Summary
The group's PSV vessels achieved higher rates and utilization in the second
quarter. One PSV vessel was taken out of lay-up and was on contract from May
2021. The group's subsea vessels also contributed to improved earnings in the
second quarter. One of the group's subsea vessels entered into a 3-month
contract in mid-April 2021, which was later extended up to February 2022.
An agreement with the lenders entered into in 2020 clarifies the company's
obligations to the lenders for the period until 2024. The agreement does not
prevent the company's fleet from being reduced as a result of the sale of
vessels with lower revenues than operating costs for the individual vessel.
Havila Shipping ASA achieved an operating income before depreciation of NOK
53.7 million in Q2 2021, compared with NOK 40.6 million in Q2 2020.
* Total operating income was NOK 145.2 million in Q2 2021, compared with NOK
201.0 million in Q2 2020.
* The group had as of 30/06/21 23 vessels operated from Fosnavåg, six for
external owners.
* The group had 3 AHTS and 3 PSV vessels laid up at the end of Q2 2021.
* The fleet utilization Q2 2021 was 90 % exclusive vessels in lay-up.
Result for 2 quarter 2021
* Total operating income amounted to NOK 145.2 million (NOK 201.0 million).
* Total operating expenses were NOK 91.5 million whereof NOK - 7.7 million is
change of loss on receivables (NOK 160.4 million whereof NOK 37.0 million
was change of loss on receivables). Ordinary operating expenses were NOK
99.2 million (NOK 123.4 million).
* Operating profit before depreciation was NOK 53.7 million (NOK 40.6
million).
* Depreciation was NOK 61.7 million (NOK 87.6 million).
* Impairment charge of fixed assets was NOK 0 million (NOK 521.0 million).
* Net financial items were NOK 6.3 million (NOK 2,.026.1 million), whereof
unrealized agio loss was NOK 1.7 million (unrealized agio gain NOK 79.1
million), and value adjustment of debt was NOK 10.4 million (NOK 2,234.5
mllion).
* The profit before tax was NOK -0.9 million (NOK 1,457.9 million).
Result for 1st half of 2021
* Total operating income amounted to NOK 245.7 million (NOK 409.9 million).
* Total operating expenses were NOK 175.8 million whereof NOK - 24.5 million
is change of loss on trade receivables (NOK 298.8 million whereof NOK 52.8
million is change of loss on trade receivables). Ordinary operating expenses
amounts to NOK 200.2 million (NOK 246.0 million).
* The operating profit before depreciation was NOK 70.0 million (NOK 111.1
million).
* Depreciation was NOK 121.8 million (NOK 174.5 million).
* Impairment charge of fixed assets was NOK 0 (NOK 521.0 million).
* Net financial items were NOK - 7.0 million (NOK 1,810.5 million), whereof
unrealized agio loss was NOK 2.3 million (unrealized agio loss NOK 80.9
million) and value adjustment of debt NOK - 1.2 million (NOK 2,016.6 million
related to the implementation effects of the restructuring agreement with
the company's lenders).
* The profit before tax was NOK -58.9 million (NOK 1,226.2 million).
Balance and liquidity per 30/06/21
Total current assets amounted to NOK 241.8 million on 30/06/21, whereof bank
deposits were NOK 86.1 million (of this NOK 3.3 million restricted withholding
tax). On 30/06/20, total current assets amounted to NOK 473.7 million, whereof
bank deposits amounted to NOK 239.1 million (of this NOK 3.5 million restricted
withholding tax and NOK 86.9 restricted cash related to interest and installment
payments).
Net cash flow from operations was in 2021 NOK 57.5 million (NOK 61.5 million).
Cash flow from investing activities was NOK -28.7 million (NOK -13.5 million).
Payment of loan instalments and lease liabilities constituted a net change from
financing activities of NOK -48.7 million (NOK 85.5 million whereof NOK 100.0
million was raising a covertible shareholder loan).
As of 30/06/21, the book value of the fleet is NOK 1,827 million.
Total long-term loan debt recognized in the balance sheet was per 30/06/21 NOK
1,747.6 million, of which interest-bearing debt amounts to NOK 1,657.0 million
and non interest-bearing debt NOK 90.5 million. As of 30/06/21, nominal value of
interest-bearing debt was NOK 2,691.3 million, and nominal value of non
interest-bearing debt was NOK 1,400.6 million. Of nominal interest-bearing debt
15.6 % 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 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 30/06/21 398 employees on the company's vessels and
16 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