FL Group
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| FL Group | |
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| Type | Public (OMX: FL) |
| Founded | 1973 |
| Headquarters | Reykjavík, Iceland |
| Key people | Jón Ásgeir Jóhannesson (Chairman of the board), Jón Sigurðsson (CEO) |
| Industry | Investment |
| Profit | ▼ (ISK 67.3 billion) (2007)[1] |
| Total assets | ISK 422.3 billion (2007)[1] |
| Employees | 78 (2007)[1] |
| Website | www.flgroup.is |
FL Group (OMX: FL) is an international investment company, with focus on three business units; FIG, private equity and capital markets. FIG is a special investment function responsible for strategic investments in banking, insurance and financials. The division represents FL Group‘s single largest asset area and will work closely with the company‘s Capital Markets on specific investments. Private Equity oversees FL Group‘s private equity holdings in addition to some listed positions that fit specific investment criteria. The division is headquartered in London, with teams in Copenhagen and Reykjavik. FL Group's Capital Markets have three main functions: oversee the company's short term trading positions in listed securities and currencies; stakebuilding/disposal on behalf of FL Group's Private Equity and Strategic Investments and advice on and execute derivative and security trading related to the company's asset portfolio, for hedging or investment purposes.
The company’s structure offers great flexibility regarding investments. The company‘s headquarters are in Reykjavík, and has offices in London.
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 was sold in 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 listed investments
- Glitnir, a Nordic banking group.
- Commerzbank, an international bank from German.
- Royal Unibrew, a Scandinavian beverage manufacturer.
- AMR, the parent company of American Airlines.
- 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
- Jón Ásgeir Jóhannesson, Chairman
- Þorsteinn M. Jónsson, vice Chairman
- Magnús Ármann
- Skarphéðinn Berg Steinarsson
- Smári S. Sigurðsson
- Kristinn Björnsson
- Paul Davidson
Alternates:
- Peter Mollerup
- Magnús Kristinsson
[edit] Key Managers
- Jón Sigurðsson (FL Group), CEO
- Sveinbjörn Indriðason, CFO
- Örvar Kærnested, Managing Director Private Equity
- Benedikt Gíslason, Managing Director Capital Markets
- Halldór Kristmannsson, Managing Director Corporate Communications
- Bernhard Bogason, Managing Director Legal
[edit] References
[edit] External links
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