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SAS Group Sustainability Report 2003 English

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SAS Group Sustainability Report 2003 English The SAS Group’s Annual Report 2003 & Sustainability Report www.sasgroup.net “ The SAS Group is Europe’s fourth-largest airline group ■ Turnaround 2005 will be the platform that ensures profitability and long-term competitiveness ■ Innovation and new business models will help us take better care of our customers ■ The preferred choice ” The SAS Group www.sasgroup.net The Group in brief ■ SAS AB is the Nordic region’s largest listed airline and travel group and the fourth-largest airline group in Europe, in terms of number of passengers and operating revenue. The SAS Group offers air transport and re- lated services from its base in Northern Europe. Scandinavian Airlines provides services within Scandinavia, and to/from Europe, North America and Asia. Scandinavian Airlines is a founding member of the world’s largest global airline alliance - Star AllianceTM. The Group also includes the airlines Spanair, Braathens, Widerøe’s Flyveselskap and Blue1 and the partly-owned airlines airBaltic and Estonian Air. The Group’s business areas Airline Support Businesses and Airline Related Businesses include companies that support the airline operations. The Group also includes hotel operations with Rezidor SAS Hospitality. Scandinavian Subsidiary & Airline Support Airline Related Hotels Airlines Affiliated Airlines Businesses Businesses Scandinavian Airlines Spanair SAS Technical Services SAS Trading Rezidor SAS SAS Commuter * Braathens SAS Ground Services SAS Flight Academy Widerøe's Flyveselskap SAS Cargo Group Jetpak Blue1 Air Maintenance Estonia ** Scandinavian IT Group *** Affiliated Airlines: European Aeronautical Group airBaltic, Estonian Air * Not a profit unit. Production company for Scandinavian Airlines. SAS Media ** As of September 2003. Travellink *** Sold during the fourth quarter 2003. Company information ■ 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 The SAS Group’s monthly traffic and capacity statistics are normally published on the fifth working day of each month. Direct further questions to Investor Relations SAS Group: Sture Stølen, telephone +46 8 797 14 51 or e-mail: [email protected] Financial calendar Annual General Meeting, April 22, 2004 ■ Interim Report 1, January-March 2004, May 4, 2004 ■ Interim Report 2, January-June 2004, August 11, 2004 ■ Interim Report 3, January-September 2004, November 2, 2004 ■ Year-end Report 2004, February 2005 ■ Annual Report 2004 & Sustainability Report, March 2005 ■ The most recent updated financial calendar can be accessed at www.sasgroup.net Annual General Meeting The SAS Group’s Annual General Meeting will be held on April 22 at 4:00 p.m. in • Copenhagen, Radisson SAS Falconer, Falconer Scenen, Falkoner allé 9. • Stockholm, Berns hotell, Kammarsalen, Näckströmsgatan 8. • Oslo, Radisson SAS Scandinavia, Holbergsgate 30. Table of contents The SAS Group Business area The year in brief 2 Hotels 55 Important events 3 Overview, income and key figures 55 President’s comments 4 Important events, vision, objectives and strategies 56 Overview of the SAS Group 6 The brands and partners 57 Business concept, mission, vision, objectives and strategies 8 Hotel growth 57 Turnaround 2005 9 Market outlook 58 Market growth and value creation 12 Strategic market positioning in the airline business 13 Financial report 59 Global network strategies 15 Report by the Board of Directors 59 Customers and business models 17 The SAS Group Quality and safety 19 - Statement of income, incl. comments 62 The SAS Group’s brand strategies 20 - Summary statement of income 63 - Balance sheet, incl. comments 64 - Change in shareholders’ equity in 2003 65 The capital market 21 - Cash flow statement, incl. comments 66 Share data 22 - Segmental reporting 67 Ten-year financial overview 24 - Accounting and valuation policies 68 Sensitivity analysis and seasonal variations 26 - Notes and supplemental information 71 Investments and capital employed 27 Parent company, SAS AB, statement of income Financing and creditworthiness 29 and balance sheet, cash flow statement, change Financial risk management 30 in shareholders’ equity in 2003 and notes 85 “Scandinavian Airlines Proposed disposition of earnings 87 was Scandinavia’s Business area Auditors’ report 87 largest overall Scandinavian Airlines 31 Definitions and concepts 88 provider of low-fare Overview, income and key figures 31 travel in 2003 ” Important events, objectives, Corporate governance 89 strategies and achievement of targets 32 The SAS Group’s organizational structure and New business structure and base distribution 34 legal structure 91 Traffic and market trends 35 Chairman’s comments 92 Operational key figures 36 Board of Directors and auditors 93 SAS Group Management 94 Business area 37 Subsidiary & Affiliated Airlines Sustainability report 95 Overview, income and key figures 37 Preface, results and key performance indicators 95 Spanair 38 Responsibility for sustainable development 96 Braathens 40 The world around us 97 Widerøe’s Flyveselskap 43 Sustainable development work 99 Blue1 44 Environmental responsibility 99 airBaltic 45 Employees and social responsibility 101 Estonian Air 46 Financial responsibility 103 Airline operations 105 Business area Other operations 109 Airline Support Businesses 47 Hotel operations 111 Overview, income and key figures 47 Statement of limited review 113 SAS Technical Services (STS) 48 SAS Ground Services (SGS) 49 Background information SAS Cargo Group 50 Evolution of the share structure and ownership 114 SAS retrospective 115 Business area The SAS Group’s aircraft fleet 116 Airline Related Businesses 51 Overview, income and key figures 51 The SAS Group’s Annual Report 2003 & Sustainability SAS Trading 52 Report is the first to contain both financial and sustainability-related results. SAS Flight Academy, Jetpak 53 The financial statements have been audited and the Scandinavian IT Group 54 sustainablility-related information examined by the European Aeronautical Group , SAS Media 54 Group’s external auditors. Annual Report 2003 1 The SAS Group The year in brief Operating revenue ■ Operating revenue for the full year amounted to MSEK 57,754 (64,944), a decrease of 11.1%. For com- parable units and adjusted for currency effects, operating revenue for the period decreased by 8.7% or MSEK 5,639. Income ■ Income before depreciation and leasing costs for aircraft (EBITDAR) amounted to MSEK 3,761 (7,294) for the year. Adjusted for restructuring costs and nonrecurring items, EBITDAR was MSEK 4,269 (7,261) for the full year. Income before capital gains and nonrecurring items amounted to MSEK –2,221 (–736) for the period. This negative result is mainly attributable to the first quarter. Income before tax amounted to MSEK –1,470 (–450). Income after tax amounted to MSEK –1,415 (–132). Earnings per share ■ Earnings per share for the SAS Group amounted to SEK –8.60 (–0.81) for the full year. Equity per share was SEK 79.84 (92.33). Unit cost ■ The unit cost for Scandinavian Airlines decreased currency-adjusted by 11.8% for the full year. Dividend ■ The Board of Directors proposes to the Annual General Meeting that no dividend be paid to SAS AB’s share- holders for the 2003 financial year. Turnaround 2005 ■ By the end of 2003, actions had been carried out corresponding to the financial effect of 54% of Turnaround 2005. The earnings impact in 2003 was SEK 3.6 billion. The SAS Group’s restructuring costs for 2003 amounted to MSEK 496 and primarily concern provisions for 2004 payroll expenses for idled staff under notice. Outlook ■ The SAS Group’s Board and management's primary aim is to ensure that the SAS Group attains positive earnings before tax, capital gains and nonrecurring items for the full-year 2004. Environmental index ■ The environmental index for 2003 remained unchanged for both Scandinavian Airlines 78 (78) and Braathens 86 (86). Performance of CFROI ■ The SAS Group’s overall financial CFROI, %, 1993-2003 objective is to achieve an average 30 CFROI of at least 20% over a busi- 25 ness cycle. 20 CFROI for the twelve-month period 15 January - December 2003 was 7% (13%). 10 5 0 93 94 95 96 97 98 99 00 01 02 03 CFROI Minimum return requirement, 20% 2 Annual Report 2003 Important events First quarter 2003 ■ Spanair launched a new fare concept for Spanish domestic flights in March ■ Scandinavian Airlines’ new low-fare concept snowflake was launched. Second quarter 2003 ■ Spanair became a member of Star Alliance on April 1 ■ The Board gave the SAS Group’s management a mandate to carry out additional cost reductions of approximately SEK 9 billion. Measures amount to a total of SEK 14 billion ■ Scandinavian Airlines announced a major reorganization as part of the implementation of the new cost-cutting measures ■ SAS Technical Services decided to locate its main facility for base maintenance in Stockholm, while heavy maintenance remains in Oslo ■ The SAS Group was downgraded by credit rating agency Moody's to Ba3 ■ The SAS Group joined the UN Global Compact. Third quarter 2003 ■ Agreements reached allowing for a 40% increase in productivity for pilots and cabin crew as well as pro- ductivity improvements in operations ■ The SAS Group announced that parts of Revenue Accounting will be relocated to India ■ The SAS Group acquired 49% of the shares in Estonian Air ■ The SAS Group’s airlines Scandinavian Airlines, Braathens and Widerøe announced fare
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