Q1 2010 EARNINGS CALL – Havila Shipping

Havila Shipping · Apr 23, 2010 · 40 slides

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Presentation 1st Quarter 2010
This is Havila Shipping ASA Havila Phoenix operation in Mexico Head-office in Fosnavg, Norway. Building a team through our partner PACC Offshore in Singapore A fleet of 27 vessels included a new-building program of 4 modern vessels…
Havila Shipping.. a modern fleet a preferred partner within offshore services vessels extending the international activity maintaining a balanced mix between long contracts and spot market Havila Venus outside the yard in…
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…
ST 1 QUARTER ACCOUNTS Havila Mercury and Havila Mars
Highlights 1st quarter 2010 Freight revenues NOK 221 mill EBITDA NOK 87 mill Havila Troll in North Sea EPS -0,95 Havila Jupiter delivered in March Havila Princess and Havila Faith leaving spot market for Brasil 3 years contract…
Sale and lease back Havila Troll Board of Directors resolution: Sale and lease back of Havila Troll Strengthening the balance sheet Operational lease for eight year Annual purchase option after 3 years Expected pre-tax profit:…
First quarter EBITDA and EBIT excl profit from sale of 222 216 vessels 164 111 Income better than in 2009 87 83 because of new vessels 45 Week spot market and low utilization for vessels in - spot market INCOME PROFIT…
Main figures NOK mill Q1 2010 Q4 2009 Q3 2009 Q2 2009 Q1 2009 Income and gains 222,3 216,9 217,4 251,4 215,5 EBITDA 86,9 39% 96,1 44% 104,9 48% 135,3 54% 111,4 53% EBIT 45,1 20% 59,1 27% 70,4 32% 102,6 41% 83,3 39% Pre tax result…
Fleet utilization 98 % 98 % 98 % 98 % 96 % 96 % 96 % 95 % 94 % 94 % 93 % 93 % 93 % 93 % 93 % 93 % 93 % 93 % 92 % 92 % 92 % 92 % 91 % 90 % 90 % 90 % 89 % 88 % 87 % 84…
Quarterly income 500 Vessels Newbuilds 2007 450 Q1 9 11 Q2 10 12 400 Q3 Sale of Havila Force 350 310 9 13 Q4 10 12 300 2008 250 Q1 Sale of Fame, Mars and Mercury 147 Leaseback Mars & Mercury 11 11 200 Q2 12 11 294 150…
- 20,0 40,0 60,0 80,0 100,0 120,0 140,0 160,0 07 25,3 11,46,7 Q1 07 32,7 10,45,8 Q2 07 30,3 12,36,8 Q3 Crew 07 33,9 13,9 8,0 Q4 08 35,0 12,7 23,2 7,1 Q1 Vessel 10,1 08 41,4 17,0…
Quarterly freight income and operating expenses 294 300 248 250 221 217 215 211 212 200 158 154 141 140 137 135 150 121 116 112 107 104 102 96 94 100 78 56 49 49 43…
Operating profit from segments Excluding gains from sale of vessels Q1 2010 50 45 46 PSV 45 45 SubSea 28 % 24 % 40 40 AHTS RRV 11 % 35 37 12 % 36 ASIA 33 25 % 30 28 28 25 25 25 24 20…
Assets 7 000 100 % 90 % Vessels New buildings Other Current 6 000 80 % 858 5 000 720 70 % 520 833 570 595 60 % 567 4 000 961 892 50 % 857 3 000 40 % 4 542 30 % 2 000 4 116 3 208 3 105 2 960 20 % 1 000 10 % - 0% 1Q…
Equity and liability 7000 100 % 90 % 6000 Equity Long term debt Short term liability 570 80 % 470 5000 70 % 500 458 389 60 % 4000 3731 50 % 3331 3000 2944 2 797 40 % 2 784 30 % 2000 20 % 1000 1687 1703 1638 10 % 1 399 1…
Cash flow statement NOK 1000 Q1 10 Q1 09 Cash from operating activity Kontantstrm fra drift 67 439 46 268 Kontantstrm fra Cash flow from investing activity investeringer -618 822 - 667 608 Cash flow from financing activity…
Financial items Q1 10 Q4 09 Q3 09 Q2 09 Q1 09 2009 Interest income Renteinntekter 2 450 2 325 1 447 1 196 5 723 10 690 Agio Agio 18 457 146 324 12 764 29 518 19 966 208 572 Unrealised agio on loans Urealisert agio p ln -126 251 158…
Key figures Q1 10 Q4 09 Q3 09 Q2 09 Q1 09 Q4 08 2009 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 -0,95 1,32 15,08 5,14 9,24 -2,22 33,67 Book…
Interest bearing debt NOK 1 000 Q1 10 Q4 09 Q3 09 Q2 09 Q1 09 Long term debt Langsiktig gjeld 3 540 790 3 137 403 2 733 340 2 615 804 2 560 210 Next years instalments Neste rs avdrag 258 658 217 091 167 912 170 563 158 125…
Modern fleet Value adjusted fleet- age Fleet values NOK 5.4 billion Not including Mars & Mercury Market value reduction second half of 2009 (no evaluation during first quarter) 3,5% reduction 10 % Booked values NOK 4.7 billion…
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…
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 . 2010 2011 APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 8000 BHP POSH Veritas 08 POSH Viking 08 POSH Vibrant 08 POSH Voyager 08 POSH Victory 09 POSH Virtue 09 10800…
50 % 55 % 60 % 65 % 70 % 75 % 80 % 85 % 90 % 95 % 100 % 86 % Jan 86 % 87 % Feb 87 % 77 % Mars 83 % 80 % April 82 % Mned 87 % May 83 % 100 % Jun 87 % 93 % Jul 88 % Akkumulert 99 % Aug 90…
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 PSV 2 x PSV Havila Fan (Simek) Fjellstrand Havyard 832 CD design Length/ Breadth 80,4/17,60 800 m3 deck- area DP 2, clean and comfort class, catalyst
Contract status 2010 2011 2012 2013 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 A MJ J A S O N D J F MA MJ J A S O N D J F MA MJ J A S O N D J F MA MJ J A S O N D PSV Fortress 96 Faith 98 Favour 99 Princess 05 Foresight 08 Hery 09…
Contractual coverage
Shareholders 31.03.2010 Number of In% Name shares 8 031 450 50,3 HAVILA AS NOR 1 223 100 7,6 TORGHATTEN ASA NOR 1 062 100 6,7 DnBNOR MARKETS NOR 915 000 5,7 PARETO AKSJE NORGE NOR 614 500 3,9 VERDIPAPIRFOND ODIN OFFSHORE NOR 439…
Market comments POSH Viking and Virtue outside Sudan Weak spot market during first quarter PSV market improving AHTS vessels doing PSV work AHTS week due to overcapacity Second quarter 2010 has started better than first quarter…
Vessels in spot market Q2 10 AHTS Havila Saturn Havila Venus Havila Jupiter PSV Havila Favour (contract until June)
Summary Havila Shipping is focused on modern high-end vessels Vessels for delivery in 2010 financed Vessels for delivery in 2011 Eksportfinans offer Contract coverage increased during first quarter 2010 Havila Fortress until…
Financial calendar 2010 23.07.10 Q2 accounts 22.10.10 Q3 accounts 27.01.11 Preliminary result for 2010/4th 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 Q1 2010 NOK 1000 Q1 10 Q1 09 2009 Freight income Fraktinntekter 221 195 100,0% 215 453 100,0% 886 887 100,0% Profit by sale of assets Gevinst ved salg av aktiva Other income Andre inntekter 1 109 0,5% 75 0,0% 14 320 1,6%…
Balance sheet - assets Assets Eiendeler Q1 10 Q4 09 Q3 09 Q2 09 Q1 09 Fixed assets Anleggsmidler Vessels Farty 4 542 484 4 116 038 3 208 046 3 105 309 2 960 114 Buildings, o ffic e equipment etc Bygninger, ko nto rutstyr mv 8 471 8 897 9…
Balance sheet - equity and liabilities Ecuity and liabilities Egenkapital og gjeld Q1 10 Q4 09 Q3 09 Q2 09 Q1 09 Equity Egenkapital S hare c apital Aksjekapital 199 500 199 500 199 500 199 500 199 500 Own shares Egne aksjer -1 938 -1…

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