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Annual Report 2014

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Annual Report 2014 NORWEGIAN AIR SHUTTLE ASA ANNUAL REPORT 2014 NORWEGIAN ANNUAL REPORT 2014.INDd • CREATED: 09.10.2014 • MODIFIED: 17.04.2015 : 15:27 ALL RIGTHS RESERVED © 2015 TEIGENS DESIGN 02 NORWEGIAN ANNUAL REPORT 2014 NORWEGIAN ANNUAL REPORT 2014.INDd • CREATED: 09.10.2014 • MODIFIED: 17.04.2015 : 15:27 ALL RIGTHS RESERVED © 2015 TEIGENS DESIGN NORWEGIAN ANNUAL REPORT 2014 03 CONTENTS HIGHLIGHTS 04 Highlights 2014 04 Key figures – financials 05 Key figures – operation 06 LETTER FROM CEO 07 BOARD OF DIRECTORS' REPORT 10 FINANCIAL STATEMENTS 24 Group financial statement 25 Notes to the consolidated financial statement 29 Financial statements for the parent company 62 Notes to financial statements of the parent company 65 Auditor's report 85 CORPORATE GOVERNANCE 86 BOARD AND MANAGEMENT 89 FINANCIAL CALENDAR The board of directors 89 2015 The management team 90 DEFINITIONS 92 Interim report 1Q 2015: 29 April General shareholder meeting: 12 May Interim report 2Q 2015: 16 July CONTACT 96 Interim report 3Q 2015: 22 October Norwegian Air Shuttle reserves the right to revise the dates. NORWEGIAN ANNUAL REPORT 2014.INDd • CREATED: 09.10.2014 • MODIFIED: 17.04.2015 : 15:27 ALL RIGTHS RESERVED © 2015 TEIGENS DESIGN 04 HIGHLIGHTS NORWEGIAN ANNUAL REPORT 2014 HIGHLIGHTS 2014 Ä Eighteen new aircraft delivered during 2014 Q1 Q2 Ä Awarded the title “Europe’s best low-cost carrier” New routes 7 New routes 25 Passengers (million) 4.9 +24% Passengers (million) 6.4 +16% Ä Established four new bases in Aircraft utilisation (BLH) 10.9 +0.3 Aircraft utilisation (BLH) 11.8 +0.2 Spain and North America New aircraft (737 and 787) 6 New aircraft (737 and 787) 6 Average spot fuel price USD 993 (5%) Average spot fuel price USD 962 +1% Ä Completed transfer of assets to USD/NOK 6.09 +8% USD/NOK 5.99 +3 Arctic Aviation Asset (AAA) Ä NOK 400 million unsecured bond refinanced in June Q3 Q4 Ä New NOK 225 million secured bond issued in November New routes 7 New routes 7 Passengers (million) 7.1 +17% Passengers (million) 5.6 +8% Ä Financing of 17 new aircraft for Aircraft utilisation (BLH) 12.3 +0.1 Aircraft utilisation (BLH) 11.1 (0.3) 2015/2016 secured New aircraft (737 and 787) 2 New aircraft (737 and 787) 4 Average spot fuel price USD 960 (1%) Average spot fuel price USD 835 (16%) USD/NOK 6.25 +4% USD/NOK 6.89 +14% For detailed information, see board of directors report on page 10. NORWEGIAN ANNUAL REPORT 2014.INDd • CREATED: 09.10.2014 • MODIFIED: 17.04.2015 : 15:27 ALL RIGTHS RESERVED © 2015 TEIGENS DESIGN NORWEGIAN ANNUAL REPORT 2014 HIGHLIGHTS 05 KEY FIGURES – FINANCIALS (Amounts in NOK million) 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 Operating revenue (MNOK) 19 540 15 580 12 859 10 532 8 598 7 309 6 226 4 226 2 941 1 972 EBITDAR (MNOK) 1 184 2 784 1 822 1 540 1 175 1 341 200 504 201 185 EBITDA (MNOK) (662) 1 500 789 710 397 721 (208) 208 21 59 EBIT/ Operating result (MNOK) (1 411) 970 404 416 210 572 (338) 134 (31) 29 EBT (MNOK) (1 627) 438 623 167 243 623 5 113 (32) 39 Net profit / loss (-) (1 070) 319 457 122 189 446 4 85 (22) 28 Basic earnings per share (NOK) (30.42) 9.15 13.08 3.53 4.97 13.01 0.15 3.77 (1.14) 1.53 Diluted earnings per share (NOK) (29.45) 9.02 12.99 3.47 4.87 12.89 0.15 3.77 (1.14) 1.53 Equity ratio 9% 19% 20% 22% 27% 32% 28% 22% 25% 21% Cash and cash equivalents (MNOK) 2 011 2 166 1 731 1 105 1 178 1 408 608 501 232 261 Unit cost (CASK) 0.42 0.42 0.45 0.46 0.46 0.49 0.56 0.53 0.54 0.55 Unit cost (CASK) excluding fuel 0.29 0.29 0.31 0.32 0.34 0.38 0.37 0.40 0.41 0.44 ASK (million) 46 479 34 318 25 920 21 958 17 804 13 555 11 530 7 561 5 371 3 464 RPK (million) 37 615 26 881 20 353 17 421 13 774 10 602 9 074 6 059 4 223 2 703 Load factor 80.9% 78.3% 78.5% 79.3% 77.4% 78.2% 78.7% 80.1% 79.0% 78.0% Passengers (million) 24.0 20.7 17.7 15.7 13.0 10.8 9.1 6.9 5.1 3.3 Internet sales 82% 80% 78% 82% 87% 88% 87% 86% 84% 75% Number of routes (operated during the year) 402 391 308 271 249 206 170 114 86 50 Number of destinations (at year end) 130 125 121 114 97 93 87 70 57 36 Number of aircraft (at year end) 95 85 68 62 57 46 40 32 22 13 NORWEGIAN ANNUAL REPORT 2014.INDd • CREATED: 09.10.2014 • MODIFIED: 17.04.2015 : 15:27 ALL RIGTHS RESERVED © 2015 TEIGENS DESIGN 06 HIGHLIGHTS NORWEGIAN ANNUAL REPORT 2014 KEY FIGURES – OPERATION ASK ASK PER QUARTER UNIT COSTS UNIT COSTS PER QUARTER ■■ ASK in million (left axis) Million ASK (left axis) ■ 2013 ■ 2014 ■■ Unit cost excluding fuel Unit cost excluding fuel ■ 2013 ■ 2014 ■ Load factor % (right axis) Load factor % (right axis) ■ 2013 ■ 2014 ■■ Fuel per unit Fuel per unit ■ 2013 ■ 2014 % % . % % . % ­ % . % % . % % . % % . % % . % % . % ­% . % % . % % . '05 '06 '07 '09'08 '10 '11 '12 '13 '14 Q1 Q2 Q3 Q4 ' ' ' ' ' ' ' ' ' ' Q Q Q Q RASK RASK PER QUARTER BLOCK HOURS BLOCK HOURS PER QUARTER ■■ Rask in NOK (left axis) Rask in NOK (left axis) ■ 2013 ■ 2014 In million Hours per day ■ Stage length (right axis) Stage length (right axis) ■ 2013 ■ 2014 ■ 2013 ■ 2014 . . . . . . . . . . . . . . . . . . . . . . . '05 '06 '07 '09'08 '10 '11 '12 '13 '14 Q Q Q Q '' ' '' ' ' ' ' ' Q Q Q Q NORWEGIAN ANNUAL REPORT 2014.INDd • CREATED: 09.10.2014 • MODIFIED: 17.04.2015 : 15:27 ALL RIGTHS RESERVED © 2015 TEIGENS DESIGN NORWEGIAN ANNUAL REPORT 2014 Letter from CEO 07 DEAR SHAREHOLDERS In 2014 Norwegian took another step towards becoming a global player. Our fleet increased to 95 aircraft at the end of the year – whereof seven 787-8 Dreamliners – and we opened 47 new routes. As the first European carrier, Norwegian continues to pave the way for low-cost long-haul flights to the USA and Asia. Our 2014 results were influenced by heavy investments in building up new operations within Europe, which is crucial to increase the company’s competitiveness. Since our first flight in 2002, Norwegian as well as by tough competition in the has carried more than 130 million passen- Scandi navian market through most of the gers. Norwegian was ranked the world’s year. most punctual low-cost airline in 2014. In The unit cost (CASK) decreased one addition, Norwegian received many re- per cent. The primary drivers were at- nowned awards during 2014, including tributed to continued fleet renewal with “Best Low-Cost Carrier” and “Best Value the addition of 14 cost-efficient Boeing for Money”. 737-800s and four 787-8 Dreamliners, Norwegian offers 424 routes to 130 larger scale and increased average flying destinations. In 2014 our capacity (ASK) time. Our long-haul operations affected increased by 35 per cent compared to the operating results due to the Dream- 2013. Our strongest growth was on long- liners, teething problems and delayed haul operations between Europe and the approval of our EU subsidiary’s U.S. For- U.S. and Europe and Asia as we took de- eign Air Carrier Permit. livery of four new 787-8 Dreamliners. By year-end Norwegian operated flights be- PRODUCT BENEFITS AND GROWTH tween Scandinavia/UK and New York, Fort IN NEW MARKETS Lauderdale, Orlando, Los Angeles, San Norwegian is one of the world’s fast- Francisco and Bangkok. In the continental est growing airlines. But big is not neces- European market, growth was attributed sarily beautiful. At Norwegian we believe to the new UK and Spanish bases. growth must be profitable, whether it be "Norwegian is one of the world’s fastest growing less, equal to, or more than the market airlines. But big is not necessarily beautiful. FINANCIAL PERFORMANCE average. Dumping the ticket price to at- For the first time in eight years our net tract traffic is done at the push of a but- At Norwegian we believe growth must be profitable, profit fell into the red. Our revenues were ton – the hard part is lowering the cost whether it be less, equal to, or more than the NOK 19.5 billion, up 25 per cent, and the level correspondingly. unit revenue (RASK) was reduced by 10 Our business model is based on high market average." per cent due to start-up of new routes in volume and competitive low fares. When new markets and longer sector lengths, adding new capacity, particularly in mar- NORWEGIAN ANNUAL REPORT 2014.INDd • CREATED: 09.10.2014 • MODIFIED: 17.04.2015 : 15:27 ALL RIGTHS RESERVED © 2015 TEIGENS DESIGN 08 Letter from CEO NORWEGIAN ANNUAL REPORT 2014 kets with low brand awareness, we ac- cient airlines. Recruitment at new bases is obvious: Fear of competition. Allega- plies with the agreement and EU authori- tively use low fares to attract new cus- takes place locally and all our crews re- tions such as “flag of convenience”, “race ties are even pushing its U.S. counterpart tomers. Enabling customers to experi- ceive competitive wages and conditions. to the bottom” and “social dumping” for immediate approval.
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