May 6, 2013

SAS sells Widerøe to an investor group led by Torghatten

The sale of Widerøe represents an important step in the improvement of SAS’ financial position with a significant reduction of SAS’ financial leverage. SAS and Widerøe will have a continued close commercial cooperation after the transaction, with Widerøe remaining an important regional partner to SAS. As part of the transaction, SAS will sell seven Dash Q400 aircraft to Widerøe which are currently leased by Widerøe from SAS. The loans related to these aircraft will be transferred to Widerøe. Additionally, three aircraft, currently not in use, has been sold from SAS to a lessor and subsequently leased by Widerøe. SAS will receive approximately SEK 2.0bn in conjunction with the divestment of Widerøe, including the aircraft-related transactions, and up to SEK 2.3bn in total proceeds in the case of a full divestment in 2016. The total proceeds will reduce net debt by the same amount. Additionally, the transaction will reduce the previously announced negative impact on equity of amended reporting rules for pensions by approximately SEK 1.0bn from SEK 7.9 to SEK 6.9bn. The sale of Widerøe is expected to result in a limited capital loss for SAS of approximately SEK 300m in case of a full divestment in 2016.



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