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Annual Report 2008 Norwegian Air Shuttle ASA

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Annual Report 2008 Norwegian Air Shuttle ASA Annual Report 2008 Norwegian Air Shuttle ASA 93 Norwegian Air Shuttle ASA Foreword from the Cheif Executive Officer Norwegian Air Shuttle ASA The Year in Brief Annual repport 2008 Bjørn Kjos Annual Report 2008 The Year in Brief S E V E R N A Y A Z E M L Q1 Q2 Y A New routes 9 New routes 32 S E V E R N A Y Passengers 1 997 035 (+ 53%) Passengers A Z2 344 219 (+ 47%) E M Boeing 737-800 deliveries 2 S EBoeingV E R 737-800N A Y deliveries 3 L A Z Y A Avg. spot fuel price USD 890 (+ 51 %) Boeing 737-300 deliveriesE M 2 y a L Y NOVOSIBIRSKIVE l Fuel hedge none Avg. spot fuel price A USD 1 176 (+ 83 %) e m OSTROVO Z Fuel hedge none a y a v a NOVOSIBIRSKIVE o • Opening of Rygge airportl y • Rebranded FlyNordic to Norwegian.se m N • Early eastery holidayae in March • Secured pre-delivery financing with Natixis for NOVOSIBIRSKIVE OSTROVO m l Z e a 10 first acquired Boeing 737-800 HGW OSTROVO Z y a a y v a o S E V E R N A v Y A N Z E o M L ALTA KIRKENES Y TROMSØ N Q3 A Q4 BARDUFOSS Table of contents HARSTAD/NARVIK New routes 3 New routes 18 KIRUNA Passengers 2 574 382 (+ 27%) Passengers 2 220 917 (+ 11%) BODØ ALTA KIRKENES y a NOVOSIBIRSKIVE TROMSØ ALTA m l Boeing 737-800 deliveries 1 Boeing 737-800 deliveries 1 TROMSØ KIRKENES e OSTROVO Z The year in Brief 03 BARDUFOSS a Boeing 737-300 deliveries 1 MD-80 re-delivery 3 HARSTAD/NARVIKLULEÅ BARDUFOSS y HARSTAD/NARVIK a Avg. spot fuel price USD 1 271 (+ 82 %) Avg. spot fuel price USD 823 (+ 0 %) Dear Shareholders 04 KIRUNA v KIRUNA o BODØ N Fuel hedge none Fuel hedge 15.500 tons at USD 1,142 This is Norwegian 08 UMEÅBODØ TRONDHEIM Operations and market development 12 LULEÅ • MNOK 400 rights issue oversubscribed • Launch of Copenhagen base ÅLESUND LULEÅ ALTA • Launch of Call Norwegian Operating costs 14 TROMSØ KIRKENES BARDUFOSS UMEÅUMEÅ Share and ownership structure 16 BERGEN HARSTAD/NARVIKTRONDHEIMTRONDHEIM ST PETERSBURG OSLO STOCKHOLM KIRUNA TALLINN Corporate governance 19 ÅLESUND BODØ OSLO/RYGGE ÅLESUND 2008 2007 2006 2005 STAVANGER The Board of Director´s Annual report 23 LULEÅ Operating Revenue (TNOK) 6 226 413 4 226 202 2 941 400 1 972 246 KRISTIANSAND BERGENBERGEN Consolidated accounts 28 AALBORG ST PETERSBURG STOCKHOLMUMEÅ TALLINN ST PETERSBURG EBITDAR (TNOK) 199 797 504 395 200 897 184 501 TRONDHEIM OSLOOSLORIGA STOCKHOLM TALLINN EDINBURGH OSLO/RYGGEPALANGA Norwegian Air Shuttle ASA accounts 66 STAVANGER OSLO/RYGGE EBITDA (TNOK) -208 243 207 995 20 559 58 594 COPENHAGENÅLESUNDSTAVANGER Auditor´s report 89 KRISTIANSAND VILNIUS KRISTIANSANDGDANSKAALBORG EBT (TNOK) 5 339 112 982 -31 706 38 935 BERGEN AALBORG RIGA ST PETERSBURG EDINBURGHHAMBURG OSLO SZCZECINSTOCKHOLM TALLINN RIGA EDINBURGH PALANGA Basic Earnings per Share (NOK) 0.15 3.77 (1.14) 1.53 AMSTERDAM BERLINOSLO/RYGGE COPENHAGEN WARSAW PALANGA STAVANGER COPENHAGEN D S LONDON/GATWICK KRISTIANSAND VILNIUS Diluted Earnings per Share (NOK) 0.15 3.77 (1.14) 1.53 A N DÜSSELDORF AALBORG WROCLAW GDANSK VILNIUS S L RIGA GDANSK N I EDINBURGH HAMBURG SZCZECIN I A KRAKOWPALANGA E U T PRAGUE A L AMSTERDAMCOPENHAGEN HAMBURGBERLIN SZCZECINWARSAW S PARIS AMSTERDAM VILNIUS WARSAW Equity Ratio 28 % 22 % 25 % 21 % N D LONDON/GATWICKMUNICH GDANSK BERLIN WROCLAW L A S DÜSSELDORF I S D LONDON/GATWICK HAMBURG SZCZECIN WROCLAW Cash and Cash Equivalents (TNOK) 607 536 501 410 231 710 261 464 I A N A N AMSTERDAM DÜSSELDORFSALZBURGBERLIN BUDAPESTWARSAW KRAKOW L E U T S L PRAGUE D S A N I LONDON/GATWICK A N T I A DÜSSELDORFPARIS WROCLAW KRAKOW S L A L E U PRAGUE Unit Cost (cost pr ASK) 0.56 0.53 0.54 0.55 A N I GENÈVA RIJEKA MUNICH KRAKOW E U T I PARIS PRAGUE A L PULA PARIS VENICE MUNICH SALZBURG BUDAPEST BORDEAUX MUNICH BELGRADE SALZBURG NICE PISA GENÈVA SALZBURG SARAJEVOBUDAPEST BUDAPEST ASK 11 530 7 561 5 371 3 464 SPLIT RIJEKA BURGAS VENICE PRISTINAPULA GENÈVA GENÈVARIJEKA VARNA RPK 9 074 6 059 4 223 2 703 BORDEAUX VENICEDUBROVNIKPULA RIJEKA BELGRADE VENICE BELGRADEPULA BARCELONABORDEAUX ROME NICE PISA SARAJEVO NICE PISA SARAJEVOSPLIT ISTANBULBELGRADE BURGAS Load Factor 79 % 80 % 79 % 78 % BORDEAUX SPLIT BURGAS PRISTINA PALMA NICE PISA DUBROVNIKPRISTINA SARAJEVO VARNA VALENCIA DUBROVNIK SPLIT VARNA BURGAS Passengers 9 136 553 6 934 376 5 104 814 3 289 769 IBIZA BARCELONABARCELONAROME ROMECORFU PRISTINA DUBROVNIK ISTANBUL ISTANBULVARNA 1) ALICANTE PALMA ATHENS Internet Sales 87 % 86 % 84 % 75 % FARO (ALGARVE) MURCIA VALENCIAVALENCIA PALMA IBIZA BARCELONA ROMECORFU ISTANBUL MALAGA IBIZA KOSCORFUANTALYA 2) ALICANTE SANTORINIATHENS Number of Routes 170 114 86 50 FARO (ALGARVE) VALENCIAMURCIA ALICANTE PALMA ATHENSRHODES FARO (ALGARVE) MALAGA MURCIA SANTORINI KOS ANTALYA Number of Destinations 2) 87 70 57 36 IBIZA CHANIA HERAKLIONRHODES CORFU MALAGA SANTORINI CYPRUSKOS ANTALYA ALICANTE CHANIA HERAKLION ATHENS RHODES 3) FARO (ALGARVE) MURCIA CYPRUS Number of Aircraft 40 33 19 14 MALAGA CHANIA HERAKLION ANTALYA MARRAKECH SANTORINI KOS CYPRUS MARRAKECH RHODES CHANIA HERAKLION 1) Norwegian.no only 3) Operated during the year 2) At year-end LANZAROTE MARRAKECH CYPRUS LANZAROTE TENERIFE GRAN CANARIA SHARM EL TENERIFE LANZAROTE MARRAKECH SHEIKH 2 GRAN CANARIA SHARM EL 3 SHEIKH TENERIFE DUBAI GRAN CANARIA SHARM EL LANZAROTE SHEIKH DUBAI TENERIFE GRAN CANARIA SHARM EL DUBAI SHEIKH DUBAI M E E L A A E S N S D I T I N E S I A MM E E E E L L AA A A I E E S S NN S S T ND D I E T I IN ME ESS E LII AA A A E S N S D I T I N E S I A North I. South I. South Georgia North I. North I. South I. North I. South I. South I. South Georgia South Georgia South Georgia Norwegian Air Shuttle ASA Foreword from the Cheif Executive Officer Annual Report 2008 Bjørn Kjos Dear Shareholders 2008 was an exciting year for Norwegian. Oil sectors to typical leisure destinations in Europe The CEO of IATA rung the alarm bell already in prices hit record levels and the financial markets were replaced by shorter intra-Scandinavian September, stating that “Even the good news that tumbled, making the year particularly demanding sectors with stronger demand which can better the oil price has fallen to half its July peak is not for the aviation industry. Airlines both close to sustain high fuel prices. The strategic actions enough to offset the impact of the drop in home and across the Atlantic were forced to cut were successful. Combined with a fuel surcharge demand”. In line with the IATA forecast, the capacity and ground aircraft. Some unfortunately they nearly offset the fuel price increase. number of passengers traveling through Oslo went out of business. Airport, our largest base, plunged 5 % from Norwegian had no forward contracts to cover for September until year-end 2008. Norwegian’s business model with a competitive fuel exposure when the fuel price increased during product and pricing appears to be relatively the first half of the year. The company was thus Norwegian on the other hand increased the resistant to the economic slowdown as it seems affected harder than many competitors. Following number of passengers by 15 % over the same to attract more new customers from typical significant fuel-cost related losses in Q1 and Q2, period from the same airport which to a large business segments than it loses from the more we entered into a hedging strategy modeled on the extent proves our business model’s ability to price sensitive segments. In 2008 Norwegian so-called “trailing stop” technique; we set a “roof” better withstand recession. increased capacity by 52 %, opened new bases at a predetermined interval above the current at Moss Airport Rygge and Copenhagen Airport market price, only entering into forward contracts Ancillary Revenue & Call Norwegian Kastrup in Denmark, and increased revenues by for pre-set fuel volumes if the price fluctuated Ancillary revenue is an increasingly important 47 % to MNOK 6,226. through the “roof”. The strategy reduces the item on our income statement; during the year negative fuel exposure from increasing prices ancillary revenue per passenger has increased by In 2008 Norwegian increased capacity by 52 %, while it secures potential gains from decreasing 66% compared to 2007. opened new bases at Moss Airport Rygge and prices. As a result Norwegian was better positioned Copenhagen Airport Kastrup in Denmark, and when the fuel price slumped in the fourth quarter during the year ancillary increased revenues by 47 % to MNOK 6,226. compared to many “over hedged” competitors. Despite an extra fuel bill of MNOK 633 compared revenue per passenger has in- to 2007 spot levels, we managed to deliver a net Norwegian did however have forward contracts in ”creased by 66 % compared to 2007. profit of MNOK 4 in 2008. place during Q4. These volumes were secured in September and October when the oil price was Contrary to many LCC competitors, Norwegian particularly volatile. Following the sharply declining In 2008 we also took delivery adheres to the slogan “freedom to choose”. We fuel price in Q4 we incurred an extra hedge related believe it should be possible to travel for the loss of MNOK 162. of seven new environmentally announced ticket price without any further fees or ”friendly Boeing 737-800 aircraft charges being added, and without the ticket price 2008 was in line with previous years characterized subsidizing the added cost of choices made by which significantly enhance our by substantial expansion which is both costly and fellow passengers.
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