The SAS Group interim report January-June 2003

8/11/2003 9:33 AM EST

SAS Group Interim Report January-June 2003

Six-month summary

· Operating revenue for the first half of 2003 amounted to MSEK
29,010 (31,643), a decrease of 8.3%. For comparable units, and adjusted
for currency effects, operating revenue for the period decreased by 8.7%
or MSEK 2,741.

· Operating revenue for Scandinavian Airlines amounted to MSEK 15,568
(18,938). Adjusted for currency effects, operating revenue fell 15.5 %.

· Income before depreciation and leasing costs for aircraft (EBITDAR)
was MSEK 1,210 (3,832) for the first half of the year. EBITDAR in the
second quarter amounted to MSEK 1,608 (3,248).

· Income before capital gains amounted to MSEK -1,996 (-133) in the
first six months of the year and MSEK -57 (1,180) in the second quarter.

· Income before tax amounted to MSEK -1,789 (-407) and MSEK 87
(1,039) in the second quarter.

· Income after tax amounted to MSEK -1,533 (-354) and MSEK 66 (968)
in the second quarter.

· CFROI for the 12-month period July 2002-June 2003 was 8% (9%).

· Earnings per share for the period January-June amounted to SEK -
9.32 (-2.17) for the SAS Group and equity per share was SEK 80.42
(89.62).

· The unit cost for Scandinavian Airlines decreased by 13% in the
second quarter.

· The SAS Group's restructuring program Turnaround 2005 is proceeding
as planned.

· The earnings trend is still difficult to assess. However, in view
of reduced uncertainty surrounding external factors, the SAS Group
estimates that income before tax, capital gains and restructuring costs
for the full-year 2003 will be negative by approximately SEK 2 billion.

The SAS Group estimates that cash flow from operations in the period
July-December, after investments and excluding any sales, will be
positive.

Financial calendar
Interim Report 3,January-September 2003 November 11, 2003
Year-end report 2003 February 2004
Annual Report and Environmental Report 2003 March 2004




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fax +46 8 797 51 10. The reports can also be accessed and ordered via
the Internet: www.sasgroup.net

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

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Telephone +46 8 797 00 00