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Financial reports

March 2024

March 07, 2024
English
I am pleased to conclude a busy first quarter and winter season for SAS, marked by increased passenger volumes, and several exciting new projects and destinations. We are pleased to see that more and more people choose to travel with SAS, which clearly confirms that our ramp-up efforts continue to be successful.

We are getting ready for the summer season, during which SAS will fly to over 130 destinations in more than 40 countries. We have added frequencies to popular destinations across Europe, and nine new European destinations. We will also increase flights to North America and Asia in the summer program by adding flights to popular destinations such as New York and Tokyo. Furthermore, we have expanded the summer program to include Atlanta in the North American network, with daily direct flights throughout the summer season. We look forward to flying our passengers to their summer destinations.

SAS aims to be a driving force in sustainable aviation and in January, we announced a new collaboration with Airbus, Swedavia, Vattenfall and Avinor, to jointly investigate the feasibility of infrastructure for hydrogen-fueled aircraft at airports in Norway and Sweden, with the goal to develop a framework for the rollout of hydrogen-powered flights. This partnership is an important step in driving the transition towards achieving net-zero emissions.

We are making steady progress in our Chapter 11 process in the US and in reaching our overall targets in the SAS FORWARD plan. In November, we entered into an investment agreement with the winning bidder consortium in our exit financing solicitation process, consisting of Castlelake, Air France-KLM and Lind Invest, together with the Danish state. The agreement entails a total investment in the reorganized SAS corresponding to approximately SEK 13.2 billion. We currently aim to receive approval by the US court for the Chapter 11 plan in the first quarter of 2024, followed by regulatory approval and a likely Swedish company reorganization at the SAS AB level. As a result of that process, we repeat the expectation that there will be only a modest recovery for general unsecured creditors, no recovery for subordinated creditors and no value for SAS AB’s existing shareholders, and that all of SAS AB’s common shares and listed commercial hybrid bonds will be cancelled, redeemed and delisted, in connection with emergence from the Chapter 11 process. Any payment of recoveries to creditors will be made only after the completion of the transaction and the fulfilment of any conditions for payment to creditors. We currently expect to emerge from the restructuring proceedings around the end of the first half of 2024.

February 2024

February 22, 2024
English
February 07, 2024
English
At a Board meeting of SAS AB, the November 2022-October 2023 Annual and Sustainability Report for the SAS Group and its parent company SAS AB was presented and approved.