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SAS Publishes 2023 Financial And Sustainability Report

At a recent Board meeting of SAS AB, the group discussed and approved the November 2022-October 2023 Annual and Sustainability Report for the SAS Group and parent company SAS AB. This report shows the company’s performance and commitment to sustainability over the past year.

The Annual and Sustainability Report includes data on SAS’s efforts to reduce carbon emissions, improve customer service, and ensure financial health.

SAS financial and sustainability report
jet airplane landing on runway at twilight (XXL)

Highlights Of The SAS 2023 Report

  • 23.7 million passengers served
  • 71.4% punctuality
  • 42.0 SEK billion in total revenue
  • +27.3% change in operating expenses
  • -5.7 SEK billion earnings before tax
  • 54.5 CO2 emissions grams per ASK, rolling 12-month average

Despite a challenging economic environment, SAS Airlines witnessed an encouraging trend in passenger demand throughout the year. The airline ended the fiscal year 2023 with revenues of SEK 42 billion and a 33% increase in passenger numbers, reaching 23.7 million. Nonetheless, the company reported a pre-tax loss of SEK 5.7 billion, emphasizing the importance of continued cost reduction to maintain competitiveness.

While cost-saving measures have been implemented, the full financial benefits from the Chapter 11 restructuring process in the US will only be apparent after SAS completes the proceedings. Moreover, the airline faced substantial operational hurdles over the summer due to air traffic control capacity issues at Copenhagen Airport, which negatively impacted passengers and the airline’s performance.

SAS Financial and Environmental Targets

The airline SAS sets its sights on creating shareholder value while achieving sustainable, profitable growth across business cycles. The company aims to deliver a robust Return on Invested Capital (ROIC) that will surpass the post-tax Weighted Average Cost of Capital (WACC) over time. This approach aligns with capital market expectations and SAS’s internal estimates of its own WACC. It connects directly to the SAS dividend policy for common shareholders, allowing payouts when the ROIC outperforms the WACC.

The airline also targets maintaining a financial safety net where cash reserves and available credit lines exceed 25% of its annual fixed expenses. This target serves as a safeguard, equipping SAS to handle various risks and confidently adhere to regulatory demands.

SAS significantly emphasizes its net debt to adjusted EBITDA ratio, a critical measure for credit agencies and banks evaluating creditworthiness. By keeping this ratio below three and a half times, SAS aims to bolster its financial standing and credit profile while also striving to reduce financing expenses.

Lastly, SAS dedicates itself to environmental responsibilities with a clear objective to lower its total CO2 emissions by 25% by 2025, using 2005 as the benchmark year. This goal underscores the airline’s commitment to combatting climate change and highlights its role as an environmentally conscious organization.

View and download the full 2023 SAS Annual Financial & Sustainability report here:


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