PRELIMINARY ACCOUNTS FOR 2012

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1 INTERIM REPORT FOR Q AND INTERIM REPORT FOR Q AND PRELIMINARY ACCOUNTS FOR 2012

2 HIGHLIGHTS

3 Q4 with growth in volume and improved normalized EBITDA MNOK 261 improvement in normalized EBITDA from 2011 Pre-tax loss of NOK 278 million in Q4 adjusted for one offs (net negative one offs of MNOK 75) Accounted pre-tax loss NOK 353 million Normalized EBITDA of NOK -85 million Cruise revenue for Norwegian coast higher than Q Number of cruise nights from port to port traffic +13.6% Number of cruise nights from round trips +3.6% Net ticket revenue -7.2% 72% Improved regularity positive for port to port traffic Positive development in on board sales including excursions Fuel costs up by 29% Pre-tax loss of NOK 122 million in 2012 adjusted for one offs (net negative one offs of MNOK 188) Accounted pre-tax loss NOK 310 million Normalized EBITDA of NOK 538 million Page 3

4 Hurtigruten group income statement Hurtigruten group Q4 Q4 Year to date Year to date (NOK 1 000) Operating revenues Operating expenses Other losses/(gains) - net EBITDA Depreciation & impairment losses EBIT Net financial items Share of profit/loss of associates Profit (loss) before tax for continued business Profit (loss) before tax for discontinued business Net profit (loss) before tax Page 4

5 Significant reduction in balance risk going forward - NOK 188 million in net negative one offs in 2012 Provision of NOK 108 million after loss in EFTA-court Settlement on the charter contract for MS Finnmarken with a loss of NOK 99 million Impairment losses of NOK 16 million for MS Nordstjernen and fast ferries Insurance settlement for MS Nordlys with an accounting effect of net NOK 28 million Page 5

6 Increased demand in Q % in port to port volumes +3.6% in roundtrip volumes Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Q4 Cruise nights from both round trip and port to port, Norwegian coast Page 6

7 More capacity, higher volume but lower utilization % increased capacity in Q4 from MS Finnmarken replacing MS Nordstjernen and 11 ships during winter Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec UTILIZATION tot. CAPACITY UTILIZATION 2012 vs % 10 % 20 % 30 % 40 % 50 % 60 % 70 % 80 % 90 % 100 % % without MS Finnmarken Page 7

8 Operating costs under control - Reflects higher h volume - Fuel costs affected by increased oil price S, G & A Fuel Crew costs Other operating costs Onboard Guest related costs NOK in thousand Q Q Costs for product area Norwegian coast Q4 S,G&A = Sales, general and administration cost Page 8

9 Net ticket revenue per cruise night in Q4 and % -7.2% Q4 YTD

10 Improved operations in 2012 Positive impact on port to port traffic No of cancelled ports Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Page 10

11 Fuel costs Hurtigruten increased by NOK 99 million from 2011 to 2012 Price development SDM 7,5 6,5 5,5 4,5 3,5 Price per liter 2,5 1,5 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan

12 Focus on on board sales and excursions gives results - Food and beverage sales up by 11% and excursion sales up by 34% in Q Excursion sales in Q4 Okt Nov Des From 17 excursions in 2006 to 42 excursions in 2012 From 1.9 excursions per guest in 2006 to 3.2 excursions per guest in 2012 Page 12

13 ACCOUNTS Q AND PRELIMINARY YEAR 2012

14 Hurtigruten group income statement Hurtigruten group Q4 Q4 Year to date Year to date (NOK 1 000) Passenger ticket revenues Onboard revenues Goods, cars and other revenues Contractual revenues Total revenues Commissions, transportation and other Onboard Crew costs Fuel Other cruise operating costs Total cruise operating costs S, G & A Total operating costs Other losses/(gains) - net EBITDA Depreciation Impairment losses EBIT Net financial items Share of profit/loss of associates Profit (loss) before tax for continued business Profit (loss) before tax for discontinued business Net profit (loss) before tax Page 14

15 Hurtigruten group Normalized result Normalized Normalized Year to date Normalized Normalized (NOK 1 000) Q One off's Q Q One off's YTD 2012 YTD 2011 Hurtigruten Norwegian coast Explorer products Spitsbergen Other business EBITDA Depreciation Impairment losses EBIT Net financial items Share of profit/loss of associates Profit/loss continued business Profit/loss discontinued business Profit/loss before tax

16 Hurtigruten group Balance sheet (NOK 1 000) Assets Tangible non-current assets Intangible non-current assets Financial non-current assets Current assets Assets held-for-sale Total assets Equity and liabilities Paid-in capital and retained earnings Minority interests Total equity Non-current liabilities Provisions Current liabilities Liabilities on assets held-for-sale Total liabilities Total equity and liabilities Page 16

17 Product information Operating profit before depreciation (EBITDA) Hurtigruten group Q4 Q4 Year to date Year to date (NOK 1 000) Hurtigruten Norwegian coast Explorer products Spitsbergen Other business EBITDA Page 17

18 Hurtigruten Norwegian coast Hurtigruten Norwegian coast Q4 Q4 Year to date Year to date (NOK 1 000) Passenger ticket revenues Onboard revenues Goods, cars and other revenues Contractual revenues Total revenues Commissions, transportation and other Onboard Crew costs Fuel Other cruise operating costs Total cruise operating costs * S, G & A Total operating costs Other (losses)/gains - net EBITDA * Includes harbour costs, repair & maintenance, insurance and other operating costs Page 18

19 Explorer products/spitsbergen* Consolidated Explorer products & Spitsbergen Q4 Q4 Year to date Year to date (NOK 1 000) Passenger ticket revenues Onboard revenues Other operating revenues Total revenues Commissions, transportation and other Onboard Crew costs Fuel Other cruise operating costs Total cruise operating costs S, G & A Total operating costs EBITDA * Separate results per product area in appendix Page 19

20 Other business Other business Q4 Q4 Year to date Year to date (NOK 1 000) Operating revenues Contractual revenues Total revenues Crew costs Other cruise operating costs Total cruise operating costs S, G & A Total operating costs Other losses/(gains) - net EBITDA Other business consist of bus operation through AS TIRB/Cominor, HRG Eiendom AS and fast ferries Page 20

21 Discontinued business Discontinued business Q4 Q4 Year to date Year to date (NOK 1 000) Charter Profit/loss before tax Page 21

22 MEASURES AND PROSPECTS

23 Hurtigruten 120 years in An important part of marketing efforts throughout the year 11 sailings including the 2nd of July will be special 120 year anniversary sailings These sailings will include: New excursions A new dinner menu based on 1893 Sailing the Lyngen fjord Folk music concerts Special birthday ceremony on the 2nd of July And more to come Taking care of Hurtigrutens rich Taking care of Hurtigrutens rich history is also part of our future

24 Improved results from Spitsbergen in 2012 Promising i prospects for 2013 New flight services gives opportunities both for existing and new customer segments Successful focus on development of winter season and Christmas event Positive booking figures for hotels, excursion and cruises in 2013 Better cross utilization of the customers between Spitsbergen Travel, Hurtigruten and Explorer

25 Savings of more than NOK 60 million trough efficiency program - Full effect from 2014 General staff reductions within administrative i ti functions New corporate center in Tromsø Phasing out the current operations in Narvik Improved focus on commercial activities supported by the new organization Establishment of a crew company Proximity to the operation Divestment of non strategic assets Additional effects expected from phase two of the efficiency program International sales- and marketing organization and Spitsbergen Travel

26 New organization reflects increased commercial focus - With effect from 31 March 2013 CEO Finance ICT HR Development Crew centre Communication & Public Affairs Price & Revenue Management Product & Marketing Sales Hotel Operations Maritime Operations QA

27 Opportunities in 2013 New organization Simplified organizational structure Improved focus on commercial activities Proximity to the operation Improved cost control People development Available capacity without t investments t Huge sales potential in the Nordic countries Reduced balance risk Reduced debt Focus on core business Page 27

28 APPENDIX

29 Explorer products Explorer products Q4 Q4 Year to date Year to date (NOK 1 000) Passenger ticket revenues Onboard revenues Other operating revenues Total revenues Commissions, transportation and other Onboard Crew costs Fuel Other cruise operating costs Total cruise operating costs S, G & A Total operating costs EBITDA Page 29

30 Spitsbergen Spitsbergen Q4 Q4 Year to date Year to date (NOK 1 000) Passenger ticket revenues Onboard revenues Other operating revenues Total revenues Commissions, transportation and other Onboard Crew costs Other cruise operating costs Total cruise operating costs S, G & A Total operating costs EBITDA Page 30

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