Havila Shipping ASA: Third quarter 2023 accounts
November 23 2023 - 9:34AM
Havila Shipping ASA: Third quarter 2023 accounts
SummaryThe fright revenues in the third quarter
were NOK 176 million, which is a decrease from a strong second
quarter and lower than the corresponding quarter last year after
one ship was sold out of the fleet in January this year. Three
vessels are sold in the fourth quarter. In the third quarter, the
company has reversed previous impairment charges related to these
three vessels of NOK 465 million with approximately equivalent
value adjustment of the debt.
- Havila Shipping ASA achieved an operating income before
depreciation of NOK 57.0 million in Q3 2023, compared with NOK
105.2 million in Q3 2022.
- Total operating income was NOK 176.0 million in Q3 2023,
compared with NOK 217.4 million in Q3 2022.
- The group had as of 30/09/23 17 vessels operated from Fosnavåg,
six for external owners.
- The fleet utilization in Q3 2023 was 90 %.
Result for 3 quarter 2023
- Total operating income amounted to NOK 176.0 million (NOK 217.4
million whereof NOK 17.2 million was gain on sale of fixed
assets).
- Total operating expenses were NOK 119.0 million (NOK 112.2
million).
- Operating profit before depreciation was NOK 57.0 million (NOK
105.2 million).
- Depreciation was NOK 34.1 million (NOK 42.9 million).
- Reversal of impairment charge of fixed assets was NOK 465,0
million (NOK 0).
- Net financial items were NOK - 456.2 million (NOK - 103.8
million whereof unrealized agio loss NOK 64.9 million), and value
adjustment of debt was NOK - 454.4 million (NOK - 38.1
million).
- The profit before tax was NOK 28.9 million (NOK 48.6
million).
Result year to date 2023
- Total operating income were NOK 757.0 million (NOK 652.6
million).
- Total operating expenses were NOK 341.8 million (NOK 305.5
million whereof NOK - 20.8 million s reimbursement of costs from
the banks for the vessels in lay-up. This reimbursement is divided
between NOK 7.1 million on crew expenses, NOK 9.0 million on vessel
expenses and NOK 4.7 million on other operating expenses. Ordinary
operating expenses amounts to NOK 326.3 million).
- The operating profit before depreciation was NOK 415.2 million
(NOK 347.0 million).
- Depreciation was NOK 107.5 million (NOK 146.0 million).
- Reversal of impairment charges of fixed assets were NOK 465.0
million (NOK 0).
- Net financial items were NOK - 626.5 million (NOK - 222.1
million), whereof unrealized agio gain was NOK 0.2 million
(unrealized agio loss NOK 149.2 million) and value adjustment of
debt NOK - 602.1 million (NOK - 67.8 million).
- The profit before tax was NOK 141.9 million (NOK 31.2
million).
Balance and liquidity per 30/09/23Total current
assets amounted to NOK 1,172.1 million on 30/09/23, whereof bank
deposits were NOK 103.0 million (whereof NOK 11,1 million
restricted cash related to withholding tax and interest and
instalment payments). On 30/09/22, total current assets amounted to
NOK 695.3 million, whereof bank deposits amounted to NOK 215.7
million (of this NOK 74.7 million restricted cash related to
withholding tax, interest and instalment payments and deposit in
connection with sale of vessel).
Net cash flow from operations was per 30/09/23
NOK 17.0 million (NOK 200.3 million). Cash flow from investing
activities was NOK 5.4 million (NOK 3.4 million). Payment of loan
instalments and lease liabilities constituted a net change from
financing activities of NOK -71.8 million (NOK - 92.9 million).
As of 30/09/23, the book value of the fleet is NOK 669
million. Vessels which are agreed sold in Q4 2023 are recognized
under current assets as Assets held for sale.
Total long-term loan debt recognized in the
balance sheet was per 30/09/23 NOK 667.9 million, of which
interest-bearing debt amounts to NOK 572.1 million and
non-interest-bearing debt NOK 95.8 million. As of 30/09/23, nominal
value of interest-bearing debt was NOK 1,148.7 million, and nominal
value of non-interest-bearing debt was NOK 1,620.7 million. All
nominal interest-bearing debt is in NOK. Secured debt are
classified as long-term debt, except from known instalments and
settlement of debt related to sale of vessels which is classified
as short-term debt.
FleetHavila Shipping ASA operates today 14
vessels, 10 PSV - Four owned externally- One owned 50% and not
consolidated3 Subsea - One owned externally- One hired out on
bareboat contract1 RRV (bareboat)
EmployeesHavila Shipping ASA had per 30/09/23
365 employees on the company’s vessels and 15 employees in the
administration.
Contacts: Chief Executive Officer Njål Sævik,
+47 909 35 722Chief Financial Officer Arne Johan Dale,
+47 909 87 706
This information is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act
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