January - December 2000

January - December 2000 · The SAS Group's income before taxes was MSEK 2,773 (1,846). Income for the fourth quarter amounted to MSEK 1,705 (1,245). · Income excluding capital gains amounted to MSEK 1,235 (420) for the full year 2000 and MSEK 457 (429) in the fourth quarter. · The SAS Group's operating revenue rose 8.7% to MSEK 47,540. · Passenger traffic (RPK) increased by 7.0%. Traffic in Business Class rose 9%. · Increased fuel costs had a negative impact on earnings of MSEK 1,677 compared with the previous year. The business improvement program was implemented according to plan which led to a 3.0% reduction in the unit cost, excluding the higher fuel costs. · Earnings before depreciation and leasing costs for aircraft (EBITDAR) increased by 35% to MSEK 5,652 (4,199) · Earnings per share amounted to SEK 15.48 (8.70) for SAS Danmark A/S, SEK 12.49 (7.94) for SAS Norge ASA, and SEK 11.79 (8.41) for SAS Sverige AB. The proposed dividend is DKK 3.80, NOK 4.20 and SEK 4.50 per share respectively. · SAS's parent companies report the following income after taxes: SAS Danmark A/S MDKK 642 (345) SAS Norge ASA MNOK 564 (352) SAS Sverige AB MSEK 831 (593) · After a successful year for SAS's operations, although with historically high fuel costs, the Board expects a significant improvement in operating income for the full year 2001. In addition, capital gains are expected to amount to at least MSEK 500. The SAS Group's annual report will be available on March 8, 2001. The complete report can be accessed on www.scandinavian.net IMPORTANT EVENTS IN THE LAST FOUR QUARTERS FIRST QUARTER 2000 · SAS launched a WAP service for ticket reservations and information via mobile telephone. · 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. · SAS decided to buy 12 Airbus A321s and options for a total of SEK 4.5 billion. These 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. · SAS Cargo, Lufthansa Cargo and Singapore Airlines intensified their partnership plans in the freight sector. · SAS, British Midland and Lufthansa concluded a joint venture agreement regarding European traffic to/from London Heathrow and Manchester. · Star AllianceTM was broadened to incorporate two more members, Singapore Airlines and Austrian Airlines Group. · SAS signed an agreement with Sabre, the world leader in advanced IT solutions for the travel and transport industry, regarding wider distribution of SAS's products and services. SECOND QUARTER 2000 · SAS tested Digital TV in interactive communication with customers. · British Midland and Mexicana Airlines became new members of Star AllianceTM. · SAS launched timetable information via SMS. · SAS International Hotels (SIH) sold the Radisson SAS Scandinavia Hotel property in Oslo. THIRD QUARTER 2000 · In cooperation with twelve other airlines, SAS set up the airline industry's largest Internet-based marketplace for business-to-business commerce, Aeroxchange. · The members of Star AllianceTM launched StarNet, a sophisticated IT solution that links the 15 airlines' computer systems with each other, which will benefit integration of the traffic systems. · SIH concluded an agreement to operate the Malmaison hotels and acquired the Malmaison brand together with its partner. FOURTH QUARTER 2000 · Jørgen Lindegaard, aged 52, was appointed to be the new President and CEO of SAS. He will take up his position in the first half of 2001. · SAS, Amadeus and Netcom launched a new Internet-based travel marketplace with the aim of achieving a leading position in Scandinavia. · In October, SIH sold the Radisson SAS Scandinavia Hotel Düsseldorf property. The hotel will continue to be operated under a long-term management agreement. · SAS's winter traffic program represents international expansion. · The three Scandinavian governments announced their intention to reorganize SAS's share structure to one share in a holding company. · SAS presented a multi-function card, SAS Corporate Card, which can be used as an electronic ticket and means of payment. The card, to be launched in spring 2001, was developed in cooperation with Nordbanken Finans. IMPORTANT EVENTS AFTER JANUARY 1, 2001 · SAS decides to introduce a new class in the new long-haul fleet. · SAS signs an agreement with Telia and the U.S. company Tenzing Communications Inc. on cooperation concerning wireless Internet and e-mail on board aircraft. · SAS starts a pilot study on using Bluetooth technology to offer air travelers flight information directly in their mobile phones. · SAS is voted best domestic airline in Norway for the second consecutive year and received the "Grand Travel Award." SAS was also voted best international airline in Norway. ------------------------------------------------------------ This information was brought to you by BIT http://www.bit.se The following files are available for download: http://www.bit.se/bitonline/2001/02/13/20010213BIT01020/bit0001.doc Hela Bokslutskommunikén http://www.bit.se/bitonline/2001/02/13/20010213BIT01020/bit0001.pdf Hela Bokslutskommunikén

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SAS, Scandinavia’s leading airline, carries more than 30 million passengers annually to, from and within Scandinavia. The airline connects three main hubs - Copenhagen, Oslo and Stockholm - with 125 destinations in Europe, the US and Asia. Spurred by a Scandinavian heritage and sustainable values, SAS will reduce total carbon emissions by 25 percent and operate with biofuel equivalent to equal the total consumption of fuel used to operate all domestic SAS flights, by 2030. In addition to airline operations, SAS offers ground handling services, technical maintenance and air cargo services. SAS is a founding member of Star Alliance™ and together with partner airlines offers almost 19,000 daily flights to more than 1,300 destinations around the world.

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