Icelandair Group Annual Report 2020
Icelandair Group operates in the international airline sector. With Iceland as its hub and home, its core business is built around Icelandair’s route network and the unique geographical location of the country which serves as a connecting hub between Europe and North America. Icelandair Group also operates an airfreight and logistics business through Icelandair Cargo, domestic airlines services through Air Iceland Connect, aircraft leasing and consulting services through its subsidiary Loftleidir Icelandic, as well as the tour operators Iceland Travel and VITA.
The COVID-19 pandemic had a significant impact on Icelandair Group's operations and financial performance. This is clearly reflected in its key figures and comparisons with the previous year.
$ 434m
Revenue
2019: $ 1,505m
891k
Passengers
2019: 4,690k
$ 331m
Total liquidity
2019: $ 302m
$ 1.0bn
Assets
2019: $ 1.7bn
46
Aircraft
2019: 51
36k
Freight tonne
2019: 44k
2,621
Full time employees
2019: 4,715
23%
Equity ratio
2019: 29%
$ 376m
Net loss
2019: $ 58m
The impact of the COVID-19 pandemic and related travel restrictions explain the considerable drop in passenger numbers in 2020. Icelandair's focus during the year was on keeping vital air routes open to and from Iceland. Due to the closure of the US and external Schengen borders, the via market decreased significantly in 2020.
Serving four key markets
TO
The tourist market with Iceland as the destination
FROM
The Icelandic domestic market
VIA
The international market between Europe and North America
WITHIN
The domestic airline operations within Iceland
Our international flight operations
Our domestic flight operator
Our aircraft leasing and consulting business
Our airfreight and logistics operator
Travel agency focusing on trips from Iceland
A leading travel company focusing on trips to Iceland