SAS Group
Company type | Private State-owned enterprise (Partly) |
---|---|
ISIN | SE0003366871 |
Industry | Aviation |
Founded | 1946ABA (1924), DDL (1918), and DNL (1927) | , merger of
Headquarters | SAS Frösundavik Office Building, Solna, Stockholm, Sweden |
Area served | Europe |
Key people | Carsten Dilling (Chairman) Anko van der Werff (CEO) |
Services | Airline services |
Revenue | 13.96 billion kr (2021)[1] |
−5.49 billion kr (2021)[1] | |
−6.53 billion kr (2021)[1] | |
Total assets | 52.71 billion kr (2021)[1] |
Total equity | 6.42 billion kr (2021)[1] |
Owner |
|
Number of employees | 7,532 (2021)[1] |
Subsidiaries |
|
Website | www |
SAS AB,[2] trading as SAS Group, is a Swedish airline holding company headquartered in Solna Municipality, Sweden. It is the owner of the airlines Scandinavian Airlines, SAS Link, and SAS Connect.
As of 2024, SAS Group is owned by a group of shareholders including the American investment fund Castlelake, L.P. (in turn controlled by Brookfield Asset Management[3]) with a 32% stake, the Government of Denmark (through the Ministry of Finance) with a 25.8% stake, Air France-KLM with a 19.9% stake and the Danish family office Lind Invest with a 8.6% stake. This ownership structure emerged after the company exited U.S. Chapter 11 bankruptcy in August 2024, a process initiated in July 2022 due to the group's financial difficulties.[4]
SAS was formed as a consortium in 1951, as a merger between the three Scandinavian flag carriers Aerotransport (ABA - Sweden), Det Danske Luftfartselskab (DDL - Denmark), and Det Norske Luftfartselskap (DNL - Norway), after the three had been cooperating on international routes since 1946.[5]
Until 2001, the three national companies owned a fixed share of the SAS Group, after which the shares of the three companies were merged into SAS AB.[6] Norway sold its final 9.88% stake in June 2018, marking the end of its involvement in SAS after being a part-owner since 1946. The Swedish government maintained a 21.8% stake until the 2024 restructuring.[7]
SAS Group previously owned various entities, including Rezidor Hotel Group (owner of the Radisson SAS brand) and Braathens. It also had a minority interest in bmi, airBaltic, Texas Air, Thai Airways International, and LAN Airlines. SAS also once owned 19.9% of the now defunct Spanish airline Spanair as well as shares in Estonian Air and Skyways Express.
SAS was a founder of the Amadeus Computerised Reservation System and the Star Alliance, which it is announced it would leave in 2024.[8] SAS runs the frequent flyer program EuroBonus.
History
[edit]The airline was founded on 1 August 1946 when Det Danske Luftfartselskab A/S, AB Aerotransport, and Det Norske Luftfartselskap AS (the flag carriers of Denmark, Sweden, and Norway) formed a partnership to handle intercontinental traffic to Scandinavia. Operations started on 17 September 1946. The companies then started coordination of European operations in 1948 and finally merged to form the current SAS Consortium in 1951. When established the airline was divided between SAS Danmark (28.6%), SAS Norge (28.6%), and SAS Sweden (42.8%), all owned 50% by private investors and 50% by their respective governments. SAS gradually acquired control of the domestic markets in all three countries by acquiring full or partial control of several local airlines. In May 1997 SAS formed the global Star Alliance network with Air Canada, Lufthansa, Thai Airways International, and United Airlines.
History of SAS Group
[edit]Predecessors and Unification
[edit]The SAS Group has its origins in 1918 with the founding of AB Aerotransport (ABA), the Swedish parent company of SAS. In 1920, Det Danske Luftfartselskab A/S (DDL), the Danish parent company, was established. DDL was listed on the Copenhagen Stock Exchange in 1924. In 1927, Det Norske Luftfartselskap A/S (DNL), the Norwegian parent company, was founded.
In 1946, SAS was formed from Det Danske Luftfartselskab A/S (DDL), Det Norske Luftfartselskap A/S (DNL), and Svensk Interkontinental Lufttrafik AB (SILA). The first intercontinental flight was from Stockholm to New York. In 1951, DDL, DNL, and ABA formed the present SAS Consortium.
Early Years
[edit]In 1954, SAS became the first airline to fly the Copenhagen - Los Angeles polar route in regular scheduled service. In 1957, SAS was the first airline to offer "round the world service over the North Pole" from Copenhagen to Tokyo via Anchorage. The airline entered the jet age in 1959 with the introduction of the Caravelle aircraft. In 1960, SAS opened its first hotel, the SAS Royal Hotel Copenhagen, and helped establish Thai Airways International, taking a 30% share in the joint venture. In 1965, SAS was the first airline to introduce an electronic reservation system.
In 1967, DNL was listed on the Oslo Stock Exchange. In 1971, SAS put its first Boeing 747 jumbo jet into service. In 1977, SAS sold its remaining stakes in Thai Airways. In 1980, SAS opened its first hotel outside of Scandinavia, the SAS Kuwait Hotel. SILA was listed on the Stockholm Stock Exchange. In 1981, SAS EuroClass was introduced on all European routes. The following year, SAS was named the most punctual airline in Europe for the first time. In 1984, SAS received the Air Transport World's distinction "Airline of the Year" for 1983.
Expansion & Refocussing
[edit]In 1986, Spanair was founded by SAS Group. In 1987, SAS cofounded the Amadeus Computerised Reservation System (also known as GDS). In 1989, SAS International Hotels owned 40% of Intercontinental Hotels Group, a stake that was sold in 1992.
In 1994, SAS began to refocus on airline operations in the SAS Group, selling a number of subsidiaries along with the franchise of Diners Club Nordic. The company celebrated its 50th anniversary on 1 August 1996, and the SAS parent company changed its name to SAS Danmark A/S, SAS Norge ASA, and SAS Sverige AB.
In 1997, SAS became one of the founding members of Star Alliance. In 1998, Air Botnia (Blue1) became a wholly owned subsidiary of the SAS Group. In 1999, the SAS Group became a majority owner of Widerøe.
21st Century
[edit]In 2001, a single SAS share was established, as SAS AB. On July 6, SAS was listed on the stock exchanges in Stockholm, Copenhagen, and Oslo. In December, Braathens was acquired by the SAS Group. In 2002, Rezidor SAS Hospitality signed a master franchise agreement with Carlson Hotels Worldwide; the agreement came to an end in 2009. In 2003, SAS acquired 49% of the shares in Estonian Air.
In 2004, Scandinavian Airlines Sverige, SAS Braathens, and Scandinavian Airlines Danmark were incorporated. In 2006, SAS sold its remaining shares in the Rezidor Hotel Group chain. In 2007, CEO and President Mats Jansson was inaugurated; SAS sold the SAS Flight Academy.
In 2010, CEO Jansson departed his position and was replaced by John S. Dueholm on an interim basis. Rickard Gustafson became the new permanent CEO in 2011. In January 2012, Spanair collapsed, leading to write-downs of 1.7 billion kronor by SAS. In 2013, SAS sold 80% of the shares in Widerøe.
In 2014, SAS sold the cleaning part of SAS Ground Handling to Sodexo. In 2015, SAS sold SAS Ground Handling in 14 airports in Norway to Widerøe Ground Handling and sold Blue1 to CityJet. In November 2015, Estonian Air collapsed, resulting in SAS losing 2.5% of the shares. In 2016, SAS sold its remaining 20% stake in Widerøe.
Norway's government sold its final 9.88% stake in SAS Group in June 2018.
Impact of COVID-19 & Restructuring
[edit]In 2020, SAS halted most of its traffic from March 16 due to the COVID-19 pandemic.[9] This decision led to the temporary layoff of 90% of the group's staff as travel demand plummeted globally.[10] In July 2022, SAS filed for Chapter 11 bankruptcy protection in the United States as part of a restructuring effort to address its financial difficulties.[11]
As part of the restructuring plan, SAS secured new investments and underwent significant ownership changes. US investment firm Castlelake acquired a 32% stake in the reorganised airline, while Air France-KLM obtained around 20%. The Danish state obtained a 26% share, and Danish investor Lind Invest acquired 8.6%. The remaining equity was expected to be distributed among SAS's creditors.[12]
The restructuring also involved delisting SAS from the Stockholm, Copenhagen, and Oslo stock exchanges, resulting in the existing shares' value being reduced to zero. This decision affected over 250,000 shareholders, many of whom were retail investors, and led to a 95% drop in the stock's value.[13]
The restructuring marked the end of Wallenberg family's involvement in SAS. A prominent Swedish business dynasty, the Wallenbergs had had involvement in SAS since 1946, and through their investment company, FAM AB had been a major stakeholder in SAS. Their stake was effectively wiped out during the restructuring process.[14]
Air France-KLM, which became a significant shareholder, indicated plans to integrate SAS flights into its existing network at its hubs in Amsterdam and Paris. This was part of Air France-KLM's broader goal to expand its operations in the Nordic region.[15] A condition of the deal is that Air France-KLM could also expand its stake in SAS after at least two years to become a controlling shareholder.[16]
Operations
[edit]SAS Group is the main operational company in the SAS consortium. The SAS Group company structure looks as follows:
- Core SAS Holdings
- Scandinavian Airlines (100%)
- SAS Connect (100%)
- SAS Link (100%)
- SAS Cargo Group (100%)
- SAS Ground Handling (100%)
- SAS Technical Services (100%)
Head office
[edit]The SAS Group head office is currently in the SAS Frösundavik Office Building in Frösundavik , Solna Municipality, Sweden, in the Stockholm area.[17][18]
The SAS Group head office was previously located on the grounds of the Stockholm Arlanda Airport (ARN) in Sigtuna Municipality, Sweden.[19]
Before spring 2011,[citation needed] it was located in the SAS Frösundavik Office Building.[20][21]
Partners and alliances
[edit]- Air Greenland has an interline agreement with SAS.
- Scandinavian Airlines is a member of the SkyTeam alliance. A co-founding member of the Star Alliance, it was a member from 1997 to 2024.
- SAS Cargo Group is a member of the WOW Alliance.
List of shareholders
[edit]Shareholder | Type of shareholder | Nationality | Ownership |
---|---|---|---|
Castlelake | Investment fund | United States | 32% |
Ministry of Finance (Denmark)[22] | Government | Denmark | 25.8% |
Air France–KLM | Airline Group | France Netherlands |
19.9% |
Lind Invest | Family office | Denmark | 8.6% |
Others (to be distributed) | |||
Source: | [23] |
Presidents
[edit]- 1946–1948: Per Norlin
- 1949–1951: Per Møystad Backe
- 1951–1954: Per Norlin
- 1955–1957: Henning Throne-Holst
- 1958–1961: Åke Rusck
- 1961–1962: Curt Nicolin
- 1962–1969: Karl Nilsson
- 1969–1978: Knut Hagrup
- 1978–1981: Carl-Olov Munkberg
- 1981–1993: Jan Carlzon
- 1993–1994: Jan Reinås
- 1994–2001: Jan Stenberg
- 2001–2006: Jørgen Lindegaard
- 2007–2010: Mats Jansson
- 2010–2011: John S Dueholm
- 2011–2021: Rickard Gustafson
- 2021: Anko van der Werff
Financial performance
[edit]Year ended | Passengers flown[24] | Employees (Average/Year) | Net profit/loss (SEK) | Basic eps (SEK) |
---|---|---|---|---|
2010[25] | 25,200,000 | 14,801 | -2,218,000,000 | -7.79 |
2009[26] | 24,900,000 | 18,786 | -2,947,000,000 | -18.20 |
2008[27] | 29,000,000 | 24,635 | -6,360,000,000 | -6.29 |
2007[27] | 29,200,000 | 26,538 | 1,234,000,000 | 3.87 |
2006 | 38,609,000 | 26,554 | 4,936,000,000 | 28.10 |
2005 | 36,312,000 | 32,363 | 418,000,000 | 1.06 |
2004 | 32,400,000 | 32,481 | -1,813,000,000 | -11.38 |
2003 | 31,004,000 | 34,544 | -2,221,000,000 | -8.60 |
2002 | 33,254,000 | 35,506 | -736,000,000 | -0.81 |
2001 | 35,640,000 | 31,035 | -1,140,000,000 | -6.58 |
2000* | 23,240,000 | 30,939 | 2,273,000,000 | 11.79 |
1999* | 21,991,000 | 30,310 | 1,846,000,000 | 8.41 |
- Prior to 2001, the SAS Group traffic figures did not include airBaltic, Blue1, and Spanair.
Fleet
[edit]The SAS Group fleet consists of the following aircraft as of November 2023:[28]
Type | SAS | On order | Notes |
---|---|---|---|
Airbus A319-100 | 4 | OY-KBO in retro livery | |
Airbus A320-200 | 11 | ||
Airbus A320neo | 61 | 19 | 25 wet leased to SAS Connect |
Airbus A321LR | 3 | ||
ATR 72-600 | 7 | Operated by Nordica | |
Airbus A330-300 | 8 | ||
Airbus A350-900 XWB | 4 | 2 | |
Bombardier CRJ900 | 11 | Operated by CityJet | |
6 | Operated by Nordica | ||
Embraer 195 | 10 | Operated by SAS Link | |
Total | 124 | 21 |
On 4 January 2010 the SAS Group announced the sales of 18 surplus MD-80 series aircraft to Allegiant Travel Company. The aircraft, built from 1985 to 1991, were delivered during the first half of 2010.[29]
On 26 August 2010 the SAS Group announced a 5-year lease agreement of 8 MD-90 series aircraft to an undisclosed US airline. The aircraft will be delivered between Q3-2010 and Q2-2011.
On 10 April 2018 the SAS Group announced a deal with Airbus for 35 new Airbus A320neos with another 15 being leased. These aircraft are meant to replace some of SAS's current A320s, as well as their Bombardier CRJ900's.[30] Bringing the total of the type to 80 aircraft.
SAS Museum
[edit]The exhibits at the SAS Museum at Oslo Airport, Gardermoen, in Norway, represent an important part of Scandinavian civil aviation history. The museum collections cover Scandinavian Airlines System (SAS) as well as its parent companies: AB Aerotransport (ABA), Det Danske Luftfartselskab (DDL), and Det Norske Luftfartselskap (DNL). A museum was originally established in 1989 in the hangar area at Oslo Airport, Fornebu at the same time as the formation of the DNL/SAS Historic Society. It was built up through the efforts of a group of enthusiasts among retired and active SAS employees. The establishment of the new museum in 2003-2004 is a result of SAS feeling a responsibility to document the history of Scandinavian civil aviation. For this purpose, the airline has entered a partnership with its three national historic societies and the latter undertake the day-to-day work on a volunteer basis. SAS absorbs the rental cost of the museum building and has also provided depots for museum exhibits in Denmark and Sweden. The museum at Oslo's Gardermoen is therefore more than just a continuation of the facility at Fornebu – it is a completely new and considerably expanded Scandinavian museum. It is run by a board that includes representatives of the SAS consortium and the Swedish, Danish, and Norwegian historic societies.
See also
[edit]References
[edit]- ^ a b c d e f "SAS Group 2021 Annual Report" (PDF). SAS Group. Retrieved 2022-06-02.
- ^ "SAS AB Company Profile | Solna, Stockholm, Sweden | Competitors, Financials & Contacts - Dun & Bradstreet". Retrieved 2024-08-14.
- ^ www
.castlelake .com /article /brookfield-and-castlelake-complete-strategic-partnership-transaction / - ^ Terje Solsvik and Marie Mannes (August 28, 2024). "Scandinavian airline SAS hails 'new era' as it exits US bankruptcy process".
- ^ "History milestones - SAS". www.sasgroup.net. Retrieved 2024-08-30.
- ^ Regeringskansliet, Regeringen och (2015-01-23). "SAS AB (SAS)". Regeringskansliet (in Swedish). Retrieved 2024-09-02.
- ^ Vanja Popovic (3 July 2024). "SAS restructuring plan gets EU green light".
- ^ Smith, Gordon (2024-04-09). "SAS Scandinavian Airlines Quits Star Alliance: 6 Key Questions Answered". Skift. Retrieved 2024-08-30.
- ^ Ahlander, Stine Jacobsen (15 March 2020). "SAS to halt most flights, temporarily lay off 90% of staff". Reuters.
- ^ Smith, Gordon (2024-08-28). "Air France-KLM Now Owns 20% of SAS: 3 Big Changes to Watch". Skift. Retrieved 2024-09-02.
- ^ Rasmussen, Louise (4 October 2023). "SAS stock dives 95% as restructuring announced". Reuters.
- ^ Rasmussen, Louise (4 October 2023). "SAS stock dives 95% as restructuring announced". Reuters.
- ^ Rasmussen, Louise (4 October 2023). "SAS stock dives 95% as restructuring announced". Reuters.
- ^ Rasmussen, Louise (4 October 2023). "SAS stock dives 95% as restructuring announced". Reuters.
- ^ Rasmussen, Louise (4 October 2023). "SAS stock dives 95% as restructuring announced". Reuters.
- ^ "Air France-KLM snatches up 20 percent of SAS Airline | NL Times". nltimes.nl. Retrieved 2024-09-02.
- ^ "SAS AB Org.nr. 556606-8499." Svenska Dagbladet. Retrieved on October 26, 2016. "Besöksadress Frösundaviks Allé 1,"
- ^ "SAS AB (publ) announces notice to the Annual General Meeting on 8 March 2016." SAS AB. Retrieved on October 26, 2016. "The Annual General Meeting will be held at 3 p.m. at SAS head office, Frösundaviks allé 1, Solna."
- ^ "Media Contact SAS Group. Retrieved on 27 January 2012. "Visiting address: Kabinvägen 5, Stockholm-Arlanda, Sweden"
- ^ "SAS head office in Sweden." Scandinavian Airlines. Retrieved on 8 June 2009.
- ^ "Cykelkarta 2007 Archived 2014-08-08 at the Wayback Machine." Solna Municipality. Retrieved on 12 February 2010.
- ^ "Er staten en aktiv ejer af delejede selskaber?". Folketinget. 2018-05-23. Retrieved 2024-08-13.
{{cite web}}
: CS1 maint: url-status (link) - ^ "SAS reaches major milestone in SAS FORWARD – announces the winning consortium, including details of the transaction structure". 2023-10-03. Retrieved 2024-08-13.
- ^ "SAS". SAS. Archived from the original on 2019-10-12. Retrieved 2019-07-16.
- ^ SAS Group (2010). "SAS Annual Report 2010" (PDF). SAS Group. Retrieved 2011-06-23.
- ^ SAS Group (2010). "SAS Annual Report 2009" (PDF). SAS Group. Retrieved 2011-06-23.
- ^ a b SAS Group (2009). "SAS Annual Report 2008" (PDF). SAS Group. Archived from the original (PDF) on 2012-03-08. Retrieved 2010-06-23.
- ^ "Fleet". Retrieved 27 August 2019.
- ^ "SAS sells 18 MD-80 surplus aircraft to Allegiant Travel Company".
- ^ "SAS signs firm order for 35 Airbus A320neo Family aircraft". Airbus. Retrieved 2018-04-15.
External links
[edit]- SAS Group
- Holding companies of Sweden
- Airline holding companies
- Airlines of Sweden
- Companies based in Solna Municipality
- Holding companies established in 1951
- Companies related to the Wallenberg family
- Sigtuna Municipality
- Holding companies of Denmark
- Holding companies of Norway
- Companies listed on the Oslo Stock Exchange
- Companies listed on Nasdaq Stockholm
- Swedish companies established in 1951
- Airlines established in 1951