Havila Kystruten AS

Earnings Release • Mar 28, 2022

Havila Kystruten AS: Fourth quarter 2021 accounts

Havila Kystruten AS: Fourth quarter 2021 accounts

Summary

Havila Kystruten's sailing along the coast started from Bergen on 12 December

2021 with the first roundtrip to Kirkenes for Havila Capella. In addition to

ordinary operations, the accounts for the fourth quarter also cover costs for

preparations for start-up. This includes training and coaching of crews for both

Havila Capella and Havila Castor, building up the organization, and costs for

sailing Havila Capella from Turkey to Norway. During 2022, the company will

switch to ordinary operations as the ships are delivered and are ready for

sailing on the world's most beautiful coastal voyage.

Norwegian governments corona restrictions from December to the middle of

January, have given negative effects on the company's revenues.

Bookings

Havila Kystruten is experiencing great and increasing interest from travelers.

Confirmed bookings for the rest of the year represent an average more than 70 %

for Havila Capella and the equivalent for Havila Castor from planned start-up in

May 2022. With regards to allocated capacity in accordance with the agreement

with the Ministry of Transport and Communications and the rising demand, the

company is satisfied with the occupancy.

Result for 4th quarter of 2021

* Total operating expenses consists of payroll expenses of MNOK 33.7 and other

operating expenses of MNOK 34.1. Cost of Goods Sold is MNOK 1.5.

* Of total operating expenses MNOK 23 is startup cost related to preparing

startup of Havila Capella.

* EBITDA is MNOK -60.7.

* Depreciation is MNOK 3.8.

* Net financial items is MNOK 10.5.

* Profit before tax is MNOK -54.

Balance and liquidity per 31/12/21

* Investments in intangible assets and deferred tax assets was MNOK 58.1 as of

31/12/21, meanwhile vessels under constructions had a value of MNOK

1 433.3. Book value of Havila Capella 31/12/21 was MNOK 998.6.

* Total current assets had a value of MNOK 481.4 as of 31/12/21, where of bank

deposits amounted to MNOK 437.5 (of this MNOK 5.8 restricted withholding

tax).

* Net cash flow from operations was MNOK -55.5 as of 31/12/21. Cash flow from

investing activities was MNOK -1 463.7 as of 31/12/21. Net cash flow from

financing activities amounted to MNOK 1 955.7.

* Total non-current liabilities recognized in the balance sheet was per

31/12/21 MNOK 1 868.5.

Total current liabilities amounted to MNOK 468.2 as of 31/12/21 consisting

of trade payable, value added taxes, current liabilities to the owners,

incurred expenses and advances from customers.

Employees

Havila Kystruten had per 31/12/21 288 employees which will sail the classic

coastal route and 22 employees in the administration.

Contacts:

CEO Bent Martini, +47 905 99 650

CFO Arne Johan Dale, +47 909 87 706

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act