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SAS year-end report, November 2015–October 2016

December 13, 2016 07:00

Earnings in line with forecast – Further actions initiated

August 2016–October 2016

  • Income before tax: MSEK 577 (867)
  • Income before tax and nonrecurring items: MSEK 941 (1,338)
  • Revenue: MSEK 11,135 (10,903)
  • Unit revenue (PASK) declined 7.7%[1]
  • Unit cost (CASK) decreased 8.3%[2]
  • Net income for the period: MSEK 591 (517)
  • Earnings per common share: SEK 1.53 (1.31)
  • The outlook for the full year 2016/2017 is presented on page 8.

November 2015–October 2016

  • Income before tax: MSEK 1,431 (1,417)
  • Income before tax and nonrecurring items: MSEK 939 (1,174)
  • Revenue: MSEK 39,459 (39,650)
  • Unit revenue (PASK) declined 8.0%[1]
  • Unit cost (CASK) decreased 4.1%[2]
  • Net income for the period: MSEK 1,321 (956)
  • Earnings per common share: SEK 2.94 (1.84)
  • The Board of Directors proposes that no dividends be paid to holders of SAS AB’s common shares
  • The Board proposes a dividend of SEK 50 on each preference share

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

Comments by the President and CEO of SAS:

”In line with our forecast, SAS posted positive earnings before tax and nonrecurring items for the 2015/2016 fiscal year. The trend shows that our customer offering is continuing to generate a favorable response. Our passenger numbers are increasing and the load factor set an all time high for the fourth quarter.

During the autumn, market conditions have become more demanding and the industry continues its rapid pace of change. At the same time, the Scandinavian air travel market and demand for more long-haul routes and European leisure routes is on the rise. A lower cost structure and increased profitability is required if SAS is to leverage these exciting growth opportunities.

As a natural response to the changed market conditions, we are now raising our aim for our streamlining program from SEK 0.8 billion to SEK 1.5 billion in 2017–2019. However, to be competitive in the long-term, we need to do more. Therefore, we are planning additional measures aimed at addressing the remaining structural disadvantages, which result in SAS having a higher unit cost than newly established competitors.

As a company, we have to create shareholder value to be able to invest in our future and to remain relevant for our customers. Therefore, improving SAS’s efficiency is a crucial and existential issue for the company.

We are now starting an exiting year in which I visualize major opportunities for SAS, but it is also a year of many challenges,” says Rickard Gustafson, SAS President and CEO.

This information is information that SAS AB is obliged to disclose pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 8.00 a.m. CET on December 13, 2016.

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