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ISK 13.2BN loss from the operation of Isavia in 2020

ISK 13.2BN loss from the operation of Isavia in 2020

The results of the Isavia group for the year 2020 were negative by ISK 13.2bn after taxes, a ISK 14.4bn change from the year before. The year’s income amounted to ISK 14.7bn, a decrease of around 62%. Cash and cash equivalents amounted to approximately ISK 9.4bn at the end of 2020. This is stated in the financial statements of the Isavia group that were approved at its Annual General Meeting (AGM) held online today. The majority of the income decrease of the group between years can be traced to the operation of Keflavík Airport and the Duty-Free Store, as the number of passengers passing through the Airport decreased by 81%.  

2020 was a demanding year for airport operations and air navigation the world over. The COVID-19 pandemic more or less took control over all of our daily activities, and Isavia was no exception. Most of our energy during the past year has been spent on ensuring financing and access to funds together with protecting the strong infrastructure of the company,” says Sveinbjörn Indriðason, CEO of Isavia. “At present, however, we have turned the tables. We have managed to ensure access to funding, and despite having to make difficult decisions over the past year as regards laying off staff, we were able to protect the employment of most of our employees. The Minister of Finance, on behalf of our owners, made the decision at the beginning of the year to increase the company’s share capital, a move that made it possible for us to continue development plans for Keflavík Airport. This decision was extremely important, both for the competitiveness of the airport in the future and for our abilities to survive COVID-19, based on different scenarios, not to mention the difficult employment conditions in the area surrounding Keflavík Airport. 

To date, we find it difficult to see what effects COVID-19 will have in the future as regards travel between countries. “The latest efforts of the authorities due to increased COVID-19 infections in Iceland show that we have not been able to eradicate the threat posed by the virus,” says Sveinbjörn. “Nevertheless, it is vital that we do not lose sight of the goal to open up the country when the opportunity arises. “Vaccinations in two of our most important markets, i.e. the UK and US, are going well, and the authorities in Iceland have announced their efforts to take important steps toward relaxing restrictions on travel to Iceland. We certainly have to adapt to the situation as regards the pandemic, but we have seen interest among our air operators regarding the steps being discussed as regards traffic to Iceland and will certainly do everything in our power to ensure recovery in the best possible manner.” 

The Board of Directors elected at the Annual General Meeting of Isavia are: 

Principal Board Members: Orri Hauksson, Chairman of the Board, Eva Pandora Baldursdóttir, Matthías Páll Imsland, Nanna Margrét Gunnlaugsdóttir and Valdimar Halldórsson 

Alternate Board Members: Hreiðar Eiríksson, Ingveldur Sæmundsdóttir, Óskar Þórmundsson, Sigrún Traustadóttir and Þorbjörg Eva Erlendsdóttir. 

The Annual and Social Responsibility website of Isavia for 2020 has now been opened. The report will only be issued in electronic format. 

Annual report website 

The website contains all principal information on the operation of the Isavia group during 2020. It also contains its annual financial statements and information on its main focus areas in the field of environmental and social issues. A review is made of the main achievements of the company in 2020 and what course it has plotted for the future.