Summary
* The freight revenues in the second quarter were NOK 43 million higher than
the first quarter of this year and NOK 13 million higher than the second
quarter last year, despite the fact that one vessel was sold out of the
fleet in January this year. The spot market for both anchor handling vessels
and platform supply vessels has contributed to the increase in freight
revenues in addition to higher revenues from contracts entered into.
* Havila Shipping ASA achieved an operating income before depreciation of NOK
98.4 million in Q2 2023, compared with NOK 189.7 million in Q2 2022.
* Total operating income was NOK 206.0 million in Q2 2023, compared with NOK
287.3 million in Q2 2022.
* The group had as of 30/06/23 17 vessels operated from Fosnavåg, six for
external owners.
* The fleet utilization in Q2 2023 was 90 %.
Result for 2 quarter 2023
* Total operating income amounted to NOK 206.0 million (NOK 287.3 million
whereof NOK 96.5 million was gain on sale of fixed assets).
* Total operating expenses were NOK 107.5 million (NOK 97.6 million).
* Operating profit before depreciation was NOK 98.4 million (NOK 189.7
million).
* Depreciation was NOK 35.4 million (NOK 50.4 million).
* Net financial items were NOK - 68.0 million (NOK - 102.5 million), whereof
unrealized agio gain was NOK 0.4 million (unrealized agio loss NOK 89.5
million), and value adjustment of debt was NOK - 67.0 million (NOK - 11.2
million).
* The profit before tax was NOK - 5.4 million (NOK 33.6 million).
Result for 1st half of 2023
* Total operating income amounted to NOK 581.0 million (NOK 435.2 million).
* Total operating expenses were NOK 222.8 million (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. Ordinary operating expenses amounts to NOK 213.1
million).
* The operating profit before depreciation was NOK 358.2 million (NOK 241.9
million).
* Depreciation was NOK 73.4 million (NOK 103.2 million).
* Net financial items were NOK - 170.3 million (NOK - 118.3 million), whereof
unrealized agio gain was NOK 0.2 million (unrealized agio loss NOK 84.3
million) and value adjustment of debt NOK - 147.7 million (NOK - 29.8
million).
* The profit before tax was NOK 112.9 million (NOK 17.4 million).
Balance and liquidity per 30/06/23
Total current assets amounted to NOK 312.7 million on 30/06/23, whereof bank
deposits were NOK 82.2 million (whereof NOK 9.5 million restricted cash related
to withholding tax). On 30/06/22, total current assets amounted to NOK 395.3
million, whereof bank deposits amounted to NOK 106.6 million (of this NOK 3.4
million restricted cash related to withholding tax).
Net cash flow from operations was per 30/06/23 NOK - 42.9 million (NOK - 39.4
million). Cash flow from investing activities was NOK 1.9 million (NOK 6.9
million). Payment of loan instalments and lease liabilities constituted a net
change from financing activities of NOK - 31.6 million (NOK - 39.7 million).
As of 30/06/23, the book value of the fleet is NOK 1,078 million.
Total long-term loan debt recognized in the balance sheet was per 30/06/23 NOK
1,116.8 million, of which interest-bearing debt amounts to NOK 1,012.2 million
and non-interest-bearing debt NOK 104.6 million. As of 30/06/23, nominal value
of interest-bearing debt was NOK 1,184.2 million, and nominal value of non-
interest-bearing debt was NOK 1,744.7 million. All nominal interest-bearing debt
is 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 today 17 vessels,
11 PSV
- Four owned externally
- One owned 50% and not consolidated
2 AHTS
3 Subsea
- One owned externally
- One hired out on bareboat contract
1 RRV (bareboat)
Employees
Havila Shipping ASA had per 30/06/23 359 employees on the company's vessels and
15 employees in the administration.
Contacts:
Chief Executive Officer Njål Sævik, +47 909 35 722
Chief Financial Officer 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