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SAS Group losses narrow in 1Q2011

11-May-2011 1:09 PM

SAS Group revenue down 3% – financial highlights for the three months ended 31-Mar-2011:

  • Revenue: EUR1029 million, -2.9% year-on-year;
  • Costs:
    • Labour: EUR357.8 million, -9.5%;
  • Operating profit (loss): (EUR45.4 million), compared to a loss of EUR85.0 million in p-c-p;
    • Scandinavian Airlines: (EUR36.5 million), compared to a loss of EUR73.8 million in p-c-p;
    • Wideroe**: UER7.5 million, +219%;
    • Blue1**: (EUR10.0 million), compared to a loss of EUR6.3 million in p-c-p;
  • Profit (loss) before tax: (EUR61.8 million), compared to a loss of EUR108.5 million in p-c-p;
  • Net profit (loss): (EUR41.6 million), compared to a loss of EUR79.5 million in p-c-p;
  • Passenger numbers: 6.1 million, +6.2%;
    • Scandinavian Airlines: 5.1 million, +3.4%;
    • Wideroe: 590,000, +22.4%;
    • Blue1: 422,000, +24.3%;
  • Load factor: 66.3%, -2.5 ppts;
    • Scandinavian Airlines: 67.2%, -2.5 ppts;
    • Wideroe: 56.0%, -0.2 ppt;
    • Blue1: 60.2%, -1.5 ppt;
  • Total revenue per ASK^: -2.4%;
  • Yield^: -1.3%;
  • Total cost per ASK^: -1.1%;
  • Total assets: EUR4881 million, +4.6% when compared to period ended 31-Dec-2010;
  • Cash and cash equivalents: EUR741.0 million, +31.6% when compared to period ended 31-Dec-2010;
  • Total liabilities: EUR3261 million, +6.7% when compared to period ended 31-Dec-2010. [more]

*Based on the conversion rate at EUR1 = SEK8.9597
**Before nonrecurring items
^Currency adjusted

SAS Group: “The favorable economic trend is expected to continue in 2011, particularly in the SAS Group’s home market. Growth is expected to be strongest in Sweden and Norway, but lower in the euro countries. The trend is uncertain for both yield and jet fuel prices. The rising jet fuel prices may have a positive impact on the yield from the spring of 2011, but if today’s levels are maintained, the cost base will increase by about SEK1 billion for full-year 2011,” Company statement. Source: SAS Group, 10-May-2011.