SAS expects 1Q2011 to remain in negative

SAS Group revenue up 2% - financial highlights:

• Three months ended 31-Dec-2010:
  • Revenue*: EUR1196 million, +2.3% year-on-year;
    • Scandinavian Airlines: EUR1040 million, +1.0%;
    • Bue1: EUR55.5 million, +13.4%;
    • Widerøe: EUR107.6 million, +13.2%;
  • Operating costs:
    • Labour: EUR369.5 million, -20.9%;
  • Operating profit (loss): (EUR38.8 million), compared with a loss of EUR160.2 million in p-c-p;
    • Scandinavian Airlines: EUR5.1 million, compared with a loss of EUR72.6 million in p-c-p;
  • Net profit: EUR5.3 million, compared with a loss of EUR147.7 million in p-c-p;
  • Scheduled traffic:
    • Passenger numbers: 6.6 million, +8.3%;
      • Scandinavian Airlines: 5.5 million, +6.8%;
      • Widerøe: 604,000, +15.6%;
      • Blue1: 436,000, +19.4%;
    • Passenger load factor: 72.9%, +2.3 ppts;
      • Scandinavian Airlines: 74.1%, +2.7 ppts;
      • Widerøe: 59.6%, -0.7 ppt;
      • Blue1: 63.9%, +0.3 ppt;
    • Yield (currency adjusted:
      • Scandinavian Airlines: -6.7%;
    • Revenue per ASK (currency adjusted):
      • Scandinavian Airlines: +3.9%;
    • Total cost per ASK (currency adjusted):
      • Scandinavian Airlines: -8.3%;
• 12 months ended 31-Dec-2010:
  • Revenue: EUR4611 million, -9.3%;
    • Scandinavian Airlines: EUR4040 million, -10.1%;
    • Blue1: EUR202.9 million, -1.5%;
    • Widerøe: EUR393.3 million, +4.3%;
  • Operating costs:
    • Labour: EUR1526 million, -25.1%;
  • Operating profit (loss): (EUR219.9 million, -37.0%;
    • Scandinavian Airlines: (EUR69.6 million), compared with a loss of EUR323.8 million in p-c-p;
  • Net profit (loss): (EUR251.1 million), compared with a loss of EUR333.7 million in p-c-p;
  • Scheduled traffic:
    • Passenger numbers: 25.2 million, +1.3%;
      • Scandinavian Airlines: 21.5 million, +0.7%;
      • Widerøe: 2.1 million, +3.7%;
      • Blue1: 1.6 million, +70.1%;
    • Passenger load factor: 74.2%, +3.3 ppts;
      • Scandinavian Airlines: 75.2%, +3.5 ppts;
      • Widerøe: 59.7%, -0.8 ppt;
      • Blue1: 67.9%, +2.7 ppts;
    • Yield (currency adjusted):
      • Scandinavian Airlines: -7.4%;
    • Revenue per ASK (currency adjusted):
      • Scandinavian Airlines: -0.2%;
    • Total cost per ASK (currency adjusted):
      • Scandinavian Airlines: -7.8%;
  • Total assets: EUR4736 million, -1.6%;
  • Total liabilities: EUR273101 million, -12.0%. [more]

* Based on conversion rate EUR1 = SEK8.83149

SAS Group: "The first quarter is the seasonally weakest quarter for SAS. Combined with slight over-capacity in January and February, first-quarter earnings for 2011 are expected to be negative, although better than the year-earlier period. Assuming continued recovery in the home market, as described above, and that no unexpected events occur, favourable conditions are in place for the SAS Group to achieve positive income before tax for the full-year 2011," John Dueholm, President and ECO. Source: SAS Group, 09-Feb-2011.