SAS IR/STU 1 SAS SAS IR/STU 3 SAS IR/STU 5

Transcription

1 APPENDICES Financials and aircraft fleet data 1 2 Aircraft Fleet Aircraft in Traffic Fleet phase out in progress 31MAR 31DEC 31DEC99 Boeing MD-81/82/ MD MD Boeing Boeing Boeing DC DC DC Fokker F28 5 de Havilland Q Fokker F SAAB Enbraer ERJ TOTAL Change in Q1 Changes until end year 21 Boeing Unchanged MD-8 - Unchanged MD-9 - Unchanged Boeing New deliveries DC Completely phased out DC Phase out 21 DC Phase out 21 Fokker F28 - Completely phased out Fokker F5-4 Gradual phase out DeHavilland Q4 +6 New deliveries SAAB 2-3 Completely phased out TOTAL Aircraft orders April-Dec CAPEX (MUSD) Aircraft on order Airbus A34/ Airbus A Boeing dehavilland Q Firm aircraft order CAPEX of USD 2.15 billion Balance Sheet Group MSEK 31MAR1 31DEC Liquid funds Other interest-bearing assets Aircraft Other assets Total assets Operating liabilities Interest-bearing liabilities Subordinated debenture loan Minority interests Equity Total liabilities and equity Net debt

2 Changes in Financial Position MSEK Group January - Mar 21 2 Cash flow from operations Change in working capital Net financing from operations Investments, advance payments Sales of fixed assets, etc Payment to mother companies Financing surplus Changes in external financing, net Group Income by Business Area (MSEK) January - March International Hotels -3 9 Other operations/group elim. -2 Income before taxes 2-33 Group 7 8 Group Development of Equity/Assets Ratio 5% 45% 4% 35% 3% 25% 2% 15% 1% 5% % Operating data 9 1 Unpunctuality Significantly below target Irrregularity Performed flights of total scheduled Unpunctuality > 15 min Tech. Whole Network STANDARD 1% % delayed , ,6 18,4 11,8 24,4 23,1 13,7 22,4 18,1 15,2 11,8 13,5 1,1 13,1 13,1 17,6 13 9,3 8,5 12,1 11,2 13,3 13,7 12,6 12,3 24,6 15, ,9 3,6 2,8 2 3,2 2,2 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MA R A PR MA J JUN JUL A UG SEP OCT NOV DEC Udfald 99 Udfald Udfald 1 Target 11 12

3 Discount to book value - Group Productivity Development January - March 21 vs 2 +3% mar-96 jul-96 nov-96 mar-97 jul-97 nov-97 mar-98 Book Equity jul-98 nov-98 mar-99 jul-99 nov-99 mar- jul- nov- Market Cap Current discount approx MSEK 2 Additional surplus value aircraft fleet MSEK 6 5 Strategic stakes SIH SMART Flight Academy British Midland Other +2% +1% +% Q 1 / Q 1 / 1 Measure is change in number of full time employees vs average change of RPK /ASK Development of Income before Taxes JAN-MAR 2 Group Curr Yield Traffic Other Rev Costs etc Gains SIH JAN-MAR 21 (with Trading, Air Botnia and Wideroe fully consolidated) Revenues (as is) MSEK JAN-MAR1 JAN-MAR curr adj Passenger revenues Cargo revenues Other traffic revenues Other revenues TOTAL REVENUES (with Air Botnia and Wideroe fully consolidated) Operating Costs (as is) MSEK JAN-MAR1 JAN-MAR curr adj Personnel costs Leasing costs (aircraft) Sales costs Fuel Governmental charges Meal costs Handling costs Maintenance costs Other costs TOTAL COSTS Traffic & yields 17 18

4 Traffic and Yield 1st Quarter 21 vs 2 1st Quarter Index, Total Scheduled 21 2 variance Production (mill ASK) Traffic (mill RPK) Cabin factor (%) 61,8 6,5 + 1,3 C-class share (%) 31,7 31,2 +,5 Yield (öre/rpk) 153,2 141,2 18 Currency adj. yield 153,2 145,8 15 Passenger Yield 1st Quarter 21 vs 2 Route Sector Nominal Currency Adjusted Scheduled yield effect yield Total Intercontinental Europe Intrascandinavian Denmark/Greenland Norway Sweden Gross Profit Margin Moving 12 months values 16% 15% 14% 13% 12% 11% Currencies & Net debt 1% 9% 8% 7% DEC94 JUN DEC95 JUN DEC96 JUN DEC97 JUN DEC98 JUN DEC99 JUN DEC Airline Currency Effects 21 vs 2 (MSEK) JAN-MAR Total revenues +322 Total costs -395 Forward cover costs & working cap. -1 Income bef. depr. -74 Financial items -17 Income before tax -91 Airline Currency Distribution Revenues Costs Major deficiency currencies: USD,DKK 9% 6% 1% 26% 14% 31% SEK NOK DKK 19% 11% USD EUR other 16% 14% 21% 23% SEK NOK DKK USD EUR other 23 24

5 Financial Net January - March 21 (MSEK) Difference Interest net and others Exchange rate differences Financial net (in % p.a. of average net debt) -6,6% -1,2% -5,4% Development and break down of net debt (MSEK) Difference Cash Other interest bearing assets Interest bearing liabilities Net debt GROUP Development of net debt Gross interest income / expenses on liquidity and debt (MSEK) 11-3 Average interest-bearing assets Interest income 159 Return (% p.a.) 5,2% Average gross debt Interest expenses and others -259 Interest cost (% p.a.) -6,4% Average net debt -4 Interest net and others -1 Interest net (% p.a.) -1,% Exchange rate differences 34 Exchange rate differences (% p.a.) 3,4% Financial net -66 Financial net (% p.a.) -6,6% Airline Currency Effects JAN-MAR 21 vs 2 Total revenues & costs: (Total -73 MSEK) Major approx. effects: USD -11 DKK -33 NOK +11 EUR +18 Asian curr. +2 All others +12 Forward cover costs: (Total +36 MSEK) Working capital: (Total -37 MSEK) Financial items: (Total -17 MSEK) Grand total -91 MSEK EBITDAR and Market Based EBIT 29 3

6 The share unification a natural step after the harmonisation of the parent companies in 1996 Current cash balances in parent companies (SEKm) 1, Appendix slide Illustration of future cash taxes payable Sverige No rg e Sve rig e Danmark No rg e Da n m a rk Note: 1 Based on assumptions of future average earnings and capex We have analysed the fundamental values of the parent companies in detail and found that the current differences in cash balances will to a large extent be offset by differences in future taxes paid by the parent companies Differences in cash balances have been built up since 1996 due to differences in the corporate tax levels as well as in the tax depreciation rules in the three countries. In particular the Danish company has benefited from the advanced aircraft order depreciation rules in Denmark Going forward the Danish company will be subject to higher taxes as the Danish advanced aircraft order depreciation rule has been abolished and Denmark has a higher corporate tax rate Cash flow from operations (EBITDAR) up 11% Jan-Mar 21 MSEK 21 2 Change Revenue % EBITDAR % Group Pre tax profit ex gains n.m. Pre-tax profit 2-33 n.m Improved EBITDAR and EBITDAR margin MSEK 21 2 Change Revenue % Group EBITDAR % EBITDAR 1% 6% +4 p.u. margin Definitions & redefinitions Unit Cost Definition The unit cost change is calculated as follows: 1 Costs: Operating expenses excluding depreciation and lease costs for aircraft and reduced with other external revenue Last year figure is for comparison adjusted with currency effect 1 Volume growth rate: Average growth rate of ASK and RPK 1 Net unit cost change: Growth rate of comparable costs in relation to volume growth rate Definition Cargo contribution The cargo contribution is calculated as follows: Cargo revenues less all costs incurred at Cargo (Organization etc) Not including capacity cost to belly space 35 36

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