SAS Group Interim Report January-March 2003

5/13/2003 2:56 AM EST

First quarter in brief

· Operating revenue for the first quarter amounted to MSEK
13,710 (13,775), a decrease of 0.5%. For comparable units, and
adjusted for currency effects, operating revenue for the period
decreased by 4.5% or MSEK 616.

· Operating revenue for Scandinavian Airlines amounted to
MSEK 7,434 (8,576). Adjusted for currency effects, operating
revenue fell 11.2%.

· Income before depreciation and leasing costs for aircraft
(EBITDAR) for the quarter was MSEK -398 (584).

· Income before capital gains for the first quarter was MSEK
-1,939 (-1,313). Excluding costs for phasing out overcapacity,
income before capital gains was approximately MSEK -1,739 (-
1,313).

· Income before tax amounted to MSEK -1,876 (-1,446).

· CFROI for the 12-month period April 2002-March 2003 was 11%
(6%).

· Earnings per share for the period January-March amounted to
SEK -9.72 (-8.17) for the SAS Group and equity per share was SEK
81.23 (83.80).

· A decision has been made for additional cost reductions
amounting to MSEK 8,000, primarily within Scandinavian Airlines,
and for a further MSEK 1,000 within Subsidiary & Affiliated
Airlines. The full effect will be achieved by 2005.

· In view of the uncertainty surrounding market development,
under present conditions the SAS Group, in line with what was
presented on February 12, 2003, is not issuing a detailed
assessment of earnings for the full year 2003.


Financial calendar
Interim Report 2, January-June 2003 August 11, 2003

Interim Report 3, January-September 2003 November 11, 2003

Year-end report 2003 February 2004

Annual Report and Environmental Report 2003 March 2004


All reports are available in English, Danish, Norwegian 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
are also available on the Internet: www.sasgroup.net

The SAS Group's monthly traffic and capacity statistics are
published on the sixth working day of each month.

Investor Relations SAS Group: Sture Stølen +46 8 797 14 51
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