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Interim Report January-March 2005

May 3, 2005 08:00

First quarter of 2005 in brief

•Operating revenue for the first quarter amounted to MSEK 13,016 (12,567), an increase of 3.6%.

•Number of passengers in the first quarter increased by 0.8% to 7.3 million.

•Income before depreciation and leasing costs for aircraft (EBITDAR) amounted to MSEK 179 (-44) for the period.

•Income before capital gains and nonrecurring items improved by MSEK 276 to MSEK –1,312
(-1,588). Earnings for the first quarter were negatively affected by Easter being in March by approximately MSEK 200-250 compared with 2004.

•Income after financial items amounted to MSEK -1,290 (-1,540).

•Net income for the period amounted to MSEK -971 (-1,374).

•CFROI for the 12-month period April 2004-March 2005 was 10% (7%).

•Earnings per share for the SAS Group in the first quarter amounted to SEK –5.86 (-8.26). Equity per share amounted SEK 72.44 (72.29).

•Total unit cost decreased adjusted for currency effects and increased fuel prices by 7.5% for Scandinavian Airlines Businesses during the period January-March 2005.

•Continued uncertainty regarding development in the airline industry gives reason to be cautious, but subject to unchanged yield, favorable traffic development and no significant changes in the business environment, adopted business plans indicate positive earnings for 2005.

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

Investor Relations SAS Group: Sture Stølen +46 8 797 14 51, e-mail: investor.relations@sas.se

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