Good morning. Welcome to our presentation where we go over the quarter four results and the full year of 2023. My name is Birgir Jónsson, and I'm the CEO of PLAY. Joining me today is Ólafur Þór Jóhannesson, who is our CFO, and we will take you through our financial results and some key issues in our business. We look at our operation and our business at a glance in quarter four. We transported about 376,000 passengers. Our load factor was 78%. It was slightly lower than we had hoped for. It was negatively impacted by seismic activity or, or I should rather say very inaccurate news coverage of the seismic activity here in Iceland in November and December. You will hear this term often in this presentation, so you better get used to it. This is a big factor in our business. Our on-time performance was 78.4%, and again, also below our expectation. It was also negatively impacted by the same reasons. We operated 10 aircraft, 33 destinations, and our split of passengers was the following. Via passengers were 42%, From passengers, people traveling from Iceland, 26% of our passengers, and to passengers, people coming to Iceland, 32%. Going into the full year, we doubled our passenger number to 1.5 million passengers. Our load factor was 83.4%, and again, slightly lower than we had hoped for. We were aiming for and heading towards about 86% before the negative impact of the seismic activities. On-time performance 83.2% in the year, 38 destinations in the full year, some of them seasonal, so they come in and out of the network. The split of passengers was via passengers, 41%, from passengers, 27%, and to passengers, 32%. 2023 was a year of immense growth for PLAY. The company really matured and came into its own, I would say. We had about 50-52% increase of our number of destinations, 92% increase of our passengers, like I just mentioned. Available seat kilometers or our ASK went up nearly 90%. Our revenue doubled in the year. We saw a decrease in our unit cost, and this is something that we are all here extremely proud of and have worked tirelessly to achieve, and a big achievement for us. At the same time, we managed to increase our revenue by 7%, or the TRASK, total revenue per available seat kilometer, went up to 10 aircraft and saw our ancillary revenue, on a yearly basis, grow nearly 30%. And this is, of course, the driver for our profitability and our success of our business. If I try to sum up the trend in the business and the financial results, and Óli will, of course, go through it in more detail later, we can see that we doubled our turnover in the year. At the same time, we halved our EBIT loss in the year, the operational loss. It's no secret that this is under our expectations. We had reported, I think, at the end of summer, that we were heading for an acceptable financial result. In the fourth quarter, like I have mentioned, we saw some very challenging external factors come into play. We saw some crisis in the Middle East. We saw the seismic activity and, again, not only the seismic activity itself, but the coverage, the global coverage of it, which was very damaging to the demand for Iceland as a destination. And I think most of the tourism industry in Iceland felt that and is still feeling that, actually. Then in the run-up to Christmas, the all-important Christmas season, we saw a strike of the air traffic controllers at the absolute worst time, and that really impacted our business also and created a lot of cost and inconvenience to us and our passengers. Having said that, we are still seeing this trend, which we are very proud of and gives us a lot of encouragement into the future where we see our operational loss really decreasing as the company and the airline gets into scale. We managed to decrease our unit cost or CASK excluding fuel by 6% in the year. And that's a massive achievement because we see most of our competitors and, for example, our local competitor here in Iceland, seeing the exact opposite. Their cost is going up. Our cost is going down. So this is a very, very critical thing. If you want to win market, and be comfortable at a lower price point, you have to be able to offer the best fares, and you can do that if you have the lowest cost. At the same time, we see our margin or basically the RASK or the total revenue that we were generating also increasing very, very significantly. So this is an extremely good cocktail, very tasty cocktail, I would say, and something that we look towards in the future to give us a lot of success. We are always talking about the ancillary revenue, and we have been very successful in raising that, and basically offering our passengers various services and products that enhance their life and their trip and, of course, give us greater revenue and profits in the process. Just to mention a few new things that we launched last year and were instrumental in giving us this increased revenue is, of course, the bundles that we have mentioned on many occasions, which we launched in February, and they were really instrumental in driving our ancillary revenue up. Now, a year later, we have become better, and our team, our ancillary team is getting very good at dynamically pricing the bundles and playing with them in our system so that we are generating very good revenue from them, actually. I want to mention a few other things. Uplift is a thing that we are offering in the States to begin with and is being launched in Europe in the near term. This is a kind of a buy-now, pay-later product. Our passengers can basically buy their seats or fares, and they can then decide how they want to pay it and or divide the payments over X many months to their convenience. What it means is that those passengers, in general, buy more expensive seats, and they add more ancillary products onto their booking because they can pay it over a longer period of time. We are really seeing this working for us. Another thing is the Space Seats that we have always also mentioned in these presentations before. This is, like, a win-win effect on us because we have a few rows in a few of our larger aircraft, the 321s, where we have blocked the middle seat, and our passengers can basically choose to travel alone without a neighbor, at a cost, of course. This also gives us a benefit in the low season that we are in effect reducing the seat count in the aircraft without having to remove the seats. They're basically going from 214 seats to 200 per aircraft, reducing crew cost, and various other costs, in the low season. Easy to take it out, and we're back to full capacity, if we choose to do so. Another very exciting product that is really coming into its own here in our system is dynamic packages that we are offering in cooperation with lastminute.com where our passengers can basically decide, when they're traveling, and the system or lastminute.com offers them tailor-made accommodation, car rentals, various activities, and things like that, and really bundles it up in a flight and kind of a dynamic, all-inclusive, so to speak, package. This is a great partnership and something we look really forward to developing more into the future. We are always talking about on-time performance. This is something that we pride ourselves on, and punctuality is, of course, very important to our customers. People want to get to the destinations on time. They want to do something else. They want to have connecting flights or basically begin to do something more fun than sitting in an aircraft, as fun as that is. It's also, as I've often mentioned in these things, a very good metric on how well our operation is running because we are not running into delays. We don't have to offer or pay passengers damages or penalties. You know, the higher the punctuality and the on-time performance, the better the operation is running. And we pride ourselves on having one of the highest on-time performance, actually, in the world. I want to point out the on-time performance in December, and we are here mirroring our performance to our main competitor here in Iceland and how better we are and how more punctual we are, basically, than they are. In December, and this is mostly to do with the ATC strike, the strike of the air traffic controllers, of course, our punctuality went down. But what really happened is that our operational team absolutely created some kind of a miracle is that they managed to move our connecting bank out of the period per day where the air traffic controllers were in a strike, making sure that our passengers got to their destination in time, before Christmas. Everyone knew with some time in advance that their flight would be delayed or had a new time. We got unbelievable amount of grateful, communication and messages from our passengers because you really want to get to your destinations before Christmas. You're meeting your family, your loved ones, and this is a great thing. Statistics went down. Passenger, you know, let's say satisfaction, customer satisfaction, really skyrocketed along with our Christmas spirit here in here at PLAY. While these were really difficult days, but, you know, you had really nice feeling in your heart because we were really doing something nice for our customers. We are also launching a lot of new destinations. It was about 16 new destinations we added in the year. We mentioned some of them here. Athens was a new thing here in the Icelandic market, Porto, Toronto, Hamilton, another airport that has been functioning really well for us, and, and a lot of other nice and cool places. And, and it's always good to offer new off-the-market new, new possibilities and new, new products and new destinations. We have been very busy at winning awards, and I wanted to basically sum up a, a few of them that we, we collected. Last year, we had the youngest fleet in Europe, for the second year running, 2023 and 2024, which is something that is we are proud of and, and gives our passengers, great experience and also increases our operational reliability and, and, and basically our network going back to our, our on-time performance also. I will never stop to be proud of our crew by winning the USA Today Best Crew by the readers of USA Today. That was a massive honor, and I'm always gonna say a huge surprise. It was not a surprise because we have a great crew, but you know, this is a big world, and some of the biggest airlines in the world were competing against us, and it was unbelievable. And I was so proud when our crew won this. And then also when we were selected by passengers as the best low-cost airline in Northern Europe. That's really something for an airline that is very new on the market and something that gives us a lot of encouragement into the future. This is a very interesting graph. It basically shows you what happened to searches for Iceland, when the news of the seismic activity hit the global media in November. So we had seen, before that searches for Iceland in Skyscanner were about 20% up from the year before. And you can see there in November, they went down 5% from the year before. So basically collapsed, grew a little bit, and then back down again. Of course, they're building back up, but this basically shows you in a very graphic manner that the market is so dynamic. And if something happens, it can be negative news coverage of the destination, nature, you know, doing something like we're seeing now these days also, negative things about, like, the strike or people are googling and they're seeing there's some problem with the destination, the demand simply dries up. And when you lose a few weeks in bookings, you see it a few weeks later. So it's not like that week is bad. You know, it becomes like a chain reaction. And this is the problem that we are dealing with and we need to kind of deal with. Going back to our ancillary revenue, and I've often said in these presentations that this is something that we are always trying to increase, and this we can increase it by investing in technology because this is basically our booking engine, how we talk to our passengers once they've booked, how we use our data. You know, basically, are we offering our passengers the product and the services that they want to buy and need to buy at the right point in time in their customer journey? That's all about data. We have been very good in investing in that and have, you know, looked at this as one of our strategic things that we want to use to get good results. It's interesting to see our performance when you benchmark it against some known airlines. I can only just tell you that we're only just beginning. This is just the beginning of our journey. We are just now coming into our own and getting control of our platform, and there will be more growth in this sector and in this revenue stream. Having said that, I want to invite Ólafur Þór, our CFO, to come and talk to you about our financial results. And then I will come again and talk to you about the outlook and some other fun things. Thank you, Birgir. Let's go to the full year 2023 results of PLAY. We had total revenues $282 million, which doubled between years from 2022. We had a negative EBIT of $21 million, which is an improvement of $23 million year on year. Cash position of $22 million, 3.7 cents ex-fuel CASK, which is a 6% decrease from the previous year, which we are very proud of, as Birgir mentioned here before. Our net income for the full year was minus $35.1 million. For the quarter, the total revenue of fourth quarter 2023 was $65.7 million compared to $38 million for the same quarter last year. That was driven mainly by increased capacity because we had 10 aircraft in operation during 2024 compared to 6 aircraft in the last year. The financial performance or the EBIT performance, we made some restatement on definitions regarding some definitions clauses in IFRS 16, regarding calculation and definition of delivery clauses, which affected the balance sheet at end of 2022. We restated the balance sheet for the year, and it resulted in $2 million lower depreciation expenses during the year 2023 and higher interest rate expenses for the same period. In other way, the fourth quarter was negatively impacted by the seismic activities and the ATC strikes during the quarter. The results, the improvement of $23 million full year-on-year, we are, of course, happy about that, despite that we are behind our initial forecast for the period. The cash position was $14 million lower at the end of 2023 than it was at the end of 2022. As you can see, there are seasonal fluctuations in the cash position throughout the year. It peaks in the second quarter of the year but went down to $22 million at year-end. The main reason behind that was the seismic activities, as well as the forward booking that slowed down significantly in the last weeks of the year. Ancillary revenue was considerably higher than last year and was up 152% full year-on-year. That was the main reason behind that. We had significantly higher revenue for both the fourth quarter as well as for the full year compared to last year. Like I said before, we had improvement of $23 million in the EBIT. The EBIT for the quarter was $17.6 million and at a very similar level to the same quarter last year. The financial income and expenses and the depreciation and amortization were explained by or the higher expenses were mainly explained by a higher number of aircraft in our balance sheet from the periods. The net result for the period was -$35.1 million compared to $48 million last year. And as you can see, the numbers for 2022 are restated numbers, as I mentioned before. In the fourth quarter 2023, we had 11% increase in total yield per passengers compared to the same quarter last year. Despite the lower demand in the fourth quarter, largely influenced by seismic activity, we had a little bit lower airfares during that period compared to last year. But the total, we were 11% up between years. For the full year, year on year, we were 5% up between years. And that is the main reason behind that. The CASK increased by 7% between years from 4.3 to 4.6 for the fourth quarter of 2023. The operating expenses, the fourth quarter was impacted by seasonal cost that was higher than in the same quarter last year. And that is the main cause of higher ex-fuel CASK between quarters from 3.9 to 4. That was mainly due to some events, as you can say, in the quarter. We had a significantly higher de-icing cost. We had maintenance. We had the ATC strike and other items that caused the cost increase between the quarters. But despite that, for the full year, we are extremely proud of that. We had 6.2% lower year-on-year CASK expenses. And that is very different from other airlines that are normally presenting higher unit cost between 2022 and 2023. The balance sheet, the total assets, increased by $56 million between years. The main reason were the 2 new aircraft we added to the fleet during the year. As I mentioned before, the restated amounts in the balance sheet, the total asset increased by $84 million in 2022, the total liabilities by $86 million, and the equity was negatively affected by $2 million due to the restatement from the previous year. We are now seeing the total assets of $461 million. The liabilities are mainly due to the lease and provisions liabilities. I want to point out that provisions were total $96 million, and that amount represent the net present value of unsettled future maintenance because we are paying monthly payments to cover future maintenance. I will come to that in more detail in next slide regarding the cash flow here. With the total negative cash from operation during the full year was $1.7 million. Thereof, we paid repayment of lease liabilities and maintenance reserves, total $55.7 million during the year. This amount can be split up in two items. That is the rental part, $36.6 million, and the maintenance part, $19.1 million. We are monthly paying for future maintenance work, and the total prepayments until now for this work is total $30 million. Many airline companies do not pay monthly these payments, and therefore, on a major maintenance event, they have to pay cash out for the maintenance. But we do not have to do so in the same manner. And that is different. That is, it can be said if we were not paying these monthly payments, every month, our cash position were $30 million higher than we are presenting in our accounts. The closing balance for the year was total $22 million. Thereof, was restricted cash by $9 million. The fuel price development and fuel hedging, as you can see on the right side, the hedge position is helping us smoothing out extreme fluctuation in market price. And the total impacts for the full year was very close to zero of the hedge operation. It's as we often say here in PLAY, it's a zero-sum game. We are not getting profit, and we are not losing from our hedge position. The fuel hedging, the current position of the fuel hedge, as you can see in for the next quarters, we have hedged 36% of estimated consumption in the second quarter of the year, 23% in the third quarter, and so on, and on a price that can be seen here, $854, $833, and $824, for the fourth quarter. The current spot price now is very close to $900. So that is all from me. Over to you again, Birgir. Thank you, Ólafur. I'm gonna explain a little bit about the Outlook and some things that we use to measure how the future is going to look here at PLAY. This is a slide that shows you the increasing capacity and how we have been able to increase our revenue, at the same time. And you can see in the quarter four in 2023 and quarter one in 2024, that we were quite heavily impacted by the fact that, or what I have mentioned a few times in this presentation, the basically loss of demand for Iceland in the short term. And that meant that we were not able to yield as much as we would have wanted. We needed to demand or stimulate demand with lower prices. So we were increasing capacity and not able to increase our fares or basically utilize our revenue strategy as much as we would have wanted. However, when we see we're getting closer to spring and into quarter two, this is beginning to change quite dramatically. So even though in quarter two, we are increasing our capacity by 21%, we are already now seeing an 11% increase in our ASK from last year. And that's a very significant metric, especially when you're this far out because this will only increase once you have the basis of bookings. You can begin to use a different yield strategy when you get closer to the departure point. When you look at the summer, when the capacity is not increasing as much, we see a dramatic increase in the RASK. This is because our summer network is more established and mature than it has been in the previous years because, of course, we are new and the destinations are new. And as soon as we are becoming known in the markets and the market understands our roots and the brand it's better known, we are able to increase our prices and basically use a completely different yield strategy. And it's great to see this, and this is something that we are always monitoring, and it's very comforting to see that we are not stunning the market with new capacity. We are able to increase our prices as we increase our capacity. Once again, I'm gonna talk about the ancillary revenue. This is a kind of a similar law of nature in this revenue stream. You can see in quarter four last year, we saw a 31% increase in our ancillary revenue from last year. In quarter one, two, and quarter three already this year, we see a quite significant increase from last year. And it's important to note that, again, as we get closer to a departure point, the ancillary revenue go up. So a passenger would book maybe a fare or a seat, but then as you get closer to or he or she gets closer to departure, they would add a new seat. They would add a new bag. They would do whatever, buy a hotel, buy a car rental or something that which comes from the fact that we are getting better at communicating with them and talking to them and offering them this service. So even though this far out, we're seeing this increase in revenue, it's gonna get bigger and increase more as we get closer to the departure point. Travel agent bookings, something that we are always focusing on, also because Iceland is a there's a segment of the Icelandic market that is dominated by agents. And it's great to see that we see very, very significant increases in bookings from agents from last year. Agents are working longer term. Some of them are even now booking next summer, next year, or even longer into the future. It takes time to go into the market. You have to earn trust, and basically, develop their relationships. And our magnificent, I want to say, sales team has done a great job in developing this, and it's great to see that we see this huge increase in bookings from this segment. We reached a huge milestone a few weeks ago now when we launched our stopover product, which we call StayOver, which basically means this is a known concept here in Iceland and actually in many hub-and-spoke airlines in the world where passengers can choose to stay up to 10 days in Iceland free of charge in their booking. And this is something that most Americans at least know or mention when you talk about Iceland. They always they always talk about this because this has been done here for many, many decades. We launched this, and, and our passengers cannot book this in our booking engine, and we are already seeing some great results from this. And again, going back to what I said before about dynamic packaging and, and using data to offer people all kinds of ancillary services, this is a great example of that. Once we know that you're coming, we know the dates that you are staying here, we can begin to offer you hotels, cars, all kinds of things that you will need to buy when you come in Iceland. Go and see the whales. Go and see the volcano. Whatever you want to do in Iceland. And this is a, a driver for bookings, and also ancillary revenue. We are always developing our network and looking at destinations that are functioning, and some of them are not doing as well, and then we cut them down or reduce the capacity there and increase it and increase it somewhere else. We added a new destination, a few weeks ago, Split in Croatia, which I think was the first scheduled flight between Iceland and Croatia, which is something that we are very proud of. We will take and have the first flight on 28th of May and have even already decided now to extend the season a little bit into the fall because the reception has been great, both from agents and also from people that want to go for a holiday in a sunny holiday, but also Croatians that want to come to Iceland. So that's a great dynamic and mixture you want to see in a destination. Similarly, we are extending our Málaga service to a year-round destination. Has been a great, great success for us. And we have one or two new destinations that we keep up our sleeve, and we will announce in the coming weeks or so. So in 2024, we will have around 40 destinations. And I think that we have probably the biggest leisure-focused network in the history of Icelandic aviation, I want to say. We are very heavy on basically getting people, Icelandic people onto their summer vacations, and tourists basically to Iceland from those destinations in a mixture with a flow network, with a via network with between the US and Europe. The leisure part of the network is really where our low-cost model comes into its own. We have a much lower unit cost than our competition. These are all economy markets, and a product. And basically, our low-cost-based, all-economy aircraft means that we can offer very, very competitive fares and win massive market share and are very comfortable at a lower price point than our competition. We are also looking into the future, and are announcing also, now, today, that we want to move from the Nasdaq First North Growth Market Iceland to the Nasdaq Iceland, the main stock market in Iceland. First North market is great for growth companies, and smaller companies, but we think that we are now at the stability in our business and our size that we want to move to the main market and want to use that opportunity to strengthen the company, strengthen our equity base, cash position, and basically prepare the company for the next phase of growth. We have hired three advisors to help us in that journey, Arctica Finance, Fossar here in Iceland, and then Greenhill, which is an international advising company, and they will run this together. We will probably raise around 3-4 billion ISK, 3,000-4,000 million ISK, for this equity increase. and we have in mind to have it finalized around our annual general meeting on the 21st of March. We want to grow. We want to strengthen the company. It's very clear, and the last few months have shown us that external factors are something that we need to take into account, and we basically need a buffer for those fluctuations, and some fuel, basically, to finance our growth. And if we look at how we see the future, we kind of see the short-term future, 2024, 2025, we will operate 10 aircraft this year. And this year, like I have sometimes said, is the year that we will optimize the business. We will really turn the screws. We will optimize our revenue, our cost, and basically get our, get stabilized after, after this massive growth period that we've been in and prepare and we will prepare ourselves for the next phase of, of growth. We will add capacity in 2025, and we see that we will continue to be very competitive in our in our ex-fuel CASK. This is something that not only the management team at PLAY is laser-focused on, keeping under control, but I'm very proud to say that I can really feel it in, in the thing in all of our employees, the whole group of PLAYers. This is a this is a part of our culture, and we are always trying to find new things, to, to make sure that we are we are we are lowering our CASK. And if there's someone that has an idea, someone will say, "That's not really low cost," and the person will know that, you know, that's not a good idea. We will continue to see an improvement in our operational results in our EBIT. We forecast that to be around zero in 2024, and to be positive in 2025, significantly positive. Similarly with our cash flow, we will continue to see improvements in that this year and then to have a positive cash flow in 2025. It's great to see now that in the first weeks of this year, we are seeing we are basically having record sales week every week, and that means that the cash flow is getting healthy, and we will have a strong year in that regard. If we go and look a little bit to the long term and we want to lay out how we see the company looking in 2029, we will operate 18-20 aircraft. We will continue to have a very competitive ex-fuel CASK. It's all about cost, like I've said a few times already today. If we cannot have the lowest cost, we cannot have the lowest fare. If we don't have the lowest fare, we will not win, and we want to win. EBIT margin will be at least 10% and above 10%, and we forecast that we will turn over about $750 or so. And I think that that's the kind of future we are heading into and the reason we want to kind of reinforce our coffers in the coming weeks and months. It is important to note that going back to our equity increase, this is a strategic thing. There is no immediate or urgent situation. We just need something to have a buffer and fuel future per aircraft acquisitions. Having said that, just to sum it up, so we are basically closing a year of massive growth where we doubled our capacity, doubled our revenue, and see our EBIT performance improve very significantly. We are extremely proud and continue to be focused on our cost base. And again, I want to say that it went down 6%, year-on-year, in a year where we see a lot of inflation, a lot of general pressure on price increases. That's a real achievement for us. We're going into a fourth summer, and we see higher revenue and basically growing ancillary yield. And this is something that we just simply need to continue and have all. I have full confidence that we will see that continue even more. And like I said, we will strengthen our financial position and move onto the main market here in Iceland. I want to encourage you to send questions to ir@flyplay.com, and we will, as we have done, answer them and put written answers on our website. Thank you very much.
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