The SAS figures are presented in Swedish currency. In Norwegian kroner, this corresponds to just over 23 billion Norwegian kroner. The SAS group again presents blood-red figures today. Last financial year, the company lost SEK 8 billion. SAS will not turn a profit until 2024, says Norwegian CEO Kjetil Håbjørg. Last quarter, the result was minus 1.2 billion Swedish kroner. – Next year will be a gap year with a new deficit, but in 2024 SAS will make money, says Håbjørg. The SAS group is also struggling with a lead-heavy gross debt of SEK 45.5 billion that has built up during the pandemic. The aim is to cut this by NOK 20–25 billion by converting debt into equity. – Such high debt is not sustainable, says Kjetil Håbjørg. HIGH DEBT: – SAS’s high debt is not sustainable and must be halved, says Norwegian CEO Kjetil Håbjørg. Photo: William Jobling / news Uncertainty about billion loan SAS is now under bankruptcy protection (Chapter 11) in an American court and says in a message that several targets have been reached in the fourth quarter. Among other things, SAS has succeeded in renegotiating the price of aircraft hire from leasing companies. But there is uncertainty surrounding a loan of 700 million dollars (7 billion Norwegian kroner) which will keep SAS on the wings until the bankruptcy protection in the USA is over, probably in the summer of next year. Half of the bridging loan has been paid, but SAS must convince the American court that the savings program SAS Forward is on track to be paid the rest. And SAS is completely dependent on gaining access to the rest of the crisis loan from Apollo Global Management during December to finance ongoing operations. – We have to convince the bankruptcy court in the USA that we will achieve the savings we announced, says Håbjørg. CHEAP: There is excess capacity in the Norwegian market, and the tickets are too cheap, says SAS. Photo: Kristoffer Steffensen Lenes / news – Too many flights and too cheap tickets in Norway SAS says that customers are returning and that traffic will be at 90% of pre-pandemic levels by summer. But the head of Norway is worried about the Norwegian market. – There is excess capacity in the Norwegian domestic market, and that is pushing prices down. Airplane seats in Norway are sold too cheaply, says SAS Norway’s CEO. The most recently arrived competitor, Flyr, has reduced its Norwegian route program to a minimum this winter, and will make a new assessment next year. LOVER: All refunds after the strike this summer must be paid out during December, says SAS’s spokesperson in Norway, Tonje Sund. Photo: Privat All refunds repaid in December The strike this summer and a number of redundancies due to a lack of pilots and cabin crew led to an avalanche of passenger claims against SAS. In a total of 120,000 cases, customers have demanded refunds, and it has been time-consuming to get through everything. – But during December, everything will be in place and people will get their money back, SAS spokesperson Tonje Sund promises. SAS is fined NOK 100,000 for being too slow with refunds
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SAS is bleeding – has lost nearly 25 billion in three years – news Norway – Overview of news from various parts of the country
