Summary
Havila Shipping ASA achieved a profit before tax of NOK 75. 8 m in 3rd quarter of 2013, compared with NOK 21.2 m in 3rd quarter of 2012. Year to date, the profit before tax was NOK 89.2m, compared with NOK 6.8m per. 30/09/2012.
Total operating income and gains was NOK 401.5m in the 3rd quarter of 2013, compared with NOK 360.7m for corresponding period last year. Year to date, total operating income and gains were NOK 1.099.0m, compared with NOK 1.071.9m per 30/09/12.
The group had 27 vessels in operation during the 3rd quarter of 2013, compared to 28 vessels in the 3rd quarter of 2012.
Four of the vessels are operated by the 50 % owned company in Singapore, Posh Havila Pte Ltd. One vessel is still leased through a bareboat contract.
The Group has already entered into refinancing agreements related to balloon repayment during 2014 for 6 of 7 vessels
The spot market for offshore service vessel in the 3rd quarter has been better than the previous quarter the activity has been good, but particularly for AHTS at times characterized by many available vessels in parts of the quarter.
The utilisation was 95% in 3rd quarter for the fleet, with average day rates for vessels in the spot market almost in line with the average market rates.
Tax assessment
After the expiry of third quarter, the tax authorities have amended the tax assessment for one of the wholly owned ship owning companies of the group, related to purchase of ownership of two vessels in fourth quarter 2012.
The company disagree with the tax authorities interpretations of the current legal provisions and will dispute the existing assessment for 2012.
If the tax assessment for 2012 should be persisted, the tax effect will be MNOK 72 whereof MNOK 14 payable in 2013. Thereafter the payable amount will be reduced by 20 % annually.
The accounting treatment will be considered by the company in fourth quarter based on the evaluation of the position at the end of the year.
Contacts:
CEO Njål Sævik +47 909 35 722
CFO Arne Johan Dale +47 909 87 706
