23 Nov 2022 14:25 CET

Issuer

Havila Shipping ASA

Summary

The market for the company's vessels in the third quarter has been better in all
segments than the corresponding period in 2021. Revenues and profit are
significantly affected by the sale of vessels.

Agreement with lenders entered into in 2020 clarifies the company's obligations
towards the lenders for the period until 2024. Five vessels that have been in
lay-up, of which 3 AHTS and 2 PSV, have been sold. Of these, 3 vessels were
delivered to new owners in the second quarter, one vessel was delivered in the
third quarter and one vessel was delivered in October. Another vessel has been
agreed to be sold and is expected to be delivered to the new owner around the
turn of the year.

Havila Shipping ASA achieved an operating income before depreciation of NOK
105.2 million in Q3 2022, compared with NOK 53.7 million in Q3 2021.

Total operating income was NOK 217.4 million in Q3 2022, compared with NOK
154.8 million in Q3 2021.

The group had as of 30/09/22 18 vessels operated from Fosnavåg, six for external
owners.

The fleet utilization Q3 2022 was 88 % exclusive vessels in lay-up.

Result for 3 quarter 2022

* Total operating income amounted to NOK 217.4 million, whereof NOK 17.2
million is gain on sale of fixed assets (NOK 154.8 million).
* Total operating expenses were NOK 112.2 million (NOK 101.1 million).
* Operating profit before depreciation was NOK 105.2 million (NOK 53.7
million).
* Depreciation was NOK 42.9 million (NOK 52.6 million).
* Impairment charge of fixed assets was NOK 0 million (NOK 25,5 million).
* Net financial items were NOK - 103.8 million (NOK - 34.6 million), whereof
unrealized agio loss was NOK 64.9 million (unrealized agio loss NOK 20.1
million), and value adjustment of debt was NOK - 38.1 million (NOK - 15.8
million).
* The profit before tax was NOK - 48.6 million (NOK - 59.5 million).

Result year to date 2022

* Total operating income amounted to NOK 652.6 million (NOK 400.6 million).
* Total operating expenses were NOK 305.5 million whereof NOK - 20.8 million
is 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.
(NOK 276.9 million whereof NOK - 24.5 million is change of loss on trade
receivables). Ordinary operating expenses amounts to NOK 326.3 million (NOK
301.3 million).
* The operating profit before depreciation was NOK 241.9 million (NOK 70.0
million).
* Depreciation was NOK 146.0 million (NOK 155.3 million).
* Impairment charge of fixed assets was NOK 0 million (NOK 25.5 million).
* Net financial items were NOK - 222.1 million (NOK - 113.2 million), whereof
unrealized agio loss was NOK 149.2 million (unrealized agio loss NOK 17.8
million) and value adjustment of debt NOK - 67.8 million (NOK - 88.7
million).
* The profit before tax was NOK - 31.2 million (NOK - 171.0 million).

Balance and liquidity per 30/09/22

Total current assets amounted to NOK 695.3 million on 30/09/22, whereof bank
deposits were NOK 215.7 million (whereof NOK 74.7 million restricted cash
related to withholding tax, interest and instalment payments and deposit in
connection with sale of vessel). On 30/09/21, total current assets amounted to
NOK 288.8 million, whereof bank deposits amounted to NOK 83.8 million (of this
NOK 3.9 million restricted cash related to withholding tax and interest and
instalment payments).

Net cash flow from operations was per 30/09/22 NOK 200.3 million (NOK 77.3
million). Cash flow from investing activities was NOK 3.4 million (NOK - 26.4
million). Payment of loan instalments and lease liabilities constituted a net
change from financing activities of NOK - 92.9 million (NOK - 73.4 million).

As of 30/09/22, the book value of the fleet is NOK 999 million. In 2021, the
company carried out new impairment assessments on 31.12.19 and 30.06.20
following orders from Finanstilsynet. The effects of the changes are shown in
note 7.

Total long-term loan debt recognized in the balance sheet was per 30/09/22 NOK
1,452.6 million, of which interest-bearing debt amounts to NOK 1,359.3 million
and non-interest-bearing debt NOK 93.3 million. As of 30/09/22, nominal value of
interest-bearing debt was NOK 1,994.3 million, and nominal value of non-
interest-bearing debt was NOK 1,664.7 million. Of nominal interest-bearing debt
21.5 % are loans in USD, while the remaining loans are in NOK. Secured debt are
classified as long-term debt, except from known instalments which is classified
as short-term debt.

Fleet

Havila Shipping ASA operates today 17 vessels,

* 11 PSV

* Four owned externally
* One owned 50% and not consolidated

* 2 AHTS
* 3 Subsea (one hired out on bareboat contract)
* 1 RRV (bareboat)

Employees

Havila Shipping ASA had per 30/09/22 399 employees on the company's vessels and
15 employees in the administration.

Contacts

CEO Njål Sævik, +47 909 35 722

CFO 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


576515_HAVI Q322.pdf

Source

Havila Shipping ASA

Provider

Oslo Børs Newspoint

Company Name

HAVILA SHIPPING, Havila Shipping ASA 10/16 FRN C, Havila Shipping ASA 11/17 FRN C

ISIN

NO0010257728, NO0010590441, NO0010605033

Symbol

HAVI

Market

Oslo Børs