Published: 2013-10-30 17:44:57 CET
Icelandair Group hf.
Financial Statement Release

Good third quarter results

  • Profit after taxes USD 65.3 million, as compared to USD 51.4 million in the preceding year
  • EBITDA was USD 102.2 million, up by USD 24.3 million from Q3 2013
  • EBITDAR was USD 114.3 million, as compared to USD 92.7 million in the preceding year
  • Total revenue increased by 17% between years
  • Equity ratio was 40% at the end of September 2013
  • Net cash from operating activities was USD 30.3 million, as compared to USD 10.1 million in the preceding year


Björgólfur Jóhannsson, President and CEO:

"Icelandair Group's operations have returned profitable growth in recent years. The number of passengers on international flights is projected at 2.3 million this year, up from 1.3 million in 2009. The number of international destinations has increased by 14 at the same time and our aircraft are now 40, as compared to 26 in 2009. The number of available nights in our hotels has grown by 30%, and the number of our employees is now 2,800, up by 700 from 2009. Growth of this magnitude in such a short time can strain a company's infrastructure, but so far we have succeeded in growing without significant setbacks.  The Company's strategy with a clear focus on our core business and the experience and expertise of our ambitious employees are the key to these good results. 

Results in the third quarter were good, with profit after taxes at USD 65.3 million, as compared to USD 51.4 million last year. Our international flight schedule this quarter was the most extensive in our history.  We carried 822 thousand passengers. The greatest increase was in the North Atlantic market, at 16%, with passengers in this market accounting for 52% of the total passenger number. The tourist market to Iceland also increased significantly, by over 7%. 

It has been the Company’s strategy since 2009 to level seasonal fluctuations and develop Iceland as a year-round destination with a beneficial impact on the Icelandic tourist industry in itself.  We have been at the forefront in increasing the flow of tourists outside the peak season and we continue to see excellent opportunities in winter tourism.  We will continue to leverage these opportunities and develop further avenues for growth in Icelandic tourism. "


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 2013.pdf
Pressrelease Q32013.pdf