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SAS Group Interim Report January-June 2005

August 17, 2005 08:01

Positive earnings for Q2 2005

· Operating revenue for the first half amounted to MSEK 29,033 (27,710), an increase of 4.8%.

· Number of passengers in the first half rose by 3.2% to 16.7 million.

· Income before depreciation and leasing costs for aircraft (EBITDAR) improved by MSEK 700 and reached MSEK 2,193 (1,493) in the second quarter and MSEK 2,372 (1,449) in the first half.

· Operating income (EBIT) increased for the second quarter by MSEK 698 to MSEK 949 (251) and amounted to MSEK -99 (-1,006) for the first half of the year.

· Income before capital gains and nonrecurring items improved by MSEK 526 and amounted to MSEK 579 (53) in the second quarter. Earnings for the first half amounted to MSEK -733 (-1,535).

·Income after financial items for the second quarter was MSEK 590 (44), and MSEK -700 (-1,496) for the first half.

· Net income for the period amounted to MSEK 499 (147) in the second quarter and MSEK -472 (‑1,227) for the first half.

· CFROI for the 12-month period July 2004-June 2005 was 11% (8%).

· Earnings per share for the SAS Group in the first half of the year amounted to SEK -2.85 (-7.40). Equity per share was SEK 72.28 (72.67).

· Total unit cost adjusted for currency effects for Scandinavian Airlines Businesses decreased by 2.3% in the first half despite higher fuel prices. Adjusted for increased fuel prices, the unit cost fell in the same period by 6.4% and by 5.5% in the second quarter.

· Continued uncertainty regarding development in the airline industry gives reason to be cautious, but subject to unchanged yield, favorable traffic development and provided there are no important changes in the business environment or further significant increases in jet fuel prices, adopted business plans indicate positive earnings for 2005.

· “Second-quarter earnings were, as anticipated, positive and in line with the profitability plan for the SAS Group. Continued unit cost reductions and new commercial ventures are important factors for success and we are now taking the next step on European routes,” 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

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

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