SEPTEMBER 4TH, 2013
SAS Group Interim report November 2012 - July 2013
Strengthened SAS delivers positive result
May-July 2013
November 2012-July 2013
· Revenue: MSEK 31,123 (31,007) · Traffic: up 3.8% · Passenger revenue adjusted for currency: up 5.3% · Income before tax and nonrecurring items: MSEK 229 (-788) · EBIT margin: 2.2% (-1.3%) · Income before tax: MSEK -9 (-2,694) · Net income for the period: MSEK -174 (-2,436) · Earnings per share: SEK -0.53 (-7.40) · Cash flow from operating activities: MSEK 518 (299)“It is gratifying that our robust and sweeping restructuring program is having
the anticipated effect and SAS exits the third quarter strongly with a positive
income before tax of MSEK 1,120.
We have made substantial progress in the implementation of our plan to improve
our financial position. When the sale of Widerøe is concluded in September, we
will have completed the sale of assets corresponding to about SEK 2.7 billion.
In parallel, during the quarter, we were able to increase traffic through a
significant improvement in productivity. During the summer, 32 new routes were
opened, which contributed to increased passenger revenue at the same time as
operating expenses decreased. We have signed a letter of intent with Airbus
regarding the renewal of the SAS Group’s long-haul fleet, which bolsters our
long-term competitiveness.
Competition in European air traffic remains very intense. Consequently, our
focus is on completing the entirely necessary transition to a lower and more
flexible cost structure, in parallel with our continued aggressive investment in
our customer offering. Our forecast of achieving positive earnings for the full
-year remains firmly in place," says Rickard Gustafson, SAS President and CEO.