Jens W
ScanFlyer Crusty
SAS Group Interim Report January-June 2007
Key ratios for first six months:
* Operating revenue: MSEK 30,133 (29,131) (+3.4%)
* Number of passengers : 20.1 million (+5.8%)
* Income before nonrecurring items in continuing operations: MSEK 369 (-588)
* EBT margin before nonrecurring items: 1.2% (-2.0%)
* Net income for the period: MSEK 560 (-511)
* Earnings per share: SEK 3.44 (-3.31)
(..... fjernet tabell ....)
Comments by the CEO
The quarter was characterized by continued favorable business conditions in our home market, which contributed to growth in the market for air travel. Consequently, the trend for passengers and yield remained positive and this, combined with effective cost and capacity control, generated income for the quarter of MSEK 844 before nonrecurring items, an improvement of MSEK 149. For the first six months of the year, the earnings improvement was approximately SEK 1 billion. For the first six months, the improvement in income amounted to approximately SEK 1 billion. During the period, there were strikes at SAS that had a negative impact on income of MSEK 300.
During the quarter, we carried 11 million passengers – the highest number ever for the SAS Group, which is 5.8% more than in the preceding year.
In June, we launched our strategy plan 2011. The premise for this is to reduce the Group's complexity to benefit the customer and the key terms are cultural turnaround, focus, concentration, harmonization and increased competitiveness, involving further cost adaptations of SEK 2.8 billion. The job of implementing the plan is now starting with full strength. The objective of the plan is to create the conditions for profitable growth and to achieve an earnings level that meets our investment requirements and shareholders’ demands.
I deeply regret the strikes that have affected SAS customers and shareholders. Accordingly, a key part of our strategy is to implement a cultural turnaround and find a new model for cooperation with the trade unions.
There are currently no clear indications of a slowdown in the economy or the airline market, but uncertainty remains regarding the strength of growth, the competitive situation moving forward and the trend for jet fuel. The first and second quarters progressed in a positive direction and, for 2007 as a whole, continued positive passenger growth is expected in most of the SAS Group’s markets. Competition is expected to remain intense in the markets in which SAS operates.
Mats Jansson
President and CEO
The full report (pdf)
Edit: fjernet en tabell som ble elendig formatert i posten.
Key ratios for first six months:
* Operating revenue: MSEK 30,133 (29,131) (+3.4%)
* Number of passengers : 20.1 million (+5.8%)
* Income before nonrecurring items in continuing operations: MSEK 369 (-588)
* EBT margin before nonrecurring items: 1.2% (-2.0%)
* Net income for the period: MSEK 560 (-511)
* Earnings per share: SEK 3.44 (-3.31)
(..... fjernet tabell ....)
Comments by the CEO
The quarter was characterized by continued favorable business conditions in our home market, which contributed to growth in the market for air travel. Consequently, the trend for passengers and yield remained positive and this, combined with effective cost and capacity control, generated income for the quarter of MSEK 844 before nonrecurring items, an improvement of MSEK 149. For the first six months of the year, the earnings improvement was approximately SEK 1 billion. For the first six months, the improvement in income amounted to approximately SEK 1 billion. During the period, there were strikes at SAS that had a negative impact on income of MSEK 300.
During the quarter, we carried 11 million passengers – the highest number ever for the SAS Group, which is 5.8% more than in the preceding year.
In June, we launched our strategy plan 2011. The premise for this is to reduce the Group's complexity to benefit the customer and the key terms are cultural turnaround, focus, concentration, harmonization and increased competitiveness, involving further cost adaptations of SEK 2.8 billion. The job of implementing the plan is now starting with full strength. The objective of the plan is to create the conditions for profitable growth and to achieve an earnings level that meets our investment requirements and shareholders’ demands.
I deeply regret the strikes that have affected SAS customers and shareholders. Accordingly, a key part of our strategy is to implement a cultural turnaround and find a new model for cooperation with the trade unions.
There are currently no clear indications of a slowdown in the economy or the airline market, but uncertainty remains regarding the strength of growth, the competitive situation moving forward and the trend for jet fuel. The first and second quarters progressed in a positive direction and, for 2007 as a whole, continued positive passenger growth is expected in most of the SAS Group’s markets. Competition is expected to remain intense in the markets in which SAS operates.
Mats Jansson
President and CEO
The full report (pdf)
Edit: fjernet en tabell som ble elendig formatert i posten.
