Annuncio • Jul 20
The Stockholm District Court Approves SAS AB's Plan of Reorganization and SAS Applies for Conditional Delisting of All Common Shares SAS AB (publ) (the ‘Company’) announced that the Stockholm District Court has approved the Company's plan of reorganization (the ‘Reorganization Plan’) in its company reorganization proceeding in Sweden (Sw. företagsrekonstruktion). As a result of the Reorganization Plan, and in line with what has been previously communicated, all of the Company's existing common shares and listed commercial hybrid bonds will be redeemed and cancelled in connection with SAS' emergence from its restructuring proceedings. Against this background, the Company has applied for the delisting of its existing common shares from Nasdaq Stockholm, Nasdaq Copenhagen and Oslo Børs (the ‘Exchanges’) and for the delisting of the Company's listed commercial hybrid bonds from Nasdaq Stockholm, conditional upon the decision to approve the Reorganization Plan entering into legal force. Annuncio • May 01
SkyTeam Airline Alliance Management Coöperatie U.A. entered into Alliance Adherence Agreement to acquire SAS AB (publ) (OM:SAS). SkyTeam Airline Alliance Management Coöperatie U.A. entered into Alliance Adherence Agreement to acquire SAS AB (publ) (OM:SAS) on April 29, 2024. The transaction is expected to close on September 1, 2024. Annuncio • Mar 20
SAS Receives Court Approval of Chapter 11 Plan SAS AB (publ) announced that the U.S. Bankruptcy Court for the Southern District of New York (the "Court") has approved SAS' Plan of Reorganization ("Chapter 11 Plan"). The effectiveness of the Chapter 11 Plan remains subject to various conditions precedent, including approvals from various regulatory authorities and the completion of a Swedish company reorganization at the SAS AB level. SAS currently expects to emerge from the chapter 11 process around the end of the first half of 2024, and reiterates its expectation that there will be no recovery for subordinated creditors and no value for SAS AB's existing shareholders. All of SAS AB's common shares and listed commercial hybrid bonds are expected to be cancelled, redeemed and delisted in connection with emergence from the restructuring proceedings. SAS' operations and flight schedule remain unaffected by the restructuring proceedings and SAS will continue to serve its customers in the ordinary course throughout this process. Annuncio • Jan 26
SAS AB's Common Shares to Be Cancelled, Redeemed and Delisted SAS AB (publ) announced that it will file an amended chapter 11 plan of reorganization (the "Chapter 11 Plan") and related disclosure statement (the "Disclosure Statement") with the U.S. Bankruptcy Court for the Southern District of New York (the "Court"), which documents will include, among other things, key milestones for the chapter 11 process and financial projections for the reorganized SAS. The Chapter 11 Plan and the Disclosure Statement remain subject to further amendments and Court approval. As previously announced by SAS in the press release on November 4, 2023, the Chapter 11 Plan seeks to implement a transaction including a total investment in the reorganized SAS corresponding to USD 1.2 billion. SAS reiterates its expectation that there will be only a modest recovery for general unsecured creditors, no recovery for subordinated creditors and no value for SAS AB's existing shareholders, and that all of SAS AB's common shares and listed commercial hybrid bonds will be cancelled, redeemed and delisted, in connection with emergence from the chapter 11 process. Recoveries for general unsecured creditors, including the amount and timing of distributions, remain to be confirmed (as further described in the Chapter 11 Plan and the Disclosure Statement). Annuncio • Jan 24
SAS AB Announces Changes to the Nomination Committee The composition of the Nomination Committee ahead of SAS AB's Annual General Meeting on March 18, 2024 has been changed after Gerald Engström, representing himself and Färna Invest AB, has chosen to resign from the position. The Nomination Committee has, having taken into account the instruction to the Nomination Committee adopted by the Annual General Meeting 2023, determined that it is not possible to appoint a replacement and, consequently, decided to fulfill its assignment with one fewer member. After the change, the Nomination Committee consists of: Åsa Mitsell, representing the Ministry of Finance, for the Swedish government (Chairman of the nomination committee); Adrian LUbbert, representing the Ministry of Finance, for the Danish government; Jacob Wallenberg, representing Wallenberg Investments AB; Carsten Dilling, Chairman of the Board of SAS AB. Annuncio • Dec 14
SAS Increases Flights to North America and Asia in the Summer Program For the upcoming summer program commencing on March 31, 2024, SAS announced it is adding flights and frequencies to both the USA and Asia as per below. The Copenhagen-New York (JFK) route will increase in frequency with up to two daily flights, both with Airbus A321LR. These additional flights will complement the existing daily Airbus A330 flights to New York-Newark Airport originating from each of the Scandinavian capitals. The flights from Copenhagen to Boston will increase in frequency going from six times a week to every day. The aircraft used for these flights will be the Airbus A350, which means there will be twice as many seats available. This enhancement not only ensures daily connectivity but also facilitates increased cargo transport between the two regions. A fourth weekly flight will be added from Copenhagen to Toronto. There will be a new departure time from Copenhagen, making it easier to connect with flights to and from European and Scandinavian cities. From April 25, there will be more flights to Asia. The routes to both Shanghai and Tokyo will increase from three to four times a week, significantly boosting seat and cargo capacity. To cater to the increased demand during the Easter travel period, SAS is extending the Bangkok route with a weekly service until April 20th. Here is a summary of destinations in North America and Asia regions for the summer program: New York (EWR & JFK); Chicago (ORD); Boston (BOS); Washington D.C. (IAD); Los Angeles (LAX); San Francisco (SFO); Miami (MIA) until 07 April; Toronto (YYZ); Tokyo (HND); Shanghai (PVG); Bangkok (BKK) until 20 April. Annuncio • Nov 30
SAS AB (publ), Annual General Meeting, Mar 18, 2024 SAS AB (publ), Annual General Meeting, Mar 18, 2024. Annuncio • Nov 29
SAS AB (publ) Announces Executive Changes Executive Vice President and Chief of Staff, Carina Malmgren Heander has decided to retire from her position at SAS. Carina Malmgren Heander will officially step down from her role on February 1, 2024. However, she will continue to serve as a senior advisor to CEO Anko van der Werff until summer 2024, ensuring a smooth transition. In light of Carina's retirement, SAS announces an internal reorganization with the establishment of a new Chief People function. This will replace the Chief of Staff function and comprise among others the HR and Communication roles. SAS appoints Pernille Ormholt as new Chief People Officer. At the same time, the General Counsel position will be part of Group Management and Anna Almen, presently Vice President General Counsel, will also join SAS Group Management as Chief Legal Officer. Carina Malmgren Heander has been a member of SAS Group Management since 2015 and she has been instrumental in several transformation initiatives, with the aim of building a competitive SAS for the future. Upcoming Chief People Officer Pernille Ormholt Vang is a seasoned HR leader with a successful career within the Maersk group. Currently serving as Regional Head of HR for Maersk APAC Region, Pernille brings extensive experience and expertise to her new role. Pernille Ormholt Vang assumes her role on January 1, 2024. Annuncio • Oct 16
Apollo Reportedly Seeking to Join Airline SAS Investor Consortium U.S. private equity firm Apollo Global Management (NYSE:APO) is seeking to join the consortium that Scandinavian airline SAS AB (publ)(OM:SAS) last week picked to take it through bankruptcy proceedings, according to a source familiar with the matter. Long-struggling SAS, ravaged by the pandemic and pressured by low-cost rivals, sought bankruptcy protection last year. SAS announced last week that Air France-KLM SA (ENXTPA:AF) and U.S. investment firm Castlelake, L.P. would become new major shareholders alongside the Danish state. Apollo, which last year granted SAS a $700 million debtor-in-possession (DIP) loan to fund its restructuring, had been seen as a likely winner in the bidding round by the airline to raise equity as part of its Chapter 11 bankruptcy plan. Apollo could convert the loan into equity at the end of the process. "Apollo is still an active bidder," the source said, adding that the U.S. company was seeking to inject additional cash into SAS on top of what the winning consortium said it would invest. It was unclear how big a stake Apollo would seek or how much it would invest. Total investments by new shareholders, which also include Danish investment firm Lind Invest, in the reorganized SAS would amount to 12.9 billion Swedish crowns ($1.18 billion). SAS, Castlelake, Air France-KLM and Apollo all declined to comment. The Danish finance ministry did not immediately reply to a request for comment. Annuncio • Oct 05
SAS AB (publ) announced that it expects to receive $700 million in funding from Air France-KLM SA SAS AB (publ) announced a private placement to issue secured convertible bonds for the gross proceeds of $700,000,000 on October 3, 2023. The transaction will include participation from new investor Air France-KLM SA for $35,000,000. The transaction is subject to all the other conditions (including regulatory clearances and cancellation of all existing shares of stock of SAS AB) be satisfied. Upon completion of the transaction, Air France-KLM would own up to a maximum 19.9% non-controlling stake in the share capital of the reorganized SAS AB. Annuncio • May 26
SAS AB (publ) to Report Q2, 2023 Results on Jun 01, 2023 SAS AB (publ) announced that they will report Q2, 2023 results at 8:00 AM, Central European Standard Time on Jun 01, 2023 Annuncio • Jan 14
SAS AB (publ) to Report Fiscal Year 2022 Results on Jan 24, 2023 SAS AB (publ) announced that they will report fiscal year 2022 results on Jan 24, 2023 Annuncio • Nov 30
SAS AB (publ), Annual General Meeting, Mar 16, 2023 SAS AB (publ), Annual General Meeting, Mar 16, 2023. Annuncio • Sep 17
SAS AB (publ) to Report June,2023 Results on Jul 07, 2023 SAS AB (publ) announced that they will report June, 2023 results on Jul 07, 2023 Reported Earnings • Jun 01
Second quarter 2022 earnings released: kr0.21 loss per share (vs kr0.34 loss in 2Q 2021) Second quarter 2022 results: kr0.21 loss per share (up from kr0.34 loss in 2Q 2021). Revenue: kr7.05b (up 265% from 2Q 2021). Net loss: kr1.52b (loss narrowed 38% from 2Q 2021). Over the next year, revenue is forecast to grow 62%, compared to a 131% growth forecast for the industry in Denmark. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has fallen by 61% per year, which means it is performing significantly worse than earnings. Board Change • Apr 27
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Employee Representative Director Kim Christiansen was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jan 30
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: kr0.94 loss per share (up from kr21.45 loss in FY 2020). Revenue: kr14.0b (down 32% from FY 2020). Net loss: kr6.80b (loss narrowed 28% from FY 2020). Available seat kilometres (ASK): 17.25b (down 26% from FY 2020). Passenger load factor: 47.9% (down from 60.5% in FY 2020). Revenue per available seat kilometre (RASK): 80.9% (down from 87.8% in FY 2020). Total aircraft: 129 (down by 6 from FY 2020). Revenue missed analyst estimates by 4.0%. Over the next year, revenue is forecast to grow 135%, compared to a 184% growth forecast for the airlines industry in Denmark. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 5 percentage points per year. Reported Earnings • Dec 01
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: kr0.94 loss per share (up from kr21.55 loss in FY 2020). Revenue: kr14.0b (down 32% from FY 2020). Net loss: kr6.80b (loss narrowed 28% from FY 2020). Revenue missed analyst estimates by 4.0%. Over the next year, revenue is forecast to grow 140%, compared to a 191% growth forecast for the airlines industry in Denmark. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 6 percentage points per year, which is a significant difference in performance. Reported Earnings • Sep 03
Third quarter 2021 earnings released: kr0.19 loss per share (vs kr6.18 loss in 3Q 2020) The company reported a solid third quarter result with reduced losses, improved revenues and improved control over expenses. Third quarter 2021 results: Revenue: kr3.98b (up 59% from 3Q 2020). Net loss: kr1.36b (loss narrowed 43% from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 32 percentage points per year, which is a significant difference in performance. Reported Earnings • May 30
Second quarter 2021 earnings released: kr0.34 loss per share (vs kr9.07 loss in 2Q 2020) The company reported a soft second quarter result with weaker revenues and control over costs, although losses reduced. Second quarter 2021 results: Revenue: kr1.93b (down 63% from 2Q 2020). Net loss: kr2.43b (loss narrowed 30% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 50 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 24
New 90-day high: kr.1.44 The company is up 12% from its price of kr.1.29 on 26 November 2020. The Danish market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Airlines industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr.1.53 per share. Analyst Estimate Surprise Post Earnings • Feb 04
Revenue misses expectations Revenue missed analyst estimates by 4.3%. Over the next year, revenue is forecast to grow 51%, compared to a 26% growth forecast for the Airlines industry in Denmark. Reported Earnings • Feb 04
Full year 2020 earnings released: kr21.55 loss per share (vs kr1.54 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: kr20.5b (down 56% from FY 2019). Net loss: kr9.46b (down kr10.1b from profit in FY 2019). Available seat kilometres (ASK): 23.37b (down 55% from FY 2019). Passenger load factor: 60.5% (down from 75.2% in FY 2019). Revenue per available seat kilometre (RASK): 87.8% (down from 88.0% in FY 2019). Total aircraft: 135 (down by 23 from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Reported Earnings • Dec 04
Full year 2020 earnings released: kr21.55 loss per share The company reported a poor full year result with weaker earnings, revenues and control over expenses. Full year 2020 results: Revenue: kr20.5b (down 56% from FY 2019). Net loss: kr9.28b (down kr9.86b from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 123% per year but the company’s share price has only fallen by 61% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Dec 04
Revenue misses expectations Revenue missed analyst estimates by 4.3%. Over the next year, revenue is forecast to grow 49%, compared to a 1.6% growth forecast for the Airlines industry in Denmark. Is New 90 Day High Low • Oct 17
New 90-day low: kr.1.63 The company is down 72% from its price of kr.5.90 on 17 July 2020. The Danish market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Airlines industry, which is down 23% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr.258 per share. Recent Insider Transactions • Oct 02
Executive VP & CFO recently bought kr.45k worth of stock On the 24th of September, Magnus Örnberg bought around 10k shares on-market at roughly kr.4.46 per share. This was the largest purchase by an insider in the last 3 months. This was Magnus' only on-market trade for the last 12 months. Is New 90 Day High Low • Sep 29
New 90-day low: kr.1.71 The company is down 69% from its price of kr.5.48 on 01 July 2020. The Danish market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Airlines industry, which is down 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is kr.261 per share. Recent Insider Transactions • Sep 28
Executive VP & CFO recently bought kr.45k worth of stock On the 24th of September, Magnus Örnberg bought around 10k shares on-market at roughly kr.4.46 per share. This was the largest purchase by an insider in the last 3 months. This was Magnus' only on-market trade for the last 12 months.