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
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