Scandinavian Airlines vicina alla bancarotta?


SAS vicina all'accordo con i sindacati per evitare la bancarotta

New union agreements signed with 7 of 8 unions- negotiations continues

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On November 12 the Board of SAS approved the 4 Excellence Next Generation (4XNG) plan to address the issues facing SAS. The 4XNG plan will improve EBT by approximately 3 bn SEK on an annualized basis and improve the overall cost flexibility. One of the conditions to implement the plan and for the availability of the new 3.5 Bn SEK revolving credit facility is signed union agreements.

This condition has not yet been fully reached, but 7 out of 8 unions have signed new agreements.

Negotiations continue and SAS will publish additional information as soon as it is available.

SAS Group Investor Relations
SAS is publishing this information in accordance with the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act and corresponding Danish and Norwegian legislation. This information was submitted for publication on November 19, 2012 at 08.45 CET.

Press release SAS: http://se.yhp.waymaker.net/sasgroup/release.asp?id=264748

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http://www.bbc.co.uk/news/business-20389271
 
Il governo svedese vuol vendere Sas

Il ministro svedese dei Mercati finanziari, Peter Norman, ha dichiarato che il governo sarebbe alla ricerca di un acquirente per la compagnia aerea Sas, di cui lo stato detiene il 21,4%. La notizia è riportata dalla stampa estera. Guidaviaggi
 
Cesare.Caldi ha detto:
Il governo svedese vuol vendere Sas

Il ministro svedese dei Mercati finanziari, Peter Norman, ha dichiarato che il governo sarebbe alla ricerca di un acquirente per la compagnia aerea Sas, di cui lo stato detiene il 21,4%. La notizia è riportata dalla stampa estera. Guidaviaggi
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Scandinavian Airlines ordina 8 A359 e 4 A333

Scandinavian Airlines has ordered 8 Airbus A350-900 and 4 A330-300E aircraft to be delivered from 2018 and 2015 respectively. The airline has also announced a cabin upgrade for a select number of the existing A330/A340 fleet.

An extract from the Airbus press release (http://www.airbus.com/newsevents/ne...sas-selects-eight-a350-xwbs-and-four-a330s/):

"Scandinavian carrier SAS has signed a Memorandum of Understanding (MoU) for eight A350 XWBs and four A330s, as part of its strategy to modernize its fleet with more fuel-efficient aircraft. The agreement was signed in the Nowegian capital, Oslo. The new A350-900s and A330-300s will join the airline’s existing fleet of 30 Airbus aircraft. Engine selection for the A330s will be announced by the airline at a later date.

Currently, SAS operates a fleet of 19 A320 Family aircraft, four A330s and seven A340s. The new wide-body aircraft will fit seamlessly into the airline’s fleet and deliver operational efficiencies and cost savings due to the commonality across the fleet, a feature unique to Airbus.

“The great technological improvements of this extensive fleet renewal plan give SAS a long haul fleet that will be top of class in the industry. It will truly increase our competitiveness and strengthen our customer offering – both with regard to comfort, service and efficiency. We look forward to welcoming our passengers on board these fuel efficient aircraft with extremely comfortable and quiet cabins,” said Rickard Gustafson, SAS Group President & CEO.

“We are delighted that SAS has underscored their confidence in Airbus by selecting our A330, which offers unbeatable economics and the highest level of operational reliability alongside the A350 XWB, the world’s most technologically advanced and efficient aircraft,” said John Leahy, Airbus Chief Operating Officer, Customers.’’"
 
Qualche dettaglio in più sull'ordine, inclusa anche la notizia che investiranno per un upgrade su 7 esistenti 330/340:

The fleet plan has the flexibility to include considerable growth and will be
financed by export credit financing and sale & leaseback. The list price of the
order is estimated at 3,3 BUSD.

A modern and efficient long haul fleet
With the announcement today, SAS initiates three important measures to secure a
modern and efficient long haul fleet in both medium and long term.

Eight A350-900 XWB

· SAS will order eight A350-900 with options for another six aircraft.
· The A350-900 has approximately 20% higher passenger capacity than the
existing A340/A330 fleet.
· The A350-900 is a completely new aircraft type incorporating advanced
aerodynamics, the latest materials and system technology available.
· The aircraft offers up to 30% lower fuel consumption per passenger seat and
reduced noise by half compared to e.g. A340.
· The A350-900 will be delivered to SAS starting 2018.

Four A330-300 Enhanced

· SAS will increase its efficient A330 fleet from four to eight aircraft by
ordering four of the A330-300 Enhanced to replace A340 when the current leasing
agreements expire.
· The improvements include a new cabin interior, a 2% fuel burn reduction and
a considerable increase in range, making it a capable aircraft for all of SAS
network.
· The A330-300 Enhanced will be delivered to SAS starting 2015

Upgrade of seven A330/A340

· SAS will upgrade the passenger cabins on up to seven selected A330/A340.
· The upgrade will consists of new seats throughout the cabin including fully
flat seats in Business Class and throughout the entire cabin a new high
definition full video on demand in-flight entertainment system.
· The cabin upgrade is expected to be completed 2015.
 
OT-
Delta continua a vendere gli MD-80 a Delta per pezzi di ricambio, l'altra settimana ne è stato ceduto uno, precedentemente in stored, ora tocca a:
fonte Skyliner:
MD Douglas MD82 49999 1803 SE-DIN SAS ferried 25-26jun13 OSL-KEF-BGR-BYH on delivery to Delta Air Lines for part-out & scrap
 
OT-Vecchia notizia
Delta Buys SAS MD-80s For Parts February 05, 2013
Delta Air Lines has purchase agreements for 23 SAS MD-80 family aircraft, which the carrier plans to use for spare parts for its own McDonnell Douglas fleet.
The Hartsfield-Jackson Atlanta International Airport-based airline will not say if it plans to acquire more aircraft, but it also has no short-term plans to retire any of its MD-90s, which it has been acquiring at a steady pace to supplement its narrowbody fleet.
Delta now has more than 60 MD-90s, 54 of which are in service. It also has 117 MD-88 aircraft in service.
CFO Paul Jacobson tells Aviation Week the airline has purchase agreements for the 23 MD-80s at “very low prices,” but did not specify the cost.
Delta bought the first SAS MD-80 on Sept. 11, 2012, after it was ferried to Marana Aerospace Solutions, according to the Aviation Week Intelligence Network fleets database. The database also shows that Delta recently purchased a 1997 MD-90 from Boeing, which currently is in Blytheville, Ark., and likely to be parted out.
The acquisitions are part of a broader maintenance, repair and overhaul strategy at Delta, which intends to lower materials expense by “seeking out market and part-out opportunities,” Jacobson says.
 
Conti in miglioramento per SAS:

SAS Gains as Profit Rises on Payroll Costs: Stockholm Mover

SAS Group (SAS) gained the most in seven months after the Nordic region’s largest airline exceeded its profitability target in the third quarter, helped by lower payroll costs and higher passenger revenue.

The shares rose as much as 11 percent to 14.90 kronor in Stockholm today, where the company is based. That’s the steepest intraday jump since Jan. 24. They traded at 14.40 kronor, up 7.5 percent, at 2:10 p.m., valuing the company at 4.74 billion kronor ($720 million).

Earnings before taxes rose 54 percent to 1.12 billion kronor in the three months through July, SAS said in a statement. Nordea Equity Research had estimated 1.05 billion kronor. Profitability as measured by earnings before interest and taxes, or Ebit, as a percentage of sales, widened to 11.6 percent, exceeding the company’s 8 percent target. SAS, which is cutting about 1,000 jobs at its headquarters, reduced payroll expenses by 7 percent as it also introduces new wage and pension plans.

“We have made substantial progress” in restructuring, Chief Executive Officer Rickard Gustafson said in the statement
Passenger revenue rose 5.3 percent in the quarter, adjusted for currency swings. The company is selling 2.7 billion kronor worth of assets, including its Norwegian unit Wideroe Flyveselskap AS, and aircraft engines.

The company reiterated a goal for the full-year Ebit margin to exceed 3 percent and a profit before taxes. SAS last earned a profit before taxes in 2007.

http://www.bloomberg.com/news/2013-...lity-beats-target-on-lower-payroll-costs.html
 
Intanto SAS ha finalizzato l'ordine per 4 A333 e 8 A359 (+ 6 opzioni)


SAS finalizes Airbus long haul aircraft order

On 25 June 2013, SAS and Airbus signed a Memorandum of Understanding for the
order of 12 new long haul aircraft.

Today, SAS and Airbus have signed the final long haul aircraft order agreement
comprising 4 A330-300 Enhanced and 8 A350-900 plus 6 options for A350-900. The
Airbus A330 will be delivered 2015/16 and the Airbus A350 will be delivered from
2018.

The aircraft order has the flexibility to include considerable growth and will
be financed inter alia by export credit financing and sale & leaseback. The list
price of the order is estimated at 3.3 BUSD.

http://www.flysas.com/en/uk/Media-center/
 
Per gli amanti dei financial reports, riporto la situazione finanziaria (non buona) ad interim dei 3 mesi passati (Febbraio-Aprile 2014) da press release SAS:

2014-06-18

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[TD="width: 355, align: left"]Interim Report November 2013-April 2014

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[TD="width: 355, align: left"]SAS takes decisive action in a challenging market

February-April 2014 [1]

· Revenue: MSEK 8,472 (9,933)
· Unit revenue (PASK) declined 8.9%
· Unit cost (CASK) decreased 5.3% [2]
· EBIT margin: -7.8% (-1.1%)
· Income before tax: MSEK -1,078 (-329)
· Net income for the period: MSEK -800 (-405)
· Earnings per common share: SEK -2.72 (-1.23)
· Additional revenue and cost measures have been initiated. The cost measures are expected to have an earnings impact of SEK 1 billion in the 2014/2015 fiscal year. In addition, longer-term initiatives will be finalized in autumn 2014
· The outlook for the full year 2013/2014 is presented on page 7

[1] Comparative figures for the corresponding year-earlier period include Widerøe.
[2] Adjusted for jet fuel and amended pension terms totaling MSEK 450, in the Feb-Apr 2013 period.
The SAS Group has applied the amended standard for pension reporting, IAS 19 - Employee Benefits since November 1, 2013. As part of implementing the amended accounting standard, reported figures for the preceding fiscal year (2012/2013) have been restated to enable comparison with the 2013/2014 fiscal year. The effects of the restatement of the SAS financial statements for 2012/2013 can be found at www.sasgroup.net, under Investor Relations/Reports and Presentations/Interim reports.

Comments by the President and CEO of SAS:
"Continued intense competition and pressure on prices in the Scandinavian air travel market reduced margins more than expected and SAS posted an EBT of MSEK -1,078 for the second quarter. We are deeply disappointed with the results, which were substantially below our own expectations. However, it is worth noting that, in April, we posted a record high load factor and the number of passengers flying with SAS increased slightly more than 300,000 during the quarter. We are also continuing to reduce the unit cost, which decreased 5.3% over the quarter. Member numbers have increased substantially since the introduction of our revamped EuroBonus program and we are continuing to develop the program for our customers' benefit.

However, the market trend shows that it is crucial for SAS to act more aggressively and, accordingly, we are now intensifying revenue and cost measures. The additional cost measures will enhance operational efficiency and a further improvement in earnings of SEK 1 billion is expected in the 2014/2015 fiscal year. With the cost measures being implemented, we see an opportunity to further strengthen the offering to Scandinavia's frequent travelers through initiatives including expanding the SAS intercontinental offering. We are planning new direct routes from Oslo and Stockholm to North America and Asia, starting in autumn 2015," says Rickard Gustafson, SAS President and CEO.
SAS discloses this information pursuant to the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. The information was provided for publication on June 18, 2014, at 8:00 a.m.[/TD]
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http://www.sasgroup.net/SASGroup/default.asp
 
Ultima modifica:
SAS to cut 300 positions following $120 million 2Q net loss

SAS Scandinavian Airlineshas announced plans to slash nearly 300 positions following the company’s second-quarter net loss of SEK800 million ($120 million), widened from a SEK405 million loss in theyear-ago period.
Second-quarter revenue fell 14.7% year-over-year to SEK8.4 billion from SEK9.9 billion during the 2013 second-quarter. Operating expenses came to SEK9.1 billion, down 9.1 % year-over-year, but nonetheless created a second-quarter operating loss of SEK661 million, widening a SEK109 million loss over the previous year’s April quarter.
“SAS posted a weak second quarter … which we are deeply disappointed with and which was substantially below expectations,” SAS president and CEO Rickard Gustafson said. “During the quarter, intensive competition and greater than expected price pressure in the Scandinavian air travel market reduced margins and increased market uncertainty.”
The full-time-equivalent personnel to be cut will come from SAS’ “support, administration, management and commercial functions—primarily in Scandinavia,” Gustafson said. “Furthermore, we are enhancing the efficiency of ground operations in Scandinavia and will optimize the base structure for flight crew in Norway.”
For SAS’ second-quarter scheduled passenger traffic, RPKs and ASKs were both up 6.2% and 4.2% year-over-year, to 6.96 billion RPKs and 10.45 billion ASKs, respectively. Scheduled passengers increased 5.3% year-over-year, to 6.4 million. SAS’ second-quarter passenger load factor increased 1.4 points to 71.4% and passenger yieldfell 10.6% year-over-year.
The company also announced plans to invest SEK500 million in “a new digital platform, which means higher service levels and automation … taken together, we are initiating improvements that will have an additional earnings impact of SEK1 billion in the 2014/2015 fiscal year.”
SAS implemented its restructuring plan in November 2012. “[Since then], we have lowered unit cost excluding jet fuel by about 9%,” Gustafson said. “Over the full fiscal year, the expected impact on earnings from the … restructuring program is SEK1.2 billion. In the first six months, the impact on earnings totaled SEK700 million.”

http://atwonline.com/finance-data/sas-cut-300-positions-following-120-million-2q-net-loss
 
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