Icelandair Group Annual Report 2007

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82 Notes, contd.: Operating expenses 7. Salaries and other personnel expenses are specified as follows: Pro forma 2007 2006 Salaries 13,552 11,937 Equity-settled share based payment transactions 168 0 Salary-related expenses 3,045 2,746 Other personnel expenses 3,243 3,078 Total salaries and other personnel expenses 20,008 17,761 Auditors’ fees 8. Fees to the Group’s auditors is specified as follows: Audit of financial statements 30 29 Review of interim accounts 8 10 Other services 16 16 Total auditors’ fees 54 55 The abovementioned figures include fees to the auditors of all companies within the Group. Fees to auditors, other than the auditors of the Parent Company amounted to ISK 5 million during the year 2007. Depreciation and amortisation 9. The depreciation and amortisation charge in the income statement is specified as follows: Depreciation of operating assets, see note 14 2,587 2,177 Amortisation of intangible assets, see note 18 553 555 Depreciation and amortisation recognised in the income statement 3,140 2,732 Finance income and finance expenses 10. Finance income and finance expenses are specified as follows: Interest income on bank deposits 194 688 Other interest income 145 398 Net foreign exchange gain 57 513 Finance income total 396 1,599 Interest expense on loans and borrowings 2,413 1,014 Other interest expenses 132 1,011 Finance expenses total 2,545 2,025 Net finance expense (2,149 ) (426 ) Amounts are in ISK million
Notes, contd.: 83 Income tax 11. Income tax recognised in the income statement is specified as follows: Pro forma Deferred tax expense 2007 2006 Origination and reversal of temporary differences (128 ) 445 Total income tax in income statement (128 ) 445 12. Reconciliation of effective tax rate: Pro forma 2007 2006 Profit before tax 129 3,060 Income tax according to current tax rate 18.0% 23 18.0% 551 Tax exempt revenues (38.8%) (50) (0.3%) (9) Non-deductible expenses 36.4% 47 0.2% 6 Foreign currency subsidiaries (117.1% ) (151 ) (2.8%) (87) Other items 2.3% 3 (0.5%) (16 ) Effective tax rate (99.1% ) (128 ) 14.5% 445 13. Income tax recognised directly in equity: 2007 2006 Derivatives 30 (35 ) Convertible notes 0 20 Total income tax recognised directly in equity 30 (15 ) Operating assets 14. Operating assets are specified as follows: Aircrafts Other and flight property and Gross carrying amounts equipment Buildings equipment Total Additions through business combinations 16,998 2,063 1,491 20,552 Additions during the period 3,023 363 363 3,749 Sales and disposals during the period (983) 0 (237) (1,220 ) Exchange rate difference 273 0 4 277 Balance at 31 December 2006 19,311 2,426 1,621 23,358 Sales and disposals during the year (3,583) (8) (38) (3,629) Additions during the year 6,229 590 752 7,571 Exchange rate difference (1,600 ) 0 (28) (1,628 ) Balance at 31 December 2007 20,357 3,008 2,307 25,672 Amounts are in ISK million
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Icelandair Group Annual Report 2007
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4 2007 Calendar January February Ma
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2007 Calendar 6 July August Septemb
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8 Dear Shareholder The principal ai
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10 CEO’s Comment It is both a gre
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Another charter for today. TF-FIT d
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15 An Extraordinary Shareholders Me
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18 Board of Directors Gunnlaugur M.
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Market Overview 21 The Aircraft Mar
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Icelandair Group Fleet 23 2 Boeing
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Financials 25 FINANCIAL INCOME AND
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Shareholder Information 27 the tota
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30 Risk Management Risk Management
Page 34 and 35: 32 Senior Management of Icelandair
Page 36 and 37: 34 Senior Management Hjörtur Þorg
Page 38 and 39: 36 Senior Management Árni Gunnarss
Page 40 and 41: 38 Our Roots in the Community Icela
Page 42 and 43: 40 Scheduled Airline Operations Sch
Page 44 and 45: 42 Icelandair Icelandair is the lar
Page 46 and 47: 44 and New York to Keflavik and nig
Page 48 and 49: 46 Icelandair Ground Services Inter
Page 50 and 51: 48 Global Capacity Solutions Icelan
Page 52 and 53: 50 Loftleiðir Icelandic Global Cap
Page 54 and 55: 52 Bluebird Cargo Global Capacity S
Page 56 and 57: 54 Chefs at the Hilton Reykjavik No
Page 58 and 59: 56 Air Iceland Travel & Tourism Ope
Page 60 and 61: 58 Icelandair Hotels Outlook Icelan
Page 62 and 63: 60 Iceland Travel At Iceland Travel
Page 64 and 65: 62 Endorsement & Statement by the B
Page 66 and 67: 64 Independent Auditors’ Report T
Page 68 and 69: 66 Consolidated Balance Sheet as at
Page 70 and 71: 68 Consolidated Statement of Cash F
Page 72 and 73: 70 Notes, contd.: 2e. contd.: begin
Page 74 and 75: 72 Notes, contd.: 3c. contd.: (iii)
Page 76 and 77: 74 Notes, contd.: 3. contd.: i. Imp
Page 78 and 79: 76 Notes, contd.: 3. contd.: p. Inc
Page 80 and 81: 78 Notes, contd.: 3t. contd.: •.
Page 82 and 83: 80 Notes, contd.: 5. contd.: Busine
Page 86 and 87: 84 Notes, contd.: 14. contd.: Aircr
Page 88 and 89: 86 Notes, contd.: 18. contd.: Trade
Page 90 and 91: 88 Notes, contd.: Long-term receiva
Page 92 and 93: 90 Notes, contd.: 28. contd.: Hedgi
Page 94 and 95: 92 Notes, contd.: 32. Contractual r
Page 96 and 97: 94 Notes, contd.: 35. contd.: The n
Page 98 and 99: 96 Notes, contd.: 38. contd.: Expos
Page 100 and 101: 98 Notes, contd.: 38. contd.: Expos
Page 102 and 103: 100 Notes, contd.: 38. contd.: Equi
Page 104 and 105: 102 Notes, contd.: 43. contd.: Sala
Page 106: 104 Notes, contd.: Pro forma 2007 2
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Icelandair Group Annual Report 2007

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