SAS Group saw its cash and cash equivalent position drop to SKr3.19 billion ($465.7 million) at the end of the second quarter, from SKr5.65 billion at 30 June 2011.
During the three-month period, cash flow from operating activities totalled SKr676 million, compared with SKr731 million in last year's corresponding quarter. Cash flow before financing activities SKr797 million compared with SKr247 million.
During the second quarter, the group completed the sale of six properties to Swedavia, raising SKr1.8 billion. This sale is part of a strategy to reduce tied-up capital and its with a cash-flow effect totalled SKr440 million.
Net external financing totalled SKr1.27 billion, down from SKr1.28 billion in last year's corresponding quarter.
The SAS Group has unutilized credit facilities amounting to SKr4.98 billion, compared with SKr5.42 billion at the end of the second quarter of 2011.
At 30 June 2012, total liquidity amounted to SKr8.17 billion, representing 20% of the group's annual revenues, down from SKr11.07 billion a year ago.
At the end of the first half, the value of the debt and equity share (conversion option and repurchase right) relating to the convertible bond loan was SKr1.48 billion and SKr124 million, respectively.
SAS Group's pre-tax profit fell by over 60% in the second quarter, to SKr137 million while the Scandinavian company's half-year performance sank into a SKr912 million loss.