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Icelandair PPT Template2019

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Icelandair PPT Template2019 Shareholders’ Meeting Icelandair Group 22 May 2020 Úlfar Steindórsson Chairman of the Board Election of chair and the secretary of the meeting 3 Agenda 1. A proposal to grant the Board authorization to increase the Company’s share capital 4 Bogi Nils Bogason President and CEO 5 Icelandair’s Group financial position was strong, relative to its peers, before COVID-19 Equity ratio: 42% 37% 29% 28% 25% 25% 25% 24% 23% 19% 8% 5% 5% 1% 0% Current 107% 86% 122% ratio 79% 80% 128% 102% 141% 71% 89% 52% 55% 61% 68% 62% 6 COVID-19 has caused an immense shock to the global airline industry The world is heading Travel restrictions caused Governments are for recession extreme drop in demand supporting airlines COVID-19 pandemic has caused World flight schedule down by 70% Airlines such as SAS, Norwegian, unprecedented uncertainty for the in April and capacity in Europe is Easy Jet, Air France/KLM, Lufthansa, global economic outlook in 2020 expected to decrease by 90% Y-o-Y American Airlines and many others in Q2 2020 have been offered Government support Number of flights per week 2020 360 First travel Icelandair flights have 340 restrictions 320 300 dropped significantly 280 260 due to COVID-19 and 240 220 multiple travel 200 180 160 restrictions 140 120 100 80 60 Scheduled 2020 40 Flown 2020 YTD 20 0 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 Swift actions taken to minimize cash outflow during downtime Scale down and Payment holidays Asset sale and cost reduction secured restructuring + Flights reduced to 3% of schedule + Salary-related taxes and import duties + Sale of a 75% share in Icelandair Hotels + Excess aircraft put in long-term storage postponed and related real estate to Berjaya + Large-scale layoffs; 2,300 in total + Payment holiday secured from selected Air Iceland Connect integrated with lenders and lessors + + Majority of remaining 1,400 employees Icelandair in part time position (560 FTE’s) + ISAVIA airport charges postponed or + Government participates in waived until August 2020 layoff and salary costs + Payment deferral on air traffic control + 20-30% salary decrease of remaining staff fees for Eurocontrol states1 9 1https://www.eurocontrol.int/press-release/eurocontrol-states-assist-airlines-11bln-deferral Icelandair is preparing for an efficient ramp-up when market conditions recover, and opportunities arise Further actions to secure competitiveness …that Icelandair be ready to ramp up quickly will ensure… and efficiently Negotiate union agreements with pilots, cabin crew and + Powerful sales network and distribution channels ensuring fast mechanics reach to key markets Renegotiate contracts with key suppliers + Adaptable hub and spoke route network to meet differently timed demand recovery in key markets Readjust fleet plan to capture opportunities in a dynamic + Strong and flexible infrastructure market + Organizational know-how and experience Obtain liquidity support from lenders, aircraft lessors and key vendors + Experience dealing with high fluctuations in the business Strong brand, flexible fleet and good ties with partners in all markets will enable Icelandair to ramp up as soon as possible 10 Significant improvements to union contracts agreed or under discussion Competitiveness going forward secured while protecting workforce rights Pilots ✓ Aircraft Mechanics ✓ Cabin Crew + Increased pilot utilization due to + Increase aircraft mechanic utilization due + Increased cabin crew utilization through relaxation of clauses related to duty to relaxation of clauses related to working relaxation of clauses relating to duty times, rest and off days hours times, rest and off days Icelandair will no longer be required to + Reduction in number of vacation days + + Relaxation of clauses limiting feasibility of use certified mechanics for non- flight to Southern Europe, US West Coast + Relaxation of clauses limiting feasibility of specialized tasks in shops and new markets flights to Southern Europe, US West + Easier to outsource certain mechanic Coast and new markets services + Competitive salaries and working conditions maintained + Competitive salaries and working + Competitive salaries and working conditions maintained conditions maintained + Contracts valid until 30.9 2025 + Contracts valid until 31.12 2025 Favorable pilot labor agreement Improvements meaningful in size and structural in nature to support prolonged market competitiveness Agreement expected to Long-term labor stability, cost Productivity improvements Icelandair’s response achieve Icelandair’s targeted transparency and commercial expected to bring Icelandair in especially timely compared improvement levels flexibility line with and ahead peers responses at other carriers -12% +7% + 22% improvement in pilot + 5-year agreement + While airlines worldwide 640 productivity + 3-year salary freeze 599 are working to formulate 525 their COVID-19 recovery + 25% pilot CASK reduction + Increased Company responses and partly still discretion for commercial decisions focusing on implementing temporary measures, + Simplified contract - Icelandair has seized outdated provisions structural changes in a eliminated Current Peer median New agreement productivity agreement short timeframe Contribution 2011-2019 USD million Icelandair's direct 2,525 282 contributions to the 560 Icelandic economy totaled ISK 300bn (USD 2.5bn) during 2011-2019 1,683 Salaries and related Taxes Pension contributions Total contribution expenses after taxes 2011-2019 ISK ISK ISK ISK 200bn 67bn 33bn 300bn Tourism has led Iceland's strong current account surplus and created the first net positive foreign asset position in the country's history Current account Net foreign asset position % of GDP % of GDP 23% Current account -excluding air travel and tourism 19% 7% 8% 5% 6% 6% 4% 3% 5% -1% 0% -3% -7% -10% -9% -10% -11% -10% -15% -16% -24% 2013 2014 2015 2016 2017 2018 2019 2013 2014 2015 2016 2017 2018 2019 14 Sources: Central Bank of Iceland Icelandair is well placed as a value- Legacy model for-money airline with effective distribution channels, both on- and offline, creating a unique market position Low Cost model 3 Icelandair’s hub-and-spoke model allows for exponential increase in connectivity as destinations are added to the network 16 Icelandair has valuable partnership agreements with other airlines enabling passengers to extend their journey 17 Icelandair enjoys extensive and sustainable distribution channels Revenue split by distribution channel (% of rev. 2019) + Powerful website and booking engine ensure that direct sales comprise about half of passenger volume 7% 8% + As a relatively small airline, Icelandair must also rely on 3rd 35% Off-line party sales to supplement its direct sales 45% Distribution Sales 48% in On-line 13% Channels 55% Channels own sales + Icelandair has spent decades developing good rd relationships with 3 party vendors 20% 13% + Icelandair has a reach of a much larger airline having 1 developed an effective infrastructure using 8 GDSs Offline: Online: Icelandair Internet Icelandair Own Sales Icelandair Own Icelandair Internet Internet Companies + Enables distribution of products to hundreds of Sales Internet Companies:/OTA’s Tour Operator thousands of 3rd parties around the world and to Tour Operators (Expedia, Priceline, Travel Agents Travel Agents Etraveli etc.) Consolidators metasearch engines Corporate Consolidators META Other Airlines Corporate (Google,Skyscanner, Other airlines Dohop, etc). Preserving distribution channels during downtime for quicker responses to a shift in market demand 18 1 Global Distribution System. These include Amadeus, Sabre and Travelport Icelandair's business model has delivered results Profit / loss USD million 111 92 Average profit 67 2011 – 2019 56 USD 49 million 44 42 38 40 -53 2011 2012 2013 2014 2015 2016 2017 2018 2019 19 All figures excluding Icelandair Hotels, profit 2019 includes estimated net negative effect quantified to date of the MAX suspension USD 100 million on EBIT level Market sentiment and demand will drive capacity Number of passengers Available seat kilometers millions billions Possible faster scale up Possible faster scale up 4.4 16.2 16.7 4.0 4.1 15.2 3.7 13.7 3.1 11.1 4.5 16.4 3.8 13.7 2.7 9.9 1.4 5.2 0.8 3.1 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20 This is not a forecast but possible scenarios on how the scale up will materialize Icelandair enjoyed years of healthy profitability following previous aviation crises EBIT % After 9/11, transatlantic capacity was restrained, resulting in profitable 12 years for Icelandair Airline industry 10 Icelandair 8 6 4 2 0 -2 Unsustainable After 08/09, -4 capacity increases transatlantic capacity and price war in -6 was restrained, and Icelandair´s -8 Icelandair grew its markets market share with no -10 restraint -12 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 21 23 Icelandair's valuable infrastructure supports strong bounce-back after COVID-19 Slots at Strong Excellent Flexible Valuable strategic brand employees fleet ecosystem airports recognition of businesses Planned share offering of new shares 25 Icelandair aims to raise USD 150-200 million through sale of new shares – providing vital liquidity for the company The board of directors (BoD) is seeking authorization to increase the share capital by up to ISK 30bn in nominal terms The planned share offering to take place at end of June + New shares to be of the same share class as outstanding shares and planned to be sold by a + Investor presentation and public offering prospectus will be published prior to the planned offering + Payment for new shares in cash or possibly by a debt-to-equity conversion + Roadshow and an open investor + BoD to set the offer price and other terms of the planned offering with publication of meeting the prospectus when key workstreams are completed + Íslandsbanki, Landsbankinn and + Proposed that shareholders waive their pre-emptive rights to the new shares Kvika banki co-advisors in + The Company’s Articles of Associations will be amended to state the resolution of the the offering shareholders meeting on the share capital increase.
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