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Isavia annual accounts for 2021 - next year a record year for construction at Keflavik Airport

Isavia annual accounts for 2021 - next year a record year for construction at Keflavik Airport

The EBIT of the Isavia as a whole for 2021 was in deficit by ISK 4.7 billion, compared to a deficit of ISK 10.1 billion in 2020. The impact of the COVID epidemic is still keenly felt on the operations of the company despite a significant turnaround in the first half of the year when revenue increased by ISK 6.1 billion, or 41% from the previous year. Compared to 2019, the contraction in revenue in 2021 was 46% for Isavia as a whole and 72% for the parent company that exclusively runs Keflavík Airport. The number of passengers increased by 58% between years; they numbered 2.2 million in 2021, compared to 1.4 million the year before.

Looking at the total results for the year, there was a surplus of ISK 321 million, compared to a deficit of

ISK 13.2 billion in 2020. The turnaround is in part attributable to exchange rate gain due to long-term loans in foreign currencies.

“Although the impact of the COVID epidemic was very significant in the operation of airports and air control services for us last year, it may be said that 2021 was in a sense a watershed year,” says Sveinbjörn Indriðason, the Managing Director of Isavia. “The airlines that flew to Keflavík Airport in 2019 have returned, and the restrictions against the epidemic at the border that were the last impediment in our way were removed. We find that there is great interest in Iceland from our airlines, and although the COVID epidemic still affects us all, there is not much needed for us to exceed current forecasts of passenger numbers this year. We still cannot foresee the impact of the war in Ukraine on the number of passengers to and from Iceland, but we will continuously monitor the situation.”

Construction at Keflavík Airport is well under way, and it appears that 2022 will be a record year for construction activity at the airport.

“The coming construction projects will enable us to better welcome an ever-increasing number of passengers in the coming years and increase the competitiveness of Keflavík Airport. It will support the increase in connections, which are a key factor when it comes to quality of life and prosperity in Iceland,” said Sveinbjörn. “Construction is largely on schedule, although we are already feeling the impact of the war in Ukraine on our construction supply chain.”

The Annual General Meeting of Isavia will be held on 24 March, at which time the Annual Report of the company for 2021 will be issued.

Key indicators from the 2021 Isavia accounts

  • Revenue: ISK 20,843 million
  • Deficit before financial items and taxes: ISK -3,911 million
  • Overall surplus after tax: ISK 321 million
  • Cash on hand: ISK 14,683 million
  • Investment in durable operational assets: ISK 5,974 million
  • Equity at end of period: ISK 36,579 million
  • Equity ratio: 41.5%