In the second quarter of 2020, Icelandair Group‘s operations were significantly affected by the COVID-19 pandemic and the associated wide-ranging travel bans and decrease in travel demand. Preliminary results of the second quarter of 2020 indicate that revenues decreased by appr. 85% between years to around USD 60 million and EBIT amounted to negative USD 100-110 million. Cash and cash equivalents amounted to USD 154 million at the end of the second quarter. The Q2 2020 financial statements will be published on 27 July 2020.
The Group took swift actions at the beginning of the pandemic to minimize operational expenses and cash outflow and continues to monitor these closely. As previously announced, Icelandair Group is in the final stages of key stakeholder negotiations to be in a position to initiate the new share offering and complete a voluntary financial restructuring of the Company. It is expected that fully documented agreements will be completed with the remaining stakeholders in July and the Company intends to initiate the proposed offering of new shares in August.
Due to the upcoming share offering, no investor presentation will be held in relation to the disclosure of the Q2 2020 financial statements.