 | |
| Company type | Private State-owned enterprise (Partly) |
|---|---|
| ISIN | SE0003366871 |
| Industry | Aviation |
| Founded | 1946; 79 years ago (1946), merger ofABA (1924),DDL (1918), andDNL (1927) |
| Headquarters | SAS Frösundavik Office Building,Solna,Stockholm,Sweden |
Area served | Europe |
Key people | Carsten Dilling (Chairman) Anko van der Werff (CEO) |
| Services | Airlineservices |
| Revenue |  13.96 billionkr (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 |
SASAB,[2] trading asSAS Group, is a Swedish airlineholding company headquartered inSolna Municipality,Sweden. It is the owner of the airlinesScandinavian Airlines,SAS Link, andSAS Connect.
As of 2024, SAS Group is owned by a group of shareholders including the Americaninvestment fund Castlelake, L.P. (in turn controlled byBrookfield Asset Management[3]) with a 32% stake, theGovernment of Denmark (through theMinistry of Finance) with a 25.8% stake,Air France-KLM with a 19.9% stake and the Danishfamily office Lind Invest with a 8.6% stake. This ownership structure emerged after the company exitedU.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 Scandinavianflag carriersAerotransport (ABA - Sweden),Det Danske Luftfartselskab (DDL - Denmark), andDet 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 intoSASAB.[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. TheSwedish government maintained a 21.8% stake until the 2024 restructuring.[7]
SAS Group previously owned various entities, includingRezidor Hotel Group (owner of theRadisson SAS brand) andBraathens. It also had a minority interest inbmi,airBaltic,Texas Air,Thai Airways International, andLAN Airlines. SAS also once owned 19.9% of the now defunct Spanish airlineSpanair as well as shares inEstonian Air andSkyways Express.
SAS was a founder of theAmadeus Computerised Reservation System and theStar Alliance, which it left on 31 August 2024.[8] SAS runs the frequent flyer programEuroBonus.
The airline was founded on 1 August 1946 whenDet Danske Luftfartselskab A/S,AB Aerotransport, andDet Norske Luftfartselskap AS (the flag carriers of Denmark, Sweden, and Norway) formed apartnership to handle intercontinental traffic toScandinavia. Operations started on 17 September 1946. The companies then started coordination ofEuropean 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 globalStar Alliance network withAir Canada,Lufthansa,Thai Airways International, andUnited Airlines.
The SAS Group has its origins in 1918 with the founding of AB Aerotransport (ABA), theSwedish parent company of SAS. In 1920, Det Danske Luftfartselskab A/S (DDL), the Danish parent company, was established. DDL was listed on theCopenhagen Stock Exchange in 1924. In 1927, Det Norske Luftfartselskap A/S (DNL), theNorwegian 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 fromStockholm toNew York. In 1951, DDL, DNL, and ABA formed the present SAS Consortium.
In 1954, SAS became the first airline to fly theCopenhagen -Los Angeles polar route in regular scheduled service. In 1957, SAS was the first airline to offer "round the world service over theNorth Pole" fromCopenhagen toTokyo viaAnchorage. The airline entered the jet age in 1959 with the introduction of theCaravelle aircraft. In 1960, SAS opened its first hotel, the SAS Royal Hotel Copenhagen, and helped establishThai 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 theOslo Stock Exchange. In 1971, SAS put its firstBoeing 747 jumbo jet into service. In 1977, SAS sold its remaining stakes in Thai Airways. In 1980, SAS opened its first hotel outside ofScandinavia, the SASKuwait Hotel. SILA was listed on theStockholm Stock Exchange. In 1981, SAS EuroClass was introduced on allEuropean routes. The following year, SAS was named the most punctualairline inEurope for the first time. In 1984, SAS received the Air Transport World's distinction "Airline of the Year" for 1983.
In 1986,Spanair was founded by SAS Group. In 1987, SAS cofounded theAmadeus Computerised Reservation System (also known asGDS). 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 thefranchise ofDiners 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 ofStar Alliance. In 1998,Air Botnia (Blue1) became a wholly owned subsidiary of the SAS Group. In 1999, the SAS Group became a majority owner ofWiderøe.
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 inEstonian Air.
In 2004, Scandinavian Airlines Sverige, SAS Braathens, and Scandinavian Airlines Danmark were incorporated. In 2006, SAS sold its remaining shares in theRezidor Hotel Group chain. In 2007, CEO and President Mats Jansson was inaugurated; SAS sold theSAS 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 inWiderøe.
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.
In 2020, SAS halted most of its traffic from March 16 due to theCOVID-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 forChapter 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, whileAir 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 theStockholm,Copenhagen, andOslo stock exchanges, resulting in the existing shares' value being reduced to zero. This decision affected over 250,000 shareholders, many of whom wereretail investors, and led to a 95% drop in the stock's value.[13]
The restructuring marked the end ofWallenberg 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 theNordic 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 acontrolling shareholder.[16]
SAS Group is the main operational company in the SAS consortium. The SAS Group company structure looks as follows:
The SAS Group head office is currently in the SAS Frösundavik Office Building inFrösundavik [sv],Solna Municipality, Sweden, in the Stockholm area.[17][18]
The SAS Group head office was previously located on the grounds of theStockholm Arlanda Airport (ARN) inSigtuna Municipality, Sweden.[19]
Before spring 2011,[citation needed] it was located in the SAS Frösundavik Office Building.[20][21]
| 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] |
| Year ended | Passengers flown[24] | Employees (Average/Year) | Net profit/loss (SEK) | Basiceps (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 |
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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 toSAS Connect |
| Airbus A321LR | 3 | ||
| ATR 72-600 | 7 | Operated byNordica | |
| Airbus A330-300 | 8 | ||
| Airbus A350-900 XWB | 4 | 2 | |
| Bombardier CRJ900 | 11 | Operated byCityJet | |
| 6 | Operated byNordica | ||
| Embraer 195 | 10 | Operated bySAS Link | |
| Total | 124 | 21 |
On 4 January 2010 the SAS Group announced the sales of 18 surplus MD-80 series aircraft toAllegiant 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 withAirbus for 35 newAirbus A320neos with another 15 being leased. These aircraft are meant to replace some of SAS's current A320s, as well as theirBombardier CRJ900's.[30] Bringing the total of the type to 80 aircraft.
The exhibits at the SAS Museum atOslo Airport, Gardermoen, inNorway, 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 atOslo 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.
