Presentation Preliminary accounts th Quarter 2011

Transcription

1 Presentation Preliminary accounts th Quarter 2011

2 This is Havila Shipping ASA Storm in the North Sea Head-office in Fosnavåg, Norway. Partnership with PACC Offshore in Singapore A fleet of 29 vessels included a new-building program of 1 modern vessels within vessels owned by Havila Ariel (bareboat) 1 vessel owned by Sydvestor Troll (bareboat) 600 offshore staff. 35 onshore Strong operating track record. A qualified organisation focusing on human resources and solid seamanship. Segments Fleet- today New-builds PSV 13 1 AHTS 9 SubSea 4 Rescue vessels 2 Sikorsky S92 on Havila Fanø deck

3 Stock exchange release... NEW CONTRACTS VALUE NOK 250 MILLION Havila Shipping ASA Charter contracts Havila Shipping has entered into an agreement with FugroTSM in Australia for a two year extension of the contract for the subsea vessel Havila Harmony. The extension will keep the vessel on contract until March 2014, with two optional periods of one year until March A contract is entered into with E.ON for the PSV vessel Havila Fortune for a period of two wells and one well option. The charter commence in March Statoil has declared the first of two half-yearly options for the PSV vessel Havila Clipper which will keep the vessel on contract until September 2012 with an additional optional period until March BP Norge has declared the second two month option for the PSV vessel Havila Crusader. The contract has further options of 8 months..

4 2011 Highlights of the year First half of the year January Havila Clipper delivered 1Y contract with Statoil from March February Statoil declared 1Y option for Havila March, Havila Mercury & Havila Runde Seven Havila delivered from the yard Sold directly to 50% owned JV company March Havila Subsea financed in the bond market May Havila Subsea delivered from the yard 1Y and a half contract with Subsea 7 Second half of the year July/August Ordered a Havyard 833 PSV Shall from delivery operate on a 5Y (+ 3Y opt) contract with Statoil Havila Aurora, Havila Borg, Havila Fortune, Havila Commander & Havila Crusader acquired Share issue as partly financing of the acquisition the November/December Refinanced the oldest PSV vessels New NOK 150 mill tranche Ballon repayment in 2012 and 2013 postponed to Q4 14 Repaid NOK 183 mill in HAVO 01

5 Maturity After having refinanced the oldest PSV fleet in Q4 11: No balloons on vessel financing in 2012 and 2013 Havi 03: NOK 500 mill is falling due 19 th July 2013 Refinancing of the bond loan can be an activity in 2012

6 Safety & Quality focused a modern fleet a preferred partner extending international activity maintaining a balanced mix long term contracts spot market focusing on safe operations focusing on human resources Havila Shipping ASA has a clear goal of improving its performance with regards to health, safety and environment both at sea and onshore. The company s goal is for its ships to fulfill or exceed our customer s expectations as to standards within health, safety and environment.

7 4 th QUARTER ACCOUNTS PRELIMINARY ACCOUNTS 2011 North Sea in storm

8 Highlights 4 th quarter 2011 Operating income EBITDA NOK 370 mill NOK 172 mill EBITDA margin 45,0% Extension of balloon repayment from 2012 and 2013 until Q414 Increased the borrowing by NOK 150m for PSV fleet loan Repayment of NOK 183m in the bond loan HAVI01 92% fleet utilization (time charter fleet) 4 th quarter 2010 Operating income EBITDA NOK 251 mill NOK 35 mill EBITDA margin 13,9% 91% fleet utilization (time charter fleet)

9 Business combination (PSV) Effect on Group result NOK Total income Profit after tax Q4 Total income Profit after tax Proforma If full year Total income Profit after tax Effect on balance sheet Vessels Deferred tax 285 Bunkers and other stocks 327 Trade receivables Other receivables Cash & equivalent Total assets Equity Non-current bank debt Deferred taxes Other non current debt Current bank debt Trade payables Other current debt Total debt Total equity & debt

10 Fourth quarter 370 EBITDA and EBIT excl profit from sale of vessels Havila Fanø INCOME EXCL PROFIT PROFIT FROM SALE EBITDA Operating profit Pretax -9 profit Operating income better than in 2010 because of new vessel and market -105 PSV transaction with positive effect on EBITDA Q410 Q411

11 Main figures NOK mill Q Q Q Q Q Income and gains 380,4 383,7 298,5 309,6 255,0 EBITDA 172,3 45,3% 189,6 49,4% 88,0 29% 97,5 31% 34,4 13% Pre tax result - 8,8-2,3% - 4,1-1,1% -52,7-17,6% -25,5-2,8% -105,2-39% Fleet utilization (time charter fleet) Q4 10: 91% Q1 11: 92% Q2 11: 95% Q3 11: 97% Q4 11: 92% Interest rates slightly up : 3 m NIBOR average Q1 10: 2,28% Q2 10: 2,53% Q3 10: 2,66% Q4 10: 2,55% Q1 11: 2,61% Q2 11: 2,75% Q3 11: 3,04% Q4 11: 3,09% Q4 11 Q3 11 Q2 11 Q1 11 Q INCOME EX PROFIT FROM ASSETS EBITDA EBIT

12 Fleet utilization 88 % 88 % 88 % 94 % 93 % 93 % 93 % 93 % 92 % 90 % 97 % 92 % 94 % 93 % 94 % 94 % 96 % 94 % 98 % 94 % 96 % 95 % 98 % 95 % 98 % 96 % 91 % 96 % 91 % 94 % Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Vessels on time charter POSH vessels on bareboat charter not included Month YTD

13 Quarterly income Vessels Newbuilds Q3 11: 3 new vessels (PSV-transaction) 2008 Q1 Sale of Fame, Mars and Mercury Leaseback Mars & Mercury Q Q Q Q Q Q Q Q Q2 Sale Troll Q Q Q Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Operating income Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 Sale Saturn Q Q (new) Q3 (PSV) 28 1 Vessels on management not included

14 Quarterly operating expenses 250,0 200,0 150,0 100,0 50,0 - Q310: (with full effect from Q4) Havila Commander on bareboat from July Havila Fanø delivered late August Havila Faith and Havila Princess in Brazil Q410: Havila Favour in Brazil Havila Crusader on bareboat from early December Some adjustments from previous periods Q1 11: Havila Crusader (full effect) Havila Clipper delivered Q2 11: Havila Subsea from end of May Q3 11: Havila Aurora, Havila Borg & Havila Fortune acquired Havila Commander & Havila Crusader acquired - Bareboat eliminated 7,1 23,2 12,7 35,0 Q ,1 27,1 17,0 41,4 Q2 08 8,7 27,4 17,6 48,7 Q ,5 27,4 24,1 41,7 Q ,6 26,8 16,0 47,4 Q1 09 8,6 27,1 22,7 55,9 Q ,1 27,4 20,1 53,4 Q ,6 27,4 22,8 57,0 Q ,9 26,8 26,9 68,9 Q ,2 27,2 30,2 70,1 Q ,5 49,5 39,7 85,1 Q ,3 53,6 44,8 98,0 Q4 10 Crew Vessel Vessel hire Other 23,0 61,2 39,2 96,2 Q ,4 61,2 43,6 102,9 Q ,8 42,2 36,2 111,3 Q ,8 36,9 40,3 120,1 Q % 90 % 80 % 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0 % Q1 08 Q3 08 NOK mill % of total expenses Q1 09 Q3 09 Q1 10 Q3 10 Q1 11 Q3 11

15 Quarterly freight income and operating expenses Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q Operating income Operating expenses

16 Operating profit from segments Excluding gains from sale of vessels and management expenses not included RRV 6 % SubSea 29 % ASIA 23 % PSV 23 % AHTS 19 % PSV AHTS AHTS Asia RRV SubSea SubSea 31 % RRV 2 % Asia 10 % 2011 AHTS 21 % PSV 36 % Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11

17 Assets Vessels New buildings Other Current % 90 % 80 % 70 % 60 % 50 % 40 % 30 % 20 % 10 % Q4 11 Q3 11 Q2 11 Q1 11 Q4 10 3Q 10 2Q 10 1Q 10 4Q 09 3Q 09 2Q 09 0 % Q4 Q3 Q2 Q1 Q4 Q3 2Q 1Q Q4 3Q 2Q

18 Equity and liability % Equity Long term debt Short term liability % 80 % 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0 Q4 11 Q3 11 Q2 11 Q1 11 Q410 3Q 10 2Q 10 1Q 10 4Q 09 3Q 09 2Q 09 0 % Q4 11 Q3 11 Q2 11 Q1 11 Q4 10 3Q 10 2Q 10 1Q 10 4Q 09 3Q 09 2Q 09

19 Cash flow statement NOK Cash from operating activity Kontantstrøm fra drift Cash flow from investing activity Kontantstrøm fra investeringer Cash flow from financing activity Kontanstrøm fra finansiering Net change in cash Nettoendring i kontanter Liquid assets at start of period Likvider først i perioden Net transfer of cash from acquisition Netto tilførsel av kontanter fra oppkjøp Liquid assets at end of period Likvider sist i perioden

20 Key figures Q4 11 Q3 11 Q2 11 Q1 11 Q4 10 Number of shares (1000) Antall aksjer (1000) Average number of shares Gj.sn. Antall aksjer Earnings per shares Fortjeneste per aksje - 0,56 0,04-3,96-3,46-4,27 Diluted earnings per share Utvannet fortjeneste per aksje -0,56 0,03 Book equity per share Bokført EK per aksje Value adjusted equity per share Verdijustert EK per aksje Operating profit befor depreciation Driftsresultat før avskrivning Adjustments of unrealized FX gains/loss Justering for urealisert valuta gevinst/tap EBITDA EBITDA Gains from sale of vessels Gevinst ved salg av fartøy EBITDA margin excl gains Driftsmargin ekskl gevinster 45 % 49 % 29 % 18 % 17 % Havila Herøy & Havila Fanø working for Mærsk

21 Interest bearing debt NOK Q4 11 Q3 11 Q2 11 Q1 11 Q4 10 Long term debt Langsiktig gjeld Next years instalments Neste års avdrag Interest-bearing short Rentebærende kortsiktig time debt gjeld Total Total Interest-bearing financial Rentebærende fixed assets finansielle anleggsmidler Interest-bearing current assets Rentebærende omløpsmidler Bank Deposit Bankinnskudd Net Net Pictures taken onboard Havila Jupiter on New Year Eve 2011

22 Value adjusted fleet- age % % % Modern fleet % % Fleet values NOK 7.7 billion Not including Mars, Mercury, Troll, Market values at year end Since June: 5 new vessels Havila Aurora, Havila Borg & Havila Havila Commander & Havila Crusader During the year Seven Havila delivered and sold to JV company Havila Saturn sold Havila Subsea delivered Booked value of fleet 6.9 billion Contract value on new-builds NOK 0,3 billion %

23 Fleet / Fortress 96 Troll 03 Mars Foresight Phoenix Jupiter Clipper Faith 98 Mercury Fortune Herøy Seven Havila Favour 99 Princess 05 Neptune Venus Fanø Posh Viking Posh Virtue Commander Subsea Runde 97 Harmony 05/07 Posh Vibrant Aurora Crusader Posh Venture Borg

24 POSH vessel operations 8,000 BHP AHTS 100 tons BP DP Operating 29 th July 2008 POSH Viking 8 th October 2008 POSH Vibrant 3 rd April 2009 POSH Venture POSH Vantage 6 th July 2009 POSH Virtue 9 th September 2010 Posh Value 28 th September 2011 Posh Resolve 14 th October 2011 Posh Resolute 10,800 BHP AHTS 125 tons BP DP2

25 100 % 95 % 90 % 85 % 80 % 75 % 70 % 65 % 60 % 55 % 50 % Posh fleet utilization and contracts Oct Nov Des Jan Feb Mar April May June July Aug Sept Oct Nov Dec 63 % % 66 % 68 % 70 % 74 % 73 % 74 % 82 % 77 % 82 % 81 % 79 % 82 % 81 % 77 % 79 % 81 % 82 % 82 % % 82 % 85 % 88 % 88 % 87 % 94 % 96 % Month Year to date

26 New building PSV Havila Charisma (to be in a related company) To be delivered in Q4.12 Contract with Statoil for 5 years + 3x1year option

27 PSV fleet PSV Vessel Name Built Counterparty Fortress 1996 Two wells + One well opt Faith 1998 Petrobras Apr opt Favour 1999 Petrobras opt Princess 2005 Petrobras Apr opt Foresight 2008 Statoil July yrs of opt Fanø 2010 Maersk June opt Herøy 2009 Maersk Sep opt Clipper 2011 Statoil Sept opt Commander 2010 Spot Crusader 2010 Talisman April M opt Aurora 2009 Total March opt Borg 2009 Shell August year opt Fortune 2008 Two wells + One well option commencing March 2012

28 AHTS fleet AHTS Vessel Name Built Counterparty Mars 2007 Statoil June yr opt Mercury 2007 Statoil Nov yr opt Venus 2009 Spot Neptune 2008 Total Nov 2011 Jupiter 2010 Spot

29 Rescue & Subsea fleet Rescue Vessel Name Built Counterparty Runde 1997 Statoil July years opt Troll 2003 Statoil Dec years opt Subsea Vessel Name Built Harmony 2003 TS Marine Apr yr opt Phoenix 2009 TS Marine Jun yr opt Seven Havila 2011 Subsea 7 to opt Subsea 2011 Subsea 7 to 2013

30 Contract status

31 Contractual coverage

32 Shareholders Shareholder/Aksjonær Address/Adresse Aksjer/Shares Andel/Interest HAVILA AS FOSNAVÅG ,2 % ODIN OFFSHORE OSLO ,9 % TORGHATTEN ASA BRØNNØYSUND ,7 % PARETO AKSJE NORGE OSLO ,5 % MAVI XV AS TRONDHEIM ,3 % PARETO WORLD WIDE SHIPPING AS OSLO ,9 % PARETO AKTIV OSLO ,6 % PARETO WORLD WIDE SHIPPING II AS OSLO ,6 % RBC DEXIA INVESTOR SERVICES TRUST STORBRITANNIA ,5 % VERDIPAPIRFONDET PARETO VERDI OSLO ,3 % KS ARTUS ÅLESUND ,0 % CARVALLO INTERNATIONAL LTD SINGAPORE ,9 % PACIFIC CARRIERS LTD SINGAPORE ,9 % BAKKELY INVEST A/S ULSTEINVIK ,8 % PARETO OFFSHOREINVEST AS OSLO ,8 % HUSTADLITT A/S MOLDE ,8 % EINAR KRISTIAN TVEITÅ HORNNES ,6 % WILH. WILHELMSEN HOLDING ASA LYSAKER ,5 % OLAV MAGNE TVEITÅ HORNNES ,5 % VERDIPAPIRFONDET DNB SMB OSLO ,4 % 20 largest/20 største ,3 % Other ,7 % Total number of shares/antall aksjer totalt ,0 %

33 Market comments Forth quarter started excellent, Thereafter a weak period Better again at the end of the year First quarter has started diversified with lower rates out of Aberdeen than out of Norway Rate level equal to weak part of fourth quarter Q1 expected to be fluctuating but improving Still high demand specially for deepwater vessels

34 Vessels in spot market Q1 12 AHTS Havila Venus Havila Jupiter Havila Neptune PSV Havila Fortress (partly) Havila Commander Havila Fortune until March

35 Summary New contracts Havila Harmony for two years until March 2014 Options until March 16 Clipper with Statoil until September, options to March 13 Crusader with BP until April + 8M options Fortune to E.ON for two wells + one well option Posh Viking is supporting Offshore Resolute in Bangladesh Havila Fortress listed as number one at Petrobras tender for four years Finance Low Capex No balloons No maturity in 2012 Contract coverage: 2012 Q1: 85% - options included 86% 2012: 72% - options included 83% Still demand in market for high-end vessels

36 Financial calendar Annual report / Ordinary general meeting st Quarter nd Quarter rd Quarter Preliminary accounts for 2012/4th Quarter Contact: CEO NJÅL SÆVIK (+47) njaal@havila.no CFO ARNE JOHAN DALE (+47) ajd@havila.no

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