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Isavia´s Annual Financial Statements for 2022

Isavia´s Annual Financial Statements for 2022

Operating results for Isavia ohf. before depreciation, interest and taxes (EBITDA) for 2022 was ISK 5.2 billion. This compares to a negative operating result of ISK 810 million for 2021. Revenue rose by some 75% (ISK 15.7 billion) from 2021 to 2022, reaching 95% of the revenue posted in 2019. Over 6.1 million passengers used Keflavík International Airport in 2022. This compares to 2.1 million in 2021 and just over 7.2 million in 2019, the last full operating year before the pandemic.

Last year saw a negative net income of ISK 617 million, as compared to a positive figure of ISK 321 million in 2021. 2022 saw a negative exchange-rate effect on long-term loans of ISK 868 million, as compared to a positive exchange-rate effect of just under ISK 2 billion in the previous year. In 2021, there was one-time interest revenue of ISK 2.8 billion owing to processing of VAT for previous years.

“2022 was the long-awaited turnaround following a two-year period of uncertainty caused by the pandemic,” says Isavia CEO, Sveinbjörn Indriðason. “Iceland remains a unique destination and the hub remains key to flight connections that promote quality of life and prosperity in Iceland.”

According to Indriðason, Keflavík International Airport has recovered extremely well. “Seat availability to and from Keflavík International Airport was 12% higher this winter than during the winter immediately preceding the pandemic. The airports in Copenhagen, Oslo, Stockholm and Helsinki – a yardstick for our airport – have seen a fall in seat availability of 8–25%.”

“Isavia’s parent company, which runs Keflavík International Airport, forecasts higher passenger numbers for this year – the first full year after travel restrictions were lifted – than we saw in 2019,” says Indriðason. “By contrast, ACI Europe forecasts that passenger numbers at European airports this year will be just 91% of 2019 levels. We forecast that 7.8 million passengers will use Keflavík. International Airport this year – up from 7.2 million in 2019, an increase of some 8%. ACI Europe does not expect airports in Europe to reach 2019 passenger numbers until 2025.”

According to Indriðason, over the past year Isavia staff and staff of other companies operating at Keflavík International Airport have continued to show what they are made of, as things pick up again after the lifting of travel restrictions. In addition, 2022 was the biggest year for development work in the airport’s history, and this year is set to be even bigger. Passengers and airlines will not fail to notice the development work going on, as it affects the daily flow of passengers and aircraft, but every effort is being made to ensure that the airport can provide its customers with even better service going forwards.

Isavia’s Annual General Meeting will be held on 22 March 2023, when the company's annual report for 2022 will be published.

Here you can find the Consolidated Financial Statements for Isavia ohf. in 2022 in English.

Key figures from Isavia’s annual financial statements for 2022

  • Revenue: ISK 36.505 billion
  • Operating profits before depreciation, interest, and taxes (EBITDA): ISK 5.165 billion
  • Operating profits before interest and taxes (EBIT): ISK 1.233 billion
  • Post-tax net income (loss): ISK -617 million.
  • Cash and cash equivalents: ISK 9.495 billion
  • Investments in fixed assets: ISK 15.088 billion
  • Equity at end of period: ISK 41.962 billion
  • Equity ratio: 44.5%