SAS Group Interim Report January-March 2003

First quarter in brief · Operating revenue for the first quarter amounted to MSEK 13,710 (13,775), a decrease of 0.5%. For comparable units, and adjusted for currency effects, operating revenue for the period decreased by 4.5% or MSEK 616. · Operating revenue for Scandinavian Airlines amounted to MSEK 7,434 (8,576). Adjusted for currency effects, operating revenue fell 11.2%. · Income before depreciation and leasing costs for aircraft (EBITDAR) for the quarter was MSEK -398 (584). · Income before capital gains for the first quarter was MSEK -1,939 (-1,313). Excluding costs for phasing out overcapacity, income before capital gains was approximately MSEK -1,739 (- 1,313). · Income before tax amounted to MSEK -1,876 (-1,446). · CFROI for the 12-month period April 2002-March 2003 was 11% (6%). · Earnings per share for the period January-March amounted to SEK -9.72 (-8.17) for the SAS Group and equity per share was SEK 81.23 (83.80). · A decision has been made for additional cost reductions amounting to MSEK 8,000, primarily within Scandinavian Airlines, and for a further MSEK 1,000 within Subsidiary & Affiliated Airlines. The full effect will be achieved by 2005. · In view of the uncertainty surrounding market development, under present conditions the SAS Group, in line with what was presented on February 12, 2003, is not issuing a detailed assessment of earnings for the full year 2003. Financial calendar Interim Report 2, January-June 2003 August 11, 2003 Interim Report 3, January-September 2003 November 11, 2003 Year-end report 2003 February 2004 Annual Report and Environmental Report 2003 March 2004 All reports are available in English, Danish, Norwegian and Swedish and can be ordered from SAS, SE-195 87 Stockholm, telephone +46 8 797 00 00, fax +46 8 797 51 10. The reports are also available on the Internet: www.sasgroup.net The SAS Group's monthly traffic and capacity statistics are published on the sixth working day of each month. Investor Relations SAS Group: Sture Stølen +46 8 797 14 51 e-mail: investor.relations@sas.se ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/05/13/20030513BIT00030/wkr0001.doc The full report http://www.waymaker.net/bitonline/2003/05/13/20030513BIT00030/wkr0002.pdf The full report

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