SAS Spots Spanair Mistakes
EUROPEAN UNION, January 25, 2006. The SAS Group has become aware of errors in the Spanair accounts that relates primarily to the years 2002-2004. The SAS Groups internal and external auditors have evaluated the identified errors, which imply that certain revenues and costs not have been accounted correctly. The SAS Group has not suffered any economical loss/damage as a result of the accounting errors.
According to the new IFRS rules these differences must be corrected retroactively in the accounts if considered material. The deviations for 2002-2004 amounts to a total of approx MSEK- 340 and will be corrected through restatement of earlier published results and group equity. Errors for 2005 have also been noted and these have been corrected in the 4th Quarter.
The impact for 4th Quarter is MSEK -80.
It is still expected that Spanair will reach a positive result in 2005. The corrections do not affect the SAS Group's full year outlook for 2005. As a result of the occurred SAS Group's Management and the Board of Directors of Spanair has made certain organizational changes and improved the work and control processes in Spanair.
In addition, an independent study by external auditors and legal advisors has been initiated to clarify all aspects of the matter. Based on the conclusions of this study further actions will be taken to ensure that similar situations will not be repeated in the future. SAS Board of Directors and the Audit Committee have been informed about the matter and will follow up the further handling of it.
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