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SAS Interim Report November 2014 – July 2015

September 8, 2015 06:00

Commercial success improves earnings

May 2015 – July 2015

  • Income before tax: MSEK 1,031 (756)
  • Income before tax and nonrecurring items: MSEK 996 (759)
  • Revenue: MSEK 10,973 (10,697)
  • Unit revenue (PASK) increased 3.6% [1]
  • Unit cost (CASK) increased 3.4% [2]
  • EBIT margin: 10.4% (8.7)
  • Net income for the period: MSEK 800 (496)
  • Earnings per common share: SEK 2.16 (1.24)
  • The outlook for the full year 2014/2015 remains firm, see page 8

November 2014 – July 2015

  • Income before tax: MSEK 550 (-468)
  • Income before tax and nonrecurring items: MSEK -164 (-1,486)
  • Revenue: MSEK 28,747 (27,040)
  • Unit revenue (PASK) increased 5.5%1
  • Unit cost (CASK) increased 3.3%2
  • EBIT margin: 3.3% (1.5)
  • Net income for the period: MSEK 439 (-416)
  • Earnings per common share: SEK 0.54 (-1.83)A

[1] Currency adjusted.
[2] Currency adjusted and excluding jet fuel.

Comments by the President and CEO of SAS:

“SAS posted a positive income before tax and nonrecurring items for the third quarter of MSEK 996, up 30% year-on-year. The improvement was primarily driven by our commercial success and the continued effects from our systematic efficiency initiatives.

“SAS’s clear focus on Scandinavia’s frequent travelers is generating results and we now have more than four million EuroBonus members. We have noted substantial demand from our frequent travelers for flights to the US and in 2016 we are expanding with three new routes: Los Angeles – Stockholm, Miami – Oslo and Miami – Copenhagen. At the beginning of September, we are also opening the new direct route between Stockholm and Hong Kong, which will be operated with SAS’s first new Airbus A330E. In parallel with advancing our positions in our target group, we are continuing the implementation of the cost measures that will generate an overall earnings impact of SEK 2.1 billion with full effect in 2017.

“We are looking forward to an exciting fall with preparations for our expansion of the intercontinental routes and a continued high pace of improvement to secure long-term competitiveness and profitability at SAS,” 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 September 8, 2015, at 8:00 a.m.

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