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SAS Group earnings for the second quarter amounted to MSEK 262.

August 14, 2008 08:18

Key ratios from the SAS Group’s interim report for the second quarter released today:

* Earnings before nonrecurring items for the second quarter amounted to MSEK 262 (806), a decline of MSEK 544.
* The Group carried 11.6 million passengers, an increase of 5.2%

As a result of the record-high fuel prices and economic slowdown, SAS is strengthening its short-term action plan, Profit 2008, to a total earnings effect of SEK 1.5 billion in 2008.

Effects of Profit 2008:
* Capacity reductions are extended from 11 to a total of 18 aircraft from autumn 2008
* Capacity reductions correspond to a 10% decrease in production
* The number of FTEs is to be reduced from 1,000 to 1,500

In addition, Spanair is implementing a savings program corresponding to MEUR 90 to generate full effects in 2009.
The number of aircraft in Spanair is to be reduced by 15 (approximately 25% of capacity), meaning that the total reduction at Group level including Spanair amounts to 33 aircraft and a total reduction of 2,500 FTEs.

Mats Jansson, President and CEO, said the following in a statement:

“There is no doubt that the situation in the air-travel industry is serious and probably the most difficult it has ever been. These capacity reductions should be seen in the light of an expected further slowdown in the economy in 2008 and 2009. Although we remain financially stable, with a satisfactory acid test ratio, it is essential in the short term that we carry out the measures in the P08 program to be able to implement the long-term S11 strategy.”

Read the interim report at www.sasgroup.net for more detailed information.

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