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Havila Shipping ASA: Third quarter 2017 Financial Report

GlobeNewswire

Summary

Havila Shipping ASA achieved an operating income before depreciation of NOK 39.0 million in Q3 2017, compared with NOK 112.6 million in Q3 2016.

Total operating income was NOK 176.7 million in Q3 2017, compared with NOK 253.4 million in Q3 2016.

The group had 25 vessels in operation as of 30/09/17. 23 vessels are operated from Fosnavåg, one for external owner. One of the Poshvessels was sold in September 2017.

The two remaining vessels operated by Posh Semco in Singapore have been sold and delivery to new owner is expected to take place in November 2017. The JV company Posh Havila Pte Ltd in Singapore is under liquidation.

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The group had 5 vessels laid up at the end of third quarter, of this 2 AHTS and 3 PSV vessels. In addition, one Subsea vessel is marked for work. The laid up PSVs are defined outside the core business and are marked for sale.

The fleet utilization Q3 2017 was 74 % exclusive vessels in lay-up.

Result for 3 quarter 2017

· Total operating income amounted to NOK 176.7 million (NOK 253.4 million). · Total operating expenses were NOK 137.7 million (NOK 140.9 million). · The operating profit before depreciation was NOK 39.0 million (NOK 112.6 million). · Depreciation was NOK 83.3 million (NOK 79.7 million). · Net financial items were NOK -14.0 million (NOK -71.8 million), whereof unrealized agio gain was NOK 24.4 million (unrealized gain NOK 38.3 million). · The profit before tax was NOK -56.8 million (NOK -52.8 million).

Result year to date

· Total operating income amounted to NOK 455.9 million (NOK 848.5 million). · Total operating expenses were NOK 385.2 million (NOK 476.8 million). · The operating profit before depreciation was NOK 70.7 million (NOK 371.7 million). · Depreciation was NOK 249.8 million (NOK 242.6 million). · Net financial items were NOK 758.4 million of which redemption of debt to discount was NOK 883.9 million. Exclusive refinancing, net financial items were NOK -125.5 million (NOK -214.2 million) and unrealized agio gain was NOK 65.8 million ( unrealized agio gain NOK 89.3 million). · The profit before tax was NOK 585.6 million (NOK -109.9 million).

Balance and liquidity per 30/09/17

The book value of the fleet is NOK 4, 328.4 million. Book equity per share is NOK 0.32.

Total current assets amounted to NOK 627.6 million on 30/09/17, whereof bank deposits were NOK 304.6 million (of this NOK 6.4 million restricted).

On 30/09/16, total current assets amounted to NOK 724.0 million, whereof bank deposits amounted to NOK 446.7 million (of this NOK 5.5 million restricted).

Net cash flow from operations per 30/09/17 was NOK -175.0 million (NOK 289.8 million). Cash flow from investing activities was NOK 25.1 million (NOK -9.6 million). Recoverment of convertible shareholder loans, net issues, repayment of loan and payment of installments constitute a net change from financing activities of NOK -90.6 million (NOK -14.1 million).

Total interest-bearing debt per 30/09/17 is NOK 4, 155.3 million.of interestbearing debt, 18.4 % 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 25 vessels,

· 14 PSV

- One owned externally

- One owned 50% and not consolidated

- Three vessels marked for sale

· 7 AHTS ( 2 of which are operated by Posh in Singapore)

· 3 Subsea

· 1 RRV (bareboat)

Employees

Havila Shipping ASA had per 30/09/17 464 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. 3Q Report


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#2147088