FME-Annual-Report-2009
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1 PASSENGER OPERATIONS SEVERELY IMPACTED by COVID-19 EBIT Negative by USD 105.1 Million in Q2 2020, Down by USD 81.0 Millio
27 July 2020 | Icelandair Group Interim Report PASSENGER OPERATIONS SEVERELY IMPACTED BY COVID-19 ▪ EBIT negative by USD 105.1 million in Q2 2020, down by USD 81.0 million ▪ Net loss of USD 90.8 million in Q2 ▪ COVID-19-related one-off cost amounted to USD 43.8 million in Q2 and USD 224.8 million in the first 6 months of the year ▪ Equity amounted to USD 118.4 million at the end of June 2020. Equity ratio was 11% ▪ Cash and cash equivalent amounted to USD 153.6 million at the end of June 2020 ▪ Icelandair’s available seat kilometers (ASK) decreased by 97% between years and the number of passengers by 98% ▪ Cargo flight hours doubled from last year BOGI NILS BOGASON, PRESIDENT & CEO “The second quarter was severely impacted by the COVID-19 pandemic. We only operated three per cent of our planned passenger flight schedule but focused on keeping vital air routes open to Europe and North America. Revenue, which decreased by 85% between years, was driven by our cargo and aircraft leasing operations where our employees across the Group showed remarkable resourcefulness and flexibility to seize opportunities during this challenging time. In the second quarter, cargo flight hours doubled from last year. We had to take difficult but necessary measures in the quarter to reduce cost and prevent cash outflow. This included significant reduction in our workforce and changes to our organisational structure. The work on the financial restructuring of the Company is progressing and we aim to have reached agreements with all our key stakeholders by the end of July, followed by a share offering in August. -
Financial Statements
Icelandair Group hf. Condensed Consolidated Interim Financial Statements 1 January – 30 September 2020 Icelandair Group hf. I Reykjavíkurflugvöllur I 102 Reykjavík Iceland I Reg. no. 631205-1780 Contents Endorsement and Statement by the Board of Directors and the CEO ................................................................ 3 Consolidated Statement of Comprehensive Income ........................................................................................... 5 Consolidated Statement of Financial Position .................................................................................................... 6 Consolidated Statement of Changes in Equity ................................................................................................... 7 Consolidated Statement of Cash Flows .............................................................................................................. 8 Notes to the Consolidated Financial Statements ................................................................................................ 9 1. Reporting entity ................................................................................................................................. 9 2. Basis of accounting ........................................................................................................................... 9 3. Use of judgements and estimates .................................................................................................... 9 4. Changes in accounting policies ....................................................................................................... -
Euromoney Magazine
Euromoney Magazine http://www.euromoney.com/Print.aspx?ArticleID=2406144 The failed state of Iceland Elliot Wilson Friday, March 05, 2010 The full horror of the country’s bank-led collapse is still emerging. A new generation of regulators is trying to sort out the mess as prosecutors attempt to bring the perpetrators to justice but, as Elliot Wilson discovers in Reykjavik, there’s a long road ahead to recovery. IN A WORLD where international reputations seem to topple like dominoes every few months – Greece being the latest casualty – it’s worth stepping back in time to the mother of all financial disasters. When Iceland’s banking sector disintegrated in autumn 2008 it spelled the end for the nation’s big three lenders – Kaupthing, Glitnir and Landsbanki – creating the greatest banking collapse relative to economic size in history. But it did much more. It shredded a tiny nation’s hard-won economic reputation in a heartbeat. It bankrupted hundreds of Icelandic firms, many of which had grown fat and rich with cheap loans from local banks. Worst of all it impoverished tens of thousands of poorly advised (and often greedy) consumers, who are now deeply in debt and bitter towards everyone – bankers, politicians, regulators and the entire global financial system that allowed Iceland to fly so high before burning up and falling to Earth. While the eyes of the world are elsewhere, it’s interesting to see how a new generation of politicians and regulators in Reykjavik, backed by a coterie of teak-tough international advisers, are seeking to scrape the country’s tattered economy off the floor. -
EFTA Surveillance Authority Competition and State Aid Directorate Rue Belliard 35 1040 Brussels Belgium
EFTA Surveillance Authority Competition and State Aid Directorate Rue Belliard 35 1040 Brussels Belgium Reykjavík September 25, 2020 Reference: FJR20030062/5.1 Your reference: 85190 Subject: Comments on a letter received by ESA regarding Decision No 101/20/COL Introduction Reference is made to an invitation from the EFTA Surveillance Authority (the Authority; ESA), dated 16 September 2020, to comment on a letter received by ESA calling for a revocation of Decision No 101/20/COL on compensation to Icelandair for the damage caused by the COVID-19 outbreak. The letter received by the Authority argues that the decision was based on “incorrect or incomplete information”. The Icelandic authorities take the opportunity to underline the compliance of the decision, and the notification on which was it was based, with the EEA rules on State aid. 1. Basis for the Authority’s letter According to Article 9 of Part II of Protocol 3 to the Surveillance and Court Agreement (SCA), the Authority can decide to initiate a formal investigation procedure if it encounters documents or observations that give rise to doubts as to the “well-founded and sound nature”1 of information which constituted a determining factor for the decision. That procedure can lead to revocation of the decision if it turns out that it was indeed based on incorrect information. The Icelandic authorities note that the undertaking that has requested ESA to contemplate revocation of the decision, Fly Play ehf., does not have standing to bring the decision before the EFTA Court. The undertaking neither holds an Icelandic Air Operator Certificate (AOC)2, nor has it taken delivery of any airplanes. -
Icelandair Group Hf
Icelandair Group hf. Consolidated Financial Statements for the year 2019 Icelandair Group hf. I Reykjavíkurflugvöllur I 101 Reykjavík Iceland I Reg. no. 631205-1780 Contents Endorsement and Statement by the Board of Directors and the CEO ................................................................... 3 Independent Auditors' Report ................................................................................................................................. 6 Consolidated Income Statement and other Comprehensive Income ..................................................................... 10 Consolidated Statement of Financial Position ........................................................................................................ 11 Consolidated Statement of Changes in Equity ...................................................................................................... 12 Consolidated Statement of Cash Flows ................................................................................................................. 13 Notes to the Consolidated Financial Statements .................................................................................................... 14 Note Page Note Page 1. Reporting entity ........................................ 14 22. Non-current receivables and deposits ....... 32 2. Basis of accounting .................................. 14 23. Income taxes ............................................. 32 3. Functional and presentation currency ...... 14 24. Inventories ................................................ -
Effects of Content on Facebook Post Popularity: the Case of Icelandair
Master of Science in International Business Effects of Content on Facebook Post Popularity: The Case of Icelandair Herborg Sørensen Supervisors: Dr. Valdimar Sigurðsson and Vishnu Menon June 2015 A master’s thesis submitted to the Reykjavík University School of Business in partial fulfillment of the requirements of the degree of Master of Science INTERNATIONAL BUSINESS EFFECTS OF CONTENT ON FACEBOOK POST POPULARITY: THE CASE OF ICELANDAIR Author: Herborg Sørensen June 2015 Supervisors: Dr. Valdimar Sigurðsson Vishnu Menon Reykjavík June 2015 1 Declaration of Research Work Integrity This work has not previously been accepted in substance for any degree and is not concurrently submitted in candidature of any degree. This thesis is the result of my own investigations, except where otherwise stated. Other sources are acknowledged with explicit references. A bibliography is appended. By signing the present document I confirm and agree that I have read RU’s ethics code of conduct and fully understand the consequences of violating these rules in connection with my thesis. -------------------------------------------------------------------------------------------------------- Date and Place ID No. Signature 2 Abstract The purpose of this study is to identify the kinds of content that are most likely to increase post popularity on Facebook. Icelandair, an Icelandic airline, was chosen as the subject of the study for two reasons. Firstly, the company has a very active and progressive social media marketing strategy. Secondly, competition amongst airlines has been increasing tremendously over the last decade, which has greatly increased the importance of marketing for the industry. The study is conducted using data from Icelandair’s fan page. Posts posted between the beginning of 2011 and early 2015 (242 posts) are collected and then analyzed and categorized by post types. -
Viðskiptayfirlit 2016 – Nasdaq Iceland
Fréttatilkynning 1 2 / 3 0 / 2 0 1 6 Viðskiptayfirlit 2016 – Nasdaq Iceland Reykjavík, 30. desember, 2016 – Nasdaq (Nasdaq:NDAQ) gefur reglulega út viðskiptayfirlit fyrir kauphallir sínar á Norðurlöndunum og í Eystrasaltsríkjunum. Dregin hafa verið saman helstu atriði yfir viðskipti á Nasdaq Iceland á liðnu ári, 2016. „Aukin virkni hlutabréfaviðskipta á árinu er mikið gleðiefni og í hlutfalli af markaðsvirði skráðra félaga er viðskiptamagnið nú ekki fjarri því sem það er í öðrum kauphöllum Nasdaq á Norðurlöndunum. Á hinn bóginn var verðþróun á innlendum hlutabréfamarkaði á árinu heldur óhagstæð fjárfestum þegar á heildina er litið.“ , segir Magnús Harðarson, forstöðumaður viðskiptasviðs Nasdaq Iceland. „Skuldabréf gáfu ágæta ávöxtun á árinu, sérstaklega óverðtryggð bréf, og átti megnið af verðhækkun skuldabréfa sér stað eftir að Seðlabankinn hóf að lækka vexti í lok ágúst. Viðskipti með skuldabréf voru hins vegar daufleg. Mæld á föstu verðlagi hafa þau ekki verið jafnlítil í 15 ár. Einn þeirra þátta sem hefur haft umtalsverð áhrif á viðskipti er bindiskylda á fjármagnsinnstreymi inn á skuldabréfamarkað. Hefur hún ekki einungis stöðvað vaxtamunarviðskipti heldur því sem næst alla fjárfestingu erlendra aðila í skuldabréfum. Er það miður og getur vart hafa verið ætlunin enda væri frekari þátttaka erlendra fjárfesta á skuldabréfamarkaði bæði ríkissjóði og fyrirtækjum í leit að fjármögnun til góðs og markaðnum almennt til framdráttar.“ Hlutabréf: Heildarviðskipti með hlutabréf á árinu námu 559 milljörðum eða 2.227 milljónum á dag. Þessu til samanburðar var veltan með hlutabréf árið 2015 392 milljarðar, eða 1.582 milljónir á dag. Þetta er 41% veltuaukning frá fyrra ári. Mest voru viðskipti með bréf Icelandair Group (ICEAIR) 140,1 milljarður, Marel (MARL) 70,4 milljarðar, Haga (HAGA) 52,6 milljarðar, Reita fasteignafélags 40,8 milljarðar og N1 40,6 milljarðar. -
ARION BANK HF. (Incorporated with Limited Liability in Iceland)
ARION BANK HF. (incorporated with limited liability in Iceland) €1,500,000,000 Covered Bond Programme Under this €1,500,000,000 Covered Bond Programme (the Programme), Arion Bank hf. (the Issuer or the Bank) may from time to time issue bonds (the Covered Bonds) denominated in any currency agreed between the Issuer and the relevant Dealer (as defined below). Covered Bonds may be issued in bearer form (Bearer Covered Bonds), registered form (Registered Covered Bonds) or in uncertificated and dematerialised book entry form registered in the Icelandic Securities Depository Ltd. (ISD Covered Bonds and the ISD respectively). The maximum aggregate nominal amount of all Covered Bonds from time to time outstanding under the Programme will not exceed €1,500,000,000 (or its equivalent in other currencies calculated as described in the Programme Agreement described herein), subject to increase as described herein. The Covered Bonds may be issued on a continuing basis to one or more of the Dealers specified under "Overview of the Programme" and any additional Dealer appointed under the Programme from time to time by the Issuer (each a Dealer or Manager and together the Dealers or Managers), which appointment may be for a specific issue or on an ongoing basis. References in this offering circular (the Offering Circular) to the relevant Dealer shall, in the case of an issue of Covered Bonds being (or intended to be) subscribed by more than one Dealer, be to all Dealers agreeing to subscribe for such Covered Bonds. The Covered Bonds may be held in a manner which is intended to allow for Eurosystem eligibility. -
FL Group Reports Net Loss of ISK 67 Billion in 2007
FL Group reports net loss of ISK 67 billion in 2007 -Global market conditions significantly affect Q4 earnings- - Financial position and fundamentals remain strong – -Market risk reduced significantly in Q4 and YTD 2008- Reykjavik, Iceland 13 February 2008 – FL Group (OMX: FL), the international investment company, today announces its results for the year 2007. Financial highlights • Net loss after tax of ISK 63.2 billion (EUR 694.5 million) in Q4 and ISK 67.3 billion (EUR 738.5 million) in 2007, reflecting a significant decrease in market value of FL Group’s listed assets. All of FL Group’s listed holdings are marked to market. • Total assets increased to ISK 422.3 billion at the end of Q4 from ISK 262.9 billion at the end of 2006, representing a 60.7% increase. Tryggingamidstodin was fully consolidated by the end of the year. • Total shareholders equity was ISK 155.8 billion at the end of the quarter, an increase of ISK 13.2 billion from the end of 2006. The increase was due to a share issue in the second half, related to the acquisitions of property companies and Tryggingamidstodin. • Financial position and liquidity are strong, equity ratio is 36.9% and direct liquidity of ISK 28.6 billion in the form of cash position and unpaid share capital which became payable on 4 January. • At the time of publishing the annual results, FL Group has refinanced ISK 47.1 billion of borrowings maturing in 2008, with only ISK 8.5 billion of borrowings currently remaining. • Negative re-valuation of ISK 3.7 billion of FL Group´s unlisted portfolio reflected global market conditions in Q4. -
Annual Report 2011
195mm innábrot 210mm baksíða 13mm 210mm forsíða 195mm innábrot Annual Report 2011 ➤ Key Figures Key Figures ➤ +354 50 50 300 ■ www.icelandairgroup.is Annual Report 2011 Q 195mm innábrot 210mm baksíða 13mm 210mm forsíða 195mm innábrot i Icelandair Group Annual Report 2011 Icelandair Group Annual Report 2011 ii iii Icelandair Group Annual Report 2011 Icelandair Group Annual Report 2011 iv Key Figures 2007 2008 2009 2010 2011 EBITDA % I 2007–2011 Net profit / loss ISK billion I 2007–2011 OPERATING RESULTS 15 6 Total income 63,477 72,199 80,321 88,015 96,934 14 4 4.6 EBITDAR 11,056 8,821 17,435 21,254 17,751 4.5 12 2 EBITDA 5,477 3,053 8,135 12,578 10,413 0.3 4.5 0.89 0 EBIT 2,337 –7,351 1,483 6,254 4,735 11 9 10 ISK billion net profit ISK earnings EBT continuing operations 129 –8,985 –4,469 6,576 3,500 9 –2 for 2011 per share in 2011 Profit / loss for the year 257 –7,468 –10,665 4,556 4,452 –4 6 –6 –7.5 3 4 –8 BALANCE SHEET –10.7 –10 Total assets 66,760 99,947 89,104 84,239 89,466 0 –12 Total equity 25,033 20,080 14,605 28,403 32,291 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 10% 11% Interest bearing debt 25,098 43,635 43,136 24,604 24,136 increase in income EBITDA ratio Net interest bearing debt 23,092 39,570 41,227 11, 610 11,056 Total assets ISK billion I 2007–2011 Equity ratio I 2007–2011 from 2010 in 2011 100 40 CASH FLOW 99.9 35 37% 89.1 89.5 36% Net cash from operating activities 3,889 4,531 8,781 15,673 14,386 80 34% 84.2 30 Net cash used in investing activities –5,461 –7,452 –7,799 –5,515 –13,017 Net cash from/used in financing -
Annual Report 2018 2
Icelandair Group Annual Report 2018 2 Contents 2 Overview 42 Governance 3 Key Figures 43 Corporate Governance 4 Icelandair Group at a Glance 45 The Board of Directors 6 Chairman’s Address 46 The Executive Management 8 President and CEO’s Address 48 Responsibility 11 Business Review 49 Corporate Social Responsibility 12 Vision and Strategy 50 Environmental Accounting 14 Structure 53 Social Accounting 15 International Flight Operations 55 Governance Accounting 17 Air Iceland Connect 56 Accounts 19 Loftleidir Icelandic 57 Consolidated Financial Statements 20 Icelandair Hotels 23 Iceland Travel 24 VITA 25 Financial Review 26 Shareholder Information 29 Performance in 2018 33 Financial Position 36 Risk Management 40 Outlook 2019 Overview ICELANDAIR ANNUAL REPORT 2018 3 Key Figures USD thousands 2018 2017* 2016 2015 2014 Operating results 47% 43% 42% Total income 1,510,518 1,417,987 1,285,574 1,139,699 1,113,297 44% 20% EBITDAR 126,893 207,765 254,960 261,710 193,410 19% 17% 32% EBITDA 76,479 170,076 219,845 226,666 154,338 EBIT -56,968 49,645 118,437 142,840 79,009 12% EBT continuing operations -67,810 48,642 120,111 140,223 79,908 Loss / profit for the period -55,570 37,538 89,068 111,223 66,499 5% 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018-56 Balance sheet Total assets 1,464,122 1,423,842 1,292,493 971,979 849,220 GRAPH 1: EBITDA % 2014–2018 GRAPH 6: Equity ratio Total equity 471,379 596,545 568,213 456,531 365,055 2014–2018 Interest-bearing debt 415,801 289,541 242,382 65,530 61,934 Net interest-bearing debt 116,341 64,263 -7,743 -148,589 -
Virðismat Á Icelandair Group
Háskólinn á Bifröst Viðskiptasvið Virðismat á Icelandair Group Ritgerð til BS gráðu í viðskiptafræði Vorönn 2021 Nemandi: Bjarni Heiðar Halldórsson Leiðbeinandi: Húni Jóhannesson Staðfesting lokaverkefnis til BS gráðu í viðskiptafræði Titill verkefnis: Virðismat á eigin fé Icelandair group? unnið af: Bjarni Heiðar Halldórsson, kt. 050886-2719 Verkefnið hefur verið metið samkvæmt reglum og kröfum Háskólans á Bifröst og hlotið Lokaeinkunnina ___________ Háskólinn á Bifröst, dags. ______________ ________________________ Stimpill skólans ________________________ Deildarforseti ________________________ Leiðbeinandi Útdráttur Í þessari rannsókn er leitast við að framkvæma virðismat á Icelandair Group og svara með því rannsóknarspurningunni: „Hvert er eiginlegt virði Icelandair Group þann 1. apríl 2021?“. Markmiðið með virðismatinu er að leggja mat á hvort hlutir félagsins á markaði teljist yfir- eða undir verðlagðir. Niðurstöður þessarar rannsóknar gefa til kynna að eiginlegt virði hlutanna sé 2,58 krónur. Í upphafi aprílmánaðar var gengi hlutanna á markaði hins vegar 1,40 krónur og gefa niðurstöðurnar því til kynna að hlutirnir séu undirverðlagðir um rúm 84 prósent og að kaupaðstæður fyrir fjárfesta í félaginu séu því hagstæðar. Hins vegar bendir margt til þess að fjárfesting í félaginu feli í sér umtalsverða áhættu og sé því ekki hentugur valkostur fyrir áhættufælna fjárfesta. Virðismatsaðferðin sem stuðst er við í þessari rannsókn er afvaxtað sjóðstreymislíkan þar sem virði félagsins er metið út frá núvirtu frjálsu sjóðstreymi til fyrirtækisins að viðbættu niðurlagsvirði. Til stuðnings virðismatsins var bæði framkvæmd stefnumiðuð og fjárhagsleg greining á félaginu. Stefnumiðaða greiningin var framkvæmd með PESTEL greiningu, fimm krafta líkani Porters, VRIO auðlindalíkani og SVÓT greiningu og hafði það að leiðarljósi að greina þá lykilþætti í umhverfi félagsins sem skapað gætu því aukið virði eða dregið úr arðsemi þess fram á við.