SAS — Earnings Release 2015

Dec 16, 2015

SAS Year-end Report November 2014 - October 2015

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 CEO.

All reports are available in English and Swedish and can be ordered over the

Internet at: www.sasgroup.net or from: investor.relations@sas.se

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.