Published: 2014-10-30 17:20:37 CET
Icelandair Group hf.
Financial Statement Release

Good third quarter performance

  • Profit after taxes USD 85.8 million, as compared to USD 65.3 million in the preceding year
  • EBITDA at USD 123.9 million, as compared to USD 102.2 million in the preceding year
  • Total revenue increased by 13%
  • Equity ratio 46% at the end of September
  • Net cash provided by operating activities USD 5.8 million, as compared to USD 30.3 million in the preceding year


Björgólfur Jóhannsson, President and CEO:

“The Company's international flight operations were successful in the third quarter and the results were good. Capacity in the Route Network was increased by 19% from the preceding year. The passenger load factor was 84.2%, up by 0.7 percentage points between years. Around 970 thousand passengers travelled with the Company over the quarter, a record high. The increased scope of the international flight operations, together with the significant increase in the number of tourists to Iceland, had a positive effect on other business activities of the Group.

The Company's third-quarter profit amounted to USD 85.8 million, up by USD 20.5 million from the preceding year. Financially, the Company is strong and well prepared to take on future challenges; an announcement has already been made of a projected 12% growth in international flight operations next year.

As a result of the third-quarter success we are now projecting our EBITDA for 2014 in the range of USD 150-155 million, up from the earnings estimate published earlier this year.”


For further information please contact:

Bjorgólfur Jóhannsson, President and CEO
+354 896 1455

Bogi Nils Bogason, CFO
+ 354 665 8801

Pressrelease Q32014.docx
Icelandair Group hf 30 9 2014.pdf