Q3 2009 EARNINGS CALL – Havila Shipping

Havila Shipping · Oct 23, 2009 · 40 slides

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Presentation 3rd Quarter 2009
This is Havila Shipping ASA Havila Phoenix operation in Mexico 9 Head-office in Fosnavg, Norway. 9 Building a team through our partner PACC Offshore in Singapore 9 A fleet of 25 vessels included a new-building program of 5 modern…
Havila Shipping.. 9modernizing the fleet 9 a preferred partner within offshore services vessels 9 extending the international activity with focus on Pacific Ocean 9 maintaining a balanced mix between long contracts and spot…
Safety & Quality focused Havila Shipping ASA has a clear goal of improving its performance with regards to health, safety and environment both at sea and onshore. The companys goal is for its ships to fulfill or exceed our…
RD 3 QUARTER ACCOUNTS Acergy Havila Sea launching at Cemre Havila Venus
Highlights 3rd quarter 2009 Freight revenues NOK 210 mill EBITDA NOK 105 mill Havila Troll in North Sea EPS 15,08 Weak spot marked most of the quarter New 300 million bond loan 2009-2012 Icelandic bond loan (2010) repurchased…
Main figures NOK mill Q3 2009 Q2 2009 Q1 2009 Q4 2008 Q3 2008 Income and gains 216,0 249,6 212,2 294,4 216,8 EBITDA 104,9 49% 135,3 54% 111,4 53% 187,8 64% 114,4 53% EBIT 70,4 33% 102,6 41% 83,3 39% 160,9 55 % 89,5 41% Pre tax…
Fleet utilization 99 % 98 % 98 % 98 % 98 % 98 % 97 % 96 % 96 % 96 % 95 % 95 % 94 % 94 % 94 % 94 % 94 % 94 % 93 % 93 % 93 % 93 % 93 % 93 % 93 % 93 % 92 % 92 % 91 % 91…
Quarterly income 500 Vessels Newbuilds 2007 450 Q1 9 11 400 Q2 10 12 Q3 Sale of Havila Force 350 9 13 310 300 Q4 10 12 2008 250 147 Sale of Fame, Mars and Mercury Q1 Leaseback Mars & Mercury 200 11 11 150 294 Q2 12…
Quarterly operating expenses 140,0 120,0 Previous period NOK mill corrections NOK 5 mill 8,6 10,1 % of total expenses 13,5 100,0 8,7 10,6 27,1 10,1 27,4 27,4 27,4 26,8 80,0 100 % 7,1…
Quarterly freight income and operating expenses 294 300 246 250 217 212 211 200 158 154 141 140 137 150 114 111 107 102 101 96 94 100 78 56 49 49 43 50 0 Q1 Q2…
Operating profit from segments Excluding gains from sale of vessels 2009 YTD 120 100 SubSea PSV 99 27 % 24 % RRV 80 10 % AHTS 24 % Asia 15 % 60 58 2008 40 45 45 42 40 37 36 33 33…
Assets 6000 100 % 90 % 5000 80 % 833 595 567 70 % 4000 1 061 961 892 60 % 857 730 3000 50 % 924 759 40 % 2000 30 % 3208 3 105 2 960 2 355 20 % 1000 2 152 10 % 0 0 % 3Q 09 2Q 09 1Q 09 4Q 09 3Q 08 3Q 09 2Q…
Equity and liability 6000 100 % 90 % 5000 500 80 % 458 389 458 70 % 4000 203 60 % 3000 2944 50 % 2 797 2 784 2 803 2 302 40 % 2000 30 % 20 % 1000 1638 1 399 1 267 1 126 1 172 10 % 0 0 % 3Q 09 2Q 09 Equity Long…
Cash flow statement NOK 1000 YTD 09 YTD 08 Cash from operating activity Kontantstrm fra drift 133 526 4 784 Kontantstrm fra Cash flow from investing activity investeringer - 1 077 044 98 031 Cash flow from financing activity…
Financial items Q3 09 Q2 09 Q1 09 Q4 08 Q3 08 YTD 09 YTD 08 Interest income Renteinntekter 1 447 1 196 5 723 8 364 6 998 8 365 25 113 Agio Agio 12 764 29 518 19 966 14 726 4 584 62 248 6 828 Unrealised agio on loans Urealisert agio p…
Key figures Q3 09 Q2 09 Q1 09 Q4 08 Q3 08 YTD 09 YTD 08 Number of shares (1000) Antall aksjer (1000) 15 960 15 960 15 960 15 960 15 960 15 960 15 960 Earnings per share Fortjeneste per aksje 15,08 5,14 9,24 -2,22 1,09 29,55 20,82 Book…
Interest bearing debt NOK 1 000 Q3 09 Q2 09 Q1 09 Q4 08 Q3 08 Long term debt Langsiktig gjeld 2 733 340 2 615 804 2 560 210 2 459 890 2 114 097 Next years instalments Neste rs avdrag 167 912 170 563 158 125 148 189 103 235…
Modern fleet Value adjusted fleet- age Fleet values NOK 4.1 billion Not including Mars and Mercury Market value reduction since 2008 10,6% Booked values NOK 3.2 billion 11 % Excess value on new-builds not included Contract…
Financing new vessels 100 90 80 70 60 50 40 30 20 10 0 PSV Hery Fan AHTS Venus Jupiter POSH SubSea Acergy Havyard Virtue 855 Eksportfinans % of contract value Bank Loan/Guarantee % of vessel costs
Upfront cash payment newbuilding contracts 20 - Havyard 855 20 5 Acergy 20 - Venus 20 - Jupiter 92 8 Hery 20 - Fan 0% 20 % 40 % 60 % 80 % 100 % % paid % unpaid
POSH Havila Pte Ltd, Singapore Joint venture company established 2006 50/50 owned by Pacc Offshore Services Holding Pte Ltd and Havila Shipping ASA through 100% owned company Tree vessels owned 4th vessel was delivered 6th July On…
POSH vessel operations 10,800 BHP AHTS 125 tons BP DP2 Operating 29th July 2008 POSH Veritas POSH Viking 8th October 2008 POSH Vibrant 13th December 2008 POSH Voyager 20th January 2009 POSH Victory 3rd April 2009 POSH…
Contract status POSH fleet . 2009 2010 2011 2012 AHTS (8000 BHP) POSH Veritas Veritas: Contract 408 days firm Viking: Contract - 12M + 1Y opt (declared) POSH Viking (H) Vibrant: Contract - 12M +6M+6M opt POSH Vibrant (H)…
50 % 55 % 60 % 65 % 70 % 75 % 80 % 85 % 90 % 95 % 100 % 100 % Sept 89 % 100 % Okt 92 % 84 % Nov 90 % 82 % Mned Des 88 % 86 % Jan 86 % 87 % Feb 87 % Akkumulert 77 % Mars 83 % 80…
New buildings SubSea Acergy Havila Havila TBN SubSea Diving vessel : SubSea IMR: Havyard 858 DSV design Length 120m Havyard 855 design Breadth 23 m Length/ Breadth: 95 m/ 20 m 250 tons offshore crane 150 tons offshore crane…
New buildings AHTS/ PSV 1 x AHTS Havila Jupiter 2 x PSV Havila Hery / Fan Havyard 845 design Havyard 832 CD design Length/ Breadth: 92 m/ 22 m Length/ Breadth 80,4/17,60 275 tons Bollard Pull 800 m3 deck- area 500 t winch- tipple…
Contract status existing fleet . AHTS 2009 2010 2011 2012 2013 Havila Mars 2007 Havila Mercury 2007 Havila Saturn 85% 2008 Havila Neptune 2008 Havila Venus 2009 PSV Havila Favour 1999 Havila Faith 1998 Havila Princess 2005…
Contract status New buildings . 2010 2011 2012 2013 AHTS 01.10 Havila Jupiter 1Q10 PSV 12.09 Havila Hery 4Q09 04.10 Havila Fan 2Q10 SubSea 07.10 Acergy Havila 3Q10 01.11 Havila TBN (855) 1Q11 Delivery Contract…
Contractual coverage 90 % 80 % 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0 % Oct Nov Dec 2009 2010 2011 2012 2013 COV EX OPT OPTIONS
Shareholders 30.09.2009 Number of In% Name shares 8 031 450 50,32 HAVILA AS NOR 1 062 000 6,65 DnBNOR MARKETS NOR 921 400 5,77 FOSEN ASA NOR 914 000 5,73 PARETO AKSJE NORGE NOR 608 300 3,81 VERDIPAPIRFOND ODIN OFFSHORE NOR…
Market comments Weak spot market during third quarter Both for PSV and AHTS Fourth quarter has started weak and expected to be weak and also fluctuating because of weather Few large new buildings AHTS expected to be delivered in…
Vessels in spot market Q4 09 AHTS Havila Saturn Havila Venus from end October PSV Havila Faith Havila Favour
Summary Havila Shipping is focused on modern high-end vessels Financing available at acceptable margins Havila Venus and Havila Jupiter financed earlier Hery and Fan signed with commercial banks approved from GIEK in August New…
Financial calendar 2010 28.01.10 Preliminary result for 2009/4th Quarter Contact: CEO NJL SVIK (+47) 909 35 722 njaalhavila.no CFO ARNE JOHAN DALE (+47) 909 87 706 ajdhavila.no
P & L ACCOUNT BALANCE SHEET
P & L account Q3 2009 NOK 1000 Q3 09 Q3 08 YTD 2009 YTD 2008 Freight income Fraktinntekter 210 556 216 781 669 055 516 048 Profit by sale of assets Gevinst ved salg av aktiva 311 813 Other income Andre inntekter 5 434 8 777 156 Total…
Balance sheet - assets Assets Eiendeler Q3 09 Q2 09 Q1 09 Q4 08 Q3 08 Fixed assets Anleggsmidler V essels Farty 3 208 046 3 105 309 2 960 114 2 354 743 2 152 040 Buildings, o ffic e equipment etc Bygninger, kontorutstyr mv 9 199 9 688 9…
Balance sheet - equity and liabilities Ecuity and liabilities Egenkapital og gjeld Q3 09 Q2 09 Q1 09 Q4 08 Q3 08 Equity Egenkapital S hare c apital Aksjekapital 199 500 199 500 199 500 199 500 199 500 S hare premium fund Overkursfond 40…

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