SAS Interim Report November 2014

Commercial success improves earnings
May 2015 – July 2015

  · Income before tax: MSEK 1,031 (756)
  · Income before tax and nonrecurring items: MSEK 996 (759)
  · Revenue: MSEK 10,973 (10,697)
  · Unit revenue (PASK) increased 3.6%[1]
  · Unit cost (CASK) increased 3.4%[2]
  · EBIT margin: 10.4% (8.7)
  · Net income for the period: MSEK 800 (496)
  · Earnings per common share: SEK 2.16 (1.24)
  · The outlook for the full year 2014/2015 remains firm, see page 8

November 2014 – July 2015

  · Income before tax: MSEK 550 (-468)
  · Income before tax and nonrecurring items: MSEK -164 (-1,486)
  · Revenue: MSEK 28,747 (27,040)
  · Unit revenue (PASK) increased 5.5%1
  · Unit cost (CASK) increased 3.3%2
  · EBIT margin: 3.3% (1.5)
  · Net income for the period: MSEK 439 (-416)
  · Earnings per common share: SEK 0.54 (-1.83)A

[1] Currency adjusted.
[2] Currency adjusted and excluding jet fuel.

Comments by the President and CEO of SAS:
“SAS posted a positive income before tax and nonrecurring items for the third
quarter of MSEK 996, up 30% year-on-year. The improvement was primarily driven
by our commercial success and the continued effects from our systematic
efficiency initiatives.

“SAS’s clear focus on Scandinavia’s frequent travelers is generating results and
we now have more than four million EuroBonus members. We have noted substantial
demand from our frequent travelers for flights to the US and in 2016 we are
expanding with three new routes: Los Angeles – Stockholm, Miami – Oslo and Miami
– Copenhagen. At the beginning of September, we are also opening the new direct
route between Stockholm and Hong Kong, which will be operated with SAS’s first
new Airbus A330E. In parallel with advancing our positions in our target group,
we are continuing the implementation of the cost measures that will generate an
overall earnings impact of SEK 2.1 billion with full effect in 2017.

“We are looking forward to an exciting fall with preparations for our expansion
of the intercontinental routes and a continued high pace of improvement to
secure long-term competitiveness and profitability at SAS,” says Rickard
Gustafson, SAS President and CEO.


SAS discloses this information pursuant to the Swedish Securities Market Act
and/or the Swedish Financial Instruments Trading Act. The information was
provided for publication on September 8, 2015, at 8:00 a.m.
SAS Interim Report November 2014 – July 2015

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