International Courant
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On Thursday morning, SAS offered the accounts for the interval August to October: the fourth quarter of the 2022/2023 monetary 12 months.
Pre-tax revenue for the interval ended at minus 2.1 billion Swedish crowns.
That is the fifth consecutive quarter by which SAS has been in the midst of a chapter course of within the US. Additionally in the identical interval final 12 months there was a deficit of minus SEK 1.7 billion.
Whereas the so-called Chapter 11 course of is underway, SAS plans to scale back debt, elevate new capital from new buyers, web out current homeowners and take the corporate personal someday subsequent 12 months.
– Our present objective is to have the Chapter 11 course of authorized by the American courtroom in early 2024, CEO Anko van der Werff stated on Thursday following the publication of the figures.
Weaker than anticipated
Final fall, SAS already estimated that the pre-tax deficit for your complete 2022/2023 monetary 12 months would whole 4 to 5 billion Swedish crowns. This estimate was repeated halfway via Easter Week this 12 months, as the method of elevating new capital received below method.
The article continues beneath the commercialIt ended with a full-year pre-tax lack of minus 5.5 billion Swedish crowns, i.e. even worse than the bottom within the interim.
SAS ab, annual outcome 2023 (in million SEK) 2023 2022 Change Turnover 42043 31824 32.1% Working outcome (EBIT) -2705 -3332 -% Revenue earlier than tax -5516 -7846 -%The money steadiness ended at NOK 6.2 billion on the finish of October, barely weaker than anticipated.
Crusing from estimated 2024
Since final autumn, SAS has estimated that it’s going to obtain a zero outcome for the 2023/2024 monetary 12 months, i.e. within the present interval from November this 12 months to October subsequent 12 months.
Within the current report, the SAS administration writes that they’re now revising the estimates for subsequent 12 months, and {that a} new replace could also be launched later. Which means the goal of zero revenue by 2024 is at present fully out of the blue.
SAS has, in line with earlier estimates, moved ahead two years in time: in line with it, 2025/2026 will finish with a turnover of 58 billion Swedish kronor and a revenue margin (EBT margin) of 9 to 10 %, or 5.2 to five %. , 8 billion Swedish crowns.
Now the corporate writes that it’s going to not present estimates for the financial system past fiscal 12 months 2024 and the continued chapter course of.
The article continues beneath the commercialTwo acceptances stay
On October 3, it was introduced that aviation large Air France-KLM and three different buyers had gained the bidding warfare for SAS. On the similar time, it was decided that each one shares within the firm from current shareholders can be delisted and that SAS can be delisted from the inventory trade someday in 2024.
The decide within the SAS chapter course of just lately authorized the acquisition settlement with the brand new buyers. A separate trial in a Swedish courtroom in early 2024 now stays, and EU competitors authorities should additionally approve the acquisition.
The article continues beneath the commercialPresent all positions
Solely then will your complete buy be formally authorized.
It’s then anticipated that the chapter course of will finish and that the brand new homeowners will take workplace within the first half of 2024. Then SAS may also instantly go away the Star Alliance and transfer to the competing Skyteam alliance.(Circumstances)Copyright Dagens Næringsliv AS and/or our suppliers. We wish you to share our circumstances by way of hyperlinks that lead on to our pages. Copying or different use of all or a part of the contents could solely be made with written permission or as permitted by legislation. For additional situations see right here.
SAS misplaced 2.1 billion earlier than taxes within the fourth quarter – weaker than its personal estimates
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