SAS Group Year-end report January-December 2005

The year in brief

• Operating revenue for the full year amounted to MSEK 61,887 (58,093), an increase of 6.5%. Operating revenue for the fourth quarter amounted to MSEK 16,287 (14,945), an increase of 9%. • Number of passengers increased by 8% to 34.9 million for the full year. • Income before depreciation and leasing costs for aircraft (EBITDAR) for the full year amounted to MSEK 6,117 (4,468) and MSEK 1,505 (1,202) for the fourth quarter. • Income before capital gains and nonrecurring items improved by MSEK 1,815 and amounted to MSEK 114 (-1,701) for the full year and MSEK 228 (-320) for the fourth quarter. • Income after financial items was MSEK 418 (-1,833) and MSEK 573 (-395) for the fourth quarter. • Income after tax for the period amounted to MSEK 255 (-1,765) and MSEK 198 (-627) for the fourth quarter. • CFROI for the 12-month period January-December 2005 was 13% (9%). • Earnings per share for the SAS Group amounted to SEK 1.06 (-10.70) for the full year and SEK 0.88 ( -3.71) for the fourth quarter. Equity per share was SEK 70.02 (66.98). • Turnaround 2005 comprising savings of SEK 14 billion was completed as planned. The unit cost has fallen by over 30% since 2002, adjusted for currency effects and increased fuel prices. Despite powerful measures, further cost savings must be made to ensure long-term competitiveness in several of the Group's units. The SAS Group has initiated new cost-cutting measures corresponding to SEK 2 billion for implementation in 2006. • Total unit cost adjusted for currency effects for Scandinavian Airlines Businesses decreased by -1.7% during the period January-December 2005 and by –1.7% for the fourth quarter of 2005. Adjusted for increased fuel prices, the unit cost fell by –5.4% and -4.5% respectively. • The Board of Directors proposes to the Annual General Meeting that no dividend be issued to SAS AB’s shareholders for the 2005 fiscal year.

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