Icelandair Group hf.
Financial Statement Release
Operational results in 2012 the best ever
Earnings before taxes USD 57.4 million, up by USD 28.9 million between years
Increase in income between years was 14%
Fourth quarter EBITDA at USD 5.9 million, up by USD 7.0 million between years
Equity ratio 39% at year-end 2012, up from 36% at year-end 2011
Net interest-bearing debts reduced by USK 72.1, down to USD 18.1 at year-end
The Board of Directors proposes a dividend of ISK 1.5 billion to shareholders in 2013
Björgólfur Jóhannsson, President and CEO:
“Icelandair Group's operational performance in 2012 was the best in the Company's history. The year was characterised by profitable organic growth, and the operation of the Company's largest business units was successful. Earnings before taxes amounted to USD 57.4 million, as compared to USD 28.5 in the preceding year. It is apparent that the Company's clear strategy with focus on the core business and the dedication of our staff are the key to these excellent results.
Fourth quarter operations were good, with EBITDA at USD 5.9 million, increasing between years by USD 7.0 million. The capacity on international flights was increased by 26% from the fourth quarter of last year, and at the same time the number of passengers increased by 21%. The increase was greatest on North-Atlantic flights, as it has been over the course of the year. It was extremely satisfying to watch the number of our passengers grow by 24% in fourth quarter, as an increase of this magnitude is crucially important for Icelandic tourist industry in the wintertime. This trend is consistent with our strategy of reducing still further the seasonal fluctuations in Icelandic tourism and developing Iceland as a year-round destination.
At the end of 2012 the Company's balance sheet is strong and its liquidity position is good. Equity stands at USD 295.9 million and the equity ratio at 39%. Cash and marketable securities have increased by USD 26.1 million from the beginning of the year, and now amount to ISK 132.8 million. The Company is therefore in good shape for continued profitable organic growth.
Prospects in the Company's operations are favourable, and our estimates project EBITDA in the range of USD 115-120 million in 2013.”
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