STERLING solgt til FL Group !

Boarding skriver

http://www.jp.dk/erhverv/artikel:aid=3339432/

på Business.dk søndag den 23. oktober 2005 kl. 19:33

Sterling solgt til islandsk selskab


Flyselskabet Sterling er solgt til det islandske selskab FL Group for 1,5 milliarder kroner.

[SQ 777]

Hurra, hvis sant...... Får håpe DY blir med. Er glad i det selskapet, men det er blir ikke for alltid sommer med et knøtt lite overskudd i det kvartalet det burde ha vært meget stort.

Men håper DY beholder navnet. Eneste vei og gå, selv om jeg ser mange drar ned nisselua over øyene, NOK EN GANG.

[HMWK]

Dette var bra for NB, men prisen var i stiveste laget. Håper de får sving på butikken. Nå kan vi også få innblikk i økonomien siden FL Group er børsnotert!

[MartinL]

Sterling og FL group skal fortsette sammarbeidet med flynordic og norwegian.

[SQ 777]

Flott, da har vi to nye innen et år...... En stor ikke-SK allianse,,,,,,,,,

[EB]

Man ser tydligvis at samarbeid nytter og er det eneste som fungerer her opp i lille nord... Får håpe Sterling/Maersk lærer FI service...

[CK]

Originally posted by MartinL
Sterling og FL group skal fortsette sammarbeidet med flynordic og norwegian.

hvor får du det fra??? I pressemeldingen fra FL Group står det: "Sterling will cancel code share agreements in line with other low-fare carriers"

Hele pressemeldingen her:

Contract signed on the acquisition of the Danish low cost airline Sterling Airways

• Purchase Price DKK 1.500 million if EBITDA for 2006 is DKK 345 million - EV/EBITDA 3,8x in accordance to estimated EBITDA for 2006
• If the results which the agreement is based upon are not reached, the purchase price can be reduced by up to DKK 500 million - it can also be increased if results are better
• The purchase price is to be paid with cash and new shares - sales of shares are restricted until 31 March 2007
• Sterling will be operated as an independent company
• Sterling will focus on charter and tourism markets with an emphasis on Southern Europe
• 30 Aircraft, 46 destinations and 5.2 million passengers anticipated next year
• Strong position on the European low-fare market
• FL Group will take over the operation of Sterling 1 January 2006 based on the approval of competition authorities and the turnaround of the company goes according to plan


A contract has been signed for the acquisition by FL Group of the Danish airline Sterling Airways. This represents a large step by FL Group for its continuing approach into the low-fare market in Europe. Maersk Air was recently merged with Sterling, making it the fourth largest low-fare airline in Europe with about 1,800 employees. It operates 30 Boeing 737 aircraft, and it is estimated that it will carry about 5.2 million passengers to 46 destinations across the Continent next year. It flies mainly between cities in Scandinavia and Continental Europe.



The main reasons for this acquisition are:

• An opportunity to invest in the fourth largest low-fare airline in Europe, with the low-fare market the fastest growing airline sector.
• Reaching 5 million passengers opens opportunities for the Icelandic tourism industry
• Expectations of a substantial increase in value
• It will double the FL Group’s turnover in 2006
• It will yield considerable synergetic effects in connection with the Group’s current airline operations
• It represents a major expansion within the Group’s network
• Improved distribution canals in Scandinavia


Sterling’s business plan allows for a significant turnaround in the company’s operations. This is mainly due to the merging of two former rival concerns, Sterling and Maersk, which has transformed the operating environment for the resulting company. Also, further yield management and the addition of new destinations has made the route system more efficient, which has opened the way for improved utilisation and greater earnings. At the same time, operations have been simplified, resulting in decreased number of staff. A larger aircraft fleet and a broader scale of operations will lead to greater efficiency in its airline services, and decrease in crew, training and marketing cost.



This turnaround will have the following consequences:

• Clear focus on the Scandinavian leisure market - focusing on Southern Europe through the charter and leisure markets
• Simplifying service in line with other low fare carriers, with no interlining, only point to point service
• Sterling will cancel code share agreements in line with other low-fare carriers
• Reduce distribution cost


The purchase price is DKK 1.500 million, of which DKK 1.100 million is to be paid in cash and DKK 400 million in the form of shares in FL Group, based on the price in the stock offer outlined above. This increase in share capital will be in addition to the stock offer which will then result in total of ISK 48 billions issue. The seller undertakes not to sell the shares it receives in FL Group before 31 March 2007. The purchase price may rise or fall by as much as DKK 500 million, according to the company’s performance during 2006; the purchase price given above is based on the company’s achieving EBITDA of DKK 345 million in 2006. The adjustment to the purchase price is based on 3.5x the difference in the EBITDA of the year 2006. For example if the EBITDA of 2006 will be DKK 245 million the purchase price decrease to DKK 1.150 million or by DKK 350 million. It is also assumed that the company will have DKK 300 million in cash, and liabilities of DKK 110 million in aircraft debt is taken over. The acquisition is subject to i.e. the approval of the competition and aviation authorities. FL Group will take over the operation of Sterling on 1 January 2006, assuming that the provisos listed above no longer apply. Pálmi Haraldsson will continue as Chairman of the board and Almar Örn Hilmarsson will continue as CEO.


Hannes Smárason says the acquisition of Sterling is an important part of the company’s strategy aimed at growing on the international air travel market. “We aim to take part in the rapidly-growing low-fare market in Northern Europe,” he says. “We see a lot of opportunities there as a result of the changes that have been made to Sterling and not least the likely developments that lie ahead. The aim is that Sterling will focus on the leisure and charter markets, focusing on Southern Europe. The acquisition agreement contains provisions that ensure the continuing high-level engagement of the former owners and key staff in the transformation that Sterling is undergoing.”

[MartinL]

"Oppkjøpet vil ikke få betydning for Sterlings satsing i Norden og for samarbeidet med andre lavprisselskaper som Flynordic og Norwegian."

Sitet hentet fra artikkelen i Boarding.no

om det er sant veit jeg ikke, men jeg forholder meg bare til hva jeg leser

[CK]

jeg vil vel heller støtte meg til pressemeldingen fra FL Group som sier at det er bye-bye codeshare enn til Boardings "Nøttavisendekning"

[MartinL]

Men om nå sammarbeidet opphører betyr dette at fokuset flyttes og at Norwegian og sterling da ikke blir de argreste konkurrentene. Sterling vil jo fly til sydeuropa mens Norwegian satser jo i større og større grad på nord og mellom europa.

Men Norwegian trenger vel desperat nye maskiner om de skal oppretholde dagens tilbud om sammarbeidet avsluttes.

[MartinL]

SAS aint happy!


http://www.dn.no/forsiden/naringsliv/article622751.ece

[laurenz]

Veldig overaskende at de vil si opp avtaler med andre LCC. Det blir fryktelig spennende og se hva slags planer grupen har for Sterling. Og hva med Sterlings drømmer om å fly til USA?

Hilsen,
Laurenz