Havila Kystruten AS

Earnings Release • Jun 20, 2022

Havila Kystruten AS: First quarter 2022 acounts

Havila Kystruten AS: First quarter 2022 acounts

General information

The interim accounts are prepared in accordance with IAS 34 Interim Financial

Reporting and are unaudited. The report should be read together with the annual

report for 2021, which is at Euronext Growth Oslo and are available at the

company's homepage.

Summary

In addition to the ordinary operation of Havila Capella the accounts for the

first quarter cover, salary and training costs for approximately 150 additional

employees for the preparation for the takeover and operation of Havila Castor.

Further building of the organization, investment in systems and not least the

extraordinary LNG costs as a result of the energy crisis and the war in Ukraine.

As a result of covid omicron, during the period there were increased costs

associated with extra crews to handle infection-reducing measures, and there was

a limitation in the number of guests and no law on alcohol serving, which led to

reduced sales revenues.

Bookings

Great and increasing demand from travelers - great focus on the environmental

side. Havila Castor and Havila Capella have been more or less sold out for the

summer season and throughout the year. The sanctioning of Havila Capella has led

to a number of cancellations and created uncertainty about predictability in the

sailings ahead, hence also lower rates with bookings. The company expects that

demand will pick up as soon as the situation related to Havila Capella is

resolved.

Result for 1st quarter of 2022

* Total operating expenses consists of payroll expenses of MNOK 43.6 and other

operating expenses of MNOK 53.3. Cost of Goods Sold is MNOK 7.3.

* EBITDA is MNOK -67,6.

* Depreciation is MNOK 9.8.

* Net financial items are MNOK 14.1.

* Profit before tax is MNOK -53.4.

Balance and liquidity per 31/03/22

Investments in intangible assets and deferred tax assets was MNOK 67.5 as of

31/03/22, meanwhile vessels under constructions had a value of MNOK 1 517.5.

Book value of Havila Capella 31/03/22 was MNOK 994.5.

Total current assets had a value of MNOK 313.8 as of 31/03/22, where of bank

deposits amounted to MNOK 230.9 (of this MNOK 3.9 restricted withholding tax).

Net cash flow from operations was MNOK -44.3 as of 31/03/22. Cash flow from

investing activities was MNOK -95.1 as of 31/03/22. Net cash flow from financing

activities amounted to MNOK -67.1.

Total non-current liabilities recognized in the balance sheet was per 31/03/22

MNOK 1,726.3.

Total current liabilities amounted to MNOK 586.6 as of 31/03/22 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 31/03/22 300 employees which will sail the classic

coastal route and 32 employees in the administration.

Contacts:

CEO Bent Martini, +47 905 99 560

CFO Arne Johan Dale, +47 909 87 706