Published: 2012-10-31 17:19:29 CET
Icelandair Group hf.
Financial Statement Release

Strong results in third quarter 2012

  • EBITDA 77.9 million USD, increasing by USD 7.4 million between years
  • Increase in income 8% from the corresponding quarter of last year
  • Equity ratio 39%
  • Net cash from operating activities USD 10.1 million, as compared to USD 5.3 million to operating activities in the preceding year


Björgólfur Jóhannsson, President and CEO

“Profitable organic growth continued in the third quarter. The number of international passengers grew by 11% between years, and the passenger load factor was 84.0%, as compared to 83.3% over the corresponding period in 2011. The number of passengers flying between North America and Europe grew by 22%, increasing steadily over the past months. The number of passengers travelling to Iceland also grew significantly, with a resulting positive impact on domestic tourist service companies.

The Company’s performance over the quarter was good, with net profit of USD 51.4 million, up by USD 7.6 million over the corresponding period of last year. The performance of a number of airline companies in the world has been deteriorating as a result of the unstable economic conditions and persistently high fuel prices. It is therefore satisfying to observe the good results being achieved by Icelandair Group at the same time. The flexibility of our business model, our strong brands and our outstanding personnel has enabled us to tackle difficult external conditions and achieve satisfying results. 

The third-quarter performance was in line with projections, and the forecast for the year remains unchanged, with EBITDA at USD 110-115 million.”


For further information, please contact:

Björgólfur Jóhannsson President and CEO, Icelandair Group, tel. +354-896-1455
Bogi Nils Bogason, CFO, Icelandair Group, tel. +354-665-8801

Icelandair Group hf 30 9 2012.pdf