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SAS Group Interim Report January-June 2006

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SAS Group Interim Report January-June 2006 1 SAS Group Interim Report January-June 2006 Record number of passengers contributed to positive result • Operating revenue for the first six months amounted to MSEK 32,383 (29,033), an increase of 11.5%. For the second quarter, operating revenue amounted to MSEK 17,916 (16,017), an increase of 11.9%. • Number of passengers rose by 8.7% to 18.8 million during the first six months and by 6.0% during the second quarter to 10.3 million, while the cabin factor increased by 4.1 percentage points to 74%. • Nonrecurring items totaling MSEK 265 were charged to the results for the second quarter, of which MSEK 160 pertains to costs for the closure of the Sola base and MSEK 105 is the effect of a legal process relating to Scandinavian Ground Services in Norway. • Income before capital gains and nonrecurring items amounted to MSEK -425 (-733) for the six- month period, an improvement of MSEK 308. Income for the second quarter totaled MSEK 894 (579). Income for the second quarter of 2006 was affected negatively in an amount of approximately MSEK 200 by the cabin crew conflict and the Easter effect in April. • Net income for the period amounted to MSEK -511 (-472) for the six-month period and to MSEK 553 (499) for the second quarter. • CFROI for the twelve-month period July 2005-June 2006 was 13% (12%). • Earnings per share for the SAS Group were SEK -3.31 (-2.85) for the six-month period and SEK 2.97 (3.01) for the second quarter. Equity per share was SEK 68.13 (70.41). • Currency-adjusted total unit cost, adjusted for higher fuel prices, rose by 2.2% for Scandinavian Airlines Businesses during the period January-June 2006. During the same period, fuel costs, adjusted for currency and volume, increased by MSEK 1,150. • Cost savings corresponding to SEK 2.5 billion are currently being implemented. To date, 49% of these measures have been put into effect. • President and CEO of the SAS Group, Jörgen Lindegaard, announced that he would leave the Group. Deputy CEO Gunnar Reitan took over as Acting President and CEO as from August 1. Recruitment is in progress. SAS Group Q1 Q2 Q3 Q4 January-March April-JuneJuly-September October-December July-June (MSEK) 2006 2005 20062005 2005 2004 2005 2004 2005-06 2004-05 Revenue 14,467 13,016 17,916 16,017 16,567 15,428 16,287 14,945 65,237 59,406 EBITDAR 219 222 2,287 2,236 2,154 1,775 1,505 1,202 6,165 5,435 EBITDAR margin 1.5% 1.7% 12.8% 14.0% 13.0% 11.5% 9.2% 8.0% 9.5% 9.1% EBIT -1,161 -1,048 881 949 802 363 670 -119 1,192 145 EBIT margin -8.0% -8.1% 4.9% 5.9% 4.8% 2.4% 4.1% -0.8% 1.8% 0.2% Income before capital gains and nonrecurring items -1,319 -1,312 894 579 619 184 228 -320 422 -869 Income after financial items -1,387 -1,290 643 590 545 88 573 -395 374 -1,007 Net income for the period -1,064 -971 553 499 529 119 198 -627 216 -980 Earnings per share (SEK) -6.29 -5.86 2.97 3.01 3.03 0.60 0.88 -3.71 0.60 -5.97 Cash flow before financing activities 222 -1,131 1,580 1,675 449 -421 1,515 1,287 3,766 1,410 SAS AB is the Parent Company of the SAS Group, the Nordic region’s largest airline and travel group, offering air transportation and airline related services and operating hotels. Scandinavian Airlines, Spanair and Blue1 are members of Star AllianceTM, the world’s largest airline alliance. The Group also includes the airlines Widerøe and airBaltic, as well as the partly-owned airline Estonian Air. The other business areas are Airline Support Businesses and Hotels. SAS Group: Interim Report January-June 2006 www.sasgroup.net 2 Statement of income April-June January-June July-June (MSEK) 2006 2005 2006 2005 2005-06 2004-05 Revenue 17,916 16,017 32,383 29,033 65,237 59,406 Payroll expenses -5,346 -5,138 -10,492 -10,112 -20,847 -19,739 Other operating expenses -10,283 -8,643 -19,385 -16,463 -38,225 -34,232 Leasing costs for aircraft -894 -766 -1,785 -1,452 -3,466 -2,824 Depreciation -559 -607 -1,082 -1,233 -2,261 -2,650 Share of income in affiliated companies 33 45 40 65 109 117 Income from the sale of shares in subsidiaries and affiliated companies 2 -2 2 -2 484 0 Income from the sale of aircraft and buildings 12 43 39 65 161 67 Operating income 881 949 -280 -99 1,192 145 Income from other shares and participations 1 48 1 48 3 49 Net financial items -239 -407 -465 -649 -821 -1,201 Income after financial items 643 590 -744 -700 374 -1,007 Tax -90 -91 233 228 -158 27 Net income for the period 553 499 -511 -472 216 -980 Attributable to: Parent Company shareholders 489 495 -545 -469 98 -982 Minority interests 64 4 34 -3 118 2 Earnings per share (SEK) 1) 2.97 3.01 -3.31 -2.85 0.60 -5.97 1) Earnings per share is calculated on 164,500,000 shares outstanding (IAS33). Since the SAS Group has no options, convertibles or share program, dilution cannot occur. An itemized statement of income is available at www.sasgroup.net Income before capital gains and nonrecurring items April-June January-June July-June (MSEK) 2006 2005 2006 2005 2005-06 2004-05 Income after financial items 643 590 -744 -700 374 -1,007 Impairment losses 0 0 0 0 0 27 Restructuring costs 160 78 255 78 590 226 Capital gains -14 -89 -41 -111 -647 -115 Other nonrecurring items 1) 105 0 105 0 105 0 Income before capital gains and nonrecurring items 894 579 -425 -733 422 -869 1) Pertains to additional payroll costs resulting from a judgment by the Norwegian Supreme Court regarding the rights of employees in Scandinavian Ground Services. Financial key ratios June December June June (MSEK) 2006 2005 2005 2004 EBITDAR 2,506 6,117 2,458 1,491 EBITDA 721 2,984 1,006 174 EBIT -280 1,373 -99 -1,036 EBITDAR margin (12-month rolling) 9% 10% 9% 7% EBIT margin (12-month rolling) 2% 2% 0% -1% CFROI (12-month rolling) 13% 13% 12% 7% Return on equity (12-month rolling) 1% 1% -9% -10% Equity/assets ratio 21% 21% 20% 19% Net debt, MSEK 3,279 5,865 8,426 10,851 Financial net debt, MSEK 11,815 14,228 16,510 18,352 Debt/equity ratio 1.00 1.18 1.36 1.57 Adjusted debt/equity ratio 2.96 2.90 2.91 3.09 Interest coverage ratio (12-month rolling) 1.3 1.3 0.4 0.2 Traffic-related key figures SAS Group July-September October-December January-March April-June July-June 2005 2004 2005 2004 2006 2005 2006 2005 2005-06 2004-05 No. of passengers (000) 9,714 9,133 9,250 8,154 8,532 7,606 10,325 9,743 37,821 34,636 RPK (mill.) 10,219 9,727 8,953 8,155 8,179 7,638 10,357 9,651 37,708 35,171 ASK (mill.) 13,599 13,899 12,882 13,039 12,275 12,464 14,005 13,813 52,761 53,215 Cabin factor 75.1% 70.0% 69.5% 62.5% 66.6% 61.3% 74.0% 69.9% 71.5% 66.1% Yield, SEK 1.02 0.99 1.15 1.18 1.16 1.11 1.16 1.13 1.12 1.10 Total unit cost, SEK 0.74 0.66 0.80 0.73 0.78 0.74 0.76 0.71 0.77 0.71 SAS Group: Interim Report January-June 2006 3 SAS Group’s traffic results The traffic trend in the airline industry was favorable during The SAS Group’s earnings for the period January-June 2005 the first half of 2006. Traffic (RPK) increased by 5.9% during included SAS Trading, which was sold in the second quarter, the period for member airlines of the Association of and European Aeronautical Group, Jetpak and Component European Airlines (AEA). The largest growth was in traffic Group, which were sold in the fourth quarter of 2005. As to/from Asia and within Europe. The SAS Group’s traffic regards Component Group, 67% of the SAS Group’s holding increased by 7.2% during the first six months of 2006. This was sold and, accordingly, 33% remains as a holding in an is more than the AEA, which means that the Group’s market affiliated company. airBaltic is consolidated as a subsidiary. share grew. For comparison with 2005, the aforementioned changes are During the second quarter of 2006, growth was somewhat corrected under the term noncomparable units. higher and amounted to 7.3%. Blue 1 had the largest traffic growth within the SAS Group, with an increase of 42.6%. The net effect of currency fluctuations between the period Total capacity (ASK) for the SAS Group remained unchanged January-June 2005 and 2006 was MSEK 46. The effect is during the first six months. The cabin factor increased by 4.7 MSEK 1,015 on operating revenue, MSEK -989 on operating percentage points during the first six months to a record expenses, and MSEK 20 on net financial items.
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