Scandinavian Airlines Web Site - September 29, 2003
The SAS Group has in connection with the latest quarterly result informed about a program of release of capital including office properties.
The SAS Group has signed an agreement with the Danish company Keops to sell five office properties in Copenhagen. The transaction will release capital of approximately MSEK 1,000 (approx $130 mm) and will reduce net debt by a similar amount. The transaction will provide a gain on sales in excess of MSEK 500. The SAS Group has also signed a lease agreement of between 10 an 15 years and will also in the future use the properties involved. The costs for the leaseback are neutral compared with depreciations and interest cost of today.
The transaction is also part of the SAS Group's focus on core business and enhances flexibility for the SAS Group's future need for office properties. The transaction is pending full completion of all conditions in the agreement and relevant government approvals.
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Monday, September 29, 2003
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