SAS continues the ramp-up and has during the quarter seen the highest number of passengers since the pandemic started. Meanwhile, the work with the necessary transformation plan, SAS FORWARD, continues.
The plan was presented when the Q1 results were released on February 22 and is designed to secure long-term competitiveness. It will allow SAS to effectuate a deleveraging of its balance sheet while substantially improving its liquidity position. In addition to reducing the cost structure and improve efficiencies, SAS is seeking to convert approximately SEK 20 billion of debt and hybrid notes into common equity and will also seek to raise not less than SEK 9.5 billion in new equity capital. The success of the plan depends upon SAS attracting potential new capital from the capital markets and other sources and upon SAS fully achieving the targeted SEK 7.5 billion annual cost reduction by fiscal year 2026.
Earnings before tax ended at negative SEK 1.6 billion for the quarter and the cash balance at the end of the quarter was SEK 8.5 billion.
FEBRUARY 2022–APRIL 2022
- Revenue: MSEK 7,048 (1,932)
- Income before tax (EBT): MSEK -1,557 (-2,331)
- Income before tax and items affecting comparability: MSEK -1,613 (-2,331)
- Net income for the period: MSEK -1,520 (-2,410)
- Earnings per common share: SEK -0.21 (-0.35)
SIGNIFICANT EVENTS DURING THE QUARTER
- SAS presented a comprehensive transformation plan: SAS FORWARD. A successful implementation of the plan will secure long-term competitiveness and improved financial strength
- The SEK 3,000 million credit facility secured with the main owners in 2021 was drawn
- Erno Hildén was appointed as Executive Vice President and CFO
SIGNIFICANT EVENTS AFTER THE QUARTER
- The aftermath of the COVID-19 pandemic has led to most of the airline industry experiencing difficulty in rebuilding operations. This has led to SAS reducing its summer program by 4,000 of a total of 75,000 flights
NOVEMBER 2021–APRIL 2022
- Revenue: MSEK 12,593 (4,214)
- Income before tax (EBT): MSEK -4,154 (-4,246)
- Income before tax and items affecting comparability: MSEK -4,234 (-4,258)
- Net income for the period: MSEK -3,962 (-4,443)
- Earnings per common share: SEK -0.55 (-0.63)
