26/11/2009 10:11:06

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

Related content
28 Jul - 
Presentation of Q2 2015 financial results ..
27 Jul - 
Icelandair Group's EBITDA in Q2 improves between years ..
24 Jul - 
New date for the publishing of Q2 2015 results ..

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

Form 8.3 - Royal Dutch Shell plc

04/08/2015 13:50:55
FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE ..

Form 8.3 - RSA Insurance Group

04/08/2015 10:45:13
FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE ..

Form 8.5 (EPT/RI) - Bwin.Party Digital Entertainment plc

04/08/2015 07:32:59
FORM 8.5 (EPT/RI) PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY..

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
Crédit Agricole SA is adjusting its organisation to oversee its transformations and enhance collective performance
2
INGREDION COMPLETES ACQUISITION OF KERR CONCENTRATES, INC.
3
Endurance Reports Second Quarter 2015 Financial Results
4
JCPenney Announces Two Senior Executive Appointments to Propel its Omnichannel Growth Strategy
5
CREDIT AGRICOLE SA : Results second quarter and first half of 2015

Related stock quotes

Icelandair Group hf 26.25 0.2% Stock price increasing

Buy and sell signals

  • Trend
  • Moneymachine

Copyright Euroinvestor A/S 2015   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.
 
04 August 2015 18:50:50
(UTC) Dublin, Edinburgh, Lisbon, London
Version: LiveBranchBuild_20150804.2 - EUROWEB7 - 2015-08-04 19:50:50 - 2015-08-04 18:50:50 - 1000 - Website: OKAY