Icelandair Group | a Brief Introduction
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A Fond Farewell to Ve Fantastic Eets
NEWS RELEASE A fond farewell to ve fantastic eets 4/30/2020 Last month, American Airlines announced plans to accelerate the retirement of some older, less fuel-ecient aircraft from its eet sooner than originally planned. As ying schedules and aircraft needs are ne-tuned during this period of record low demand, American will take the unique step of retiring a total of ve aircraft types. American has ocially retired the Embraer E190 and Boeing 767 eets, which were originally scheduled to retire by the end of 2020. The airline has also accelerated the retirement of its Boeing 757s and Airbus A330-300s. Additionally, American is retiring 19 Bombardier CRJ200 aircraft operated by PSA Airlines. These changes remove operating complexity and will bring forward cost savings and eciencies associated with operating fewer aircraft types. It will also help American focus on ying more advanced aircraft as we continue receiving new deliveries of the Airbus A321neo and the Boeing 737 MAX and 787 family. American’s narrowbody eet also becomes more simplied with just two cockpit types – the Airbus A320 and the Boeing 737 families. This benets American’s operational performance through training eciency and streamlined maintenance. American continues to evaluate its schedule and remains committed to caring for customers on life’s journey. These changes will help American continue to provide a reliable travel experience around the world, even during these uncertain times. Here’s a snapshot of the aircraft exiting American’s eet: Airbus A330-300 — Blue Sky News/Pittsburgh International AirportAirbus A330-300 1 Joined the US Airways eet in 2000 prior to joining American’s eet in 2013. -
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. -
Keflavik Airport Makes Ties with Tampa
7 September 2017 Keflavik Airport makes ties with Tampa Continuing to record significant growth in passenger numbers, Keflavik Airport has welcomed the latest addition to its ever-growing route network with the arrival of Icelandair’s new link to Tampa. With the 5,779-kilometre route operated twice-weekly on the carrier’s 183-seat 757-200s, the Icelandic hub celebrated the inaugural flight of the airport pair yesterday. Becoming Keflavik’s 18th US destination – its 23rd in North America – the new service further consolidates the US as the airport’s largest country market served in terms of S17 seat capacity. Facing no direct competition on the link to Florida’s Gulf Coast, Icelandair adds its 13th US destination from its base, now offering almost 20,000 weekly seats to the US from Iceland’s largest airport. Expecting to reach 8.7 million passengers this year, Keflavik has seen its traffic nearly double since 2015. Photo caption: Celebrating the latest addition to its ever-growing route network, Keflavik Airport welcomes the inaugural flight of Icelandair’s twice-weekly service to Tampa with a traditional fire truck water arch. Notes for Editors Isavia handles the operation and development of all airports in Iceland, including its four international airports – Keflavik, Reykjavik, Akureyri and Egilsstaðir. Keflavik welcomed more than 6.8 million passengers in 2016, flying on the airport’s scheduled services to 100 destinations across 27 countries. This year the airport serves 112 destinations across 30 countries. Monthly passenger traffic growth at Keflavik in June 2017 was 22%. Keflavik won anna.aero’s Euro ANNIE award for the fastest growing airport in Europe in the 5-10 million annual passenger category in July 2017. -
737 Max: Boeing's Crashes Expose Systemic Failings
Pushing It to the Max Boeing's Crashes Expose Systemic Failings The crash of two Boeing 737 Max jets in the course of just months has created an existential crisis for the company. Were the 346 who died in Indonesia and Ethiopia the victims of shortcuts and cutthroat competition in the aviation industry? By DER SPIEGEL Staff 26.08.2019, 15∶43 Uhr Grounded 737 Max jets at Boeing Field in Seattle Lindsey Wasson/ REUTERS It took Ethiopian Airlines Flight 302 about six minutes to travel from Addis Ababa to Ejere, a sprawling cluster of small farms on the edge of the Abyssinian highlands. By car, the journey takes around three hours and winds past unfinished buildings in the Ethiopian capital's southeastern suburbs before continuing down the immaculate, six-lane Addis Adama Expressway, which was built by the Chinese and opened in 2014. After the exit, there's a narrow, bumpy gravel road that's barely wide enough for a single car or carriage. It is out here that the scene of the accident can be found -- or the scene of the crime, depending on what investigators find. In this undulating terrain 2,000 meters (6562 feet) above sea level, the earth seems scorched. The only green comes from eucalyptus trees, which dot the landscape and provide precious shade for goatherds and their animals. Along the paths are head-high stalls that transform into storefronts come market day, when farmers sell their homemade schnapps. It's a barren region. 1 The crater the airplane made when it slammed into the ground at 8:44 a.m. -
Global Volatility Steadies the Climb
WORLD AIRLINER CENSUS Global volatility steadies the climb Cirium Fleet Forecast’s latest outlook sees heady growth settling down to trend levels, with economic slowdown, rising oil prices and production rate challenges as factors Narrowbodies including A321neo will dominate deliveries over 2019-2038 Airbus DAN THISDELL & CHRIS SEYMOUR LONDON commercial jets and turboprops across most spiking above $100/barrel in mid-2014, the sectors has come down from a run of heady Brent Crude benchmark declined rapidly to a nybody who has been watching growth years, slowdown in this context should January 2016 low in the mid-$30s; the subse- the news for the past year cannot be read as a return to longer-term averages. In quent upturn peaked in the $80s a year ago. have missed some recurring head- other words, in commercial aviation, slow- Following a long dip during the second half Alines. In no particular order: US- down is still a long way from downturn. of 2018, oil has this year recovered to the China trade war, potential US-Iran hot war, And, Cirium observes, “a slowdown in high-$60s prevailing in July. US-Mexico trade tension, US-Europe trade growth rates should not be a surprise”. Eco- tension, interest rates rising, Chinese growth nomic indicators are showing “consistent de- RECESSION WORRIES stumbling, Europe facing populist backlash, cline” in all major regions, and the World What comes next is anybody’s guess, but it is longest economic recovery in history, US- Trade Organization’s global trade outlook is at worth noting that the sharp drop in prices that Canada commerce friction, bond and equity its weakest since 2010. -
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 ................................................ -
Airworthiness Directives; the Boeing Company Airplanes
[4910-13-P] DEPARTMENT OF TRANSPORTATION Federal Aviation Administration 14 CFR Part 39 [Docket No. FAA-2020-0686; Product Identifier 2019-NM-035-AD; Amendment 39- 21332; AD 2020-24-02] RIN 2120-AA64 Airworthiness Directives; The Boeing Company Airplanes AGENCY: Federal Aviation Administration (FAA), DOT. ACTION: Final rule. SUMMARY: The FAA is superseding Airworthiness Directive (AD) 2018-23-51, which applied to all The Boeing Company Model 737-8 and 737-9 (737 MAX) airplanes. AD 2018-23-51 required revising certificate limitations and operating procedures of the Airplane Flight Manual (AFM) to provide the flightcrew with runaway horizontal stabilizer trim procedures to follow under certain conditions. This AD requires installing new flight control computer (FCC) software, revising the existing AFM to incorporate new and revised flightcrew procedures, installing new MAX display system (MDS) software, changing the horizontal stabilizer trim wire routing installations, completing an angle of attack (AOA) sensor system test, and performing an operational readiness flight. This AD also applies to a narrower set of airplanes than the superseded AD, and only allows operation (dispatch) of an airplane with certain inoperative systems if specific, more restrictive, provisions are incorporated into the operator’s existing FAA-approved minimum equipment list (MEL). This AD was prompted by the potential for a single erroneously high AOA sensor input received by the flight control system to result in repeated airplane nose-down trim of the horizontal stabilizer. The FAA is issuing this AD to address the unsafe condition on these products. DATES: This AD is effective [INSERT DATE OF PUBLICATION IN THE FEDERAL REGISTER]. -
Annual and CSR Report 2017 2 3 Isavia Ohf
Annual and CSR Report 2017 2 3 Isavia ohf. 2017 Annual Report CONTENTS ABOUT ISAVIA 4 ISAVIA IN THE SOCIETY 26 ISAVIA AND THE ENVIRONMENT 46 ECONOMY AND FINANCIALS 56 Layout and design: The electronic version of this annual report Hvíta húsið is available at www.isavia.is/annualreport 4 5 Isavia ohf. PAGES 4–25 2017 Annual Report ABOUT ISAVIA 6 — ISAVIA’S OPERATIONS 8 — A D D R E S S O F T H E MANAGING DIRECTOR 10 — A D D R E S S O F T H E CHAIRMAN OF THE BOARD OF DIRECTORS 14 — GOVERNANCE 16 — EXECUTIVE BOARD 20 — IMPROVEMENTS IN 2 0 1 7 AND AIMS FOR 2018 This is Isavia’s second Annual and CSR Report. The goal is to provide a more in-depth view of the company’s activities and its effects on society at large. The report follows the guidelines of the Global Reporting Initiative (GRI G4) together with special provisions on the operation of airports. Over the next few years, further efforts will be made to boost the company’s sustainability. The information in the report is based on operations in 2017. 6 7 Isavia ohf. ABOUT ISAVIA 2017 Annual Report I S A V I A ’ S OPERATIONS F E T R V I C S A Y S E E C O N O O P E R A T I VISION Isavia is a publicly owned company responsible for the Isavia owns four subsidiaries, each of which have their Centre for aviation in the North Atlantic. -
Summary of the FAA's Review of the Boeing 737
Summary of the FAA’s Review of the Boeing 737 MAX Summary of the FAA’s Review of the Boeing 737 MAX Return to Service of the Boeing 737 MAX Aircraft Date: November 18, 2020 Summary of the FAA’s Review of the Boeing 737 MAX This page intentionally left blank. 1 Summary of the FAA’s Review of the Boeing 737 MAX Table of Contents Executive Summary ............................................................................................ 5 Introduction .................................................................................................... 5 Post-Accident Actions ....................................................................................... 6 Summary of Changes to Aircraft Design and Operation ........................................ 9 Additional Changes Related to the Flight Control Software Update. ...................... 10 Training Enhancements .................................................................................. 11 Compliance Activity ....................................................................................... 12 System Safety Analysis .................................................................................. 13 Return to Service .......................................................................................... 13 Conclusion .................................................................................................... 14 1. Purpose of Final Summary ........................................................................... 15 2. Introduction .............................................................................................. -
Boeing 737 MAX – Still Not Fixed
Boeing 737 MAX – Still Not Fixed Introduction The world has heard the basic explanation given for why two new 737 MAX airplanes crashed killing 346 people. The Angle of Attack (AOA) Sensor sent faulty data to the Maneuvering Characteristics Augmentation System (MCAS) software, which caused the horizontal stabilizers to repeatedly pitch the airplanes down, overwhelming the pilots causing them to lose control. People that have been following these tragedies a little closer know the original, Boeing-installed AOA Sensor on the Lion Air airplane had been replaced the day before the crash. But there is more to the story. Important facts involving the Lion Air Flight 610 and Ethiopian Airlines Flight 302 accident investigations have gone unnoticed leading to many unanswered questions. Several factors appear to have played a direct role in the accidents—specifically, the failure of the AOA Sensors, unexplainable electrical anomalies, and the production of the airplanes—the details of which seem to have been largely ignored. There are at least three other plausible accident scenarios that have not been investigated. Background The Lion Air Final Aircraft Accident Investigation report concluded the replaced AOA Sensor was miscalibrated by 21 degrees and this miscalibration activated MCAS triggering the accident sequence.1 Ethiopia’s Ministry of Transport has not issued their final investigation report or determined the cause of their AOA Sensor failure, although a critical piece of the puzzle seems to exist. Instead they have issued two interim reports and have stated their analysis is still in progress.2 The AOA Sensor is not an algorithm in a piece of software, it is a physical part that weighs approximately three pounds. -
Information Memorandum 14 June 2021 Disclaimer
Information Memorandum 14 June 2021 Disclaimer This Presentation has been prepared by Arctica Finance hf. (“Arctica”) at the request of Fly Play hf. (“Play”) and is being furnished by Arctica and Arion Bank hf. (“Arion”) for the sole purpose of assisting the recipient in deciding whether to proceed with further analysis of the subject matter hereof. This Presentation is for informational purposes only and shall not be construed as an offer or solicitation for the subscription or purchase or sale of any securities or financial instruments, or as an invitation, inducement or intermediation for the sale, subscription or purchase of securities or financial instruments, or form the basis of any decision to finance any transactions, or for engaging in any other transaction. Arctica and Arion and their respective employees, board members and parties connected to Arctica and Arion, may have interests relating to individual legal entities to which analysis, valuation reports and other material prepared by Arctica and Arion, may pertain. The information set out in this Presentation is considered by Arctica and Arion as reliable, but the information has not been verified by Arctica, Arion Play or any other person and may be subject to updates, completion, revision and amendment resulting in material changes to the contents of this presentation. No representation or warranty, express or implied, is or will be made by Arctica, Arion, Play or and their respective employees, board members and parties otherwise connected to Arctica, Arion and Play (the“ Related Parties”) as to the accuracy, completeness or fairness of the information or opinions contained in this Presentation and any reliance the recipient places on them will be at his own sole risk. -
Icelandair Media Kit Welcome Aboard Icelandair!
ICELANDAIR MEDIA KIT WELCOME ABOARD ICELANDAIR! Icelandair is a transatlantic airline with decades of experience under its belt. Iceland’s unique position in the middle of the Atlantic makes it the ideal hub for an extensive flight network linking Europe and North America, and passengers can enjoy a stopover in Iceland at no additional airfare. Since the 1960s, Icelandair has encouraged passengers to enjoy a stopover and now there’s more choice and variety than ever before, with the service available on all transatlantic routes from 24 European destinations to 22 North American gateways (including latest additions San Francisco, Kansas City, Cleveland, Dallas and Baltimore). The airline, which celebrated its 80-year anniversary in 2017, continues to grow by expanding and renewing its fleet, highlighted in April 2018 when the airline received the first of 16 new Boeing 737 MAX aircraft. ENJOY ICELAND BEFORE YOU STEP OFF THE PLANE Flying with Icelandair provides passengers with an introduction to the country, plus Icelandic culture and food. Our goal is that you enjoy the journey as much as the destination. n Hours of entertainment on board: from the latest movie releases to multichannel stereo music, including a strong Icelandic offering. n A taste of Iceland: local delicacies on board. n All of Icelandair’s planes are named after Icelandic volcanoes and spots of natural beauty. Three of the airline’s fleet have specially painted liveries. ‘Þingvellir’ is named after one of Iceland’s national parks and was introduced in June 2018 to celebrate 100 years of Icelandic sovereignty. ‘Hekla Aurora’ and ‘Vatnajökull’ were introduced in 2015 and 2017 respectively; their liveries are inspired by the northern lights and Europe’s second largest glacier.