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Havila Kystruten : Third quarter 2023 accounts

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September marked the first month of full operation for all four ships. Despite the delays with Havila Polaris and Havila Pollux in Q3, the average occupancy rate reached 70%, with an average cabin rate of NOK 4,466.

Revenues are naturally affected by the delays and lower than expected, but the company sees a positive revenue trend from the 2nd quarter and onward throughout the year.

In connection with refinancing, operating costs were affected by extraordinary expenses related to legal and financial advisors.

Currency fluctuations have had an impact on the financial statements and balance sheet, and the company is hedging its currency commitments through currency sales. The company assumes normalized operation of four ships going forward, without extraordinary costs. The company aims for an average occupancy rate of 80% for 2024, with 45% of all capacity already sold.

Interest in Havila Kystruten is continually growing both domestically and internationally, with positive feedback on the product and concept received daily.

Results for the third quarter of 2023:
- Total revenues were NOK 226 million, of which NOK 47 million were contract revenues.
- Operating costs consisted of NOK 32 million in cost of goods sold, NOK 78 million in labor costs, and NOK 152 million in other operating expenses.
- Operating profit before depreciation was NOK -36 million.
- Depreciation amounted to NOK 35 million.
- Net financial items were NOK -226 million.
- Pre-tax result was NOK -297 million.

Employees:
As of September 30, 2023, Havila Kystruten had 425 employees working on the classic coastal route and 40 employees in administration.

Contacts:
CEO Bent Martini, +47 905 99 650
CFO Arne Johan Dale, +47 909 87 706

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