Advertisement
UK markets close in 3 hours 46 minutes

  • FTSE 100

    7,856.66
    -108.87 (-1.37%)
     

  • FTSE 250

    19,425.97
    -272.92 (-1.39%)
     

  • AIM

    741.48
    -8.80 (-1.17%)
     

  • GBP/EUR

    1.1705
    -0.0005 (-0.05%)
     

  • GBP/USD

    1.2451
    +0.0004 (+0.03%)
     

  • Bitcoin GBP

    50,160.90
    -2,916.00 (-5.49%)
     

  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     

  • S&P 500

    5,061.82
    -61.59 (-1.20%)
     

  • DOW

    37,735.11
    -248.13 (-0.65%)
     

  • CRUDE OIL

    85.04
    -0.37 (-0.43%)
     

  • GOLD FUTURES

    2,388.30
    +5.30 (+0.22%)
     

  • NIKKEI 225

    38,471.20
    -761.60 (-1.94%)
     

  • HANG SENG

    16,248.97
    -351.49 (-2.12%)
     

  • DAX

    17,833.63
    -192.95 (-1.07%)
     

  • CAC 40

    7,959.71
    -85.40 (-1.06%)
     
Money:

How to avoid tax creep in retirement

The state pension went up 8.5% in April, but frozen thresholds mean pensioners will be paying more tax

Havila Shipping ASA: Second Quarter 2017 Financial Report

GlobeNewswire

Summary

Havila Shipping ASA achieved an operating income before depreciation of NOK 10,6 million in Q2 2017, compared with NOK 110,6 million in Q2 2016.
Total operating income was NOK 143,9 million in Q2 2017, compared with NOK 260, 2 million in Q2 2016.
The group had 26 vessels in operation as of 30/06/2017. 23 vessels are operated from Fosnavåg, one for external owner. Three vessels are operated by Posh Semco Pte Ltd in Singapore. As a part of the restructuring, these vessels will be sold and the 50 % owned company Posh Havila Pte Ltd is under liquidation. One of the Posh-vessels was sold in April 2017.
The Group had 7 vessels laid up at the beginning of second quarter, of this 5 PSV and 2 AHTS. In addition is one of the subsea vessel marketed for work after ended contract. Two PSV vessels are taken out of lay-up during the quarter.
The fleet utilization Q 2 2017 was 64 % exclusive vessels in lay-up.

Result for 2 quarter 2017

· Total operating income amounted to NOK 143.9 million (NOK 260.2 million).
· Total operating expenses were NOK 133.4 million (NOK 149.6 million).
· The operating profit before depreciation was NOK 10.6 million (NOK 110.6 million).
· Depreciation was NOK 83.2 million (NOK 81.1 million).
· Net financial items were NOK - 36.3 million (NOK -111.7 million) whereof unrealized agio gain was NOK 33,1 million ( unrealized disagio NOK 3.8 million).
· The profit before tax was NOK -105.1 million (NOK -86.8 million).
· Exclusive restructuring elements the profit before tax was NOK -102.6 million( NOK -86.8 million).

ADVERTISEMENT

Result for 1st half of 2017
· Total operating income amounted to NOK 288.6 million (NOK 595.1 million).
· Total operating expenses were NOK 256.8 million (NOK 336.0 million).
· The operating profit before depreciation was NOK 31.7 million (NOK 259.2 million).
· Depreciation was NOK 166.5 million (NOK 162.8 million).
· Net financial items were NOK 772.5 million of which redemption of debt to discount was NOK 883.9 million. Exclusive refinancing, net financial items were NOK -111.7 million (NOK -142.4 million) and unrealized agio gain was NOK 41.4 million ( unrealized agio gain NOK 51.0 million).
· The profit before tax was NOK 642.4 million (NOK -57.1 million).

Balance and liquidity per 30/06/17
The book value of the fleet is NOK 4, 429.8 million. Book equity per share is NOK 0.34.
Total current assets amounted to NOK 679.9 million on 30/06/17, whereof bank deposits were NOK 364.6 million (of this NOK 9.5 million restricted). On 30/06/16, total current assets amounted to NOK 712.7 million, whereof bank deposits amounted to NOK 359.4 million (of this NOK 9.7 million restricted).
Net cash flow from operations per 30/06/17 was NOK -135.3 million (NOK 185.9 million). Cash flow from investing activities was NOK 6.3 million (NOK -8.8 million). Recoverment of convertible shareholder loans, net issues, repayment of loan and payment of installments constitute a net change from financing activities of NOK -59.1 million (NOK -14.1 million).
Total interest-bearing debt per 30/06/17 is NOK 4, 230 million. Of interest-bearing debt, 19.6 % 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.

Fleet
Per today, Havila Shipping ASA operates 26 vessels,
· 14 PSV (1 owned external and 1 are 50 % owned)
· 8 AHTS ( 3 of which are operated by Posh Semco Pte Ltd in Singapore)
· 3 Subsea
· 1 RRV (bareboat)

Employees
· Havila Shipping ASA had per 30/06/17 466 employees on the company`s vessels and 34 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 of the Norwegian Securities Trading Act. Q22017


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#2127316