANNUAL REPORT 2018 Letter froM CEO 05 DEAR SHAREHOLDERS It has been another eventful year for Norwegian as we continued to deliver on our ambition "The competition in our industry to reshape the global aviation market. During the past year, we have made major investments that will increase our global competitiveness going forward. We continued to receive several is tough but the underlying international customer awards. These awards clearly demonstrate that the Norwegian service trend is promising." and product is recognized as one of our core strengths by our customers. Once again, we were named the most fuel-efficient airline on transatlantic routes by The International Council on Clean Transportation. This past year has marked a peak in the company’s growth and we are now entering a new phase where there will be a clear re- turn from our investments. The key prior- ity for the entire organization is returning to profitability. During 2018, we experienced head- winds in our industry such as uncertain and fluctuating fuel prices, congested infrastructure both in the air and on the ground, as well as political uncertain- ties. These conditions will most likely continue, challenging us to always de- liver the best possible service to our customers and value for our sharehold- ers. In addition, 2018 gave us some un- wanted and sudden challenges with our 787 Dreamliner operation. Engine issues forced us to both cancel planned flights and wetlease aircraft from other compa- nies to get our passengers to their desti- nations. We have taken measures to limit the impact in 2019, and we expect the en- tire Dreamliner fleet to be fully back in service in 2019. The competition in our industry is tough but the underlying trend is prom- ising, with the GDP and the global mid- dle class expected to grow, consequently boosting travel and tourism. NORWEGIAN AIR SHUTTLE – ANNUAL REPORT 2018 Letter froM CEO 06 COST FOCUS carriers, such as with our new route be- After years of substantial global growth, tween London and Rio de Janeiro taking "Norwegian continues to be in a strong position we have reached a size where we now can off in March 2019. to weather the storm that the industry faces." profit from our benefits of scale. Our con- With the leading position at key air- tinued fleet renewal will ensure that we ports and markets, we will focus on in- continue to have one of the most modern creasing connectivity within our own fleets of fuel-efficient aircraft in the world, global network while at the same time of- YOUNG AND MODERN FLEET THE NEXT PHASE consequently increasing our competitive fering even more direct routes. The world Our fleet of Boeing 737s and 787s have an During 2019 Norwegian will enter a new advantage while reducing emissions. has never been closer for world travelers average age of 3.8 years, making it one of phase in the company’s history. The Norwegian is a company with a with Norwegian’s expansion into long- the world’s most modern and environ- growth rate will be lower, the operations cost-conscious mindset, and together with haul and going forward we will enable ment-friendly. We are considerably more will be even more streamlined, and we will our dedicated colleagues, we will continue even more travelers to seamlessly connect fuel efficient than the next best airline be able to capitalize on previous invest- to look at new ways to be more efficient at both ends of our route network whether across the transatlantic and 33 per cent ments. without compromising on safety and cus- the journey starts in Los Angeles, Bang- more fuel efficient than the industry aver- We have revised our strategic goals to- tomer satisfaction. More specifically, our kok, Oslo, London, Barcelona or Berlin. age. We will continue to invest in fuel re- wards 2022 and renewed our ambitions to cost reduction program, #Focus2019, will The option to connect with other low-cost duction technology and renew our fleet by further improve our cost base to be able to reduce costs by at least two billion NOK carriers will continue and increase. replacing old 737-800 with newer 737-MAX. deliver a highly competitive service to our by tuning how we run our operation both This is important for us as a company, our customers. In the coming years our fleet of in the air, on the ground, as well as chang- FORTIFY POSITION IN THE NORDIC customers and the environment. Boeing 737-800s will gradually be replaced ing the way we operate across various de- MARKETS by even more fuel-efficient 737-MAX air- partments and functions. Our employees During 2018, most of our narrow-body GOOD CUSTOMER EXPERIENCE craft and we take our final deliveries of are looking at every aspect of the business growth has been in our core Nordic mar- MEANS MORE AWARDS Boeing 787 Dreamliners. to find potential areas for further cost effi- kets. We believe that the low-cost compe- Throughout 2018, we have significantly I can promise that both our passengers ciencies, and I am certain we will succeed. tition in the Nordic market will increase. increased our passenger numbers with- and all my colleagues here at Norwegian However, we will continue to provide trav- out compromising the award-winning, can look forward to another exciting chap- GLOBAL CONNECTIVITY elers in the Nordics with excellent connec- high-quality service we offer. This was ter in the Norwegian story in 2019 bring- During 2018 we continued to increase our tivity and award-winning service to deliver once again demonstrated at the Skytrax ing people and the world closer. share of the transatlantic market between good value for money. awards, where passengers world-wide Europe and the USA. We ended 2018 as the There continues to be great potential named Norwegian the “World’s Best Low- largest foreign airline in New York and the for continued growth in new markets. Cost Long-Haul Airline” for the fourth year third largest in Los Angeles. The growth Our geographic position in Scandinavia is running and “Best Low-Cost Airline in Eu- in 2018 has secured firm positions in key ideal to connect Asia, Europe and North rope” for the sixth year running. These long-haul markets such as London, Paris, America. We applaud Norway’s govern- awards are a recognition of our hard-work- Barcelona, Rome and Madrid. ment’s intentions to secure Russian traffic ing colleagues in the air and on the ground Bjørn Kjos In addition to the USA expansion, we rights that will enable Norwegian to con- and their commitment to our passengers. Chief Executive Officer introduced South America to the Norwe- nect Asia with Scandinavia, boosting eco- Our Reward program for frequent fli- gian travel experience. We started to fly nomic value in Norway through increased ers continues to deliver value to our mem- between London and Buenos Aires and tourism and export. Using Scandinavia as bers, and for a second consecutive year we launched a domestic operation in Argen- a hub for both long-haul and medium-haul were awarded the “Program of the Year” at tina. South America has many promising into Asia has great potential, but unfor- the Freddie Awards, the most prestigious destinations and we will continue to target tunately it is currently restricted by out- member-generated award in the travel loy- underserved markets controlled by legacy dated government agreements. alty industry. NORWEGIAN AIR SHUTTLE – ANNUAL REPORT 2018 Board OF Directors' report 07 "Unit cost including depreciation POSITIONING FOR excluding fuel decreased by 12 per cent." THE FUTURE Norwegian Air Shuttle ASA reported a solid 30 per cent revenue growth in 2018, supported by new aircraft entering the fleet and new routes launched. With a high 37 per cent production growth (ASK) the unit cost including depreciation decreased by four per cent to NOK 0.43, and unit cost including depreciation excluding fuel decreased by 12 per cent. The achieved unit cost was above guidance from last report, driven by an increase in fuel price. The production growth (ASK) is slightly down from the latest guidance, driven by some divestments of the fleet and engine reliability issues on the 787 Dreamliner. Norwegian confirmed its competitive ability and attractiveness with a 13 per cent growth to 37 million passengers.
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