Total assets USD 1.7 billion
Total assets amounted to USD 1.7 billion, up by USD 212.5 million from the turn of the year. USD 280.0 million of the increase resulted from the implementation of IFRS 16. Rights of use of non-current assets amounted to USD 134.0 million, for the largest part relating to the right of use of aircraft, i.e. USD 124.0 million. Rights of use of assets held for sale amounted to USD 145.9 million.
In the balance sheet, assets and liabilities pertaining to Icelandair Hotels and Iceland Travel are shown as assets held for sale. The sale of a 75% equity share in Icelandair Hotels is expected to be completed by 31 May 2020.
Equity ratio 29% at year-end 2019
Equity amounted to USD 482.5 million as at 31 December 2019, up by USD 11.1 million from the beginning of the year. Total comprehensive loss amounted to 34.8 million. The net loss was USD 57.8 million. Other comprehensive income totalled 22.9 million, mainly due to positive cash flow hedges. Translation differences were negative of USD 1.3 million and net loss on hedge of investment net of tax was USD 2.2 million.
In accordance with authorisation approved at the Company’s Annual General Meeting held on 8 March 2019, the Company’s share capital was reduced, with effect from 1 April, with the reduction corresponding to all the Company’s shares in itself, 187,339,347 shares. At a shareholders’ meeting held 24 April a proposal was approved authorising the Board of Directors to increase Company’s share capital in the nominal value of ISK 625 million with the sale of shares to PAR Capital Management Inc. and related companies. The buying price was ISK 9.03, corresponding to 11.5% of the total shares in Icelandair Group. The shares were issued on 8 May 2019. PAR Capital is an international investment fund focusing on long-term investments, mostly in travel services and airlines.
The Company’s issued share capital at the end of 2019 is 5,437,660,653 shares.