the SAS end the fiscal year with an adjusted operating profit of 939 million Swedish crowns, slightly down from 1,174 billion the year before. After tax, and including special items, the company went 1.3 billion in plus, an increase from 956 million the year before.
the Turnover was fairly stable at 39,5 billion, down from 39,7 year before.
It shows the recent results for the SAS its fourth quarter, which was released on Tuesday morning. The company has a different financial year that runs from november to October.
Sydbank analyst Jacob Pedersen wrote in a comment in advance of the tallslippet that he expected a turnover of with 39.3 billion for the year, an operating profit of 2.4 billion and a net loss of 1.2 billion.
at the same time notifies the company that the tough competition force new grip. The company turns now up the goals for savings in the period from 2017 to 2019 from 800 million to 1.5 billion Swedish krona.
Through the fall have market conditions become even more demanding and the industry continues the rapid pace of change. At the same time, there is an increase in the scandinavian airline market, langdistanseetterspørselen and leisure travel in Europe. A lower cost structure and increased profitability is necessary if the SAS will take advantage of these a pro, ” says chief executive Rickard Gustafson in the report.
SAS-the boss goes on to say that they in the long term must do more than just increase the sparemålet to 1.5 billion to be profitable:
– Therefore, we are planning additional measures to address the remaining structural challenges, which ensures that SAS has higher unit costs than newly established competitors, ” says Gustafson.
the Expectations the target cuts investment budget
SAS has actually notified (guided) that the company would be able to go with an operating profit before special items in the fiscal year 2015/2016, which was completed in the end of October. The company has now met.
Revenues: 11.135 million. the Swedish krona (10.903)
Adjusted operating profit: 941 mill. the Swedish krona (1.338)
Earnings before taxes: 577 million. the Swedish krona (867)
net Profit: nok 591 million. the Swedish krona (517)
Cash flow from operating activities: 1.287 million. the Swedish krona (1.433)
When the SAS in september presented the results for the third quarter showed the count for the first three quarters that the operation had gone to zero. All that was needed to reach the goal, therefore, was to go with an operating profit in the fourth quarter.
For the next year (2016/2017) alerts SAS now that kapasitetsveksten will be about six to eight percent, below this year’s level of around 10. The company adds rather not enter a overskuddsmål for the coming year, as they did until now.
the Company also writes that they are planning investments of around 1.0 billion Swedish kronor in 2016/2017. It is sharply down from this year’s level of 2.0 to 2.5 billion.
the Company announced also in september a large investment in a new advanced and fast Wi-fi system (wireless internet), and upgraded cabins on the Europe fleet, after they have completed the major upgrade on the long haul.
SAS is 70 years: Hear the E24s podcast “Valebrokk & Co” with SAS ceo Rickard Gustafson
Need to go more powerful to work
Even though the SAS delivered a profit, just as promised, in the year that the airline now has added behind it, is the chief financial officer Göran Jansson clearly in the message about why they advertise new kostnadsgrep:
“the Situation is such that this is a long way from where we need to be,” says Jansson to E24.
He explains that the company has not taken the decisions about what specific that the company should do to readjust itself, but says that it will be concretised in the spring.
– Are cutbacks in the workforce, the current and how many have to go?
of Course, it is a part of what is necessary given the situation we are in, but we don’t come with any numbers now, ” says Jansson.
It is among other things the growth of Ryanair and similar actors, which makes that the SAS management believe they need to go more powerful, working to ensure the company’s future.
– Ryanair is a frame of reference for many who travel in the private market and are more price-conscious (…) We must think anew, both when it comes to the product and other aspects in order to reach the customers that are more price-conscious, ” says Jansson.
He believes that the SAS must be able to offer a more customised and personal product, and that one must use the data you have about customers to meet their needs in a better way forward. Where is the capture SAS are now on their platforms is very important, according to the chief financial officer.
– there Is also a pressure within the business, which is their core area?
The market has also become more challenging, and we see particularly in Norway that oljenæringens reduction in travel has a great effect, ” says Jansson.
Get cheaper financing
the chief financial officer points out that the SAS continued to be the company that offers flexibility, many departures, and good technical solutions going forward, especially targeted to those who travel a lot or want to have that little extra.
This one must also pay for, but it is, perhaps, not all one is so concerned about. It is here that we are now trying to work to find new ways to adapt.
SAS alerts in the accounts that the investment budget is reduced from the 2.0-2.5-1.0 billion Swedish kronor from last year to next year. The cfo says that there is talk of some n-up, and that the gain comes from less expensive flyfinansering mainly:
This is primarily about that we have got good terms on the financing of our new A320neo aircraft. We’ve got a lot of japanese and chinese money that has lower yield. It gives us a cheaper financing than if we were funded the planes of the balance sheet, ” says Jansson.
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