Q3 2014 EARNINGS CALL – Havila Shipping

Havila Shipping · Oct 22, 2014 · 25 slides

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Slides

Havila Shipping ASA 3rd Quarter 2014 accounts 22.10.14 CEO Njl Svik CFO Arne Johan Dale
Highlights Third quarter: The best ever North sea spot market better for AHTS vessels than expected particularly from August Some contracts beating the market average AHTS spot market quarterly average the best since early 2009…
Summary of facts and figures Q3 Q3 14 Mill NOK Q3 13 Mill NOK Freight income 497 Freight income 398 Total income 519 Total income 401 EBITDA (adjusted) 273 EBITDA (adjusted) 215 EBITDA margin 53 % EBITDA margin 53 % Utilization…
Summary of facts and figures YTD YTD 14 Mill NOK YTD 13 Mill NOK Freight income 1 266 Freight income 1 076 Total income 1 300 Total income 1 099 EBITDA (adjusted) 652 EBITDA (adjusted) 532 EBITDA margin 50 % EBITDA margin 49 %…
Figures
Main figures NOK mill Q3 2014 Q2 2014 Q1 2014 Q4 2013 Q3 2013 Income and gains 519,6 402,3 378,5 360,2 401.5 EBITDA (Adjusted) 273,2 52,6% 190,2 47,3% 177,9 47,0% 171,3 47,6% 214.5 53.4% Pre tax result 92,6 17,8% 24,4 6,1% 41,8 11,0%…
FX exchange rates 11,0000 10,5000 10,0000 9,5000 9,0000 8,5000 8,0000 7,5000 7,0000 6,5000 6,0000 5,5000 5,0000 A13 A13 A14 A14 D12 M13 M13 D13 M14 M14 F13 S13 F14 S14 O13 N13…
Interest bearing debt NOK millions Q3 14 Q2 14 Q1 14 Q4 13 Q3 13 Q2 13 Q1 13 Long term debt 4 836 4 890 5 416 4 827 5 341 5 184 5 371 Next years instalments 1 106 1 104 652 1 106 698 923 730 Total 5 942 5 994 6 068 5 933 6 038 6 107 6…
Modern fleet Value adjusted fleet age: 6 years, 1 month Market value Fleet value: BNOK 8.1 5% 7% Not including Havila Troll Booked value Fleet value: BNOK 7.5 Excess value: BNOK 0.6 Long term financing 88 % Secured : BNOK 4.8…
Debt to Market value 9 000 100 % 8 000 90 % 2 181 2 233 2 357 2 374 2 093 2 149 7 000 80 % 1 974 6 000 70 % 60 % 3M NIBOR average 5 000 50 % Interest rates turned 4 000 up and then down: 40 % Q1 13: 1.87% 3 000…
Quarterly income 600 500 400 300 520 402 401 379 367 200 361 360 357 354 341 330 100 - Q2 14 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q3…
Quarterly vessel expenses 250,0 225,0 20,5 17,9 20,4 200,0 26,1 18,9 36,8 25,5 18,1 25,9 24,7 10,3 36,9 18,9 9,9 175,0 37,5 26,5 9,6 10,0 10,3 10,1 9,2 150,0 55,0 56,0 41,1 9,6 41,2 46,0 41,1 40,2 40,8 43,7 49,1 125,0 29,7…
Operating profit from segments 150 140 143 130 120 110 100 90 80 85 85 79 70 76 75 70 60 62 50 57 56 55 54 53 51 51 50 50 49 40 46 40 30 29 20 10 15 16 15 16…
Segment development Q3 14 YTD 14 2013 5% 7% 8% 19% 28% 37% 25% 29% 49% -2% -3% -3% 29% 37% 38% AHTS PSV RRV SubSea Asia AHTS PSV RRV SubSea Asia AHTS PSV RRV SubSea Asia AHTS spot market changes the picture of…
Contractual coverage Fleet utilization Contract coverage 2014-2018 (time charter fleet) Q4 11: 92% 1 Q1 12: 94% 0,9 4% 0,8 Q2 12: 93% 20% 0,7 Q3 12: 93% 30% 0,6 Q4 12: 90% 0,5 87% 87% 27% Q1 13:…
Contract backlog 1 800 1 600 361 1 400 35 1 200 303 1 000 812 440 800 1 297 1300 452 600 940 400 609 520 361 436 402 379 350 200 - Q1 14 Q2 14 Q3 14 Q4 14…
Key figures EBITDA % VALUE PER SHARE EARNINGS PER SHARE 60% 100 3,00 98 97 2,40 95 95 95 95 2,22 55% 92 2,00 53% 53% 90 89 50% 50% 85 1,23 1,00 0,87 48% 47% 47% 80 0,56 45% 75 71 - 70 Q113 Q213 Q313 Q413 Q114…
Assets 10 000 100 % 9 000 90 % 870 831 8 000 814 841 742 967 831 869 80 % 812 814 897 7 000 70 % 6 000 60 % 5 000 50 % 7 653 7 555 7 552 7 539 7 525 7 507 7 504 7 489 4 000 40 % 6 899 6 874 6 867…
Equity and liability 10 000 100 % 9 000 90 % 970 937 984 1 151 940 1 357 1 378 8 000 80 % 1 364 791 832 996 7 000 70 % 6 000 60 % 5 707 5 545 5 443 5 557 5 000 50 % 5 286 4 974 5…
Summing up
Vessels in Spot Market in Q3 AHTS Havila Venus Havila Jupiter Havila Neptune PSV Havila Crusader 21
Market comments Subsea Covered for 2015 AHTS Volatile Spot market Fourth quarter started good PSV Still tender activity 22
This is Havila Shipping ASA Head-office in Fosnavg, Norway Offices in Rio Labuan Aberdeen Partnership with POSH in Singapore A fleet of 27 vessels 800 offshore staff 46 onshore Strong operating track record A qualified…
Largest shareholders Shareholder Address Shares Interest Havila Holding AS FOSNAVG 15 227 130 50,5 % Odin Offshore OSLO 2 566 878 8,5 % Pareto Aksje Norge OSLO 1 710 881 5,7 % Torghatten ASA BRNNYSUND 1 223 100 4,1 % The Northern Trust…
Summary Third quarter the best ever Full 2015 opex and interest expenses covered by contracts options included also for 2016 Continuing low interest rate No unfinanced capex / No new-builds Refinancing of 2015 bank balloons and…

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