Dépêches
SAS Group Interim Report January-September 2009
Dépèche transmise le 5 novembre 2009 par Business Wire
STOCKHOLM--(BUSINESS WIRE)--Regulatory News:
Key ratios for the third quarter
• Operating revenue: MSEK 11,076 (13,287) ( 16.6%)
• Number of passengers: 6.2 million (-14.7%)
• Earnings before nonrecurring items in continuing operations: MSEK 37 (301)
• EBT margin before nonrecurring items in continuing operations: 0.3% (2.3%)
• Income before tax: MSEK 114 (110)
• Net income for the period: MSEK 152 (-1,986)
• Earnings per share: SEK 0.06 (-1.97)
Key ratios for January-September
• Operating revenue: MSEK 34,595 (40,047) (-13.8%)
• Number of passengers: 18.8 million (-15.8%)
• Earnings before nonrecurring items in continuing operations: MSEK -814 (-50)
• EBT margin before nonrecurring items in continuing operations: -2.4% (-0.1%)
• Income before tax: MSEK -1,904 (-609)
• Net income for the period: MSEK -1,643 ( 3,571)
• Earnings per share: SEK -0.86 (-3.49)
Comments by the CEO
During the third quarter, the global economy remained very weak. The effects of the global recession are tangible throughout the entire airline industry and significant savings programs are being implemented to address the record yield fall in the industry, which is resulting in major losses. IATA, the airline industry organization, is indicating a drop in yield of 20-30% for intercontinental services.
For the SAS Group, the third quarter was characterized by an increased load factor, but weaker yield. The fall in yield is primarily attributable to lower demand for business travel and increasing competition. However, the load factor was strengthened as a result of the comprehensive capacity reductions we implemented in line with the SAS Group’s strategic approach, Core SAS, and the many aggressive market initiatives we have carried out. Despite the major challenges in the industry, third-quarter earnings were positive and amounted to MSEK 37 before nonrecurring items in continuing operations. In addition, there were nonrecurring items in a net amount of MSEK 77 and, accordingly, income before tax was MSEK 114.
Core SAS, which was initiated at the beginning of February and contains cost-saving measures totaling SEK 4.5 billion, was implemented according to plan. We have carried out cost-saving measures corresponding to SEK 2.5 billion on a full-year basis, which had an earnings effect for the first three quarters of the year totaling SEK 1.3 billion. A total of 1,884 full-time employees left the Group, while capacity was reduced according to plan. We are now approaching completion of the capacity reductions, but the full cost-saving effect of Core SAS, corresponding to approximately SEK 3.2 billion, remains for the rest of 2009 and for 2010. In parallel with implementation of the capacity and cost reductions mentioned above, further commercial initiatives are being undertaken to increase the Group’s revenues. It is pleasing to see how punctuality continues at an excellent level and places SAS as the third most punctual airline in the world, at the same time as customer satisfaction is at its highest since January 2007. Our market position remains the strongest in the Nordic region, while our route network is the most comprehensive.
SAS is continuing the implementation of Core SAS with full vigor. In total, savings corresponding to SEK 5.2 billion are being implemented, of which approximately SEK 3.9 billion remains to impact the result in 2009 and 2010.
Mats Jansson
President and CEO
This information was brought to you by Cision http://www.cisionwire.com
- 30/05 Meeting Cerny-La Ferté-Alais 2023 : 40 000 personnes pour la 50e édition
- 30/05 easyJet annonce 7 nouvelles lignes pour l’hiver 2023
- 30/05 Corsair annonce son programme été 2023
- 30/05 Icelandair s’envole vers Detroit
- 30/05 Air Canada rétablit sa liaison sans escale entre Lyon et Montréal
- 30/05 Scoot choisit l'Embraer E190-E2
- 30/05 Atlantic Airways se lance vers New York
- 29/05 Qatar Airways et Air Seychelles signent un accord de partage de codes
- 29/05 Norse Atlantic Airways se renforce avec Easyjet, Norwegian et Spirit
- 29/05 Rolls-Royce annonce les premiers essais du démonstrateur UltraFan
- 29/05 Korean Air dévoile une livrée en hommage à ses employés
- 29/05 Vueling exploitera 278 lignes cet été, dont 51 en France
- 29/05 Meeting Cerny-La Ferté-Alais 2023 : hommage à Bernard Chabbert
- 29/05 Meeting Cerny-La Ferté-Alais 2023 : L'armée de terre fait également sensation
- 29/05 Meeting Cerny-La Ferté-Alais 2023 : démonstration de la Turbulent Display Team (photos)
- 28/05 Meeting Cerny-La Ferté-Alais 2023 : première démonstration du Stampe SV4-RS (photos)
- 28/05 Meeting Cerny-La Ferté-Alais 2023 : le F-16 belge fait sensation (photos)
- 27/05 La 50e édition du meeting de Cerny - La Ferté Alais ouvre ses portes.
- 26/05Meeting Cerny-La Ferté-Alais 2023 : programme des vols (mise à jour du 26/05/2023)
- 26/05 Emirates dévoile une livrée spéciale pour la coupe du monde de rugby 2023