SAS Group Year-end report January-December 2003

SAS Group Year-end report January-December 2003 The year in brief · Operating revenue for the full year amounted to MSEK 57,754 (64,944), a decrease of 11.1%. Operating revenue for the fourth quarter amounted to MSEK 13,824 (16,709). For comparable units and adjusted for currency effects, operating revenue for the period decreased by 8.7% or MSEK 5,639 and by 11.7% in the fourth quarter. - Income before depreciation and leasing costs for aircraft (EBITDAR) amounted to MSEK 3,761 (7,294) for the year. EBITDAR in the fourth quarter was MSEK 814 (1,332). Adjusted for restructuring costs and nonrecurring costs, EBITDAR was MSEK 4,269 (7,261) for the full year and MSEK 1,167 (1,243) for the fourth quarter. · Income before capital gains and nonrecurring items amounted to MSEK- 2,221 (-736) for the period. This negative result is mainly attributable to the first quarter. Income for the fourth quarter was MSEK -415 (- 647). · Income before tax amounted to MSEK -1,470 (-450) and MSEK -245 (- 683) for the fourth quarter. · Income after tax amounted to MSEK -1,415 (-132) and MSEK -581 (- 284) for the fourth quarter. · CFROI for 2003 was 7% (13%). · Earnings per share for the SAS Group amounted to SEK -8.60 (-0.81) for the full year and SEK -3.53 (-1.73) for the fourth quarter. Equity per share was SEK 79.84 (92.33). · Currency-adjusted unit cost for Scandinavian Airlines decreased by 19% in the fourth quarter. · The SAS Group's restructuring costs for 2003 amounted to MSEK 496 and mainly relate to a provision for payroll expenses for 2004 for employees with non-working notice. Write-downs of MSEK 82 were made during the year. · The Board of Directors proposes to the Annual General Meeting that no dividend be paid to SAS AB's shareholders for the 2003 fiscal year. · The SAS Group's board and management's primary aim is to ensure that the SAS Group attains positive earnings before tax , capital gains and nonrecurring items for the full-year 2004. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/02/11/20040210BIT01000/wkr0001.doc The full report http://www.waymaker.net/bitonline/2004/02/11/20040210BIT01000/wkr0002.pdf The full report

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