Norwegian Air Shuttle ASA — Earnings Release 2020

Apr 6, 2020

Norwegian Air Shuttle ASA TRAFFIC FIGURES MARCH 2020

Norwegian's traffic figures for March are heavily influenced by the COVID-19 outbreak and the subsequent travel restrictions and drop in demand. In March, capacity was 40% lower than planned, while the flights that were operated had a load factor of 72%.

Compared to the same period last year:

• Total capacity (ASK) decreased by 53%
• Total passenger traffic (RPK) decreased by 60%
• The load factor was 71.6%, down 13.8 p.p.
• The total number of passengers was 1,153,283, a decrease of 61%

The unit revenue (RASK) is estimated at 0.28 for the period, up 1%.

The average flying distance for the Group decreased by 4% in March compared to the same period last year.

In March, the Group operated 77.0% of its scheduled flights, whereof 87.5% departed on time.

CO² emissions inceased to 85 grams per RPK, driven by lower load factor.

TRAFFIC DEVELOPMENT

March	Mar-20	Mar-19	Change
ASK (million)	3,865	8,207	-53 %
RPK (million)	2,769	7,007	-60 %
Load factor	71.6 %	85.4 %	-13.8 p.p.
Passengers	1,153,283	2,961,840	-61 %
Traffic 12-month rolling	Mar-20	Mar-19	Change
ASK (million)	91,800	102,682	-11 %
RPK (million)	79,627	87,232	-9 %
Load factor	86.7 %	85.0 %	1.7 p.p.
Passengers	33,160,811	37,982,165	-13 %

PASSENGER REVENUES (ESTIMATE)

March	Mar-20	Mar-19	Change
Yield (NOK)	0.40	0.33	20 %
Unit revenue (NOK)	0.28	0.28	1 %

OPERATING PERFORMANCE

March	Mar-20	Mar-19	Change
Regularity	77.0 %	97.4 %	-20.4 p.p.
Punctuality	87.5 %	80.8 %	6.7 p.p.
CO2 per RPK	85 g	69 g	23 %

HEDGE POSITIONS

The Group estimates a hedge loss for the first quarter of NOK 1,067 million, including losses of NOK 868 million related to unrealized hedge positions.

Q1 20 Hedges	Volume			Price
USD/NOK	USD	-	NOK	-
Jet Fuel (Tons)	mt	132,000	USD	577
Q2 20 Hedges	Volume		Price
USD/NOK	USD	-	NOK	-
Jet Fuel (Tons)	mt	161,000	USD	574
Post Q2 20 Hedges	Volume		Price
Jet Fuel (Tons)	mt	153,000	USD	560