-- Profit after taxes
USD 22.4 million, as compared to USD 18.5 millionin the year before -- EBITDA amounted to USD 45.2 million, as compared to USD 42.9 millionin the preceding year -- Total revenue increased by 12% -- Negative impact of the labour disputes on second quarter results amounted to USD 3.5 million-- Equity ratio 34% at the end of June -- Net cash provided by operating activities USD 83.6 million, as compared to USD 106.4 millionin the preceding year BjÖrgÓlfur JÓhannsson, President and CEO "Wage disputes had impact on our second quarter operations. As a result of the disputes 157 flights had to be cancelled and bookings had to be altered for over 22 thousand passengers. The resulting loss of revenue and direct cost to Icelandair Groupamounted to USD 3.5 million. Icelandair Group'ssecond-quarter profit amounted to USD 22.4 million, up by USD 3.9 millionbetween years. Although results of the international route network operations fell short of expectations as a result of disputes, other business conducted by the Group was successful. A surge in the number of tourists arriving in Icelandreturned good results for our companies in tourist related business. The performance of the Company's freight operations was good and showed an increase between years. In addition, the reversal of a provision made for bad debt in the Company's charter operations had a positive impact on financial results. The Company’s financial position is strong. Total assets currently amount to USD 947.6 million, and the Company's equity ratio stood at 34% at the end of the quarter. Interest-bearing debt has been decreasing in recent years and currently stands at USD 60.2 million, while cash and marketable securities amount to USD 283.3 million. The booking situation in international flight operations for the coming months has improved following the end of the wage disputes, and the Group's general business prospects are favourable. Based on current assumptions the year's EBITDA is projected in the range of USD 145-150 million dollars, exceeding the figures announced in June. The improved collecting on claims in charter operations is a significant factor in the increase.” For further information please contact: BjorgÓlfur JÓhannsson, President and CEO email@example.com +354 896 1455 Bogi Nils Bogason, CFO firstname.lastname@example.org + 354 665 8801 Copyright © 2014 OMX AB (publ).