The SAS Group Interim Report January-September 2003

11/11/2003 2:00 AM EST

SAS Group
Interim Report
January-September 2003

Nine-month summary

· Operating revenue for the first nine months of 2003
amounted to MSEK 43,930 (48,235), a decrease of 8.9%. For
comparable units, and adjusted for currency effects, operating
revenue for the period decreased by 7.7% or MSEK 3,698 and by
10.6% in the third quarter.

· Income before depreciation and leasing costs for aircraft
(EBITDAR) was MSEK 2,947 (5,962) for the full period. EBITDAR in
the third quarter amounted to MSEK 1,737 (2,130).

· Income before capital gains and restructuring costs during
the period amounted to MSEK -1,895 (-83). This negative result
is mainly attributable to the first quarter. Income for the
third quarter was MSEK 101 (50).

· Income before tax amounted to MSEK -1,225 (233) and MSEK
564 (640) for the third quarter.

· Income after tax amounted to MSEK -834 (152) and MSEK 699
(506) for the third quarter.

· CFROI for the 12-month period October 2002-September 2003
was 7% (11%).

· Earnings per share for the period January-September
amounted to SEK -5.07 (0.93) for the SAS Group and equity per
share was SEK 83.88 (93.70).

· The unit cost for Scandinavian Airlines decreased by 14% in
the third quarter.

· The SAS Group's restructuring program, Turnaround 2005, is
proceeding as planned and the implementation rate as of
September was somewhat faster than planned.

· The SAS Group's forecast for the full year 2003 is
unchanged: income before tax, capital gains and restructuring
costs will be negative by approximately SEK 2 billion.
Uncertainty over yield development will continue in the fourth
quarter
·
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 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. From February
2004 this information will be published on the fifth working day
of each month. A financial calendar is available at:
www.sasgroup.net
Investor Relations SAS Group: Sture Stølen +46 8 797 14 51,
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