Category Archives: SAS Group

SAS Group sells its 80% share in Widerøe

SAS Group (Scandinavian Airlines-SAS) (Stockholm) has today signed an agreement to sell 80% of its shares in Widerøe Flyveselskap AS (Bodo and Oslo) to a group of investors consisting of Torghatten ASA, Fjord1 AS and Nordland Fylkeskommune (together referred to as the “Investor Group”). SAS will retain a 20% share in Widerøe but will have an option to transfer full ownership of Widerøe in 2016.
The sale of Widerøe represents an important step in the improvement of SAS’ financial position with a significant reduction of SAS’ financial leverage. SAS and Widerøe will have a continued close commercial cooperation after the transaction, with Widerøe remaining an important regional partner to SAS.

As part of the transaction, SAS will sell seven Bombardier DHC-8-402 (Q400) aircraft to Widerøe which are currently leased by Widerøe from SAS. The loans related to these aircraft will be transferred to Widerøe. Additionally, three aircraft, currently not in use, has been sold from SAS to a lessor and subsequently leased by Widerøe.

SAS will receive approximately SEK 2.0 billion in conjunction with the divestment of Widerøe, including the aircraft-related transactions, and up to SEK 2.3 billion in total proceeds in the case of a full divestment in 2016. The total proceeds will reduce net debt by the same amount.[1] Additionally, the transaction will reduce the previously announced negative impact on equity of amended reporting rules for pensions by approximately SEK 1.0 billion from SEK 7.9 to SEK 6.9 billion.

The sale of Widerøe is expected to result in a limited capital loss for SAS of approximately SEK 230 million in case of a full divestment in 2016.

“This divestment is in line with the 4Excellence Next Generation strategy to build a long-term financially strong SAS. We are pleased to have developed Widerøe into a successful airline under SAS’ ownership and we look forward to continue strengthening Widerøe’s position as the leading regional airline in Norway together with the new owners”, says Rickard Gustafsson, SAS Group
President and CEO.

The transaction is subject to customary closing conditions, including clearance from Norwegian competition authorities, and is expected to close in September 2013.

Copyright Photo: Ton Jochems. Bombardier DHC-8-402 (Q400) LN-WDC (msn 4071) is seen on the ramp at Trondheim above the Arctic Circle.

Widerøe:

Route Map:

Jettime to operate four ATR 72-600s for SAS

Jettime (Jet Time) (Copenhagen) will operate four ATR 72-600s for Scandinavian Airlines-SAS (Stockholm) starting later this year. The aircraft will be assigned to feeder routes serving the Copenhagen and Stockholm hubs. Jettime currently operates 13 Boeing 737s.

SAS issued this statement today:

SAS and Jet Time have signed a Letter of Intent to enter into an agreement on the wet lease of four factory-newATR72-600s. The intention is to enter into an agreement for 36 months, so that the new aircraft can be used on routes from
Copenhagen and Stockholm in the SAS winter timetable 2013-14 and summer
timetable 2014.

The four new ATR72-600s can each accommodate 72 passengers, and will be used on routes to and from Copenhagen and Stockholm in SAS’s winter timetable 2013-14 and summer timetable 2014.

At the same time, SAS is continuing its wet lease arrangements with Cimber and Braathens Regional.

SAS previously operated Bombardier DHC-8-402s (Q400s) on their regional routes but dropped the type after several well-publicized incidents.

Jettime:

Scandinavian Airlines-SAS:

SAS Group has a profitable second quarter but is still in the red for 2012

SAS Group (Scandinavian Airlines-SAS) (Stockholm) produced a second quarter net profit of $47.8 million. However for the first six months the group is still in the red with a net loss of $61.1 million.

Read the full report: CLICK HERE

Scandinavian Airlines-SAS:

SAS Group loses $250 million in 2011 due to Spanair failure

Scandinavian Airlines-SAS Airbus A330-343X SE-REE (msn 515) ARN (Stefan Sjogren), originally uploaded by Airliners Gallery.

SAS Group (Scandinavian Airlines-SAS) (Stockholm) reported a loss of 1.7 billion kronor ($250 million) for 2011 after taking a large writedown following the bankruptcy of Spanair.

SAS owned 11 percent of Spanair.

Click here for the full report: CLICK HERE

Read an analysis from the Washington Post: CLICK HERE

SAS Slide Show: CLICK HERE

European routes from the Copenhagen Hub:

Please click on the map to expand.

SAS Group reduces its first quarter loss to $60 million

Scandinavian Airlines-SAS Bombardier CRJ900 (CL-600-2D24) OY-KFI (msn 15242) ZRH (Rolf Wallner), originally uploaded by Airliners Gallery.

SAS Group (Stockholm) has reduced its first quarter loss to $60 million.

The SAS Group is a holding company and the parent company of Scandinavian Airlines (SAS), Blue1 and Widerøe, and the aviation services companies SAS Business Opportunities, SAS Cargo Group, SAS Ground Services and SAS Technical Services. It also holds minority ownership of Air Greenland, Estonian Air, Skyways Express and Spanair.

Read the full story from The Washington Post: CLICK HERE

SAS Slide Show: CLICK HERE

SAS Group turns a profit in the fourth quarter, but loses big in 2010

Scandinavian Airlines-SAS Airbus A340-313X LN-RKF (msn 413) IAD (Brian McDonough), originally uploaded by Airliners Gallery.

SAS Group (Stockholm) turned a $7.3 million profit in the fourth quarter as it hopes to have a profitable 2011. The group however reported a large $338 million loss in 2010.

SAS Slide Show: CLICK HERE

SAS Group suffers its fourth quarterly loss

Scandinavian Airlines System-SAS Airbus A319-132 OY-KBO (msn 2850) FRA (Bernhard Ross), originally uploaded by Airliners Gallery.

SAS Group (Stockholm) reported a loss of $156 million in the third quarter, its fourth consecutive quarterly loss.

Read the full report in Bloomberg:

CLICK HERE

SAS Group to downsize its share in Estonian Air

Estonian Air Boeing 737-5L9 ES-ABI (msn 29234) CDG (Christian Volpati), originally uploaded by Airliners Gallery.

SAS Group (Stockholm) has reached an agreement with the Estonian Government that will result in SAS divesting its 49% stake in Estonian Air (Tallinn). The Estonian Government will provide approximately MSEK 200 in a new rights issue and SAS will convert approximately MSEK 20 in loans into equity. After the rights issue the Estonian State will hold 90% and SAS 10% of Estonian Air. SAS will remain lender of approximately MSEK 70 in loans with a maturity in 2014.

Estonian Air has an option to buy SAS remaining stake and SAS has the option to sell its stake at Fair Market Value after 4 years. The transaction is conditional upon parliamentary approval in Estonia. The transaction is neutral to profit and liquidity of the SAS Group.

SAS will continue its commercial cooperation with Estonian Air.

Copyright Photo: Christian Volpati. Estonian Air’s smart-looking Boeing 737-5L9 ES-ABI (msn 29234) taxies across the ramp at Paris (CDG).

SAS to reduce its 49% share of Estonian Air to only 10%

Please click on the AG icon for a direct link to the Estonian Air photo gallery.

Scandinavian Airlines-SAS (SAS Group) (Stockholm) has agreed to reduce its 49 percent share of Estonian Air (Tallinin) to only 10 percent in order to focus on its core Scandinavian markets. SAS will sell its shares to the government of Estonia.

Read the full news report:

CLICK HERE

Allegiant Air to acquire 18 aircraft from SAS Group

Please click on the AG icon for a direct link to the Allegiant Air photo gallery.

Allegiant Air (Las Vegas) on December 30, 2009 signed a contract to acquire 13 McDonnell Douglas DC-9-82/83 (MD-82/83) aircraft from the SAS group with delivery this year and next. The deal also includes five DC-9-87s (MD-87s) which will be dismantled for the spare parts. Allegiant will pay cash and expects to have 60 aircraft in operation by the end of 2011.

Press release:

finance.yahoo.com/news/Allegiant-Travel-Company-to-prnews-351425761.html?x=0&.v=1