Earnings Release
Reykjavík, 20 February 2007
Icelandair Group’s results for 2006
Icelandair Group Profits before Taxes ISK 3, 1 billion
Business Highlights 2006
Net profits before taxes (EBT) ISK 3,060 billion in 2006
EBITDA ISK 6,058 billion in 2006
Operating profit (EBIT) ISK 3,326 billion, up 28%
Net earnings ISK 2,615 billion
Total revenue ISK 56,1 billion a 23% increase from 2005
4Q loss of ISK 555 million
Icelandair Group listed on ICEX on 14 December
Icelandair the largest subsidiary with 52% of Icelandair Group’s revenue.
Equity ratio 34%
Net operating cash 6,4 milljarðar króna
Total Assets ISK 76, 6 billion at year end 2006
Jón Karl Ólafsson, CEO of Icelandair Group said
”The results of the Group are very good and exceed expectations considerably.
It is positive, now that the company is listed on the Iceland Stock Exchange and
is publicly traded, to be able to present to new shareholders a good profit, in
fact the best in the company’s history. The good results can be attributed to
our exceptional employees and the vast knowledge and experience, which we are
able to utilize for our benefit. We expect continuous growth for the Company in
the near future. General economic prospects are favorable and growth is expected
in the industry. The outlook is good and we intend to even better in 2007.
