Icelandair Group’s financial position is strong. Assets at year-end amounted to USD 1.5 billion and equity ratio was 19%. Total liquidity was USD 322.5 million at year-end, thereof cash and marketable securities USD 270.5 million. Gross capital expenditures totaled USD 144.7 million in 2023.
Total assets amounted to USD 1.5 billion at the end of 2023, increasing from USD 1.4 billion at the beginning of the year. Operating assets amounted to USD 555.1 million, increasing by USD 49.5 million, due to the purchase of one Bombardier Dash 8 Q400 aircraft, maintenance of own aircraft and engine overhauls, as well as investment in new headquarters. Right-of-use assets amounted to USD 348.5 million, rising by USD 29.5 million due to lease agreements for one B767-300 freighter and two B737 MAX 8 aircraft. Cash and marketable securities totaled USD 270.5 million, increasing by USD 4.1 million from the beginning of the year.
Financial liabilities including loans, borrowings and lease liabilities amounted to USD 638.6 million and increased by USD 40.7 million from the beginning of the year, mostly due to aircraft related investments. Net financial liabilities amounted to USD 352.4 million an increase of USD 26.7 million compared to the beginning of the year.
Total equity amounted to USD 288.3 million at year-end 2023 compared to USD 273.4 million at the beginning of the year. Total comprehensive profit in 2023 amounted to USD 14.6 million compared to a loss of USD 20.1 million in 2022. The equity ratio at the end of 2023 was 19% unchanged from the beginning of the year.
| 2019 |
|---|
| -34,833 |
| -57,779 |
| 482,478 |
| 29% |
Net cash from operating activities totaled USD 215.1 million in 2023 increasing by USD 24.5 million year-on-year. Net cash used in investing activities amounted to USD 183.7 million. Net cash used in financing activities amounted to USD 56.6 million, thereof net repayment of borrowings and lease liabilities totaled USD 120.1 million and proceeds from new loans and borrowings amounted to US 63.5 million.
Total liquidity amounted to USD 322.5 million at year-end 2023. Thereof cash and cash equivalents amounted to USD 199.5 million and marketable securities amounted to USD 71.0 million. In addition, the Company had USD 52.0 million in committed undrawn revolving credit facilities.
Investments in operating assets amounted to USD 144.8 million. Thereof engine overhaul amounted to USD 68.4 million and investment in new aircraft and aircraft components to USD 54.4 million. Investment in new headquarters amounted to USD 12.4 million. Other investments amounted to USD 9.5 million.
| 19,485 |