So in 2019/2020 (year ending Jan-20) which is the last normal year of ops, SAS posted 44bn in revenue, ~7bn in payroll and ~35bn in opex. Numbers somewhat similar year prior but lower opex.

I am genuinely curious how they believe 7.5bn of savings are feasible? It can’t be payroll; I know there’s a lot of hate for staff but everything I read say they have one of the lower staff costs in Europe. It can’t be fuel efficiency as that will max give you 10-15% (and many of those savings have already been achieved). Perhaps SAS Connect gives you some but I’m dumbfounded how it can be the bulk when staff costs are what they are.

I guess some will come on back of higher margin growth in new revenues but then you need revenues - how will they (based on normalised ops) achieve that? SAS doesn’t attract/extract premium revenues as all home markets are highly competitive with a flyer base not willing to pay up.

I’m only an airline armchair CEO here but if SAS wants growth they need heavy investments and become a premium airline upfront and whatever they want down back, but for that to succeed they will need a bigger network, new lounges, etc…

My guess, and not savings, is they will consider selling Norwegian operations, and keep feeder flights to ARN/CPH, as removing a third hub would need to equal kr-savings. Also guess another round of single l/h hub consolidation will come.