Havila Shipping ASA : Preliminary accounts 2012 / 4th Quarter accounts

by Hans | January 31st, 2013

Havila Shipping ASA achieved a profit before tax of NOK 11.0 m in Q4 2012, compared with NOK -8.8 m in Q4 last year. Year to date, the profit before tax was NOK 17.8m, compared with NOK -91.2m per 31/12/11.

Total operating income and gains was NOK 340.8m in the Q4 of 2012. Total operating income for corresponding period last year was NOK 380.4m. Year to date, total operating income and gain was NOK 1,412.7 m whereof NOK 1.7 mill was profit from sale of vessel. Compared with NOK 1,372.3m per 31/12/11, whereof NOK 54.0m was profit from sale of vessel.

The group had 28 vessels in operation per 31/12/2012. Four of the vessels are operated by the 50 % owned company in Singapore, Posh Havila Pte Ltd. One vessel is still leased through a bareboat contract.

In the fourth quarter, the Group has through the subsidiary Havila Ships AS exercised its options to repurchase the ownership interests in the two AHTS vessels Havila Mars and Havila Mercury. These vessels have to and including third quarter been hired through bareboat contracts. The transactions were financed by a combination of equity raised through a Private Placement and debt financing. The companies accounts are consolidated into the group accounts from 1 October 2012. The quarterly effect of the repurchase is improved EBITDA of approximately NOK 27m and increased financing expenses of approximately NOK 9m.

In December, the Group sold its 50% interest in the joint venture company Acergy Havila Limited which owns the diving support vessel Seven Havila. The transaction had a positive cash effect of approximately NOK 150 million. The result which is incorporated from this company in 2012 amounted to NOK 9.6m, and the sale gave a gain of NOK 1.7m.

In December, a 50% owned company of the Group took delivery of the PSV vessel Havila Charisma.

In December, Havila Shipping ASA raised NOK 200m in gross proceeds through private placement. Related to the repurchase of the ownership interests in Havila Mars and Havila Mercury, additional loans on these two vessels of total NOK 150m were raised. In December, an unsecured bond loan of NOK 100m was raised. 

The spot market for offshore service vessels has in the fourth quarter been nearly on the same level as in the third quarter. The activity has been good, but the rates have not been as expected since there are too many available vessels in the market.

The utilisation was 91% in Q4 for the fleet, with average day rates for vessels in the spot market almost in line with the average market rates.

For further information, please contact:
CEO Njål Sævik               +47 909 35 722        
CFO Arne Johan Dale                +47 909 87 706         
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
 
Q4 2012 report Q4 2012 Pres

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