SAS posts positive income for financial year 2014/2015

SAS’s operating income was SEK2,225m (153) for the fiscal year 2014/2015 and income before tax and nonrecurring items totaled SEK1,174m (-697). Income before tax amounted to SEK1,417m (-918) and income after tax was SEK956m (-719). The tax expense was SEK-461m (199) and included impairment of deferred tax assets in Blue1 of SEK-83m following the sale of the company in November 2015. The tax expense was also impacted by non-deductible expenses pertaining to the impairment of shares. The exchange-rate trend had a positive impact on revenue of SEK963m and a negative effect on operating expenses of SEK-2,456m, which included positive effects from currency derivatives of SEK809m. Accordingly, the exchange-rate trend had a negative impact on operating income of SEK-1,493m for the period. Revenue for SAS amounted to SEK39,650m (38,006). Adjusted for currency effects, revenue rose 1.7% year-on-year. Currency-adjusted passenger revenue increased 3.5%, primarily due to a higher yield. However, charter revenue was 16.8% lower year-on-year, which was attributable to lower volumes.