Havila Shipping ASA: First quarter 2021 accounts

Summary

The first quarter is characterized by low activity, vessels in storage and low utilization of vessels in the spot market. During the quarter, the company obtained contracts that provide increased earnings in the next two quarters.
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 16.3 million in Q1 2021, compared with NOK 70.5 million in Q1 2020.

• Total operating income was NOK 100.5 million in Q1 2021, compared with NOK 208.9 million in Q1 2020.

• The group had as of 31/03/21 23 vessels operated from Fosnavåg, six for external owners.

• The group had 3 AHTS and 4 PSV vessels laid up at the end of Q1 2021. One PSV was taken out of lay-up in April 2021.

• The fleet utilization Q1 2021 was 75 % exclusive vessels in lay-up.

Result for 1 quarter 2021

• Total operating income amounted to NOK 100.5 million (NOK 208.9 million).

• Total operating expenses were NOK 84.2 million whereof NOK - 16.8 million is change of provision for loss on receivables (NOK 138.4 million whereof NOK 15.8 million is provision for loss on receivables). Ordinary operating expenses were NOK 101.0 million (NOK 122.7 million).

• Operating profit before depreciation was NOK 16.3 million (NOK 70.5 million).

• Depreciation was NOK 60.1 million (NOK 86.9 million).

• Net financial items were NOK -13.3 million (NOK -215.6 million), whereof unrealized agio gain was NOK 0.6 million (unrealized agio loss NOK 160.0 million), and value adjustment of debt was NOK -11.6 million (NOK 0).

• The profit before tax was NOK -58.0 million (NOK -231.7 million).

Balance and liquidity per 31/03/21
Total current assets amounted to NOK 231.7 million on 31/03/21, whereof bank deposits were NOK 94.7 million (of this NOK 0.6 million restricted withholding tax). On 31/03/20, total current assets amounted to NOK 408.3 million, whereof bank deposits amounted to NOK 86.8 million (of this NOK 1.0 million restricted).

Net cash flow from operations was in 2021 NOK 47.1 million (NOK 9.9 million). Cash flow from investing activities was NOK -24.9 million (NOK -15.3 million). Payment of loan instalments and lease liabilities, and raising a covertible shareholder loan constitute a net change from financing activities of NOK -33.1 million (NOK -5.6 million).

As of 31/03/21, the book value of the fleet is NOK 1,878 million.

Total long-term debt recognized in the balance sheet was per 31/03/21 NOK 1,782.1 million, of which interest-bearing debt amounts to NOK 1,691.1 million and non interest-bearing debt NOK 91.0 million.
As of 31/03/21, nominal value of interest-bearing debt was NOK 2,753.7 million, and nominal value of non interest-bearing debt was NOK 1,419.1 million. Of nominal interest-bearing debt 15.4 % 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 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 31/03/21 343 employees on the company’s vessels and 17 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

Attachment

• HAVI-Q121