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Positive results from the 2019 operation of Isavia

Positive results from the 2019 operation of Isavia

Despite the considerable decrease in the number of tourists last year, the results of the Isavia consolidated group were positive by ISK 1.2bn after taxes, a decrease of around ISK 3.1bn from the year before. Excluding the write-down of accounts receivable due to the collapse of WOW air, the decrease amounts to ISK 1.2bn. The 2019 income decreased by approximately ISK 3.3bn, which is a decrease of around 8%. Cash and cash equivalents amounted to ISK 9.2bn at the end of 2019.

Compared to 2018 the number of passengers passing through Keflavík Airport decreased by 26%, while aircraft passing through the Icelandic air traffic control area decreased by around 7.5%. In addition, passengers on domestic flights decreased by 11.4%.

“2019 has been an eventful one in many ways. WOW air collapsed in the early part of the year, and shortly thereafter, Icelandair’s Boeing 737 MAX aircraft were grounded. All of this had a considerable impact on the number of passengers and thereby the operation of the Isavia group,” says Sveinbjörn Indriðason, CEO of Isavia. “At present, we are facing a pandemic caused by the COVID-19 virus and there is considerable uncertainty about the future. The only thing we are sure of is that the effects will be extensive. The company’s financial position is strong, but it is clear that we, as other companies, will need to dig deep to get through these difficulties in one piece.”

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

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

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

The English version of Isavia´s Annual and Social Responsibility website has now been opened. The site contains Isavia’s CSR report for 2019. The report is issued in electronic format only.

The website also contains the company’s annual financial statements and key figures relating to its operation. It also contains information on Isavia’s main focus areas in the field of environmental and social issues. A review is made of the main achievements of the company in 2019 and what course it has plotted for the future.