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2009-11-30 18:20:39 CET 2009-11-30 18:21:38 CET REGULATED INFORMATION Icelandair Group hf. - Financial Statement Release- Third Quarter and First nine months 2009 resultsIcelandair Group results in the third quarter of 2009 • Icelandair Group‘s total turnover was ISK 53.6 billion, increasing by 29% from the preceding year • EBITDA was ISK 8.4 billion, as compared to ISK 6.2 billion in the corresponding period of last year • EBIT was ISK 6.9 billion, as compared to ISK 5.1 billion at the same time last year. Depreciation amounted to ISK 1.6 billion, which represents an increase of ISK 0.5 billion from the preceding year • Net finance cost was ISK 2.1 billion, as compared to ISK 50 million in the preceding year • The Company's profit after taxes was ISK 4.0 billion, as compared to a profit of ISK 4.4 billion at the same time last year • The results of foreign subsidiaries before taxes fell ISK 1.3 billion short of the results for the same period of last year Icelandair Group results in the first nine months of 2009 • EBITDA was ISK 7.5 billion, as compared to ISK 7.2 billion in the corresponding period of last year • EBIT was ISK 3.3 billion, as compared to ISK 4.3 billion in the corresponding period of last year. Depreciation amounted to ISK 4.1 billion, which represents an increase of ISK 1.3 billion from the preceding year • Net finance cost was ISK 4.2 billion, as compared to ISK 0.8 billion in the preceding year • The Company's loss after taxes was ISK 1.1 billion, as compared to a profit of ISK 3.1 billion for the same time last year • Cash at the end of the period amounted to ISK 6.1 billion, as compared to ISK 7.4 billion for the corresponding period of last year • The equity ratio was 23.5 % at the end of September 2009, up from 20.3% at the end of 2008 • Assets were ISK 105.6 billion at the end of September 2009, as compared to ISK 98.8 billion at year-end 2008 Icelandair Group CEO Björgólfur Jóhannsson: “Icelandair Group's core business in the third quarter was successful, and improvements between years are evident in all the income statement ratios, with the exception of depreciation and financial items. We are pleased with the results of the quarter, and we are grateful to our staff for their excellent contribution under these trying circumstances. This year is probably the toughest our industry has experienced, and our foreign subsidiaries‘operations show that clearly, where we see less demand and lower prices having negative effect on the bottom line. Our main focus all this year has been the restructuring of the Group's balance sheet. It has been clear for a long time that leverage needs to be decreased, liquidity improved and the equity ratio strengthened. This process has taken more time than originally anticipated, but now the first steps have been taken in the restructuring. The decision has been made to simplify Icelandair Group's business model, emphasising the opportunities inherent in Icelandair's route network, tourism in Iceland and related operations, and our sights have been set on organic growth in these fields. This change is a consequence of changed financial markets, which have created the foundation for the business model we have been operating for quite some time. In time, and given the proper market conditions, we will sell again the strategic investments that the Company undertook in the years 2005-2007. The first step in that direction was taken last week, when we sold a 20% share in Travel Service and thereby ceased to be majority shareholders. Work on the restructuring will continue in the coming weeks. Assets that the Company intends to sell in the coming months will be re-assessed, and this could affect equity.“ Our target for the year as a whole, ISK 6.5 billion in EBITDA, remains unchanged. In our opinion, this would be a very acceptable operating result in light of the operating environment. However, the Company's financial costs are far to high, and great efforts are being focused on reducing them." |
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