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Havila Shipping ASA: Second quarter 2021 accounts

Havila Shipping ASA
·5-min read

Summary

The group’s PSV vessels achieved higher rates and utilization in the second quarter. One PSV vessel was taken out of lay-up and was on contract from May 2021. The group’s subsea vessels also contributed to improved earnings in the second quarter. One of the group’s subsea vessels entered into a 3-month contract in mid-April 2021, which was later extended up to February 2022.

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 53.7 million in Q2 2021, compared with NOK 40.6 million in Q2 2020.

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  • Total operating income was NOK 145.2 million in Q2 2021, compared with NOK 201.0 million in Q2 2020.

  • The group had as of 30/06/21 23 vessels operated from Fosnavåg, six for external owners.

  • The group had 3 AHTS and 3 PSV vessels laid up at the end of Q2 2021.

  • The fleet utilization Q2 2021 was 90 % exclusive vessels in lay-up.


Result for 2 quarter 2021

  • Total operating income amounted to NOK 145.2 million (NOK 201.0 million).

  • Total operating expenses were NOK 91.5 million whereof NOK - 7.7 million is change of loss on receivables (NOK 160.4 million whereof NOK 37.0 million was change of loss on receivables). Ordinary operating expenses were NOK 99.2 million (NOK 123.4 million).

  • Operating profit before depreciation was NOK 53.7 million (NOK 40.6 million).

  • Depreciation was NOK 61.7 million (NOK 87.6 million).

  • Impairment charge of fixed assets was NOK 0 million (NOK 521.0 million).

  • Net financial items were NOK 6.3 million (NOK 2,.026.1 million), whereof unrealized agio loss was NOK 1.7 million (unrealized agio gain NOK 79.1 million), and value adjustment of debt was NOK 10.4 million (NOK 2,234.5 mllion).

  • The profit before tax was NOK -0.9 million (NOK 1,457.9 million).


Result for 1st half of 2021

  • Total operating income amounted to NOK 245.7 million (NOK 409.9 million).

  • Total operating expenses were NOK 175.8 million whereof NOK - 24.5 million is change of loss on trade receivables (NOK 298.8 million whereof NOK 52.8 million is change of loss on trade receivables). Ordinary operating expenses amounts to NOK 200.2 million (NOK 246.0 million).

  • The operating profit before depreciation was NOK 70.0 million (NOK 111.1 million).

  • Depreciation was NOK 121.8 million (NOK 174.5 million).

  • Impairment charge of fixed assets was NOK 0 (NOK 521.0 million).

  • Net financial items were NOK - 7.0 million (NOK 1,810.5 million), whereof unrealized agio loss was NOK 2.3 million (unrealized agio loss NOK 80.9 million) and value adjustment of debt NOK - 1.2 million (NOK 2,016.6 million related to the implementation effects of the restructuring agreement with the company’s lenders).

  • The profit before tax was NOK -58.9 million (NOK 1,226.2 million).


Balance and liquidity per 30/06/21

Total current assets amounted to NOK 241.8 million on 30/06/21, whereof bank deposits were NOK 86.1 million (of this NOK 3.3 million restricted withholding tax). On 30/06/20, total current assets amounted to NOK 473.7 million, whereof bank deposits amounted to NOK 239.1 million (of this NOK 3.5 million restricted withholding tax and NOK 86.9 restricted cash related to interest and installment payments).

Net cash flow from operations was in 2021 NOK 57.5 million (NOK 61.5 million). Cash flow from investing activities was NOK -28.7 million (NOK -13.5 million). Payment of loan instalments and lease liabilities constituted a net change from financing activities of NOK -48.7 million (NOK 85.5 million whereof NOK 100.0 million was raising a covertible shareholder loan).

As of 30/06/21, the book value of the fleet is NOK 1,827 million.

Total long-term loan debt recognized in the balance sheet was per 30/06/21 NOK 1,747.6 million, of which interest-bearing debt amounts to NOK 1,657.0 million and non interest-bearing debt NOK 90.5 million. As of 30/06/21, nominal value of interest-bearing debt was NOK 2,691.3 million, and nominal value of non interest-bearing debt was NOK 1,400.6 million. Of nominal interest-bearing debt 15.6 % 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 30/06/21 398 employees on the company’s vessels and 16 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

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