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Financial Statements for the Year 2020

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Financial Statements for the Year 2020 Icelandair Group hf. Consolidated Financial Statements for the year 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 Independent Auditors' Report ................................................................................................................................. 7 Consolidated Income Statement and other Comprehensive Income ..................................................................... 12 Consolidated Statement of Financial Position ........................................................................................................ 13 Consolidated Statement of Changes in Equity ....................................................................................................... 14 Consolidated Statement of Cash Flows ................................................................................................................. 15 Notes to the Consolidated Financial Statements .................................................................................................... 16 Note Page Note Page 1. Reporting entity ........................................ 16 24. Inventories ................................................. 32 2. Basis of accounting .................................. 16 25. Marketable securities ................................ 33 3. Functional and presentation currency ...... 16 26. Trade and other receivables ..................... 33 4. Use of estimates and judgements ........... 16 27. Cash and cash equivalents ....................... 33 5. Changes in accounting policies ............... 17 28. Equity ........................................................ 33 6. Operating segments ................................ 18 29. Earnings per share .................................... 34 7. Assets held for sale ................................. 22 30. Loans and borrowings ............................... 35 8. Operating income .................................... 23 31. Lease liabilities .......................................... 37 9. Operating expenses ................................. 24 32. Warrant liabilities ....................................... 38 10. Auditor's fee ............................................. 24 33. Non-current payables ................................ 39 11. Depreciation and amortisation ................. 24 34. Trade and other payables ......................... 39 12. Finance income and finance costs .......... 25 35. Deferred income ........................................ 39 13. Operating assets ...................................... 25 36. Financial risk management ....................... 40 14. Mortgages and commitments .................. 26 37. Financial instruments and fair values ........ 47 15. Insurance value of aircraft and 38. Capital commitments ................................. 49 flight equipment ............................ 26 39. Related parties .......................................... 49 16. Insurance value of buildings and 40. Litigations and claims ................................ 50 other operating assets .................. 26 41. Group entities ............................................ 51 17. Right of use assets .................................. 27 42. General government measures ................. 51 18. Intangible assets and goodwill ................. 27 43. Restructuring ............................................. 52 19. Impairment test ........................................ 28 44. Events after the reporting period ............... 52 20. Investment in associates ......................... 30 45. Restatement of comparison amounts ........ 53 21. Deferred cost ........................................... 30 46. Ratios ........................................................ 54 22. Non-current receivables and deposits ..... 31 47. Significant accounting policies .................. 54 23. Income taxes ........................................... 31 48. Standards issued but not yet effective ...... 65 Appendices: Corporate Governance Statement .......................................................................................................................... 66 Non-Financial Reporting ......................................................................................................................................... 72 Operational Risk ..................................................................................................................................................... 83 Quarterly Statements .............................................................................................................................................. 85 Consolidated Financial Statements of Icelandair Group hf. 2020 2 Endorsement and Statement by the Board of Directors and the CEO Icelandair Group hf. is an Icelandic aviation company with decades' long history of operating in the international airline and tourism sectors. In 2018, the Company resolved to concentrate its focus on its core business, aviation. The business model is built around Icelandair’s route network and the unique geographical location of Iceland which serves as a connecting hub between Europe and North America. Icelandair Group is the parent company of several subsidiaries. The Company’s strategic initiatives support its vision of “Bringing the spirit of Iceland to the world” and its mission of offering smooth and enjoyable journeys to, from and within Iceland – the Company's hub and home. The Consolidated Financial Statements of Icelandair Group hf. for the year 2020 have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union and additional Icelandic disclosure requirements. The Financial Statements comprise the Consolidated Financial Statements of Icelandair Group hf. (the "Company") and its subsidiaries (together the “Group”) and have been audited by KPMG. All amounts are stated in thousands of USD. Operations in the year 2020 According to the Consolidated Income Statement and other Comprehensive Income, loss for the year 2020 amounted to USD 376.2 million. Total comprehensive loss for the year was USD 408.8 million. Equity at year-end amounted to USD 232.8 million, including share capital in the amount of USD 213.0 million, according to the Consolidated Statement of Financial Position. Reference is made to the Consolidated Statement of Changes in Equity regarding information on changes in equity. The year 2020 was heavily marked by the COVID-19 pandemic whose impact continues to be felt in all realms of society, not least in the aviation and travel industries. This is clearly illustrated by the over 80% reduction in international passenger numbers and ASK year-on-year. Despite the relatively swift development of a vaccine uncertainty in the Company’s operating environment is expected to remain high in the short to medium term while vaccinations are being administered. In the longer term, it further remains unclear when global travel might resume its pre-COVID levels. Following some easing and tightening in the latter half of 2020, travel restrictions and/or strict border controls have been reinstated in nearly all of Scandinavia and continental Europe with a travel ban still in place to and from the US, one of the Group‘s most important geographical segments. The Group’s business plan and schedule have been revised, and continue to be reiterated, in line with developments in each market. The current assumption is that a modest ramp-up will commence in Q2 but that it will take until 2024 for demand to reach pre-COVID levels. Management assumes that capacity will rationalize in all key markets as airlines will stress preservation of cash and liquidity. Post recent crisis in the 21st century, Icelandair has enjoyed solid operational performance in the years to follow. Iceland’s attraction as a clean, safe and sparsely populated destination is also assumed to be strong in the post-COVID world. To respond to the situation brought on by the pandemic, the Group took immediate and extensive measures to get through an extended period of minimum operations. These included severely cutting its flight schedule, drastically reducing the number of employees and changes to its organizational structure. At the same time, the Group acted swiftly and seized opportunities arising from the circumstances, such as in the cargo and leasing operations. The Group's overall strategy during the low production period aims at securing the continuity of necessary core operations and safeguarding the flexibility needed for swift ramp-up when markets recover. The Group underwent financial restructuring which was completed in September with the execution of a successful share offering whereby the Company raised ISK 23,000 million (approx. USD 169 million) in new equity. The offering was a key component in effectuating a series of deferral agreements that the Group had previously reached with various stakeholders that include lenders, lessors, acquirers, the Boeing Company and other vendors. A successful share offering was a condition for the Company's access to a government guaranteed credit facility that was approved by the Icelandic Parliament on 4 September 2020. The credit facility, arranged by two local commercial banks, is in the amount of USD 120 million, 90% of which is guaranteed by the government. Additionally, investors that
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