INTERIM REPORT FOR Q2 AND FIRST HALF

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Letitia Atkins
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1 INTERIM REPORT FOR Q2 INTERIM REPORT FOR Q2 AND FIRST HALF 2011

2 HIGHLIGHTS

3 Profit of NOK 62 million in Q2 for Hurtigruten Pre-tax profit NOK 62 million (NOK 142 million) Bus assets written down NOK 40 million Cancelled sailings NOK 30 million Reduced revenue from port to port business Increased fuel prices Healthy roundtrip development +8% Positive consequences from 134 hours live TV ESA issue Page 3

4 Hurtigruten group income statement Hurtigruten group Q2 Q2 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 Smaller bus business Lost Tromsø bus tender, effective February 2012 Bus business reduced by 50%, still profitable Written off all goodwill NOK 30 million Written down bus assets NOK 10 million Page 5

6 Schedule changes in Q2 EBITDA impact of MNOK 26 million for Norwegian coast MV Kong Harald - grounding north of Ålesund MV Polarlys - propeller problem Teknis sk Vær Forsink ket Ukjent SKIP TD WT DL XX Total Jan Feb Mar Apr Mai Jun Jul Total % Skip Lofoten ,5 % Nordstjernen ,0 % Finnmarken % 0,0 Midnatsol ,0 % Trollfjord ,7 % Nordnorge ,0 % Polarlys ,3 % Nordkapp ,3 % Kong Harald ,6 % Nordlys ,2 % Richard With ,8 % Vesterålen ,7 % TOTAL ,0 % % 56,2 % 34,1 % 4,5 % 5,2 % 100,0 % 12,1 % 11,5 % 29,8 % 20,8 % 21,8 % 1,8 % 2,2 % 100,0 % % av totale ruteavvik Antall havner totalt t 4,9 % 5,1 % 10,1 % 6,6 % 6,9 % 0,6 % 0,7 % 2,9 % % ruteavvik pr måned Page 6

bankrupt in May 800 guests and 6 000 cruise nights affected EBITDA impact

7 MV Polar Star cancelled whole season EBITDA impact of MNOK 4 million in Q2 MV Polar Star chartered for Spitsbergen cruises June August, owner bankrupt in May 800 guests and cruise nights affected EBITDA impact for Hurtigruten NOK 15 million, of which NOK 4 million in Q2 MV Polar Star Page 7

8 Port to port challenge No of Cruise nights Jan Feb Mar Apr May Jun Cruise nights from port to port guests first half Page 8

9 Round trip product with solid growth in all months Stable prices and solid volume growth (+10%) No of cruise nights Jan Feb Mar Apr May Jun Cruise nights from round trip guests first half Page 9

10 Increased fuel prices - But measures to reduce consumption show effects Fuel cost per litre Litre per nautical mile 5 4,5 4 3,5 3 2,5 2 3,4 3,68 4,15 4,7 110,00 100,00 90,00 80,00 70, , ,00 40,00 30,00 20, Q1 Q2 Page 10

11 Capacity utilization improved - 73% utilization, compared to 68% utilization first half of last year Capacity utilization, comparing 2011 vs % 10 % 20 % 30 % 40 % 50 % 60 % 70 % 80 % 90 % 100 % 110 % Jan Feb Mar Apr May Jun Page 11

12 ACCOUNTS Q2 AND FIRST HALF 2011

13 Hurtigruten group income statement Hurtigruten t group Q2 Q2 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 Ship manning 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 * 1/7 of annual contractual revenues from Public Procurement Contract booked in Q2 and 4/7 in first half Page 13

14 Hurtigruten group Balance sheet (IFRS) (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 14

15 Product information Operating profit before depreciation (EBITDA) Hurtigruten t group Q2 Q2 Year to date Year to date (NOK 1 000) Hurtigruten Norwegian coast Explorer products/spitsbergen Charter Other business 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 15

16 Hurtigruten Norwegian coast - MNOK 26 million in loss from cancellations in Q2 Hurtigruten t Norwegian coast Q2 Q2 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 Ship manning costs Fuel Other cruise operating costs * Total cruise operating costs S, G & A Total operating costs EBITDA * Includes harbour costs, repair & maintenance, insurance and other operating costs Page 16

17 Explorer products/spitsbergen* - Positive MV Fram development offset by MV Polar Star cancellation Consolidated d Explorer products & Spitsbergen Q2 Q2 Year to date Year to date (NOK 1 000) Passenger ticket revenues Onboard revenues Goods, cars and other revenues Total revenues Commissions, transportation and other Onboard Ship manning 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 17

18 Charter -Normal operation Charter Q2 Q2 Year to date Year to date (NOK 1 000) Onboard revenues Charter revenues Other operating revenues Total revenues Onboard Ship manning costs Other cruise operating costs Total cruise operating costs S, G & A Total operating costs EBITDA Page 18

19 Other business Other business Q2 Q2 Year to date Year to date (NOK 1 000) Goods, cars and other revenues Contractual revenues Total revenues Ship manning costs Other cruise operating costs Total cruise operating costs S, G & A Total operating costs Other (losses)/gains - net EBITDA Page 19

20 Discontinued business Discontinued business Q2 Q2 Year to date Year to date (NOK 1 000) Fast ferries Nor Lines group Profit/loss before tax Page 20

21 MEASURES AND PROSPECTS

22 Hurtigruten minutt for minutt hours live TV - A fantastic celebration for Hurtigruten and for the Norwegian coast

23 Hurtigruten minutt for minutt - Positive consequences for Hurtigruten t Visits to tripled in June from June 2010 Nordic bookings made for future sailings increased by 45%* clips in 330 media (newspapers, radio and TV in Norway) during the program new Facebook followers and trending topic on Twitter 3 days Viewers from 148 countries followed the program online More than 3 million viewers on TV, made it the most popular TV program in NRK2 ever Nordic Continental Europe UK/US/RoW Booked in 2010 Booked in 2011 * New cruise nights booked between 16 June - 25 July 2011 vs. 2010

24 5.5% higher booking than last year Cruise nights The development graph for pre booked CN (RT+PP) vs % * Booking status as of 15 August 2011 Page 24

25 Positive development for explorer sailings with MV Fram -Capacity utilization improved for all products Greenland Antarctica Spitsbergen Europe 0 % 20 % 40 % 60 % 80 % 100 % * Booking status as of 15 August 2011

26 Charter Current contract expires 30 October 2011 Contract revenue AUD 135 million for 18 months Possible option up to 18 months EBITDA NOK 58 million in Q Page 26

27 ESA issue ESA ruled on 29 June that current contract (amendment of October 2008) between Norwegian state and Hurtigruten represents illegal state aid Hurtigruten has recognized revenue of NOK 333 million as per Q2 of which NOK 130 million is received Hurtigruten will appeal Page 27

28 Low profit due to non-recurring items Cost development under control No investment in new ship 10% more round trip cruise nights first half of 2011 Significantly improved state contract from 1 January 2012 Page 28

29 APPENDIX

30 Explorer products; - Solid Q2 with more guests and improved prices Explorer products Q2 Q2 Year to date Year to date (NOK 1 000) Passenger ticket revenues Onboard revenues Goods, cars and other revenues Total revenues Commissions, transportation and other Onboard Ship manning costs Fuel Other cruise operating costs Total cruise operating costs S, G & A Total operating costs EBITDA Page 30

31 Spitsbergen - Weaker due to cancellation of MV Polar Star season and lower prices Spitsbergen Q2 Q2 Year to date Year to date (NOK 1 000) Passenger ticket revenues Onboard revenues Other revenues Total revenues Commissions, transportation and other Onboard Ship manning costs Other cruise operating costs Total cruise operating costs S, G & A Total operating costs EBITDA Page 31

More cruise nights and marginally improved result

INTERIM REPORT FOR Q1 2011 HIGHLIGHTS More cruise nights and marginally improved result Pre-tax result improved by NOK 7 million from Q1 2010 8.6% more cruise nights improved the capacity utilization to