Havila Shipping ASA – Third quarter accounts

by Hans | October 20th, 2011

Summary * Havila Shipping ASA achieved a profit before tax of NOK -4.1m in Q3 2011, compared with NOK 9.8m in Q3 last year. Year to date, the profit before tax was NOK -82.3m, compared with NOK 118.2m at 30/09/2010.

* Total operating income was  NOK 383.7m in the 3rd quarter of 2011. Total operating income for corresponding period last year was NOK 298.0m. Year to date total operating income was NOK 991.8m included gain on sale of assets of NOK 54.0m compared with NOK 953.5m at 30/09/2010, whereof NOK 154.4m was gain on sale of vessel. The group had 28 vessels in operation per 30/09/2011. Four of the vessels are operated by the 50% owned company in Singapore, Posh Havila Pte Ltd. It also includes the vessel Seven Havila which is owned by the 50% owned company Acergy Havila Limited where Subsea7 leases the vessel through a bareboat contract. Three vessels are still leased through a bareboat contract.  

The Group has through the quarter acquired 100% of the parts in the owner companies of the PSV vessels Havila Aurora, Havila Borg, Havila Fortune, Havila Commander and Havila Crusader.  These vessels have also earlier been operated by the Group. The transactions were settled through the issue of new shares but also partly through a bond loan and cash payment. The company’s accounts are consolidated into the group accounts from 21 July 2011. For further information on the acquisition, see note 20.   The spot market for offshore service vessels has in average been better during third quarter than the second quarter. Of owned vessels, the group had one AHTS and one PSV vessel in the spot marked during most of the quarter. The utilisation has been good, with average day rates in line with the average market rates.   Q3 2011 results Total operating income for Q3 2011 amounted to NOK 383.7m (NOK 298.0m).    Total operating expenses for Q3 2011 were NOK 209,5m (NOK 192.8m). Increase in operating expenses is mainly a consequence of increased number of vessels, and lease of 5 vessels in Q3 2011 until 21.07.2011 and then lease of 3 vessels, compared to four vessels in Q3 2010.  The operating profit before depreciation in the quarter was NOK 174.1m (NOK 105.2m).  Net financial items in the quarter was NOK -129.9m (NOK -40.5m).  The profit before tax for Q3 2011 was NOK -4.1m (NOK 9.8m).  Tax is calculated as 28% of the tax base of companies in the group that is subject to taxation. Taxincome for Q3 2011 amounted to NOK 7.6 m.

   Enclosed third quarter report Q3Report

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