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Annual Report 2015 Qwerty Icelandair Group Annual Report 2015 1 Annual Report 2015 Qwerty Icelandair Group Annual Report 2015 1 Table of Contents Interview with the Chairman of the Board of Directors and 01 the President & CEO � � � � � � � � � � � � � � � � � � � � � 6 02 We are Icelandair Group � � � � � � � � � � � � � � 12 Corporate Governance � � � � � � � � � � � � � � � � � 20 Executive Committee � � � � � � � � � � � � � � � � � � 23 03 Shareholder Information � � � � � � � � � � � � � � � 24 Performance in 2015 � � � � � � � � � � � � � � � � � � 30 Financial Position � � � � � � � � � � � � � � � � � � � � � � � 34 04 Outlook � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 38 Risk Management � � � � � � � � � � � � � � � � � � � � � � � 40 Operations � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 46 International Route Network � � � � � � � 46 05 Cargo Operation � � � � � � � � � � � � � � � � � � � � � � 50 Aircraft Leasing � � � � � � � � � � � � � � � � � � � � � � � 51 Hotels and Hospitality � � � � � � � � � � � � � � � 52 Regional Airline Operations � � � � � � � � 54 Icelandair Group and the Society � � � 58 Employees � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 59 06 Environment � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 62 Community � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � 64 About the Annual Report In Icelandair Group’s annual report for 2015 we offer you a glimpse into the breathtaking nature Iceland has to offer, as captured by the photographer Björn Árnason. Other pictures by Baldur Kristjáns. Texts on pages with landscape pictures from Iceland are extracts from poems by the Icelandic Canadian poet Stephan G. Stephansson (1853–1927) in translations by Design: Íslenska Photos by Björn Árnason and Baldur Kristjáns Bernard Scudder, Paul Bjarnason and Printing: Oddi ehf. Watson Kirkconnell. ■ Over earth or heaven 01 as your spirit desires, falls and slopes adorn all your future lands! The Icelander’s Day Address (1904) Our Vision To unlock Iceland’s potential as a year-round destination, to strengthen Iceland’s position as a connecting hub and to maintain our focus on flexibility and experience 6 Icelandair Group Annual Report 2015 Interview Interview with the Chairman of the Board of Directors and the President & CEO Strategic Growth and Increased Profitability “These results testify to the success of the strategy of sustainable growth that Icelandair Group has followed for the past years” says Sigurður. “We have increased our capacity on our North Atlantic routes, strengthened Iceland’s position as a prominent transatlantic hub and gradually increased our market share in this extremely competitive market. Our foundations are solid; we hold a good position across the value chain in international aviation, in domestic air travel, in the Icelandic hotel market and in other areas of tourist services. At the same time, our interests are interlinked with the success of Iceland as a tourist destination, and we take pride in our ongoing campaign to promote Iceland internationally as a world-class, year- round destination. Our dedication to Iceland has been instrumental in developing tourism as the driving force of the Icelandic economy and its largest export sector.” Björgólfur says a number of interacting factors contributed to the strong performance, “including falling fuel prices, increased demand in the North Icelandair Group returned a record profit of USD 111 million in Atlantic market – which was met by 2015, with total revenue exceeding USD 1.1 billion. The results increased capacity – and good results from charter and cargo operations. Hotel for 2015 are the best in the Company´s long history. For the first room occupancy has also increased time international passenger numbers passed the 3-million mark, between years. The Company’s EBITDA with an 18% increase between years. Sigurður Helgason, exceeded the forecast we published in the first quarter and amounted to USD Chairman of the Board, and Björgólfur Jóhannsson, President 219 million, up from USD 154 million the & CEO, are pleased with the results and operations in 2015. year before. The year as a whole saw profitable organic growth with net profit at USD 111 million, up by USD 45 million, or 67%. Total income was USD 1,140 million, up by 2% between years. At a fixed exchange rate the increase in revenue was 12%. Since 2010 Icelandair Group’s operations have shown a growing momentum, with income up by USD 422 million, from USD 718 million in 2010 to USD 1,140 million in 2015. These strong financial results have Interview Icelandair Group Annual Report 2015 7 strengthened the Company’s balance platform for continued growth.“ sheet, and equity now stands at USD 457 million, total assets at USD 972 Sigurður: “The Group’s international million and our year-end equity ratio at Route Network has developed and 47%. Cash and cash equivalents in expanded, both in breadth and depth. In excess of interest bearing debt amount- recent years the growth in our Route ed to USD 149 million at the end of the Network has been on two fronts: on the year.” one hand we have increased the number of flights to current destinations, which Iceland has seen significant growth in improved our product offering in our tourism in recent years, breaking current markets. On the other hand we records every single year for the past 6 have introduced new destinations, which years in a row. Is that the key to increases the connectivity of the Icelandair Group’s performance? network. One of the most important strategic decisions made by the “Of course the Company is benefiting Company relate to the development of from the current interest in Iceland as a the Route Network, new destinations, tourist destination,“ says Björgólfur. changes in capacity and frequency. “However, the business model of Iceland’s Icelandair has taken advantage of a Icelandair Group’s international Route number of opportunities in recent years, Network focuses not on one market, but geographical but even with all that growth our market on three: the tourist market TO Iceland, position plays a share in the North Atlantic market the domestic market FROM Iceland and key role in the remains miniscular. This reflects the the VIA market on the transatlantic route sheer size of the Trans-Atlantic market. between Europe and North America future development of the We have gone to great lengths in through Iceland, our fastest growing Route Network. constantly re-evaluating the way we do market. Since 2009, the composition of business to improve our operations. Even our passengers has changed profoundly. though we currently have the wind in our Passengers travelling through Iceland, back, and even though we can take between Europe and North America, are pleasure in looking over our shoulder at now 49% of all our passengers, as the success we have achieved, it is a sign compared to 29% in 2009. The number of our strength that our sights remain of passengers travelling with Icelandair firmly on the mission ahead. The rapid between the two continents through growth of recent years has tested the Iceland has grown from 372 thousand to Company’s infrastructure, but it has also one and a half million, or by 1.1 million made that infrastructure stronger than since 2009. This shows that the ever before. Continued development of increased interest in visiting Iceland an international airport in Iceland is vital explains only a part of our growth. It is to support Icelandair Group’s ambitious also important to bear in mind that even vison to strengthen Iceland as a connect- though demand is high, the passenger ing hub.” load factor good, and external conditions favourable, this does not change the fact that we have to focus on cost control. Streamlined operations are just as important when things are going well. Last year we continued to streamline our operations while at the same time investing in our infrastructure as a 8 Icelandair Group Annual Report 2015 Interview Strategic Growth and Increased Profitability, continued What are the prospects for 2016? Investment in milestone for us and the fruit of the infrastructure strategy we have followed. We take pride Björgólfur: The outlook for our opera- in the success of our efforts to build up tions in 2016 is good. Last fall the Group needs to Iceland as a world-class year-round presented its international flight schedule become a higher destination.” for 2016, which assumed an increase in priority in Iceland going capacity of 18% between years. Sales Competition is increasing continually, have been strong since, and in fact the forward. particularly in flights to Iceland. How do inflow of bookings has been so strong you see the future in that regard? that we decided to add one more Boeing 757 into our fleet, taking the total Björgólfur: “The competitive environ- increase in capacity to 24%. Further ment of Icelandair Group’s flight opera- growth is expected in the market TO tions has changed profoundly in recent Iceland, and growth is also anticipated in years. The time when Icelandair was the VIA market between Europe and virtually the only option for international N-America. We will continue the ongoing travel to and from Iceland is gone. We ambitious expansion of our hotel see that the number of available flights to business in downtown Reykjavik and and from Iceland is growing year by year, general prospects in the Icelandic tourist and last year over 20 airlines had industry are firm. We also believe that the scheduled air services through
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