Today Icelandair Group hf. received a decision of the Director of Internal Revenue that was made on 18 December 2013. The decision decreases Icelandair Group’s expensed financial costs for the tax payment years of 2008-2012 with reference to a court verdict by the Supreme Court of Iceland in case no. 555/2012 from 28 February 2013 (Toyota á Íslandi ehf. v. Iceland). This will decrease Icelandair Group’s transferable losses by up to ISK 6.4 billion. The Company’s equity can decrease by up to 1.3 billion ISK (11.1 million USD) if the case will be lost before the Icelandic courts. The management of Icelandair Group hf. disagrees with the decision and will refer it to to the Internal Revenue Board.
For further detailed information please contact:
Bogi Nils Bogason, CFO, Icelandair Group tel: + 354 665-8801