STOCKHOLM, Sweden, July 8, 2002 (PRIMEZONE) -- Scandinavian Airlines, Spanair, Braathens Wideroee's and Air Botnia today announced
1. Investor news
Improved investor information with yield development As reported in May, Scandinavian Airlines introduced its new short haul concept -Scandinavian Direct, on June 1, 2002. With Scandinavian Direct, the curtain between the Business and Economy class sections of the aircraft was removed on all domestic and Intrascandinavian flights. As a result the traditional division between Business Class and Economy Class no longer exist on the majority of Scandinavian Airlines' traffic system. In order to be able to provide the capital market with equal or better information about the monthly performance of the SAS Group, SAS will as from this report onwards provide an indication of the yield (unit revenue) development vs last year, replacing the traditional class mix figures.
SAS Group agrees with Amadeus to sell SMART On July 5, the SAS Group announced an agreement to sell its 95% stake in SMART to Amadeus. The shares are sold at a total price of approx. MSEK 1.000 and the capital gain in the SAS Group is approximately MSEK 800. The transaction is subject to regulatory approval and is expected to close before end of August.
2. The SAS Group June traffic development -- highlights
. The group transported a total of 3.1 million passengers in June 2002 vs 2.2 million in 2001 . Total group traffic (RPK) down -6.4% vs June 2001 . Overall group passenger load factor increased 3.8 p.u to 72.2%. . Scandinavian Airlines traffic decreased by 0.9 p.u. to 75.6%. . Scandinavian Airlines passenger load factor increased by 2.8 p.u. . European passenger load factor increased by a strong 5.8 p.u . Scandinavian Airlines passenger yields decreased by approx. 2.5-3.5%
Improved passenger load factors offsets negative passenger mix The consolidation of the traffic systems initiated in the aftermaths of the events last fall, continued to push SAS Group passenger load factors to record levels. Overall passenger load factor reached 72.2%. Total traffic for the SAS Group (RPK) was down -6.4% compared with 2001, primarily due to discontinued intercontinental routes in Spanair (in April 2002) and reduced European traffic in Braathens. It must be stated that the positive development in passenger load factors is expected offset the negative development on passenger mix noted throughout the 2nd Quarter.
Scandinavian Airlines' passenger traffic (RPK) decreased by only 0.9% in June 2002 vs 2001. Passenger load factor increased by 2.8 p.u to a record 75.6% in June 2002 compared with 2001. The important European traffic passenger load factor's increased by 5.8 p.u to 72.4%. It is estimated that Scandinavian Airlines continued to gain market shares particularly on Intercontinental routes in this market.
Yields in Scandinavian Airlines down 1-3% Yields decreased by 1% in June 2002 vs 2001. Currency adjusted passenger yields (unit revenues) decreased by 2.5-3.5% compared with June 2001. The yield development is encouraging. In comparison, yields decreased by -7.5-8.5% in May 2002 vs May 2001 and, -2.5%-3.5% in April 2002 vs April 2001.
It is quite clear that the improvements in passenger load factors represent a significant uplift and combined with manageable yield decreases this will affect the Group positively in 2nd Quarter. The traffic and yield outlook remains stable.
The SAS Group will release its 2nd Quarter result on August 7 at approximately 15.00 CET. The next Investor Info will also be released on this date.
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http://www.waymaker.net/bitonline/2002/07/08/20020708BIT00230/wkr0001.doc The Full Report http://www.waymaker.net/bitonline/2002/07/08/20020708BIT00230/wkr0002.pdf The Full Report