BOOK A TRIP CONTACT CUSTOMER CARE HomeInvestor relationsFinancial targets and achievements FINANCIAL TARGETS AND ACHIEVEMENTS SAS’ overall goal is to create value for its shareholders. To reach this goal, SAS pursues Three strategic priorities to meet trends and industry developments, ensure competitiveness and create the prerequisites for long-term sustainable profitability, in line with previously announced financial targets. We operate in a capital-intensive sector that requires optimization of the capital structure to create shareholder value. Therefore, two of our financial targets take SAS’s total capital structure into account. SAS’s financial targets are: • Return on invested capital (ROIC): to exceed 12% measured over a business cycle. • Adjusted financial net debt/EBITDAR: to be a multiple of less than three (3x). • Financial preparedness: cash and cash equivalents and available credit facilities must exceed 25% of SAS’s annual fixed costs. The ROIC target corresponds with the capital markets’ and SAS’s internal assessment of SAS’s weighted average cost of capital (WACC). This is also linked to SAS’s dividend policy for holders of common shares, which stipulates that dividends can be paid when value is created through SAS’s ROIC exceeding its WACC. The gearing target — adjusted financial net debt/EBITDAR is a key ratio used by credit rating agencies and banks for assessing creditworthiness and includes the value of leased aircraft. The aim with maintaining a ratio with a multiple of less than three (3x) is aligned with SAS’s ambition of improving the financial position and credit rating, and thereby lowering financing costs. SAS financial preparedness target was raised in June 2017 from 20% to 25% of annual fixed costs. The reason for the above is SAS’s increased production on long-haul routes and leisure routes, where the proportion of advance bookings is larger. This leads to an increase in obligations to customers for SAS, which should be reflected in the liquidity reserve. Considerable uncertainty continues in the macro environment with regard to exchange-rate trends, jet-fuel prices and changes within the European airline industry, with intensified competition, which means that SAS is not setting a date for reaching these targets. However, the aim is to reach the targets in a medium-term horizon. The targets depend on the structural measures being fully implemented. In conjunction with the transition to IFRS 16 from 2019, SAS will review the targets to ensure their continued relevance. FY19 FY18 FY17 FY16 FY15 FY14 Financial preparedness 38% 42% 37% 41% 10% 37% Return on invested capital 8% 14% 13% 12% 14% 5% Adj. financial net debt/EBITDAR 4.2x 2.7x 3.1x 3.2x 3.0x 4.2x Share Twitter Facebook LinkedIn E-mail Print LATEST SHARE 1.50 SEK 24 November 2021, 18:00 CET SAS AB | Stockholm +0.01 SEK +0.57 % INTERIM REPORT Q3 2021 Report - English Rapport - Svenska Presentation - English Alternative Performance Measures - English P&L, balancesheet, cash flow - English Webcast READ THE REPORT SAS EVENTS SAS Year-end report Q4 November 30, 2021 08:00 CET Download to calendar SAS traffic figures November 2021 December 07, 2021 11:00 CET Download to calendar SAS traffic figures December 2021 January 11, 2022 11:00 CET Download to calendar Annual & Sustainability Report 2020/2021 January 27, 2022 08:00 CET Download to calendar SAS traffic figures January 2022 February 07, 2022 11:00 CET Download to calendar SEE ALL EVENTS INSTAGRAM TWITTER YOUTUBE Travelers for 75 years 🇩🇰🇳🇴🇸🇪 August 1st marks our 75th anniversary as the proud carrier of travelers to, from and within Scandinavia. And while a lot has happened since our first-ever flight from Stockholm to New York 75 years ago, we’re even more excited about what has yet to come. Thank you, for traveling with us for all these years! We are looking forward to welcoming you on board our flights today, tomorrow and for many more years to come. #flysas #SAS75 #wearetravelers Travelers explore Pula 🇭🇷 Rising above the Adriatic Sea on the southern tip of the peninsula is Pula. Besides being home to one of the world's best preserved Roman amphitheaters, Pula is also known for its unbroken blue coastal line, amazing beaches, great restaurants and its relaxed Mediterranean atmosphere. Fly direct to Pula from Copenhagen, Stockholm and Oslo this summer. We’ll get you there safely. #flysas #wearetravelers #croatia #pula Scandinavia is rooting for you! 🇩🇰🇳🇴🇸🇪 We are thrilled to be proud carrier of the Scandinavian Olympic athletes! Today, the second flight bound for the Summer Games left Oslo. With a quick pit-stop in Copenhagen, to pick up fellow Scandinavian athletes, the flight is now safely on its way to Fukuoka in Japan. The athletes will be traveling on one of our brand-new A350’s, which is one of the most fuel-efficient aircraft in the industry and our fleet’s latest pride and joy. Join us in wishing the athletes all the best of luck at this year’s games! #flysas #wearetravelers #japan #tokyo ABOUT SAS This is SAS Strategic priorities for a changing market Business model Fleet Board and management Corporate governance Bolagsstyrning SAS History SUSTAINABILITY SAS view on sustainability SAS Stakeholders Sustainability policies Sustainability related KPI's Flight emission calculator Environmental Management System (ISO 14001) Sustainability reports Initiatives and activities Sustainability contacts INVESTOR RELATIONS Recapitalization plan Rekapitaliseringsplan Shareholder program Financial targets and achievements Financial data Debt and credit rating The share Financial reports Press releases SAS traffic figures Financial presentations Calendar Corporate governance Financial information and reporting Investor relations contacts Subscribe and follow NEWSROOM Press releases SAS Comments Financial reports Imagebank Media contacts Photo permission Sponsorship requests Subscribe and follow CAREER Working at SAS – Leaders and employees in focus Do you fit in? 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