Press release | Fourth quarter results 2023
Last changed: Friday, March 1, 2024 4:00 PM
The Group continues to see improvement in financial performance in Q4 2023, focus is on building occupancy to support earnings recovery and growth. Total revenue in fourth quarter 2023 was EUR 146 million for the Group, a EUR 10 million increase compared to fourth quarter of 2022.
The Group had negative EBITDA of EUR 34.3 million in the fourth quarter of 2023 compared to negative EUR 32.7 million in the same period last year. This lower EBITDA is largely driven by one-off SG&A costs relating to ongoing advisor costs for various workstreams including split of the businesses (EUR 8.9 million), partially offset by an increase in revenue.
Net cash outflow from operating activities in fourth quarter of 2023 was EUR 10 million compared to an outflow of EUR 6 million in fourth quarter 2022, driven by negative EBITDA partially offset by working capital inflow. Net cash outflow from investing activities was EUR 10 million in fourth quarter 2023 compared to an outflow of EUR 18 million in fourth quarter 2022 mainly related to capital expenditures for environmental ship upgrades on Hurtigruten vessels and scheduled dockings.
In December 2023 the Group announced that it had obtained a waiver of the minimum liquidity covenant under its senior facilities and senior notes facilities for the month ending November 2023.
The Group also announced in December that it had reached an agreement with a group of existing lenders on a transaction which provides the Group with material new liquidity, a reduction in cash paying debt and extended maturities. As part of the transaction the Group secured additional funding in December through a EUR 74 million Interim Facility providing the Group with net liquidity of EUR 33 million after repayment of leases and transaction fees. As of 31 December 2023, Hurtigruten Group had an available free liquidity position of EUR 48 million. The transaction was fully implemented on 23 February 2024 (see press release here https://www.hurtigruten.com/group/investors/announcements/775E867C5CA93509/).
As of 29 February 2024, Hurtigruten Group had EUR 461 million in pre-booked revenue for 2024, an increase of 6 % compared to same time prior year. Pre-booking for 2025 is showing good momentum during the key sales window with the 90 day average bookings up 9 % respectively on the same time prior year.