Havila Shipping ASA: Fourth quarter 2024 accounts / Preliminary 2024 accounts

26 Feb 2025 15:05 CET

Summary

Freight revenues were NOK 148.0 million in Q4 2024, at the same level as the
corresponding period last year and an increase of NOK 7.1 million compared to
the previous quarter.

The average rate is higher this quarter than the previous quarter, and
utilization is on same level as the previous quarter. Operating expenses were
NOK 87.7 million in Q4 2024, a decrease compared to Q4 2023 of NOK 1.6 million
and an increase compared to the previous quarter of NOK 6.5 million.

The company achieved an operating income before depreciation of NOK 68.2 million
in Q4 2024, compared with NOK 72.9 million in Q4 2023.

No impairment charges or reversals of previous impairment charges were made in
the fourth quarter. In the fourth quarter last year, previous impairment charges
were reversed by NOK 400.0 million.

Value adjustment of the company's debt amounted to NOK - 19.5 million in the
fourth quarter compared to NOK - 478.7 million in the corresponding period last
year.

Profit before tax was NOK 2.6 million in Q4 2024, compared with NOK   28.7
million in Q4 2023.

Three banks and the owners of two bond loans chose settlement as per the
restructuring agreement as of 31/12/24. Interest-bearing debt of NOK 500 million
was settled through refinancing.

At the same time, non-interest-bearing debt of NOK 522 million was converted
into 123,281,190 shares in the company.

Havila Holding simultaneously converted NOK 46 million of the liquidity loan
into 128,111,385 shares in the company to maintain its ownership interest of
50.96% of the shares.

The fair value of converted debt to equity amounted to NOK 299 million.

The group had as of 31/12/24 14 vessels operated from Fosnavåg, six for external
owners.

The fleet utilization in Q4 2024 was 92 %.

Result for 4 quarter 2024

* Total operating income amounted to NOK 155.9 million (NOK 162.2 million).
* Total operating expenses were NOK 87.7 million (NOK 89.3 million).
* Operating profit before depreciation was NOK 68.2 million (NOK 72.9
million).
* Depreciation was NOK 39.0 million (NOK 24.2 million).
* Net financial items were NOK - 23.4 million (NOK - 478.8 million) whereof
value adjustment of debt was NOK - 19.5 million (NOK - 478.7 million).
* The profit before tax was NOK 2.6 million (NOK - 28.7 million).

Result 2024

* Total operating income amounted to NOK 585.1 million (NOK 912.2 million
whereof NOK 215.0 million was gain on sale of fixed assets).
* Total operating expenses were NOK 324.8 million (NOK 431.2 million).
* The operating profit before depreciation was NOK 260.3 million (NOK 488.1
million).
* Depreciation was NOK 146.3 million (NOK 131.6 million).
* Reversal of impairment charge of fixed assets was NOK 154.0 million (NOK
865.0 million).
* Net financial items were NOK - 255.7 million (NOK - 1,105.3 million),
whereof value adjustment of debt NOK - 249.5 million (NOK - 1,080.8
million).
* The profit before tax was NOK 10.4 million (NOK 113.1 million).

Balance and liquidity per 31/12/24

Total current assets amounted to NOK 278.8 million on 31/12/24, whereof bank
deposits were NOK 147.6 million (whereof NOK 9.8 million restricted cash related
to withholding tax). On 31/12/23,

total current assets amounted to NOK 280.4 million, whereof bank deposits
amounted to NOK 97.7 million (of this NOK 10.4 million restricted cash related
to withholding tax).

Net cash flow from operations was per 31/12/24 NOK 229.6 million (NOK 95.8
million). Cash flow from investing activities was NOK - 32.8 million NOK - 22.3
million).

Payment of loan instalments and lease liabilities constituted a net change from
financing activities of NOK - 150.6 million (NOK - 127.6 million).  As of
31/12/24, the book value of the fleet is NOK 1,173.6 million.

As of 31/12/24, total long-term debt in the balance sheet amounted to NOK 499.6
million. This consist of loans provided by the sister company Havila Finans AS.

All debt to credit institutions is recognized as short-term debt in the balance
sheet per 31/12/24. Total fair value of this debt amounts to NOK 326.7 million
and consist of interest-bearing debt

of NOK 143.6 million and non-interest-bearing debt NOK 183.1 million. In
addition, the fair market value of the convertible liquidity loan is NOK 176.1
million. Accrued interests amounts to NOK 2.0 million.

As of 31/12/24, nominal value of interest-bearing debt was NOK 151.5 million,
and nominal value of non-interest-bearing debt was NOK 616.3 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)

Man-years

Havila Shipping ASA employed in 2024 402 seamen on the company's vessels and
vessels on management, in addition to 14 man-years in the administration.

Contacts:

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

More information:
Access the news on Oslo Bors NewsWeb site

639800_HAVI Q424.pdf