2ND QUARTER 2014 ACCOUNTS – Havila Shipping

Havila Shipping · Jul 22, 2014 · 24 slides

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Slides

Havila Shipping ASA 2nd Quarter 2014 accounts 22.07.14 CEO Njl Svik CFO Arne Johan Dale
Highlights Second quarter income is not as expected Too many vessels joined the North Sea Spot Market Pre-tax profit MNOK 24 Year to date better than last year YTD pretax profit MNOK 66 Last year MNOK 13 Dividend capacity…
Summary of facts and figures Q2 Q2 14 Mill NOK Q2 13 Mill NOK Freight income 397 Freight income 360 Total income 402 Total income 367 EBITDA (adjusted) 190 EBITDA (adjusted) 182 EBITDA margin 47 % EBITDA margin 50 % Utilization…
Summary of facts and figures YTD YTD 14 Mill NOK YTD 13 Mill NOK Freight income 768 Freight income 677 Total income 781 Total income 697 EBITDA (adjusted) 379 EBITDA (adjusted) 318 EBITDA margin 47 % EBITDA margin 46 % Utilization…
Figures
Main figures NOK mill Q2 2014 Q1 2014 Q4 2013 Q3 2013 Q2 2013 Income and gains 402,3 378,5 360,2 401.5 367.1 EBITDA 190,2 47,3% 177,9 47,0% 171,3 47,6% 214.5 53.4% 182.8 49.8% Pre tax result 24,4 6,1% 41,8 11,0% 4,3 1,2% 75.8 18.9%…
Interest bearing debt NOK millions Q2 14 Q1 14 Q4 13 Q3 13 Q2 13 Q1 13 Long term debt 4 890 5 416 4 827 5 341 5 184 5 371 Next years instalments 1 104 652 1 106 698 923 730 Total 5 994 6 068 5 933 6 038 6 107 6 101 Interest-bearing…
Modern fleet Value adjusted fleet age: 5 years, 10 months 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 4.9…
Debt to Market value 9 000 100 % 8 000 90 % 2 181 2 233 2 357 2 374 2 093 7 000 80 % 1 974 6 000 70 % 5 000 60 % 3M NIBOR average Interest rates 4 000 50 % turning up: 40 % Q1 13: 1.87% 3 000 Q2 13: 1.77% 2 000 30…
Quarterly income 450 400 350 300 250 402 401 379 200 367 361 360 357 354 341 330 150 100 50 - Q2 14 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1…
Quarterly vessel expenses 250,0 225,0 20,5 17,9 20,4 200,0 18,9 36,8 25,5 18,1 25,9 24,7 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 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…
Operating profit from segments 120 110 100 85 90 79 76 75 80 70 70 62 56 55 54 60 53 51 50 51 50 49 46 50 40 40 29 30 16 16 16 15 15 14 20 10 - PSV AHTS AHTS Asia RRV…
Segment development Q214 Q1 13 2013 8% 8% 8% 27% 28% 31% 27% 29% 28% -3% -2% -3% 37% 42% 34% AHTS PSV RRV SubSea Asia AHTS PSV RRV SubSea Asia AHTS PSV RRV SubSea Asia PSV and AHTS increases its part of the…
Contractual coverage Fleet utilization (time charter fleet) 0,9 Q4 11: 92% 0,8 4% Q1 12: 94% 0,7 20% Q2 12: 93% 0,6 30% 0,5 Q3 12: 93% 84% 83% 82% 27% 76% 0,4 Q4 12: 90% 56% 0,3 39%…
Contract backlog 1600 1400 34 1200 668 300 1000 800 433 614 1 195 600 443 844 781 781 400 522 420 379 339 329 200 288 0 Q1 14 Q2 14 Q3 14 Q4 14 2014…
Key figures EBITDA % VALUE PER SHARE EARNINGS PER SHARE 60% 100 3,00 98 97 95 95 95 95 2,22 55% 2,00 53% 90 89 50% 50% 85 1,23 1,00 0,87 48% 47% 47% 80 0,56 45% 75 - 70 Q113 Q213 Q313 Q413 Q114 Q214 41% 69 69 40%…
Assets 10 000 100 % 9 000 90 % 870 831 8 000 814 841 742 967 831 80 % 812 814 897 7 000 70 % 6 000 60 % 5 000 50 % 7 653 7 555 7 552 7 539 7 525 7 504 7 489 4 000 40 % 6 899 6 874 6 867 3 000 30 %…
Equity and liability 10 000 100 % 9 000 90 % 970 937 984 1 151 940 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 5 021 4 958…
Summing up
Vessels in Spot Market in Q3 AHTS Havila Venus Havila Jupiter Havila Neptune PSV Havila Crusader 20
Market comments Demand in place Subsea Covered for 2015 AHTS Volatile Spot market Third quarter started better than second PSV Tender activity acceptable 21
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 2 566 878 8,5 % Pareto Aksje Norge OSLO 1 721 881 5,7 % Torghatten ASA BRNNYSUND 1 223 100 4,1 % The Northern Trust…
Summary 2014 started good Second quarter weaker than expected Full year opex and interest expenses covered by contracts Continuing low interest rate No unfinanced capex / No new-builds No refinancing issues A goal to pay dividend…

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