NAS has released its first proper quarterly report following the significant restructuring. NAS has equity of NOK1.5bn, cash and cash equivalents of NOK7.6bn and net debt of NOK1.7bn. In Q2 21 NAS reported EBITDAR of NOK-538m and net profit of NOK2.8bn. The significant net profit was due to a NOK3.6bn proceeds from the rights issue. In H1 21 the operating cash flow was NOK-421m – hence manageable (no quarterly break-down provided). No guidance for 2021 provided – but NAS expects to ramp up operations in the coming quarters with around 50 short haul aircraft in the air at end-2021 and around 70 in 2022. Overall the relatively modest cash burn combined with the significant cash position end-Q2 21 is supportive for the credit stance of NAS.
