Norwegian Crew Resources Denmark Aps

Ledelsesberetning

The Company's principal activities
The Company's principal activities consist in directly or indirectly to provide crew services and sales of other products that naturally coincide with this, as well as other related activities.
Uncertainty regarding recognition or measurement
There is no material uncertainty regarding recognition or measurement.
Exceptional circumstances
No exceptional circumstances have affected recognition or measurement.
Development in activities and the financial situation
The Company's Income Statement of the financial year 1 January - 31 December 2023 shows a result of DKK 2,703,279 and the Balance Sheet at 31 December 2023 a balance sheet total of DKK 50,494,820 and an equity of DKK 4,929,122.
The Company generates income through the sale of services within the Norwegian group. The increased demand for flights will have a positive effect on the Company's operations, both profit-wise and in terms of liquidity.
Subsequent events
We refer to note 8
Targets and expectations for the year ahead
The current outlook for Norwegian Air Shuttle Group is encouraging and we expect an increased demand for flights
in 2024. The Company's revenue increased by 36%, which was significantly higher than the expected increase of 4-6% as disclosed in the Annual Report for 2022. The increase in revenue is mainly due to the corresponding increase in cost. All revenue is intercompany and has been based on operating expenses with a mark-up, however from 2023 it has been berry ratio which gives a lower profit margin. The current berry ratio is set to be 1,10.
Despite the increase in revenue the Company experienced a decrease in operating income of approximately 53% compared to expected increase of 4-6%. The decrease in operating income is mainly due to the transition to the new method of calculating the revenue. Managements find the result satisfactory.
Environment
The Company arranges for airlines to operate flights by providing rental services by cabin crew. These flights entail
disadvantages in the form of consumption of polluting fossil fuel and noise. In the same way that the Company
pollutes the external environment indirectly, the company is also indirectly imposed the same limitations and
restrictions as the Norwegian group, which is required by national and international regulations.
Norwegian is committed to reducing its CO2 carbon emissions by 45 percent by 2030 compared to 2010 levels. This will be achieved through a combination of fleet renewal, operational efficiency, and fossil-free aviation fuel (SAF). Norwegian is well underway with its fleet renewal program and are making significant strides also within other key emission reduction initiatives. In 2023, Norwegian's carbon efficiency, CO2 grams per RPK, amounted to 75 grams, an improvement of 2.5 percent compared to 2022. The improvement is a result of higher load factors, fuel saving by pilots and introduction of more fuel-efficient aircraft.
Research and development activities
The Company had no activities related to either research or development in 2023.

Beskrivelse af virksomhedens væsentligste aktiviteter

The Company's principal activities
The Company's principal activities consist in directly or indirectly to provide crew services and sales of other products that naturally coincide with this, as well as other related activities.

Beskrivelse af usikkerhed ved indregning eller måling

Uncertainty regarding recognition or measurement
There is no material uncertainty regarding recognition or measurement.

Beskrivelse af usædvanlige forhold, der kan have påvirket indregningen eller målingen

Exceptional circumstances
No exceptional circumstances have affected recognition or measurement.

Beskrivelse af udviklingen i virksomhedens aktiviteter og økonomiske forhold

Development in activities and the financial situation
The Company's Income Statement of the financial year 1 January - 31 December 2023 shows a result of DKK 2,703,279 and the Balance Sheet at 31 December 2023 a balance sheet total of DKK 50,494,820 and an equity of DKK 4,929,122.
The Company generates income through the sale of services within the Norwegian group. The increased demand for flights will have a positive effect on the Company's operations, both profit-wise and in terms of liquidity.

Beskrivelse af virksomhedens forventede udvikling

Targets and expectations for the year ahead
The current outlook for Norwegian Air Shuttle Group is encouraging and we expect an increased demand for flights
in 2024. The Company's revenue increased by 36%, which was significantly higher than the expected increase of 4-6% as disclosed in the Annual Report for 2022. The increase in revenue is mainly due to the corresponding increase in cost. All revenue is intercompany and has been based on operating expenses with a mark-up, however from 2023 it has been berry ratio which gives a lower profit margin. The current berry ratio is set to be 1,10.
Despite the increase in revenue the Company experienced a decrease in operating income of approximately 53% compared to expected increase of 4-6%. The decrease in operating income is mainly due to the transition to the new method of calculating the revenue. Managements find the result satisfactory.