Icelandair Group’s financial position is strong. Assets at year-end amounted to USD 1.4 billion and equity ratio was 19.4%. Total liquidity was USD 318.4 million at year-end, thereof cash and marketable securities USD 266.4 million. Gross capital expenditures totaled USD 314.5 million in 2022.
Total assets amounted to USD 1.4 billion at the end of 2022, increasing from USD 1.2 billion at the beginning of the year. Operating assets amounted to USD 505.6 million, increasing by USD 114.3 million, due to the addition of three B737 MAX aircraft and overhaul of own aircraft and engines. Right-of-use assets amounted to USD 319.0 million, rising by USD 94.2 million due to lease agreements for four new B737 MAX aircraft and one B767-300 freighter. Cash and marketable securities totaled USD 266.4 million, increasing by USD 3.4 million from the beginning of the year. Proceeds from the issuance of new shares totaled USD 52.4 million.
Total equity amounted to USD 273.4 million at year-end 2022 compared to USD 222.4 million at the beginning of the year. Total comprehensive loss in 2022 amounted to USD 20.1 million. Issuance of new share capital increased equity by USD 52.4 million. Exercised warrants resulted in USD 18.8 million positive impact on equity. The total amount of new shares issued was in the nominal amount of ISK 5,161,815 thousand in 2022. The equity ratio at the end of 2022 was 19.4% and increased from 19% at the beginning of the year.
| Overview share capital ISK | |
|---|---|
| 35,958,431,755 | |
| 5,161,815,417 | |
| 41,120,247,172 |
| Overview equity USD thousands | |
|---|---|
| 222,384 | |
| -20,145 | |
| 52,386 | |
| 18,761 | |
| 273,386 |
| 2022 |
|---|
| -20,145 |
| -5,819 |
| 273,386 |
| 19% |
Financial liabilities, including interest-bearing loans, borrowings, and lease liabilities, amounted to USD 592.1 million, rising during the year due to aircraft investments. Net financial liabilities amounted to USD 325.7 million and increased by USD 92.7 million compared to the beginning of the year.
| Change |
|---|
| 140,007 |
| -183,671 |
| -23,743 |
| -67,407 |
| 19,485 |
Net cash from operating activities totaled USD 190.6 million in 2022. Net cash used in investing activities amounted to USD 179.0 million. Net cash from financing activities amounted to USD 9.1 million, of which issuance of shares amounted to USD 52.4 million and net repayment of borrowings and lease liabilities totaled USD 85.3 million. New loans and borrowings amounted to US 42.0 million related to aircraft investments.
Total liquidity amounted to USD 318.4 million at year-end 2022. Thereof cash and cash equivalents amounted to USD 224.3 million and marketable securities amounted to USD 42.2 million. In addition, the Company had USD 52.0 million in committed undrawn revolving credit facilities.
Investments in operating assets amounted to USD 314.5 million. Thereof was USD 248.9 million used for investments in new aircraft and aircraft spare parts. Total engine overhaul totaled USD 46.9 million.
Sale of assets totaled USD 112.2 million, mainly due to the sale-leaseback of two new MAX aircraft in the first quarter. Other investments amounted to USD 18.7 million.
