Stock Exchange Releases

11.08.2020

Icelandair Group hf.: Agreements with all key stakeholders reached

Icelandair Group has now completed agreements with all its creditors and reached a final settlement with Boeing regarding the impact of the suspension of the Boeing 737-MAX aircraft. While the details of the final settlement agreement with Boeing are confidential, it reduces Icelandair’s MAX purchase commitment by four aircraft. The parties have agreed to a revised delivery schedul ...

06.08.2020

Traffic Data July 2020

The operations of Icelandair Group continued to be heavily impacted by the COVID-19 pandemic in July although some travel restrictions had been lifted and Icelandair started expanding its flight schedule again. The Company’s freight services decreased much less due to the situation than the capacity reduction of the Icelandair route network. The total number of Icelandair’s passengers i ...

31.07.2020

Icelandair Group hf.: Status of Financial Restructuring

As previously announced, Icelandair Group is negotiating with its stakeholders in order to be able to initiate offering of new shares and complete a financial restructuring of the Company. The negotiations are in the final stages. Fully documented agreements have been completed with the majority of creditors. Negotiations with the remaining creditors a ...

27.07.2020

Passenger operations severely impacted by COVID-19

EBIT negative by USD 105.1 million in Q2 2020, down by USD 81.0 millionNet loss of USD 90.8 million in Q2COVID-19-related one-off cost amounted to USD 43.8 million in Q2 and USD 224.8 million in the first 6 months of the yearEquity amounted to USD 118.4 million at the end of June 2020. Equity ratio was 11%Cash and cash equivalent amounted t ...

27.07.2020

Collective Bargaining Agreement with FFI approved

The members of the Icelandic Cabin Crew Association (FFI) have approved the new collective bargaining agreement with Icelandair. The agreement has therefore become effective and is valid until 30 September 2025. The agreement meets set objectives of increasing productivity but at the same time ensuring competitive compensation for cabin crew. The agreement also ensures flexibility for further d ...

22.07.2020

Icelandair Group‘s Preliminary Results for Q2 2020

In the second quarter of 2020, Icelandair Group‘s operations were significantly affected by the COVID-19 pandemic and the associated wide-ranging travel bans and decrease in travel demand.  Preliminary results of the second quarter of 2020 indicate that revenues decreased by appr. 85% between years to around USD 60 million and EBIT amounted to negative USD 100-110 million. Cash and cash equival ...

19.07.2020

Icelandair Group hf.: Agreement reached between Icelandair and the Icelandic Cabin Crew Association (FFI)

Despite failed negotiations between Icelandair and the Icelandic Cabin Crew Association (FFI), the parties have managed to resume discussions and have signed a new collective-bargaining agreement which is valid until 30 September 2025. The agreement is based on the same principles as the agreement which was agreed to between the parties on 25 June 2020 and thus meets the set objectives of incre ...

17.07.2020

Icelandair Group hf.: Negotiations with the Icelandic Cabin Crew Association (FFI) ended without a conclusion

As previously announced, Icelandair has been negotiating with the Icelandic Cabin Crew Association (FFI) on a new long-term collective-bargaining agreement for the company’s cabin crew members. The objective has been to ensure the long-term competitiveness of the Company while safeguarding the  competitive compensation and working conditions of the Company’s cabin crew members. ...

08.07.2020

Icelandair Group hf.: Collective Bargaining Agreement with FFI declined

The members of the Icelandic Cabin Crew Association (FFI) have declined the new collective bargaining agreement with Icelandair in a voting process. The Company will now evaluate its options. The objectives of the new collective bargaining agreement between Icelandair and the Icelandic Cabin Crew Association were to ensure the long-term competitiveness of the Company and at the same tim ...

06.07.2020

Traffic Data June 2020

The operations of Icelandair Group were heavily impacted by the COVID-19 pandemic although some travel restrictions were lifted in the second half of the month and Icelandair started slowly expanding its flight schedule again. The Company’s freight services decreased much less due to the situation than the capacity reduction of the Icelandair route network. The total number of Icelandai ...

29.06.2020

Icelandair Group hf.: Status of the financial restructuring process

As previously announced, Icelandair Group is negotiating with its stakeholders in order to be able to initiate offering of new shares and complete a financial restructuring of the Company. The milestone for reaching agreements had been set today. Icelandair Group has to date achieved positive progress with many of its stakeholders. New long-term collectiv ...

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