SAS has had another gloomy year behind it as a result of the corona crisis, and the accounts for the period November last year to the end of October this year have been settled with a loss before tax of SEK 6.5 billion.
For the fourth quarter in isolation, August to October this year, the deficit is SEK 945 million, compared with minus SEK 3.2 billion in the same period last year.
Revenue ended at SEK 5.8 billion in the quarter, with SEK 3 billion in the same period a year earlier.
To years of corona crisis
The latest crisis result comes on top of a deficit of just over ten billion Swedish kroner in the previous financial year. For the last to the financial years, the loss has thus totaled more than 16 billion Swedish kroner.
CEO Anko van der Werff says in the report:
– It is gratifying that the positive trend from the summer continues, with increased demand and ticket sales. Nevertheless, 2021 was one of the most challenging years in the history of the aviation industry and the future remains difficult to predict, primarily due to challenges linked to the ongoing pandemic.
He says cost savings in the future are important, and highlights the establishment of the new airlines SAS Connect and SAS Link in Copenhagen, and reiterates that there may be similar launches in Oslo and Stockholm next year.
In the report, the SAS chief will not give any hint as to how the result will develop in the future.
The cash balance was 4.3 billion Swedish kroner at the end of October, compared with just over ten billion kroner a previous year. In the last three months, the development is almost unchanged, down from 4.4 billion Swedish kroner in July.
Last autumn, SEK 14 billion in fresh capital was also raised – led by the two main owners, Sweden and Denmark.
Since then, the cash has quickly run out of cash, and head of research Jacob Pedersen at Danish Sydbank has previously pointed out that SAS may need a new inflow of money already during the winter.
Believe in money needs this winter
Last week, Pedersen said that the need for money is unlikely to come before the new year.
– There are several arguments that argue that SAS may be about fresh money sometime before next summer, and perhaps already this winter. For example, it is easier to get an approval of the plan from the EU if you are still affected by corona, he says.
– A new issue will probably be launched as part of a comprehensive strategy plan, which necessarily also includes new efficiencies and more productive agreements with employees, Pedersen says.(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We want you to share our stuff using a link that leads directly to our pages. Copying or other use of all or part of the content may only be done with written permission or as permitted by law. For further terms see here.