SAS Group losses widens in 4Q2011, unprofitable in FY2011
SAS Group revenue down 5% - financial highlights:
- Three months ended 31-Dec-2011:
- Revenue: EUR1154 million, -4.6% year-on-year;
- Scandinavian Airlines: EUR1025 million, -4.0%;
- Wideroe: EUR112.3 million, +4.1%;
- Blue1: EUR38.3 million, -31.2%;
- Costs:
- Labour: EUR365.4 million, -4.6%;
- Operating profit (loss): (EUR40.5 million), compared to a loss of EUR38.5 million in p-c-p;
- EBIT (loss) before nonrecurring items:
- Scandinavian Airlines: EUR9.8 million, -78.9%;
- Wideroe: EUR14.5 million, +64.1%;
- Blue1: (EUR16.4 million), compared to a loss of EUR5.3 million in p-c-p;
- Net profit (loss): (EUR236.1 million), compared to a profit of EUR5.3 million in p-c-p;
- Passenger numbers: 6.8 million, +3.4%;
- Load factor: 71.5%, -1.5 ppt;
- Revenue: EUR1154 million, -4.6% year-on-year;
- 12 months ended 31-Dec-2011:
- Revenue: EUR4703 million, +0.8%;
- Costs:
- Labour: EUR1487 million, -5.8%;
- Operating profit: EUR73.4 million, compared to a loss of EUR220.2 million in p-c-p;
- EBIT (loss) before nonrecurring items:
- Scandinavian Airlines: EUR108.1 million, +60.0%;
- Wideroe: EUR49.4 million, +107.1%;
- Blue1: (EUR54.7 million), compared to a loss of EUR22.4 million in p-c-p;
- Net profit (loss): (EUR191.6 million), compared to a loss of EUR251.9 million in p-c-p;
- Passenger numbers: 27.2 million, +7.8%;
- Load factor: 73.4%, -0.7 ppt;
- Total assets: EUR4450 million, -6.3%;
- Cash and cash equivalents: EUR432.4 million, -24.5%;
- Total liabilities: EUR3038 million, -2.3%. [more - original PR]
*Based on the conversion rate at EUR1 = SEK8.806
The carrier stated it was unable to report marginally positive results for the full year 2011 due to the bankruptcy of Spanair and the subsequent requisite impairment of SEK1700 million (EUR193.1 million). "As dissatisfactory as it may be, after adjustments for the effects of Spanair, we delivered marginally positive earnings," the carrier said.
SAS Group: "Assessment of the situation we are faced with in 2012 is not straightforward due to a weaker GDP trend and continued intense competition as well as uncertainty regarding fuel prices and exchange rates. We forecast and are planning for continued pressure on yield and RASK in 2012. To meet these challenges, the 4Excellence strategy is being accelerated and cost and revenue measures corresponding to SEK5 billion are being implemented in 2012-2013. The challenging nature of the prevailing economic climate in combination with the earnings effect of 4Excellence being realized in the latter part of 2012 mean that the seasonally weak first quarter will also remain weak in 2012. Bookings continue to be stable though with an increased degree of uncertainty arising from economic developments as well as jet-fuel prices and additional market capacity." Company statement. Source: SAS Group, 08-Feb-2012.