Interim Report January-September 2004

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Interim Report January-September 2004

Positive third-quarter earnings



* Operating revenue for the nine-month period amounted to MSEK 43,133
(43,930), a decrease of 1.8%. Operating revenue for the third quarter
amounted to MSEK 15,423 (14,920), an increase of 3.4%. For comparable
units, operating revenue for the nine-month period rose 1.5% or MSEK
639.



* Traffic growth was good but slightly weaker in the third quarter. The
SAS Group's total passenger traffic (RPK) increased by 9.1% for the
whole period and by 5.8% for the third quarter.



* Income before depreciation and leasing costs for aircraft (EBITDAR)
amounted to MSEK 3,202 (2,947) in January-September. EBITDAR for the
third quarter was MSEK 1,753 (1,737).



* Income before capital gains and nonrecurring items improved by MSEK
337 compared with 2003 and amounted to MSEK 1,469 (-1,806) for the
nine-month period. The result for the third quarter was positive at
MSEK 153 (116).



* Income after financial items amounted to MSEK 1,526 (-1,225), and to
MSEK 57 (564) for the third quarter. In 2003 the third quarter result
included capital gains of MSEK 559.



* Income after tax amounted to MSEK 1,236 (-834), and MSEK 68 (699) for
the third quarter.



* CFROI for the 12-month period October 2003 - September 2004 was 8% (7%).



* Earnings per share for the SAS Group for the nine-month period
amounted to SEK -7.51 (-5.07). Equity per share amounted to SEK 72.60
(83.88).



* Income after financial items for the Group's largest unitsfor the
third quarter amounted to MSEK 353 (-178) for Scandinavian Airlines,
MSEK 280 (238) for Spanair and MSEK -36 (120) for Braathens.



* Currency-adjusted unit costfor Scandinavian Airlines decreased by 12%
in the period January-September and by 7% for the third quarter.
Adjusted for increased jet fuel prices, the unit cost decreased by 12%
in the third quarter. Since the beginning of 2003 unit cost (adjusted
for currency effects and higher jet fuel costs) has decreased by 26%.



* The SAS Group's Board and Management expect negative earnings before
tax and nonrecurring items for the full-year 2004.



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. An updated financial
calendar is available from: www.sasgroup.net
Investor Relations SAS Group: VP Investor Relations Sture Stølen +46 8
797 14 51, e-mail: investor.relations@sas.se



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Replying to Topic 'Interim Report January-September 2004'

SAS Skuffer

SAS skuffer
Av TDN Finans

Flykonsernet SAS Gruppen skuffer på ny med kvartalsresultater. I tredje kvartal var omsetningen høyere enn ventet, mens resultatet kom kraftig til kort i forhold til forventningene.

SAS Gruppen fikk et resultat før skatt på 57 millioner svenske kroner i tredje kvartal, mot et resultat før skatt på 564 millioner kroner i samme periode ifjor.

Det opplyser selskapet i en melding tirsdag.

Ifølge estimater SME Direkt har innhentet var det i gjennomsnitt ventet et resultat før skatt på 205 millioner svenske kroner.

Ordinært driftsresultat ble 332 millioner (798). Driftsresultatet var på forhånd ventet å bli på 391 millioner svenske kroner.

Omsetningen utgjorde 15.423 millioner kroner, opp fra 14.920 millioner, mens den på forhånd var ventet til 14.938 millioner svenske kroner.

Venter negativt resultat
SAS-styret opprettholder utsiktene fra 11. august der selskapet venter et negativt resultat før skatt og engangsposter i 2004.

Det opplyses i kvartalsrapporten tirsdag.

Det fremgår også at Turnaround 2005-programmet går som planlagt.

Svakt med passasjerer
"Passasjervolumene har i løpet av høsten vært svakere enn ventet, spesielt som følge av stor overkapasitet, men også svarere etterspørsel, spesielt på Europa-linjene. SAS-konsernet har derfor initiert "Capacity and Utilization focus".

Målsettingen med programmet er å ytterligere øke flyutnyttelsen gjennom å optimere nettverket og dermed også redusere kapasiteten på linjer som ikke er strategisk viktige", opplyses det.