SAS Group's second interim report 2004

Marginally positive earnings for second quarter of 2004 · Operating revenue for the first half of the year amounted to MSEK 27,710 (29,010), a decrease of 4.5%. For comparable units, operating revenue for the period fell 4.2% or MSEK 1,216. · Traffic growth was good for all the Group's airlines. The SAS Group's total passenger traffic (RPK) increased by 11.1% for the half year and by 14.3% for the second quarter. · Income before depreciation and leasing costs for aircraft (EBITDAR) amounted to MSEK 1,449 (1,210) for the first half of the year. EBITDAR for the second quarter was MSEK 1,493 (1,608). · Income before capital gains and nonrecurring items improved by MSEK 300 and amounted to MSEK -1,622 (-1,922) for the period. Adjusted for currency effects, income improved by MSEK 415. The result for the second quarter was marginally positive at MSEK 9 (-13). · Income after financial items amounted to MSEK -1,583 (-1,789), and was MSEK 0 (87) in the second quarter. · Income after tax amounted to MSEK -1,304 (-1,533), and was MSEK 98 (66) in the second quarter. · CFROI for the 12-month period July 2003-June 2004 was 8% (8%). · Earnings per share for the SAS Group in the first half of the year amounted to SEK -7.93 (-9.32). Equity per share amounted to SEK 72.14 (80.42). · Income after financial items for the Group's largest units in January-June amounted to MSEK -1,283 (-1,281) for Scandinavian Airlines, MSEK -221 (-283) for Spanair and MSEK 241 (-19) for Braathens. The result for the second quarter was Scandinavian Airlines MSEK -238 (-30), Spanair MSEK 71 (86) and Braathens MSEK 200 (73). · Currency-adjusted unit cost for Scandinavian Airlines decreased by 14% in the first half of the year and by 12% in the second quarter. Adjusted for increased jet fuel prices, the unit cost decreased by 15% in the second quarter. · On June 23, the SAS Group announced that due to development in January to May, and the uncertainty about the future yield trend and the competitive situation, the Board and Management's previously expressed aim of positive earnings before tax, capital gains and nonrecurring items is not expected to be met. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/08/11/20040810BIT00190/wkr0001.pdf The full report