Welcome, dear viewers, to this Q1 presentation of Fly Play. So we're here to present the financial results. Just at a glance, we operated with 10 aircraft this last quarter, a more or less 4-aircraft increase from the same period last year, and our ASK and our revenue grew significantly as a result. We had an 81.8% load factor in the first quarter, affected significantly by rather poor January and February, again poor because of the lack of sales experienced in quarter four of last year, which again was in most parts due to negative media coverage because of the seismic activities happening in Iceland. We had 88% on-time performance and a good balance between from, to, and via passengers with 30% 37% of them being via, 27% from, and 36% to. We again always highlight our on-time performance as that is an indicator of how the operation of the company goes, and, to some extent, the cost we incur due to so-called IRROPS or irregular operational cost, that that is always increased when the OTP is not very, very strong. As you can see, the OTP is fluctuating between 80%-95% for the most parts except in December of last year when the connecting bank was moved from its original schedule because of the air traffic controller strike that had been planned. But apart from that month we are in general we have a very good OTP and are significantly better than our main competitor here in Iceland in this respect. Now, in 2024 we have added five new destinations. Most of them are coming on during the summer or the fall. Madeira, a Portuguese island off the coast of Africa. Marrakech in Africa. Vilnius in Lithuania. Split in Croatia. And then just recently we announced a series of flights to Cardiff in the fall. We are very excited to once again be the airline that offers new destinations for the Icelandic population, leisure destinations that we are convinced that we'll suit our clients. Now, regarding the finances of the first quarter of this year. As mentioned previously we grew the fleet of aircraft for the most part from 6 aircraft to 10. So, the production we had in the quarter was 63% more than in the first quarter of 2023, but our revenue grew slightly more, or by 66%. We can see that even though the first quarter was heavily affected by the slump in sales in quarter four of last year, we can still see that on every parameter, we are seeing better performances. So yield is up by $1 from quarter one 2023. The cash is $11 million higher than it was at the same time last year. So the financial position is strong, but on the revenue and cost side we also see improvements. The RASK or the revenue per available seat kilometers is actually stable between quarter one 2023 and quarter one 2024, but the ex-fuel CASK, and the total CASK and the EBIT are all improving, proving significantly year-on-year taking into account the increased capacity. So the EBIT is slightly worse than Q1 2023, but per available seat kilometers it's improving. I mentioned that the cash is $49 million at this point. It was $17 million at the end of the quarter. $32 million have been paid in since then, so we show a $49 million cash position which will grow into the summer as it always does. We are expecting a better financial performance this year than last, so we're expecting to have a significantly higher cash position during the low of next winter than the last one. The income statement shows an operating income of $54 million, a $22 million increase from last year or 66% which is a little bit more than the increase in production. Operating expenses $59 million, and with the depreciation and amortization being 15% the EBIT is -20%. That is, an EBIT percentage of -37.5% which is not what we were hoping some time ago, but it is in line with what we, we had indicated a few months ago. And this is also a very significant improvement from last year when the EBIT was -53%. And with the financial expenses and income tax the net result for the period is -$22 million. The balance sheet and the depreciation and amortization is increased of course by, increased number of aircraft. Operating expenses, PLAY prides itself, for being a low-cost airline, so we are always focusing on our cost and we want to see that, trajectory moving downwards. And we see that, both CASK and the ex-fuel CASK are down year-on-year between, quarter one 2023 and quarter one 2024, the ex-fuel CASK being 4.3 versus 4.5 last year. The fuel and emission part of the equation is 1.5 this year versus 1.9 last year, in some part affected by lowered prices in the ETS. So we are benefiting there in this quarter, but without that we would still be down year-on-year. The ex-fuel CASK is down 4.2%, but the total CASK down by 8%. We are expecting the ex-fuel CASK for this year to be around $0.038, as indicated previously. The slight increase we see in CASK development from the low of last summer when it was $0.034 is due to, you know, lesser production in the winter than in the summer, so the cost per unit goes up. This will come down again in the summer. Now, cash flow in the first quarter of this year, as we had already said, we had $21.6 million at the end of last year. There is negative cash from operations of around $1.3 million, whereby a little bit less than 6 are from operating activities. There is a significant positive contribution from changes in working capital always during this period as we are selling more tickets than we are producing. And then there is repayment of lease liabilities and maintenance reserves of $17 million, which makes the net cash from operation being -1.3%. Of the $17 million repayments, 5.2% are because of future maintenance work. That is being kept to meet future maintenance. We then had $3.4 million of investing activities meaning that the closing balance was $17.2 million, but the lower picture shows that the capital increase of $32 million paid in April takes the pro forma CASK position at the end of quarter one when the commitments had been made up to $49.2 million. Fuel price has been somewhat volatile in recent weeks, in some part due to also volatile situation in the political world all over. Actually the current spot price is at $837 currently which is somewhat favorable looking back a few months or quarters. We are hedged according to our policy, so the current quarter, quarter two of 2024, we are hedged 53%. Quarter three 34%. Quarter four 25% and then a bit less heading into next year. All of the hedges more or less are very close to current spot prices. So, all in all, we are working within our policy, with regards to hedging. On the picture on the right, we can see how the monthly average price of jet fuel has been fluctuating and how the effective fuel price for us has been very similar during past quarters but more smooth because of the hedging. Now, to reiterate, how we view this year, we are currently operating 10 aircraft and expect to do so for the remainder of the year. The ex-fuel CASK we are estimating to grow by roughly 3% from 3.7% to 3.8%. This will take our EBIT to approximately zero and a year-on-year cash flow improvement. We should note that when making this forecast, we are assuming that the average price of fuel and ETSs will remain close to current levels, and also that demand from our customers will remain somewhat steady. We would like to offer viewers the chance to ask questions and then send those to ir@flyplay.com. We will then be answering them on our website later this afternoon. I do thank you for listening in and seeing our presentation. Until next time, thank you.
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