EXT EXTRA RA BOL BOLAGSST GSSTÄMMA ÄMMA 3 november 2017
PUNKT 2 VAL AV ORDFÖRANDE
PUNKT 3 UPPRÄTTANDE OCH GODKÄNNANDE AV RÖSTLÄNGD
PUNKT 4 GODKÄNNANDE AV DAGORDNING
FÖRSLAG TILL DAGORDNING 1. STÄMMANS ÖPPNANDE 2. VAL AV ORDFÖRANDE VID STÄMMAN 3. UPPRÄTTANDE OCH GODKÄNNANDE AV RÖSTLÄNGD 4. GODKÄNNANDE AV DAGORDNINGEN 5. VAL AV TVÅ PERSONER ATT JUSTERA PROTOKOLLET 6. PRÖVNING AV OM STÄMMAN BLIVIT I BEHÖRIG ORDNING SAMMANKALLAD 7. BESLUT OM BEMYNDIGANDE FÖR STYRELSEN ATT BESLUTA OM RIKTAD NYEMISSION AV STAMAKTIER 8. STÄMMANS AVSLUTANDE
PUNKT 5 VAL AV TVÅ PERSONER ATT JUSTERA PROTOKOLLET
PUNKT 6 PRÖVNING OM STÄMMAN BLIVIT I BEHÖRIG ORDNING SAMMANKALLAD
PUNKT 7 BESLUT OM BEMYNDIGANDE FÖR STYRELSEN ATT BESLUTA OM RIKTAD NYEMISSION AV STAMAKTIER
SAS at a glance A DAY IN THE LIFE OF SAS SAS BY THE NUMBERS >80,000 273 160 PASSENGERS ROUTES SERVED PER DAY SERVED AIRCRAFT (OF 34 >5 million WHICH WET LEASED) EUROBONUS 10,462 >800 DAILY MEMBERS DEPARTURES AVG. NUMBER OF 300 EMPLOYEES 42 bn SEK OPERATING REVENUE TONNES CARGO 13% ROIC TRANSPORTED DAILY (R12 Q3 2017) 10
Our objective is to be the first choice for Scandinavia’s frequent travelers – both for business and leisure SUPERIOR NETWORK AND 1 >5 TRIPS RELIABLE OPERATION – MORE A YEAR DIRECT FREQUENCIES THAN ANY ATTRACTIVE PRODUCT 3 OTHER AIRLINE OFFERING CATERING FOR THE NEEDS OF FREQUENT TRAVELERS PRODUCTION MODEL DEVELOPED 2 TO SERVE CUSTOMERS THROUGHOUT ALL OF 4 SCANDINAVIA CONTINUOUS EFFORTS TO REDUCE COST AND INCREASE FLEXIBILITY 11
Dynamic and customer oriented network – more direct 1 frequencies to/from/within Scandinavia than any other airline 273 ROUTES SERVED, OF WHICH 16 LONG-HAUL AND ~80 SEASONAL ROUTES 17% LEISURE SHARE OF ASK – +26% SINCE FY14 ~45% SAS’s SHARE OF DEPARTURES FROM PRIMARY SCANDINAVIAN AIRPORTS 120 INTERLINE PARTNERS 1,300 DESTINATION OFFERED VIA STAR ALLIANCE WORLD CLASS PUNCTUALITY AND ABILITY TO USE PARTNERS IN CASE OF IRREGULARITY 12
Two-tier production model enables SAS to serve frequent 2 travelers efficiently – also on smaller traffic flows # PAX/ROUTE (SAS; FY16) WET LEASE AT A GLANCE 34 • Scandinavian market is fragmented – large share of 1 000 000 AIRCRAFT frequent travelers fly on thin routes 146 • ~40 routes with >200,000 pax – suitable for large jets 800 000 ROUTES operation 4.5 MILLION • All other routes <200,000 pax – require smaller aircraft 600 000 PASSENGERS 15-20% LOWER 400 000 Strategic partnership with selected wet lease COST suppliers 200 000 0 ~40 routes ~230 routes 13
Constant development of product features to cater the 3 needs of frequent travelers and drive loyalty CABIN INTERIOR UPGRADE NEW FOOD CONCEPT LOUNGE & FAST TRACK HIGH-SPEED WIFI ONBOARD 14
Continuous improvement of the production model to 4 achieve greater flexibility and cost efficiency DIGITALIZATION & AUTOMATION FLEXIBILITY & PRODUCTIVITY OUTSOURCING FLEET SIMPLIFICATION 15
SAS has undergone a remarkable transformation and is today a very different company compared to five years ago FY12 FY17 1 REVENUE AND EBT MARGIN 2 (SEK bn) 25m 29m PAX 50 6% 42 42 42 EUROBONUS 40 39 3m >5m 38 40 MEMBERS 4% 183 273 30 ROUTES SERVED 2% A/C BLOCK 20 8.2 9.6 HOURS/DAY 0% 10 7 4 A/C TYPES 0 -2% 14,903 10,462 FTEs FY17 1 FY12 FY13 FY14 FY15 FY16 FINANCIAL FINANCIAL NET 37% 3.3x 13% ROIC 1 PREPAREDNESS 1 DEBT/EBITDA 1 Note: 1) R12 Q3 2017; 2) EBT before non-recurring items; 16
FY17 preliminary result and outlook for FY18 PRELIMINARY OUTCOME FY17 MAIN ASSUMPTIONS FOR FY18 • Revenue SEK: 42.5bn • ASK +1-3% • EBT before tax and non-recurring items: • Fuel 550 USD/MT SEK 1.9bn • FX rate 8 SEK/USD • EBT: SEK 1.7bn • Gross investments of approximately • Financial preparedness: 37% SEK 6bn (vs. SEK 7bn in FY17) • Thee introduction of an aviation tax in Sweden OUTLOOK FY18 • Continued stable macro trend SAS expects to deliver income before tax and nonrecurring items in the interval of SEK 1.5 – 2.0 billion. The outlook is based on no unexpected events occurring. 17
However, intense competition and new business models will require further efficiency improvements and cost focus MARKET CONDITIONS SAS’S FOCUS AREAS OBJECTIVES SEK 3bn Further address legacy in core • MACRO 1 operations – increase flexibility and efficiency effect CHALLENGES reduce costs in all areas by 2020 • YIELD COMPETITIVENESS PRESSURE Establish a complementing production to maintain important routes 2 platform to secure critical traffic flows and • CHANGING and gain market share in participate in the growing leisure market BUSINESS leisure market MODEL • LOW-COST GROW Strengthen customer loyalty and develop LONG-HAUL 3 new revenue streams by utilizing SAS’s Passenger and lifestyle strong brand and EuroBonus program related revenues 18
In addition, SAS has upcoming debt maturities, changing preference share terms while the short-haul fleet calls for investments INTEREST BEARING LIABILITIES REPAYMENTS (SEK bn) 2.9 2.1 1.3 0.4 FY18 FY19 FY20 FY21 BOND CONVERT. UPCOMING AIRCRAFT INVESTMENTS SEK 1.5bn SEK 1.6bn SEK ~50bn + PREFERENCE SHARE SEK 3.7bn 19
Styrelsen söker mandat att genomföra en riktad nyemission av stamaktier i syfte att sänka SAS finansieringskostnader STORLEK Högst 66,000,000 aktier , vilket motsvarar knappt 20% av antalet utgivna stamaktier Marknadsmässiga villkor – den exakta teckningskursen fastställs genom auktionsförfarande (s.k. PRIS accelererat book building-förfarande) Riktad nyemission kan genomföras på ett kostnads- och tidseffektivt sätt samt bredda och stärka FORMAT aktieägarbasen (företrädesrättsemission ej föreligger då flera av nuvarande huvudägare inte avser att delta) INVESTE- Utvalda skandinaviska och internationella institutionella investerare samt ankar-investerare och RARE andra investerare vars deltagande bedöms främja ett framgångsrikt genomförande av emissionen Det erhållna mandatet kommer att gälla i perioden från denna extra bolagsstämma till nästa ÖVRIGT årsstämma (planerat datum 5 Mars 2018) 21
TRAVELERS ARE THE FUTURE
PUNKT 7 BESLUT OM BEMYNDIGANDE FÖR STYRELSEN ATT BESLUTA OM RIKTAD NYEMISSION AV STAMAKTIER
PUNKT 15 STÄMMANS AVSLUTANDE
70 70 AN ANNIVE VERS RSAR ARY 1946 1946 - 2016 2016
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