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Annual Report 2007
EU_ENTWURF_08:00_ENTWURF_01 01.04.2026 13:07 Uhr Seite 1 Analyses of the European air transport market Annual Report 2007 EUROPEAN COMMISSION EU_ENTWURF_08:00_ENTWURF_01 01.04.2026 13:07 Uhr Seite 2 Air Transport and Airport Research Annual analyses of the European air transport market Annual Report 2007 German Aerospace Center Deutsches Zentrum German Aerospace für Luft- und Raumfahrt e.V. Center in the Helmholtz-Association Air Transport and Airport Research June 2008 Porz-Wahnheide Linder Höhe 51147 Köln Germany Head: Prof. Dr. Johannes Reichmuth web: http://www.dlr.de/fw Annual Report 2007 2008-06-20 Release: 1.2 Page 1 Annual analyses of the European air transport market Annual Report 2007 Document Control Information Responsible project manager: DG Energy and Transport Project task: Annual analyses of the European air transport market 2007 EC contract number: TREN/05/MD/S07.74176 Release: 1.2 Save date: 2008-06-20 Total pages: 224 Change Log Release Date Changed Pages or Chapters Comments 1.0 2008-06-06 Final Report (Annual 2007) 1.1 2008-06-09 chapter 2.1.7 PSO data update 1.2 2008-06-16 layout items 2.0 Sept 2008 full year 2007 update expected in September 2008 Disclaimer and copyright: This report has been carried out for the Directorate-General for Energy and Transport in the European Commission and expresses the opinion of the organisation undertaking the contract TREN/05/MD/S07.74176. These views have not been adopted or in any way approved by the European Commission and should not be relied upon as a statement of the European Commission's or the Transport and Energy DG's views. -
Bsc Business Administration
BSc Business Administration How have current market conditions affected Icelandic airlines compared to international competitors and how to they perform differently? December 2018 Student: Þórunn Andrésdóttir Kt: 160493-2759 Instructor: Katrín Ólafsdóttir Scanned with CamScanner Abstract The behavior of the commercial aviation market has changed greatly in the last 4 decade which has caused the market to shift from an oligopoly market to a monopolistic competitive market. This shift has increased competition in the market as low-cost carriers, budget airlines, have entered the market causing the prices of airfare to drop. With increased competition on the market and new airlines entering the market with innovative ideas, it has created operation difficulties for airlines in the market. In particular the Icelandic airlines, as airline expenses have steadily been increasing. Rising jet fuel prices, increasing average wages and exchange rate deficit are among the changes in the market that are weighing heavily on airlines expenses. This thesis discusses how these market factors affect the Icelandic airlines and how their performance is different compared to the competition in the market. The analysis that was conducted showed that the Icelandic airlines spend more on jet fuel and employee’s salary than their competition. However, Icelandair’s unit cost was the second lowest in the analysis which indicates that the airline is more likely to survive if there will be a major decrease in airfare demand in the market. Key words: commercial aviation, Icelandic airlines, jet fuel, average wages, CASK, transatlantic routes. Preface This final project is a 12 ECTS thesis for a BSc degree in Business Administration at Reykjavík University. -
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. -
Financial Statements
Icelandair Group hf. Condensed Consolidated Interim Financial Statements 1 January – 30 September 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 Consolidated Statement of Comprehensive Income ........................................................................................... 5 Consolidated Statement of Financial Position .................................................................................................... 6 Consolidated Statement of Changes in Equity ................................................................................................... 7 Consolidated Statement of Cash Flows .............................................................................................................. 8 Notes to the Consolidated Financial Statements ................................................................................................ 9 1. Reporting entity ................................................................................................................................. 9 2. Basis of accounting ........................................................................................................................... 9 3. Use of judgements and estimates .................................................................................................... 9 4. Changes in accounting policies ....................................................................................................... -
Tourism in Iceland: Soft Landing Or a Belly Flop?
Tourism in Iceland: Soft landing or a belly flop? Arion Research October 2018 Table of contents • Key findings (p. 3) • From zero to hero (p. 4) • Airlines operating environment and impact on tourist arrivals (p. 11) • The downside risk is significant (p. 21) • Are we getting ahead of ourselves in hotel construction? (p. 28) – How do Icelandic hotels fare in international comparison? (p. 38) – Airbnb showing signs of growing pains (p. 49) • How quickly the tide turns (p. 54) Key findings • Increased capacity of the Icelandic airlines has played a large role in the sensational growth in tourist arrivals to Iceland. • Although oil prices have surged since 2016, airfares have not followed. According to estimates, the Icelandic airlines will pay around one thousand ISK with each passenger in 2018, a development that is unsustainable in the long run. Airfares are simply too cheap and they need to increase. Analysis of tourist’s price elasticity of demand indicate that rising airfares could lead to decrease in number of tourists, especially if the ISK remains strong. • We predict very little growth in tourism in the coming years. In our base case tourist arrivals will increase by 1.4% next year and 2.4% in 2020. There is quite a lot of uncertainty, but we consider the downward risk to be greater. For example, if growth in VIA passengers continues at the same rate in 2019 as it has done in 2018, number of inbound tourists could slightly decrease. Global trade tension could also slow growth in passenger transport, a development which would affect Iceland. -
Annual Report 2007
EU_ENTWURF_08:00_ENTWURF_01 01.04.2026 13:07 Uhr Seite 1 Analyses of the European air transport market Annual Report 2007 EUROPEAN COMMISSION EU_ENTWURF_08:00_ENTWURF_01 01.04.2026 13:07 Uhr Seite 2 Air Transport and Airport Research Annual analyses of the European air transport market Annual Report 2007 German Aerospace Center Deutsches Zentrum German Aerospace für Luft- und Raumfahrt e.V. Center in the Helmholtz-Association Air Transport and Airport Research December 2008 Linder Hoehe 51147 Cologne Germany Head: Prof. Dr. Johannes Reichmuth Authors: Erik Grunewald, Amir Ayazkhani, Dr. Peter Berster, Gregor Bischoff, Prof. Dr. Hansjochen Ehmer, Dr. Marc Gelhausen, Wolfgang Grimme, Michael Hepting, Hermann Keimel, Petra Kokus, Dr. Peter Meincke, Holger Pabst, Dr. Janina Scheelhaase web: http://www.dlr.de/fw Annual Report 2007 2008-12-02 Release: 2.2 Page 1 Annual analyses of the European air transport market Annual Report 2007 Document Control Information Responsible project manager: DG Energy and Transport Project task: Annual analyses of the European air transport market 2007 EC contract number: TREN/05/MD/S07.74176 Release: 2.2 Save date: 2008-12-02 Total pages: 222 Change Log Release Date Changed Pages or Chapters Comments 1.2 2008-06-20 Final Report 2.0 2008-10-10 chapters 1,2,3 Final Report - full year 2007 draft 2.1 2008-11-20 chapters 1,2,3,5 Final updated Report 2.2 2008-12-02 all Layout items Disclaimer and copyright: This report has been carried out for the Directorate-General for Energy and Transport in the European Commission and expresses the opinion of the organisation undertaking the contract TREN/05/MD/S07.74176. -
363 Part 238—Contracts With
Immigration and Naturalization Service, Justice § 238.3 (2) The country where the alien was mented on Form I±420. The contracts born; with transportation lines referred to in (3) The country where the alien has a section 238(c) of the Act shall be made residence; or by the Commissioner on behalf of the (4) Any country willing to accept the government and shall be documented alien. on Form I±426. The contracts with (c) Contiguous territory and adjacent transportation lines desiring their pas- islands. Any alien ordered excluded who sengers to be preinspected at places boarded an aircraft or vessel in foreign outside the United States shall be contiguous territory or in any adjacent made by the Commissioner on behalf of island shall be deported to such foreign the government and shall be docu- contiguous territory or adjacent island mented on Form I±425; except that con- if the alien is a native, citizen, subject, tracts for irregularly operated charter or national of such foreign contiguous flights may be entered into by the Ex- territory or adjacent island, or if the ecutive Associate Commissioner for alien has a residence in such foreign Operations or an Immigration Officer contiguous territory or adjacent is- designated by the Executive Associate land. Otherwise, the alien shall be de- Commissioner for Operations and hav- ported, in the first instance, to the ing jurisdiction over the location country in which is located the port at where the inspection will take place. which the alien embarked for such for- [57 FR 59907, Dec. 17, 1992] eign contiguous territory or adjacent island. -
The More Things Change, the More They Stay the Same
YEARS 2003-2013 Issue 15 × 2013 September 28 - October 10 YOUR FREE COPY THE ESSENTIAL GUIDE TO LIFE, TRAVEL & ENTERTAINMENT IN ICELAND NEWS POLITICS FILM MUSIC TRAVEL Jóhanna The gender-based Lots and lots of Bam brings us We let fish suck on Sigurðardóttir wage gap widens :( RIFF! “Random Hero” our toes… SPEAKS! 5 year anniversary of the collapse 2008- 2013 THE MORE THINGS CHANGE, THE MORE THEY STAY THE SAME... Complete Lots of Download the FREE Grapevine Appy Hour app! Reykjavík Listings cool events Every happy hour in town in your pocket. + Available on the App store and on Android Market. The Reykjavík Grapevine Issue 15 — 2013 2 Editorial | Anna Andersen TRACK OF THE ISSUE ICELANDISTAN 5.0 Anna’s 32nd Editorial have wreaked more havoc on this country than land in the foreign media. anything that’s not directly caused by a natural So much emphasis has been put on this (only disaster. Our economy has been reduced to the possible) course of action that Icelanders them- standards of Eastern Europe at end of the Cold selves have perhaps forgotten what else the new War. As a nation, we are more or less bankrupt.” government has done to stem the rippling effects Almost overnight, our tiny island nation in the of the crash, not to mention all of the events that middle of the North Atlantic became the poster- led up to it. This would at least explain why Ice- child for the global economic crisis—a shiny ex- landers recently returned to power the very same ample of how to do everything wrong. -
Flight Safety Digest December 2002
FLIGHT SAFETY FOUNDATION DECEMBER 2002 FLIGHT SAFETY DIGEST International Efforts Raise Awareness to Prevent Approach-and-landing Accidents Status Report on HUDs FLIGHT SAFETY FOUNDATION For Everyone Concerned With the Safety of Flight Flight Safety Digest OFFICERS AND STAFF Hon. Carl W. Vogt Vol. 21 No. 12 December 2002 Chairman, Board of Governors Stuart Matthews In This Issue President and CEO Robert H. Vandel International Efforts Raise Awareness to Executive Vice President Prevent Approach-and-landing Accidents 1 James S. Waugh Jr. During 2002, organizations in several areas of the world Treasurer adapted and disseminated information from Flight Safety ADMINISTRATIVE Foundation’s ALAR Tool Kit to meet the regional needs of Ellen Plaugher thousands of pilots, air traffic controllers and other aviation Special Events and Products Manager professionals. Linda Crowley Horger Manager, Support Services Head-up Displays in Civil Aviation: FINANCIAL A Status Report 22 Crystal N. Phillips Director of Finance and Administration Airlines and business aircraft operators worldwide Millicent Wheeler increasingly are recognizing the safety benefits — chiefly, Accountant the improvement of flight crew situational awareness — the TECHNICAL increased operational capabilities and the associated James M. Burin economic benefits of using HUDs. Enhanced vision systems Director of Technical Programs and synthetic vision systems add to the utility of this tool. Joanne Anderson Technical Programs Specialist Data Show Final Approach and Landing Louis A. Sorrentino III Remain Riskiest Phase of Flight 32 Managing Director of Internal Evaluation Programs Robert Feeler Data compiled by The Boeing Co. show that the majority of Q-Star Program Administrator hull-loss accidents and/or fatal accidents among Western- Robert Dodd, Ph.D. -
Kaupthing Bank
Kaupthing Bank - COMPANY UPDATE - HOLD Rating Summary and Conclusions Equity value 223,7 bn.ISK Kaupthing Bank acquires FIH Price 407,9 Kaupthing Bank (KB banki) has reached an agreement with Forenings Sparbanken (Swedbank) to Closing price 23.06.2004 429,5 purchase FI Holding, the holding company of the Danish corporate bank FIH. The purchase price amounts to ISK 84 billion (EUR 1,000 million), in addition to which Swedbank will retain part of Contents FIH's own equity. The acquisition will be financed with the issue of new share capital to holders of pre-emptive rights, as well as through subordinated debt. The price-to-book ratio for the Summary and Conclusions.........................................................1 transaction is 1.6. Kaupthing Bank acquires FIH....................................................2 Payment..................................................................................2 FIH is the third-largest bank in Danmark, with total assets close to ISK 800 bn at the end of Q1. It Financing.........................................................................2 was established in 1954 by the Danish state to encourage growth and development of Danish FIH...............................................................................................2 industry. FIH's activities are almost exclusively corporate lending. It holds a 17% share of the Danish Effect on group operations and value...................................3 corporate market and has around 5,000 customers, half of whom have been dealing with the -
EFTA Surveillance Authority Competition and State Aid Directorate Rue Belliard 35 1040 Brussels Belgium
EFTA Surveillance Authority Competition and State Aid Directorate Rue Belliard 35 1040 Brussels Belgium Reykjavík September 25, 2020 Reference: FJR20030062/5.1 Your reference: 85190 Subject: Comments on a letter received by ESA regarding Decision No 101/20/COL Introduction Reference is made to an invitation from the EFTA Surveillance Authority (the Authority; ESA), dated 16 September 2020, to comment on a letter received by ESA calling for a revocation of Decision No 101/20/COL on compensation to Icelandair for the damage caused by the COVID-19 outbreak. The letter received by the Authority argues that the decision was based on “incorrect or incomplete information”. The Icelandic authorities take the opportunity to underline the compliance of the decision, and the notification on which was it was based, with the EEA rules on State aid. 1. Basis for the Authority’s letter According to Article 9 of Part II of Protocol 3 to the Surveillance and Court Agreement (SCA), the Authority can decide to initiate a formal investigation procedure if it encounters documents or observations that give rise to doubts as to the “well-founded and sound nature”1 of information which constituted a determining factor for the decision. That procedure can lead to revocation of the decision if it turns out that it was indeed based on incorrect information. The Icelandic authorities note that the undertaking that has requested ESA to contemplate revocation of the decision, Fly Play ehf., does not have standing to bring the decision before the EFTA Court. The undertaking neither holds an Icelandic Air Operator Certificate (AOC)2, nor has it taken delivery of any airplanes. -
“Art Is in Our Heart”
“ART IS IN OUR HEART”: TRANSNATIONAL COMPLEXITIES OF ART PROJECTS AND NEOLIBERAL GOVERNMENTALITY _____________________________________________ A Dissertation Submitted to the Temple University Graduate Board _____________________________________________ in Partial Fulfillment of the Requirements for the Degree of Doctor of Philosophy _____________________________________________ By G.I Tinna Grétarsdóttir January, 2010 Examining Committee Members: Dr. Jay Ruby, Advisory Chair, Anthropology Dr. Raquel Romberg, Anthropology Dr. Paul Garrett, Anthropology Dr. Roderick Coover, External Member, Film and Media Arts, Temple University. i © Copyright 2010 by G.I Tinna Grétarsdóttir All Rights Reserved ii ABSTRACT “ART IS IN OUR HEART”: TRANSNATIONAL COMPLEXITIES OF ART PROJECTS AND NEOLIBERAL GOVERNMENTALITY By G.I Tinna Grétarsdóttir Doctor of Philosophy Temple University, January 2010 Doctoral Advisory Committee Chair: Dr. Jay Ruby In this dissertation I argue that art projects are sites of interconnected social spaces where the work of transnational practices, neoliberal politics and identity construction take place. At the same time, art projects are “nodal points” that provide entry and linkages between communities across the Atlantic. In this study, based on multi-sited ethnographic fieldwork in Canada and Iceland, I explore this argument by examining ethnic networking between Icelandic-Canadians and the Icelandic state, which adopted neoliberal economic policies between 1991 and 2008. The neoliberal restructuring in Iceland was manifested in the implementation of programs of privatization and deregulation. The tidal wave of free trade, market rationality and expansions across national borders required re-imagined, nationalized accounts of Icelandic identity and society and reconfigurations of the margins of the Icelandic state. Through programs and a range of technologies, discourses, and practices, the Icelandic state worked to create enterprising, empowered, and creative subjects appropriate to the neoliberal project.