Havila Kystruten AS

Earnings Release • Sep 19, 2022

Havila Kystruten AS: Second quarter 2022 accounts

Havila Kystruten AS: Second quarter 2022 accounts

Summary

The accounts are characterized by loss of income as a result of the delayed

delivery of Havila Castor and MNOK 80 after the fact that Havila Capella was hit

by sanctions and was out of operation from 12 April to 28 June.

The operating costs are characterized by the fact that the company is still in a

build-up phase with significant salary and operating costs related to training

and training of crews before all the ships come into operation. Havila Capella

was kept ready for operation with regular crew during the period it was out of

operation.

The price of LNG is, as a result of the energy crisis and exacerbated by the war

in Ukraine, far higher than what is assumed in the company's tender basis for

the contract with the Ministry of Transport. In the accounts for the second

quarter, a reimbursement of LNG costs from the Ministry of Transport of NOK 15

million has been included, of which NOK 8 million applies to the first quarter

(see note 8).

The company receives good feedback from travelers for both the product and the

concept. The orders for 2023 are satisfactory so far and the company is looking

forward to a more stable period with all four ships in operation.

Result for 2 quarter 2022

* The revenue was a total of MNOK 66, of which MNOK 26 was contractual revenue

* Total operating expenses consists of payroll expenses of MNOK 52 and other

operating expenses of MNOK 51, of which MNOK 11 is due to LNG costs. Cost of

Goods Sold is MNOK 12.

* EBITDA is MNOK -49.

* Depreciation is MNOK 16.

* Net financial items are MNOK -115.

* Profit before tax is MNOK -180.

Result for 1st halv of 2022

* The revenue was a total of MNOK 113, of which MNOK 43 was contractual

revenue

* Total operating expenses consists of payroll expenses of MNOK 96 and other

operating expenses of MNOK 105, of which MNOK 37  is due to LNG costs. Cost

of Goods Sold is MNOK 19.

* EBITDA is MNOK -107.

* Depreciation is MNOK 26.

* Net financial items are MNOK -90.

* Profit before tax is MNOK -223.

Balance and liquidity per 30/06/22

Total fixed assets 30.06.22 was MNOK 3,047, where investments in intangible

assets and deferred tax assets was MNOK 57 per 30.06.22, ships under

construction had a value of MNOK 1,003 and operational ships MNOK 1,973.

Total current assets had a value of MNOK 265 as of 30/06/22, where of bank

deposits amounted to MNOK 122(of this MNOK 7 restricted withholding tax).

Net cash flow from operations was MNOK -217 as of 30/06/22. Cash flow from

investing activities was MNOK -577 as of 30/06/22. Net cash flow from financing

activities amounted to MNOK -479.

Total non-current liabilities recognized in the balance sheet was per 30/06/22

MNOK 1,753.

Total current liabilities amounted to MNOK 1,145 as of 30/06/22 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 per 30/06/22 325 employees which will sail the classic

coastal route and 34 employees in the administration.

Contacts:

CEO Bent Martini, +47 905 99 650

CFO Arne Johan Dale, +47 909 87 706