Norwegian Air Shuttle: losses narrowed in 1Q09; business slow down forecast for 2009

Scandinavia’s largest LCC, Norwegian Air Shuttle, posted a net loss of EUR12.5 million in 1Q09 (three months ended 31-Mar-09), an improvement from the EUR24 million net loss reported in the previous corresponding period. [1300 words]

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This report contains the following subheadings:

• Ancillary revenue an increasingly important source of income
• International revenues growth slows in 1Q09; increased domestic focus
• Continues expansionist trend in 1Q09
• Risk and uncertainty moving into 2009

This report contains the following charts and tables:

• Norwegian financial highlights for three months ended Dec-08
• Norwegian Air Shuttle quarterly revenues: 1Q04 to 4Q08
• Cost per ASK (ex fuel in NOK) and fuel share developments: 1Q06 to 1Q09
• Norwegian revenue growth (domestic and international): 1Q06 to 1Q09
• Norwegian marketshare in key domestic markets: 1Q06 to 1Q09
• Norwegian Air Shuttle route map: Apr-2009
• Norwegian traffic highlights for three months ended 31-Mar-09
• Norwegian capacity (ASKs - million) and load factor (%) development: 1Q06 to 1Q09
• Norwegian fleet growth: 4Q08 to 4Q09
• Norwegian sensitivity analysis: Dec-08