Q1 2014 EARNINGS CALL – Havila Shipping

Havila Shipping · Apr 30, 2014 · 25 slides

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Slides

Havila Shipping ASA 1st Quarter 2014 accounts 30.04.14 CEO Njl Svik CFO Arne Johan Dale
Highlights Picture: Brge Remy Lengthening of Havila Phoenix finalized ready to serve DeepOcean 2
Minister of Trade and Industry visiting Havila Jupiter The CEO of Havila Shipping, Njl Svik explained to Minister of Trade and Industry , Monica Mland why the company has to reflag vessels to other national flags. CEO Sturla…
Highlights First quarter result is good Pre-tax profit MNOK 42 Good start of the year 2014 First quarter MNOK 65 better than first quarter last year Dividend capacity realistic for the year Bank financing achieved to repay bond…
Summary of facts and figures Q1 Q1 14 Mill NOK Q1 13 Mill NOK Freight income 372 Freight income 317 Total income 378 Total income 330 EBITDA (adjusted) 178 EBITDA (adjusted) 136 EBITDA margin 47 % EBITDA margin 41 % Utilization…
Figures
Main figures NOK mill Q1 2014 Q4 2013 Q3 2013 Q2 2013 Q1 2013 Income and gains 378,5 360,2 401.5 367.1 330.4 EBITDA 177,9 47,0% 171,3 47,6% 214.5 53.4% 182.8 49.8% 135.6 41.0% Pre tax result 41,8 11,0% 4,3 1,2% 75.8 18.9% 33.0 9.0%…
Interest bearing debt NOK millions Q1 14 Q4 13 Q3 13 Q2 13 Q1 13 Q4 12 Long term debt 5 416 4 827 5 341 5 184 5 371 5 525 Next years instalments 652 1 106 698 923 730 736 Total 6 068 5 933 6 038 6 107 6 101 6 261 Interest-bearing…
Modern fleet Value adjusted fleet age: 5 years, 8 month Market value Fleet value: BNOK 8.3 5% 7% Not including Havila Troll Booked value Fleet value: BNOK 7.5 Excess value: BNOK 0.8 Long term financing 88 % Secured : BNOK 4.9…
Debt to Market value 9 000 100 % 8 000 90 % 2 181 2 233 2 357 2 374 7 000 80 % 1 974 70 % 6 000 60 % 5 000 50 % 3M NIBOR average 4 000 40 % Interest rates 3 000 turning up: 30 % Q1 13: 1.87% 2 000 20 % Q2 13:…
Quarterly income 450 400 350 300 250 401 379 200 367 361 360 357 354 341 330 150 100 50 - Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14…
Quarterly vessel expenses 250,0 225,0 20,5 17,9 20,4 200,0 36,8 25,5 18,1 25,9 24,7 36,9 18,9 175,0 37,5 26,5 9,6 10,0 10,3 10,1 9,2 150,0 41,1 9,6 41,2 46,0 41,1 40,2 40,8 43,7 49,1 125,0 29,7 100,0 75,0 113,4 122,3 115,3…
Operating profit from segments 120 110 100 90 79 76 75 80 70 70 62 56 60 53 51 50 51 50 49 46 50 40 40 29 30 16 16 15 15 14 20 10 - PSV AHTS AHTS Asia RRV SubSea -3 -10…
Segment development Q114 Q1 13 2013 8% 9% 8% 19% 26% 28% 28% 29% 32% -4% -3% 35% 44% -3% 37% AHTS PSV RRV SubSea Asia AHTS PSV RRV SubSea Asia AHTS PSV RRV SubSea Asia PSV and AHTS increases its part of the business…
Contractual coverage Fleet utilization (time charter fleet) 100% Q4 11: 92% 90% Q1 12: 94% 2% 3% 80% 6% 5% Q2 12: 93% 70% 13% 60% 24% Q3 12: 93% 50% 31% 85% 84% 78% Q4 12: 90% 40% 74%…
Contract backlog 1400 34 1200 195 1000 334 898 800 426 631 600 869 411 400 671 389 379 379 200 264 182 0 2014 2015 2016 2017 2018 Q1 14 Q2 14 Q3…
Key figures EBITDA % VALUE PER SHARE EARNINGS PER SHARE 60% 100 3,00 95 55% 90 2,00 50% 85 80 1,00 45% 75 70 - 40% Q113 Q213 Q313 Q413 Q114 65 35% 60 (1,00) 55 30% 50 (2,00) Q114 Q113 Q213 Q313 Q413 Q113…
Assets 10 000 100 % 9 000 90 % 870 831 8 000 814 841 742 967 80 % 812 814 897 7 000 70 % 6 000 60 % 5 000 50 % 7 653 7 552 7 539 7 525 7 504 7 489 4 000 40 % 6 899 6 874 6 867 3 000 30 % 2 000 20 %…
Equity and liability 10 000 100 % 9 000 90 % 970 937 984 1 151 940 8 000 80 % 1 364 791 996 832 7 000 70 % 6 000 60 % 5 707 5 545 5 443 5 557 5 000 50 % 5 286 4 958 5 327 5 286 5…
Summing up
Vessels in Spot Market in Q2 AHTS Havila Venus Havila Jupiter Havila Neptune PSV Havila Crusader Havila Fortune (end May) Havila Clipper () 21
Market comments Demand in place Subsea High activity AHTS Volatile Spot market Lower volatility during summer months Vessels leaving the spot-market PSV High activity 22
This is Havila Shipping ASA Head-office in Fosnavg, Norway Offices in Rio Labuan Aberdeen Partnership with PACC Offshore in Singapore A fleet of 27 vessels 800 offshore staff 42 onshore Strong operating track record A…
Largest shareholders Shareholder Address Shares Interest Havila Holding AS FOSNAVG 15 227 130 50,5 % Odin Offshore OSLO 2 042 500 6,8 % Pareto Aksje Norge OSLO 1 721 981 5,7 % Torghatten ASA BRNNYSUND 1 223 100 4,1 % The Northern Trust…
Summary 2014 has started good Main indicators gives positive expectations for the year 2014. Already covered full year opex and interest expenses Continuing low interest rate No unfinanced capex / No new-builds No refinancing…

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