Og DER var tallene ute. Det ser ut til at de værste pessimistene ikke fikk rett, og Q2 gikk mer eller mindre i null - på driften. Og så kom en milliard i restruktureringskostnader på toppen. Ai-ai-ai
SAS Group Interim Report January-June 2009
Key ratios for the second quarter
. Operating revenue: MSEK 12,223 (14,412) (-15.2%)
. Number of passengers: 6.8 million (-17.1%)
. Earnings before nonrecurring items in continuing operations: MSEK 38
(499)
. EBT margin before nonrecurring items in continuing operations: 0.3%
(3.5%)
. Net income for the period: MSEK -1,047 (-422)
. Earnings per share: SEK -0.47 (-0.42)
Key ratios for the first six months
. Operating revenue: MSEK 23,519 (26,760) (-12.1%)
. Number of passengers: 12.6 million (-16.4%)
. Earnings before nonrecurring items in continuing operations: MSEK -851
(-351)
. EBT margin before nonrecurring items in continuing operations: -3.6%
(-1.3%)
. Net income for the period: MSEK -1,795 (-1,585)
. Earnings per share: SEK -1.11 (-1.52)
Comments by the CEO
The global economy was extremely weak during the second quarter, while
we continued to bear witness to a major downturn in orders in many
industries. The effects of the global recession are being felt
extensively throughout the aviation industry and many carriers are
continuing to implement far-reaching cost-saving measures to manage this
situation, something that has been confirmed in our competitors' most
recent financial reports. The IATA predicts a substantial loss of SEK 9
billion for the entire aviation industry in 2009, and many airlines find
themselves struggling to survive.
For SAS, the quarter was characterized by a more stable load factor but
a weaker yield. The stabilization of the load factor is positive and
shows that the capacity reductions we are now implementing are starting
to generate effects. We are continuing to reduce capacity in accordance
with our Core SAS strategic direction. The decline in yield that was
also noted during the second quarter provides further confirmation of
the extremely difficult situation in which the entire aviation industry
finds itself.
Income for the second quarter was weaker than expected and amounted to
MSEK +38 before nonrecurring items in continuing operations. This figure
does not include nonrecurring items of MSEK -1,030 pertaining to
restructuring costs related to Core SAS that we announced in July .
Income for the period totaled MSEK -1,039. The earnings trend for the
second quarter primarily resulted from falling demand and pressure on
the yield.
The implementation of Core SAS, which was initiated in February, is
ahead of schedule. We have also expanded the savings program by SEK 0.5
billion and it now totals SEK 4.5 billion. Restructuring costs are
significantly higher than previously calculated due to the extended
measures aimed at achieving profitability, which have been brought
forward. At June 30, we had implemented cost-saving measures
corresponding to approximately MSEK 2,082 on a full-year basis, which
impacted the first two quarters of the year with an
earnings effect of MSEK 721. A total of 1,066 FTEs have left the Group,
while seven aircraft have been withdrawn from service. We will see even
more extensive effects of Core SAS during the remainder of the year with
an additional 14 aircraft scheduled to be withdrawn from operation. A
number of commercial initiatives are being carried out in parallel with
these capacity and cost reductions to increase the Group's revenue.
We commenced negotiations with all of SAS's 39 trade unions in June to
further reduce the cost gap compared with our most effective
competitors, which after the implementation of Core SAS will amount to
approximately SEK 2 billion. Despite having been successful in some
areas, an agreement on the reduction of payroll expenses was not reached
with all of the Group's trade unions. To eliminate the cost gap, we will
establish competitive collective agreements involving a 10-20% payroll
and pension reduction among flight deck and cabin personnel, optimize
SAS's production to make greater use of the most cost-efficient
production resources and further enhance the efficiency of
administration and of SAS Ground Services and SAS Tech.
In summary, SAS must compete on the same basis as its competitors and
completely close the cost gap which ultimately is a matter of survival.
Mats Jansson
President and CEO
Direct questions to: Investor Relations SAS Group: Vice President Sture
Stølen +46 8 797 14 51, e-mail:
investor.relations@sas.se
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