SAS — Earnings Release 2014

Oct 7, 2014

Scandinavian Airlines 195 87 Stockholm Telephone: +46 8-797 0000 Fax: +46 8-797 1515

SAS traffic figures September 2014

• • SAS carried a total of 2.7 million passengers in September, up 7.3%.
• The total traffic (RPK) increased by 5.3%.
• The total capacity (ASK) was up by 3.2%.
• The total load factor increased by 1.6 p.u. to 78.1%.
• • The yield was down 2.3% while PASK was up 1.1% in August and the currency adjusted yield and PASK were down 4.6% and 1.3%.

Market trends, PASK and yield development

Market conditions remain challenging. However, since the introduction of the summer 2014 program, load factors have improved and in September 2014, SAS reports the sixth consecutive month with an improvement in the load factor versus last year.

In August, SAS' yield was down 2.3% while PASK was up 1.1%. Currency adjusted yield and PASK were down 4.6% and 1.3%, as expected. In September 2014 the change in the currency adjusted PASK vs. last year is expected to be in line with last year.

SAS scheduled traffic development in September

Following the expanded leisure network during the summer months, SAS seasonally increased its capacity on the more traditional businesses routes in September. The capacity was increased by 3.9%, primarily driven by intrascandinavian routes and larger European destinations.

Traffic grew by 6.7% resulting in a 2.0 p.u. improvement in the load factor to 76.6%, the second highest load factor for a September month. SAS intercontinental routes continued to perform well with a traffic growth of 3.2%, driven by the USA routes.

Domestic routes grew 2.3% combined with a positive load factor development.

SAS total traffic
(schedule and charter)	Sep 14	Change	Nov-Sep 14	Change
ASK (Mill.)	4 151	3,2%	41 066	4,4%
RPK (Mill.)	3 244	5,3%	31 494	5,8%
Passenger load factor	78,1%	+1,6 p u	76,7%	+1,0 p u
No. of passengers (Mill.)	2,738	7,3%	25,733	6,1%

SAS scheduled traffic	Sep 14	Change	Nov-Sep 14	Change
ASK (Mill.)	3 767	3,9%	37 131	4,5%
RPK (Mill.)	2 884	6,7%	27 820	6,2%
Passenger load factor	76,6%	+2,0 p u	74,9%	+1,2 p u
No. of passengers (Mill.)	2,603	8,0%	24,453	6,2%

Geographical	Sep 14 vs Sep 13		Nov-Sep 14 vs. Nov-Sep 13
development, schedule	RPK	ASK	RPK	ASK
Intercontinental	3,2%	4,4%	3,4%	4,1%
Europe/Intrascandinavia	10,9%	4,6%	9,8%	5,0%
Domestic	2,3%	1,4%	2,2%	3,6%

SAS charter traffic	Sep 14	Change	Nov-Sep 14	Change
ASK (Mill.)	385	-3,5%	3 935	4,0%
RPK (Mill.)	360	-5,0%	3 674	3,0%
Passenger load factor	93,6%	-1,5 p u	93,4%	-0,9 p u
No. of passengers (Mill.)	0,135	-4,8%	1,280	4,6%

Yield, PASK and punctuality	Aug 2014	Change
Yield (change is currency adjusted),
SEK	0.86	-4.6%
PASK (change is currency adjusted),
SEK	0.70	-1.3%

	September 2014
Punctuality (arrival 15 min)	89.9%
Regularity	98.8%

SAS' definitions:

RPK – Revenue passenger kilometers

ASK – Available passenger kilometers

Load factor – RPK/ASK

Yield – Passenger revenues/RPK (scheduled) PASK – Passenger revenues/ASK (scheduled)

RASK – Total traffic revenues/total ASK (scheduled+charter)