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SAS: SAS Year-end Report November 2014 - October 2015

SAS delivers substantial earnings improvement

August 2015 - October 2015

· Income before tax: MSEK 867 (-450)
· Income before tax and nonrecurring items: MSEK 1,338 (789)
· Revenue: MSEK 10,903 (10,966)
· Unit revenue (PASK) declined 0.5% [1]
· Unit cost (CASK) increased 3.5% [2]
· EBIT margin: 11.8% (-2.3%)
· Net income for the period: MSEK 517 (-303)
· Earnings per common share: SEK 1.31 (-1.21)
· The outlook for the full year 2015/2016 is presented on page 8
· The Board of Directors proposes that no dividends be paid to
holders of SAS AB's common shares

· The Board proposes a dividend of SEK 50 on each preference share
November 2014 - October 2015

· Income before tax: MSEK 1,417 (-918)
· Income before tax and nonrecurring items: MSEK 1,174 (-697)
· Revenue: MSEK 39,650 (38,006)
· Unit revenue (PASK) increased 3.8% [1]
· Unit cost (CASK) increased 3.3% [2]
· EBIT margin: 5.6% (0.4%)
· Net income for the period: MSEK 956 (-719)
· Earnings per common share: SEK 1.84 (-3.03)

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

Comments by the President and CEO of SAS:
"SAS reported positive income before tax and nonrecurring items of
MSEK 1,174 for the 2014/2015 fiscal year. This was a significant
year-on-year improvement, primarily driven by our commercial
successes, cost measures and, in the fourth quarter, by lower jetfuel
costs. During the year, we have implemented extensive improvements
aimed at frequent travelers and these have delivered clear results.
However, the unit cost after adjustments for currency and jet fuel
increased during the year, which is unsatisfactory. We now need to
work even more intensively with implementation of the continued cost
measures to improve our long-term competitiveness.

Altogether, the product enhancements and the implemented cost measures
have created new preconditions enabling us to open new long-haul
routes to Los Angeles, Miami and Boston next year. We know that
competition will intensify moving forward, but given our improved
financial position, our focused enhancement initiatives and our
customers' positive response, we have an excellent starting position.
We are continuing our dedicated efforts to make life easier for our
frequent travelers with time-saving and smooth journeys to
sought-after destinations," says Rickard Gustafson, SAS President and

All reports are available in English and Swedish and can be ordered
over the Internet at: or from:

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 December 16, 2015, at
8:00 a.m.


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