Havila Shipping ASA: Q1 2017 accounts
Summary
The financial restructuring of the group was executed on 28 February 2017.
The subsequent offering was executed on 30 March 2017. Effects of the
restructuring:
· Increase in equity of NOK 1,548 million.
- For detailed information see equity statement.
· Reduction in debt to secured and unsecured creditors
of total NOK 1, 285 million.
· Reduction in other short term debt NOK 356 million.
· Reduction in cash of NOK 112 million.
Havila Shipping ASA achieved an operating income before depreciation of
NOK 21 million in Q1 2017, compared with NOK 149 million in Q1 2016.
Total operating income was NOK 145 million in Q1 2017, compared with
NOK 335 million in Q1 2016.
The group had 26 vessels in operation as of 31/03/2017. 23 vessels are
operated from Fosnavåg, one for external owner. Three vessels are operated
by the 50 % owned company in Singapore, Posh Havila Pte Ltd. As a part
of the restructuring, these vessels will be sold and the company winded up.
One of the Posh-vessels was sold in April 2017.
The Group had 9 vessels laid up at the beginning of first quarter, of this
5 PSV, 3 AHTS and 1 subsea vessel. In addition is one of the subsea vessel
marketed for work after ended contract. The subsea vessel which has been
laid-up since 1 January 2016, has got a 3 year contract and is after stay at
yard and mobilization now operating. In addition is one AHTS vessel taken
out of lay-up at the end of the quarter, and one PSV vessel is taken out of
lay-up in April.
The fleet utilization was 41 % in Q1 2017, 63 % exclusive lay up
vessels.
The financial restructuring of the group
Main elements of the restructuring which was mainly executed on 28
February 2017:
· NOK 77.0 million of new equity, NOK 41.2 million of "Anti-Dilution
Protection loan" and NOK 46.2 million of convertible shareholder
loan.
· Secured creditors have converted NOK 135.0 million of accrued
interests to shares.
· Subsequent offering of NOK 30 million.
· Unsecured debt amounting to NOK 950 million and accrued unpaid
interest related to the debt were repaid in full by 15% cash payment
and certain warrants.
· Vessels are divided into core and non-core vessels, where non-core
vessels will be disposed for sale.
· Estimated loss on sale of the seven non-core vessels in addition to the vessel which was sold before year-end is NOK 322.3 million,
and were booked as reduction of the relevant debt and increase of
equity accordingly at implementation of the restructuring.
Reduced amortisation obligations for the next four years. Minimum
fixed amortisation is reduced to approximate NOK 67 million for the
period 2017-2019. Total amortisation is limited to 50% of net cash
flow from cash flow positive vessels.
· Suspended financial covenants save for minimum cash of NOK 50
million.
· Others terms as stated in the term sheet.
Costs related to restructuring in Q1 17 are NOK 33.4 million (NOK 6.6
million Q1 16) whereof NOK 5.6 million (NOK 1.4 million) are classified as
operating expenses and NOK 27.7 million (NOK 5.2 million) are classified
as financial expenses.
For detailed information it is referred to the Stock Exchange Release
regarding the financial restructuring available at the homepage
www.havilashipping.no.
Result for 1 quarter 2017
· Total operating income amounted to NOK 144.7 million (NOK 334.9 million).
· Total operating expenses were NOK 123.5 million (NOK 186.3 million).
· The operating profit before depreciation was NOK 21.2 million
(NOK 148.5 million).
· Depreciation was NOK 83.3 million (NOK 81.7 million).
· Net financial items were NOK 808.8 million (NOK -30.6 million) of which
redemption of debt to discount was NOK 883.9 million and unrealized agio
gain was NOK 8.3 million (unrealized agio gain NOK 54.8 million).
· The profit before tax was NOK 747.5 million (NOK 29.7 million).
· Exclusive restructuring elements the profit before tax was
NOK -103.5 million (NOK -50.5 million Q1 16).
Balance and liquidity per 31/03/17
The book value of the fleet is NOK 4, 523.4 million. Book equity per share
is NOK 0.40.
Total current assets amounted to NOK 763.4 million on 31/03/17, whereof
bank deposits were NOK 448.3 million (of this NOK 5.5 million restricted).
On 31/03/16, total current assets amounted to NOK 274.2 million, whereof
bank deposits amounted to NOK 204.6 million (of this NOK 7.3 million
restricted).
Net cash flow from operations per 31/03/17 was NOK -89,9 million (NOK
94.0 million). Cash flow from investing activities was NOK -9.3 million (NOK
-3.8 million). Recoverment of convertible shareholder loans, net issues,
repayment loan and payment of installments constitute a net change from
financing activities of NOK -4.0 million (NOK -14.1 million).
Total interest-bearing debt per 31/03/17 is NOK 4, 300 million. Of interestbearing
debt, 20.7 % 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. Q117
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX 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#2102982