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Isavia´s Annual Financial Statement for 2023

Isavia´s Annual Financial Statement for 2023

Isavia Group’s operating result before depreciation, capital items, and taxes (EBITDA) for 2023 was a positive figure of ISK 8.1 billion. This compares to a positive operating result of ISK 5.2 billion for 2022. Revenue rose by some 23% or ISK 8.6 billion, reaching ISK 45.1 billion. Over 7.8 million passengers used Keflavík International Airport last year. This compares to 6.1 million in 2022.  

Last year saw a positive overall performance of ISK 2.1 billion, as compared to a negative figure of ISK 617 million in 2022. 2023 saw a positive exchange-rate effect on long-term loans of ISK 180 million, as compared to a negative exchange-rate effect of ISK 868 million in the previous year.  

“The year 2023 was mostly in line with our expectations. We certainly felt the impact of the current economical environment on consumption and the volcanic eruptions on Reykjanesskagi. However, in my opinion, we managed to address these issues excellently within our operation” says Sveinbjörn Indriðason, CEO of Isavia. “Furthermore, the challenges that accompany the volcanic eruptions in our backyard have in no uncertain terms, not decreased in the new year.”

Sveinbjörn points out that a considerable amount of work was done to ensure continuity in the operation of Keflavík International Airport, during this period of uncertainty. Keflavik International Airport, is for example, already sustainable when it comes to electricity and the Company has reached the point where the operation of the airport will stay uninterrupted should we lose hot water again.   

Ingibjörg Arnarsdóttir, Managing Director of Finance and Human Resources, says that one of the most important milestones of 2023 in the Company’s operations was its successful bond issue. “Isavia issued bonds in a restricted procedure to the amount of EUR 175 millions to investors from the United States, or over ISK 25 billion.” Ingibjörg also describes the trust investors placed in Isavia and the considerable investor interest during this first bond issue Isavia has undertaken. “This bond issue strengthened the company substantially in the middle of the extensive and important development that is underway at Keflavík International Airport and the positive reception we received, signifies the careful preparation carried out by Isavia.”

“We look to the year 2024 and beyond, with optimism. Our forecast predicts that just under 8.5 million passengers will pass through Keflavík International Airport this year, which amounts to a 9% increase from last year. We fully expect this forecast to prove accurate, as there is currently no evidence to the contrary. In a newly updated strategy of Isavia’s parent company, an emphasis is placed on continued support for future growth of the airlines that choose Keflavík Airport as their connecting airport. With regard to the passenger forecasts available, we still need to improve the capacity of the airport, and perhaps even faster than we had previously planned.”   

Isavia’s Annual General Meeting was held on 20 March, when the company's annual report for 2023 was published. 

Key figures from Isavia’s annual financial statements for 2023 

  • Revenue: ISK 45,058 million 
  • Operating profits before depreciation, capital items, and taxes (EBITDA): ISK 8,145 million 
  • Operating profits before capital items and taxes (EBIT): ISK 4,006 million 
  • Post-tax overall performance: ISK 2,102 million 
  • Cash and cash equivalents: ISK 15,514 million 
  • Investments in fixed assets: ISK 16,502 million 
  • Equity at end of period: ISK 44,064 million 
  • Equity ratio: 39.3%