SAS Group revenue down 19.5%, operating loss widens in 4Q2009

SAS Group revenue down 19.5% - financial/traffic highlights:

• Three months ended 31-Dec-2009:
  • Revenue: EUR1,023 million, -19.5% year-on-year;
    • Scandinavian Airlines: EUR901.8 million, -20.7%;
    • Blue1: EUR42.8 million, -11.7%;
  • Operating costs: EUR1,041 million, -19.9%^;
    • Labour: EUR408.9 million, -6.2%;
    • Other operating costs: EUR631.8 million, -15.8%;
  • Operating profit (loss): (EUR140.2 million), compared to a loss of EUR27.9 million in the previous corresponding period;
    • Scandinavian Airlines: (EUR63.5 million), compared to a loss of EUR7.7 million in the previous corresponding period;
    • Blue1: (EUR6.8 million), compared to a loss of EUR3.3 million in the previous corresponding period;
    • Widerøe: EUR4.1 million, +141.2%;
  • Net profit (loss): (EUR129.2 million), compared to a loss of EUR276.4 million in the previous corresponding period;
  • Passenger numbers: 6.1 million, -8.4%;
    • Scandinavian Airlines: 5.2 million, -9.7%;
    • Blue1: 365,000, -5.5%;
    • Widerøe: 522,000, +3.5%;
  • Load factor: 70.6%, +3.4 ppts;
    • Scandinavian Airlines: 71.5%, +3.5 ppts;
    • Blue1: 63.6%, +3.1 ppts;
    • Widerøe: 60.4%, +2.8 ppts;
  • Yield:
    • Scandinavian Airlines: -9.4%;
    • Blue1: -6.2%;
    • Widerøe: -4.4%;
  • Unit cost:
    • Scandinavian Airlines: -5.8%;
    • Blue1: +3.5%;
    • Widerøe: -8.3%;
• 12 months ended 31-Dec-2009:
  • Revenue: EUR4,452 million, -15.0%;
    • Scandinavian Airlines: EUR3,934 million, -16.5%;
    • Blue1: EUR180.3 million, -9.1%;
    • Widerøe: EUR329.9 million, -4.9%;
  • Operating costs:
    • Labour: EUR1,783 million, +2.1%;
    • Other operating costs: EUR2,568 million, -18.9%;
  • Operating profit (loss): (EUR305.5 million), compared to a loss of EUR69.0 million in the previous corresponding period;
    • Scandinavian Airlines (EUR283.4 million), compared to a loss of EUR61.9 million in the previous corresponding period;
    • Blue1: (EUR19.6 million), compared to a loss of EUR1.3 million in the previous corresponding period;
    • Widerøe: EUR3.4 million, +3.0%;
  • Net profit (loss): (EUR292.1 million), compared to a loss of EUR630.3 million in the previous corresponding period;
  • Passenger numbers:
    • Scandinavian Airlines: 24.9 million, -14.1%;
    • Blue1: 1.5 million, -9.2%;
    • Widerøe: 2.1 million, +0.9%;
  • Load factor:
    • Scandinavian Airlines: 70.9%, -0.3 ppt;
    • Blue1: 65.1%, +0.4 ppt;
    • Widerøe: 60.5%, +0.8 ppt;
  • Yield:
    • Scandinavian Airlines: -5.2%;
    • Blue1: -12.0%;
    • Widerøe: +4.0%;
  • Unit cost:
    • Scandinavian Airlines: -8.1%;
    • Blue1: -2.7%;
    • Widerøe: +3.0%. [more]

*Based on the conversion rate at EUR1 = SEK10.09

^Adjusted for currency effects and non-recurring items

SAS Group: "The financial trend remained very weak during the fourth quarter, yet small signs of the beginnings of a recovery in the Nordic region could be discerned. The decline in GDP in the Nordic region in 2009 was significant but a slight recovery is expected in 2010, although a high level of uncertainty remains. As a result of the financial downturn and consequent capacity adjustments, passenger figures fell sharply in 2009, particularly among business travelers. The significant decline in business travel led to historically large pressure on yield and revenue for the entire industry. The falling trend in demand leveled out during the fourth quarter and started to stabilize slightly, and such a scenario is usually followed by a more stable yield trend. However, uncertainty remains regarding the competitive situation, the USD exchange-rate trend and the price of jet fuel," Mats Jansson, President & CEO. Source: SAS Group, 09-Feb-2010.