SAS Annual Report 2004 English
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T h e S A S G r o u p ’ s A n Table of contents n u a Business area l 2 The SAS Group R e The year in brief 2 57 Hotels p o The SAS Group - management model, management Overview, income and summary 57 r t philosophy and key figures 3 Brands, partners and hotel growth 59 & S Overview of the SAS Group’s business areas 4 Market outlook 60 u s President’s comments 6 t a Important events 8 i n a Commercial excellence 9 b i l Business concept, vision, objectives & values 10 i t 61 Financial report y The SAS Group’s strategies 11 R Report by the Board of Directors 61 e Turnaround 2005 13 p The SAS Group o Markets & analysis of competitors 15 r - Statement of income, incl. comments 66 t 2 Value & growth 16 - Summary statement of income 67 0 0 Customer choice 18 - Balance sheet, incl. comments 68 4 Alliances 20 - Change in shareholders’ equity 69 Quality & safety 22 - Cash flow statement, incl. comments 70 - Accounting and valuation policies 71 23 The capital market - Notes and supplemental information 74 Share data 24 Parent company SAS AB, statement of income and Ten-year financial overview including comments 26 balance sheet, cash flow statement, change in Return & earnings requirements 28 shareholders’ equity and notes 88 Risks & sensitivity 29 Proposed disposition of earnings and Auditors’ Report90 Investment & capital employed 31 Business area 33 Scandinavian Airlines Businesses Scandinavian Airlines Danmark 36 91 Corporate governance SAS Braathens 37 Chairman’s comments 94 Scandinavian Airlines Sverige 38 Board & auditors 95 Scandinavian Airlines International 39 Organization & Legal structure 96 Operational key figures, ten-year overview 40 Group Management 97 SAS retrospective 98 Business area 41 Subsidiary & Affiliated Airlines Customer Spanair 43 Widerøe 45 99 Sustainability report choice Business Economy Flex Economy Blue1 46 The SAS Group’s Sustainability Report 2004 was airBaltic 47 examined by the Group’s external auditors. Three segments for For those who put For those focusing For those who want Estonian Air 48 Our responsibilities 100 The world around us 101 sasgroup.net different needs to extra comfort and on efficient and low fares or the lowest Business area 49 Airline Support Businesses Sustainable development work 104 Corporate social responsibility 106 European destinations. service first. flexible travel. snowflake fares. SAS Ground Services (SGS) 50 Environmental responsibility 110 SAS Technical Services (STS) 51 Results for the year 113 SAS Cargo Group 52 Statement of limited review 117 Business area 53 Airline Related Businesses SAS Flight Academy 54 Jetpak Group, SAS Trading 55 118 Definitions & concepts 118 European Aeronautical Group, SAS Media, Aircraft fleet 119 SAS Business Opportunities 56 Quality assurance of business processes 120 The SAS Group’s Annual Report & Sustainability Report Company information sasgroup.net Reports All reports are available in English and Swedish and can be ordered from SAS, SE-195 87 Stockholm, telephone +46 8 797 17 88, fax +46 8 797 51 10. The reports can also be accessed and ordered via the Internet: www.sasgroup.net Direct further questions to Investor Relations SAS Group: Head of IR Sture Stølen, telephone +46 8 797 14 51 or e-mail: [email protected] Group publications The Code of Conduct, rules and guidelines for business ethics for the SAS Group in Danish, Norwegian, Swedish, English and Spanish will be available in spring 2005 and Policy Framework for Civil Aviation in Scandinavia is available in Danish, Swedish and English in printed or digital form at www.sasgroup.net Financial calendar Annual General Meeting, April 13, 2005 I Interim Report 1 (January-March), May 3, 2005 I Interim Report 2 (January- June), August 17, 2005 I Interim Report 3 (January-September), November 8, 2005 I Year-end Report 2005, February 2004 2006 I Annual Report 2005 & Sustainability Report, March 2006 I The SAS Group’s monthly traffic data and most recently updated financial calendar are available at www.sasgroup.net Annual The SAS Group’s Annual General Meeting will be held on April 13 at 4.00 p.m. Venues: SAS AB (publ) (Corporate identity no. 556606-8499) General Meeting I Copenhagen, Radisson SAS Scandinavia Hotel, Amager Boulevard 70 I Stockholm, Berns Hotel, Kammarsalen, Näckströms- I Street address: SAS Group, Frösundaviks Allé 1, Stockholm I Mailing address: SE-195 87 Stockholm I Telephone +46 8 797 00 00 ENG ENG gatan 8 Oslo, Radisson SAS Plaza Hotel, Sonja Henies Plass 3. T h e S A S G r o u p ’ s A n Table of contents n u a Business area l 2 The SAS Group R e The year in brief 2 57 Hotels p o The SAS Group - management model, management Overview, income and summary 57 r t philosophy and key figures 3 Brands, partners and hotel growth 59 & S Overview of the SAS Group’s business areas 4 Market outlook 60 u s President’s comments 6 t a Important events 8 i n a Commercial excellence 9 b i l Business concept, vision, objectives & values 10 i t 61 Financial report y The SAS Group’s strategies 11 R Report by the Board of Directors 61 e Turnaround 2005 13 p The SAS Group o Markets & analysis of competitors 15 r - Statement of income, incl. comments 66 t 2 Value & growth 16 - Summary statement of income 67 0 0 Customer choice 18 - Balance sheet, incl. comments 68 4 Alliances 20 - Change in shareholders’ equity 69 Quality & safety 22 - Cash flow statement, incl. comments 70 - Accounting and valuation policies 71 23 The capital market - Notes and supplemental information 74 Share data 24 Parent company SAS AB, statement of income and Ten-year financial overview including comments 26 balance sheet, cash flow statement, change in Return & earnings requirements 28 shareholders’ equity and notes 88 Risks & sensitivity 29 Proposed disposition of earnings and Auditors’ Report90 Investment & capital employed 31 Business area 33 Scandinavian Airlines Businesses Scandinavian Airlines Danmark 36 91 Corporate governance SAS Braathens 37 Chairman’s comments 94 Scandinavian Airlines Sverige 38 Board & auditors 95 Scandinavian Airlines International 39 Organization & Legal structure 96 Operational key figures, ten-year overview 40 Group Management 97 SAS retrospective 98 Business area 41 Subsidiary & Affiliated Airlines Customer Spanair 43 Widerøe 45 99 Sustainability report choice Business Economy Flex Economy Blue1 46 The SAS Group’s Sustainability Report 2004 was airBaltic 47 examined by the Group’s external auditors. Three segments for For those who put For those focusing For those who want Estonian Air 48 Our responsibilities 100 The world around us 101 sasgroup.net different needs to extra comfort and on efficient and low fares or the lowest Business area 49 Airline Support Businesses Sustainable development work 104 Corporate social responsibility 106 European destinations. service first. flexible travel. snowflake fares. SAS Ground Services (SGS) 50 Environmental responsibility 110 SAS Technical Services (STS) 51 Results for the year 113 SAS Cargo Group 52 Statement of limited review 117 Business area 53 Airline Related Businesses SAS Flight Academy 54 Jetpak Group, SAS Trading 55 118 Definitions & concepts 118 European Aeronautical Group, SAS Media, Aircraft fleet 119 SAS Business Opportunities 56 Quality assurance of business processes 120 The SAS Group’s Annual Report & Sustainability Report Company information sasgroup.net Reports All reports are available in English and Swedish and can be ordered from SAS, SE-195 87 Stockholm, telephone +46 8 797 17 88, fax +46 8 797 51 10. The reports can also be accessed and ordered via the Internet: www.sasgroup.net Direct further questions to Investor Relations SAS Group: Head of IR Sture Stølen, telephone +46 8 797 14 51 or e-mail: [email protected] Group publications The Code of Conduct, rules and guidelines for business ethics for the SAS Group in Danish, Norwegian, Swedish, English and Spanish will be available in spring 2005 and Policy Framework for Civil Aviation in Scandinavia is available in Danish, Swedish and English in printed or digital form at www.sasgroup.net Financial calendar Annual General Meeting, April 13, 2005 I Interim Report 1 (January-March), May 3, 2005 I Interim Report 2 (January- June), August 17, 2005 I Interim Report 3 (January-September), November 8, 2005 I Year-end Report 2005, February 2004 2006 I Annual Report 2005 & Sustainability Report, March 2006 I The SAS Group’s monthly traffic data and most recently updated financial calendar are available at www.sasgroup.net Annual The SAS Group’s Annual General Meeting will be held on April 13 at 4.00 p.m. Venues: SAS AB (publ) (Corporate identity no. 556606-8499) General Meeting I Copenhagen, Radisson SAS Scandinavia Hotel, Amager Boulevard 70 I Stockholm, Berns Hotel, Kammarsalen, Näckströms- I Street address: SAS Group, Frösundaviks Allé 1, Stockholm I Mailing address: SE-195 87 Stockholm I Telephone +46 8 797 00 00 ENG ENG gatan 8 Oslo, Radisson SAS Plaza Hotel, Sonja Henies Plass 3. Longyearbyen The SAS Group’s The SAS Group’s Mehamn Berlevåg Honningsvåg Hammerfest Båtsfjord Lakselv Vardø Hasvik Vadsø business areas airline networks and hotels Alta Tromsø Kirkenes Sørkjosen Andenes Bardufoss Stokmarknes Harstad/Narvik Scandinavian Airlines Businesses Svolvær Evenes Spanair Leknes Kiruna Bodø Widerøe Rovaniemi Blue1 Mo i Rana Luleå Sandnessjøen Mosjøen airBaltic Brønnøysund Oulu Rørvik Skellefteå Estonian Air Namsos Rezidor SAS, hotels Trondheim Umeå Kristiansund Östersund Molde Örnsköldsvik Ålesund Røros Vaasa Kuopio Ørsta/Volda Sandane Härnösand Chicago