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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Airbus SE    AIR   NL0000235190

AIRBUS SE

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Norwegian Air's rise and battle for survival

11/18/2020 | 11:51am EST
A Norwegian Air plane is refuelled at Oslo Gardermoen airport

(Reuters) - Having grown rapidly to become Europe's third-largest low-cost airline and one of the few to apply the budget model to transatlantic flights, Norwegian Air is fighting for its survival again, having asked an Irish court to oversee a restructuring of its massive debt on Wednesday.

Following are key dates in the company's 27-year history.

2020

Nov. 9: The Norwegian government says that it will not provide additional financial support for the cash-strapped carrier

Aug. 28: Norwegian Air says it will need to secure funding this year for the next 18 months or more to see it through the COVID-19 pandemic after reporting first-half losses of $610 million.

May 18: Norwegian Air completes a cut-price share sale and wins bondholders' backing for a refinancing, allowing it to continue operating with a slimmed-down schedule.

March 24: The airline receives an initial government cash injection of 300 million Norwegian crowns ($33 million).

March 16: Norwegian says it is cancelling 85% of its flights and temporarily laying off 7,300 employees because of the coronavirus outbreak.

March 5: Company scraps its 2020 earnings guidance and cancels some of its transatlantic flights.

Feb. 13: Norwegian says it will make deeper capacity cuts in 2020 than previously announced as it aims to return to profit after three consecutive years of losses.

2019

Nov. 20: Appoints Jacob Schram as CEO. Schram, who does not have a background in aviation, had worked for consulting company McKinsey among previous roles.

Nov. 5: Raises 2.5 billion Norwegian crowns to meet its cash needs through 2020 with its third share sale in two years and a bond issue.

Sept. 16: Norwegian's bondholders accept the company's plea to postpone repayment of $380 million by up to two years.

Aug. 19: Agrees to sell its stake in banking company Norwegian Finans Holding for 2.22 billion crowns.

July 11: Co-founder Bjoern Kjos steps down as CEO.

April 10: Norwegian postpones Airbus plane deliveries scheduled for 2019 and 2020, cutting its capital spending by $570 million.

March 12: Norwegian grounds its Boeing 737 MAX 8 jets after a fatal crash of an Ethiopian Airlines 737 MAX.

Feb. 18-19: Norwegian announces deep-discount share issue at only a third of the market price.

Jan. 24: International Consolidated Airlines Group (IAG), the owner of British Airways, says it will not make a bid for Norwegian and will sell its stake in the company.

2018

May 4: Board confirms that it has received two separate conditional proposals from IAG Group in relation to an acquisition of 100% of its share capital.

March 21:

Norwegian raises 1.3 billion crowns in a share sale to help to fund its expansion and cope with higher fuel costs after warning of a larger than expected loss in the quarter.

2017

July 17: Norwegian's first flight using the Boeing 737 MAX takes off from Edinburgh.

2015

Oct. 22: Norwegian orders 19 Boeing 787-9 Dreamliners, more than quadrupling its long-haul fleet.

2013

May 30: Norwegian's first intercontinental flight departs from Oslo to New York.

2012

Jan. 25: Norwegian orders 122 planes from Boeing, 100 of which are Boeing 737 MAX 8 jets. The airline also enters agreement with Airbus about buying 100 Airbus A320neo jets. In total, the planes are worth 127 billion Norwegian crowns.

2011

Feb. 8: Norwegian becomes the first airline to offer free WiFi on European flights.

2007

April 24: Norwegian buys FlyNordic from Finnair and becomes the biggest low-cost airline in Scandinavia.

2003

Dec. 18: Norwegian shares are listed on Oslo Stock Exchange.

2002

Sept. 1: Norwegian Air Shuttle (NAS) rebrands as Norwegian and starts operating with Boeing 737-300 planes.

1993

Jan. 22: Norwegian Air Shuttle is founded and takes over regional airline services on Norway's West Coast. Flights are operated in cooperation with Norwegian airline Braathens. NAS initially operates with a fleet of three leased Fokker 50.

($1 = 9.4785 Norwegian crowns)

(Reporting by Tommy Lund, Paulina Cwikowska, Milla Nissi, Aleksandra Jasiurska; Editing by David Goodman and Keith Weir)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AIRBUS SE -3.30% 89.36 Real-time Quote.2.93%
FINNAIR OYJ -3.13% 0.6645 Delayed Quote.-9.44%
INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A. -3.03% 156.95 Delayed Quote.1.28%
NORWEGIAN AIR SHUTTLE ASA 13.33% 68 Real-time Quote.-30.99%
NORWEGIAN FINANS HOLDING ASA -1.27% 78 Real-time Quote.8.00%
THE BOEING COMPANY -1.91% 207.41 Delayed Quote.-1.22%
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Sales 2020 46 911 M 57 095 M 57 095 M
Net income 2020 -1 494 M -1 819 M -1 819 M
Net cash 2020 1 264 M 1 538 M 1 538 M
P/E ratio 2020 -49,9x
Yield 2020 0,03%
Capitalization 69 992 M 85 003 M 85 186 M
EV / Sales 2020 1,47x
EV / Sales 2021 1,30x
Nbr of Employees 134 071
Free-Float 74,1%
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Average target price 98,28 €
Last Close Price 89,36 €
Spread / Highest target 55,6%
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Managers and Directors
NameTitle
Guillaume Faury Chief Executive Officer
René Richard Obermann Chairman
Michael Schöllhorn Chief Operating Officer
Dominik Asam Chief Financial Officer
Luc Hennekens Chief Information Officer
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