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SAS Group losses double in 1Q2012, no profitability outlook for FY2012

4-May-2012 1:29 PM

SAS Group revenue up 3% - financial highlights for three months ended 31-Mar-2012:

  • Revenue: SEK9591 million (EUR1084 million), +3.0% year-on-year;
  • Costs:
    • Labour: SEK3403 million (EUR384.6 million), +2.7%;
  • EBITDAR (loss): (SEK41 million) (EUR4.6 million), compared to a profit of SEK411 million (EUR46.5 million) in p-c-p;;
    • Scandinavian Airlines: (SEK109 million) (EUR12.3 million), compared to a profit of SEK350 million (EUR39.6 million) in p-c-p;
    • Wideroe: SEK135 million (EUR15.3 million), +3.1%;
  • Operating profit (loss): (SEK867 million) (EUR98.0 million), compared to a loss of SEK408 million (EUR46.1 million) in p-c-p;
    • Scandinavian Airlines: (SEK873 million) (EUR98.7 million), compared to a loss of SEK418 million (EUR47.2 million) in p-c-p;
  • Net profit (loss): (SEK729 million) (EUR82.4 million), compared to a loss of SEK373 million (EUR42.2 million) in p-c-p;
  • Passenger numbers: 6.4 million, +5.3%;
    • Scandinavian Airlines: 5.8 million, +5.1%;
    • Wideroe: 632,000, +7.1%;
  • Load factor: 68.3%, +2.0 ppt;
    • Scandinavian Airlines: 68.9%, +2.2 ppts;
    • Wideroe: 54.3%, -1.7 ppts;
  • Total assets: SEK39,310 million (EUR4443 million), +0.3% when compared to period ended 31-Dec-2011;
  • Cash and cash equivalents: SEK3660 million (EUR413.7 million), -3.9% when compared to period ended 31-Dec-2011;
  • Total liabilities: SEK27,823 million (EUR3145 million), +4.0% when compared to period ended 31-Dec-2011. [more - original PR]

*Based on the average conversion rate at EUR1 = SEK8.8479

SAS Group: “2012 is difficult to assess due to the uncertain business climate, continued intense competition and uncertainty concerning fuel prices and exchange rates. However, the assessment is that the market will continue to grow and we expect passenger growth of 5-7%. The SAS Group’s capacity (ASK) is expected to grow by about 5% in 2012. We forecast and are planning for continued pressure on yield and RASK in 2012. Bookings for the summer period are high and cash flow will be strengthened in the second quarter as a result of the agreed property transaction with Swedavia. The combination of the uncertainty regarding economic trends, high jet-fuel prices and intense pressure from competitors means that SAS will not present a profitability forecast for the full-year 2012,” Rickard Gustafson, president and CEO. Source: Company statement, 03-May-2012.