Brief: SAS Q1 Net Loss Narrows To SEK 1,453 Mln

Sas AB

07/03/2024 07:39

March 7 (Reuters) - SAS AB  SAS.ST :
    * Q1 EBT SEK LOSS 1,070 MILLION VERSUS LOSS SEK 2,449
MILLION YEAR
AGO
    * WE REPEAT 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
    * ANY PAYMENT OF RECOVERIES TO CREDITORS WILL BE MADE ONLY
AFTER
COMPLETION OF TRANSACTION
    * EXPECT TO EMERGE FROM RESTRUCTURING PROCEEDINGS AROUND END
OF
FIRST HALF OF 2024
    * Q1 REVENUE SEK 8,923 MILLION VERSUS SEK 7,896 MILLION YEAR
AGO
    * Q1 NET LOSS FOR PERIOD SEK 1,453 MILLION VERSUS LOSS SEK
2,709
MILLION YEAR AGO
    * HEALTHY PASSENGER DEMAND THROUGH Q1 WITH TOTAL NUMBER OF
PASSENGERS UP 6.3 PERCENT COMPARED WITH SAME PERIOD LAST YEAR
    * YEAR-ON-YEAR, OUR RPK INCREASED 13.3 PERCENT, WHILE
CAPACITY
INCREASED 9.3 PERCENT
    * OUR FLOWN LOAD FACTOR FOR QUARTER WAS 71.8 PERCENT, UP 2.6
PERCENTAGE POINTS COMPARED WITH SAME PERIOD LAST YEAR.
    * TOTAL OPERATING EXPENSES FOR QUARTER ENDED AT SEK 10.1
BILLION
    * CASH BALANCE AT END OF QUARTER WAS SEK 5.3 BILLION
    * UNDER FISCAL YEAR 2024, SAS EXPECTS REVENUE TO EXCEED  SEK
48
BILLION, WITH AN ADJUSTED EBT OF ABOUT SEK  0.0 TO SEK -1.0
BILLION
    * NET DEBT IN FISCAL YEAR 2024 WILL  RANGE FROM SEK 36–39
BILLION
PRIOR TO EMERGENCE FROM  THE CHAPTER 11 PROCESS
    * NET DEBT IN FISCAL YEAR 2024 WILL  RANGE FROM SEK 22–24
BILLION
FOLLOWING EMERGENCE FROM THE CHAPTER 11 PROCESS
    * EXPECTED LIQUIDITY IS AT OR ABOVE SEK 4 BILLION OR ABOUT
8% OF
LTM REVENUE IN PERIOD PRIOR TO EMERGENCE FROM CHAPTER 11 PROCES
    * CURRENTLY TARGETS TO RECEIVE APPROVAL OF THE CHAPTER  11
PLAN
FROM THE US COURT IN THE FIRST QUARTER OF 2024

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