SAS Group Interim Report January-September 2005

November 8, 2005 10:02

Third quarter 2005• Operating revenue for the nine-month period was MSEK 45,600 (43,133), an increase of 5.7%.

• Income before depreciation and leasing costs for aircraft (EBITDAR) improved by MSEK 358 and amounted to MSEK 2,111 (1,753) in the third quarter and MSEK 4,483 (3,202) for the nine-month period.

• Operating income (EBIT) increased for the third quarter by MSEK 425 to MSEK 802 (377) and amounted to MSEK 703 (-629) for the nine-month period.

• Income before capital gains and nonrecurring items improved by MSEK 421 and amounted to MSEK 619 (198) in the third quarter. Earnings for the nine-month period amounted to MSEK 114 ( 1,337).

• Income after financial items for the third quarter amounted to MSEK 545 (102) and to MSEK 155 ( 1,394) for the nine-month period.

• Net income for the period amounted to MSEK 529 (133) for the third quarter and MSEK 57 ( 1,094) for the nine-month period.

• CFROI for the 12-month period October 2004-September 2005 was 12% (8%).

• Earnings per share for the SAS Group for the nine-month period amounted to SEK 0.18 ( 6.72). Equity per share was SEK 76.22 (73.40).

• Number of passengers during the nine-month period increased by 5.2% to 26 million.

• Total unit cost adjusted for currency effects for Scandinavian Airlines Businesses decreased by 1% during the nine-month period despite increased fuel prices. Adjusted for increased fuel prices, the unit cost fell during the same period by 5.1% and by 2.7% in the third quarter.

• Continued uncertainty regarding development in the airline industry gives reason to be cautious, but provided there are no significant changes in the business environment, adopted business plans indicate positive earnings for 2005.

• “Third-quarter earnings were, as anticipated, positive and in line with the profitability plan for the SAS Group. The new business model in Europe has proved successful and combined with continued reductions in unit costs we are strengthening the Group’s position,” says President and CEO Jørgen Lindegaard.
All reports are available in English and Swedish and can be ordered from SAS, SE-195 87 Stockholm, telephone +46 8 797 00 00,
fax +46 8 797 51 10. The reports can be accessed and ordered via the Internet www.sasgroup.net

The SAS Group’s monthly traffic and capacity statistics are normally published on the fifth working day of each month. A financial calendar is available from www.sasgroup.net

Please address any questions to: Investor Relations SAS Group: Vice President Sture Stølen +46 8 797 14 51, e-mail: investor.relations@sas.se