Summary
The market for the company's vessels was weak seasonally in the first quarter,
especially for anchor handling vessels, but with a significant improvement from
March. Compared with the first quarter of 2021, revenues have increased as a
result of more vessels in operation.
Agreement with lenders entered into in 2020 clarifies the company's obligations
to lenders for the period until 2024. Five vessels in lay-up, whereof 3 AHTS and
2 PSV, have been agreed sold. It is expected that all vessels will be handed
over to a new owner no later than the third quarter. The sold vessels have been
in storage for a long time, two of the vessels since 2015.
Havila Shipping ASA achieved an operating income before depreciation of NOK
52.2 million in Q1 2022, compared with NOK 16.3 million in Q1 2021.
* Total operating income was NOK 147.9 million in Q1 2022, compared with NOK
100.5 million in Q1 2021.
* The group had as of 31/03/22 22 vessels operated from Fosnavåg, six for
external owners.
* The fleet utilization Q1 2022 was 84 % exclusive vessels in lay-up.
Result for 1 quarter 2022
* Total operating income amounted to NOK 147.9 million (NOK 100.5 million).
* Total operating expenses were NOK 95.7 million whereof NOK 16.9 million is
reimbursement of costs from the banks for the vessels in lay-up. This
reimbursement is divided between NOK 6.4 million on crew expenses, NOK 7.3
million on vessel expenses and NOK 3.2 million on other operating expenses.
(NOK 84.2 million whereof NOK -16.8 million was change of loss on
receivables). Ordinary operating expenses were NOK 78.7 million (NOK 101.0
million).
* Operating profit before depreciation was NOK 52.2 million (NOK 16.3
million).
* Depreciation was NOK 52.8 million (NOK 50.6 million).
* Net financial items were NOK - 15.8 million (NOK - 77.6 million), whereof
unrealized agio gain was NOK 5.2 million (unrealized agio gain NOK 0.6
million), and value adjustment of debt was NOK - 18.5 million (NOK - 75.9
million).
* The profit before tax was NOK - 16.2 million (NOK - 112.8 million).
Balance and liquidity per 31/03/22
Total current assets amounted to NOK 341.4 million on 31/03/22, whereof bank
deposits were NOK 66.9 million (of this NOK 0.5 million restricted withholding
tax). On 31/03/21, total current assets amounted to NOK 231.7 million, whereof
bank deposits amounted to NOK 94.7 million (of this NOK 0.6 million restricted
withholding tax).
Net cash flow from operations was in Q1 2022 NOK - 12.5 million (NOK 47.1
million). Cash flow from investing activities was NOK 3.3 million (NOK -24.9
million). Payment of loan instalments and lease liabilities constituted a net
change from financing activities of NOK - 23.8 million (NOK - 33.1 million).
As of 31/03/22, the book value of the fleet is NOK 1,433 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 31/03/22 NOK
1,555.3 million, of which interest-bearing debt amounts to NOK 1,465.0 million
and non-interest-bearing debt NOK 90.3 million. As of 31/03/22, nominal value of
interest-bearing debt was NOK 2,373.9 million, and nominal value of non-
interest-bearing debt was NOK 1,610.9 million. Of nominal interest-bearing debt
16.5 % 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 20 vessels,
11 PSV
- Four owned externally
- One owned 50% and not consolidated
5 AHTS
3 Subsea (one hired out on bareboat contract)
1 RRV (bareboat)
Employees
Havila Shipping ASA had per 31/03/22 398 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