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2010-08-13 17:42:44 CEST 2010-08-13 17:43:42 CEST REGULATED INFORMATION This message has been corrected. Click here to view the corrected message Icelandair Group hf. - Financial Statement Release- Second quarter and First six months results.+Improved results despite difficult external conditions +Cash flow considerably stronger than last year Performance in the first six months of 2010 + Total turnover was ISK 38.2 billion, increasing by 14% between years. + EBITDA was ISK 2.3 billion (6.1%), as compared to ISK 1.5 billion (4.4%) in the preceding year. + Depreciation was ISK 2.6 billion, up by ISK 220 million from last year. + The EBITDAR ratio was 17.4%, as compared to 17.2% at the same time last year. + Financial expenses amounted to ISK 1.8 billion, as compared to ISK 1.7 billion at the same time last year. + Net cash from operating activities amounted to 9.4 billion as compared to 5.0 billion at the same time last year. + Cash on 30 June amounted to ISK 7.5 billion, as compared to ISK 6.2 billion for the corresponding period of last year. + Total assets amounted to ISK 97.8 billion at the end of the period and the equity ratio was 13.4%, as compared to 17.8% at the same time last year Second quarter performance, 2010 + Total turnover was ISK 21.9 billion, up by 12.2% from the corresponding quarter of last year + EBITDA was ISK 2.1 billion, as compared to ISK 1.4 billion in the corresponding quarter of last year + The EBITDA ratio was 9.8%, as compared to 7.2% at the same time last year + Depreciation was ISK 1.3 billion + The EBITDAR ratio was 20.3%, as compared to 20.1% at the same time last year + Financial expenses amounted to ISK 1.1 billion, as compared to ISK 1.2 billion last year + Losses after taxes came to ISK 161 billion, as compared to ISK 1.3 billion over the corresponding period of last year Björgólfur Jóhannsson, CEO: “Despite difficult external conditions, the Company's total income increased in the first half of the year in excess of added capacity. The improved operation of the Company is reflected in increased EBITDA in the first half of the year by ISK 862 million. The EBITDA ratio was 6.1%, as compared to 4.4% in the first six months of last year. The volcanic activity in Eyjafjallajökull had a severe impact on operations, as the Company reported earlier. In our assessment, the negative impact of the flight restrictions amounted to about ISK 1.5 billion. In our opinion the Company's staff showed extraordinary flexibility and nerve, which is best illustrated by the EBITDA from continuing operations in the first half of the year, which exceeded the budget in spite of the impact of the volcanic eruption. As a result, the decision has been made to increase the EBITDA forecast for the year from ISK 7.6 billion to ISK 8.5 billion in 2010, which corresponds to a 12% increase from the previously published forecast. The Company's loss in the second quarter came to ISK 161 million, as compared to a loss of ISK 1.3 billion in the corresponding quarter of last year. Losses in the first six months of the year amounted to ISK 2 billion, as compared to almost five billion over the same period last year. At the end of June the Company's cash position was satisfactory, at ISK 7.5 billion. The Company is optimistic for the success of the “Inspired by Iceland” campaign launched by Icelandair and other travel service companies in partnership with the Icelandic government early this summer. The campaign will be a powerful tool in our endeavour to increase the flow of tourists to Iceland in the spring and autumn months. On the whole, I am optimistic as regards the Company's future prospects and for the Icelandic tourist industry as a whole. The best months of the year in airline operations and tourist services lie ahead, and the Company expects that this will be reflected in the report for the third quarter. Yesterday, Icelandair Group reached a milestone. Since October 2008 the Company has worked on the restructuring of it‘s balance sheet. Now an agreement has been reached with our main creditors and investors, which connotes and the Company‘s debts and debt burden will decrease, In addition, new equity will be recieved, both as cash and with the conversion of debt into equity. For the first time in a long period of time the Company has a healthy and strong Balance Sheet. I think the future prospects in the operations of Icelandair Group are good.“ |
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