Highlights of the Interim Reports as per March 31, 2000

January-March 2000 HIGHLIGHTS OF THE INTERIM REPORTS AS PER MARCH 31, 2000: * The SAS Group's income before taxes was MSEK -297 (-11). * Income excluding capital gains was MSEK -310 (-398). * Passenger traffic (RPK) increased 5.9%. Traffic in Business Class increased 5%. * Increased fuel costs had a negative impact of MSEK 368 on income compared with the previous year. * Earnings per share amounted to SEK -1.16 (-0.02) for SAS Danmark A/S, SEK -1.40 (0.22) for SAS Norge ASA and SEK -1.55 (-0.10) for SAS Sverige AB. * SAS's parent companies report the following income after taxes: SAS Danmark A/S MDKK -48(-1) SAS Norge ASA MNOK -63(10) SAS Sverige AB MSEK -109(-7) * Income before taxes, excluding capital gains, is estimated at around MSEK 1,000 for 2000 as a whole. In addition, capital gains from aircraft transactions and the sale of shares are estimated to total around MSEK 1,700. * The interim report has not been reviewed by the company's auditors. A complete copy of the report can be found on www.scandinavian.net IMPORTANT EVENTS DURING THE FIRST QUARTER JANUARY * SAS launched a WAP service for ticket reservations and information via mobile telephones. * SAS was ranked best domestic airline in Norway, and received the "Grand Travel Award". * SAS EuroBonus won the "Freddie Award" for the fourth consecutive year. FEBRUARY * SAS decided to buy 12 Airbus A321s and options for a total of SEK 4.5 billion. The aircraft meet high standards as regards low fuel consumption and noise levels and raise SAS's transport capacity to/from several major European cities and between the three Scandinavian capitals. MARCH * SAS Cargo, Lufthansa Cargo and Singapore Airlines intensified their partnership plans in the air freight field. * SAS, British Midland and Lufthansa entered a Joint Venture agreement regarding European traffic to/from London Heathrow and Manchester. * The Star Alliance was broadened to incorporate two more members, Singapore Airlines and Austrian Airlines Group. * SAS signed an agreement with Sabre, a world leader in the field of advanced IT solutions for the travel and transport industry, regarding wider distribution of SAS products and services. IMPORTANT EVENTS AFTER MARCH 31, 2000 * Star Alliance members announced their intention to establish the first customer driven, Internet based marketplace for business-to-business commerce in the airline industry. * SAS was the first airline in Europe to start communicating interactively with customers via Digital TV. THE SAS GROUP SUMMARY OF BALANCE SHEET MARCH DECEMBER MARCH (MSEK) 2000 1999 1999 Aircraft and spare parts 11,935 11,302 12,201 Other non interest-bearing assets 19,473 19,601 20,042 Interest-bearing assets (excl. 3,604 3,356 2,125 liquid assets) Liquid assets 5,885 8,368 5,706 Assets 40,897 42,627 40,074 Shareholders' equity 16,637 17,061 16,016 Minority interests 20 25 20 Subordinated debenture loan 755 772 810 Other interest-bearing liabilities 11,056 11,626 11,648 Operating liabilities 12,429 13,143 11,580 Shareholders' equity and liabilities 40,897 42,627 40,074 Shareholders' equity January 1, 2000 17,061 Change in translation differences -77 Income 2000 -347 March 1, 2000 16,637 CASH FLOW STATEMENT JANUARY-MARCH APRIL-MARCH (MSEK) 2000 1999 1999- 1998- 00 99 Income before taxes -297 -11 1,560 2,227 Depreciation 439 457 1,934 2,046 Income from the sale of fixed assets -13 -387 -1,057 -1,106 Adjustment for items not included in -137 -87 -364 -160 cash flow, etc. Cash flow from operations -8 -28 2,073 3,007 Change in working capital -185 -719 236 97 Net financing from operations -193 -747 2,309 3,104 Investments including prepayments to aircraft -1,283 -1,464 -5,689 -6,498 suppliers Sales of fixed assets, etc. 603 584 6,455 2,177 Payment to parent companies -770 -957 -770 -2,098 Financing deficit -1,643 -2,584 2,305 -3,315 External financing, net -840 244 -2,126 -69 Change in liquid assets according to the balance sheet -2,483 -2,340 179 -3,384 KEY FIGURES Key Financial Ratios (based on 31 MAR. 31 DEC. 31 MAR. statutory financial statements) 2000 1999 1999 Return on capital employed, (12-month 8% 9% 11% rolling) Return on equity*, (12-month rolling) 6% 8% 10% Equity/assets ratio 41% 41% 41% Net debt, MSEK 2,322 674 4,627 Debt/equity ratio ** 0.14 0.04 0.29 Interest coverage ratio, (12-month 3.5 3.7 3.8 rolling) Key Value Drivers (based on market-adjusted capital employed) *** CFROI, (12-month rolling) 14% 14% 18% ROCE, market-based (12-month rolling) 8% 9% 15% * After standard tax. ** Debt/equity ratio calculated as interest-bearing liabilities minus interest-bearing assets in relation to shareholders' equity and minority interests. *** The market values of the aircraft fleet and the present value of operational lease contracts are included in the market-adjusted capital employed. ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/2000/05/11/20000511BIT00970/bit0001.doc http://www.bit.se/bitonline/2000/05/11/20000511BIT00970/bit0002.pdf