Deficit does not affect the daily operation of the SAS
It will look awful that SAS again comes out with a huge deficit of 1.7 billion Swedish kronor. It says analyst Jacob Pedersen of Sydbank.
Friday announced the Spanish airline Spanair, that it is bankrupt and cease flights after midnight Friday. SAS owns nearly 11 percent of the airline. Previously owned SAS 90 percent of the company.
– Bankruptcy was a risk that SAS is increasingly pointed out the last few quarters, and now translates it into full effect, he says.
According to Jacob Pedersen can be as SAS shareholder just be glad that SAS does not hold anymore.
Does not affect daily operations – But it will look awful for the company. A full year results with a writedown of 1.7 to 1.8 billion Swedish kronor. It’s a huge deficit SAS again coming out of a financial year, says he.
Despite the huge deficit seems not to mean that much for the company, he said.
– Impairments have no liquidity effects. It is not money, SAS must be out of your pocket. It is the value that you have had Spanair posted to the accounts. It is the value of the loans they have given to Spanair and leases where lease Spanair flight of SAS.
– It’s really the values ??you write down, and it’s obviously some values ??that you want. But as it looks now, it has no effect on liquidity. It is only a liquidity effect of between 200 and 300 million Swedish crowns, said Jacob Pedersen.
Compared to the financial reserves of 10 billion dollars is by no means fatal to SAS.
Spanair’s bankruptcy will not affect the normal operation of SAS.
– You lose a good partner, but in addition it will have no impact on operations. The importance of Nordic airspace as such is not great, so many activities, Spanair is not up here – no longer, he says.
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