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9-Aug-2012 12:52 PM

SAS Group operating profit down 31% in 2Q2012, does not expect to report profit in FY2012

SAS Group revenue up 0.6% - financial highlights:

  • Three months ended 30-Jun-2012:
  • Six months ended 30-Jun-2012:
    • Revenue: SEK20,983 million (EUR2355 million), +1.7%;
    • Operating profit (loss): (SEK235 million) (EUR26.4 million), compared to a profit of SEK503 million (EUR56.5 million) in p-c-p;
      • Scandinavian Airlines: (SEK619 million) (EUR69.5 million), compared to a profit of SEK396 million (EUR44.4 million) in p-c-p;
    • Operating profit (loss) before nonrecurring items:
      • Scandinavian Airlines: (SEK424 million) (EUR47.6 million), compared to a profit of SEK82 million (EUR9.2 million) in p-c-p;
      • Wideroe: SEK131 million (EUR14.7 million), -40.5%;
    • Net profit (loss): (SEK409 million) (EUR45.9 million), compared to a profit of SEK178 million (EUR20.0 million) in p-c-p;
    • Passenger numbers: 14.0 million, +4.1%;
    • Load factor: 73.0%, +1.5 ppt;
    • Yield:
    • Revenue per ASK:
    • Cost per ASK
    • Total assets: SEK39,189 million (EUR4399 million), stable when compared to period ended 31-Dec-2011;
    • Cash and cash equivalents: SEK3186 million (EUR357.6 million), -16.3% when compared to period ended 31-Dec-2011;
    • Total liabilities: SEK27,355 million (EUR3070 million), +2.3% when compared to period ended 31-Dec-2011. [more - original PR]

*Based on the average conversion rate at EUR1 = SEK8.9091 for the period
*Based on the average conversion rate at EUR1 = NOK7.5602 for the period
#Currency adjusted

SAS Group: "We anticipate passenger growth of 5-7% in the market in 2012. The SAS Group's available capacity (ASK) is expected to grow in pace with the market, namely about 4-5%. We forecast and are planning for continuous pressure on yield and RASK throughout the entire year. The measures in 4Excellence are now generating results and the effects are expected to increase from the second half of 2012. In combination, the uncertain economic trend, jet-fuel prices, exchange rates and intense competitive pressure entail that SAS is not presenting a profitability forecast for the full-year 2012." Source: Company statement, 08-Aug-2012.

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