Havila Shipping ASA: Financial report Q4 2017

Summary
Havila Shipping ASA achieved an operating income before depreciation of NOK 7.6 million in Q4 2017, compared with NOK 102.9 million in Q4 2016.
Total operating income was NOK 139.0 million in Q4 2017, compared with NOK 245.2 million in Q4 2016.
The group had as of 31/12/17 23 vessels operated from Fosnavåg, one for external owner. The last two of the Posh-vessels was sold in November 2017. The JV company Posh Havila Pte Ltd in Singapore is under liquidation.
The group had 8 vessels laid up at the end of Q4 2017, of this 3 AHTS and 5 PSV vessels. In addition, one Subsea vessel is marked for work. The three laid up PSVs are defined outside the core business and are marked for sale.
The fleet utilization Q4 2017 was 72 % exclusive vessels in lay-up.

Result for 4 quarter 2017
· Total operating income amounted to NOK 139.0 million (NOK 245.2 million).
· Total operating expenses were NOK 131.3 million (NOK 142.3 million).
· The operating profit before depreciation was NOK 7.6 million (NOK 102.9 million).
· Depreciation was NOK 77.9 million (NOK 77.7 million).
· Net financial items were NOK - 73.7 million (NOK -153.8 million), whereof unrealized agio gain was NOK 8.8 million (unrealized loss NOK -67.1 million).
· The profit before tax was NOK -143 million (NOK -1,084,3 million).
Result 2017
· Total operating income amounted to NOK 594.8 million (NOK 1,093.7 million).
· Total operating expenses were NOK 516.5 million (NOK 619.1 million).
· The operating profit before depreciation was NOK 78.4 million (NOK 474.7 million).
· Depreciation was NOK 327.7 million (NOK 320.2 million).
· Net financial items were NOK 684.8 million of which redemption of debt to discount was NOK 887.7 million. Exclusive restructuring, net financial items were NOK -202.9 million (NOK -368.0 million) and unrealized agio gain was NOK 74.6 million ( unrealized agio gain NOK 22.2 million).
· The profit before tax was NOK 442.6 million (NOK -1, 196.1 million).

Balance and liquidity per 31/12/17
The book value of the fleet is NOK 4,216.6 million. Book equity per share is NOK 0.24.
Total current assets amounted to NOK 545.5 million on 31/12/17, whereof bank deposits were NOK 249.2 million (of this NOK 10.7 million restricted). On 31/12/16, total current assets amounted to NOK 840.1 million, whereof bank deposits amounted to NOK 554.5 million (of this NOK 10.5 million restricted).
Net cash flow from operations per 31/12/17 was NOK -228.3 million (NOK 411.8 million).
Cash flow from investing activities was NOK 68.8 million (NOK -9.5 million). Recoverment of convertible shareholder loans, net issues, repayment of loan and payment of installments constitute a net change from financing activities of NOK -149.1 million (NOK -45.3 million).
Total interest-bearing debt per 31/12/17 is NOK 4,120.0 million. of interestbearing debt, 17.9 % is loan in USD, while the remainder is nominated in NOK. Secured debt are classified as long term debt following the implementation of the restructuring, except from first year installment is classified as short term debt.

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 of the Norwegian Securities Trading Act. Q4HAVILA2017

---

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Havila Shipping ASA via GlobeNewswire
HUG#2171633