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Summary

Freight revenues were NOK 148.0 million in Q4 2024, at the same level as the corresponding period last year and an increase of NOK 7.1 million compared to the previous quarter.

The average rate is higher this quarter than the previous quarter, and utilization is on same level as the previous quarter. Operating expenses were NOK 87.7 million in Q4 2024, a decrease compared to Q4 2023 of NOK 1.6 million and an increase compared to the previous quarter of NOK 6.5 million.

The company achieved an operating income before depreciation of NOK 68.2 million in Q4 2024, compared with NOK 72.9 million in Q4 2023.

No impairment charges or reversals of previous impairment charges were made in the fourth quarter. In the fourth quarter last year, previous impairment charges were reversed by NOK 400.0 million.

Value adjustment of the company’s debt amounted to NOK - 19.5 million in the fourth quarter compared to NOK - 478.7 million in the corresponding period last year.

Profit before tax was NOK 2.6 million in Q4 2024, compared with NOK   28.7 million in Q4 2023.

Three banks and the owners of two bond loans chose settlement as per the restructuring agreement as of 31/12/24. Interest-bearing debt of NOK 500 million was settled through refinancing.

At the same time, non-interest-bearing debt of NOK 522 million was converted into 123,281,190 shares in the company.

Havila Holding simultaneously converted NOK 46 million of the liquidity loan into 128,111,385 shares in the company to maintain its ownership interest of 50.96% of the shares.

The fair value of converted debt to equity amounted to NOK 299 million.

The group had as of 31/12/24 14 vessels operated from Fosnavåg, six for external owners.

The fleet utilization in Q4 2024 was 92 %.

Result for 4 quarter 2024

• Total operating income amounted to NOK 155.9 million (NOK 162.2 million).

• Total operating expenses were NOK 87.7 million (NOK 89.3 million).

• Operating profit before depreciation was NOK 68.2 million (NOK 72.9 million).

• Depreciation was NOK 39.0 million (NOK 24.2 million).

• Net financial items were NOK - 23.4 million (NOK - 478.8 million) whereof value adjustment of debt was NOK - 19.5 million (NOK - 478.7 million).

• The profit before tax was NOK 2.6 million (NOK - 28.7 million).

Result 2024

• Total operating income amounted to NOK 585.1 million (NOK 912.2 million whereof NOK 215.0 million was gain on sale of fixed assets).

• Total operating expenses were NOK 324.8 million (NOK 431.2 million).

• The operating profit before depreciation was NOK 260.3 million (NOK 488.1 million).

• Depreciation was NOK 146.3 million (NOK 131.6 million).

• Reversal of impairment charge of fixed assets was NOK 154.0 million (NOK 865.0 million).

• Net financial items were NOK - 255.7 million (NOK - 1,105.3 million), whereof value adjustment of debt NOK - 249.5 million (NOK - 1,080.8 million).

• The profit before tax was NOK 10.4 million (NOK 113.1 million).