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Icelandair Group Annual Report 2010

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Icelandair Group Annual Report 2010 6 mm kjölur Skurður Felling Felling og brot Felling og brot Felling Skurður BAKSÍÐA FORSÍÐA Skurður Annual Report Icelandair Group Icelandair Group 2010 Annual Report 2010 GROUP +354 50 50 300 www.icelandairgroup.is Skurður Key Figures ISK million 2010 2009 2008 2007 Operating results Total income 88,015 80,321 72,199 63,477 EBITDAR 21,254 17,435 8,821 11,056 EBITDA 12,578 8,135 3,053 5,477 EBIT 6,254 1,483 -7,351 2,337 EBT continuing operations 6,576 -4,469 -8,985 129 Profit / loss for the year 4,556 -10,665 -7,468 257 Balance sheet Total assets 84,239 89,104 99,947 66,760 Total equity 28,403 14,605 20,080 25,033 Interest bearing debt 24,604 43,163 43,635 25,098 Net interest bearing debt 12,129 41,227 39,570 23,092 Cash flow Net cash from operating activities 14,329 8,781 4,531 3,889 Net cash used in investing activities -4,168 -7,799 -7,452 -5,461 Net cash used in financing activities -49 -3,283 3,171 853 Cash and cash equivalents and marketable securities end of year 12,994 1,909 4,065 2,006 Key Ratios Earnings per share ISK 3.07 -10.94 -7.64 0.25 Equity per share ISK 19.11 14.98 20.53 25.26 Equity ratio 34% 16% 20% 37% Current ratio 1.16 0.58 0.43 0.46 Net tangible worth ISK million 7,191 -8,993 -9,241 -1,813 CAPEX ISK million 5,015 5,922 7,908 9,217 Transport revenue as % of total revenues 61% 59% 58% 57% EBITDAR ratio 24% 22% 12% 17% EBITDA ratio 14% 10% 4% 9% Average number of full time employees 2,129 2,182 2,437 2,544 Table of Contents Chairman’s Address 02 CEO’s Comment 04 The fleet 06 Financial restructuring of Icelandair Group 08 Icelandair Group 09 The Subsidiaries 10 Financials 18 Risk Management 21 Corporate Governance 24 Shareholder information 27 Financial Statement 28 2 Chairman’s Address Last year was one of the most remark- Financial restructuring able years in the long and colourful The financial restructuring was the history of Icelandair Group. The fi- most important and most extensive nal steps were taken in the exten- task of the Company’s management sive work of financially restructuring in 2010. New shares were offered the Company, and new sharehold- to professional investors, and the Ice- ers joined the Group. The operating landic Enterprise Investment Fund results turned out to be exceptional became the Company’s largest share- in spite of the severe disruption holder by subscribing to ISK 1.2 billion caused by the volcanic eruption in in new shares at the price of ISK 2.5, Eyjafjallajökull. As a result, the Com- which corresponds to a total of ISK 3 pany finds itself on a much sounder billion. The largest creditors converted footing than a year ago. debts in the amount of ISK 3.6 billion into shares based on a share price of The results of the Company in 2010 ISK 5 per share, which corresponds to were the best in its history, with the a subscription to 720 million shares. Group‘s profits amounting to ISK The total increase in share capital 4.6 billion. The Company‘s total turn- thus amounted to ISK 2.92 billion new over increased by 10% over the year, shares in nominal value in the offer to amounting to ISK 88 billion at year- professional investors. Sigurdur Helgason, end. Earnings before financial items Chairman of the Board taxes and depreciation amounted to At the end of 2010, the general public ISK 12.6 billion, as compared to ISK was invited to subscribe to new shares 8.1 billion in the preceding year. in an open offering, concurrently with a closed offering for employees and The improved performance was pri- shareholders. It was a pleasant experi- marily a result of significant increase in ence to observe the investor response Icelandair’s passenger revenues. Pas- to Icelandair Group’s share offering. senger revenues increased as a result Over 800 investors subscribed to ISK of an improved load factor and good 2.9 billion in nominal value, with de- revenue management in the route mand far exceeding supply, which was network. The number of passengers just over ISK 1 billion. The offer was in the Trans Atlantic market grew sub- made at the price of ISK 2.5 per share, stantially, accounting for 38% of the and demand on the secondary market company’s total number of passen- has been quite strong. It is a welcome gers, as compared to 28% in 2009. sight to see that investors are perceiv- ing a long-term investment opportunity in Icelandair Group’s stock. The finan- cial restructuring was then formally completed on 10 February, when all formalities had been concluded. The current position is therefore that the Enterprise Investment Fund is now the Company’s largest shareholder, with holdings of approximately 29%, followed by Íslandsbanki, with approxi- mately 21%. 3 Clearer focus Following the financial restructuring, it will also increase this year, as an es- is clear that the Company will now be timated 13 airlines will fly to and from based on the values that faded away Iceland next summer. The long-term during the economic upsurge. The prospects of the Company are favour- Company’s business operations will able, as it is well organised and follow- be based on diverse flight and tourist ing financial restructuring the balance services. There is complete consen- sheet is on sound footing and the li- sus within the Board of Directors and quidity position is strong. among the Company’s owners regard- Icelandair Group is the most impor- ing this point. tant travel service company in Iceland. Concurrently with the shift in focus, Through its subsidiaries, the Company Icelandair Group’s business model holds a good position in international will be simplified, and the Company air travel, domestic air travel, the hotel will emphasise on airline and tour- market and various areas of tourist ist services, where Iceland will be the services. We are proud of our position, cornerstone of an international route but we do realise that with this position network. The Company will strive for comes great responsibility, which can organic growth. This work has already best be addressed through continued begun with an increase in the number advances in the interests of Icelandic of Icelandair’s destinations and the tourism. airline’s route network will be served Icelandair Group will continue to be a by 14 Boeing 757, an addition of two strong force in Icelandic travel servic- aircraft. With its continued growth, es. The responsibility of the Company Icelandair will establish itself still fur- consists both in maintaining the flow ther as a strong airline operator in the of tourists to Iceland through vigorous North Atlantic with Iceland as a hub. promotion and in supplying Icelanders I welcome these changes, and I believe with the best available travel services. that they will place the Company in a Notwithstanding the challenging envi- better position to serve its customers. ronment of the near future, I can only From now on we will concentrate on be optimistic on behalf of the Compa- doing what we do best: airline opera- ny. This is due not only to the comple- tions and extensive services to travel- tion of the financial restructuring of lers; our business model reflects these the Company, but also the favourable two pillars of the Company. winds that I believe Icelanders can take advantage of to strengthen the We cannot anticipate that the results country’s tourist industry for the future. of 2011 will match those of 2010. The rising fuel prices will increase cost, and Finally I would like to thank our cus- it is likely that the proposed increases tomers, shareholders, the Board of in tariffs and taxes will have a negative Directors, the management and all impact on demand. In addition, wage employees of Icelandair Group for contracts with all of Icelandair Group’s their contribution to the great results employees have expired, and that situ- of 2010. ation entails significant risk. Neverthe- less, I am optimistic that the conclusion of wage bargaining will lead to an ac- ceptable solution for all. Competition 4 President’s Address The year 2010 was in many ways a it even more satisfying that the opera- good year in the history of our Com- tions of the Company in 2010 were pany, and business was generally solid. EBITDA for the year was ISK good, notwithstanding the disruption 12.6 billion, far in excess of projec- caused by the Eyjafjallajökull erup- tions. The improved performance was tion. The operation of the Company primarily a result of the significant in- was successful, and concurrently with crease in Icelandair’s passenger rev- normal operations the financial foun- enues. dations of the Company were sub- The Company’s success in 2010 has stantially strengthened with the addi- attracted attention and it now ap- tion of new and powerful investors to pears that 13 airlines will be offering our shareholders’ group. Following the flights to Iceland next summer. We changes, the Company is now active welcome the increased competition. in the stock market again. The Com- It is written that the best defence is a pany is currently backed by over 1300 good offence, and we intend to meet shareholders. In reality, the number the increased competition with all of shareholders is far greater, as the our resources.
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