Press release from PLAY airlines PLAY airlines turned a USD 12 million profit over the summer months of 2023. This was revealed at the company’s market update meeting today, where key operating figures were reviewed. It is the first time the company has reported profit from operations after tax at the end of the summer…
PLAY airlines turned a USD 12 million profit over the summer months of 2023. This was revealed at the company’s market update meeting today, where key operating figures were reviewed. It is the first time the company has reported profit from operations after tax at the end of the summer season. It shows that PLAY is a profitable company for the summer and that its business model is working well.
The profit for the summer months of 2023, June to August, was USD 12 million compared to a USD 3 million loss in the same period last year. The turnaround therefore amounts to about USD 15 million from loss to profit.
Revenue in the summer months of 2023 was nearly double that of the same period in 2022. The company’s revenue rose from USD 63 million in 2022 to USD 116 million in the summer of 2023. Despite a 70% increase in seat capacity, the company managed to increase unit revenue per seat kilometer (RASK) over the summer, a sign of how strong of a position the company has achieved in its key markets in a short period of time. PLAY had an 89% load factor in the summer of 2023, which is a much higher load factor compared to the company’s main competitors.
PLAY transported 537,000 passengers this summer and had a punctuality rate of 83.9%, which shows that operations were successful even though the company’s activity has grown considerably during the period. The company took in four new aircraft and added 13 destinations for the summer.
Management’s estimate of the third quarter result shows that operating profit will be approximately USD 10 million compared to USD 1.3 million in the third quarter of 2022. The turnaround therefore amounts to at least USD 8.7 million between years. This estimate is based on management accounts for the first two months of the third quarter and forecasts for September results. Accordingly, PLAY expects to turn a profit of ca. USD 4 million in the third quarter.
PLAY estimates cash will be approximately USD 39 million by the end of the third quarter. The financial position of the company is therefore strong and the company does not need additional funds for its operations. PLAY estimates that cash balance at year-end will be around USD 28 million, and cash flow from the company´s operations is therefore neutral, after taking into account investments in the expansion of the company’s fleet.
PLAY expects to carry around 1.5 million passengers in 2023 and operating loss for the year will be around USD 10 million. In this context, it can be noted that the company posted an operating loss of USD 44 million in 2022, resulting in a turnaround of around USD 34 million. Furthermore, the company expects revenue of approximately USD 280 million this year. The cost per seat kilometer excluding fuel (CASK Ex Fuel) is estimated at around USD 3.7 cents for the full fiscal year 2023.
PLAY plans to carry around 1.8 million passengers in 2024. Estimated revenue will be around USD 340 million. The company plans to post an operating profit in 2024. CASK Ex Fuel is estimated to increase in line with inflation, which includes a 1% increase in cost in 2024 due to recently announced changes to Pilot’s Collective Bargaining Agreements.
PLAY has secured two additional aircraft for the year 2025, which will expand its fleet to 12 A320neo family aircraft from Airbus. The evaluation of further seat capacity increase is ongoing.
Birgir Jonsson CEO:
“As we draw nearer to the end of the peak season, we are very proud of PLAY’s performance over the summer months and optimistic for the future. We see solid financial results with revenue in the summer months nearly doubling from last year and the airline delivering a net profit of $12 million in the same period. That is a turnaround, from net loss to net profit, of around $15 million from last year.
We foresee that we will again almost double our revenue in the third quarter and that our operational margin (EBIT) will be nearly ten times higher than last year, as well as PLAY delivering a quarterly net profit for the first time. The fact that we have managed to keep our costs low while increasing our unit revenue (RASK) and nearly doubling our capacity is a true testament of how well-established we are becoming in our key markets and gives us great confidence for the future.
Our cash position remains solid and, when adjusted for investments in fleet expansion, we have reached a neutral cash flow. We do not intend to raise new equity in the current market environment. After a period of steep growth, we have now reached the required scale to run an efficient and profitable operation and can begin to focus on optimizing our operation. I want to thank all the great team of Players for their outstanding work and congratulate them on their achievements and success.”
Originally published on 28 September.
Press release from atNorth atNorth the leading Nordic colocation, high-performance computing, and artificial intelligence service provider, has announced today that its state-of-the-art data center in Sweden has been shortlisted in the ‘Built Environment Project of the Year’ category at the edie Net Zero Awards. This announcement follows atNorth’s recent recognition at The 2023 Energy Awards where it was shortlisted in the ‘Physical…
Press release from atNorth
atNorth the leading Nordic colocation, high-performance computing, and artificial intelligence service provider, has announced today that its state-of-the-art data center in Sweden has been shortlisted in the ‘Built Environment Project of the Year’ category at the edie Net Zero Awards.
This announcement follows atNorth’s recent recognition at The 2023 Energy Awards where it was shortlisted in the ‘Physical Technology of the Year – Heating and Cooling’ category. Both award entries acknowledge the innovative design of atNorth’s SWE01 site, located in Stockholm Sweden.
Launched in 2022, the SWE01 data center was specifically designed to address the growing need for high performance infrastructure in the market. atNorth recognised the environmental and financial impact of cooling this type of infrastructure and designed the site with an overarching goal to focus on power efficiency, renewable capabilities, and intelligent data center operations from the outset. SWE01 includes world class heat capturing technologies that capture up to 85% of the excess heat generated in the site. This is then recycled through the local district heating supplier and has the potential to provide hot water and heating for up to 20,000 homes in the area.
The entry also showcased atNorth’s strategic alliance with CoolIT, a global leader in direct liquid cooling (DLC) solutions, that gave rise to a bespoke DLC system for their high-density servers which further enhanced the existing infrastructure cooling process. The alliance serves as a pioneering blueprint for data centers of the future.
“Data centers sit in the midst of the two current global mega trends – digitalization and climate crisis”, says Fredrik Jansson, Chief Marketing, Strategy & Communications Officer, at atNorth. “We are thrilled that our SWE01 data center has again been recognized for its ability to enable clients to achieve more compute in a highly sustainable way”.
atNorth has recently been included in Data Centre Magazine’s ‘Top 100 Companies in Data Centre’. Additionally, the business is proud to have been recognized by several awarding bodies this year including; ‘Data Centre Sustainability Project of the Year’ and‘Data Center Cooling Innovation of the Year’ categories at the DCS Awards, ‘Data Center Design & Build’ and the‘Green Data Center of the Year’ categories at the Electrical Review and Data Center Review Excellence Awards, the ‘Location Award’ at the Tech Capital Awards, the‘Building of the Year’ and ‘Energy Innovation’ categories at the National Sustainability Awards and the ‘Physical Technology of the Year – Heating and Cooling’ category at the 2023 Energy Awards.
The edie Net Zero Awards aim to recognize and reward the individuals and organizations that are spearheading the transition towards a net-zero carbon economy. More information can be found at the edie Net Zero Awards website https://event.edie.net/netzero
Originally published on 28 September.
Press release from Klak The application for CASSINI Business Accelerator Batch #2 running November 2023 – April 2024 is closing soon! 🛰 September 29, 2023 at 23.59 CEST Apply here: https://lnkd.in/eVJZ8G_c The CASSINI Business Accelerator is part of the CASSINI initiative. CASSINI includes a seed and growth fund, as well as hackathons and mentoring, prizes, a…
Press release from Klak
The application for CASSINI Business Accelerator Batch #2 running November 2023 – April 2024 is closing soon! 🛰
September 29, 2023 at 23.59 CEST
Apply here: https://lnkd.in/eVJZ8G_c
The CASSINI Business Accelerator is part of the CASSINI initiative. CASSINI includes a seed and growth fund, as well as hackathons and mentoring, prizes, a business accelerator, partnering and matchmaking. Launched in January 2023, the CASSINI Business Accelerator is the biggest space startup accelerator in Europe.
Read more about CASSINI Business Accelerator: https://lnkd.in/df6jQbMa
Originally published on 27 September.
Press release from Iceland Seafood The board of directors of Iceland Seafood International hf. (“ISI”), a leader in exports of seafood from Iceland, is pleased to announce the appointment of Ægir Páll Friðbertsson as the new CEO of ISI, succeeding Bjarni Ármannsson, who is stepping down after five years with ISI. Simultaneously, Sjávarsýn ehf., a…
Press release from Iceland Seafood
The board of directors of Iceland Seafood International hf. (“ISI”), a leader in exports of seafood from Iceland, is pleased to announce the appointment of Ægir Páll Friðbertsson as the new CEO of ISI, succeeding Bjarni Ármannsson, who is stepping down after five years with ISI.
Simultaneously, Sjávarsýn ehf., a holding company fully owned by Bjarni Ármannsson has sold its total shareholdings of 10,83% in ISI to Brim hf. as further set out in a separate notification regarding manager’s transaction that has been notified and made public according to Article 19 of regulation No. 596/2014.
The board of directors will summon to a shareholders meeting in the coming weeks.
Ægir Páll has been Chief Operating Officer at Brim hf. for the last 5 years. Before that he was Managing director for Útgerðarfélag Reykjavíkur hf. for 3 years and a managing director for Ísfélag Vestmannaeyja for 9 years. Ægir Páll has worked in the seafood industry for most part of his professional career. He holds a business degree from the University of Iceland and a master degree in finance.
Ægir Páll Friðbertsson, incoming group CEO:
“I’m very pleased to take the helm at Iceland Seafood. I believe the company has a good potential and I look forward to work with its employees, suppliers and customers to further develop the company.
The company has built up a leadership position in Europe and has first-class track record for a very long time for quality, innovation and reliability of its products.
The company is deeply rooted amongst Icelandic producers and I’m confident we can continue to produce value added products in Europe at a premium for the advantage of all stakeholders.”
Bjarni Ármannsson:
“I’m very grateful for the opportunity to lead Iceland Seafood for the last almost 5 years. It’s been a time of learning for me and characterized by volatile externalities that have at times been challenging. I would like to thank the people I’ve worked with and the board of Directors in particular for its continued support.
The Iceland Seafood group is a strong entity with a very good potential for profitability and growth going forward. Its unique position in delivering quality seafood to its customers, particularly in Europe is something that has been developed for a very long time and remains with many good opportunities.
I strongly believe in Ægir Páll Friðbertsson, whom I’ve known for many years. He will be a good leader for Iceland Seafood. His knowledge, drive and persuasive character will drive the company forward. I wish him and everyone at ISI well and look forward to closely following their continued success.”
Ægir Páll will conclude his current duties at Brim hf. in October and starts as CEO of ISI on November 1st, replacing Bjarni, who will support the transition for the following months.
Originally published on 25 September.
Press relese from Laxey Land based salmon farming with 32 thousand tons capacity Westman Island based seafood family with 75 years heritage – as anchor investor Hatchery to start operation by end of 2023 Production in grow-out tanks to commence in 2024 Westman Islands, Iceland, 14th September 2023. The Icelandic land-based salmon company LAXEY, previously…
Press relese from Laxey
Westman Islands, Iceland, 14th September 2023.
The Icelandic land-based salmon company LAXEY, previously named Icelandic Land Farmed Salmon, has completed its first phase of equity capital increase of EUR 42 million.
LAXEY has already commenced the construction of its fish farming facilities in Westman Islands, an archipelago off the south coast of Iceland. The project consists of a hatchery and a grow-out facility.
The company will produce 27 thousand HOG (Head On Gutted) tons of farmed Atlantic Salmon by 2031 with construction in 6 sections, while in comparison the current production of land-based salmon in Iceland is less than two thousand tons.
The first section will be operational by mid-2024 and sales of salmon should start late 2025. The first section will be cash-flow positive as a stand-alone operation, with each additional section increasing efficiency of production, with lower investment cost and operational cost per kilogram produced.
Unique conditions in the Westman islands
Conditions for land-based salmon farming are very good in the Westman Islands. A stronghold of the Icelandic fishing industry, the islands have a strong tradition for, and deep knowledge of, protein production and seafood export. The infrastructure is strong, the community is cohesive, and access to talent and know-how in food production is very good. In addition, emphasis will be placed on shipping fish to market by sea, lowering the carbon footprint of the salmon.
LAXEY has been successfully introduced in the community and the municipality has shown strong support for the project. When fully operational, LAXEY will employ over 100 people all year round, as well as creating a number of derived job opportunities.
Value creation through environmental emphasis
Demand for farmed salmon is growing steadily worldwide, due to increased emphasis on healthy lifestyles, an expanding middle class world-wide, and increased emphasis on sustainability in food production. Great emphasis has been placed on careful preparation of the project, and a thorough assessment of the environmental impact.
LAXEY will base its production on 100% renewable energy sources, and will recycle biological waste for fertilizer production. The fish farm will use a hybrid flow-through system where about 65% of the sea is reused, while 35% is fresh sea water, pumped from boreholes in the area, at optimal water temperatures for salmon farming.
Strong local anchor investors
The company was established by a group of entrepreneurs, led by a local family with over 75 years history in the seafood industry, extensive know-how and a strong reputation. The family has recently sold their seafood companies and is re-investing in this land-based salmon farm as anchor investor.
Lárus Ásgeirsson, chairman of LAXEY:
„We are extremely proud of reaching this milestone, and appreciative of the trust our investors have shown by participating in this unique project. Our team has been preparing this project since 2019 and we see great opportunities in the production and sale of Icelandic land-farmed salmon from the Westman islands. The location offers ideal conditions for producing high-quality fish products through superior know-how and a strong talent pool, which is a key factor in this sector.”
Mar Advisor were sole financial advisor to Icelandic Land Farmed Salmon in this local funding round. The company offers tailor-made advisory services to corporate clients globally, specializing in the seafood, energy, and infrastructure sectors.
As construction progresses, the company will seek new stakeholder partnerships and capital in the Nordic and international capital markets. For that purpose, LAXEY has brought in Norway headquartered investment bank Arctic Securities as sole global coordinator and bookrunner, with Mar Advisors continuing as financial advisor to the company.
For further information contact:
Lárus Ásgeirsson, stjórnarformaður
Email: [email protected]
Tel: +354 867 0449
Originally published on 15 September.
Gísli Herjólfsson, CEO and co-founder of Controlant, Ásthildur Otharsdóttir, Chairman of the Board of Controlant, and Guðmundur Árnason, CFO. Icelandic pharmaceutical supply chain company Controlant announced today that it had secured $40 million in new financing advised by Apax Credit, the credit-investing arm of Apax Partners LLP (“Apax”). The company has…
Icelandic pharmaceutical supply chain company Controlant announced today that it had secured $40 million in new financing advised by Apax Credit, the credit-investing arm of Apax Partners LLP (“Apax”).
The company has in recent years become a global leader in the digital transformation of pharma supply chains. Controlant’s goal is to deliver zero-waste supply chains through digitalization, automation, and transformation of the pharma supply chain.
CEO Gísli Herjólfsson said in a press release that the financing by Apax Partners, would help the company expand globally and capitalize on strong tailwinds in the supply chain technology sector.
“As pharma companies continue to innovate at pace and introduce breakthrough medicines and vaccines, it is incredibly important that modern supply chains match this pace and serve as enablers in ensuring medicines reach patients safely, and sustainably. That is our vision, and we are working tirelessly to create the next generation of zero-waste supply chains for our pharma customers”, said Herjolfsson.
Controlant has seen rapid growth in recent years, in part spurred by its role in the distribution of COVID-19 vaccines.
The company’s revenue doubled in 2022, rising from $68 million in 2021 to $133 million.
Press release from atNorth atNorth, the leading Nordic colocation, high-performance computing, and artificial intelligence service provider, today announced that its state-of-the-art Sweden data center is on the shortlist for the ‘Physical Technology of the Year – Heating and Cooling’ category at the 2023 Energy Awards. atNorth’s SWE01 data center launched in 2022 and is specifically designed for high-density workloads, such as…
Press release from atNorth
atNorth, the leading Nordic colocation, high-performance computing, and artificial intelligence service provider, today announced that its state-of-the-art Sweden data center is on the shortlist for the ‘Physical Technology of the Year – Heating and Cooling’ category at the 2023 Energy Awards.
atNorth’s SWE01 data center launched in 2022 and is specifically designed for high-density workloads, such as advanced calculations for AI, simulations, and risk analysis. It is one of the world’s first +10mW data centers with a primary cooling system designed for heat recovery. This enables 85% of the electricity used in the DC to be captured and passed on as heat to the district heating system. This residual heat can heat up to 20,000 homes.
The entry showcased atNorth’s strategic alliance with CoolIT, the global leader in direct liquid cooling solutions. Its bespoke cooling system further enhanced the existing infrastructure cooling process for atNorth’s high-density servers, significantly improving overall data center efficiency.
atNorth now operates six Nordic data centers, following the launch of its third site in Iceland, ICE03, and with a seventh site due to open in Finland in 2024. The business is committed to building best in class data centers to meet the continued demand for energy efficient, data-intensive computing.
“We are delighted that our innovative data center design has been shortlisted by the Energy Award judges,” says Steve Donovan, Chief Development Officer, at atNorth. “As the environmental and economic advantages of our services continue to gain traction in the industry, we are thrilled to be recognized for the quality of our offering.”
The Energy Awards aim to celebrate the energy industry’s innovations and achievements in best practice, business excellence and industry collaboration. For more information, visit https://www.theenergyawards.com.
Originally published on 7 September.
Press release Amaroq Minerals TORONTO, ONTARIO – September 07, 2023 – Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ First North: AMRQ), an independent mine development company with a substantial land package of gold and strategic mineral assets in Southern Greenland, is pleased to provide an update on its planned listing on the Nasdaq Main Market (“Main…
Press release Amaroq Minerals
TORONTO, ONTARIO – September 07, 2023 – Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ First North: AMRQ), an independent mine development company with a substantial land package of gold and strategic mineral assets in Southern Greenland, is pleased to provide an update on its planned listing on the Nasdaq Main Market (“Main Market”) in Iceland.
Highlights
· Amaroq is preparing to move its shares in Iceland from Nasdaq First North Growth Market Iceland (“First North”) to the Nasdaq Main Market in Iceland (“Main Market”). The transfer is expected to take place in the third week of September 2023;
· A Main Market listing has the potential to make the Company eligible for future inclusion in a number of Icelandic and international stock market indices;
· There is strong precedent for Icelandic institutional investors increasing their ownership of companies as a result of the move from First North to the Main Market.
A presentation providing further detail on the Main Market listing process and the rationale for the Company’s transfer is available at: https://www.amaroqminerals.com/investors/presentations/
Eldur Olafsson, CEO of Amaroq Minerals, commented:
“Moving our shares to Iceland’s Main Market will place Amaroq in a very favourable position. Since listing on First North last year, we have benefitted from strong demand from the Icelandic market and believe the Main Market listing will further enhance this. I invite you to view the presentation on our website, which provides further detail on the process and fundamental analysis in relation to our move to the Main Market.”
Overview
The Company is progressing the application process to admit its shares to trading on the Main Market in Iceland. The Company has submitted a draft prospectus to the Financial Supervisory Authority of the Central Bank of Iceland (the “FSA”) and, subject to the Board of directors’ approval, plans to proceed with the formal request for admission. The final application for admission is subject to FSA approval of the prospectus and all Nasdaq Main Market requirements being satisfied. The Company will not issue new share capital alongside the transfer to the Main Market.
The first day of trading will be agreed with Nasdaq Iceland at a later date and is expected to be in the third week of September. Trade in Amaroq shares on AIM and the TSX-V will remain unaffected.
A Main Market listing has the potential to make the Company eligible for future inclusion in a number of Icelandic and international stock market indices. These include the OMX Iceland All-Share index immediately upon uplisting and the FTSE Global Total Cap and Global Micro Cap indices from June 2024, subject to meeting certain inclusion criteria including in relation to trading volumes.
Moving from First North to the Main Market will also increase the visibility of Amaroq to Icelandic institutional shareholders, such as pension funds. Iceland has over 20 pension funds with around US$53 billion in assets under management. Collectively these pension funds hold around 50% of the shares of all companies listed on the Main Market, making them a very important part of the investor universe in Iceland.
Enquiries:
Amaroq Minerals Ltd.
Eldur Olafsson, Executive Director and CEO
Eddie Wyvill, Corporate Development
+44 (0)7713 126727
Stifel Nicolaus Europe Limited (Nominated Adviser and Joint Broker)
Callum Stewart
Varun Talwar
Simon Mensley
Ashton Clanfield
+44 (0) 20 7710 7600
Panmure Gordon (UK) Limited (Joint Broker)
John Prior
Hugh Rich
Dougie Mcleod
+44 (0) 20 7886 2500
Landsbankinn hf. (Listing Agent)
Ellert Arnarson
Fossar Investment Bank (Advisor)
Thordur Hlynsson
+354 896 7641
Camarco (Financial PR)
Billy Clegg
Elfie Kent
Charlie Dingwall
+44 (0) 20 3757 4980
For Company updates:
Follow @Amaroq_minerals on Twitter
Follow Amaroq Minerals Inc. on LinkedIn
Further Information:
About Amaroq Minerals
Amaroq Minerals’ principal business objectives are the identification, acquisition, exploration, and development of gold and strategic metal properties in Greenland. The Company’s principal asset is a 100% interest in the Nalunaq Project, an advanced exploration stage property with an exploitation license including the previously operating Nalunaq gold mine. The Corporation has a portfolio of gold and strategic metal assets in Southern Greenland covering the two known gold belts in the region. Amaroq Minerals is incorporated under the Canada Business Corporations Act and wholly owns Nalunaq A/S, incorporated under the Greenland Public Companies Act.
Inside Information
This announcement contains does not contain inside information.
Originally published on 7 September.
Press release from Play PLAY carried 184,926 passengers in August, which is a 70% increase from August 2022 when PLAY carried 108,622 passengers. The load factor in August 2023 was 88.9%, compared to 86.9% load factor in August 2022, and PLAY had an on-time performance of 90.1%. Of all passengers flying with PLAY in August…
Press release from Play
PLAY carried 184,926 passengers in August, which is a 70% increase from August 2022 when PLAY carried 108,622 passengers. The load factor in August 2023 was 88.9%, compared to 86.9% load factor in August 2022, and PLAY had an on-time performance of 90.1%.
Of all passengers flying with PLAY in August 2023, 22.1% were departing from Iceland, 35% were traveling to Iceland, and 42.9% were connecting passengers (VIA).
August saw strong performance in our network with many destinations delivering over 90% load factor and some, including Prague, Toronto and Barcelona, performing at over 95% load factor.
Average ancillary revenue continues to rise for PLAY, being 33% higher in August 2023 compared to August 2022, and the trend is looking robust for the coming months.
PLAY has been nominated for Best Cabin Crew by USA Today. This is a great honor for PLAY, only two years from its first ever commercial flight in June 2021. Among the nominees are major global airlines. This nomination is a testament to the great work the cabin crew does every day providing PLAY´s passengers with excellent service and a secure and enjoyable flight. PLAY has also been nominated for the Danish Travel Awards as the best low-cost carrier. The Danish Travel Awards have been awarded since 1996 and PLAY is again nominated among many major and well-established low-cost airlines.
PLAY continues to see many opportunities to grow in the market and is working on expanding its fleet of aircraft in the coming years. The airline has already signed two Letters of Intent, securing two brand-new A320neos, which will enter service in time for the summer season of 2025. Further negotiations are ongoing for added capacity in 2024 and 2025 and will be reported on when they are concluded.
PLAY is in a strong position when entering the fall and winter with a considerably higher load factor and higher yields than in the previous year. The demand from key markets is quite robust, but the airline is cautious about the possible impact of inflation and the increased cost of living on the demand in the winter months. This means that the visibility into the fourth quarter and further into the winter is relatively low, as many other airlines worldwide are reporting.
As PLAY has previously stated, the financial performance this year has largely been in line with management expectations and forecasts that have assumed a narrow but positive operating margin (EBIT) for the full year of 2023.
The operational profit (EBIT) for the third quarter has so far been strong, and the airline is experiencing a much stronger financial performance compared to the same quarter last year or, indeed, the previous quarter this year.
Since the second quarter, the price of oil, being the single largest cost item, has risen very considerably or by about 25%. One of the key assumptions in the previously published financial guidance was that oil prices would remain stable until year-end. It is now clear that this very significant price increase, together with general price increases due to inflation, is likely to have a negative impact on the financial results this year. PLAY can, therefore, no longer assume that it will deliver a positive operational result (EBIT) as previously stated. It is, however, clear that the financial turnaround from last year will be very significant and the cash position of the airline will be healthy at year-end.
Birgir Jonsson CEO:
“August was an excellent operational month for PLAY with an impressive 89% load factor and a world-class 90% on-time performance. We are getting close to the end of the summer season, but it is already clear that we can be very proud of our operational performance so far this year. We continue to see many opportunities for future growth and we have therefore begun planning our growth for the coming years. We have now confirmed two brand-new A320neo aircraft, which will join our fleet in 2025, as well as being in negotiations for further capacity increases in the near future. It is good that we are still seeing higher yields than last year and a significantly higher load factor going into the more challenging winter months, and the demand going forward looks relatively robust in most markets. We will continue to focus on keeping our cost base as low as possible and being flexible in our network to adapt to this dynamic environment. Our great team of people continues to do an exceptional job, and it was fantastic to see the PLAY Crew nominated among some of the biggest airlines in the world as the best cabin crew by USA Today. At the time of writing our crew was leading the poll as voted for by the readers of this major US newspaper. A stunning achievement for a team that has only been flying for just over two years for a small startup airline!”
Originally published on 7 September.
Press release from Landsvirkjun Landsvirkjun’s carbon footprint, i.e., emissions minus sequestration, was approximately 2,800 tonnes CO2e for the first half of 2023, a reduction of 54% year on year. Carbon intensity never lower Read Semi Annual Climate Account 2023 Landsvirkjun’s carbon footprint, i.e., emissions minus sequestration, was approximately 2,800 tonnes CO2e for the first half…
Press release from Landsvirkjun
Landsvirkjun’s carbon footprint, i.e., emissions minus sequestration, was approximately 2,800 tonnes CO2e for the first half of 2023, a reduction of 54% year on year.
Landsvirkjun’s carbon footprint, i.e., emissions minus sequestration, was approximately 2,800 tonnes CO2e for the first half of 2023, a reduction of 54% year on year. Net carbon intensity was 0.38 gCO2e/kWh, a decrease of 55%. This is the best result since the Company started keeping a Climate Account.
The result aligns with Landsvirkjun’s Climate Action Plan and the goal of reaching carbon neutrality in 2025.
Furthermore, the carbon intensity has never been this low since Landsvirkjun started recording emissions, with a 15% reduction year on year, or 2.8 gCO2e/kWh for the first half of 2023.
The result is below the defined 4 gCO2e/kWh emissions threshold in the Company’s Climate and Environmental Policy and one of the lowest carbon intensities documented in the electricity generation sector. According to the EU Taxonomy, electricity generation can be considered climate change mitigation if carbon intensity is under 100 CO2e/kWh.
Landsvirkjun’s Semi-Annual Climate Account discloses this information. Total emissions from the Company’s operations during the period were approximately 20,700 tonnes CO2e, a reduction of 12% year on year. The drop is mainly due to a considerable decrease in emissions from geothermal energy generation (-23%), resulting from lower energy generation at the Krafla Power Station.
Emissions from fossil fuel combustion were reduced by 18% year on year. Landsvirkjun follows a systematic approach to replacing fossil-fuelled vehicles and equipment with new ones fuelled with green energy. The Company aims to stop purchasing fossil fuels in 2030.
Originally published on 4 September.
