SAS 2Q2009 revenue down 15.2%, deep losses continue

SAS Group revenue down 15.2% - financial highlights:

• Three months ended 30-Jun-2009:
• Operating revenue: EUR1,196 million, -15.2% year-on-year;
  • Scandinavian Airlines: EUR1,068 million, -17.2%;
  • Blue1: EUR49.9 million, -10.1%;
  • Wideroe: EUR85.6 million, -4.4%;
• Operating costs:
  • Scandinavian Airlines: EUR1,058 million, -12.1%;
  • Labour: EUR515.6 million, +17.5%;
  • Other: EUR663.3 million, -23.2%;
• Operating profit (loss): (EUR92.2 million), compared to a profit of EUR14.7 million in the previous corresponding period;
  • Scandinavian Airlines: (EUR92.1 million), compared to a profit of EUR4.1 million in the previous corresponding period;
  • Bue1: (EUR2.3 million), compared to a profit of EUR4.4 million in the previous corresponding period;
  • Wideroe: 2.7 million, +300%;
• Net profit (loss): (EUR102.4 million), compared to a loss of EUR41.3 million in the previous corresponding period;
• Passenger numbers: 6.8 million, -17.1%;
• Load factor: 73.6%, +0.3 ppt;
• Six months ended 30-Jun-2009:
  • Revenue: EUR2,301 million, -12.1%;
    • Scandinavian Airlines: EUR2,069 million, -13.4%;
    • Blue1: EUR95.5 million, -7.5%;
    • Wideroe: EUR164.5 million, -3.5%;
  • Operating costs:
    • Labour: EUR966.5 million, +10.0%;
    • Other: EUR1,299 million, -19.4%;
  • Operating profit (loss): (EUR188.5 million), compared to a loss of EUR58.8 million in the previous corresponding period;
    • Scandinavian Airlines: (EUR165 million), compared to a loss of EUR46.1 million in the previous corresponding period;
    • Blue1: (EUR7.2 million), compared to a profit of EUR4.5 million in the previous corresponding period;
    • Wideroe: (EUR1.3 million), compared to a profit of EUR2.6 million in the previous corresponding period;
  • Net profit (loss): (EUR175.6 million), compared to a loss of EUR155.1 million in the previous corresponding period;
• Passenger numbers: 12.6 million, -16.4%;
• Load factor: 68.3%, -3.1 ppts
• Based on the conversion rate at EUR1 = SEK10.22. [more]

SAS: "Growth in 2009 is expected to be negative, and official forecasts in the Nordic region and on a global scale have been revised significantly downward. Uncertainty with regard to when recovery will begin remains considerable. As a consequence, passenger growth in the market is expected to be negative during 2009. Uncertainty with regard to the price of jet fuel, the trend in the USD exchange rate and the effects of pandemics remains. Factors expected to negatively impact yield are primarily the weaker GDP trend and thus weaker demand for flight capacity in the market. The yield trend was negative during the second quarter and pressure on yield will probably increase during the second half of the year for the current cost program," Mats Jansson, President & CEO. Source: SAS, 12-Aug-2009.