Shareholder information and IR

Since December 2006 Icelandair Group’s shares have been listed on NASDAQ OMX under the symbol ICEAIR. The Company's share capital was increased by 7.5 million shares in 2021 and the market capitalization of the Company was ISK 65.4 billion at year end. The Company’s share price increased by 11% in 2021.

Share capital

The Company's share capital amounts to ISK 35,958,432 thousand according to its Articles of Association. Each share carries one vote at shareholders' meetings. The shares are freely transferable unless otherwise stipulated by law. All shareholders hold equal rights to dividend payments as declared from time to time. The Company issued new shares in the nominal amount of ISK 7,520,771 thousand in 2021. A total of 5,659,094,470 shares were sold to the Blue Issuer Designated Activity Company, a subsidiary of Bain Capital, and 1,861,676,632 shares were issued in relation to the exercise of warrant class ICEAIRW130821. All the new shares were issued within the same share class as all existing shares in Icelandair Group. The Company held no treasury shares at year end 2021.

Share performance

Icelandair Group’s share price rose from ISK 1.64 at year-end 2020 to ISK 1.82 at year-end 2021, an increase of 11%. The highest closing price in 2021 was ISK 1.87 per share, the lowest closing price was ISK 1.30 per share and the average closing price over the year was ISK 1.58 per share.

Icelandair Group shareprice and trading volume in 2021

All amounts in ISK 2021 2020 2019 2018 2017
Market capitalisation million 65,444 46,638 41,057 47,900 73,550
Share price at year end 1.82 1.64 7.55 9.58 14.71
Highest closing price 1.87 8.82 11.10 16.55 23.53
Lowest closing price 1.30 0.87 5.50 6.53 13.13
No. of issued shares million 35,958 28,438 5,438 5,000 5,000
No. of outstanding shares million 35,958 28,438 5,438 4,813 4,861
Average no. of outstanding shares million 31,606 12,054 5,244 4,822 4,887

Share liquidity

Icelandair Group has an agreement with Islandsbanki hf. regarding market-making for the issued shares of Icelandair Group. The agreement is of unspecified duration and may be terminated with one month's notice. The purpose of the agreement is to improve liquidity and to enhance transparent price formation for the Company’s shares on NASDAQ OMX Iceland.

Shares in Icelandair Group were traded 22,546 times in 2021 (2020:17,218 times) for a total market value of ISK 46.3 billion (ISK 26.0 billion in 2020). The average number of shares traded was 114.0 million. Icelandair Group’s market capitalization at the end of 2021 was ISK 65.4 billion.

Key ratios

Total comprehensive loss for the year was USD 91.4 million in 2021, corresponding to -0.33 US cents per share. The Company’s total equity at year-end was USD 222.4 million.

2021 2020 2019 2018 2017
Earnings per share in US Cent -0.33 -3.0 -1.1 -1.2 0.8
Intrinsic value of share capital 0.82 1.1 10.9 12.0 15.0
P/E ratio -4,2 -0.4 -5.9 -7.1 18.4
P/B ratio 2,2 1.5 0.7 0.8 1.0
Number of shareholders 15,287 13,508 3,171 3,017 2,394

Shareholders

At the end of 2021 the number of shareholders was 15,287, as compared to 13,508 at the beginning of the year. Of the total shareholder base, 0.3% of the total shareholder base held 61.4% of the shares in the Company.

Number of shares Shareholders % Shares %
1 - 100,000 4,220 27.61 193,631,038 0.54
100,001 - 1,000,000 8,222 53.78 2,778,979,495 7.73
1,000,001 - 10,000,000 2,620 17.14 6,051,215,318 16.83
10,000,001 - 100,000,000 184 1.20 4,865,942,866 13.53
100,000,001 + 41 0.27 22,068,663,038 61.37
Total 15,287 100.00 35,958,431,755 100.00

It is a pleasure to welcome Bain Capital to our strong and diverse group of shareholders. We are delighted to have a leading global investor with deep industry knowledge share our vision and belief in Icelandair´s long-term success. The cooperation will, without doubt, strengthen our capabilities to capitalize upon the opportunities that will arise in the future.

Bogi Nils Bogason

President & CEO

20 Largest shareholders 31 December 2021

Name No. Shares in thousand Shares in %
Bain Capital 5,659,094 15.74
Bru - Pension Fund of Municipality 1,461,210 4.06
Islandsbanki 1,188,833 3.31
Gildi - Pension Fund 1,146,232 3.19
Islandssjodir - Icelandic Professional Investor 1,051,580 2.92
The Pension Fund for State Employees. Division-A and B 1,061,032 2.83
Arion Bank hf. 1,006,159 2.80
Landsbref - Icelandic Professional Investor Fund 975,803 2.71
Almenni - Pension Fund 731,168 2.03
Boksal ehf. 645,168 1.79
Other 21,077,152 58.62
Total 35,958,432 100.00

Dividend and dividend policy

Icelandair Group's goal is to pay 20-40% of each year's net profit in dividends. Final annual dividend payments will be based on the financial position of the Company, operating capital requirements and market conditions. Icelandair Group’s Board of Directors proposes that no dividends will be paid out to shareholders for the year 2021.

Investor relations

Icelandair Group’s objective is to ensure that timely and correct information about the Company is made available to all stakeholders simultaneously, regularly and consistently. All press releases, financial disclosures and Company announcements are published through GlobeNewswire, a NASDAQ company. Icelandair Group strives continuously to improve the quality, transparency and consistency of its information disclosures.

The investors’ website at www.icelandairgroup.com/investors/ provides extensive news and background information on Icelandair Group for both analysts and investors. The site contains archived regulatory announcements, financial reports and presentations, shareholder information, share price information, dividend policy and the financial calendar.

Financial calendar

Financial statement Q1 2022

Week 17 2022

Financial statement Q2 2022

Week 29 2022

Financial statement Q3 2022

Week 42 2022

Financial statement Q4 2022

Week 5 2023

Annual General Meeting

Week 9 2023