SAS Interim report January-March 2004

• Operating revenue for the first quarter amounted to MSEK 12,567 (13,710), a decrease of 8.3%. For comparable units and adjusted for currency effects, operating revenue for the period fell by 2.3% or MSEK 312.

• Income before depreciation and leasing costs for aircraft (EBITDAR) amounted to MSEK –44 (-398) for the period.

• Income before capital gains and nonrecurring items improved by MSEK 278 and amounted to MSEK –1,631 (-1,909) for the quarter. Adjusted for currency effects, income improved by MSEK 388.

• Income after financial items amounted to MSEK –1,583 (-1,876).

• Income after tax amounted to MSEK –1,402 (-1,599).

• CFROI for the 12-month period April 2003-March 2004 was 7% (11%).

• Earnings per share for the SAS Group in the first quarter amounted to SEK -8.52 (-9.72). Equity per share amounted to SEK 72.03 (81.23).