Havila Shipping ASA: Second quarter 2019 accounts

Summary
Havila Shipping ASA achieved an operating income before depreciation of NOK 75.5 million in Q2 2019, compared with NOK 43.9 million in Q2 2018.

• Total operating income was NOK 191.3 million in Q2 2019, compared with NOK 155.2 million in Q2 2018.
• The group had as of 30/06/19 23 vessels operated from Fosnavåg, six for external owners.
• The group had 3 AHTS vessels laid up at the end of Q2 2019.
• The fleet utilization Q2 2019 was 85 % exclusive vessels in lay-up.

Result for 2 quarter 2019

• Total operating income amounted to NOK 191.3 million (NOK 155.2 million).
• Total operating expenses were NOK 115.7 million (NOK 111.3 million).
• The operating profit before depreciation was NOK 75.5 million (NOK 43.9 million).
• Depreciation was NOK 80.2 million (NOK 91.7 million).
• Net financial items were NOK -52.0 million (NOK -83.7 million), whereof unrealized agio gain was NOK 7.4 million (unrealized agio loss NOK 36.7 million).
• The profit before tax was NOK -57.5 million (NOK -133.1 million).

Result for 1st half of 2019

• Total operating income amounted to NOK 339.8 million (NOK 279.9 million).
• Total operating expenses were NOK 230.0 million (NOK 217.9 million).
• The operating profit before depreciation was NOK 109.8 million (NOK 61.9 million).
• Depreciation was NOK 160.0 million (NOK 181.6 million).
• Net financial items were NOK -97.2 million (NOK -89.3 million), whereof unrealized agio gain was NOK 16.1 million (unrealized agio gain NOK 2.7 million).
• The profit before tax was NOK -149.3 million (NOK -213.4 million).

Balance and liquidity per 30/06/19

• The book value of the fleet is NOK 3,070 million. Total current assets amounted to NOK 345.2 million on 30/06/19, whereof bank deposits were NOK 100.4 million (of this NOK 3.2 million restricted). On 30/06/18, total current assets amounted to NOK 388.4 million, whereof bank deposits amounted to NOK 141.7 million (of this NOK 8.7 million restricted).
• Net cash flow from operations was year to date NOK 47.3 million (NOK -35.9 million). Cash flow from investing activities was NOK -19.0 million (NOK -31.3 million). Payment of loan instalments and lease liabilities constitute a net change from financing activities of NOK –12.9 million (NOK -42.9 million).
• Total interest-bearing debt per 30/06/19 is NOK 4, 124.7 million. Of interest-bearing debt, 18.5 % is loan in USD, while the remainder is in NOK. Secured debt are classified as long term debt, except from first year instalment is classified as short term debt.

Fleet
Havila Shipping ASA operates 23 vessels,
14 PSV
- Four owned externally
- One owned 50% and not consolidated
5 AHTS
3 Subsea
1 RRV (bareboat)

Employees
Havila Shipping ASA had per 30/06/19 451 employees on the company’s vessels and 34 employees in the administration.

Contacts:
CEO Njål Sævik, +47 909 35 722
CFO Arne Johan Dale, +47 909 87 706

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

Attachment

• Q219HAVILASHIPPINGASA