• Ingen resultater fundet

– SAS and peers reorganized financial statements

In document Valuation of SAS - (Sider 134-144)

SAS reorganized Income Statement incl. quaterly data used for 2012 and 2013 (incl IAS 19 and new pension agreements modified) full year calculations

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SAS reorganized Balance Sheet, incl. year 2013 modified according to IAS 19 and new pension agreements

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Norwegian reorganized Income Statement

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Norwegian reorganized Balance Sheet

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Aer Lingus reorganized Income Statement

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3.1--=.$-$7"+76&( C+0-,0 C+,+3+ C+,33- C+0.+3 C44-12

>)-*"+6?+16&&+6?+@6.$(+A"$(%*" . C+1- - -

-43,1."5+.$("*"&(+6$+7-,.(-1.8"5+6,"*-(.$/+1"-&" C4--2+ C4--2+ C4+1/- C4+100

C40,1-PDI C4/3+3 C44-11 C432/2 C+0+., C+-122

:-0+&)."15 33.4 30./ 3,44 C,+/. +,0,

PDI(5@ C4-10+ C+2030 C4-+40 C443+3

C143-;:9$!>?@A@B8 (2&00 (2&'/ /%%)2 2)'&/ 4%(&&0%

Aer Lingus reorganized Balance Sheet

!"#$%&'()*+',# !"#$ !"#! !"## !"#" !""%

-.$/*0111

&'()*+,-./*00(+0

!"#$%&''(#)*+,,(),

2$/"#$&34*"5%(&*%(,*#6.'"7#(& 89:;;< <;019< <<1:;; <81=>8 <:1;98

?(&%()'@5#*%AA#&A 0;;;; 0B;;< 0B8;= ;=99 >80=

?(C#A&7#(&*'(*D/'(&*C#(&.$# 0=:== 01<8; 1 1 1

E#F#$$#,*&%G*%AA#& 1 0==1 ;:B: 0=>=< ;<>>

H$%,#*%(,*/&I#$*$#J#'C%@5#A ;=B<9 0>9>9 08891 1 1

E#"/A'&A 010<>B 00:<08 0B9>08 0B9=>: 010=1>

K/(LJ.$$#(&*%AA#&A*I#5,*F/$*A%5# 1 1 :<:B 1 1

-+./)+0/1(2*".('+)/#3*0(+,( >1B1BB >1B1BB ;9<>;< ;=:1:1 >0><:1

-&''(#)*4,,(),

?(C#(&/$'#A B>=8 BB=> 0;:= 0B91 908

H$%,#*%(,*/&I#$*$#J#'C%@5#A <=>B8 9=:B: <:=0: 9B;>; <>9=>

M.$$#(&*'(J/7#*&%G*$#J#'C%@5#A 1 = 08 =; 09

E#"/A'&A >8=BB: ;=B>1; ;>:>80 ;B199> 8=81:=

H/&%5*!"#$%&'()*NAA#&A B11;08< 0:B09:> 0:<0;;1 09>1=9= B0=1<00

&'()*+,-./1,*2,3,+,(0

!"#$%&''(#)*0/+5/0/)/(,

2$/C'A'/(A*F/$*/&I#$*5'%@'5'&'#A*%(,*JI%$)#A ><8B< >>0=9 ;<9B8 9110B 00>1>1

E#F#$$#,*&%G*5'%@'5'&3 =98; 1 1 1 1

-&''(#)*0/+5/0/)/(,

H$%,#*%(,*/&I#$*"%3%@5#A B:BB89 B9=8=: B:=;>= B::00< =;1<01

2$/C'A'/(A*F/$*/&I#$*5'%@'5'&'#A*%(,*JI%$)#A 0:01> B:<=B ==8<9 <0>=9 >9;9=

H/&%5*!"#$%&'()*O'%@'5'&'#A =<B98; =89>1: =<;:>< ;>188< >0;B;=

!"#$%&$'()*+,&*-(./$&(0+$1*&,"2(3%%$&%4 5675787 59977:6 59;6<:7 57;;=56 5656<6:

P'(%(J'()*+',#

45+*3/06*)(6537()08/(9:,+; 9>B<8< 9=;<00 9=8<B0 91B;19 <1;;:<

<-+()(0+=2(*),-./7(2+

!"#$%&''(#)*0/+5/0/)/(,

P'(%(J#*5#%A#*/@5')%&'/(A =8=B<< ;9:819 >=8:<0 ;<:8>9 ;;;=<;

E#$'C%&'C#*F'(%(J'%5*'(A&$.7#(&A B0> 9;8 <== 1 <=1=

2/A&*#7"5/37#(&*@#(#F'&*/@5')%&'/(A B9B>; =;9>9 B9:9B 1 1

-+./)+0/1(2*".('+)/#3*0(+,( >1B1BB >1B1BB ;9<>;< ;=:1:1 >0><:1

-&''(#)*0/+5/0/)/(,

P'(%(J#*5#%A#*/@5')%&'/(A 00;=B0 ;0:<: ;1B88 >>><= ;9B;<

E#$'C%&'C#*F'(%(J'%5*'(A&$.7#(&A 0;B<; 00BB1 998< <>00 009<=

Q%(R*/C#$,$%F&A 1 1 1 ::99 1

H/&%5*?(&#$#A&L@#%$'()*,#@& 01BB=8= 0191>== 001==88 ::09B1 01B<>9<

<-+()(0+=2(*),-./*00(+0

!"#$%&''(#)*+,,(),

O/%(A*%(,*(/(LJ.$$#(&*$#J#'C%@5#A 00<;B ;==<= ;B091 =:<:1 <0:;;

E#$'C%&'C#*F'(%(J'%5*'(A&$.7#(&A*S(/(LJ.$$#(&T 0B89 011< B19; 9;8B 89;:

-&''(#)*+,,(),

E#$'C%&'C#*F'(%(J'%5*'(A&$.7#(&A*SJ.$$#(&T 010B> ;>=: =;9;> ;1B80 0<8::

O/%(A*%(,*$#J#'C%@5#A =099< 1 1 1 >=8B

M%AI*%(,*J%AI*#6.'C%5#(&A 09991> =0B:=: B8;;:> =1>::: 0=<8B

H/&%5*?(&#$#A&L@#%$'()*%AA#&A B;=9B< =809>9 =;=81; =:;>0B 00>808

>(+/,-+()(0+=2(*),-./7(2+ <<9>=8 <098<> <>:<8B >:<=19 :00:<0

!"#$%&$'()*+,&*- #?$#$"$ #@@$$A? #@%?BA$ #$%%C#? #?#?B?A

Finnair reorganized Income Statement

!"#$%&'()*+',# -./0 -./- -.// -./. -..1

2'33'4(*56$4

!"#$%&'()*%++#&+

7(&%()'83#*%++#&+* /1 -9 0- 01 :9

!"#$%&'()"**(+*

;%(, / / / / /

<6'3,'()+ 09 0= >- >:

>-?'$@$%A& //=/ /->= //=0 /--/ /--.

!&B#$*#C6'"D#(& -9 0: --9 //- //:

?,E%(@#+*"%', 99 00 F /1

=-G#@#'E%83#+ -/ 00 0- /: -/

H#A#$$#,*&%I*$#@#'E%83#+ 99 F= F> :=

:-7(E#(&4$'#+ -. /F :1 := 0F

J$%,#*$#@#'E%83#+*K*4&B#$*$#@#'E%83#+ -0F ->/ -=0 ->- /1=

,"-%+"'%.(/)0-(1"+%#$)'("*( /==- /==- />>F />9. /.=1

J4&%3*!"#$%&'()*?++#&+ 0>>> 09:1 0:1F 009F -1./

!"#$%&'()*,'%-'.'&'#+

H#A#$$#,*&%I*3'%8'3'&L F0 1> 11 /.0 11

J$%,#*"%L%83#+*K*4&B#$*3'%8'3'&'#+ 9- 9>. 9-F >F9

>=-M6$$#(&*'(@4D#*&%I*3'%8'3'&'#+ . . . . .

N$4E'+'4(+*O+B4$&*&#$DP :/ 0= :9 -= F0

N$4E'+'4(+*O34()*&#$DP 91 =- =F F0 .

H#A#$$#,*'(@4D# 0:/ . . . .

?@@$6%3+*$#%3&,*&4*4&B#$*#I"#(+#+ /91 . . . .

5D"34L#*8#(#A'&*$#3%&#,*%@@$6%3+ 1> . . . .

J4&%3*!"#$%&'()*;'%8'3'&'#+ =:1 =99 =>1 F=. F>:

!"#$%&$'()*+,&*-(./$&(0+$1*&,"2(3%%$&%4 5678 569: 58:9 5;96 5<=6 Q'(%(@'()*+',#

/0&%.*+1%$#10.2#$+3*#45'&6 91- F=9 F>0 =>0 =>:

7(&#$#+&8-#%$'()*2#-&

7(&#$#+&R8#%$'()*3'%8'3'&'#+*O;4()R&#$DP :// :/: >/9 9F= 90F

N#(+'4(*483')%&'4( // / . 0 .

7(&#$#+&R8#%$'()*3'%8'3'&'#+*OSB4$&*&#$DP -.= /F: -0. 11

-.-;'%8'3'&'#+*%&&$'86&%83#*&4*%++#&+*B#3,*A4$*+%3# - - . . .

H#$'E%&'E#*A'(%(@'%3*'(+&$6D#(&+ -1 . . . .

,"-%+"'%.(/)0-(1"+%#$)'("*( /==- /==- />>F />9. /.=1

J4&%3*7(&#$#+&R8#%$'()*,#8& ->:0 -:F0 -0.0 -001 /1-=

7(&#$#+&8-#%$'()*%++#&+

7(E#+&D#(&+*'(*%++4@'%&#+*@4D"%('#+ = /- /: = =

!&B#$*A'(%(@'%3*%++#&+ 009 09: 0>: :=> >1=

M%+B*K*M%+B*#C6'E%3#(&+ /-0 9F >. :- 1

?++#&+*B#3,*A4$*+%3# /= 0- . F/ /1

H#$'E%&'E#*A'(%(@'%3*'(+&$6D#(&+ :: . . . .

J4&%3*7(&#$#+&R8#%$'()*%++#&+ >-= :F> :/F 9.> 90>

9#&*'(&#$#+&8-#%$'()*2#-& -./: /11= /==9 /F0: /-10

!"#$%&$'()*+,&*- 5678 569: 58:9 5;96 5<=6

Finnair reorganized Balance Sheet

!"#$%&'()*+',# -./0 -./- -.// -./. -..1

2'33'4(*56$4

!"#$%&'()*%++#&+

7(&%()'83#*%++#&+* /1 -9 0- 01 :9

!"#$%&'()"**(+*

;%(, / / / / /

<6'3,'()+ 09 0= >- >:

>-?'$@$%A& //=/ /->= //=0 /--/ /--.

!&B#$*#C6'"D#(& -9 0: --9 //- //:

?,E%(@#+*"%', 99 00 F /1

=-G#@#'E%83#+ -/ 00 0- /: -/

H#A#$$#,*&%I*$#@#'E%83#+ 99 F= F> :=

:-7(E#(&4$'#+ -. /F :1 := 0F

J$%,#*$#@#'E%83#+*K*4&B#$*$#@#'E%83#+ -0F ->/ -=0 ->- /1=

,"-%+"'%.(/)0-(1"+%#$)'("*( /==- /==- />>F />9. /.=1

J4&%3*!"#$%&'()*?++#&+ 0>>> 09:1 0:1F 009F -1./

!"#$%&'()*,'%-'.'&'#+

H#A#$$#,*&%I*3'%8'3'&L F0 1> 11 /.0 11

J$%,#*"%L%83#+*K*4&B#$*3'%8'3'&'#+ 9- 9>. 9-F >F9

>=-M6$$#(&*'(@4D#*&%I*3'%8'3'&'#+ . . . . .

N$4E'+'4(+*O+B4$&*&#$DP :/ 0= :9 -= F0

N$4E'+'4(+*O34()*&#$DP 91 =- =F F0 .

H#A#$$#,*'(@4D# 0:/ . . . .

?@@$6%3+*$#%3&,*&4*4&B#$*#I"#(+#+ /91 . . . .

5D"34L#*8#(#A'&*$#3%&#,*%@@$6%3+ 1> . . . .

J4&%3*!"#$%&'()*;'%8'3'&'#+ =:1 =99 =>1 F=. F>:

!"#$%&$'()*+,&*-(./$&(0+$1*&,"2(3%%$&%4 5678 569: 58:9 5;96 5<=6 Q'(%(@'()*+',#

/0&%.*+1%$#10.2#$+3*#45'&6 91- F=9 F>0 =>0 =>:

7(&#$#+&8-#%$'()*2#-&

7(&#$#+&R8#%$'()*3'%8'3'&'#+*O;4()R&#$DP :// :/: >/9 9F= 90F

N#(+'4(*483')%&'4( // / . 0 .

7(&#$#+&R8#%$'()*3'%8'3'&'#+*OSB4$&*&#$DP -.= /F: -0. 11

-.-;'%8'3'&'#+*%&&$'86&%83#*&4*%++#&+*B#3,*A4$*+%3# - - . . .

H#$'E%&'E#*A'(%(@'%3*'(+&$6D#(&+ -1 . . . .

,"-%+"'%.(/)0-(1"+%#$)'("*( /==- /==- />>F />9. /.=1

J4&%3*7(&#$#+&R8#%$'()*,#8& ->:0 -:F0 -0.0 -001 /1-=

7(&#$#+&8-#%$'()*%++#&+

7(E#+&D#(&+*'(*%++4@'%&#+*@4D"%('#+ = /- /: = =

!&B#$*A'(%(@'%3*%++#&+ 009 09: 0>: :=> >1=

M%+B*K*M%+B*#C6'E%3#(&+ /-0 9F >. :- 1

?++#&+*B#3,*A4$*+%3# /= 0- . F/ /1

H#$'E%&'E#*A'(%(@'%3*'(+&$6D#(&+ :: . . . .

J4&%3*7(&#$#+&R8#%$'()*%++#&+ >-= :F> :/F 9.> 90>

9#&*'(&#$#+&8-#%$'()*2#-& -./: /11= /==9 /F0: /-10

!"#$%&$'()*+,&*- 5678 569: 58:9 5;96 5<=6

Lufthansa reorganized Income Statement

!"##"$%&'()$ !"#$ !"#! !"## !"#" !""%

!"#"$%"&

*+,,-%.-)&)-/-%(- 01234 01255 06743 18195 17346

:)-".;<&+%=&>+"# 0900 4602 4037 4690 0123

?<;-)&@-/-%(- 7354 7430 3877 7675 3528

?<;-)&$A-)+<"%.&"%B$>- 0630 0297 0403 0577 0741

C;+%.-,&"%&"%/-%<$)D 179 114 148 157 007

E$<+#&)-/-%(- 40009 44644 41182 46133 07648

F<+GG&B$,<, H2476 H2670 H5529 H5578 H7885

:(-# H2679 H2480 H5025 H7179 H4537

'()"*+,-"*.(/$0+"1-"$&"&

@+I&>+<-)"+#, H0010 H0172 H0102 H0127 H0609

*()B;+,-=&.$$=, H336 H377 H340 H485 H423

:--, H7173 H7152 H7666 H3790 H4250

C;+)<-)&-JA-%,-, H308 H759 H512 H521 H780

!@?&,-)/"B-, H1637 H882 H1167 H1110 H1655

K%HG#".;<&,-)/"B-, H412 H448 H430 H436 H076

'J<-)%+#&KEH,-)/"B-, H155 H131 H108 H112 H165

?<;-)&,-)/"B-, H517 H512 H752 H724 H748

?<;-)&$A-)+<"%.&-JA-%,-, H3274 H3997 H7084 H7184 H3782

E$<+#&$<;-)&$A-)+<"%.&-JA-%,-, H17141 H17405 H17510 H17178 H14413

&'()*+, !-.% $!-$ !-$# $#-. !"./

?A-)+<"%.&#-+,-&A+D>-%<, H23 H114 H145 H035 H449

,01234056&'()*+ !-#7 $#7" !/%7 !%!!

#8/-K>A#"-=&"%<-)-,<&$%&B+A"<+#"L-=&$A-)+<"%.&#-+,-44 44 72 59 104

+59:;4056&'()*+ !-/. $#.$ !77! !%%" #.-%

M-A)-B"+<"$%N&+>$)<"L+<"$%&+%=&">A+")>-%<H1255 H1948 H1200 H1590 H1327

&'() ..! #$// .$" #$". $%/

E+J&$%&'OKE H473 H84 H080 001 H000

<=>+) 7!. #!7# 7$. #7!% #8!

!"&%2(+,3+"4%/(5+/$#"&(6"$(& 107 83 21 163 79

7$("*"&(+/$8,6" 150 159 186 189 191

7$("*"&(+"1-"$&" H769 H395 H329 H777 H765

'()"*+3/$.$8/.2+/("6& H94 H39 H116 H8 H044

76-2/"9+/$("*"&(+,$+8.-/(.2/:"9+,-"*.(/$0+2".&"H44 H44 H72 H59 H104

P:' H442 H467 H493 H446 H504

;.1+&)/"29 147 01 147 H75 471

P:'&QE H060 H093 H038 H495 H020

<*,3/(=2,&&+.((*/>%(.>2"+(,+6/$,*/(5+/$("*"&(&H14 H14 H12 H10 H10

<*,3/(=2,&&+3*,6+9/&8,$(/$%"9+,-"*.(/,$& 6 45 H097 6 6

<046&?3@A@B; $#$ %%" C#$ ##$# C##!

Lufthansa reorganized Balance Sheet

!"##"$%&'()$ !"#$ !"#! !"## !"#" !""%

*"%+%,"%-&."/0

&'()*+,-./*00(+0

!"#$%&''(#)*+,,(),

1%2+%-"3#0&+44024&5"26&+%&"%/07"%"20&(407(#&#"70 8899 88:; 88:8 8<9= 8<88

>260)&"%2+-"3#0&+44024 ;98 ;?< ;9@ ;=: ;=9

A"),)+72&+%/&)040)B0&0%-"%04 8=;<@ 889;9 88<:= 888<; 8C@@@

.D+)0&D+)24 :<: 9:: 9@C 9?? 98C

E)$D0)2F&D#+%2&+%/&$260)&0G("DH0%2 =C<9 =C98 =889 =8=C =8<?

1%B042H0%24&+,,$(%20/&7$)&(4"%-&260&0G("2F&H026$/ @<9 @CC ;:@ ;9< ;=C

I070))0/&,6+)-04&+%/&D)0D+"/&0JD0%404&K%$%&,())0%2L 8M =< =@ =M ;8

'770,2"B0&"%,$H0&2+J&)0,0"B+3#04&K%$%&,())0%2L ;: <= MC M8 M:

I0770)0/&,#+"H4&7$)&"%,$H0&2+J&)+3+204 M== @@ ;; 9= ;<

-+./)+0/1(2*".('+)/#3*0(+,( 9== 9== 88;C 8;MC =@MC

-&''(#)*4,,(),

1%B0%2$)"04 M@8 M;: M=C MM= M@M

N)+/0&)0,0"B+3#04&+%/&$260)&)0,0"B+3#04 ;<?? ;<?9 ;@;? ;@C8 ;C;;

I070))0/&,6+)-04&+%/&D)0D+"/&0JD0%404&K,())0%2L 8@M 8<8 8?8 8@M 8=9

'770,2"B0&"%,$H0&2+J&)0,0"B+3#04&K,())0%2L ?= 8C8 8=9 :9 8C<

N$2+#&>D0)+2"%-&A44024 =;;;; ==8:9 ==8== ===9= ==C??

&'()*+,-./1,*2,3,+,(0

!"#$%&''(#)*0/+5/0/)/(,

>260)&D)$B"4"$%4&K%$%O,())0%2L <98 <9M <?9 M@; M=C

A/B+%,0/&D+FHP&)0,0"B0/Q&/070))0/&"%,$H0Q&%$%O7"%+%,"+#&#"+3P 889? 88M; 88<M 8C9? 8CCC

I070))0/&"%,$H0&2+J&#"+3"#"2"04 8@M =@= ;M@ @C< MM;

-&''(#)*0/+5/0/)/(,

>260)&D)$B"4"$%4&K,())0%2L 9M8 :88 989 998 88==

N)+/0&E+F+3#04 ;C=M =?9@ =9C< =:C= =<<=

R"+3"#"2"04&7)$H&(%(40/&7#"-62&/$,(H0%24 =M;< =M8= =;<: =;9: 8:CM A/B+%,0&D+FH0%24&)0,0"B0/Q&/070))0/&"%,$H0Q&%$%O7"%+%,"+#&#"+3"#"2"04&K,())0%2L:M8 :;; :;: 8CMM 8CC9

'770,2"B0&"%,$H0&2+J&$3#"-+2"$%4 =@? 8C? ?8 =;? 8@<

E)$B"4"$%4&+%/&#"+3"#"2"04&)0#+2"%-&2$&/"4D$4+#&-)$(D4

N$2+#&>D0)+2"%-&R"+3"#"2"04 :M@@ :;;9 :C:C :M8C :C8M

!"#$%&$'()*+,&*-(./$&(0+$1*&,"2(3%%$&%4 56789 5:87; 56;6: 5:7<: 56;75

*"%+%,"%-&."/0

45+*3/06*)(6537()08/(9:,+; M8C9 9=:9 9C@@ 9;@C M=C=

<-+()(0+=2(*),-./7(2+

!"#$%&''(#)*0/+5/0/)/(,

E0%4"$%&D)$B"4"$%4 @?89 =C?M =8M< =<?8 =?8C

S$))$5"%-4&K%$%O,())0%2L @9=; <:@? <9C9 M==? M8C:

>260)&7"%+%,"+#&#"+3"#"2"04&K%$%O,())0%2L 8@9 8:9 8=9 88C 9?

I0)"B+2"B0&7"%+%,"+#&"%42)(H0%24&K%$%O,())0%2L @=M 8<C << 888 ==<

-+./)+0/1(2*".('+)/#3*0(+,( 9== 9== 88;C 8;MC =@MC

-&''(#)*0/+5/0/)/(,

S$))$5"%-4&K,())0%2L 8<8@ :M; M8M :<? M:;

>260)&7"%+%,"+#&#"+3"#"2"04&K,())0%2L 8<=C 8@@? 8@== 8=:8 8=@@

I0)"B+2"B0&7"%+%,"+#&"%42)(H0%24&K,())0%2L 89; = ;? 8C; 8CM

R"+3"#"2"04&)0#+20/&2$&+444024&60#/&7$)&4+#0 C C ?8M C C

N$2+#&1%20)042O30+)"%-&/032 8@8<@ 88MC< 8=C?? 8=?;C 8;M;@

<-+()(0+=2(*),-./*00(+0

!"#$%&''(#)*+,,(),

1%B042H0%2&D)$D0)2F C C C C ;

>260)&0G("2F&"%B042H0%24 <CC @8; 9:9 88=9 9?9

T$%O,())0%2&40,()"2"04 =C 8: 8;@ =<C ;@:

R$+%4&+%/&%$%O,())0%2&)0,0"B+3#04 @:8 8C<= M8M M=C <CM

I0)"B+2"B0&7"%+%,"+#&"%42)(H0%24&K%$%O,())0%2L ;;< =M9 ;@; ;<C =<<

-&''(#)*+,,(),

I0)"B+2"B0&7"%+%,"+#&"%42)(H0%24&K,())0%2L @MC =8< @8@ @9@ =<=

.0,()"2"04 ;8@M ;<;C ;888 @=9; ;;C;

U+46 8<<C 8@;M 99? 8C:? 88;M

A44024&60#/&7$)&4+#0 ?8 88C M9M 89M :;

N$2+#&1%20)042O30+)"%-&+44024 M<?; ?C@; ?C9: 9;:9 M??<

>(+/,-+()(0+=2(*),-./7(2+ ?<98 @<M= @:99 @;;= M9<:

!"#$%&$'()*+,&*- 56789 5:87; 56;6: 5:7<: 56;75

In document Valuation of SAS - (Sider 134-144)