Summary
Havila Shipping ASA achieved a operating income before depreciation of
NOK 200 million in Q1 2015, compared with NOK 183 million in Q1 2014.
Total operating income was NOK 419 million in Q1 2015, compared with
NOK 379 million in Q1 2014.
The group had 27 vessels in operation as of 31/03/2015. Four of the vessels
are operated by the 50 % owned company in Singapore, Posh Havila Pte
Ltd. One vessel is leased through a bareboat contract.
The spot market for offshore service vessels was poor during first quarter
med generally low utilization lowering the rates for all types of vessels. The
market has some weaker for PSV, some better for anchor handling vessels.
The group had a fleet utilization at 93 % in Q1 15.
Result for 1 quarter 2015
· Total operating income amounted to NOK 418.6 million
(NOK 378.5million).
· Total operating expenses were NOK- 218.3 million (NOK -194.8 million).
· The operating profit before depreciation was NOK 200.3 million
(NOK 183.7 million).
· Depreciation was NOK- 80.6 million (NOK- 62.6 million).
· Net financial items were NOK -175.0 million (NOK -81.5 million) hvorav
unrealized disagio sas NOK 78 million (NOK 14 million).
· The profit before tax was NOK -60.7 million (NOK 41.9 million).
Balance and liquidity per 31/03/15
Based on the estimates of brokers dated 31/12/14, the fleet had a market
value of NOK 8.417.2 million at the end of March. The value of vessels
where the broker estimates are in foreign currencies are recalculated using
exchange rates as used for balance sheet items. This is equivalent to a value
per share of NOK 98. The book value of the fleet is NOK 7.427.0 million.
Book equity per share is NOK 65.
Total current assets amounted to NOK 841.9 million on 31/03/15, whereof
bank deposits were NOK 377.5 million (of this NOK 8.6m restricted). On
31/03/14, total current assets amounted to NOK 967.3 million, whereof
bank deposits amounted to NOK 531.5 million (of this NOK 2.0 million
restricted).
Net cash flow from operations per 31/03/15 was NOK 74.3 million
(NOK 25.9 million). Cash flow from investing activities was
NOK -40.1 million (NOK -36.5 million). Payment of installments, repayment
of loans, and loan drawn, constitute a net change from financing activities
of NOK - 8.7 million (NOK 139.7 million).
Total interest-bearing debt per 31/03/15 is NOK 5.996.8 million. This
includes undecured loans of NOK 1,050 million. Of interest-bearing debt,
16.3% is loan in USD, while the remainder is nominated in NOK. Next year's
repayment of debt is classified as current liability in conformity with IFRS,
and amounts to NOK 990.9 million.
Report and presentation attached
Contacts:
CEO Njål Sævik +47 909 35 722
CFO Arne Johan Dale +47 909 87 706
