Announcement • 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. Announcement • 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. Announcement • 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. Announcement • 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). Announcement • 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. Announcement • 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. Announcement • Nov 30
SAS AB (publ), Annual General Meeting, Mar 18, 2024 SAS AB (publ), Annual General Meeting, Mar 18, 2024. Announcement • 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. Announcement • 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. Announcement • 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. Announcement • 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 Announcement • Nov 30
SAS AB (publ), Annual General Meeting, Mar 16, 2023 SAS AB (publ), Annual General Meeting, Mar 16, 2023. Announcement • Oct 01
SAS AB (publ) Provides Earnings Guidance for the Fiscal Year 2022, Fiscal Year 2023, Fiscal Year 2025 and Fiscal Year 2026 SAS AB (publ) provided earnings guidance for the fiscal year 2022, fiscal year 2023, fiscal year 2025 and fiscal year 2026. The company expects that revenues will reach approximately SEK 32 billion in fiscal year 2022 and approximately SEK 40 billion in fiscal year 2023 and return to pre-Covid levels in fiscal year 2025. In fiscal year 2026, revenue is expected to reach approximately SEK 49 billion. Announcement • Sep 20
SAS AB (publ) Launches New Communication Concept SAS AB (publ) announced that Journeys That Matter is the name of SAS' new communication concept, which is launched through a new advertising campaign. The campaign highlights the importance of traveling and represents SAS' first brand campaign since 2020. The new communication concept is based on a new brand platform, which is being launched alongside an updated identity. We are Travelers was introduced eight years ago and has proved to be extremely successful. A changed world has led to new travel patterns, which have seen the target group grow from primarily consisting of business travelers to include the expanding leisure market. The new communication concept speaks to this new, wider target group. Together with the brand and design agency Bold, SAS has revised and updated its visual identity. The distinct core has been retained, and new warm and personal elements have been added. People are given a more prominent place in the new image style. SAS has worked with Åkestam Holst, Bold and The North Alliance since 2013. Announcement • 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 Announcement • Jul 08
SAS AB (publ)(OM:SAS) dropped from S&P Global BMI Index SAS AB (publ)(OM:SAS) dropped from S&P Global BMI Index Announcement • Jun 03
Group of Investors Reportedly Eye Takeover of SAS A group of foreign investors is exploring a takeover of SAS AB (publ) (OM:SAS), Swedish financial daily Dagens Industri reported late on June 1, 2022, citing anonymous sources. The investors have appointed advisors to help facilitate a takeover, but any investment in SAS would be conditional on cost cuts and a restructuring of the Stockholm-based carrier’s finances, according to the report. 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 Germany. 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 60% 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. Announcement • Apr 08
SAS Appoints Ann-Sofie Hörlin as Head of Sustainability On April 7, 2022, SAS has appointed Ann-Sofie Hörlin as Head of Sustainability. Ann-Sofie Hörlin has extensive experience from sustainability work within the aviation industry, most recently as Head of Sustainability at Malmö Aviation and BRA. In recent years, Ann-Sofie has been working as an Investment Manager at Almi Invest and has held several board positions in growth companies. Announcement • Apr 04
Executive Vice President and CCO Karl Sandlund Leaves SAS AB (publ) SAS AB (publ) Executive Vice President and CCO, Karl Sandlund announced that he will leave SAS for a new position outside the company. Announcement • Apr 01
SAS Adds More Summer Routes As the world is finally opening again and the demand for travel is rising, SAS is adding several new summer routes, flying more than 200 direct routes from Scandinavia to over 100 destinations. In response to the increasing demand for flights to Southern Europe SAS is adding more departures to popular Mediterranean destinations and will this summer offer up to 350 weekly flights between Scandinavia and Spain. Starting end of June, SAS will fly to 11 destinations in Italy and seven destinations in Greece. Three new routes are launched from Copenhagen to Santorini, Heraklion in Crete and Corfu. In addition, routes from Oslo and Stockholm to Tivat in Montenegro will be launched. SAS started flying from Copenhagen to Tivat last summer. SAS is also adding a seasonal route from Stockholm to the Baltic seaside resort of Pärnu - Estonia's "summer capital" and the second biggest tourist destination in the country after the capital Tallinn. To further meet increasing demand for intercontinental travels, SAS is expanding its network in North America and will start direct routes to Toronto from Copenhagen and Stockholm in June, as was communicated earlier. SAS will operate three weekly flights from Copenhagen and four weekly flights from Stockholm with the brand-new A321LR aircraft. The Toronto route will enable smooth connectivity to other Canadian cities like Montreal and Vancouver. Announcement • Feb 09
SAS Opens New Routes to Toronto from Copenhagen and Stockholm SAS expands its network in North America and will start direct routes to Toronto from Copenhagen and Stockholm in June 2022. SAS will operate three weekly flights from Copenhagen and four weekly flights from Stockholm with brand-new A321LR aircraft. SAS direct routes to Toronto will start in June 2022, provided that SAS obtains the necessary approval from the authorities. Ticket sales will start soon. The Toronto routes will be operated by A321LR aircraft in a three-class configuration with 157 seats; 22 seats in SAS Business, 12 seats in SAS Plus (premium economy), and 123 seats in SAS Go (economy). In the coming summer season, SAS will fly to a total of seven destinations in the US and Canada: Boston, Chicago, Los Angeles, New York, San Francisco, Washington DC, and Toronto. Schedules to and from Toronto: Copenhagen-Toronto: Tuesday, Thursday, and Saturday; Toronto-Copenhagen: Monday, Wednesday, and Friday; Stockholm-Toronto: Monday, Wednesday, Friday and Sunday; Toronto-Stockholm: Tuesday, Thursday, Saturday and Sunday. Reported Earnings • Jan 29
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 Germany. 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. Announcement • Dec 22
SAS Brand New Airbus A321 Long Range First Flight SAS' first Airbus A321 Long Range will complete its first long-haul flight on Wednesday 22nd of December from Copenhagen to Washington. It will enter official service on 27th of March, 2022. The new aircraft is equipped with a service concept with three travel classes, like the rest of SAS' long-haul fleet, and will increase SAS' flexibility to meet Scandinavian travel patterns. The A321LR is part of SAS' ongoing fleet renewal and will reduce climate-impacting emissions in comparison to previous generations of similar aircraft. This narrow-body, single aisled aircraft is specially configured to fly longer distances than a standard A321neo. The smaller aircraft gives SAS the opportunity to fill the aircraft on new routes and will be a welcome addition to the SAS long haul fleet. The A321LR will increase the SAS' flexibility to adjust to changes in the demand for new routes and destinations. The A321LR is part of the latest generation of aircraft and is expected to reduce climate-impacting emissions by around the same amount as when SAS introduced the A320neo, whose carbon footprint is approximately 15-18% smaller than an equivalent size aircraft from the previous generation. 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 Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 7 percentage points per year, which is a significant difference in performance. Announcement • Sep 29
SAS AB (publ) Increases Flights to New York SAS AB (publ) expands the number of flights from Stockholm and Oslo to New York. New York will be served with daily flights from Stockholm as well as with 4 weekly flights from Oslo, in addition to existing daily flights from Copenhagen. SAS will in total be flying 12 direct routes to the United States this fall and winter. The full list of SAS' destinations to the United States for fall and winter can be found at the end of this press release. 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. Announcement • Aug 25
SAS AB (publ) Increases the Flights Between the Scandinavian Capitals SAS AB (publ) increases the flights between the Scandinavian capitals and important destinations in its network to further improve connectivity for travelers. The company will now be serving all its domestic destinations in Norway and Sweden when the Arlanda-Sundsvall route is reopened in September. In addition, the number of flights to important destinations for travelers in Europe will increase. The rising interest in weekend trips and city breaks to European cities makes the company resume its routes to Amsterdam, Dublin, Florence, Krakow and Prague. There is also an increasing number of flights to warmer Mediterranean destinations in southern Europe and the Canary Islands to meet the growing demand from holidaymakers. The company will be flying more direct routes from the Scandinavian capitals to several US destinations from September onwards and will also be present in Asia on routes from Copenhagen to Tokyo and Shanghai. The company has introduced more flexible rebooking options to make things easier for the customers. Reported Earnings • May 29
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 49 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 04
Full year 2020 earnings released: kr15.49 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: kr9.40b (down kr9.99b 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 65 percentage points per year, which is a significant difference in performance. 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 Germany. Announcement • Jan 30
SAS AB (publ) to Report Fiscal Year 2020 Results on Feb 02, 2021 SAS AB (publ) announced that they will report fiscal year 2020 results on Feb 02, 2021 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 Germany. 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 60% per year, which means it has not declined as severely as earnings. Announcement • Nov 19
SAS AB (publ), Annual General Meeting, Mar 17, 2021 SAS AB (publ), Annual General Meeting, Mar 17, 2021, at 14:00 Central European Standard Time. Announcement • Oct 20
SAS AB (publ) has completed a Follow-on Equity Offering in the amount of SEK 3.994162 billion. SAS AB (publ) has completed a Follow-on Equity Offering in the amount of SEK 3.994162 billion.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 3,443,242,959
Price\Range: SEK 1.16
Transaction Features: Rights Offering