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Havila Shipping ASA: Second quarter 2022 accounts

Summary

The market for the company’s vessels in the second quarter has been better in all segments than the corresponding period in 2021. Revenues and profit are significantly affected by the sale of vessels.

Agreement with lenders entered into in 2020 clarifies the company’s obligations towards the lenders for the period until 2024. Five vessels that have been in lay-up, of which 3 AHTS and 2 PSV, have been sold by agreement. Of these, 3 vessels were sold in the second quarter and the last two vessels are expected to be sold in the third quarter.

Havila Shipping ASA achieved an operating income before depreciation of NOK 189.7 million in Q2 2022, compared with NOK 53.7 million in Q2 2021.

Total operating income was NOK 287.3 million in Q2 2022, compared with NOK 145.2 million in Q2 2021.

The group had as of 30/06/22 19 vessels operated from Fosnavåg, six for external owners.

The fleet utilization Q2 2022 was 93 % exclusive vessels in lay-up.

Result for 2 quarter 2022 

  • Total operating income amounted to NOK 287.3 million, whereof NOK 96.5 million is gain on sale of fixed assets (NOK 145.2 million).
  • Total operating expenses were NOK 97.6 million whereof NOK – 2.8 million is reimbursement of costs from the banks for the vessels in lay-up. This reimbursement is divided between NOK 0.6 million on crew expenses, NOK 1.1 million on vessel expenses and NOK 1.1 million on other operating expenses. (NOK 91.5 million whereof NOK – 7.7 million was change of loss on receivables). Ordinary operating expenses were NOK 100.4 million (NOK 99.2 million).
  • Operating profit before depreciation was NOK 189.7 million (NOK 53.7 million).
  • Depreciation was NOK 50.4 million (NOK 52.2 million).
  • Net financial items were NOK – 102.5 million (NOK – 1.1 million), whereof unrealized agio loss was NOK 88.8 million (unrealized agio loss NOK 2.6 million), and value adjustment of debt was NOK – 11.2 million (NOK 3.0 million).
  • The profit before tax was NOK 33.6 million (NOK 1.2 million).

  

Result for 1st half of 2022 

  • Total operating income amounted to NOK 435.2 million (NOK 245.7 million).
  • Total operating expenses were NOK 193.3 million whereof NOK – 19.7 million s reimbursement of costs from the banks for the vessels in lay-up. This reimbursement is divided between NOK 6.9 million on crew expenses, NOK 8.5 million on vessel expenses and NOK 4.3 million on other operating expenses. (NOK 175.8 million whereof NOK – 24.5 million is change of loss on trade receivables). Ordinary operating expenses amounts to NOK 213.1 million (NOK 200.2 million).
  • The operating profit before depreciation was NOK 241.9 million (NOK 70.0 million).
  • Depreciation was NOK 103.2 million (NOK 102.8 million).
  • Net financial items were NOK – 118.3 million (NOK – 78.7 million), whereof unrealized agio loss was NOK 83.6 million (unrealized agio loss NOK 2.0 million) and value adjustment of debt NOK – 29.8 million (NOK – 72.9 million).
  • The profit before tax was NOK 17.4 million (NOK – 111.6 million).

Balance and liquidity per 30/06/22 

Total current assets amounted to NOK 395.3 million on 30/06/22, whereof bank deposits were NOK 106.6 million (of this NOK 3.4 million restricted withholding tax). On 30/06/21, total current assets amounted to NOK 241.8 million, whereof bank deposits amounted to NOK 86.1 million (of this NOK 3.3 million restricted withholding tax).

Net cash flow from operations was per 30/06/22 NOK 39.4 million (NOK 57.5 million). Cash flow from investing activities was NOK 6.9 million (NOK – 28.7 million). Payment of loan instalments and lease liabilities constituted a net change from financing activities of NOK – 39.7 million (NOK – 48.7 million).

As of 30/06/22, the book value of the fleet is NOK 1,386 million. In 2021, the company carried out new impairment assessments on 31.12.19 and 30.06.20 following orders from Finanstilsynet. The effects of the changes are shown in note 7.

Total long-term loan debt recognized in the balance sheet was per 30/06/22 NOK 1,474 million, of which interest-bearing debt amounts to NOK 1,386 million and non-interest-bearing debt NOK 87 million. As of 30/06/22, nominal value of interest-bearing debt was NOK 2,114 million, and nominal value of non-interest-bearing debt was NOK 1,639 million. Of nominal interest-bearing debt 19.4 % are loans in USD, while the remaining loans are in NOK. Secured debt are classified as long-term debt, except from known instalments which is classified as short-term debt.

Fleet 

Havila Shipping ASA operates 18 vessels,

11 PSV

– Four owned externally

– One owned 50% and not consolidated

3  AHTS

3  Subsea (one hired out on bareboat contract)

1  RRV (bareboat)

Employees 

Havila Shipping ASA had per 30/06/22 400 employees on the company’s vessels and 15 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

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