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    SAS   SE0003366871

SAS AB (PUBL)

(SAS)
  Report
Delayed Quote. Delayed Nasdaq Stockholm - 08/03 11:29:39 am
2.076 SEK   -0.57%
08/01SAS : 75 years of proud aviation
PU
07/16SAS : Sek 3.0 billion credit line from major shareholders in place
AQ
07/16SAS AB Announces SEK 3.0 Billion Credit Line from Major Shareholders in Place
CI
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SAS : Cost cuts cushion quarterly loss for airline SAS

05/27/2021 | 02:33am EDT
FILE PHOTO: Scandinavian Airlines (SAS) planes are pictured at the Arlanda airport, north of Stockholm

* Air travel slammed by pandemic

* Fiscal Q2 pretax loss 2.4 bln SEK vs yr-ago 3.7 bln

* Sales fall to 1.9 bln SEK from 5.3 bln

* 2nd wave of pandemic hampering recovery

STOCKHOLM, May 27 (Reuters) - Airline SAS reported on Thursday yet another deep quarterly loss due to the COVID-19 pandemic but said vaccinations provided some hope for looser travel restrictions and higher demand heading into the summer season.

The pandemic has seen air travel collapse, plunging the industry into crisis. SAS, whose biggest owners are the states of Sweden and Denmark, in 2020 agreed a 14 billion Swedish crown ($1.7 billion) recapitalisation plan to help keep it going.

SAS' fiscal second-quarter loss before tax was 2.36 billion crowns ($284 million) against a year-earlier 3.72 billion loss. Costs were 54% lower than a year ago, limiting the loss as sales tumbled to 1.93 billion crowns from 5.26 billion.

"Infection, delayed vaccinations and continued stringent travel restrictions have led to a slower than hoped for recovery," acting Chief Executive Karl Sandlund said in a statement.

"However, SAS is ready to welcome our customers back on board as travel restrictions ease ahead of the important summer season."

SAS said that for the summer it was opening 180 direct routes and increasing capacity on domestic routes in Scandinavia.

"The uncertainty around the pandemic means many customers book their tickets with shorter notice, which makes it a bit harder for us to predict the summer. But we do see higher forward bookings than we did earlier in the spring," Sandlund told Reuters.

The company on Wednesday said it had secured loan guarantees totalling 3 billion crowns from Sweden and Denmark as a liquidity buffer complementing ongoing activities to lower costs and strengthen liquidity.

Sandlund said in an interview that SAS has enough liquidity and that the new guarantees constituted extra security ahead of potential further waves of the pandemic.

SAS has appointed Anko Van der Werff as new chief executive from July after its previous CEO resigned in January. Van der Werff leaves the top job at Colombia's struggling Avianca Holdings.

Shares in SAS were up 1.5% at 0740 GMT, taking a year-to-date rise to 6%. ($1 = 8.3048 Swedish crowns) (Reporting by Anna Ringstrom, editing by Simon Johnson and Keith Weir)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
NORWEGIAN KRONER / SWEDISH KRONA (NOK/SEK) 0.30% 0.97518 Delayed Quote.1.66%
SAS AB (PUBL) -0.57% 2.076 Delayed Quote.14.41%
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Financials
Sales 2021 14 151 M 1 645 M 1 645 M
Net income 2021 -6 219 M -723 M -723 M
Net Debt 2021 30 308 M 3 523 M 3 523 M
P/E ratio 2021 -2,71x
Yield 2021 -
Capitalization 15 084 M 1 752 M 1 753 M
EV / Sales 2021 3,21x
EV / Sales 2022 1,57x
Nbr of Employees 4 476
Free-Float 50,9%
Chart SAS AB (PUBL)
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SAS AB (publ) Technical Analysis Chart | MarketScreener
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Technical analysis trends SAS AB (PUBL)
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TrendsBullishBullishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 4
Last Close Price 2,08 SEK
Average target price 1,35 SEK
Spread / Average Target -35,0%
EPS Revisions
Managers and Directors
Anko van der Werff President & Chief Executive Officer
Magnus Írnberg Chief Financial Officer & Executive Vice President
Carsten Dilling Chairman
Charlotte Svensson Chief Information Officer & EVP
Birgitta Monica Caneman Independent Director
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