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SAS Reports Fiscal Q2 2021 Net Loss of $292.4 Million on 63 Percent Revenue Decline to $167.3 M

SAS has reported a fiscal second quarter 2021 net loss of SEK 2.43 billion (US $292.4 million) on a 63 percent year-over-year decline in revenue to SEK 1.93 billion (US $167.3 million). The carrier ended the quarter with SEK 4.4 billion in cash (US $529.3 million).

SAS Airbus A321LR - Courtesy Airbus

On Thursday (May 27, 2021) SAS reported their fiscal second quarter financial results for the period from February through April 2021. The carrier reported a Q2 net loss of SEK 2.43 billion (US $292.4 million) or SEK (0.35) per share (US $.04) on a 63 percent year-over-year decline in revenue to SEK 1.93 billion (US $167.23 million). SAS closed the second quarter with SEK 4.4 billion (US 529.3 million) in cash, down SEK 300 million (US $36.1 million) versus the close of the first fiscal quarter. At April 30, 2021, the carrier’s net financial debt totaled SEK 26.4 billion, an increase of SEK 7.5 billion since October 31, 2020, primarily attributable to negative cash flow, new lease liabilities, a positive trend in the fair value of derivatives and a positive currency revaluation effect.

In Thursday’s announcement, SAS’ acting President and CEO, Karl Sandlund, said,

“New coronavirus cases remained high during the quarter, resulting in strict travel restrictions and low demand for flights. Focus for the quarter has been on lowering SAS’ costs, preserving liquidity and further strengthening SAS’ future competitiveness. The increase in vaccination rates provides some hope for the relaxation of restrictions, and an increase in demand ahead of the important summer season.”

SAS' Fiscal Second Quarter 2021 Financial Summary, Courtesy SAS

During the fiscal second quarter, the SAS Board appointed Anko van der Werff as President and CEO starting July 1, 2021, while concurrently appointing Karl Sandlund, Chief Commercial Officer, as acting President and CEO. The company also secured financing for most aircraft deliveries through the second quarter of 2022. After the close of the quarter, SAS received commitments of support from their major shareholders as well as the Governments of Denmark and Sweden for access to a credit facility totaling SEK 3.0 billion (US $361.2 million).

SAS is the leading airline in Scandinavia, normally carrying over 30 million passengers annually from its main hubs in Copenhagen, Oslo and Stockholm to 125 destinations in Europe, the US and Asia (pre-pandemic figures). The company has targeted a reduction in carbon emissions by 25 percent by 2025 compared to 2005 levels and hopes to transition to 100% biofuel for domestic flights by 2030. SAS also offers ground handling services, technical maintenance and cargo services. The carrier is a founding member of the Star Alliance, which offers an extensive global network.

Source: SAS


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