Havila Shipping ASA:Second quarter 2024 accounts

27 Aug 2024 14:25 CEST

Summary

* Freight revenues were NOK 146.0 million in the Q2 2024, a decrease of NOK
49.1 million compared to the corresponding period last year and an increase
of NOK 29.3 million compared to the previous quarter.
* The average rate is higher this quarter than the previous quarter.
* Operating expenses were NOK 74.5 million in the second quarter, a reduction
compared to the Q2 2024 last year and the previous quarter this year of NOK
33.0 million and NOK 6.7 million respectively
* The company achieved an operating income before depreciation of NOK 78.4
million in Q2 2024, compared with NOK 98.4 million in Q2 2023.
* Reversal of previous impairments charges amounted to NOK 154.0 million in
the second quarter of 2024. In Q2 2024, debt value adjustment amounted to
NOK - 193.3 million, compared with NOK - 67.0 million in the corresponding
period last year.
* Profit before tax was NOK 4.0 million in Q2 2024, compared with NOK - 5.4
million in Q2 2023.
* The group had as of 30/06/24 14 vessels operated from Fosnavåg, six for
external owners.
* The fleet utilization in Q2 2024 was 97 %.
* Debt to credit institutions falls due on 31 December 2024. The debt with
associated conversion rights is classified as short-term debt per 30/06/24.
* The earnings test for the period 01/07/23 - 30/06/24 is now known, and
entitles the lenders to choose an upward adjustment of interest-bearing debt
by a total of NOK 180.0 million at settlement on 31/12/24, ref note 3.
* The company has received offer for refinancing which the company can choose
to use to refinance the debt at the end of the agreement period.

Result for 2 quarter 2024

* Total operating income amounted to NOK 152.9 million (NOK 206.0).
* Total operating expenses were NOK 74.5 million (NOK 107.5 million).
* Operating profit before depreciation was NOK 78.4 million (NOK 98.4
million).
* Depreciation was NOK 35.9 million (NOK 35.4 million).
* Net financial items were NOK - 196.0 million (NOK - 68.0 million) whereof
value adjustment of debt was NOK - 193.3 million (NOK - 67.0 million).
* The profit before tax was NOK 4.0 million (NOK - 5.4 million).

Result for 1st half of 2024

* Total operating income amounted to NOK 279.0 million (NOK 581.0 million
whereof NOK 209.2 million was gain on sale of fixed assets).
* Total operating expenses were NOK 155.8 million (NOK 222.8 million).
* The operating profit before depreciation was NOK 123.2 million (NOK 358.2
million).
* Depreciation was NOK 70.3 million (NOK 73.4 million).
* Net financial items were NOK - 202.1 million (NOK - 170.3 million), whereof
value adjustment of debt NOK - 199.5 million (NOK - 147.7 million).
* The profit before tax was NOK 4.2 million (NOK 112.9 million).

Balance and liquidity per 30/06/24

Total current assets amounted to NOK 301.0 million on 30/06/24, whereof bank
deposits were NOK 166.0 million (whereof NOK 8.7 million restricted cash related
to withholding tax and interest and instalment payments). On 30/06/23, total
current assets amounted to NOK 312.7 million, whereof bank deposits amounted to
NOK 82.2 million (of this NOK 9.5 million restricted cash related to withholding
tax).

Net cash flow from operations was per 30/06/24 NOK 139.8 million (NOK - 42.9
million). Cash flow from investing activities was NOK - 10.7 million NOK 1.9
million). Payment of loan instalments and lease liabilities constituted a net
change from financing activities of NOK - 62.7 million (NOK - 31.6 million).

As of 30/06/24, the book value of the fleet is NOK 1,186 million.

All loan debt is recognized as short-term debt in the balance sheet per
30/06/24. Total loan debt amounts to NOK 1,356.4 million and consist of
interest-bearing debt of NOK 526.4 million and non-interest-bearing debt NOK
547.6 million, as well as convertible liquidity loan of NOK 282.0 million and
accrued interests of NOK 0.4 million. As of 30/06/24, nominal value of interest-
bearing debt was NOK 528.6 million, and nominal value of non-interest-bearing
debt was NOK 1,337.0 million. All nominal interest-bearing debt is in NOK.

Fleet

Havila Shipping ASA operates today 14 vessels,

* 10 PSV

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

* 3 Subsea

* One owned externally
* One hired out on bareboat contract

* 1 RRV (bareboat)

Employees

Havila Shipping ASA had per 30/06/24 242 employees on the company's vessels and
14 employees in the administration.

Contracts:

Chief Executive Officer Njål Sævik, +47 909 35 722
Chief 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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626350_HAVI Q224.pdf