SAS EuroBonus – Tillgång eller skuld?: En fallstudie av hur värdet av ett lojalitetsprogram påverkar internprissättningen

Sammanfattning: This paper presents a study of Scandinavian Airlines’ (SAS) frequent flyer program, EuroBonus. The study describes the transfer pricing of award seats between EuroBonus and the airlines within SAS. Furthermore, it aims to determine what effects market-based transfer pricing would have on EuroBonus, the airlines within SAS and consequently on the SAS Group. We have found that the existing transfer pricing does not provide incentives for the airlines within SAS to satisfy EuroBonus’ demand for award seats. The main reason for this is a discrepancy in the perceived incentives for each party. The airlines within SAS find the transfer pricing too low while the SAS Group finds it adequate. From the Group’s perspective, the incentives are not based on the transfer pricing but rather on the revenues, which EuroBonus is anticipated to generate for the airlines in the future. A change to market-based transfer pricing would increase the incentives for the airlines within SAS to satisfy EuroBonus’ demand for award seats. However, such a change would also implicate consequences for the airlines within SAS and for the SAS Group. An increased availability of award seats could lead to loss of revenue for the SAS Group due to an internal transaction replacing external revenues. Market-based transfer pricing would also lead to a higher valuation of the EuroBonus provision on the SAS Group’s Balance Sheet and a significant one-time charge on the SAS Group’s Income Statement.