Icelandair Group operating loss widens in 4Q2011. Further network growth in 2012

Icelandair Group revenue up 7% - financial highlights:

• Three months ended 31-Dec-2011:
  • Total revenue: EUR123.4 million, +7% year-on-year;
  • Total costs: EUR124.2 million, +14%;
    • Labour: EUR37.0 million, +12%;
    • Fuel: EUR29.7 million, +46%;
  • EBIT (loss): (EUR9.5 million), compared to a loss of EUR6.0 million in p-c-p;
  • Net profit (loss): (EUR1.2 million), compared to a profit of EUR8.7 million in p-c-p;
  • Passenger numbers:
    • Icelandair: 350,800, +11%;
    • Air Iceland: 81,200, -1%;
  • Load factor:
    • Icelandair: 77.9%, +0.5 ppt;
    • Air Iceland: 66.5%, -1.7 ppt;
  • Cargo traffic (FTKs): +17%;
• 12 months ended 31-Dec-2011:
  • Total revenue: EUR597.6 million, +10%;
  • Total costs: EUR533.4 million, +15%;
    • Labour: EUR140.6 million, +12%;
    • Fuel: EUR135.7 million, +47%;
  • EBIT: EUR29.2 million, -24%;
  • Net profit: EUR27.4 million, -2%;
  • Passenger numbers:
    • Icelandair: 1.7 million, +18%;
    • Air Iceland: 353,100, +3%;
  • Load factor:
    • Icelandair: 79.3%, +0.9 ppt;
    • Air Iceland: 69.3%, +1.1 ppt;
  • Total assets: EUR551.6 million, +6%;
  • Cash and cash equivalents: EUR60.0 million, -17%;
  • Total liabilities: EUR352.5 million, +2%. [more - original PR]

*Based on the conversion rate at aEUR1 = ISK162.204

Icelandair Group: "The year 2011 was characterised by significant organic growth. We anticipate still further expansion of our operations in 2012. Icelandair will have the most extensive flight schedule in its history in place in 2012, and bookings for the first months of the year are promising." Source: Company statement, 09-Feb-2012.