01-26 Annual Report.Indd

kjölur Avion Group Aviation Services Annual Report 2005 Himinn og haf / SÍA / Gutenberg ANNUAL REPORT 2005 www.aviongroup.com/www.aviongroup.is Charter & Leisure Shipping & Logistics Leaders in Transportation Solutions Avion House • Hlidasmari 3 • 201 Kopavogur • Iceland Tel. +354 515 7700 • Fax +354 515 7701 ÍSLENSK SÓKN UM ALLAN HEIM :mXZa6^glVnhJ@ asjgghn æjet ´pogbjjgpoerkg HiVg6^ga^cZh;gVcXZ THE WORLD OF AVION GROUP HiVg:jgdeZ<ZgbVcn æoj vrt vsærj 6^g6iaVciV>XZaVcY^X :^bh`^eedgih :^bh`^eXdaYhidgZh Tromsø Murmansk Hammerfest Tromsø Kirkenes Murmansk Sortland Bodø Reykjavík Ísafjordur Neskaupstadur Anchorage Narsuaq Eskifjordur St. Petersburg Reykjavik Vestmannaeyjar Kristiansund Edinburgh Aalesund Alaska: Copenhagen Torshavn Maaløy Dutch Harbor Belfast Kustanay Amsterdam London St. Anthony Brussels Lerwick St. Petersburg Lux. Karaganda Paris Russia: Fredrikstad Stockholm Tallinn Harbour Grace Vladivostok Scrabster Seattle Argentia S-Korea: Egersund Portland Montreal Pusan Bayside Novorossiysk Peterhead Toronto Halifax Japan: Ventspils Portland Shelburne Hirtshals Riga Shiogama Gothenberg Boston/Everett Tokyo Glasgow Edinburgh Aarhus Klaipeda New York Madrid Osaka Copenhagen Philadelphia Newcastle Federicia Killybegs Belfast Newport News Dalian Kaliningrad Oakland Humberside Immingham Manchester Norfolk Grimsby Bremerhaven Szczecin Qingdao East Midlands Hamburg Los Angeles Birmingham Velsen Long Beach Charleston Amsterdam Stansted Rotterdam Cardiff Bristol Düsseldorf Shanghai Westbury GatwickFlushing Antwerp Exeter Lille Brussels Houston New Orleans Orlando, Sanford Le Havre Luxembourg Frankfurt Paris Miami Bahrain Dubai Taipei Stuttgart San Salvador Abu Dhabi Varadero Havana Nantes Jeddah Hong Kong Cancun Ho-Chi-Minh Geneva Puerto Plata Lyon Chambéry Odessa Veracruz Kingston Punta Cana La Romana Genoa Novorossiysk Bilbao Constanta Split ’ Dakar Manila Vigo Bastia Barbados Bangkok Pristina Cap Skirring Caracas Barcelona Aveiro Madrid Brindisi Thessaloniki Panama Mahón Lemnos Corfu Skiathos Valencia Palma Cagliari Lesbos Lagos Male Penang Alicante Gioia Tauro Preveza Araxos Abidjan Kefalonia Athens Izmir Port Harcourt Murcia Zante Almeria Catania Mykonos Samos Kuala Lumpur Faro Jerez Malaga Kalamata Bodrum Antalya Singapore Kos Monastir Santorini Dalaman Tetuan Malta Chania Rhodes Iraklion Funchal Guayaquil Paphos Larnaca Casablanca Djerba Banjarmasin Limassol Beirut Haifa Jakarta Marrakech Port Said Tel Aviv Agadir Arrecife Tenerife South Callao Lima Fuerteventura Taba Eilat Salvador de Bahia Las Palmas Sharm el Sheikh Hurghada Pôrto Seguro Luxor Marsa Alam Australia: Argentina: Fremantle Rio de Janeiro Buenos Aires Adelaide Santos Mar del Plata Melbourne Puerto Madryn Brisbane Chile: Puerto Deseado S-Africa: New Zealand: Valparaiso Ushuaia Cape Town Wellington Rio Grande Dakar 2 Avion House in Kópavogur, Iceland Annual Report 2005 Contents 3 4 KEY FACTS & FIGURES 5 FINANCIAL OVERVIEW OF 2005 6 MAJOR DEVELOPMENTS IN 2005 8 STATEMENT FROM THE EXECUTIVE CHAIRMAN 10 CORPORATE GOVERNANCE 11 SHAREHOLDER INFORMATION 14 AVION GROUP – LEADERS IN TRANSPORTATION SOLUTIONS 16 AVIATION SERVICES 20 CHARTER & LEISURE 24 SHIPPING & LOGISTICS 27 FINANCIAL STATEMENTS 2005 70 REVIEW IN ICELANDIC - ÍSLENSKUR ÚTDRÁTTUR �� other �� Aviation Services Charter & Leisure Shipping & Logistics 4 Key Figures in 2005 10m 2005 2004 Equity ratio . 30.2% 12.1% Current ratio . 0.73 0.65 Return on equity . 17.0% 44.4% Working capital provided by operating activities . 71,535 18,852 EBIT . 61,352 881 EBIT / revenue . 4.4% 0.2% EBITDA . 115,194 24,368 EBITDA / revenue . 8.2% 4.9% Total block hours flown . 178,940 120,987 Number of passangers (thousands) . 6,174 2,965 Total ocean freight transported (tonn) . 992,800 - 2005 2004 1.1–31.10 1.1–31.12 Operating revenue Net sales . 1,379,537 479,211 Other income . 21,954 17,563 Total operating revenue 1,401,491 496,774 Operating expenses Aviation Services . (367,017) (444,894) Charter & Leisure . (783,329) (50,999) Shipping & Logistics . (189,793) 0 Total operating expenses (1,340,139) (495,893) Operating profit . 61,352 881 Effects of associated companies . (203) 18,071 Financial income (expenses) . (1,965) (9,643) Net financial income (expenses) (2,168) 8,428 Profit before taxes . 59,184 9,309 Income tax . (16,517) 6,080 Net profit for the period . 42,667 15,389 All amounts in thousands of USD �� other �� 5 Dividends Financial Overview of 2005 The Board of Directors will rec- ■ 182% growth in total operating revenues ommend at the Group’s Annual General Meeting in February 2006 ■ Pre-tax profits $59 million that no dividends be paid out for ■ EBITDA $115 million - EBIT $61 million the year 2005. Avion Group and its ■ Net income amounted to $43 million predecessor Air Atlanta Icelandic, ■ Total asset increase 219% to $1,519 million did not pay dividends for the years 2002, 2003 and 2004. Avion Group ■ Working capital from operating activities $72 million intends to pay dividends to its ■ Total equity at October 31 $461 million – equity ratio 30% shareholders in future. Decisions ■ Current ratio 0.73 regarding dividend payments and the amount of dividend to be paid ■ Total block hours flown 178,940 – increase by 48% is taken at the Annual General ■ Number of passangers increase 108% to 6.2 million Meeting (AGM) and will be based ■ 993 thousand tonnes ocean freight transported on the Company´s financial position at that time. Operating revenue amounted At year end the Group held cash to $1,401 million and increased available amounting to $150 mil- Listing by 182% compared to 2004. lion and has unused committed Trading in shares of Avion Group Operating expenses were credit lines in excess of $90 million. commenced on ICEX 20 January $1,340 million and increased by 2006. The listing of Avion Group 170% compared to last year. Cash flow, main figures was the largest new equity list- The Group’s pre-tax profit was $59 The Group’s working capital from ing ever on ICEX, as the compa- million for the year and increased operations was $72 milllion for the ny’s market cap on listing was by 536%. Net profit for the period period. Cash flow from operating ISK 69 billion. The total number amounted to $43 million for the activities was $1 million. Capital of shares in Avion Group Plc. is Group. expenditure amounted to $210 1,793,599,135. million compared with $103 mil- Balance sheet lion last year which represents Future prospects During the year, Avion Group’s more than a 100% increase. Avion Group's budget for next year balance sheet changed consider- The Group’s cash position is strong forecasts an improvement in the ably, mostly because of significant and amounted to $150 million at profitability in the operations of acqusitions. the end of the period. all three profit divisions (Aviation Services, Charter & Leisure and Total assets have increased from Shareholders Shipping & Logistics). $477 million since last year to Shareholders in Avion Group were $1,519 million and equity increased 20 at October 31 2005, compared Group operations are subject to from $67 million to $461 million to 11 at the beginning of the year. considerable seasonal fluctuation. during the year. The equity ratio Three shareholders owned more As a rule, profit is generated in the was 30% at the end of the period than 10% of total shares in the latter half of the financial year, and and return on equity was 17%. company at the end of the period. a loss can be expected in the first Earnings per share were $ 0.04 dur- half. ing the year. Current ratio is 0.73 but was 0.65 at year end 2004. Second fastest growing 6 Major developments in 2005 �� Second fastest growing company in Europe 7 ��

Load more