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The SAS Group Annual Report 2002

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The SAS Group Annual Report 2002 The SAS Group Annual Report 2002 & Environmental Report www.sasgroup.net The SAS Group www.sasgroup.net SAS AB is Scandinavia’s largest listed airline and travel group, offering air transportation and airline related services from its base in Northern Europe. Scandinavian Airlines flies within Scandinavia as well as to and from Europe, North America and Asia. Scandinavian Airlines is a founding member of Star Alliance™, the world’s largest global airline alliance. Other airlines in the Group are Spanair, Braathens, Widerøe’s Flyveselskap and Air Botnia. Among the Group’s Airline Support Businesses and Airline Related Businesses are companies that support airline operations, such as SAS Cargo Group and SAS Flight Academy. The Group also includes the hotel business Rezidor SAS Hospitality. Effective July 1, 2002, the SAS Group was restructured to comprise five business areas. Starting with the fourth quarter 2002 the SAS Group reports its results divided among five business areas as opposed to four previously. Scandinavian Subsidiary & Airline Support Airline Related Hotels Airlines Affiliated Airlines Businesses Businesses • Scandinavian Airlines comprises passenger transport services, including the production company SAS Commuter. • Subsidiary & Affiliated Airlines comprise the other airlines within the Group. Braathens, which is 100% owned, Spanair, which is 74% owned, Widerøe, which is 99% owned and Air Botnia, which is 100% owned. Affiliated companies include airBaltic, Air Greenland, Skyways and British Midland. • Airline Support Businesses. This business area includes the business units SAS World Sales, SAS Technical Services, Scandinavian Ground Services and SAS Cargo Group. • Airline Related Businesses include Scandinavian IT Group, SAS Trading, SAS Flight Academy, Jetpak, European Aeronautical Group, RampSnake, SAS Media and Travellink. • Within the Hotels business area, Rezidor SAS Hospitality operates the SAS Group’s hotel business. The company operates under four brands: Radisson SAS Hotels & Resorts, Regent, Country Inn and Park Inn. Company information All reports are available in English, Danish, Norwegian and Swedish and can be ordered from SAS, SE-195 87 Stockholm, telephone +46 8 797 17 88, fax +46 8 797 51 10. They are also available and can be ordered on the Internet: www.sasgroup.net. The SAS Group’s monthly traffic and capacity statistics appear on the sixth business day of each month. Direct further questions to SAS Group Investor Relations, Sture Stølen, telephone +46 8 797 14 51 or e-mail: [email protected] Financial calendar Annual General Meeting, April 10, 2003 ■ Interim Report 1, January-March 2003, May 13, 2003 ■ Interim Report 2, January-June 2003, August 11, 2003 ■ Interim Report 3, January-September 2003, November 11, 2003 ■ Year-end Report 2003, February 2004 ■ Annual Report and Environmental Report 2003, March 2004. Annual General Meeting The SAS Group’s Annual General Meeting will be held on April 10 at 4:00 p.m. in • Copenhagen, Tivoli, Vesterbrogade 3. • Stockholm, Berns hotell, Kammarsalen, Näckströmsgatan 8. • Oslo, Radisson SAS Scandinavia, Holbergsgate 30. Annual Report 2002 Contents The SAS Group Airline Related Businesses 63 ■ The year in brief 2 ■ Scandinavian IT Group 65 ■ Important events 3 ■ SAS Trading 66 ■ President’s comments 4 ■ SAS Flight Academy 67 ■ The SAS Group’s business concept, mission, ■ Jetpak 67 vision and objectives 6 ■ European Aeronautical Group 68 ■ The SAS Group’s strategic path 7 ■ RampSnake 68 ■ The SAS Group’s business structure and management model 8 ■ SAS Media 68 ■ The SAS Group’s Turnaround 9 ■ Travellink 68 ■ The SAS Group’s markets and positioning 13 ■ Economic trends and forecasts 16 Hotels 69 ■ Policy framework for civil aviation 18 ■ Alliances and partnerships 19 Financial report 73 ■ Sustainable development 22 ■ Report by the Board of Directors 74 ■ The SAS Group’s human resources 23 ■ Segmental reporting 77 ■ The SAS Group’s brands 24 ■ The SAS Group’s statement of income, incl. comments 78 ■ The SAS Group’s balance sheet, incl. comments 80 Capital market 25 ■ The SAS Group’s cash flow statement, incl. comments 82 ■ Share data 26 ■ Summary statement of income 83 ■ Key data per share 29 ■ Comments and notes to Report by the Board of Directors ■ Ten-year financial overview 30 - Accounting and valuation policies 84 ■ The SAS Group’s aircraft fleet, ■ Notes 88 investments and capital employed 32 ■ Parent Company, SAS AB – Statement of income ■ Financing and financial risk management 35 and balance sheet with notes (incl. legal structure) 99 ■ Proposed disposition of earnings 101 Scandinavian Airlines 37 ■ Auditors’ report 101 ■ Scandinavian Airlines’ targets, strategic focus ■ Board of Directors and auditors 102 and achievement of targets 39 ■ Corporate governance 103 ■ Strategies for increasing competitiveness 40 ■ SAS Group Management 104 ■ Stronger customer focus 41 ■ Traffic and market trends 42 Environmental report 105 ■ Distribution channels 44 ■ Environmental Director’s comments 106 ■ Safe travel 45 ■ Environmental key performance indicators 106 ■ Operational key figures 46 ■ The Group’s key environmental aspects 107 ■ Resource utilization and environmental impact 108 Subsidiary & Affiliated Airlines 47 ■ Business environment 109 ■ Spanair 49 ■ Environmental operations in 2002 110 ■ Braathens 52 ■ Airline operations 112 ■ Widerøe’s Flyveselskap 54 ■ Other operations 116 ■ Air Botnia 55 ■ Hotel operations 118 ■ Affiliated Airlines 56 Background information 119 Airline Support Businesses 57 ■ Definitions and concepts 119 ■ SAS World Sales (SWS) 59 ■ SAS retrospective 120 ■ SAS Technical Services (STS) 60 ■ Aircraft fleet Inside back cover ■ Scandinavian Ground Services (SGS) 61 ■ SAS Cargo Group 62 Addresses Back cover In this Annual Report, certain airline specific expressions are used, which are explained under Definitions and concepts, p. 119. Annual Report 2002 1 The year in brief Operating revenue for the year year amounted to MSEK 64,944 (51,433), an increase of 26,3%. For comparable units and adjusted for currency effects, operating revenue fell in the period by 1.0% or MSEK 512. Earnings before depreciation and leasing costs for aircraft (EBITDAR) for the full year amounted to MSEK 7,294 (3,168), an increase of 130%. Earnings before capital gains for the year amounted to MSEK –951 (–2,282). Excluding one-time items, earnings before capital gains for the full year 2002 were MSEK –736 (–2,282). Income before tax amounted to MSEK –450 (–1,140). CFROI for the full year 2002 was 13% (7%). Earnings per share for the SAS Group for the period January-December were SEK –0.81 (–6.65) and book equity per share amounted to SEK 92.33 (96.06). The Board of Directors proposes that no dividend be paid to SAS AB’s shareholders for the 2002 fiscal year. In the SAS Group’s judgment, the current improvement measures are insufficient for attaining the objectives of long-term profitability and competitiveness. Further structural measures will therefore be implemented to give the Group’s airlines a stronger position in the future. In light of the prevailing uncertain global political situation and difficult market, the SAS Group will not make any detailed estimate of earnings for the full year 2003. A sustainability policy was adopted by the SAS Group in February 2002. Scandinavian Airlines’ and Braathens’ environmental index improved by 8 and 14 points, respectively, which is the biggest improvement ever in a single year. Key data (Definitions, see page 119) Business areas* Scandinavian Subsidiary & Airline Support Airline Related SAS Group Hotels Airlines Affiliated Airlines Businesses Businesses 2002 2001 2002 2001*** 2002 2001** 2002 2002 2001 2002 2001 Operating revenue, MSEK 64 944 51,433 37,163 41,166 17,525 3,123 20,628 6,052 8,148 3,570 3,510 EBITDAR, MSEK 7 294 3,168 3,315 1, 802 3,389 510 ––– – – EBITDAR margin, % 11.2 6.2 8.9 4.4 19.3 16.3 ––– – – EBIT, MSEK 682 –629 –68 –1,049 484 49 286 134 157 102 230 EBIT margin, % 1.1 –1.2 –0.2 –2.5 2.8 1.6 1.4 2.2 1.9 2.9 6.6 CFROI, % 13 7 9 4–– ––– – – Income before tax, EBT, MSEK –450 –1,140 –1,032 –1,499 120 7 259 84 160 85 208 Investments, MSEK 10,054 11,374 7,763 10,227 1,618 429 – 1 408 542 265 176 Number of aircraft 314 275 199 200 115 75 ––– – – Number of daily departures (average) 1,471 1,212 810 915 661 297 ––– – – Number of destinations 123 128 86 94 78 51 ––– – – Average number of employees 35,506 2 31,035 7,556 22,364 6,392 1,530 13,188 4,188 4,038 3,117 3,103 3 3 Carbon dioxide (CO2) 000 tonnes 5,757 4,949 3,765 4,110 1,970 818 ––– 6.40 6.13 Nitrogen oxides (NOx) 000 tonnes 19.7 17.0 13.7 14.8 6.0 2.1 ––– – – * Excluding Group-wide functions and Group eliminations (for the SAS Group’s segmental reporting, see page 77). ** Spanair is not consolidated in the SAS Group - included as equity. Braathens’ results were not consolidated in the SAS Group in 2001. *** Refers to the previous business area SAS Airline. 1 Investments for Airline Support Businesses are reported together with Scandinavian Airlines. 2 Including 1,065 employees in Group-wide functions. Accordingly, the breakdown of the total average number of employees by sex is 43.5% women and 56.5% men. 3 Including the SAS Group’s properties and buildings (Facility Management). See page 116. 2 Annual Report 2002 - The year in brief Important events First quarter 2002 Airbus A340s, with a high environmental performance, were phased in in all of Scandinavian Airlines’ routes to Asia ■ On March 5 the EU Commission approved the SAS Group increasing its stake in Spanair to 74%. From this date, Spanair is treated as a subsidiary of the SAS Group. Second quarter 2002 On April 2, 2002, Scandinavian Airlines and Braathens coordinated their route networks for Norwegian domestic traffic ■ SAS AB implemented a new share issue of MSEK 200 as the final step in the introduction of a single share ■ In May 2002 the SAS Group acquired 33.1% of the shares in Widerøe from minority shareholders.
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