Havila Kystruten AS Achieves Strong Q3 Results and Growth Outlook

Havila Kystruten AS Reports Impressive Third Quarter Results

The third quarter of 2024 has proven to be a significant period for Havila Kystruten AS, as they continue to mark their presence in the industry with robust revenue growth and operational improvements. The results reflect strong performance and a solid outlook moving forward.

Key Performance Indicators of Q3 2024

In the latest quarter, Havila Kystruten AS reported revenue of NOK 464 million, demonstrating an impressive 62% increase from NOK 226 million during the same period last year. This remarkable growth is attributed to the increased number of operational ships and heightened occupancy rates, which rose from 70% to 78% year-over-year. Additionally, average cabin revenue surged from NOK 4,000 to NOK 5,200, significantly impacting the overall financial performance.

Operational Highlights

The company's effective management and operational strategies have led to noteworthy improvements in onboard sales, with average revenue per passenger night increasing from NOK 690 to NOK 770. This positive trend reflects enhanced passenger experiences aboard their vessels. The company also introduced a revised method for reporting key performance indicators (KPIs), now encompassing onboard sales alongside traditional metrics.

Financial Overview

Operating expenses for the quarter totaled NOK 336 million, primarily driven by costs associated with the company’s fleet of four ships. These expenses align with increased operational activities and the recent wage adjustments reflective of this year's negotiations. The EBITDA for this quarter reached NOK 128 million, a substantial recovery from the negative NOK 36 million observed in Q3 2023.

Impact of Currency Fluctuations

Despite the resilient performance, financial results were somewhat impacted by fluctuations in exchange rates, especially the valuation of the Norwegian krone against the euro, which resulted in unrealized losses. Nevertheless, Havila's adjusted equity stands strong at MNOK 3,858 when accounting for the current ship values.

Environmental Initiatives and Sustainability

Havila Kystruten AS remains committed to environmental stewardship, evidenced by a 30% reduction in CO2 emissions compared to reference levels from 2017. Moreover, the company achieved its sustainability target of minimizing food waste to under 75 grams per guest night, successfully recording an impressive 66 grams.

Looking Ahead: Future Development

The outlook for 2025 appears promising, with a rising demand for travel experiences in Norway. Havila Voyages' contemporary and eco-friendly ships have garnered international acclaim, positioning the company for continued growth. Notably, 73% of the capacity for 2024 has already been sold, with plans indicating an average occupancy of approximately 75%.

Strategic Initiatives for Revenue Growth

To further enhance revenue, Havila is implementing strategies focusing on direct bookings, which typically yield higher rates closer to departure dates. As of late November, 41% of the 2025 capacity has already been secured at significantly elevated prices. The company aims to strike a delicate balance between maintaining high occupancy and optimizing pricing strategies throughout the year.

Workforce and Employment Status

As of September 30, 2024, Havila Kystruten employed a dedicated team of 538 permanent employees, including 479 seafarers and 59 personnel in administration. This skilled workforce is essential for ensuring effective daily operations and the overall success of the company.

Contact Information

For further inquiries, the following contacts are available:

Chief Executive Officer: Bent Martini, +47 905 99 650

Chief Financial Officer: Aleksander Røynesdal, +47 413 18 114

Frequently Asked Questions

What were the key revenue figures for Havila Kystruten in Q3 2024?

In Q3 2024, Havila Kystruten reported revenues of NOK 464 million, marking a 62% increase compared to the previous year.

How did the company's occupancy rates change in Q3 2024?

Occupancy rates increased from 70% in Q3 2023 to 78% in Q3 2024, reflecting higher demand and effective management.

What is the company's strategy for future growth?

Havila Kystruten aims to boost direct bookings and optimize pricing strategies, targeting a balance between occupancy and revenue.

How many employees does Havila Kystruten have?

As of September 30, 2024, the company employs 538 permanent staff members, including seafarers and administrative personnel.

What are the company's sustainability initiatives?

Havila has reduced CO2 emissions by 30% compared to 2017 levels and successfully minimized food waste to 66 grams per guest night.

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