26/11/2009 10:11:06

- Icelandair Group sells 20% of its share in the Czech airline Travel Service.

Related content
17 Nov - 
Date of Transaction 17 November 2014
06 Nov - 
Traffic Data October 2014
31 Oct - 
Presentation of Q3 2014 financial results - Icelandair ..

Yesterday Icelandair Group signed an agreement regarding the sale of 20% of its

share in the Czech airline, Travel Service. After the transaction Icelandair

Group holds a 30% share in Travel Service. The acquirer is Canaria Travel,

which is under the same ownership as Icelandair Group's co-owners in Travel

Service.

After the sale Travel Service becomes an affiliated company instead of being a

subsidiary. The effects of the sale on the income statement are negative by

ISK 0.9 billion and equity decreases by ISK 1.5 billion. The Group‘s total

assets decrease by ISK 12 billion. With this sale Icelandair Group will not

participate in the financing of Travel Service's expansion.

Björgólfur Jóhannsson, CEO of Icelandair Group:

“As an Icelandic company with balance sheet that is being restructured, it is

difficult to support the financing of our foreign subsidiaries. Effectively,

our majority holding has affected the company‘s bank relations in the Czech

Republic. Travel Service is a solid company and has returned good operating

results, however it is foreseen that it‘s operating environment in the near

future will be challenging. It is considered beneficial for both companies to

sell our co-owners in the Czech Republic 20% of the shares, thus they become a

majority shareholder in Travel Service”.

For further information contact:

Björgólfur Jóhansson, CEO of Icelandair Group Tel: 354-896-1455

Bogi Nils Bogason, CFO of Icelandair Group Tel: 354-665-8801

Post comment

Related debate

  • 1 week
  • 1 month
  • 1 Year
Ingen indlæg

Tech Companies Send Criticism Along With NSA-Related Data -- Update

04/02/2014 00:06:00
By Danny Yadron Technology companies including Google Inc. and Microsoft Corp. released new figures on the amount of data requests they received from U.S. ..

U.S. Hot Stocks: Hot Stocks to Watch

03/02/2014 14:07:00
Among the companies with shares expected to actively trade in Monday's session is Herbalife Ltd. (HLF). Herbalife Ltd. (HLF) raised its fourth-quarter outl..

Pfizer Study Meets Primary Endpoints

03/02/2014 13:05:00
Pfizer Inc. (PFE) said Monday that a Phase 2 trial of its advanced breast cancer treatment met its primary endpoint. Pfizer said a study comparing the effec..

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
Wereldhave EGM approves rights offering of up to € 550 million
2
Encres Dubuit : AGM DU 19 DECEMBRE 2014 MODALITES MISE A DISPOSITION DES DOCUMENTS PREPARATOIRES A L'AG ET DU RAPPORT FINANCIER ANNUEL 2012/2013
3
Dassault Aviation buys back 8% of its own shares from Airbus Group
4
EAM Solar ASA: Notice of Extraordinary General Meeting
5
Fixed Income: Nasdaq OMX Stockholm and Nasdaq OMX Helsinki

Related stock quotes

Icelandair Group hf 19.60 2.4% Stock price increasing
Euroinvestor around the globe: Euroinvestor.dk | Euroinvestor.se | Euroinvestor.no | Euroinvestor.fr | Forexinvestor.com| Wisselkoersen.nl | Valuta.se | Valutaveksel.no | Divisas.es | Valute.it
Copyright Euroinvestor A/S 2014   Disclaimer and Terms of Use
Quote information is delivered by Interactive Data.
Data is delayed 15-20 minutes according to the distribution agreements set by the different exchanges.
 
29 November 2014 08:24:12
(UTC) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20141127.2 - EUROWEB4 - 2014-11-29 09:24:12 - 2014-11-29 08:24:12 - 1000 - Website: OKAY