SAS - Minus 6 milliarder og 3000 ansatte skal bort

[haavig]

Flygiganten SAS melder tirsdag morgen at de ser seg nødt til å foreta en krise-emisjon for å overleve. Samtidig skal selskapet sparke til sammen 9.000 mann som en del av en ny strategiplan.

Les hele saken: http://www.hegnar.no/nyhetsoversikt/article358035.ece

Hørte SAS sin kommunikasjonsdirektør på NRK Radio si at fem av disse milliardene 'skyldes' Spanair.

Her står det at 9000 må gå, mens de fleste andre medier melder om 3000.

[sail4fun]

SAS Group launches Core SAS - renewed strategic approach for a competitive and profitable airline, including a rights issue of SEK 6 billion

In response to the current global operating environment and internal challenges and with the aim of strengthening SAS Group's ("SAS") long term competitive positioning and profitability, SAS management and Board of Directors have decided on a new strategic direction for the Group. The renewed SAS strategy, Core SAS, is intended to provide the key elements necessary to support a new competitive SAS, including a new, streamlined and simplified organization. The strategy, the implementation of which will commence in 2009, aims to create an SAS that generates long-term value for shareholders and pro-actively addresses the current industry dynamics, internal challenges and the global recessionary environment.

As a result of the re-organisation, about 3,000 SAS employees will be made redundant. In addition, 5,600 employees will leave the Group as part of operations that will be divested or outsourced. Of these, Spanair accounts for approximately 3,000 employees. Core SAS will result in a more efficient and simplified SAS with a strengthened customer focus.

In brief, SAS's new strategic approach, Core SAS, is built on five pillars:
· Focus on Nordic home market
o Divestment of Spanair, airBaltic, Spirit, Air Greenland, BMI, Estonian Airways, Skyways, Cubic and Trust (of which Spanair is already signed and airBaltic is already signed and closed)
o Certain operations of SAS Ground Services, SAS Technical Services and SAS Cargo are expected to be discontinued and/or outsourced to third parties

· Focus on business travellers and a strengthened commercial offering
o Downsizing of the network by reducing capacity to focus more on profitable business routes which the company, based on 2008 accounts, estimates would have had an pre-tax earnings effect of approximately MSEK 800; fleet reduction within Scandinavian Airlines of about 10 percent in short-haul and 18 percent in long-haul
o "Service and Simplicity" concept to be introduced with expanded customer offering

· Improved cost base
o Cost reduction program of approximately SEK 2.7 billion (excl. collective agreements) running 2009-2011
o Breakthrough in collective agreement negotiations expected to lead to annual savings of approximately SEK 1.3 billion

· Streamlined organization and customer oriented culture
o Operations of national subsidiaries to be transferred into new organization
o Efficiency enhancement of all operations

· Strengthened capital structure
o Rights issue of approximately SEK 6 billion to facilitate the implementation of Core SAS
o Extension of certain debt facilities

The following table sets out the effects that Core SAS would have had on the SAS Group's 2008 results:

Link http://wpy.waymaker.net/client/wayma...fn=wkr0003.pdf

[MountainDew]

Det var ganske ekstremt og veldig synd for de som står på for SAS hver dag! 9000 høres da alt for mange ut?

[sail4fun]

Key ratios for January - December

· Operating revenue: MSEK 53,195 (50,598) (5.1%)
· Number of passengers: 29 million
·Earnings before nonrecurring items in continuing operations: MSEK -395 (1,234)
· EBT margin before nonrecurring items from continuing operations: -0.7% (2.4%)
· Net income for the period: MSEK -6,321 (636), of which MSEK -4,895 is attributable to Spanair
· Earnings per share: SEK -38.08 (3.87)

Major events in 2009

· SAS will renew its strategic approach and is launching the Core SAS strategy program
· To implement the Core SAS strategy, a rights issue amounting to approximately SEK 6 billion will be conducted. The rights issue is supported by the three government owners and the largest private shareholder, the Wallenberg Foundations (FAM). The banks J.P. Morgan, Nordea and SEB have also confirmed their expectation, subject to certain conditions, to enter into an underwriting agreement.
· The SAS Group divests Spanair - Spanair is reported as a discontinued operation and the total earnings impact for 2008, including the sales impact, amounts

Comments by the CEO

2008 will probably go down in history as one of the most challenging and turbulent years that the entire aviation industry has ever experienced. During the year, we saw a period of record-high oil prices, a financial crisis that heavily intensified during the final quarter and which led to an economic recession in many markets that has significantly reduced demand for goods and services. To address the global recession and our internal challenges, SAS management has launched a renewed strategic approach, "Core SAS," which contains five primary areas: focus on our Nordic home market, focus on business travelers, new efficient organization, improved cost base and a strengthened capital structure.

The Group's earnings before nonrecurring items in continuing operations for the fourth quarter amounted to MSEK -313 and for the full-year 2008 to MSEK -395. To this are added nonrecurring items corresponding to MSEK -649, which gives income before tax of MSEK 1,044. Income before tax for the year was charged with approximately SEK 5 billion attributable to the Spanair operations and effects of the divestment. Despite these considerably negative effects, it is gratifying that we have found a solution for Spanair with new Spanish majority owners who can now develop the company further. Earnings for the Group's core operation, SAS Scandinavian Airlines, were negative and amounted to MSEK -179, although this loss was limited by the extensive cost program that the Group quickly initiated and the general healthiness of the core operations. It is pleasing to report a favorable performance in SGS, STS and SAS Cargo, which is the result of an efficient change process. Within the framework of Strategy 2011 and our short-term Profit 2008 (P08) program, we have implemented measures corresponding to a total of approximately SEK 4 billion since 2007. A central element of the program is the reduction in capacity by a total of 33 aircraft, of which 15 aircraft in Spanair.

"Core SAS" will lead to SAS becoming a more focused and less complex company. "Core SAS" contains a number of changes, which combined, will make SAS profitable and competitive. In addition to implementing a new, streamlined organization, in combination with extensive structural changes, considerable reductions to the Group's fleet and route network will be made. A total of a further 14 aircraft will be withdrawn within the framework of "Core SAS." Cost measures totaling SEK 4 billion, of which SEK 1 billion pertains to S11 measures, will generate an earnings effect over the next few years. To enable effective implementation of "Core SAS", the Board has resolved on a rights issue of approximately SEK 6 billion.

SAS's market position remains strong. Our brand stands for quality, reliability and stability. These are also strengths that we will build on further in "Core SAS," where there will be a clearer focus on destinations and product offerings that are important to business travelers. Our position also improved during the year and SAS is among the three foremost airlines in Europe for regularity and punctuality. We are also at the leading edge in terms of innovation and product development.

One of the most important priorities I had when I joined SAS in 2007 was to change and improve relations with our trade unions. Accordingly, it is highly gratifying that I can state that a real breakthrough in our cultural turnaround has been achieved. The breakthrough was based on an agreement reached with all of SAS's trade unions in January 2009 regarding necessary changes to our collective agreements. All parties have made contributions and annual savings of about SEK 1.3 billion have now been achieved.

"Core SAS," with new competitive collective agreements, a more efficient and simplified organization that can facilitate decision-making and implementation ability, a competitive cost level, divestment of non-core operations and fleet reductions will create a stable platform for the future.

Mats Jansson
President and CEO

http://wpy.waymaker.net/client/wayma...fn=wkr0003.pdf

[sail4fun]

Scandinavian Airlines Norway reported full-year earnings of
MSEK 142, corresponding to an EBIT margin of 1.0%, which
is significantly lower than in the preceding year. The reasons
behind the decline in earnings of approximately MSEK 900
include the weaker economy, high jet-fuel prices, limited
success in the venture to expand capacity to leisure-travel
destinations in Europe and strongly intensified competition on
Norwegian domestic routes. Furthermore, costs for technical
maintenance rose after adjusting internal transfer price levels
to reflect market terms in relation to STS. The EBIT margin
weakened less during the fourth quarter due to such factors
as increased capacity adjustments and the effects of the cost
program.

[sail4fun]

Widerøe’s full-year earnings for 2008 amounted to MSEK 20
and were lower compared with the preceding year. The
positive trend in passenger revenue also continued in the
fourth quarter with an increase of 12% compared with the
preceding year. Widerøe has now received the five new
Q400NGs that were on order. This affects production, which
rises by 7% on a full-year basis. The main reasons driving the
negative earnings trend are attributable to costs. On a fullyear
basis, higher costs were incurred for replacement
capacity for the Q400 aircraft and higher costs for personnel,
fuel and handling.

[EB]

2 langdistansefly skal også bort...nå blir det ramaskrik!

[LN-Q]

3000 er mange, hvor i systemet er det de skal ta fra da?

[Someone]

Så de skal hente 6mrd gjennom en emisjon. Gode nyheter er det ikke men det er vel nødvendig. Lurer på hvor mye aksjen faller idag?

Ellers kan man jo fastslå at å få €1 for JK er mer enn hva jeg hadde villet betalt for den syke spanjol. Ser også at det står i rapporten at Estonian vil bli solgt.

Ellers så kan man lurer på hva dette vil bety og når konseptet vil bli introdusert

A new commercial offering will be launched – Service And
Simplicity. SAS intends to further enhance its customer
offering by making the travel experience smoother, while at the
same time maximizing perceived value for the individual
customer. An improved EuroBonus program and many new
services (for example, mobile telephone boarding passes and
access to lounges for Economy Extra passengers) will be
launched within the framework of the new commercial offering.

....til nå har ihvertfall ikke jeg sett noe til forbedringer for Eurobonus

[Andrev]

"Operations of national subsidiaries to be transferred into new organization" - så alt skal inn i «nye SAS» altså?

[MartinL]

Huff, dette er ikke moro i det hele tatt, dessuten svært ufortjent ovenfor alle ansatte som har slitt seg gjennom nedskjæringer og store reduksjoner.

Jeg har stor respekt for alle lojale medarbeidere i SAS som står dette av, gang på gang!
Vi får håpe at dette er hva som får skuta til å snu og at vinden igjen drar i seilene!

[Someone]

Originally Posted by LN-Q

3000 er mange, hvor i systemet er det de skal ta fra da?

Med tanke på at rundt 20 fly skal ut, så blir det mange overflødige her.


Litt avhengig av hva de finner på, så tror jeg dette er riktige veien å gå. Dvs sitt igjen med et solid og fungerende kjerne av det som blir igjen, og så bygg en fremtid på dette. Det har uansett vært klart lenge at drastiske tiltak måtte til og det er bedre å gjøre det skikkelig nå, selv om det gjør vondt, istedet for å komme med stadig små kutt

[Speedbird]

Hvor i selskapet er det flest må gå?
Siden mange fly skal ut blir det nok flest på flygende personell,
men både STS og SGS vil vel også bli rammet - noen som har noe tall på dette?

En del mer info står her:

Kriserammede SAS ber eierne fylle opp kassen, og varsler samtidig at 3000 ansatte mister jobben.

Les hele saken: http://e24.no/boers-og-finans/article2903673.ece

Merk:
Ytterligere 5.600 ansatte vil forlate SAS-gruppen grunnet salg av enheter eller drift som blir satt utenfor selskapet.

[Someone]

Originally Posted by Speedbird

Merk:
Ytterligere 5.600 ansatte vil forlate SAS-gruppen grunnet salg av enheter eller drift som blir satt utenfor selskapet.

Av disse står Spanair for 3000. Itillegg så vet jeg ikke hvor mange som forsvinner i de andre flyselskapene som skal selges. Og siden de står at SAS skal samles til et selskap, så blir det nok kutt i de lokale administrasjonene.


Kan en satsing på hjemmemarkedet innebære at endel ikke-nordiske SGS stasjoner legges ned? (F.eks LHR, ABZ, etc)

[Fredrik Propell]

Noen ting jeg tror kommer til å skje er at en god del vil få tilbud om sluttpakker. Tror også en hel del vil ta dem også. Men det kan jo være bra det å?! Få vekk dyre ansatte og heller kjøre på med dårlige betalte unge mennesker! Men en ting som irriterer meg er kutt i IC

[jcnorway]

SAS-aksjen åpner ned 7,36% på et lite volum.

[jcnorway]

Aksjen vil nok få en hard medfart i dag.

I skrivende stund er siste 34 kr. Høyeste kjøper er på 28,60. Laveste selger er på 29.00... Sluttet på 36,70 i går.

EDIT: Aksjen er nå ned 20,98% (siste er 29 kr).

[MD11]

Meget dramatisk og trist for de ansatte. Fortsatt kjører de på med modellen "The Business Mans airline".

· Focus on business travellers and a strengthened commercial offering
o Downsizing of the network by reducing capacity to focus more on profitable business routes which the company, based on 2008 accounts, estimates would have had an pre-tax earnings effect of approximately MSEK 800; fleet reduction within Scandinavian Airlines of about 10 percent in short-haul and 18 percent in long-haul
o "Service and Simplicity" concept to be introduced with expanded customer offering

Javel sier nå bare jeg. Men intressant at de fjerner to langdistansemaskiner. EB påstår det men jeg kan ikke se det bekreftet noe sted. Da kan de vel like gjerne legge ned hele longhaulsjappa og AY ler hele veien til banken.....

[Someone]

Originally Posted by jcnorway

Aksjen vil nok få en hard medfart i dag.

I skrivende stund er siste 34 kr. Høyeste kjøper er på 28,60. Laveste selger er på 29.00... Sluttet på 36,70 i går.

Det er faktisk bedre enn man kunne frykte. En emisjon blir alltid tatt negativt imot i markedet og med en såpass kraftig emisjon hadde jeg forventet et enda større fall, spesielt når man ser hva de presenterte av tall.

At de ikke faller mer kan tyde på at planen om restrukturering er godt mottatt i markedet og veier opp fallet det dårlige resultatet og emisjonen forårsaker

Originally Posted by MD11

AY ler hele veien til banken.....

AY sliter selv om dagen og har varslett mulige kutt. Dessuten så er de neste ikke-eksisterende på det amerikanske markedet

[jcnorway]

Les min siste "edit"...

- 20,98% nå....