Havila Kystruten AS: Second quarter 2023 accounts
Second quarter 2023 is the last quarter with only 2 ships in full operation.
After the end of the quarter, the company has successfully refinanced existing debt, cleared away all problems related to sanctions and taken delivery of the last two ships, Havila Polaris and Havila Pollux.
The company realizing in second quarter an
- operating revenue of MNOK 172.
- average occupancy rate was 60%,
- average Cabin Rate (ACR) of NOK 4,469 and
- a utilization rate of 1.78 per cabin.
This performance was below our targeted occupancy.
Refinancing uncertainties and concerns about the delivery of the last two ships resulted in cancellations from customers apprehensive about their scheduled voyages.
Operational expenses remained elevated due to crewing costs for four vessels, initial crew training, high LNG prices, and legal fees associated with sanctions and the refinancing process.
The company’s second quarter EBITDA was MNOK -15, but after adjustments, the normalized EBITDA was MNOK 60 for the quarter and MNOK 80 YTD.
In normalized EBITDA, the extra salary costs, legal costs and other one-off costs have been subtracted.
We project a positive EBITDA for both third and fourth quarter of 2023. As we look to 2024, our booking trajectory is encouraging, having already met 50% of our capacity target.
We remain vigilant about currency fluctuations affecting our financials and actively hedge our currency obligations through foreign currency transactions.
Feedbacks from our passengers has been overwhelmingly positive, both in terms of our offerings and overall concept, and the Havila Kystruten brand continues to gain traction in the market.
Contacts:
Chief Executive Officer Bent Martini, + 47 905 99 650
Chief Financial Offficer Arne Johan Dale, +47 909 87 706
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