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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 activities 853 3,171 –3,283 –49 –3,384 60 66.8 25 Cash and cash equivalents and marketable 20 89.5 36% 20% securities end of year 2,006 4,065 1,909 12,994 13,080 40 ISK billion assets equity ratio 15 16% end of 2011 end of 2011 10 20 KEY RATIOS 5 Earnings per share ISK 0.25 –7.64 –10.94 3.07 0.89 0 0 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 Equity per share ISK 25.26 20.53 14.98 5.71 6.49 Equity ratio 37% 20% 16% 34% 36% Current ratio 0.46 0.43 0.58 1.16 0.91 35 1.75 Debt/Equity 1.00 2.17 2.95 0.87 0.75 Net interest bearing debt Cash and cash equivalents and marketable aircraft in our fleet million passengers ISK billion I 2007–2011 securities as % of income I 2007–2011 Net tangible worth ISK million –1,813 –9,241 –8,993 7,191 10,632 end of 2011 Icelandair in 2011 CAPEX ISK million 9,217 7,908 5,922 5,015 15,326 50 15 Transport revenue as % of total revenues 57% 58% 59% 61% 64% 15% EBITDA ratio 9% 4% 10% 14% 11% 40 12 13% 41.2 EBITDAR ratio 17% 12% 22% 24% 18% 39.6 30 9 79.9% 31 20 23.1 6 load factor in our routes in our 6% network in 2011 network 2011 10 3 11.6 11.1 3% 2% 0 0 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 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 activities 853 3,171 –3,283 –49 –3,384 60 66.8 25 Cash and cash equivalents and marketable 20 89.5 36% 20% securities end of year 2,006 4,065 1,909 12,994 13,080 40 ISK billion assets equity ratio 15 16% end of 2011 end of 2011 10 20 KEY RATIOS 5 Earnings per share ISK 0.25 –7.64 –10.94 3.07 0.89 0 0 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 Equity per share ISK 25.26 20.53 14.98 5.71 6.49 Equity ratio 37% 20% 16% 34% 36% Current ratio 0.46 0.43 0.58 1.16 0.91 35 1.75 Debt/Equity 1.00 2.17 2.95 0.87 0.75 Net interest bearing debt Cash and cash equivalents and marketable aircraft in our fleet million passengers ISK billion I 2007–2011 securities as % of income I 2007–2011 Net tangible worth ISK million –1,813 –9,241 –8,993 7,191 10,632 end of 2011 Icelandair in 2011 CAPEX ISK million 9,217 7,908 5,922 5,015 15,326 50 15 Transport revenue as % of total revenues 57% 58% 59% 61% 64% 15% EBITDA ratio 9% 4% 10% 14% 11% 40 12 13% 41.2 EBITDAR ratio 17% 12% 22% 24% 18% 39.6 30 9 79.9% 31 20 23.1 6 load factor in our routes in our 6% network in 2011 network 2011 10 3 11.6 11.1 3% 2% 0 0 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 Icelandair Group Annual Report 2011 1 Table of Contents Chairman’s Address 6 01 President and CEO’s Address 8 02 Icelandair Group – The Company 12 03 The 75th Anniversary 17 04 Quarterly Overview 30 Performance in 2011 36 05 Financial Position 40 Outlook 43 Risk Management 44 06 Subsidiaries 50 Corporate Governance 60 07 Shareholder Information 64 Icelandair Group and 08 the Community 68 Environment 70 Employees 74 09 Executive Committee 77 Subsidiaries Management 78 About the Annual Report Icelandair Group’s annual report for 2011 is inspired by the Icelandic winter and our 75th anniversary. The photographs in the report were taken around Iceland this winter and depict the unique landscape and atmosphere that Iceland has to offer. In our anniversary year we offer our readers a glimpse into our 75-year history, of which we are extremely proud. ■ Design: Íslenska Printing: Oddi ehf. ■ 01 DID YOU KNOW … that Reykjavík, the capital of Iceland, has more average daylight — 14.9 hours — than Miami, Florida 4 Icelandair Group Annual Report 2011 Our Route Network Our Route Network SEATTLE HELSINKI TRONDHEIM STOCKHOLM OSLO BERGEN GOTHENBURG COPENHAGEN STAVANGER DENVER HAMBURG BILLUND ICELAND FRANKFURT AMSTERDAM GLASGOW MUNICH MINNEAPOLIS / ST. PAUL MANCHESTER BRUSSELSMILAN LONDON PARIS BARCELONA TORONTO ALICANTE MADRID NEW YORK BOSTON HALIFAX WASHINGTON D.C. ORLANDO Iceland’s uniquely central location between Europe and North America is the key to our hub-and-spoke network. In 2012, the year of the Company’s 75th anniversary our route network will connect 22 European cities with 9 North American cities through the Company’s hub. The network is based on a 24-hour rotation, with morning and afternoon connections in Iceland. xxxxxxxx Icelandair Group Annual Report 2011 5 OUR VALUES The Group aspires to have a brand synonymous with efficient and reliable operations, sound and trustworthy management, and dependable and flexible services for the benefit of its stakeholders. ■ WE CarE for our customers, employees, environment and shareholders. ■ WE THINK CLIENTS through consistency, reliability, clear product alternatives and friendly service. ■ WE DrivE RESULTS via teamwork, shared information and values, accountability and profitability. OUR MISSioN ■ To operate an integrated network of companies in air travel and related services, providing quality services built on the 75 years´ experience and knowledge of its subsidiaries. ■ To create value for customers and other stakeholders by focusing on efficiency and flexibility, as well as synergies between our companies. 6 Icelandair Group Annual Report 2011 Chairman’s Address Letter to our Shareholders Fellow shareholders, THE INTERNATIONAL AVIATION MARKET The year 2011 was an eventful one for The aviation industry has been volatile, Icelandair Group.
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