The maths form the 2019 Annual Report does not make much sense, but such is the ways of complex business models, based on the revenue per "head" the whole operation should move to the US. Of course we know this is smoke and mirrors. But looking at Spain (only SH) they did 34% more revenue with 17% less staff than the UK which perhaps reflects the impact of LH on the operation..
The LH operation has Never made a profit and the loss would have been more significant if the ground services and other resources were not shared between LH and SH.
The market for LC LH maybe does exist, but is not feasible when the debt ratio is more than 10 times the industry average.
Revenue Per country/Headcount
Norway 8,643.8 Headcount 2424
US 8,313. headcount 4 514
Spain 6,005.0 Headcount 1697
UK 4,458.1 Headcount 2026
Sweden 3,430.4 Headcount 733
Denmark 2,976 .6 Headcount 734
The board was still debating whether to keep the company’s long-haul routes or return to a Europe-only model. “We have discussed it on the board and ... will continue to do so going forward. but there is definitely no decision,” said Mr Schram.
Norwegian Chief Financial Officer Geir Karlsen told Reuters on Thursday that it plans to give assurances in the courts that it can get access to sufficient capital by the end of February but that the process could be drawn out further.
Justice Michael Quinn, presiding over Friday’s update, said that while it was a complex case that may not reach an outcome in time, the parties should not unduly assume it will be extended beyond the 100 days.
He also encouraged the examiner to share the company’s plans with lessors whose aircraft may be returned as a result as early as possible.
A lawyer representing some creditor lessors including Aercap and BOC Aviation complained that the information put before the court so far was “somewhat sparse”