Havila Shipping ASA: Third quarter 2019 accounts

Summary

Havila Shipping ASA achieved an operating income before depreciation of NOK 92.9 million in Q3 2019, compared with NOK 45.8 million in Q3 2018.

Total operating income was NOK 211.5 million in Q3 2019, compared with NOK 167.7 million in Q3 2018.

The group had as of 30/09/19 23 vessels operated from Fosnavåg, six for external owners.

The group had 3 AHTS vessels laid up at the end of Q3 2019.

The fleet utilization Q3 2019 was 86 % exclusive vessels in lay-up.

Result for 3 quarter 2019

Total operating income amounted to NOK 211.5 million (NOK 167.7 million).
Total operating expenses were NOK 118.6 million (NOK 121.9 million).
The operating profit before depreciation was NOK 92.9 million (NOK 45.8 million).
Depreciation was NOK 81.2 million (NOK 93.7 million).
Net financial items were NOK -110.7 million (NOK -42.1 million), whereof unrealized agio loss was NOK 51.7 million (unrealized agio loss NOK 3.2 million).
The profit before tax was NOK -100.0 million (NOK -91.8 million).

Result year to date 2019

Total operating income amounted to NOK 551.3 million (NOK 447.5 million).
Total operating expenses were NOK 348.6 million (NOK 339.8 million).
The operating profit before depreciation was NOK 202.7 million (NOK 107.7 million).
Depreciation was NOK 241.3 million (NOK 275.3 million).
Net financial items were NOK -208.0 million (NOK -131.4 million), whereof unrealized agio loss was NOK 35.9 million (unrealized agio loss NOK 0.5 million).
The profit before tax was NOK -249.4 million (NOK -305.2 million).

Balance and liquidity per 30/09/19

The book value of the fleet is NOK 2,995 million.

Total current assets amounted to NOK 379.6 million on 30/09/19, whereof bank deposits were NOK 92.5 million (of this NOK 0.8 million restricted). On 30/09/18, total current assets amounted to NOK 351.9 million, whereof bank deposits amounted to NOK 86.5 million (of this NOK 1.1 million restricted).

Net cash flow from operations was year to date NOK 43.1 million (NOK -49.5 million). Cash flow from investing activities was NOK -17.9 million (NOK -40.3 million). Payment of loan instalments and lease liabilities constitute a net change from financing activities of NOK –18.2 million (NOK -70.2 million).

Total interest-bearing debt per 30/09/19 is NOK 4, 213.3 million. Of interest-bearing debt, 19.2 % 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 30/09/19 463 employees on the company’s vessels and 33 employees in the administration.

Contact:
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

• Q3HAVILA2019