Icelandair Group Annual Results for 2007 and Q4
• Total revenue for 2007 was ISK 63.5 billion compared to ISK 56.1 billion in
2006, an increase of 13%. Total revenue for Q4 2007 was ISK 15.3 billion
compared to ISK 12.6 billion in Q4 2006, an increase of 22%
• EBITDAR for 2007 was ISK 11.1 billion compared to ISK 10.0 billion for 2006.
EBITDAR Q4 for 2007 was ISK 2.1 billion compared to ISK 1.5 billion for Q4
2006.
• EBITDA for 2007 was ISK 5.5 billion compared to ISK 6.1 billion in 2006.
EBITDA for Q4 2007 was ISK 515 million compared to ISK 338 million in Q4 2006.
• EBIT was ISK 2.3 billion in 2007 compared to ISK 3.3 billion in 2006, a
decrease of 30%. EBIT was negative by ISK 309 million in Q4 2007 compared to a
negative EBIT of ISK 394 million Q4 2006.
• Net profit in 2007 was ISK 257 million compared to a net profit of ISK 2.6
billion in 2006. Net loss of ISK 780 million in Q4 2007 compared to a net loss
of ISK 550 million Q4 2006.
• Total Assets at the end of 2007 ISK 66.8 billion compared to ISK 76.6 billion
at year end 2006.
• Equity ratio is 37% at the end of 2007 compared to 34% at year end 2006.
• Net cash from operating activities was ISK 3.9 billion at the end of 2007
compared to ISK 6.4 billion at the end of 2006.
• Acquisition of the Czech airline Travel Service .
• In December Björgólfur Jóhannsson was appointed CEO and Jón Karl Ólafsson
left the company.
Björgólfur Jóhannsson, CEO of Icelandair Group:
"The annual results of Icelandair Group in 2007 are in accordance with the
forecast communicated in November. EBITDA is ISK 5.5 billion. The companies
within the Group make a strong unit and its foundations are solid and diverse.
Financial cost increased substantially from 2006, and it is clear that overall
results will have to improve. We have the right resources, and I am very
optimistic for our future.
A positive development was the in the operations of Icelandair, the biggest
company within the Group, in the year 2007. The operations of Icelandair Cargo
and Bluebird Cargo were below expectations but the results of
Lofleiðir-Icelandic exceeded expectations. Growth characterized the Groups'
operations in 2007, which was the company's first year as a publicly traded
company on the OMX Nordic exchange.
Icelandair Group is off to a good start this year. Considerable renewal of the
services of Icelandair will be implemented along with new aircraft interiors.
Icelandair will offer slightly less capacity in 2008 and will focus tight cost
control. The acquisition of Travel Service will be implemented and the synergy
opportunities and more growth into Eastern and Central Europe will be
emphasised."
