Norwegian Air Shuttle ASA

Flights in progress
Norwegian Air Shuttle ASA
NFF Presentation May 19 2011
Scandinavia is one of the largest per
capita air travel markets in the world
Topography
–
–
–
Sources:
Mountains
Fjords
Unsheltered plains
Airbus Global Market Forecast 2009 – 2028 (excl Norway)
Central Intelligence Agency (CIA) The World Fact Book
Avinor (Norwegian Civil Aviation Authority)
Climate
–
–
Makes ground transportation
unpredictable during winter
Cold and dark winters increases
propensity to travel south on leisure travel
Demographics
–
–
–
High GDP pr capita
Wealth relatively evenly distributed
throughout the population
Extensive international trade
Norwegian from a marginal domestic player to
Europe’s third largest low cost carrier
•
Growing on low costs and competitive pricing
•
Annual passenger growth (CAGR) 2003 – 2010 of 41 %
Artikkel fra DN fredag 11. januar 2002
3
Snap-shot of current position
Norwegian Europe’s 11th largest
airline
Low fare carriers
Source: RDC Aviation Intra European Capacity Report March 2011
Norwegian
Snap-shot of current position
World’s 11th largest low
cost carrier
Source: www.innovata-llc.com
5
Recent developments
Slide: 6
Q1 financial development
Q1 2011
•
•
•
•
•
•
•
•
•
Turnover:
Passengers:
Unit cost excl. fuel:
Unit cost (CASK):
EBITDAR:
EBITDA:
EBIT:
EBT:
Net Profit:
2010 full year
MNOK 1,895 (+19 %)
3.1 million (+14 %)
NOK 0.39 (-1 %)
NOK 0.52 (+2 %)
MNOK -230 (-23)
MNOK -430 (-192)
MNOK -495 (-239)
MNOK -406 (-275)
MNOK -293 (-200)
EBT development
•
•
•
•
•
•
•
•
•
Turnover:
Passengers:
Unit cost excl. fuel:
Unit cost (CASK):
EBITDAR:
EBITDA:
EBIT:
EBT:
Net Profit:
MNOK 8,598 (+18 %)
13.0 million (+21 %)
NOK 0.34 (- 10 %)
NOK 0.46 (-5 %)
MNOK 1,175 (+1,341)
MNOK 397 (+721)
MNOK 210 (+572)
MNOK 243 (+623)
MNOK 189 (+446)
EBT evelopment
Slide: 7
Seasonality
•
Of the previous four Q1s, all have been deep red for Norwegian
•
Of the previous four full operating years, all have produced profits for Norwegian
8
Q1 11:
One-offs and commodity fluctuations of MNOK 286
•
Fuel price up 34 % since last year – equivalent to MNOK 141
•
Expansion costs of approximately MNOK 100
4,500
Available Seat Kilometers (ASK)
+28 %
4,000
3,500
3,000
2,500
2,000
0
Q1 10
-100
Q1 11
-144
-192
-100
EBITDA (MNOK)
-200
-300
-141
-45
-430
Realized currency
loss
Q1 2010
Actual
-400
-500
-600
Q1 2010
Actual
Q1 2011
Underlying
Expansion
(SE, DK, FI)
Fuel price
increase
9
April traffic figures
Comparables affected by Easter and last year’s closure of European airspace
•
Continued growth
•
Improving load factor
•
Yield increase (first time in 21 months)
2010
(actual)
2010
(adj for ash)
2011
(actual)
11 vs. 10
(actual)
11 vs. 10
(adjusted)
VOLUME & CAPACITY
ASK
1,199
1,478
1,732
44 %
17 %
RPK
848
1,096
1342
58 %
22 %
Pax
791,371
1,092,000
1,207,891
53 %
11 %
71 %
74 %
77 %
10 %
3.3
Load
REVENUES
RASK
0.36
0.40
0.42
16 %
6%
Yield
0.51
0.53
0.54
6%
1%
10
Successful growth owing to constant cost focus
Lower prices accompanied by lower costs have increased the market share
•
•
Unit cost excluding fuel down 31 % and market share growth of 26 p.p. since 2004
Increasing competitive power allows profitable growth and further scale economies
Slide: 11
Lower fares affect yields
Yield does not reflect load or ancillary revenue
•
Competitive (low) fares necessary to grow
•
Growth necessary to drive down unit cost
•
Low unit cost a prerequisite to be profitable
Yield & Gross RASK development
Unit cost & annual EBT result development
12
How does Norwegian
compare to others?
Slide: 13
Cost focus and fleet renewal enhances competitiveness further:
Underlying unit cost down 6 %
•
•
Unit cost 0.52 in Q1 – up 2 % from last year
Unit cost excl. fuel & currency 0.37 – down 6 % from last year
COST ITEM
% OF OPEX
PER ASK
% CHG PR ASK
Aviation fuel
24 %
0.13
10 %
Personell
19 %
0.10
-4 %
Airport and ATC
14 %
0.07
-4 %
Other expenses
11 %
0.05
-9 %
Handling
9%
0.05
-9 %
Leasing
9%
0.04
-8 %
Technical maintenance
7%
0.04
-12 %
n/a
Other losses/(gains) - net
4%
0.02
Sales/ distribution
2%
0.01
0%
100 %
0.52
2%
CASK
Slide: 14
Cost & currency breakdown
15
Continuous delivery stream of 737-800s will drive down the unit cost further
Norwegian aiming for cost leadership at primary airports
Sources: SAS Group Annual report 2010, Norwegian Air Shuttle ASA Annual report 2010, Finnair Plc. Annual report 2010, Ryanair Annual Report 2010, easyJet Annual Report 2010, Air Berlin Annual Report 2010 and Norwegian’s estimations
• Cost per available seat kilometer is an industry-wide cost level indicator often referred to as “CASK”. Usually represented as operating expenses before depreciation and amortization (EBITDA level) over produced seat kilometers (ASK).
•Finnair: Non-airline operating expenses calculated by deducting “Airline Business” expenses as presented in the “Business segment data” from total operating expenses. Average flying distance is an estimate.
• SAS Group: Revenues from mail & freight, ground handling services, technical maintenance and terminal & forwarding services as presented in the 2009 annual report are classified as “non-airline” and are deducted from airline operating expenses. Average flying distance from 2009.
• SAS Group’s figures are unadjusted for “restructuring costs” and “one-offs” as both items have been a constant fixture in most financial statements the last decade. SAS Group’s various 2010 claims settlements are equivalent to NOK 0.02 per seat per kilometer.
• Foreign exchange rates used are equivalent to the daily average rates corresponding to the reporting periods and as stated by the Central Bank of Norway
16
Large potential for further cost reductions
Distance a major cost driver
Norwegian’s development to date
Oppdateres
Sources: SAS Group Annual report 2010, Norwegian Air Shuttle ASA Annual report 2010, Finnair Plc. Annual report 2010, Ryanair Annual Report 2010, easyJet Annual Report 2010, Air Berlin Annual Report 2010 and Norwegian’s estimations
• Cost per available seat kilometer is an industry-wide cost level indicator often referred to as “CASK”. Usually represented as operating expenses before depreciation and amortization (EBITDA level) over produced seat kilometers (ASK).
• Finnair: Non-airline operating expenses calculated by deducting “Airline Business” expenses as presented in the “Business segment data” from total operating expenses. Average flying distance is an estimate.
• SAS Group: Revenues from mail & freight, ground handling services, technical maintenance and terminal & forwarding services as presented in the 2009 annual report are classified as “non-airline” and are deducted from airline operating expenses. Average flying distance from 2009.
• SAS Group’s figures are unadjusted for “restructuring costs” and “one-offs” as both items have been a constant fixture in most financial statements the last decade. SAS Group’s various 2010 claims settlements are equivalent to NOK 0.02 per seat per kilometer.
• Foreign exchange rates used are equivalent to the daily average rates corresponding to the reporting periods and as stated by the Central Bank of Norway
17
Salary & Wages per employee
•
Pilots (best paid group of employees)(% of total employees)
–
–
–
–
Ryanair:
AirBerlin:
Norwegian:
SAS Group:
28 % (of which 56% employed on contract basis)
15 %
25 %
11 %
Sources: SAS Group Annual report 2010, Norwegian Air Shuttle ASA Annual report 2010, Finnair Plc. Annual report 2010, Ryanair Annual Report 2010, easyJet Annual Report 2010, Air Berlin Annual Report 2010 and Norwegian’s estimations
• Wages & Salary as presented in the notes to the IFRS financial statements of the respective companies
• Number of employees is reported man-labor years except Air Berlin where a simple average of year-end 09&10head-counts is used adjusted for 23% part-time employees
18
Salary & Wages per ASK
ASK (mill) per airline employee
Salary cost per ASK
(excl. ground services, cargo etc.)
(excl. ground services, cargo etc.)
Sources: SAS Group Annual report 2010, Norwegian Air Shuttle ASA Annual report 2010, Finnair Plc. Annual report 2010, Ryanair Annual Report 2010, easyJet Annual Report 2010, Air Berlin Annual Report 2010 and Norwegian’s estimations
• SAS airline employees is calculated as Group employees minus all technical (SAS Tech), handling (SGH) and cargo (SCG Spirit) employees. Data is not sufficient for 2009 and 2008.
• SAS and Finnair don’t provide salary costs for airline employees alone. The ratio airline employees/ total employees is used to calculate airline share of salaries and wages.
19
Norwegian aiming for CASK NOK 0.30 excluding fuel
Scale economies
•
•
Uniform fleet of Boeing 737-800s
Overheads
Crew and aircraft utilization
•
Rostering and aircraft slings optimized
New more efficient aircraft
•
•
•
Flying cost of 737-800 lower than 737-300
737-800 has 38 “free” seats
Can sustain 20% drop in unit revenue
Growth adapted to local markets
•
Optimized average stage length
•
•
Fixed costs divided by more ASKs
Frequency based costs divided by more ASKs
Salaries adapted to local cost level
Automation
•
•
•
Self check-in/ bag drop
Automated charter & group bookings
Streamlined operative systems & processes
20
NEW aircraft outperform older
Boeing 737-800W 2011 vs. 1998 vintage
NOK 220 million savings in 2011
Boeing 737-800W vs. MD-80
NOK 1,250 million savings in 2011
16 million pax/ 80% load/ Crude oil USD 120
16 million pax/ 80% load/ Crude oil USD 120
Fuel cost: NOK 2.61 billion
Fuel cost: NOK 3.64 billion
Smarter cabin layout
(3 %)
Winglets
(3-5 %)
EFB
(1 %)
Tech insert
(2-3 %)
CFM Evolution
(1-2 %)
16 million pax/ 80% load/ Crude oil USD 120
16 million pax/ 80% load/ Crude oil USD 120
Fuel cost: NOK 2.39 billion
Fuel cost: NOK 2.39 billion
Carbon brakes
(0.5 %)
Aerodynamics
(1 %)
Lighter interior
(0.5 %)
Sources: Boeing
• Fuel consumption based on Norwegian’s average distance and 80% load factor
21
LARGE aircraft of the same model outperform smaller
Aircraft A
95 pax (-5)
Aircraft B
105 pax (+5)
Boeing 737-800
Boeing 737-600
Cost of flight (marginal):
Seats:
Seat cost:
Pax cost (74% load):
50,700
120
423
534
Cost of flight (marginal):
Seats:
Seat cost:
Pax cost (59% load):
53,000
186
285
505
16 million pax/ 80% load/ Crude oil USD 120
16 million pax/ 80% load/ Crude oil USD 120
Fuel cost: NOK 3.55 billion
Fuel cost: NOK 2.39 billion
Sources: Boeing
• Marginal cost is Cash Airplane Related Operating Costs for a given stage length.. The concept includes all direct costs such as labor, maintenance, landing fees etc. but excludes all company specific overheads.
22
Fuel efficient aircraft provide relative advantage
•
Fuel consumption:
Down 6 % per seat per KM vs. Q1 last year
•
Consumption advantage:
25 - 30 % lower per passenger per KM vs. competitor
Fuel price
Current price expectations (Forward curve)
Future Hedges
Forward curve July 2008 vs. actual
20 %
Options with strike
price USD 1,100/ MT
Hedged volume
15 %
10 %
5%
0%
Q1
Q2
Q3
Q4
23
Fuel surcharge better than excessive fuel hedging
•
If Norwegian hedged 60% of the 2011 consumption last week:
–
–
•
Would have lost MNOK 170 per USD 10/bbl decrease
Oil price down approximately USD 15/bbl
Fuel surcharge
–
–
Has a few months time lag before 100 % effect
Limited downside compared to hedging
Fuel surcharge time lag
24
Expansion & Growth
potential
Slide: 25
Growth focus on Sweden in Q1
Oslo
+ 153,000 pax
•
•
Marginal increase in domestic frequencies
Growth due to larger aircraft and charter
Copenhagen
+ 71,000 pax
Stockholm
+ 208,000 pax
•
•
New dom. routes to Malmö & Gothenburg
Substantial international production growth
•
•
Domestic winter capacity adjustment
International production growth
Successful opening of Helsinki base and business routes in Sweden
Sweden
•
New domestic routes
–
–
–
•
Launch of Helsinki base
6 daily rotations to Malmö (opened Dec.)
3 daily rotations to Gothenburg (opened Feb.)
Summer route to Visby (Gotland)
3 aircraft based in Helsinki starting March 2011
•
2 domestic destinations
–
•
Int’l launch from Gothenburg
–
•
Malaga, Palma, Pristina, Crete (Chania)
Nice, Barcelona and Rome.
GOT
ARN
VBY
Oulu and Rovaniemi
11 international destinations
–
–
Oslo and Stockholm already in operation
Copenhagen, London (Gatwick), Rome, Split, Alicante, Barcelona,
Malaga, Nice and Crete (Chania)
MMX
Slide: 27
Current planned fleet development
•
57 aircraft in the fleet at end of Q1
–
–
•
737-800:
737-300:
37 (increase of 14 since last year)
20 (decrease of 8 since last year)
5 new 737-800 deliveries in Q2 (May 2, June 3)
28
1970-2010
Air traffic has doubled every 15 years
•
Annual RPK growth
–
–
–
Inter-European routes:
Europe – North America:
Europe – SE Asia & China:
1.9 x Norwegian’s 2010 RPK
1.3 x Norwegian’s 2010 RPK
1.0 x Norwegian’s 2010 RPK
Airbus 2010-2029 annual RPK growth forecast
Boeing 2010-2029 annual RPK growth forecast
+4.1%
+2.8%
+7.1%
29
Low cost carriers are growing twice as fast
•
Boeing anticipates LCC traffic will quadruple by 2029
•
Legacy carriers will “only” double during the same period
30
Possible development with purchase rights and long haul
•
•
•
•
63 737-800 on firm order
27 737-800 purchase rights
22 existing 737-800 leases
2 787-8 Dreamliners, negotiating for 4 more
31
Long-haul
CEO Bjørn Kjos
Slide: 32
Boeing’s growth prospects for Europe:
Long-haul markets the fastest growing
33
Norwegian is launching Long-Haul operations
•
Two Dreamliner leases with first delivery in 2012
•
Rolls-Royce Trent 1000 engines – Including “TotalCare” package for up to 18 engines
•
Initial operations will probably comprise 2 - 8 aircraft
Aircraft type
•
Two leased Dreamliners, first delivery in 2012
•
Negotiating for 4 – 6 additional Dreamliner leases
Synergies
•
•
•
•
•
•
Brand name
Feeder network
Distribution channels
Efficient organization
Flight ops & commercial
Low cost base
Long-haul
Short-haul
•
•
•
Unit cost down as fixed costs
are divided by more ASKs
More traffic on existing
network
More high-yield
business traffic
Slide: 34
How is the Dreamliner different?
•
30 % lower operating costs
•
20 % lower fuel consumption
•
Substantial comfort improvements
Destinations
•
Cost efficient aircraft & cost efficient airline =
half the operating cost of incumbents
Market leading range
• 90% of World’s cities non-stop from Oslo
35
Large potential for inbound traffic from overseas markets
•
Passenger traffic increases by a factor of appr. 2 compared to GDP growth
•
Air traffic stimulated by non-stop routes and low fares
•
China has the World’s larges population and World’s highest GDP growth…
Non-stop routes:
Pax growth > GDP growth:
China:
Passenger volume Oslo – Dubai +97%
Norway pax growth to GDP growth: 2.20
Non-stop + low fares + 7% GDP growth = ?
+97%
36
Slide: 37
The traffic growth will come from Asia
Automation & Offshoring
CIO Hans-Petter Aanby
Slide: 38
Salary & Wages per employee
Sources: SAS Group Annual report 2010, Norwegian Air Shuttle ASA Annual report 2010, Finnair Plc. Annual report 2010, Ryanair Annual Report 2010, easyJet Annual Report 2010, Air Berlin Annual Report 2010 and Norwegian’s estimations
• Wages & Salary as presented in the notes in the IFRS financial statements for the respective companies
• Number of employees is reported man-labor years except Air Berlin where a simple average of year-end 09&10head-counts is used adjusted for 23% part-time employees
39
Automatisering 2011
Automatisering:
Lean,
- mer enn 100 lean aktiviteter.
”mange bekker små til en stor aa”
Eksempler på prosjekter:
- Bemanningsfri bagdrop
- Charterreiser
- Gruppereiser
- Call Center portal
- Avregning / regnskap
- Skatter og avgifter
- Nettverk med andre selskaper
…
Offshoring
Offshoring:
Vi har inngått offshore avtaler med Runway og
Tata for administrative tjenester. (India, Baltikum)
- Avregning / regnskap
- Skatte og avgiftsoppfølging
- Fraud
- Salg av billetter
- Revenue pricing
- Bagasjesporing
- Oppryddingsjobber i forbindelse med feil i
leveranser til kundene og ”askejobber”
- Testing av IT systemer
- Internett Support
Offshoring i dag
25 + 15 Kundesenter Finland
30 Piloter, base HEL
50 Crew, base HEL
60 + 5 Kundesenter Skandinavia
Avregning/regnskap
Lost luggage tracking and support
IT support
20 Gruppereise og vanlig booking
Totalt 205 stillinger
Administrasjon : 125
Operativ : 80
I tillegg revenue tjenester i India
Wi-Fi & Ancillary Revenue
CIO Hans-Petter Aanby
Slide: 43
Non-ticket revenue a significant contributor
•
Core ancillary revenue comprises 14 % of Q1 revenues (target 15 %)
•
Pax related commissions comprises 1 % of revenues (sale on board, hotel, rental car etc.)
•
Non-pax revenues comprises 1 % of revenues (cargo, share of profit subsidiaries, other)
•
Wi-Fi with potential to increase ancillary revenue
+ 5%
100
90
80
Ancillary revenue per passenger (NOK)
70
60
50
40
30
20
10
0
Core ancillary revenue/ pax
Passenger related commissions
Q1 08
Q1 09
Q1 10
Q1 11
42
70
80
84
8
8
Slide: 44
The on board product!
Live TV broadcasting news,
sports and other programs.
High speed broadband in flight,
enabling customers to work,
search for news or be
entertained.
Overwhelming Wi-Fi Launch
Used by more than half of the passengers on most popular flights
•
40 - 50 % of passengers online on the most popular flights
–
–
–
–
–
–
–
–
•
Oslo – Dubai (51 %)
Stockholm - Malaga (49 %)
Oslo - Geneva (48 %)
Oslo – Malaga (48 %)
Stockholm – Salzburg (42 %)
Oslo – Alicante (42 %)
Oslo – London (40 %)
Oslo – Las Palmas (40 %)
All flights between Stockholm and Oslo with Wi-Fi from May
–
Number of daily round-trips OSL – ARN increases to 9 from May
•
11 aircraft with Wi-Fi from summer 2011
•
21 aircraft with Wi-Fi by year-end 2011
•
Fleet wide Wi-Fi service by the end of 2012
46
Automation and operational possibilities
41 aircrafts
… ”simple” to implement new technology
Norwegian Reward
CIO Hans-Petter Aanby
Slide: 49
A big success
41 aircrafts
All 950,000 active members have
purchased Norwegian tickets
within the last 18 months
The Reward system is integrated
across Norwegian
The Reward customers are loyal
The Reward customers increase
the airline yield
The Reward system is integrated
into the infrastructure of the bank
Now we are focusing externally,
we have started discussions with
several attractive partners.
New external partners easily connected...
AIRLINE
BANK
CALL
Norwegian Group Business Bus
Norwegian Reward
Possible connect with new external companies and partners...
Financial position &
aircraft financing
CFO Frode Foss
Slide: 52
Aircraft financing cash flow profile different from
aircraft balance sheet values
Aircraft balance sheet value
Aircraft order cash flows
•
Purchase right aircraft displayed only at delivery date (accumulated CF)
Slide: 53
Why own aircraft?
The P&L view
•
Unit cost lowest with owned aircraft – including cost of financing
•
Aircraft 100 % owned after 12 years (fully amortized)
•
Aircraft configured according to Norwegian’s spec
54
Why own aircraft?
Principle chart - cash effect owning versus leasing
•
Cash neutral three years after delivery
•
After 6 years cash saved is equivalent to the full equity requirement for a second aircraft
•
Owning reduces cash outflow by MUSD 10-15 over 12 years from delivery (before residual value)
55
Depreciation owned aircraft
Aircraft are decomposed into two main accounting components
1) Maintenance components
•on technical
2009/ condition
2010/ 2011
B/S value based
wrt
maintenance cycle (value restored after overhaul)
2) Aircraft Base value
B/S value based on the economic
lifetime of the aircraft
APU
General Overhaul
1 component
(hours)
2 primary checks
•C-check
(hours)
•C4-check
(hours)
Engines
Landing Gear (LG)
3 components
•Nose LG
(cycles/ 8 yrs)
•LG left
(cycles/ 8 yrs)
•LG right
(cycles/ 8 yrs)
2 components (pr. engine)
•LLP (Life Limited Parts)
•PR (Power Restoration)
(cycles)
(hours)
Aircraft financing – One aircraft principle chart
57
Equity Requirement
•
Original order:
42 aircraft
(63 including exercised purchase rights)
•
Delivery period:
5 years
(7 years including exercised purchase rights)
•
Annual CAPEX:
NOK 2.5 – 3.5 billion
(Provided no sale & leaseback)
•
Annual Equity (15 %):
NOK 300 – 400 million
(Provided no sale & leaseback)
•
Required net margin:
3–4%
(NOK 10 billion turnover c.f. 2011 analyst consensus)
58
Sale and Leaseback (S&LB)
A hybrid of regular leasing and owning
•
Reduces need for financing while offering a lower lease rate or immediate cash gain
•
The most cost efficient way of diversifying financing sources
•
Efficient source of financing
Alternative A
Sell aircraft at market price
and realize gain (and cash)
Financial Institution
Leaseback at market rates
Alternative B
Sell aircraft at purchase
(“discounted”) price
Financial Institution
Leaseback at “discounted”
rates
Slide: 59
S&LB effect on requirement for long term financing
•
S&LB offers considerable flexibility in managing the balance sheet and residual risk
•
S&LB on i.e. 6 out of 14 aircraft in 2011 reduces required financing by 50 %
–
The release of equity reduces the requirement for external financing on remaining aircraft
CAPEX profile given 48 aircraft on balance
sheet as presented at Q4 2009
S&LB reduces requirement for long term financing substantially
(2011 financing requirement given S&LB modeled below)
Purchased aircraft
Sale & Leaseback
Reduced number of purch.
14
0
0%
12
2
14 %
10
4
29 %
8
6
43 %
6
8
57 %
Slide: 60
Group equity improved by MNOK 103 compared to last year
•
Equity of NOK 1.5 billion at the end of the first quarter
•
Group equity ratio of 21 % in Q1 (24 %)
•
Equity ratio seasonally low after Q1, high after Q3
8,000
7,000
Cash
1,229
6,000
5,000
4,000
1,628
Receivables
1,260
Other
current
liabilities
1,359
Pre-sold
tickets
1,822
1,083
1,483
3,000
Non-current
assets
4,630
2,000
1,787
Long term
liabilities
2,433
1,173
3,135
1,000
Equity
1,506
1,402
Q1 11
Q1 10
0
Q1 10
Q1 11
Slide: 61
Changes to accounting principles
•
There is considerable activity around the development of new accounting
standards.
•
Uncertainty about the time of implementation
–
–
•
New accounting rules for pension obligations and operating leases on the B/S
–
–
•
«Big bang»
Distributed over time
Not expected to have effect on airlines until 2014 -2015
The rules are not adopted, there is still uncertainty about how the final rules will be.
The pension standard will have equity effect
–
–
–
What in note 16 is called "Estimate Deviation not recongnised" will reduce equity.
It is likely that the part that goes over the P&L will be split between finance and payroll
Estimate changes will be recorded against equity
62
Environment
Slide: 63
Fuel consumption is a primary advantage of the 737-800
Slide: 64
Emissions benchmark
65
Air travel’s reputation as an environmental “bad boy” is unmerited
66
Norwegian offers 244 scheduled
routes to 97 destinations
Norwegian Air Shuttle ASA
Mailing address P.O. Box 113
No – 1330 Fornebu
Visiting address Oksenøyveien 3
Telephone
Telefax
Internet
+47 67 59 30 00
+47 67 59 30 01
www.norwegian.com
Organization number
NO 965 920 358 MVA
Slide: 68