Havila Kystruten AS

Earnings Release • Feb 27, 2023

Havila Kystruten AS: Fourth quarter 2022 accounts / 2022 Preliminary accounts

Havila Kystruten AS: Fourth quarter 2022 accounts / 2022 Preliminary accounts

Summary

Havila Kystruten sailed 4th quarter with two ships in route, Havila Capella and

Havila Castor. The occupancy for the period still bears the stamp of uncertainty

and cancellations from several tour operators.

The operating costs are still characterized by a build-up phase with significant

salary and operating costs related to the education and training of crews before

all the ships come into operation, high LNG prices and legal costs in connection

with sanctions and refinancing.

Reimbursement of LNG costs from the Ministry of Transport with MNOK 116 has so

far been factored in.

Financial statements and balance sheets are affected by currency, and the

company hedges its currency commitments with sales in foreign currency.

Due to the ongoing refinancing, the debt related to the ships is considered as

current liabilities.

The company receives good feedback from travelers for both product and concept,

and sees an increased interest in the Havila Kystruten brand. This has resulted

in a significant increase in the number of orders, and for January and February

2023 the average occupancy is 13% above budget.

Result for 4th quarter 2022

* The revenue was a total of MNOK 85, of which MNOK 34 was contractual

revenue.

* Total operating expenses consists of MNOK 16 in cost of goods sold, MNOK 61

in payroll expenses and MNOK 126 in other operating expenses.

* EBITDA is MNOK - 117.

* Depreciation is MNOK 20.

* Net financial items are MNOK - 77.

* Profit before tax is MNOK - 237.

Result for 2022

* The revenue was a total of MNOK 332, of which MNOK 112 was contractual

revenue.

* Total operating expenses consists of MNOK 54 in cost of goods sold, MNOK

230 in payroll expenses and MNOK 291 in other operating expenses.

* EBITDA is MNOK - 240.

* Depreciation is MNOK 66.

* Net financial items are MNOK - 265.

* Profit before tax is MNOK - 570.

Balance and liquidity per 31/12/22

Total fixed assets were MNOK 3,117, where investments in intangible assets and

deferred tax assets was MNOK 65, ships under construction had a value of MNOK

1,112 and operational ships MNOK 1,914.

Total current assets had a value of MNOK 447, where of bank deposits amounted to

MNOK 303 (of this MNOK 4 restricted withholding tax).

Net cash flow from operations was MNOK 15. Cash flow from investing activities

was MNOK -61. Net cash flow from financing activities amounted to MNOK 286.

Total non-current liabilities recognized in the balance sheet was MNOK 15.

Total current liabilities amounted to MNOK 3,196 as of consisting of trade

payable, current liabilities to financial institutions, value added taxes,

current liabilities to the owners, incurred expenses and advances from

customers.

Employees

Havila Kystruten had 349 employees per 31/12/22 which will sail the classic

coastal route and 36 employees in the administration.

Contacts:

CEO Bent Martini, + 47 905 99 650

CFO Arne Johan Dale, +47 909 87 706