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SAS Reports Fourth Quarter Net Loss of $82.3 Million on 90 Percent Increase in Revenue to $637.4 M

SAS has reported a fourth quarter FY 2021 net loss of SEK 744 million (US $82.3 million) or SEK (0.12) per share (US $0.013) on a 90 percent year-over-year increase in revenue to SEK 5.76 billion (US $637.4 million).

SAS Reports Fourth Quarter FY21 Financial Results - Courtesy SAS

On Tuesday (November 30, 2021), SAS reported their fourth quarter FY 2021 financial results for the period ending October 31, 2021. The carrier reported a fourth quarter net loss of SEK 744 million (US $82.3 million) or SEK (0.12) per share (US $0.013). SAS’ Q4 revenue increased year-over-year by 90 percent to SEK 5.76 billion and total passengers increased 88 percent compared to the fourth quarter of 2020. During the quarter, the company signed an agreement for the pre-delivery payment financing of about US $100 million, covering ten A320neos with deliveries through Q2 FY2023. At October 31, 2021, SAS had total cash of SEK 4.3 billion (US $476.3 million), down from SEK 4.4 billion (US $487.4) at the end of Q3 FY21.

In Tuesday’s announcement, SAS’ President and CEO Anko van der Werff, said in part,

“It is encouraging to note the continued positive trend from the summer, with demand and ticket sales rising. However, 2021 was one of the most challenging years in the history of the aviation industry and the future remains hard to predict, primarily due to challenges connected to the ongoing pandemic…

SAS' Financial Summary for Q4 FY21 - Courtesy SAS

“…Cost reductions across all of SAS remain in focus to optimize our competitive capability. Total operating expenses during the quarter ended at SEK 6.2 ­billion and total operating revenue landed at SEK 5.8 billion. Market dynamics have changed substantially during the pandemic and affect the entire airline industry. This requires SAS to take the next steps in the development of our operating model to ensure SAS is cost efficient and competitive. We are starting operation of SAS Connect out of Copenhagen in early 2022 and are evaluating possibilities to expand SAS Connect and to open bases in Stockholm and Oslo during the year…

“…When restrictions and demand allow, we will open more routes, and this winter we are flying more than 150 routes to 90 destinations. SAS has to remain agile to be able to quickly respond to changes in customer demand, which will be one of the success factors for airlines going forward. As a direct result of the US opening up for travelers, we have increased the number of flights to and from the US. SAS operates new, fuel-efficient A350 Airbus aircraft to the US, which have 30% lower fuel consumption compared to the aircraft they are replacing…

“…I am grateful for all the hard work that all my colleagues at SAS are carrying out during our transformation, to ensure our performance remains at a high level and to always take care of our customers in the best possible way. Together with dedicated colleagues, a strong brand and operational excellence, we are working our way through these challenging times.

“We welcome you on board our aircraft in one of Europe’s most modern fleets!”

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/Cision

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