SAS Interim report January-March 2003

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).