Havila Kystruten AS: First quarter 2023 accounts

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 2022, which is at Euronext Growth Oslo and are available at the company's homepage.

Summary

Havila Kystruten sailed in the 1st quarter with two ships on route, Havila Capella and Havila Castor. During the period, both ships were each on their planned dockings. 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.

By deducting the increased operating costs mentioned above (MNOK 95), and lost income (MNOK 20) due the dockings, a normalized EBITDA would show a positive value of MNOK 20.

Accounts and balance sheets are affected by currency, and the company hedges its currency commitments with sales in foreign currency.

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 average occupancy 1st quarter was 67%.

Result for 1st quarter of 2023

•    The revenue was a total of MNOK 116, of which MNOK 43 was contractual revenue
•    Total operating expenses consists of MNOK 17 in cost of goods sold, MNOK 57 in payroll expenses and MNOK 137 in other operating expenses.
•    EBITDA is MNOK - 95.
•    Depreciation is MNOK 25.
•    Net financial items are MNOK - 82.
•    Profit before tax is MNOK - 202.

Balance and liquidity per 31/03/23

Total fixed assets was MNOK 3,180, where investments in intangible assets and deferred tax assets was MNOK 38 , ships under construction had a value of MNOK 1,173 and operational ships MNOK 1,917.

Total current assets had a value of MNOK 291, where of bank deposits amounted to MNOK 113 (of this MNOK 6 restricted withholding tax).

Net cash flow from operations was MNOK -85. Cash flow from investing activities was MNOK -89. Net cash flow from financing activities amounted to MNOK -15.

Total non-current liabilities recognized in the balance sheet was MNOK 16.

Total current liabilities amounted to MNOK 3,528 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 363 employees  per 31/03/23 which will sail the classic coastal route and 36 employees in the administration.

Contact:

Chief Executive Officer           Bent Martini, + 47 905 99 650

Chief Financial Officer            Arne Johan Dale, +47 909 87 706

Attachment

• Havila Kystruten AS - Q1 2023