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) | (28) | (1.628) | |||||||||
| Balance at 31 December 2007 | 20.357 | 3.008 | 2.307 | 25.672 | ||||||||
| Depreciation and impairment losses | ||||||||||||
| Depreciation | 438 | 29 | 106 | 573 | ||||||||
| Sales and disposals during the period | (106) | 0 | (47) | (153) | ||||||||
| Exchange rate difference | 3 | 0 | 0 | 3 | ||||||||
| Balance at 31 December 2006 | 335 | 29 | 59 | 423 | ||||||||
| Depreciation for the year | 2.083 | 121 | 383 | 2.587 | ||||||||
| Sales and disposals during the year | (202) | (5) | (32) | (239) | ||||||||
| Exchange rate difference | 79 | 0 | (10) | 69 | ||||||||
| Balance at 31 December 2007 | 2.295 | 145 | 400 | 2.417 | ||||||||
| Carrying amounts | ||||||||||||
| At 1 October 2006 | 16.998 | 2.063 | 1.491 | 20.552 | ||||||||
| At 31 December 2006 | 18.976 | 2.397 | 1.562 | 22.935 | ||||||||
| At 31 December 2007 | 18.062 | 2.863 | 1.907 | 22.832 | ||||||||
Mortgages and commitments
15. The Group's operating assets are mortgaged to secure debt. The remaining balance of the debt amounted to ISK 14,776 million at the end of the year 2007 (2006: ISK 26,034 million).
Insurance value of aircrafts and flight equipment
16. The insurance value and book value of aircrafts and related equipment of the Company at year-end 2007 are specified as follows:
| Insurance | Carrying | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| value | amount | |||||||||||
| Boeing - 8 aircrafts | 21.040 | 10.922 | ||||||||||
| Other aircrafts | 4.333 | 1.459 | ||||||||||
| Flight equipment | 3.453 | 5.681 | ||||||||||
| Total aircrafts and flight equipment | 28.826 | 18.062 | ||||||||||
Insurance value of other operating assets
17. The principal buildings owned by the Group at 31 December 2007 are the following:
| Official | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| assessment | Insurance | Carrying | ||||||||||
| value | value | amount | ||||||||||
| Maintenance hangar, Keflavík Airport | 1.514 | 2.175 | 733 | |||||||||
| Freight building, Keflavík Airport | 406 | 577 | 380 | |||||||||
| Office building, Reykjavík Airport | 863 | 883 | 304 | |||||||||
| Service building, Keflavík Airport | 390 | 578 | 246 | |||||||||
| Hangar 4 and other buildings, Reykjavík Airport | 653 | 765 | 258 | |||||||||
| Buildings in Latvia | 513 | 420 | 461 | |||||||||
| Other buildings | 400 | 803 | 481 | |||||||||
| Buildings total . | 4.739 | 6.201 | 2.863 | |||||||||
Official valuation of the Group's leased land for buildings at 31 December 2007 amounted to ISK 663 million and is not included in the Balance Sheet.
The insurance value of the Group's other operating assets and equipment amounted to ISK 3,216 million at the end of the year 2007. The carrying amount at the same time was ISK 1,907 million.
