First quarter even weaker than expected. Major steps of change implemented so far. SAS Group weakest Quarter ever
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- Charlene Walsh
- 6 years ago
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1 Time S 3 W2 S 2 AES TRD ALC TOS ALF SV G AMS NCE ARN MX P BDU MAN BG O LHR KRS KK N HA U ST N SFJ SEA PRG POZ PMI GO T SV G ST R PE K OSL ORD FRA TRD TLV SV O ORB NRT NRK FCO VNO VSTVXO VIE TRF BOO BR U CDG CPH DUB DUS EVE EW R WAW WROZRH NC E MX P MUC MAN MAD LIN LHR AG H AMS BR U VXO WAW ZRH CD G VNO CPH UME DU B TXL DUS TMP EW R TLL FCO TKU FRA SV O GOT STN GV A SFT HAM SDL HEL RNB KID OS L KL R OSD KRN ORD KSD AAL OER LED AA R AGPAL NCE LH R CAMS MX P MMX LL A LIN ARN BCNBGO BH X BK K BLQ BRU BU D CD G CGN DEL DUB DU S EW R FCO FRA GDN GOT GVA HAJ HAM HEL IAD JKG KGD KSDKRK LE D SAS AB Press conference 1st Quarter 23 First quarter even weaker than expected 1 st Quarter 23 probably weakest quarter in history for European airlines Unprecedented number of negative factors Weaker world economies Significant yield pressure and pressure on traffic volumes Iraq and SARS situation Additional pressure on traffic volumes Severe impact on revenues difficult to offset in the short term Stockholm Frösundavik, May 13th Short term actions Capacity reductions implemented and salary freeze 23 Cost reductions highest priority. Significant measures under implementation Plan A completed as planned Plan B ahead of plan Plan C rapid implementation 2 2 SAS Group weakest Quarter ever 1st Quarter MSEK 23 Adj. change Revenue 13 71* 13 77* -4,%** EBITDAR EBT bef. overcapacity ^ EBT bef. cap gains * Spanair not consolidated Jan-Feb ** Adjusted for comparable units ^ EBT before gains and cost of in phace out of overcapacity corresponding to MSEK 2 Major steps of change implemented so far New organization implemented in July Clear responsibilities & transparency New production philosophy hub and spoke 9% Reduced traffic peaks in Copenhagen Nytt koncept New distribution strategy net pricing ROSA Reduction of Overhead Support & Administration reduction of MSEK 8 in costs Changed labour agreements => far reaching productivity and compensation improvements New product concepts Scandinavian Direct and a new Europe concept
2 Key outcome of union negotiations Pilots Work day from 1, to 12 hrs/day Hours/week up from 42 to 4 Pilot blh 7 hours short haul 7 long haul Pay freeze 23/24 Cabin crew negotiations adjourned Implementation of better utilization measures as from July Redundancies to come gradually July/August SAS Technical Services Base Maintenance to Stockholm New schedule agreements Other personell Per diem Overhead & Administration reduction of % Next steps New Organization Scandinavian Airlines Three bases Decentralization Production from bases Crew personell Significantly improve aircraft utilization crew utilization Technical Base Maintenance to Stockholm Impact of Plan C in 23 approximately MSEK Group gapg analysis vs high efficiency airlines (base 23) 2-4% (pending type of traffic flow) Mainly in aircraft utilization, overhead costs, crew utilization, complexity -1% (Norwegian domestic) Mainly in aircraft and crew utilization At least 1% Meet most criteria's today Meet most criteria's today (-% gap Finland- Scandinavia) Potential of 8 MSEK in Scandinavian Airlines & Support Businesses Total identified potential New agreements Production In flight Overhead SK Overhead Shared Services SGS/STS/WS Base 23* Initiative New agreements with Pilots Cabin crew - Separation of the bases - More effecient traffic planning and more co-ordination with crew % staff reduction staff reduction Servicelevel, call centers, increased on-line sale One base for heavy maintenance 7 7 * Including effects from Structural measures 238 8
3 Snowflake over 7% cabin factor in April Gunilla Berg CFO More than 1 bookings before first take off Trip is booked one way. Two single trips area round trip One price is offered on each separate booking occasion No advance booking rules, no stay-away rules = simple, clear rules and no overbooking st Quarter revenues normally MSEK 1 2 weaker than Q2 January, February, July and December seasonally weak months Revenues in Q1 in average 16% lower than Q2 the last four years Acquisition of Spanair has reduced seasonality slightly Winter Summer Winter Earnings before tax - business area Business area Q1 3 Q1 2 Change Scandinavian Airlines Subsidiary & aff. Airlines Airlines Support Businesses Airline Related Businesses Hotels Group wide/eliminations EBT jan feb mar apr maj jun jul aug sep okt nov dec
4 41% of Plan B implemented MSEK nov-2 feb-3 may-3 aug-3 nov-3 feb-4 may-4 aug nov-4 feb- may- aug- nov- Target - EBT effect 2 Captured - EBT effect 2 Operating unit cost trend reversed Scandinavian Airlines Number of personnel Index last year (currency adjusted) Scandinavian Airlines 1% 8% 6% 4% 2% % -2% -4% 1st Q 2nd Q 3rd Q 4th Q 1st Q 2nd Q 3rd Q 1 4th Q 1st Q 23 1 Units costs are down in spite of reduced volumes (ASK) (-3%) Cost reductions give effect Q1 affected by costs for over capacity * * = Method change JAN2 FEB MAR APR MAJ JUN JUL AUG SEP OKT NOV ACT DEC JAN-3 FEB MAR APR MAJ JUN 16 Forecast JUL AUG SEP OKT NOV DEC 6 67
5 High financial maneuverability Liquidity of MSEK 8 34 Committed credit facilities MSEK 8 3 Solidity > 2% No Rating Triggers No onerous Financial Covenants Additional sources of capital Aircraft Real estates Non-core businesses Gunnar Reitan Deputy CEO Subsidiary & Affiliated Airlines not immune by weaker market New improvement measures of MSEK 1 initiated Jan-Mar in MSEK Revenues ,7% ,% 641 9,3% 223-3,4% EBITDAR -8 n.m 14-63% 6-33% 6-84% EBT ,1% -92 n.m -31 n.m -29 n.m
6 Spanish market grad becoming weaker Revenue declined by 1,8% New price concept released One way pricing and booking Availability pricing Extra 3 EUR for Business Class Spanair joined Star Alliance as from April 23 Braathens hit by weak market and periodisation of maintenance costs Weak Norwegian market Maintenance costs increased by 62 MSEK Substantial new cost measures initiated January March 23 Operating revenue EBT January March 23 Operating revenue EBT Air Botnia affected by weak market New nonstop route Helsinki-Brussel introduced as from Q4 and Helsinki-Düsseldorf as from Q1 23 January March 23 Operating revenue EBT Widerøe hit by weak yield development Slowdown in Norwegian market Improvement measures of under way January March 23 Operating revenue EBT
7 REZIDOR SAS Hospitality REVPAR under pressure but still better than industry 1% 1% % % -% -1% -1% -2% -2% 1- jul sep 1- nov 2- jan mar may jul sep nov jan SIH Recent events for Rezidor SAS Hospitality New loyalty program introduced - Goldpoints 14 new Park Inn hotel launched in Sweden and one in Berlin New hotels opened in Tashkent and Cologne Cologne Tashkent Berlin REVPAR - Rezidor REVPAR - Market REZIDOR SAS Hospitality negatively affected by weaker markets and high energy costs in Norway in MSEK Jan-Mar 23 Jan-Mar Change Revenues ,9% Operating result % Jørgen Lindegaard CEO Adjusted EBITDA % Pre tax profit % Including gains
8 Some recovery on traffic to US and Europe in April Group passenger load factor down by,6 p.u. Scandinavian Airlines load factor down by 9,2 p.u Group traffic in Europe up by 8,% Summary & Outlook 23 Passenger- Seat capacity Cabintraffic (RPK) (ASK) factor SAS Group Total -,6% -3,1% 6,% Intercontinental -12,6% +2,% Europe +8,% +9,4% Domestic and -17,9% -2,4% Intrascandinavian The Board of Directors Thank you for your attention! Assessment for full year 23: Continued weak economies Uncertainty remains regarding other external factors Some recovery on U.S and European routes in April Plan B implementtion ahead of plan Plan C SEK 8 billion rapid implementation Additional MSEK 1 in Subsidiary & Affiliated Airlines This presentation can be downloaded at the SAS Group s homepage
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