Interim report january - june 2001

Interim Report January - June 2001 · Weaker economic growth and demand in key markets are the main reasons for SAS's weak result in the second quarter. · Operating revenue rose 12.7% to MSEK 25,948. · A provision has been made for the entire amount of the MEUR 39.375 fine imposed on SAS by the European Commission. · Earnings before depreciation and leasing costs for aircraft (EBITDAR) increased by 10.6% to MSEK 2,555 (2,310) in the first half of 2001. · Income before taxes amounted to MSEK 220 (765). Income for the second quarter was MSEK 180 (1,055). · Earnings per share for the half year for the SAS AB Group amounted to SEK 0.86 (3.34) and equity per share amounted to SEK 103.20 (96.16). · In the forecast provided in the interim report for the first quarter of 2001, the Group expected to achieve a significant improvement in income before taxes, excluding capital gains, for the full year 2001 compared with the previous year. Due to the weak result in the second quarter, and uncertainty as regards traffic and revenues for the second half, the SAS AB Group's income before taxes, excluding capital gains, is now expected to be on the same level as the previous year, i.e. MSEK 1,200. · This interim report has not been reviewed by the Company's auditors. The complete report can be accessed on www.scandinavian.net SAS AB GROUP New group structure In 1999, the Boards of Directors of SAS Danmark A/S, SAS Norge ASA and SAS Sverige AB initiated discussions through their respective board chairmen with the Danish, Norwegian and Swedish governments about the need to change SAS's legal structure. The objective of this change was to create a single SAS share. On May 8, 2001, SAS AB, a newly formed Swedish company, made three parallel public offers to the shareholders of SAS Danmark A/S, SAS Norge ASA and SAS Sverige AB to exchange their shares for the same number of newly issued shares in SAS AB. On June 28, 2001, SAS AB announced that the offers to the shareholders of SAS Danmark A/S, SAS Norge ASA and SAS Sverige AB had been accepted by shareholders representing more than 90% of the shares in each company. Since the other terms for the offers had also been met, the Board of SAS AB decided to complete the offers. The new single share was traded through BTAs (paid subscribed shares)/interim shares on the Copenhagen Stock Exchange, Oslo Stock Exchange and Stockholm Stock Exchange starting on June 29, 2001. The first day for listing and trading of shares in SAS AB was July 6, 2001. Mandatory offers have been made in Denmark and Norway, and the offer in Sweden has been extended until August 17, 2001. The Board of SAS AB has requested delisting and compulsory redemption of outstanding shares in SAS Danmark A/S, SAS Norge ASA and SAS Sverige AB. When the offers have been implemented and accepted in their entirety, the Danish, Norwegian and Swedish states will own 14.3%, 14.3% and 21.4% respectively of the shares in SAS AB. The remaining 50% of the shares will be owned by private interests. Ownership structure after the offers ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2001/08/08/20010808BIT00590/bit0002.doc The full report http://www.waymaker.net/bitonline/2001/08/08/20010808BIT00590/bit0002.pdf The full report http://www.waymaker.net/bitonline/2001/08/08/20010808BIT00590/bit0002.fcm