Albatros Holding Aps

REVIEW FOR 2022

Development in the Company’s and Group's activitiesThis year, the revenue of the Group is 752.300 t.DKK with a net loss before tax of -29.580 t.DKK. This is tobe compared to a revenue of 177.979 t.DKK and a net loss before tax of -40.404 t.DKK last year.Financial reviewIn the annual report for 2022, Management expected a positive result for 2022. This was not achieved,mainly due to three reasons-The vessel, Ocean Atlantic, was delivered to Albatros Expeditions A/S from owners in summer 2022,after two years of layup during the Covid19 crisis. On delivery the vessel was not in a shape toconduct operation, and after a while it was clear that operation in the entire 2022 season with OceanAtlantic was not possible. The loss in 2022 for Albatros Expedition A/S, from not being able to conductoperation with Ocean Atlantic, amounts to approximately -24.000 t.DKK.-Write-down of the value of the vessel Ocean Atlantic has had a negative impact on the result forAlbatros Seven C's amounting to approximately 18.500 t.DKK.-Non-materialized losses in Albatros Travel A/S on the Company's securities, mainly due to a decline inthe value of corporate bonds - which will be regained as the bonds expire - amounts to -17.231 t.DKK.The result of the core business for the Group in 2022 (EBITDA), which amounted to 18.992 t.DKK (-23.170 losslast year), is in line with Management’s expectations for the year. The EBITDA result is considered satisfactory,especially when taking into consideration that 2022 was the first year with a more normalized operation afterCovid19.The result before tax, however, is considered non-satisfactory.