SAA Results Presentation and Future Strategy 31 October 2001
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Transcript of SAA Results Presentation and Future Strategy 31 October 2001
SAA Results Presentation SAA Results Presentation
and Future Strategyand Future Strategy
31 October 200131 October 2001
2SAA Results and Strategy 210901 ANV
SAA results for last 5 years
YE March 2001 - an extremely challenging year
Details of financial performance
SAA future strategy “Perfecting the Basics”
USA impact
Summary
Agenda
3SAA Results and Strategy 210901 ANV
Contents of Results
Operating Statistics
Reported Net Profits/(Losses)- Including Asset Sales and significant items
Headline Earnings/(Losses)- Excluding Asset Sales and other adjustments
Adjusted Net Profits/(Losses)- Headline Results deduct/add once-off items
Balance Sheets
Results for the last 5 Years
4SAA Results and Strategy 210901 ANV
South African Airways has been a growing business
Results for the last 5 Years
2000
2001 6,1
1998
1999
5,1
5,3
1997 4,9
5,8
67%
64%
65%
64%
62%
640
433
392
337
578
62
50
54
49
51
Pax
(Mil)
LF
(%)
Cargo Ton
Km (Mil)
Fleet
29,656
23,659
25,173
21,528
29,034
ASK’s
(Mil)
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Turnover improved significantly, however spiralling operating costs offset revenue improvements
Results for the last 5 Years
2000
2001 10,839
1998
1999
6,891
8,142
1997
Turnover
9,263
17%
14%
18%
14%
11,806
6,987
8,627
Operating Costs
9,356
26%
7%
23%
8%
6,070 6,506
RM’s RM’s
6SAA Results and Strategy 210901 ANV
Results for the last 5 Years
Reported Net Profits/(Losses)
RM’s
31 March 2000
31 March 2001 408*
31 March 1998
31 March 1999
(302)
10
31 March 1997 (396)
349
Year Ended:
Reported Profits show a strong upward trend
* Subject to any adjustments that may be required by the actuarial valuation and audit of the Transnet Pension Fund
7SAA Results and Strategy 210901 ANV
SAA has researched the airline industry to establish if a universal practice exists in publishing reported results:- Some airlines include profits/(losses) from aircraft sales in operating
results (e.g. Swissair, Air France, Finnair, Lufthansa, etc) because regular turnover of the fleet is part of the business
- Other airlines exclude profits/(losses) from aircraft sales to arrive at operating results, but include them only in the bottom line (e.g. airlines reporting under US GAAP - such as KLM, BA)
SAA has in the past (1997-2001) included profits/(losses) from sale of aircraft in its operating results
SAA has decided to present its results in-line with the GAAP headline earnings in order to provide full disclosure
Results for the last 5 Years
Reporting methodology
8SAA Results and Strategy 210901 ANV
To arrive at Headline Earnings/(Losses) (in terms of GAAP) adjust for the following:
- Profit on Sale of aircraft and other assets
- Profit on Sale of business operations
- Other adjustments
Results for the last 5 Years
Headline Earnings/(Losses)
9SAA Results and Strategy 210901 ANV
Results for the last 5 Years
Headline Earnings/(Losses)
RM’s
31 March 2000
31 March 2001 (735)
31 March 1998
31 March 1999
(289)
(269)
31 March 1997 (477)
(32)
Year Ended
Reported Net Profits/(Losses)
RM’s
408
(302)
10
(396)
349
Headline Earnings/(Losses)
10SAA Results and Strategy 210901 ANV
Significant “One Time” and “Exceptional” items are deducted/added back to Headline Earnings/(Losses) to arrive at Adjusted Net Profits/(Losses)
- Revenue items (deducted)
- Cost items (added back)
Results for the last 5 Years
Adjusted net profits account for one-off items
11SAA Results and Strategy 210901 ANV
Results for the last 5 Years
Adjusted Net Profits/(Losses)
RM’s
31 March 2000
31 March 2001 (627)
31 March 1998
31 March 1999
(253)
(273)
31 March 1997 (411)
(83)
Year Ended
Reported NetProfits/(Losses)
RM’s
408
(302)
10
(396)
349
HeadlineEarnings/(Losses)
RM’s
(735)
(289)
(269)
(477)
(32)
Adjusted Net Profits
12SAA Results and Strategy 210901 ANV
The “core business” of SAA improved from the year
ended 31 March 1997 to the year ended 31 March 2000
Results for the last 5 Years
...However...
It declined significantly in the year ended 31 March 2001
What do the Headline Earnings/(Losses) and Adjusted Net Profits/(Losses) show?
13SAA Results and Strategy 210901 ANV
SAA results for last 5 years
YE March 2001 - an extremely challenging year
Details of financial performance
SAA future strategy “Perfecting the Basics”
USA impact
Summary
Agenda
14SAA Results and Strategy 210901 ANV
The challenges of YE March 2001
YE March 2001 was particularly challenging for SAA
Fuel price
Rand devaluation
Implementation problems with B737-800
Long-haul product not competitive
Excess capacity on European routes
Difficulty with implementation of Africa strategy
15SAA Results and Strategy 210901 ANV
The challenges of YE March 2001
Hedge gains offset, but did not eliminate fuel cost increase
2000 Price Effect Forex Effect Hedge Gain 2001
1,526
1,006
355
(456)2,431
0
500
1,000
1,500
2,000
2,500
3,000
R(m)Budget
2,009
16SAA Results and Strategy 210901 ANV
The challenges of YE March 2001
SAA’a revenue is earned in a basket of currencies which historically offset US$ operating cost increases as a result of the devaluation of the Rand
The strengthening of the US$ against major European currencies caused SAA’s historical natural hedge to diminish
Steps are being taken to redress this imbalance
Year Ended 31 March: 2000
Rand devaluation:
199919981997 2001
9%6%8%22%– Year-on-year Change
R7.39R6.16R5.87R4.72R4.49– Actual Average Rand/US$
US Dollar strength increased costs more than revenues
20%5%24%5%– Year-on-year Change
R11.46R10.50R9.89R9.18R7.55– Actual Average Rand/GBP£
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The challenges of YE March 2001
Implementation problems - revenue/cost impact- Business class seats- Pilot training- Airport handling- Cargo/Baggage Handling- Delayed installation of winglets temporarily increased fuel use- Ownership cost greater due to Rand devaluation, but offset by
interest earned on surplus cash
Negative Impact (R152M)
B737-800’s have not yet delivered gains expected...
18SAA Results and Strategy 210901 ANV
The challenges of YE March 2001
...But progress has already been made in tough operating environment
Route network extended to over 600 destinations through alliances with world class airlines
Yield management system improved
Sales organisation enhanced
Strong cost controls introduced
Fuel Hedge program continued
Strong Balance Sheet 2001 2000- Free cash R2,0B R1,5B
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Built on Strong Bi-lateral Alliances, the SAA Network Serves Over 600 Destinations
Johannesburg/Cape town
Atlanta
NewYork
Frankfurt
Hong Kong
São Paulo
London
Dubai
Zurich
Perth Sydney
Extensive Network
20SAA Results and Strategy 210901 ANV
SAA results for last 5 years
YE March 2001 - an extremely challenging year
Details of financial performance
SAA future strategy “Perfecting the Basics”
USA impact
Summary
Agenda
21SAA Results and Strategy 210901 ANV
Details of financial performance
Headline Earnings Adjustments-Profit from sale of assets
Sale of land to ACSA Sale of four A300 aircraft Sale of one B747 Freighter Sale of two A320 aircraft Sale and leaseback of ( x ) B737-200’s Sale and leaseback of two B747-400’s Sale and Leaseback of one B747-300 Sale of Ground Support Equipment business unit Sale of other assets Sale of Duty Free operation
-Payments for Branding & Codeshare - SA Airlink-Phase out costs on A300 and A320 fleets-Write down of Equant NV shares-Write up of Equant NV shares- Impairment of assets
Headline Earnings/(Losses)
Reported Net Profits/(Losses)
(269) (477)(289)(32)(735)
(148)
(100)
(81)
(179)
(93)
(129)
(28)
130
(194)
(391)(760)
(130) 13(202)(1,562) (81)
5
(35)
299
(30)(26)
(148)
10 (396)(302)349408
31/03/98 31/03/9731/03/9931/03/01 31/03/00
SAA (Pty) Ltd SAA a division of Transnet Ltd
Deriving Headline Earnings from Reported Profits
RM RM
25
13
22SAA Results and Strategy 210901 ANV
Details of financial performance
Fleet strategy
To release aircraft equity, where the future value of such aircraft is under threat
To retain the proceeds for investment in future fleet requirements
This strategy has been followed in respect on the following fleets: Boeing 737-200 (13 aircraft) Boeing 747-400 (2 aircraft) Airbus A300’s (4 aircraft) Airbus A320’s (2 aircraft)
23SAA Results and Strategy 210901 ANV
Details of financial performance
737 values dropping due to future noise
abatement regulations
Aircraft assets were sold for good commercial reasons
3
5
7
2001 2002 2003 2004 2004 2006
Boeing 737-200 price developmentUS$ MM- 2nd Half 2000
747 values dropping as major airlines
reduce average aircraft size
Aircraft sales versus guaranteed exit in future from ageing aircraft fleet
A300’s and A320’s sold as part of 737-800 fleet renewal program
40
45
50
55
60
65
2001 2002 2003 2004 2004 2006
Boeing 747-400 price development
US$ MM - 2nd Half 2000
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Deriving adjusted profits from headline earnings
Revenue items-Forward Sales releases (Historic)-Voyager Revenue - Accolades Program-FEC rollover profits related to B777 order-Atraxis outsourcing inducement-Airchefs dividends received-Apron Services Management Fees-Restructure of leases in respect of two B747-400’s-B767 Reimbursement for under performance
Cost items-Retrenchment costs-Settlement costs (expatriates)-Engine overhaul outsourcing-Spares write-off - obsolete spares write-off-Spares write-off - A320 and A300 spares write-off-Veer.com write-off-Pension Fund conversion costs-Other provisions- Interest on Pension Fund Debentures
(20)
Adjusted Profits/(Losses) after significant items and Headline Earnings/(Losses) adjustments
(7)(7)
(35)
(39)
SAA (Pty) Ltd SAA a division of Transnet Ltd
25
106
(300)
(2)
(62)
(117)
7343
92
(102)
(197)(441) (7)(7)(139)
109
14
136
79
55
43
45.3
76
549 146 7343135
31/03/98 31/03/9731/03/9931/03/01 31/03/00
(627) (83) (411)(253)(273)
(269) (477)(289)(32)(735)Headline (loss) Earnings
(100)
51
Details of financial performance
RM RM
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Details of financial performance
Balance sheets for last 5 years31 March 31 March 31 March 31 March 31 March
2001 2000 1999 1998 1997R Million R Million R Million R Million R Million
ASSETSNon-current assets 5,496 5,423 5,792 4,346 3,972
Property, aircraft and equipment 3,677 5,031 5,640 4,255 3,943
Intangible asset 203 179 - - -Investments and long-term asset 1,616 213 152 91 29
Current assets 5,240 4,403 2,681 2,080 1,640
Inventories 535 764 883 721 607Accounts receivable 2,072 2,116 1,183 944 741Other assets 424 72 - - -Short-term portion of long-term asset 169 - - - -Bank balances and cash 2,040 1,451 615 415 292
10,736 9,826 8,473 6,426 5,612
EQUITY AND LIABILITIESCapital and reserves 3,884 3,463 2,031 2,031 2,031
Non-current liabilitiesDebentures to pension fund - - 261 261 261Long-term liabilities 1,818 2,089 2,947 1,824 1,311Current liabilities 5,034 4,274 3,234 2,310 2,009
Bank overdraft 1 - - 30 62Other liabilities 174 412 - - -Air traffic liability 1,346 1,140 1,071 1,080 730Accounts payable 3,381 2,554 2,163 1,200 1,217Short-term portion of long-term liabilities 132 168 - - -
10,736 9,826 8,473 6,426 5,612
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Cash flow
Details of financial performance
2001RM
2000RM
1999RM
1998RM
1997RM
Operations 389 440 844 101 (17)
Investments 506 (1,253) (1,708) (759) (356)
Financing (307) 1,649 1,094 813 383
Increase 588 836 230 155 10
Year beginning 1,451 615 385 230 220
Year End 2,039 1,451 615 385 230
27SAA Results and Strategy 210901 ANV
SAA results for last 5 years
YE March 2001 - an extremely challenging year
Details of financial performance
SAA future strategy “Perfecting the Basics”
USA impact
Summary
Agenda
28SAA Results and Strategy 210901 ANV
Return SAA to profitability
Key challenge for the future
Future Strategy
How ?
29SAA Results and Strategy 210901 ANV
Future Strategy
Strategy of
“Perfecting the Basics”
30SAA Results and Strategy 210901 ANV
Revamp customer service
Sustained revenue growth
Optimise alliances
Implement Africa strategy
Cost reductions
Improve operating efficiencies
Renew long haul fleet
Manage currency and fuel exposure
Staff development
Future Strategy
Key Deliverables
31SAA Results and Strategy 210901 ANV
Know our customers- Customer focus groups
Give customers what they want- Revamp gate to gate service and product to deliver
seamless and differentiated customer service- Implement business class seating in short haul fleet- Implement product upgrades on key long haul routes- Plan future long haul fleet
Revamp customer service
RegainPremiumMarket share
Key Deliverables
32SAA Results and Strategy 210901 ANV
Optimise frequencies, schedules and aircraft type; eliminate multi-stop services
Offer maximum connectivity from existing alliances
Attract new alliance partners to extend global access
Revamp customer service continued...
Key Deliverables
33SAA Results and Strategy 210901 ANV
Key Deliverables
2002 YTD growth - 26,7%
Sustained revenue growth
Passenger
155427
DomesticRegionalInternational
%
Revenue Growth
34SAA Results and Strategy 210901 ANV
Key Deliverables
2002 Yields2001
R
Domestic
Sustained revenue growth
RegionalInternational
Passenger
6331,2803,083
2002
R
7291,6163,335
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Key Deliverables
2002 Load Factors2001
%
Domestic
Sustained revenue growth
Regional
International
Passenger
65,566,6
64,7
2002
%
67,464,5
69,2
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Key Deliverables
2002 YTD growth - 14,6%%
Revenue Growth
Domestic
Regional
International
Cargo
(2,2)
34,1
16,4
Sustained revenue growth
37SAA Results and Strategy 210901 ANV
Key Deliverables
Planned growth of R250M
- SwissAir MD11 D-checks (12)
- Lufthansa B747 D-checks (2)
- 1,000,000 manhours committed by Boeing as part of the B737-800 acquisition
Technical
Sustained revenue growth
38SAA Results and Strategy 210901 ANV
Key Deliverables
Optimise Alliances
Maximise benefits- Growth in yields achieved- Better connectivity- Increase in destinations served (600)- Relationships with all major global alliances
Star Alliance one world Sky Team Qualiflyer
- Audit underway
39SAA Results and Strategy 210901 ANV
Key Deliverables
Implement Africa Strategy
Develop hub strategy for East and West Africa
Resume operations to US$ markets Kinshasa Livingstone Ndola
Increased capacity and frequency (54% revenue growth)
40SAA Results and Strategy 210901 ANV
Great Opportunity African Open SkiesBuild SAA’s position as the leading airline in Africa
AccraAccra
HarareHarareLusakaLusaka
Dar Es SalaamDar Es SalaamNdolaNdolaLuandaLuanda
NairobiNairobiEntebbeEntebbe
KigaliKigali
LagosLagos
AbidjanAbidjan
ComoresComores
MauritiusMauritiusBulawayoBulawayo
DurbanDurban
SalSal
Walvis BayWalvis Bay
LilongweLilongwe
BlantyreBlantyre
GaboroneGaboroneMaputoMaputo
MaseruMaseru
ManziniManzini
Vic FallsVic Falls
WindhoekWindhoek
Cape TownCape Town
JNB JNB
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Key Deliverables
Cost reductions
Cut general costs by R250M Reduce catering costs through product simplification (R40M)
Bistro bag
Rand procurement i.s.o. US$ procurement Toilet bags
New fleet will reduce maintenance costs Distribution costs
Commissions reduced by 2% (R70M from 2003) Overrides limited to 60% of prior year (R30M from 2003)
Renegotiate labour agreements for FDC Restrict use of expatriates and consultants (R250M)
Minimum savings expected R600M
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Key Deliverables
Improve operating efficiencies
Shorthaul Optimise B737-800 implementation
Split B737-800 and B737-200 fleet Install new business class seats Retrofit winglets to achieve fuel savings Lease out off peak surplus capacity (Transavia - R20M)
Reduce turn times on domestic schedule from 60 to 30 minutes Free up 4 aircraft (R100M saving in ownership cost)
43SAA Results and Strategy 210901 ANV
Key Deliverables
Improve operating efficiencies
Longhaul Millenium product
Complete implementation on B747-400 fleet Regain competitiveness
New fleet RFP scheduled for 26 September 2001 Reduce DOC’s (to significantly offset ownership costs) Enhance reliability Increase utilisation Crewing efficiency Improve cargo capacity Additional lift for domestic and regional
44SAA Results and Strategy 210901 ANV
Key Deliverables
Manage currency and fuel exposure
Total commitment - US$1,3 B Covered - US$1,0 B MTM ±R500 M
Covered 70% Objective 100% Expected cash flows US$3 M per month Implementing hedging strategy for
domestic uplifts Expected savings (R15 M)
Jet Fuel:
US$ Commitments:
45SAA Results and Strategy 210901 ANV
Key Deliverables
Staff development
Restrict use of consultants (R130M)
Fast track talented individuals SwissAir training
Utilise industry training programs
Proper succession planning to reduce reliance on expatriates
Reward for performance Incentive programs being developed
46SAA Results and Strategy 210901 ANV
YTD Results 2002
SAA (Pty) Ltd Actual Budget Actual
Year to date Year to date Year to dateSep-01 Oct-01 Sep-00
Reported Net Profits/(Losses) 96,113 (60,544) 285,395
Headline Earnings adjustments:
Profit from sale of assets (512,592) (149,099) (457,775)
5 x A320's (484,051) (149,099) 0
2 x A300's (28,541) 0 (66,922)
13 x Boeing 737's 0 0 (390,853)
Sale of route rights to SA Airlink 0 0 (34,500)
Phase out costs on A300 and A320 fleets 72,920 0 42,483
Write down of Equant NV shares 28,512 0 103,008
Impairment of Atraxis 186,411 0 0
Headline (loss) earnings (128,636) (209,643) (61,389)
47SAA Results and Strategy 210901 ANV
SAA results for last 5 years
YE March 2001 - an extremely challenging year
Details of financial performance
SAA future strategy “Perfecting the Basics”
USA impact
Summary
Agenda
48SAA Results and Strategy 210901 ANV
R1,8B turnover generated out of the USA
Too early to quantify impact
Team currently analysing situation
Freeze placed on employment
Insurance impact (R70M)
USA Impact
49SAA Results and Strategy 210901 ANV
Agenda
SAA results for last 5 years
YE March 2001 - an extremely challenging year
Details of financial performance
SAA future strategy “Perfecting the Basics”
USA impact
Summary
50SAA Results and Strategy 210901 ANV
Strategy of
Summary
will return SAA to profitability
“Perfecting the Basics”
51SAA Results and Strategy 210901 ANV
Corporate Governance
Significant focus
PFMA 1 April 2000 Significant complexity
New Chairman - D.M.J. Ncube
Directors and Management committed to highest level of corporate governance and compliance with the PFMA
Thank YouThank You
53SAA Results and Strategy 210901 ANV
Male Female
Black BulletText BulletText
White BulletText BulletText
Asian/Coloured BulletText BulletText
Head Count
54SAA Results and Strategy 210901 ANV
- Step 1 - New Leadership Team
- Step 2 - Developing Our People
- Step 3 - Strategic Changes and Implementation
“Perfecting the Basics” comprise of three steps:
Future Strategy
55SAA Results and Strategy 210901 ANV
Focused on developing “customer service”
Introducing additional airline experienced leaders in key portfolios
Empowering management and staff - reducing the number of direct reports to CEO from 17 officers to 11 EVP’s
Future Strategy
Step 1 - A new leadership team
Substantial focus on Corporate Governance
56SAA Results and Strategy 210901 ANV
Future Strategy
Corporate Governance - PFMA
The PFMA as introduced 1 April 2000 with the intention of ensuring that State owned enterprises are managed efficiently and effectively
This act has introduced significant complexity in management of the airline
Both the Directors and Management are committed to the highest levels of corporate governance and compliance with the PFMA
Steps have already been implemented to improve corporate governance
57SAA Results and Strategy 210901 ANV
Developing Passionate People …... Training & Rewarding Performance
Working the Right Way …... Changing Culture; living SAA’s Values
and being Accountable
Doing the Right Things …... Aligning with “Perfecting the Basics”
Future Strategy
Step 2 - Developing our people
58SAA Results and Strategy 210901 ANV
Commitment to highest standard of corporate governance New highly regarded Chairman (D Ncube)
Revised Delegation of Authority for Management
Board to be strengthened with addition of experienced non-
executive directors
Developing our people, building passionate customer service Complete revamp of Service from Gate to Gate in process
Entire service delivery redefined and retraining being undertaken
Jobs being regraded and incentive scheme under development
With our “Perfecting the Basics” strategy, we are committed to putting SAA on the path to profitability
Summary and Outlook 2002
59SAA Results and Strategy 210901 ANV
Costs reduction program implemented: 75-60% of Fuel usage hedged at $31,7/barrel and constantly
monitored
the reduction in the natural hedge of the Rand/US$ devaluation
being addressed through specific hedging instruments purchased
Use of external Consultants limited annual savings R130M
Expatriates reduced to 2 annual savings R120M
Cost reduction in all operating units expected to generate R500M
Other one-off costs not to be repeated (Engine outsource,
Veer.com, Pension conversion)
With our “Perfecting the Basics” strategy, we are committed to putting SAA on the path to profitability
Summary and Outlook 2002
60SAA Results and Strategy 210901 ANV
Strong Balance Sheet with substantial free cash to enable fleet
renewal
R2,04B
Strong position to take advantage of liberalised skies in Africa
With our “Perfecting the Basics” strategy, we are committed to putting SAA on the path to profitability
Summary and Outlook 2002
61SAA Results and Strategy 210901 ANV
B737-800 Renewal Program:
Sale of two A320 aircraft 194
Sale of four A300 aircraft 93
391 Sale and Leaseback of B737-200’s
RM’s
Understanding the financial performance
129 Sale of Ground Support Equipment Business
- Sale of non core “toilet and cleaning” services to Apron
Services
760 Sale and Leaseback of two B747-400’s
Details of the adjustments
62SAA Results and Strategy 210901 ANV
- Revaluation of Equant Shares (Write down
from $85.0 to $34.0 per share. Previous
year (2000) was a write up of R178.708M)
(130)
Cost added back
Write down of Equant NV Shares
35 One Time Payment for Branding and Codeshare - 25 year contract with SA Airlink
(299)Cost added back
Phase out costs of A300 and A320 fleets - preparation costs in respect of sale of A300’s and A320’s fleets
RM’s
Understanding the financial performance
Details of the adjustments (cont.)
63SAA Results and Strategy 210901 ANV
39 B767 reimbursement for poor technical performance of “Second Hand” B767’s leased
300 Forward Sales Releases (Historic)- Systems now set up to determine historic
prescribed unclaimed tickets and cargo manifest receipts - which have been written off to revenue
102 Restructure of leases in respect of two B747-400 to improve overall costs
RM’s
Understanding the financial performance
Details of adjustments to arrive at adjusted profits
64SAA Results and Strategy 210901 ANV
106 Veer.com write-off- Write-off of Veer.com e-Commerce portal
136 Engine Overhaul Outsourcing- One-off cost of moving to “power by hour” contracts
109 Settlement Costs- Early termination costs of Expatriates
79
Spares write-off- Obsolete spares write-off - A300’s and A320’s spares write-off
51
RM’s
Understanding the financial performance
Details of adjustments to arrive at adjusted profits (cont.)
65SAA Results and Strategy 210901 ANV
Fleet plan will further simplify the operations of SAA
Details of financial performance
2000 2001 2002 2003 2004 2005
B747-400 8 8 8 6 6 6
B747-300 4 6 6 3 - -
B747-200 5 5 1 - - -
B747-SP 3 3 - - - -
B747-200F Cargo - - - - - -
B767-200 3 2 - - - -
B737-200 13 18 20 20 20 20
B737-800 - 11 16 19 20 21
A320 7 5 - - - -
A300 8 4 - - - -
Mid-gauge New Aircraft* - - 5 11 15 15
Total 51 62 56 59 61 62
* Assumes no-growth
66SAA Results and Strategy 210901 ANV
Improved domestic market share
Strong international network and connectivity
Marketing capabilities to international standards
- sales
- yield management
- e-commerce
World class technical operations and third party sales capabilities
Key strengths for the future
Future Strategy
67SAA Results and Strategy 210901 ANV
Consultants Costs 2001 2000
- Bain & Co. R82,2M R76,6M
- McKinsey and Co. R54,4M R 9,6M
(including Veer.com charges)
Expatriate Costs R174M
R156M
Details of financial performance
Items not adjusted for in years 2000 and 2001