FL GROUP
From Wikipedia, the free encyclopedia
| FL GROUP | |
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| Type | Public (ICEX) |
|---|---|
| Founded | Reykjavík, Iceland |
| Headquarters | Reykjavík, Iceland |
| Key people | Skarphéðinn Berg Steinarsson, Chairman Hannes Smárason, CEO |
| Industry | Investment |
| Revenue | ~$676 million (2004) |
| Employees | N/A |
| Slogan | none |
| Website | flgroup.is |
FL GROUP, formerly known as Flugleiðir, is an Icelandic investment company. The company was founded on July 20, 1973, under the name Flugleiðir. It was formed as a holding company for Loftleiðir and Flugfélag Íslands.
FL GROUP was best known for its subsidiary Icelandair Group, which is being sold as of October 2006. Icelandair, Loftleidir Icelandic and other companies of Icelandair Group have been leaders in the Icelandic flight and tourism industry for about 70 years.
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[edit] Main investments
As of October 2006:
[edit] Operating companies
- Icelandair Group, an Icelandic travel industry corporation (sale of Icelandair Group secured in October 2006).
- Sterling, a low cost airline based in Copenhagen, Denmark.
- Refresco, a European manufacturer of fruit juice and soft drinks.
[edit] Main listed investments
- Glitnir, a Nordic banking group.
- Straumur - Burðarás, an Icelandic investment bank.
- Royal Unibrew, a Scandinavian beverage manufacturer.
- Bang & Olufsen, a manufacturer of high-end electronics.
- Finnair, a Finnish airline.
- Aktiv Kapital, a financial company.
[edit] History
[edit] Before 2005 change
The company that is nowadays called FL GROUP was founded in 1973. In the beginning it was a holding company for "Loftleiðir" and Flugfélag Íslands under the name Flugleidir, a hybrid of the two old names. In 1978 Flugleidir took over all assets of both companies. Until then "Loftleidir" had used "Loftleidir Icelandic", "Icelandic Airlines" or just "Icelandic" for international marketing and Flugfélag Íslands used "Icelandair". That same year the name "Icelandair" was to be used solely for international marketing. Flugleiðir was still the official name of the company until 2005.
[edit] After 2005 change
In 2005, the company known as Flugleiðir was changed to an investment company called FL GROUP. The airline had been spun off into a subsidiary named Icelandair in 2002. On October 23, 2005 FL GROUP announced its acquisition of the Danish low-cost airline Sterling Airways. In addition, FL GROUP holds a 16.18% stake in British "no-frills" carrier easyJet. On January 6, 2006, Hannes Smárason, CEO, stated that a merger of easyJet and Sterling was a possibility.
[edit] More changes in 2006
In early 2006 Ferðaskrifstofa Íslands was sold to Sumarferðir and Icelandair Car Rental (Hertz) was sold to Magnús Kristinsson, the owner of Toyota in Iceland.
In February 2006 FL GROUP announced plans to list its subsidiary Icelandair Group in Iceland Stock Exchange.
FL sold its 16,9% stake in British no-frills airline easyJet in April 2006 for €325m, returning a profit of €140m on its investment. FL had first invested in easyJet in October 2004, taking an 8,4% share, increasing this over the course of 2005.
In October 2006 FL GROUP secured the sale of Icelandair Group.
[edit] Management
[edit] Board of directors
- Skarphéðinn Berg Steinarsson, Chairman
- Þorsteinn M. Jónsson, vice Chairman
- Magnús Ármann
- Jón Ásgeir Jóhannesson
- Smári Sigurðsson
- Kristinn Björnsson
- Paul Davidson
Alternates:
- Peter Mollerup
- Magnús Kristinsson
[edit] Key Managers
[edit] Principal shareholders (adjusted list)
FL GROUP's largest shareholders as of October 11, 2006. The list is adjusted to reflect beneficial ownership.
- Eignarhaldsfélagið Oddaflug (19,8%)
- Baugur Group (18,2%)
- Magnús Kristinsson and holding companies (14,7%)
- Kristinn Björnsson and holding companies (8,4%)
- Icon (5,6%)
- Materia Invest (5,1%)
