Icelandair Group hf. - Financial Statement Release

Icelandair Group hf. - Financial Statement Release

First Quarter 2009 Results 
Icelandair Group results for the first quarter of 2009

    * Results better than anticipated in spite of extremely challenging
      operating environment

    * Best performance of the Icelandic airline, Icelandair  in the first
      quarter since the company was organised in its present form
 
    * Travel Service was not a part of Icelandair Group in the first quarter
      of 2008

    * The company‘s total turnover was ISK 20.7 billion, increasing by 48% from
      the preceding year

    * EBITDA was negative by ISK 2.3 billion, as compared to a negative result
      of ISK 0.9 billion in the corresponding period of last year. Q1 plans
      expected á negative EBITDA amounting to ISK 4,1 billion

    * EBIT was negative by ISK 3.5 billion, as compared to a negative result of
      ISK 1.7 billion for the corresponding period of last year

    * Loss after taxes came to ISK 3.6 billion, as compared to ISK 1.7 billion
      for the corresponding period of last year
   
    * Cash at the end of the period amounted to ISK 2.8 billion, as compared to
      ISK 3.3 billion at the end of the corresponding period of last year

    * Assets amounted to ISK 98.1 billion at the end of March 2009, as compared
      to ISK 98.9 billion at year-end 2008
 
    * The equity ratio was 17.2% at the end of March 2009, down from 20.3% at
      the end of 2008

    * EBITDA for the whole year 2009 estimated to be approximately ISK 6 billion