Icelandair Group: A year of changes

1Q 2018:

Total revenue up by 21% between years, to USD 267.6 million
Income from charter operations increased by 62% between years
EBITDA negative by USD 18.2 million, down by USD 8.2 million between years
Equity ratio 35% at the end of March
Cash and short-term investments USD 205.8 million
First three B737 MAX aircraft of sixteen delivered
EBITDA guidance unchanged at USD 170-190 million

Björgólfur Jóhannsson, President and CEO:

“Our first-quarter operating results are in line with projections. Revenue increased by 21%, but, as we had foreseen, the Company’s loss increased between years. The financial position of the Company continues strong and obtaining financing for the Company’s new aircraft has proven very successful.

In recent months, we have been making significant changes in the Company’s business. The corporate structure of the Company was changed by dividing its operations into two segments: International flight operations and Investments in aviation and tourism. Since then, profound changes have been made within the Company, most of them involving integration and streamlining, trimmed management and shorter lines of communication. At the same time, we have made significant changes in our air fare classes and revenue management. Good progress is being made on these changes, which are all designed to sharpen the focus on core business and improve the Company’s performance.

We see great opportunities for the growth and development of the Company in the coming years. Icelandair Group has a clear strategy, strong financial position and outstanding personnel. There are exciting times ahead for the Company.”