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SAS Annual Report 1999 English SASAnnualReport1999 Annual Report 1999 The SAS Group SAS Danmark A/S • SAS Norge ASA • SAS Sverige AB NG www.scandinavian.net Table of contents This is SAS Summary of 1999 1 • SAS shall offer competitive flight connections in, be- Events of note in 1999 2 tween, to and from each of the Scandinavian countries Comments from the President 4 via flights arranged either under its own auspices or Business concept and goals 6 Strategies 8 together with selected partners. • SAS prioritizes absolute safety, maximum punctuality The capital market 11 SAS and the capital market 12 and excellent personal service. SAS makes every effort Data per share 20 to design its products and services to meet the market’s SAS’s competitiveness and improvement program 23 general requirements, as well as the individual’s speci- Ten-year financial overview 26 fic wishes and the need for freedom of choice. Financial risks 28 • SAS’s operations shall maintain satisfactory profitabili- General trends 31 ty in terms of its owners’ requirements for a return on Developments and trends in the airline industry 32 their investments. SAS shall also be perceived as an Markets and traffic 35 attractive investment object. SAS’s markets 36 SAS Cargo 39 • SAS is strongly committed to limiting the environ- Alliances and partnerships 40 mentally harmful effects of aviation. Operational key figures 44 • SAS encourages social development through its contri- The operations 47 butions to cultural life, as well as sports and education. Principal processes 48 SAS’s employees 50 The SAS brand and new distribution channels 52 The SAS Group The aircraft fleet 54 SAS’s environmental work 57 SAS SAS International Hotels SAS International Hotels 61 Financial reports 65 The SAS Group incorporates SAS’s airline operations, including The legal structure of the SAS Group 66 freight transports (SAS Cargo) and airport and in-flight sales (SAS Comments from the Chairman of the Board 67 Trading), as well as SAS International Hotels, which runs hotel Report by the Board of Directors 68 operations under the name Radisson SAS Hotels & Resorts. The SAS Group’s Summary of income 71 A description of SAS’s legal structure is provided on page 66. The SAS Group’s Income Statement 72 The SAS Group’s Balance Sheet 74 The SAS Group’s Cash Flow Statement 76 Accounting and valuation principles 79 Notes 81 Auditors’ Report 87 Revenues for the SAS Group in 1999 The Parent Companies 88 [%] SAS Danmark A/S 88 SAS Norge ASA 94 SAS Sverige AB 100 Other (16%) The Board of SAS 108 SAS’s Management 110 Hotels (7%) The Assembly of Representatives Freight transport and Passengers (68%) and auditors 112 other traffic revenues (9%) Addresses 113 Definitions and concepts 114 Financial calendar 116 Traffic revenues SAS International Hotels Other The SAS Group’s total operating revenue in 1999 was The Annual Report is available in Danish, Norwegian, MSEK 41,508 (40,946). Swedish and English. Certain English terms that are gen- erally accepted throughout the airline industry are used in all four versions. Annual Report 1999 Summary of 1999 • Excess capacity in the market, a downward pressure • Operating revenue for the SAS Group rose 1.4% to on prices and a modified product mix were the main MSEK 41,508. reasons for the decline in full-year-income. • Passenger traffic (RPK) increased 1.6%. Traffic in • The SAS Group’s income before taxes was MSEK Economy Class rose 4%, while the number of passen- 1,846 (2,857). gers grew by 2.4%. • Cash flow from the operations was MSEK 2,227 (3,807). • Capital gains on the sale of shares and other fixed assets were MSEK 1,431 (1,016). • The average number of employees at the SAS Group was 28,863 (27,071). • The Customer Satisfaction Index rose from 70 to 74. • SAS decided to expand its intercontinental operations. Key indicators SAS Group, SAS and SAS International Hotels The SAS Group SAS SAS International Hotels 1999 1998 1999 1998 1999 1998 Operating revenue, MSEK 41,508 40,946 38,630 38,211 2,963 2,786 Income before taxes, MSEK 1,846 2,857 1,307 2,616 544 233 Gross profit margin, % 7 10 6 10 31 32 Investments, MSEK 5,870 6,112 5,720 5,554 150 557 CFROI, % 14 22 13 22 23 22 ROCE, market based, % 9 18 7 18 28 15 Average number of employees 28,863 27,071 25,754 23,992 3,071 3,041 Key indicators SAS share (local currency) SAS Danmark A/S SAS Norge ASA SAS Sverige AB 1999 1998 1999 1998 1999 1998 Earnings per share 7.34 11.60 7.49 11.51 8.41 12.77 Market price at year-end 77.00 72.80 87.00 64.00 76.00 74.50 Dividend (proposed for 1999) 3.50 3.15 3.75 3.70 4.00 4.00 Dividend yield, average price, % 4.7 3.0 5.2 3.7 5.3 3.8 Key indicators, SAS’s goals 1999 1998 Customer Satisfaction Index, CSI 74 70 Personnel index, PULS 108 106 Environmental efficiency index (index 100:1996) 89 96 For definitions and concepts, see page 114. Environmental efficiency index, see page 59. Annual Report 1999 – Summary of 1999 1 Events of note in 1999 First Quarter • SAS experienced continued disruptions in the wake of the airspace rearrangements in Scandinavia known as Luftrum 98 (Airspace 98), as well as running-in problems at Oslo’s Gardermoen airport. • SAS sold 30% of its shareholding in the data network provider Equant N.V. • SAS International Hotels sold its hotel property in Amsterdam. • SAS EuroBonus won the Freddie Award for the third consecutive year. • SAS won the 1998 Mercury Award in competition with 250 participants in the airline and catering industry. Second Quarter • SAS Cargo was chosen as Cargo Airline of the Year. • SAS and Singapore Airlines launched a strategic alliance. • Air New Zealand and Ansett Australia joined Star Alliance™ . • The SAS 2000+ change program was launched to the customers. • SAS ordered another five deHavilland Q400 aircraft. • Star Alliance signed a joint document known as the Environmental Commitment Statement, describing its undertakings in the environmental field. Third Quarter • SAS International Hotels (SIH) sold the Radisson SAS Portman Hotel property in London. SIH will in future be running the hotel via a long-term management contract. Fourth Quarter • All Nippon Airways joined Star Alliance. • SAS announced its intention to sell part of its shareholding in British Midland to Lufthansa. • SAS launched its new Internet site. • SAS was the first airline to introduce a new safety system installed in all Boeing 737s. • SAS’s Board decided to acquire 10 Airbus aircraft for a total of SEK 10 billion. Up to 2004, these will gradually replace the Boeing 767s used in SAS’s intercontinental traffic. The new aircraft reduce emissions per passenger seat by 10-20% compared with the Boeing 767. • SAS sold additional shares in the data network provider Equant N.V. • SAS formed a company with GECAS covering 30 Douglas MD-80 aircraft. • Swedish business travellers named SAS the best domestic and overseas airline. Main events since the end of the year • There were no disruptions to SAS’s traffic system during the transition to the new millennium. • SAS launched a WAP service that allows mobile telephones to be used to book tickets. • SAS was named best domestic airline in Norway and won the Grand Travel Award. • SAS EuroBonus won the Freddie Award for the fourth consecutive year. • SAS’s Board decided to acquire new larger aircraft for Europe and Scandinavia, involving twelve Airbus A321-100s and options valued at SEK 4.5 billion. Delivery of the aircraft will start in the autumn of 2001. 2 Annual Report 1999 – Main events in 1999 “In collaboration with selected airlines, SAS shall offer competitive flight connections within, be- tween and to and from each of the Scandinavian countries.” During 1999, SAS flew 22.2 million passengers to 105 destinations in 32 countries, 96 of which in Europe, six in Asia and three in the US. SAS had over 1,000 daily departures and transported almost 285,000 tonnes of freight goods. SAS has been a member of Star Alliance since 1997. This is the world’s largest global collabora- tion between airlines and consists of SAS, Air Canada, Air New Zealand, All Nippon Airways, Ansett Australia, Lufthansa, Thai Airways Interna- tional, United Airlines and Varig. Via Star Alliance, as well as regional and other partners, SAS is able to offer more than 8,600 daily departures to just over 800 destinations in 114 countries. 3 Comments from the President For SAS, 1999 was a demanding year, as indeed was the ing the fact that our new service, product and design pro- case in many parts of the airline industry. Traffic growth gram 2000+ has had the desired effect. The modern continued, but not to the same extent as previously, even Scandinavian profile is clearly easy to identify with and though economic and business conditions were relative- has had an encouraging effect on our employees. ly favorable. Larger and more numerous aircraft were deployed during the year, adding to the excess capacity Renewal of the aircraft fleet within the industry. The result was an increasing down- Alongside the work on renewing our product range, the ward pressure on prices. There was also a change in trav- SAS aircraft fleet is also being renewed. We are currently el patterns, and the number of Business Class travellers in the midst of a period of major undertakings. Decisions fell as more and more chose Economy Class.
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