Havila Kystruten AS

Earnings Release • Nov 28, 2022

Havila Kystruten AS : Third quarter 2022 accounts

Havila Kystruten AS : Third quarter 2022 accounts

Summary

Havila Kystruten sailed the entire 3rd quarter with two ships on route, Havila

Capella and Havila Castor. The occupancy for the period bears the stamp of

uncertainty and cancellations from several tour operators.

The operating costs are still characterized by the build-up phase, with

significant salary and operating costs related to the education and training of

crews before all the ships come into operation.

The price of LNG is still far higher than what is based on the company's tender

basis for the contract with the Ministry of Transport. To date, reimbursement of

LNG costs from the Ministry of Transport has been included in the amount of NOK

95 million, of which NOK 55 million applies to the third quarter.

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

concept, and is experiencing increased interest in the Havila Kystruten brand.

This has resulted in a steady increase in the number of orders, which already

represent about 50% of expectations for next year. The company is looking

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

Result for 3 quarter 2022

* The revenue was a total of MNOK 134, of which MNOK 34 was contractual

revenue

* Total operating expenses consists of MNOK 19 in cost of goods sold, MNOK 73

in payroll expenses and MNOK 57 in other operating expenses.

* EBITDA is MNOK - 15.

* Depreciation is MNOK 19.

* Net financial items are MNOK - 75.

* Profit before tax is MNOK - 109.

Result year to date 2022

* The revenue was a total of MNOK 247, of which MNOK 77 was contractual

revenue

* Total operating expenses consists of MNOK 38 in cost of goods sold, MNOK

169 in payroll expenses and MNOK 162 in other operating expenses.

* EBITDA is MNOK - 122.

* Depreciation is MNOK 45.

* Net financial items are MNOK - 164.

* Profit before tax is MNOK - 332.

Balance and liquidity per 30/09/22

Total fixed assets was MNOK 3,028, where investments in intangible assets and

deferred tax assets was MNOK 64, ships under construction had a value of MNOK

1,024 and operational ships MNOK 1,923.

Total current assets had a value of MNOK 246, where of bank deposits amounted to

MNOK 64 (of this MNOK 6 restricted withholding tax).

Net cash flow from operations was MNOK -109. Cash flow from investing activities

was MNOK 3. Net cash flow from financing activities amounted to MNOK 47.

Total non-current liabilities recognized in the balance sheet was MNOK 1,791.

Total current liabilities amounted to MNOK 1,178 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 30/09/22 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