Icelandair Group’s financial position is strong. Assets at year-end amounted to USD 1,172.6 million and equity ratio was 19%. Gross capital expenditures totaled USD 184.1 million in 2021. Total liquidity was USD 435.0 million at year-end, thereof cash and marketable securities USD 263.0 million.
Total assets amounted to USD 1,172.6 million at year-end, increasing by USD 137.3 million, or 13% from the beginning of the year. Operating assets amounted to USD 391.3 million decreasing by USD 107.1 million due to depreciation and sale of assets. Right-of-use of assets amounted to USD 224.8 million, increasing by USD 105.0 million due to sale-leaseback of three new MAX aircraft, a spare engine and one B767 aircraft. Cash and marketable securities including assets held for sale totaled USD 263.0 million, increasing by USD 103.6 million from the beginning of the year. Proceeds from the issuance of new shares totaled USD 80.2 million.
Total equity amounted to USD 222.4 million at year-end 2021 compared to USD 232.8 million at the beginning of the year. Total comprehensive loss in 2021 amounted to USD 91.4 million. Issuance of new share capital increased equity by USD 80.2 million, with a sale of new equity to Bain Capital and the exercise of warrants by existing shareholders. The total amount of new shares issued was in the nominal amount of ISK 7,520,771 thousand in 2021. The net impact of warrants exercised and issued resulted in a USD 0.8 million positive impact on equity.
Equity ratio at the end of 2021 was 19% compared to 23% at the beginning of the year. When excluding the temporary balance sheet effects of warrants, the equity ratio was 21% at year-end 2021.
| Overview share capital ISK | |
|---|---|
| Share Capital 1 January 2021 | 28,437,660,653 |
| Increase of share capital | 7,520,771,102 |
| Share Capital 31 December 2021 | 35,958,431,755 |
| Overview equity USD thousands | |
|---|---|
| Equity 1 January 2021 | 232,809 |
| Total comprehensive loss | -91,425 |
| Shares issued | 80,205 |
| Warrants issued | -3,300 |
| Warrants excercised | 4,095 |
| Equity 31 December 2021 | 222,384 |
| USD thousands | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|
| Comprehensive income | -91,425 | -408,814 | -34,833 | -110,427 | 48,477 |
| (Loss) Profit for the year | -104,796 | -376,176 | -57,779 | -55,570 | 37,538 |
| Equity | 222,384 | 232,809 | 482,478 | 471,379 | 596,545 |
| Equity Ratio | 19% | 23% | 29% | 32% | 42% |
Net financial liabilities amounted to USD 233.0 million and decreased by USD 5.2 million compared to the beginning of the year. Total financial liabilities amounted to USD 495.9 million and increased during the year due to sale and leaseback of three MAX aircraft and one spare engine.
| USD thousand | 2021 | 2020 | Change |
|---|---|---|---|
| Net cash from operating activities | 50,612 | -193,219 | 243,831 |
| Net cash to investing activities | 4,630 | -2,279 | 6,909 |
| Net cash to/from financing activities | 32,814 | 79,659 | -46,485 |
| Increase / decrease in cash and cash equivalents | 88,056 | -115,839 | 203,895 |
| Cash and cash equivalents at 31 December | 204,767 | 117,657 | 87,110 |
Net cash from operating activities totaled USD 50.6 million in 2021. Net cash from investing activities amounted to USD 4.6 million. Net cash from financing activities amounted to USD 32.8 million, of which issuance of shares amounted to USD 80.2 million and net repayment of borrowings and lease liabilities totaled USD 47.4 million.
Total liquidity amounted to USD 263.0 million at year-end 2021. Thereof cash and cash equivalents amounted to USD 204.8 million and marketable securities amounted to USD 58.2 million. In addition, the Company had USD 172.0 million in committed undrawn revolving facilities, whereof USD 120 million were in the form of a credit line 90% guaranteed by the Icelandic government.
Investments in operating assets amounted to USD 184.1 million. Thereof was USD 151.5 million used for investments in new aircraft and aircraft spare parts. Total engine overhaul for own and leased aircraft totaled USD 31.2 million. Sale of assets totaled USD 197.0 million, thereof to sale-leaseback of three new MAX aircraft, a spare engine and one B767 aircraft. Other investments amounted to USD 1.4 million.