Positive result for 2005

Key figures from the SAS Group’s year end report published today:

• Income before capital gains and nonrecurring items amounted to MSEK 114 in 2005, an earnings improvement of MSEK 1 815.
• The Group’s total operating revenue rose 6.5% to MSEK 61 887 for 2005.
• The Group transported a total of 34.9 million passengers, an increase of 8% compared with 2004.

Earnings of MSEK 114 are in line or slightly better than market expectations (SME Direkt MSEK 120 and Reuters MSEK 20).

Jørgen Lindegaard, President and CEO of the SAS Group, comments:
-Turnaround 2005 comprising savings of SEK 14 billion was completed as planned. The unit cost has fallen by over 30% since 2002. After five years of sweeping changes, the SAS Group posts positive earnings before capital gains and nonrecurring items, an earnings improvement of SEK 1.8 billion compared with 2004. Scandinavian Airlines’ new business models have strengthened competitiveness with improved cabin factors but weaker yield. Despite powerful measures, further cost savings must be made to ensure long-term competitiveness in several of the Group’s units. The SAS Group has, as communicated earlier, initiated new cost-cutting measures corresponding to SEK 2 billion.

See the year-end report at www.sasgroup.net for more detailed information.

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