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Interim Report November 2013 – April 2014

June 18, 2014 08:00

SAS takes decisive action in a challenging market February–April 2014 [1]

  • Revenue: MSEK 8,472 (9,933)
  • Unit revenue (PASK) declined 8.9%
  • Unit cost (CASK) decreased 5.3% [2]
  • EBIT margin: -7.8% (-1.1%)
  • Income before tax: MSEK -1,078 (-329)
  • Net income for the period: MSEK -800 (-405)
  • Earnings per common share: SEK -2.72 (-1.23)
  • Additional revenue and cost measures have been initiated. The cost measures are expected to have an earnings impact of SEK 1 billion in the 2014/2015 fiscal year. In addition, longer-term initiatives will be finalized in autumn 2014
  • The outlook for the full year 2013/2014 is presented on page 7

[1] Comparative figures for the corresponding year-earlier period include Widerøe.

[2] Adjusted for jet fuel and amended pension terms totaling MSEK 450, in the Feb–Apr 2013 period.
The SAS Group has applied the amended standard for pension reporting, IAS 19 – Employee Benefits since November 1, 2013. As part of implementing the amended accounting standard, reported figures for the preceding fiscal year (2012/2013) have been restated to enable comparison with the 2013/2014 fiscal year. The effects of the restatement of the SAS financial statements for 2012/2013 can be found at, under Investor Relations/Reports and Presentations/Interim reports.

Comments by the President and CEO of SAS:

“Continued intense competition and pressure on prices in the Scandinavian air travel market reduced margins more than expected and SAS posted an EBT of MSEK -1,078 for the second quarter. We are deeply disappointed with the results, which were substantially below our own expectations. However, it is worth noting that, in April, we posted a record high load factor and the number of passengers flying with SAS increased slightly more than 300,000 during the quarter. We are also continuing to reduce the unit cost, which decreased 5.3% over the quarter. Member numbers have increased substantially since the introduction of our revamped EuroBonus program and we are continuing to develop the program for our customers’ benefit.

However, the market trend shows that it is crucial for SAS to act more aggressively and, accordingly, we are now intensifying revenue and cost measures. The additional cost measures will enhance operational efficiency and a further improvement in earnings of SEK 1 billion is expected in the 2014/2015 fiscal year. With the cost measures being implemented, we see an opportunity to further strengthen the offering to Scandinavia’s frequent travelers through initiatives including expanding the SAS intercontinental offering. We are planning new direct routes from Oslo and Stockholm to North America and Asia, starting in autumn 2015,” says Rickard Gustafson, SAS President and CEO.

SAS discloses this information pursuant to the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. The information was provided for publication on June 18, 2014, at 8:00 a.m.

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