Scandinavian Airlines vicina alla bancarotta?


Pubblicati i risultati dell'ultimo anno fiscale di SAS.
Conti in sensibile miglioramento e chiusura dell'anno con un utile netto di $112 milioni.

http://www.sasgroup.net/en/sas-year-end-report-november-2014-october-2015/
http://atwonline.com/finance-data/sas-posts-full-year-112-million-net-profit-fiscal-turnaround#

SAS posts full-year $112 million net profit in fiscal turnaround

SAS Scandinavian Airlines reported SEK956 million ($111.8 million) net profit in its fiscal 2014-2015 year, reversing its SEK719 million FY 2013-2014 net loss.
For SAS’s financial year, which runs from November 2014 through October 2015, the airline reported full-year revenue of SEK39.65 billion, up 4.3% year-over-year (YOY). SAS’s full-year operating income was SEK2.23 billion, compared to SEK153 million in operating profits from FY 2013-2014.
“This was a significant year-on-year improvement,” SAS president and CEO Rickard Gustafson said, “primarily driven by our commercial successes, cost measures and, in the fourth quarter, by lower jet fuel costs.”
In SAS’s fourth quarter, the airline posted revenue of SEK10.9 billion, a 0.6% YOY drop; its operating income was SEK1.28 billion, reversed from a SEK250 million operating loss in the 2013-2014 fourth quarter. SAS’s net profit for the quarter was SEK517 million, a swing to profitability from its SEK303 million net loss a year ago.
Citing ‘unsatisfactory’ unit cost increases after adjustments for currency and jet fuel, Gustafson said, “We now need to work intensively with implementation of the continuing cost measures to improve our long-term competiveness.”
SAS introduced streamlining measures in December 2014 with the intent of an “earning impact” of SEK2.1 billion by 2017. In FY 2014/2015, the measures produced SEK920 million in “efficiency enhancements,” SAS said in its analysis.
“We have simplified the fleet by engaging business partners for frequencies that require smaller aircraft,” Gustafson said. “In line with that strategy, the last five Boeing 717s were phased out in the autumn and SAS’s subsidiary Blue1 was sold to CityJet … [which will be] operating regional jet traffic for SAS from spring 2016, with eight new Bombardier CRJ900s.”
“The simplification of SAS’s short-haul aircraft fleet has essentially been completed,” Gustafson said. “We now operate only two types of aircraft under SAS’s traffic license in Europe.”
As for future projections, citing economic trends in Europe, exchange rate fluctuations, jet-fuel prices, intensified competition and expected market capacity increases in 2016, “given the inherent uncertainty of these external factors, SAS, in line with numerous other airlines has chosen not to specify targets for profitability or its equity/assets ratio,” the company said.
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Il governo danese si e' detto pronto ad andare in soccorso di SAS ed il titolo ieri e' schizzato alle stelle (con un +27% teorico). Il ministro delle finanze danese Wammen ha dichiarato che lo stato (maggiore azionista di SAS insieme al governo svedese con un 21,8% di azioni ciascuno) e' pronto ad aumentare la sua partecipazione al 30%.
Non solo. Lo stato si e' detto pronto "ad accettare uno sconto e la conversione degli strumenti finanziari esistenti a condizioni di mercato" ed a cancellare immediatamente la restituzione dei 3,5 miliardi di corone (circa 470 milioni di euro) di prestiti accordati alla compagnia.
 
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