SAS operating income was 680 million for the broken räkneskapsårets the fourth quarter. It is less than analysts had expected, when they expected a profit, on average, 938 million, according to SMI Directly.
the Result before taxes amounted to 577 million, against the expected 843 million.
net Sales landed on 11.135 million against the expected 10. 932 million.
Ceo Rickard Gustafson writes in a comment now in the morning when the quarterly report became public. He begins in a positive tone:
"In line with our forecast delivered SAS a positive result before taxes and non-recurring items for the financial year 2015/2016. The development shows that we continue to get a good response on our product offering. We have more passengers and the load factor is the highest ever in the fourth quarter.
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“Requires a lower cost structure”
But then the tone ” in this message:
market Conditions have, during the autumn become more demanding and the industry continues to change at a rapid pace. At the same time, grows the scandinavian aviation market and the demand for more long-haul routes and fritidsrelaterade travel in Europe is increasing. For SAS to be able to take part of these exciting growth opportunities, a lower cost structure and the SAS profitability increases.
Gustafson continues to signal new hard bantningar.
– As a natural response to the changing market conditions we now raise the ambition within our efficiency programmes, from 0.8 billion $ 1.5 billion$ , during 2017-2019. But to become a long-term competitive do we need to do more. Therefore, the design of further measures aimed at addressing the remaining structural disadvantages, which makes that SAS has a higher unit cost than the newly established competitors.
In the more detailed accounts writes Rickard Gustafson also to locate a new air base outside Scandinavia, in order to cut the cost.
– We are considering, therefore, to reverse the direction of parts of our production by establishing a set of operations based outside of Scandinavia.
Gustafson said was not it intends to establish itself. But most likely, it is London where the arch rival Norwegian has one of its bases for långflyget over the Atlantic ocean.
Joakim Bornold which is sparekonom at Nordnet says that it is a result which in many ways says a lot about the airline industry – an extremely tough industry with small margins.
Despite low oil prices is not the result for the year before tax and helårsposter more than about 1 billion – It is obvious that more needs to be done, and the SAS will expand the program, ” he says.
Joakim Bornold say that it is tough pricing pressure on the revenue side, and difficult for SAS to increase earnings despite the new lines and well-stocked plane where the load factor in the fourth quarter was the highest ever for the period.
– the SAS threatened a hard landing if you do not quickly increasing the pace of savings while at the same time to keep up revenue.
the Shares dropped after the report
After the results are reported backed SAS share around 2.4 per cent in the initial trade.
It was been a turbulent autumn for the airline, with a rising dollar and increased oil prices. The news that the airlines Ryanair and Norweigan are planning to merge is a further fact which puts pressure on SAS.
In connection with the last quarterly report, the reported SAS a miljardvinst.
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