Analyst Meeting Full Year 2006

Transcription

1 Good growth in most markets in 26 Good GDP and traffic growth in most markets Strongest traffic growth in Spain, Norway and the Baltics Strong growth also in Finland Sweden: GDP: 4,3% Passengers: +2,5% Norway: GDP: 2,4% Passengers: +1,4% Finland: GDP: 5,% Passengers: +8,5% Eurozone: GDP: 2,6% Traffic: +7% Analyst Meeting Full Year 26 Denmark: GDP: 3,5% Passengers: +3,8% Estonia: GDP: 11,9% Passengers: +1,1% Latvia: GDP: 11,9% Passengers: +29,6% Lithuania: GDP: 8,2% Passengers: >3% Spain: GDP: 3,7% Passengers: +9% Stockholm and London, February Favorable Business Cycle, New Business Models, Good Cost/Capacity Control gave improved result s present platform October-December January-December MSEK 26 Change 26 Change Revenues EBITDAR EBIT EBT bef non-recurring items EBT including discontinued operations Platform created Cost Business Models Business Structure More focus on core business more competitive but far from return targets From crisis/rescue phase to conceptually driven restructuring Fill the profit gap

2 Strongest result improvement in SAS Scandinavian Airlines Oct-Dec MSEK 26 Change 26 Change SAS Scandinavian Airlines SAS Individually Branded Airlines SAS Aviation Services Group eliminations, other SAS A319 painted in retro color Scandinavian Airlines 6 years Gunilla Berg CFO EBT bef nonrecurring items Non-reccuring and gains Capital gains Restructuring costs Impairment losses Other non recurring items One offs in 26 Number of measures and favorable business cycle contributed to the improved result Restructuring SKB 74 Sola 147 STS 4 SGS 5 Other 26 Total 337 Impairments Aeroexchange 5 Ramp Snake 51 Skyways 25 Club de Vacaciones 2 Total 146 Other SGS law suit (Norw) 84 SAS Cargo 1 Total vs 25 3,5 2,5 1,5,5,1 -,5-1,5-2,5 25 -,3 Irregularities 1,5 Volume 1,7 Yield -2,1 Fuel (price) 2,6 Cost program -,7 Aviation Services Hotels,2-1,4 Inflation, Currency & Other 1,

3 SAS Sverige strongest performer in SAS Scandinavian Airlines Result in SAS Individually Branded Airlines and Aviation Services in MSEK SAS Braathens SAS Danmark SAS Sverige SAS International Revenues ,6% ,4% ,4% 7 85,9% EBITDAR EBT bef nonrec Spanair Widerøe Blue1 Negative Result Positve Result Better vs Last Year airbaltic Result drivers Business Model Cost reductions SAS Aviation Services SGS Businss Cycle Capacity focus STS SAS Cargo SEK 2,5 bn cost measures 79% implemented Financial gearing significantly up after hotel transaction and improved cash flows Measures Financial net debt Productivity Ground & Technical Services Administration/Sales & Fligt related costs Implemented 79% 79% implemented in December 26 Result effect in 26 MSEK 1 Equity/Total Assets 4% 35% 3% 25% 2% 15% 1% 5% % dec- 1-dec 2-dec 3-dec 4-dec 5-dec 6-dec Equity/Total Assets Financial net debt, MSEK Financial net debt

4 Liquidity improved by SEK 2,5 bn -Amortization in Q4 of SEK 4,6 bn 11, 8,3 9, 1,8 7, 5, 4,8 3, 1,2 1,6 1, -,5-1, -3, -2,7-1,9-5, Cash Sep 26 Cash from operating activities Sales of subsidiaries (Rezidor) Sales of fixed assets Investments Planned amortization Preredemption of debt Cash dec 26 Mats Jansson President & CEO My current reflections: strengths My current reflections: Necessary next steps Brand market position Market position (Northern Europe) Network Customer base Business Structure Proud and competent work force We need a much clearer and distinct concept and customer offering (Business and Leisure) We need to continue to rationalize We need to grow We need to make a clearer definition of roles We need to reach return targets to satisfy Shareholders Future investments Independence

5 Current structure of Strategy 211 What should we offer? Second phase in development of Business Models - Lots of news for the frequent business traveler Today 6-7% of our passengers travel for work purposes and are frequent flyers These are our main customers 3-4% private customers Our position today What should we become? How should we behave? How should we be managed? We launch a comprehensive program to improve for frequent travelers More distinct product concepts Lower prices in Economy Extra Improved product quality and seamless flow at the airport Increased award recognition What should be our result targets? A friendly and reliable airline that provides smooth and efficient traveling Book Check-in Baggage Security Gate Arrival More advantages for our main customers Fast Track Security to be introduced at more airports EuroBonus Gold members will receive added benefits Harmonized product on both Europe/Intrascand flights Economy Extra to be available at lower prices Improved product service feature much more It pays to be a loyal customer Innovative Travel Solutions Simple web interface New strategic direction for intercontinental operations Traffic program with increased focus on the Scandinavian market Seasonal destinations to be introduced 2 nd flight Copenhagen-New York from May (summer) New! Stockholm-Bangkok from November (winter) Doubled capacity from Stockholm but Copenhagen remains the largest hub Beijing the gateway to China Nonstop Stockholm-Beijing from March New developed concepts SAS Business Sleeper on all aircraft from May More flexible price model for customers Full flexibility and class combinability World unique Increased capacity to North America during summer Increased capacity to Asia/ Middle East during winter Mobile Solutions

6 Sum up 26 Improved result due to Strong market growth New Business Models Good cost control Capacity focus Next phase initiated Strategy 211 to be presented in May Conceptually driven restructuring Both revenue and cost actions Fill the profit GAP 27 Outlook Currently no signs of weaker market Stable market growth in markets Continued restructuring Uncertainties about strength of future growth, fuel prices, and competitive situation Capacity, fuel, yield and load factor 27 Fuel costs (SEK, billion) 1,5 ASK up 5-7% Load factor slightly up Additional slides for further information Scandinavian Airlines Businesses 27 vs 26 Yield Positive 1 st Half, Stable 2 nd Half ASK flat Load factor slightly up Capacity outlook 27 vs 26 Scandinavian Airlines Danmark +/- % SAS Braathens +2% Scandinavian Airlines Sverige +6% Scandinavian Airlines International -4% Spanair 15% Blue1 2% Widerøe -4% airbaltic 3%

7 More streamlined structure after sale of Rezidor Revenues growing the airline business areas 15, , , ,7 15 Jan-Sep 6 Jan-Sep 5 SAS Aviation Services SAS Individually Branded Airlines Group revenue distribution SAS Scandinavian Airlines ,6 14, , , , , ,6 36, EBT trend on the right track New customer offer 12 months rolling EBT before nonrecurring items, Q4 22 Q1 Q2 Q3 Q4 23 Q1 Q2 Q3 Q4 24 Q1 Q2 Q3 Q4 25 Q1 Q2 EBT before nonrecurring items Q3 Q4 26 Q1 Q2 Q3 Q4 Improved customer offer to frequent passengers Harmonized product concept Product differentiation to increase B2B Corporate agreements Brand positioning New product offer Improved service in Business Class Economy Flex becomes Economy Extra and gets more customer advantages Same concept on both Europe/Intrascand flights Fast Track Security to be introduced at more airports Economy Extra to be available at lower prices EuroBonus Gold members will receive complimentary food and beverage Automatic check in for traveling in Economy Target Customer Satisfaction index of 72 (today 66) Capture revenue potential in market

8 Group Revenue The airline industry has been dependant on the business cycle Revenue seasonality pattern Percent nd Oil crisis Tjernobyl Gulf war Asia crisis September Exluding Rezidor Hotel as from December jan feb mar apr maj jun jul aug sep okt nov dec -6 Source: IATA; OECD GDP growth Net Result Margin CFROI and EBITDAR improved Quarter result history MSEK, Revenue ,5% EBITDAR ,5% EBITDAR-margin 1,9% 1,2% +,7 p.p. CFROI 15% 13% +2 p.p. MSEK, EBT before gains and nonrecurring items Q1 Q2 Q3 Q SAS SAS Group Group 32 32

9 Positive trend in EBIT-margin and revenues Strong growth in most Group airlines Passenger growth in 26 vs 25 Revenues MSEK Q 23 2Q 23 3Q 23 4Q 23 1Q 24 Revenues 2Q 24 3Q 24 4Q 24 Q1 25 EBIT-margin Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 EBIT-margin 1,% 5,%,% -5,% -1,% -15,% Excluding Rezidor Hotel Group 6, 5, % 4, 3, 2, 1,, -1, airbaltic Blue1 Spanair SAS Braathens SK Denmark SK Sweden 38 million passengers in - new record SK International Fuel costs SEK 1,5 billion in 26 - expected to be 1,5 billion in 27 Split down of s fuel hedging during jan-99 jul-99 jan- jul- jan-1 jul-1 jan-2 jul-2 jan-3 jul-3 jan-4 jul-4 jan-5 jul-5 jan-6 jul-6 jan-7 strategy to offset jet fuel price Policy to hedge 4-6% of expected consumption (12 months) Yield management Cost initiatives Current hedges 57% Jan - Dec 7 capt at 766 USD/MT Of which only appr 15 p.u. with swaps at 67 USD/MT consumption % Swaps Call options 3-way & zero cost hedging Spot market

10 Record high jet fuel prices Average market prices: consumption USD/MT USD/MT USD/MT USD/MT USD/MT USD/MT 1 98 million MT USD/MT million MT Q USD/MT Q USD/MT Q USD/MT Q USD/MT Business areas Significant result improvement in SAS Scandinavian Airlines October- December January-December MSEK Change Change Revenues Operating expenses EBITDAR Lease EBITDA Depreciation Income from sales/affiliated EBIT EBT EBT bef. nonrecurring items SAS Scandinavian Airlines 4 4

11 EBITDAR up 1 79 MSEK in 4 th Quarter Positive result development in all Scandinavian Airlines companies EBT before nonrecurring items (12 months rolling) EBITDAR, Scandinavian Airlines MSEK 6 SAS Braathens 5 3 SAS Sweden Q4 25 Q1 26 Q2 26 Q3 26 Q Q4 25 Q1 26 Q2 26 Q3 26 Q SAS Denmark 2 1 Scandinavian Airlines International -5 Q1 Q2 Q3 Q Q4 25 Q1 26 Q2 26 Q3 26 Q Q4 25 Q1 26 Q2 26 Q3 26 Q Strong improvement in SAS Denmark SAS Braathens better than last year in Q4 SAS Sweden EBT improved MSEK 842 SAS International in black figures Denmark Oct-Dec 26 Change 26 Change Total revenues EBITDAR EBT bef nonrec items Oct-Dec 26 Change 26 Change Total revenues EBITDAR EBT bef nonrec items Sweden Oct-Dec 26 Change 26 Change Total revenues EBITDAR EBT bef nonrec items International Oct-Dec 26 Change 26 Change Total revenues EBITDAR EBT bef nonrec items Solid traffic development No of pass up 2,8% Cabin factor up 5,6 p.u. to 72,1% Yield up 5,7% Unit cost marginally up adj for fuel Stable traffic but lower yield No of pass up 3,8% Cabin factor up 2,5 p.u. to 68,8% Yield down 2,2% Unit cost down,4% adj for fuel Capacity adjusted to demand Cabin factor up 3,5 p.u. to 69,9% Yield up 7,6% Unit cost down 3,3% adjusted for fuel Signs of reduced overcapacity in the market Development as expected in Cabin factor at 82,8% Yield up 13,9% Unit cost up 2,% adjusted for fuel Flat beds being installed and product improvements in Economy Extra

12 Strongest improvements in Sweden and Denmark Key airline profitability drivers improving Scandinavian Airlines Scandinavian Airlines Scandinavian Airlines in MSEK Denmark Sweden International Revenues ,4% ,6% ,4% 7 85,9% EBITDAR EBT bef nonrec Oct-Dec in MSEK Revenues ,5% 3 213,7% ,4% ,1% EBITDAR EBT bef nonrec vs 25 October-December 26 vs 25 January-December Traffic (RPK) down 4,2% down,8% Cabin Factor down,8 p.u. up 2,3 p.u. Yields (RPK) up 15,4% up 6,7% Yields (ASK) up 7,4% up 1,7% Total unit costs up 3,3% up 5,2% Fuel adjusted unit cost down,3% up,8% Yield is improving up 6,7% in 26 North Atlantic cabin factor above AEA SAS Scandinavian Airlines 12-months rolling 1,4 1,3 1,2 1,1 1 jun-4 jun-5 jun-6 %, RPK vs. Last year %, Cabin factor Week January March May July September November SAS January March AEA May July September November Daily departures to/from New York, Washington DC, Chicago, Seattle from Copenhagen Second flight to/from New York to be introduced in May 27 Daily departures to/from New York and Chicago from Stockholm Positive mix Traffic in 26: European airlines (AEA) traffic up,7% SAS traffic down 7,3%

13 Stockholm-Beijing to be introduced on Asian routes Passenger load factor above AEA on European routes %, RPK vs. Last year %, Cabin factor Week January 9 March May 27 July September 45 November 51 January March May July September November SAS AEA Scandinavian Airlines serving Bangkok, Beijing, Shanghai and Tokyo Bangkok-Singapore closed in March SAS Business Sleeper being installed Positive mix between Economy and Business Class Good development in Economy Extra Cabin factor higher than AEA Traffic in 26: AEA traffic up 9,9% SAS traffic down 4,9% due to reduced capacity %, RPK vs. Last year %, Cabin factor January March May July September SAS November January March May AEA July September November New Business Models a success Cabin factor above AEA average since September 25 Strong performance on UK, Netherlands, Finland and Italy New non stop destinations from Stockholm during spring 27 Traffic 26: AEA traffic up 7,% SAS traffic up 5,2% albeit capacity has been reduced by,9% ECA agreement expires in 27 Tri-party Joint Venture agreement with BMI, Lufthansa and SAS signed November 9, 1999 In effect from January 1, 2 Main scope: To integrate the parties scheduled pass. transport to/ from London/ Manchester Negative result effect 21: MSEK 335 Negative result effect 22: MSEK 418 Negative result effect 23: MSEK 244 Negative result effect 24: MSEK 134 Negative result effect 25: MSEK 415 Negative result effect 26: MSEK 415 Result effect 1 st Quarter 26: MSEK 13 (-64) Result effect 2 nd Quarter 26: MSEK 47 (-27) Result effect 3 rd Quarter 26: MSEK 98 (-92) Result effect 4th Quarter 26: MSEK 159 (-52) SAS Individually Branded Airlines 51 51

14 Strong top line in SAS Individually Branded Airlines Strong growth in Blue1, airbaltic, Spanair Widerøe improved in Q4 October-December January-December MSEK Change Change Revenues Operating expenses EBITDAR Lease EBITDA Depreciation Income from affiliated EBIT EBT in MSEK Revenues ,5% ,9% ,4% ,1% EBITDAR EBT bef nonrec Oct-Dec in MSEK Revenues ,6% ,4% ,5% 399 3,4% EBITDAR EBT bef nonrec EBT before nonrecurring items and capital gains Spanair and Widerøe show better result in Q4 Blue1 and airbaltic gain market shares Oct-Dec 26 Change 26 Change Total revenues ,6% ,5% EBITDAR Oct-Dec 26 Change 26 Change Total revenues 738 3,4% ,9% EBITDAR Oct-Dec Oct-Dec 26 Change 26 Change 26 Change 26 Change Total revenues 545 2% % EBITDAR Total revenues 399 3% % EBITDAR EBT, bef nonrec items EBT, bef nonrec items EBT, bef nonrec items EBT, bef nonrec items Strong traffic development in No. of pass. up 2,% Cabin factor up 4,4 p.u. to 66,6% Yield was up 5,% Strong performance in business segment Stable traffic development No of pass up 6,3% Cabin factor up 2,8 p.u. to 57,% Yield was up 1,% Cost reductions of MSEK 2 being implemented Strong traffic figures No of pass up 21,8% Cabin factor up 2,5 p.u. to 66,6% Start up cost for European expansion 1 new international destinations introduced from Helsinki Strong traffic development in No of pass up 36,8% Cabin factor up 3,7 p.u. to 6,6% New destinations introduced East of Baltic airbaltic successfully competes with Ryanair and Easyjet

15 Estonian Air shows solid growth The holds 49% in Estonian Air Estonian Air number of passengers up 7% in 26 Q4 growth lower due to one aircraft being maintained Competitive cost position Increasing charter operation Number of passengers Estonian Air Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec 12 month rolling Monthly figures SAS Aviation Services SAS Aviation Services STS and SGS affected by lower prices October-December January-December MSEK Change Change Revenues Operating expensives EBITDA Depreciation EBIT in MSEK Revenues ,2% ,1% ,3% 441-1,3% EBT, bef nonrec EBT EBT bef nonrec items

16 Balance Sheet Financial update MSEK 3 Dec 6 31 Dec 5 Liquid funds Aircraft, spare parts Other assets Total assets Operating liabilities Interest-bearing liabilities Deferred tax Equity Total liabilities and equity Financial net debt Strong cash flow in Q4 Very limited CAPEX Oct-Dec SEK, billion Cash flow from operations 1,1 2,5 Change in working capital,1,5 Net financing from operations 1,2 3, Investments, adv. payments -,5-2,3 Acquisitions/sale of subsidiaries (net) 4,8 4,8 Sale of fixed assets etc. 1,6 4,1 Financing deficit/surplus 7,1 9,6 Firm Aircraft Orders Total 27 Airbus A Boeing Number of aircraft 4 4 CAPEX (MUSD) Change in external financing -4,6-7,4 Cash flow from the period 2,5 2,1 Financial net debt 4,1 Available funds 16,1 Other investments appr MSEK 1 5 /year

17 has more than SEK 16 bn in available funds CAPEX holiday continues Dec 6 Dec 5 Change Liquid Funds MSEK Available Credit Facilites: Revolving Credit Facility (MEUR 366) Bi-lateral Facilities Others Total Available Facilities Total Available Funds MSEK Available facilities MSEK Utilized facilities MSEK 184 Total facilities MSEK The Revolving Credit Facility renewed, maturity in June 21 Improved terms and conditions F 28F Strong improvement in gearing in 26 Amortization profile of interest bearing liabilities Key figures Dec 6 Dec 5 Target Equity/assets ratio (solidity) 32% 21% >3% Financial net debt/ equity 25% 118% <5% Fin. net debt+7*oplease/ equity 168% 29% <1% Consolidation coming years Low investments Improved cash flow from operations

18 Development of Financial Net Debt in 26 Financial Net January December 26 MSEK Financial Net Debt Dec Cash flow from operating activities +3 Sale of subsidiaries +4 8 Sale of aircraft and properties +4 1 Investments -2 3 Deconsolidation, currency & other +5 Financial Net Debt Dec (MSEK) Difference Interest net and others Exchange rate differences Financial net Financial Net October December 26 Development and Breakdown of the Financial Net Debt 26 vs 25 (MSEK) Q4-26 Q4-25 Difference Interest net and others Exchange rate differences Financial net (MSEK) Difference Cash Other interest bearing assets Interest bearing liabilities Financial Net debt

19 Development and Breakdown of the Financial Net Debt in Q4 Development of the Financial Net Debt (MSEK) Difference Cash Other interest bearing assets Interest bearing liabilities Financial Net debt Development of the Equity/Asset ratio Financial Net Debt/Equity ratio development 5% 45% 4% 35% 3% 25% 2% 15% 1% 5% % ,5 2,3 2, 1,8 1,5 1,3 1,,8,5,3,

20 Gearing ratios improved in 26 Sum up credit position 32% 27% 22% 17% 12% 7% 2% -3% dec-98 dec- dec-2 jun-3 dec-3 jun-4 dec-4 jun-5 dec jun-6 dec-7 Net Debt / Equity Fin Net Debt / Equity Solid liquidity of MSEK 1 83 Substantial Committed credit facilities of MSEK Limited CAPEX coming years MD 8 next aircraft to be replaced after 212 No financial covernance on debt on the balance sheet Consolidation of balance sheet will continue coming years Positive cash flow from operations and loss carry forward will limit tax payments going forward Equity / Total Assets Fin. Net Debt + 7*Op lease / Equity Yield development 26 vs 25 APPENDICES Traffic Data Yield Unit cost Fleet Financial key figures SAS Scandinavian Airlines Total Scheduled Change Yield (öre/rpk) 114,9 17,5 6,9% Currency adj. yield 114,9 17,6 6,7% Oct-Dec Change Yield (öre/rpk) 125,6 113,9 1,3% Currency adj. yield 125,6 18,9 15,4%

21 Yield development 26 vs 25 SAS Individually Branded Airlines Improved yield and load factor Yield, local currency Oct-Dec 8% SAS Scandinavian Airlines 1,3 1,3 5,% 5,% 7% 1,2 7,6% 1,% 6% 1,2 1, ,3% -24,7% -,2% 3,1% 5% 4% 3-nov 4-jan 4-mar 4-maj Load factor 4-jul 4-sep 4-nov 5-jan 5-mar 5-may 5-jul Yield (12 months rolling) 5-sep 5-nov 6-jan 6-mar may-6 6-jul 6-sep 1,1 1, Yield development SAS Scandinavian Airlines Passenger yield 26 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 vs vs vs Yields down 9,1% in 24 Yields down,3 in 25 Yield up 1,2% in Q1 26 Yield up 1,9% in Q2 26 Yield up 9,2% in Q3 26 Yield up 15,4% in Q4 26 SAS Scandinavian Airlines Route Sector Intercontinental Europe Intrascandinavia Denmark Norway Sweden SAS Scandinavian Airlines Nom. yield Curr. effect Adj. Yield

22 Passenger yield October- December 26 Break down of SAS Scandinavian Airlines Unit Cost SAS Scandinavian Airlines Route Sector Intercontinental Europe Intrascandinavia Denmark Norway Sweden SAS Scandinavian Airlines Nom. yield Curr. effect Adj. Yield Unit cost slightly up Block hours overview 8% 3% -2% -7% -12% -17% 1st Q 23 SAS Scandinavian Airlines 3rd Q 23 1st Q 24 3rd Q 24 1st Q 25 3rd Q 25 1st Q 26 3rd Q 26 Unit cost down 1,9% in 24 Unit cost down 1,7% in 25 Unit cost up 5,2% in Jan-Sep Unit cost up 3,8% in 3 rd Quarter Unit cost up 3,3% in Q4 Adjusted for fuel, unit cost was down,3% 12 months rolling Jan 6 -Dec 6 Air craft/day Pilots/year Cabin/year SAS Scandinavian Airlines 7, Spanair 8, Widerøe Blue1 6,8 8, airbaltic 9,

23 Key productivity ratios SAS Scandinavian Airlines Self Service check in above 5% Internet check in over 5% Aircraft utilization (12 months roling) 8,5 8 7,5 Cabin, pilot utilization (12 month roling) % 5% 45% 4% % 6,5 6 5,5 5 Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Dec Feb Apr Jun Aug Oct Dec Feb Apr Cabin crew Jun Aug Oct Dec Pilots Feb Apr Jun Aug Oct Dec 3% 25% 2% Automat Automat+internet Long term passenger cabin factor trend positive USD gradually weaker during 26 Moving 12 months values 74% 72% 7% 68% 66% 64% 62% 6% DEC94 DEC95 DEC96 DEC97 DEC98 DEC99 DEC DEC1 DEC2 DEC3 DEC4 DEC5 DEC

24 Currency effect January-December 26 vs 25 Currency effect January-December 26 vs 25 MSEK Total revenues -1 Total costs +28 Forward cover costs & working cap. -3 Income before depr. +24 Financial items +21 Income before tax +45 Total revenues & costs: (Total +27 MSEK) Major approx. effects: USD +56 DKK -5 NOK -2 EUR -7 Asian curr. -16 All others +1 Forward cover costs: (Total -154 MSEK) Working capital: (Total +151 MSEK) Financial items: (Total +21 MSEK) Grand total +45 MSEK Currency effect October-December 26 vs 25 Currency effect October-December 26 vs 25 MSEK Oct-Dec Total revenues -678 Total costs +85 Forward cover costs & working cap. -96 Income before depr. +31 Financial items -16 Income before tax +15 Total revenues & costs: (Total +127 MSEK) Major approx. effects: USD +311 DKK +13 NOK -133 EUR -22 Asian curr. -31 All others -11 Forward cover costs: (Total 171 MSEK) Working capital: (Total +75 MSEK) Financial items: (Total -16 MSEK) Grand total +15 MSEK

25 Currency distribution in the SAS Group 26 fleet December 26 Revenues SEK 18% USD 6% Expenses USD 3% NOK 29% Others 5% DKK 11% SEK 15% Others 2% DKK 13% GBP 5% EUR 26% NOK 19% GBP 3% EUR 18% Development of the s Market Capitalization MSEK 25 SAS share jan-5 maj-5 sep-5 jan-6 maj-6 sep-6 jan

26 SAS Share vs Peers Index SAS Market Capitalization vs. European Peers measured in SEK (December 31, 24 - December 31, 26) jan-5 3-feb-5 3-mar-5 3-apr-5 3-maj-5 3-jun-5 3-jul-5 3-aug-5 3-sep-5 3-okt-5 3-nov-5 3-dec-5 3-jan-6 3-feb-6 3-mar-6 3-apr-6 3-maj-6 3-jun-6 3-jul-6 3-aug-6 3-sep-6 3-okt-6 3-nov-6 3-dec-6 Index peers Index SAS * Peers: Alitalia, Air France, British Airways, Easyjet, Finnair, Lufthansa & Ryanair ,2 19,5 Number of trades shares increased slightly in Number of shares traded in SAS per month January February March April May June July August September October November December