Presentation 2 nd Quarter 2011

Transcription

1 Presentation 2 nd Quarter 2011

2 This is Havila Shipping ASA 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) 3 vessels owned by Havship DA (owned from 21 st July 11) 1 vessel owned by Sydvestor Troll (bareboat) 1 vessel on bareboat from Havila PSV III KS (74% owned from 21 st July 11) 1 vessel on bareboat from Havila PSV AS (74% owned from 21 st July 11) 600 offshore staff. 30 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

3 Havila Shipping.. 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

4 Safety & Quality focused 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.

5 2 ND QUARTER ACCOUNTS Havila Herøy at work

6 Havila Borg Highlights 2 nd quarter 2011 Operating income ex gains NOK 258 mill EBITDA ex gains NOK 39 mill EPS -3,96 Havila Subsea delivered onhire mid June Contract with Statoil for 5 years plus 3x1 year option for a PSV (newbuilding) Contract with Havyard for building of a Havyard 833L PSV Purchase of 100% ownership of Havila Aurora, Havila Borg and Havila Fortune Purchase of 74% ownership of Havila Commander and Havila Crusader Havila Runde 95% fleet utilization (time charter fleet) 2 nd quarter 2010 Operating income NOK 278 mill EBITDA ex gains NOK 140 mill EPS incl gains 5,12 94% fleet utilization (time charter fleet)

7 258 Second quarter EBITDA and EBIT excl profit from sale of vessels Havila Runde Operating income better than in 2010 because of new vessel INCOME EXCL PROFIT PROFIT FROM SALE EBITDA EBIT PRETAX PROFIT Q2 10 Q gain from sale of Havila Troll EBITDA reduced because of increased operating expenses vessel hire Havila Troll Havila Commander Havila Crusader

8 Main figures NOK mill Q Q Q Q Q Income and gains 298,5 309,6 255,0 298,0 433,2 EBITDA 88,0 29% 97,5 31% 34,4 13% 105,2 35% 294,5 68% Pre tax result -52,7-17,6% -25,5-2,8% -105,2-39% 9,8 3,3% 123,2 19% Fleet utilization (time charter fleet) Q2 10: 94% 500 Q3 10: 96% Q4 10: 91% 400 Q1 11: 92% Q2 11: 95% 300 Interest rates turns up : 3 m NIBOR average Q1 10: 2,28% 200 Q2 10: 2,53% 100 Q3 10: 2,66% Q4 10: 2,55% - Q1 11: 2,61% Q2 11: 2,75% Q2 11 Q1 11 Q Q3 10 Q2 10 Q1 10 INCOME EX PROFIT FROM ASSETS EBITDA EBIT

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

10 500 Quarterly income 2008 Q1 Vessels Newbuilds Sale of Fame, Mars and Mercury Leaseback Mars & Mercury Q1 08 Q2 08 Q Q4 08 Operating income Q4 10: Vessels offhire Low utilizations Adjustments of previous periods Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q Q Q Q Q Q Q Q Q Q2 Sale Troll Q Q Q Q1 Sale Saturn Q Q (new) Vessels on management not included

11 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 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 Q3 10 Crew Vessel Vessel hire Other 24,3 53,6 44,8 98,0 Q ,0 61,2 39,2 96,2 Q ,4 61,2 43,6 102,9 Q % 90 % 80 % 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0 % Q1 08 NOK mill % of total expenses Q3 08 Q1 09 Q3 09 Q1 10 Q3 10 Q1 11

12 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 Q Operating income Operating expenses

13 45 Operating profit from segments Excluding gains from sale of vessels RRV 6 % SubSea 29 % ASIA 23 % PSV 23 % AHTS 19 % SubSea 36 % 2011 PSV 28 % PSV AHTS AHTS Asia RRV SubSea RRV 3 % Asia 17 % AHTS 16 % Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11

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

15 Equity and liability Equity Long term debt Short term liability Q2 11 Q1 11 Q410 3Q 10 2Q 10 1Q 10 4Q 09 3Q 09 2Q % 90 % 80 % 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0 % Q2 11 Q1 11 Q4 10 3Q 10 2Q 10 1Q 10 4Q 09 3Q 09 2Q 09

16 Cash flow statement NOK 1000 YTD 11 YTD 10 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 Liquid assets at end of period Likvider sist i perioden

17 Key figures Q2 11 Q1 11 Q4 10 Q3 10 Q2 10 Number of shares (1000) Antall aksjer (1000) Earnings per shares Fortjeneste per aksje - 3,96-3,46-4,27-0,39 5,14 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/ta EBITDA EBITDA Gains from sale of vessels Gevinst ved salg av fartøy EBITDA margin excl gains Driftsmargin ekskl gevinster 29 % 18 % 17 % 35 % 50 %

18 Interest bearing debt NOK Q2 11 Q1 11 Q4 10 Q3 10 Q2 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 Havila Mars Havila Borg Havila Foresight Havila Venus

19 Modern fleet Value adjusted fleet- age % % Fleet values NOK billion Not including Mars, Mercury, Troll, Commander & Crusader Fortune, Aurora & Borg Market values based on half year 2011 Havila Clipper delivered Seven Havila delivered and sold Havila Saturn sold Havila Subsea delivered Booked value of fleet billion Contract value on new-builds NOK 0,3 billion %

20 POSH vessel operations 8,000 BHP AHTS 100 tons BP DP Operating 29 th July 2008 POSH Viking 8 th October 2008 POSH Vibrant 13 th December 2008 POSH Voyager 3 rd April 2009 POSH Venture POSH Vantage 6 th July 2009 POSH Virtue 15 th August 2010 Posh Verdant 9 th September 2010 Posh Value 10,800 BHP AHTS 125 tons BP DP2

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

22 95 % 90 % 85 % 80 % 75 % 70 % 65 % 60 % 55 % 50 % Posh fleet utilization and contracts April May June July Aug Sept Oct Nov Des Jan Feb Mar April May June 63 % % 68 % 70 % 79 % 81 % 82 % 76 % 81 % 80 % 81 % 81 % 82 % 77 % 82 % 81 % 79 % 82 % 74 % 73 % 81 % 74 % 77 % 89 % 90 % 86 % 85 % 88 % 88 % Month Year to date

23 New building PSV Havila TBN To be delivered in Q4.12 Contract with Statoil for 5 years + 3x1year option

24 PSV fleet PSV Vessel Name Built Counterparty Fortress 1996 ADTI April 2011 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 Mar opt Commander 2010 Conoco Phillips Apr 2011 Crusader 2010 Talisman Nov year opt Aurora 2009 Total March opt Borg 2009 Shell August year opt Will be included in croup accounts from July 2011 Fortune 2008 SPDE August m opt

25 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 Sep yr opt Jupiter days firm

26 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

27 Contract status

28 Contractual coverage

29 Shareholders Shareholder/Aksjonær Address/Adresse Type Aksjer/Shares Andel/Interest Havila AS Fosnavåg ,3 % Torghatten ASA Brønnøysund ,7 % DnBNOR Markets ASA Oslo ,7 % Verdipapirfondet Odin Offshore Oslo ,3 % Pareto Aksje Norge Oslo ,5 % Pareto Aktiv Oslo ,5 % RBC Dexia Investor Services Trust Storbritania ,3 % KS Artus Ålesund ,3 % Pareto Verdi Oslo ,2 % Bakkely Invest AS Ulsteinvik ,1 % Hustadlitt AS Molde ,8 % Einar Kristian Tveitå Hornnes ,7 % Wilh. Wilhelmsen ASA Lysaker ,7 % Olav Magne Tveitå Hornnes ,7 % Verdipapirfondet DnB NOR SMB Oslo ,5 % Carvallo International Ltd Singapore ,5 % Pacific Carriers Ltd Singapore ,5 % Havsulen AS Ålesund ,4 % Stig Ulstein AS Ulsteinvik ,4 % Storebrand Verdi Storbritania ,4 % 20 largest/20 største ,4 % Own shares/egne aksjer ,0 % Other/Andre ,6 %

30 Market comments Spot market in Q2 11 was considerable better then Q1 Fluctuating Third quarter started good Acceptable level on several spot closures Spot market expected to be fluctuating Average for Q3 expected as for Q2 Still high tender activity Rate level on long time contracts on acceptable levels

31 Vessels in spot market Q3 11 AHTS Havila Venus Havila Jupiter from September PSV Havila Fortress from September Havila Commander from October/November

32 Summary Havila Shipping is focused on modern high-end vessels Vessels Havila Clipper delivered in January 1Y contract Seven Havila delivered and sold to JV Company Havila Saturn sold Mars, Mercury and Runde options for 1Y exercised Havila Subsea delivered onhire with Subsea 7 mid June New Hayvard 833 L contracted for 5Y Statoil Charter Contract coverage: 2011: 86% - options included 87% 2012: 65% - options included 80% From July Havila Aurora, Havila Borg, Havila Fortune, Havila Commander and Havila Crusader will be consolidated in the group accounts Expected to have considerable positive effect on results Still demand in market for high-end vessels

33 Financial calendar rd Quarter Preliminary accounts for 2011/4th Quarter Contact: CEO NJÅL SÆVIK (+47) njaal@havila.no CFO ARNE JOHAN DALE (+47) ajd@havila.no

34 P & L ACCOUNT BALANCE SHEET

35 P&L 2011 P & L ACCOUNT NOK 1000 RESULTAT NOK 1000 Q2 11 Q2 10 YTD 2011 YTD 2010 Freight income Fraktinntekter Net foreign currency gain/loss Netto valutagevinst/tap Other income Andre inntekter Total operating income Sum driftsinntekter Gain on sale of fixed assets Gevinst ved avgang anleggsmidler Total income and gains Sum driftsinntekter og gevinst ved salg av anleggsmidler Crew expenses Mannskapskostnader Vessel expenses Fartøykostnader Hire expenses Leiekostnader Other operating expenses Andre driftskostnader Total operating expenses Totale driftskostnader Operating profit before depr. Driftsresultat før avskrivning Depreciation Avskrivninger Operating profit Driftsresultat Financial income Finansinntekter Financial expenses Finanskostnader Net financial items Netto finansposter Joint venture companies Felleskontrollert virks omhet Profit before tax Resultat før skatt Tax Skatt Profit after tax Resultat etter skatt Other income and expenses Andre inntekter og kostnader 0 Currency translation differences Omregningsdifferanser valuta Total compreh. income for the period Periodens totalresultat Attributable to: Totalresultatet tilordnes: 0 Non controlling interest Ikke kontrollerende eierinteresser Controlling interest Eier av morforetaket Total Sum

36 P & L account five last quarters P & L ACCOUNT NOK 1000 RESULTAT NOK 1000 Q2 11 Q1 11 Q4 10 Q3 10 Q2 10 Freight income Fraktinntekter Net foreign currency gain/loss Netto valutagevinst/tap Other income Andre inntekter Total operating income Sum driftsinntekter Gain on sale of fixed assets Gevinst ved avgang anleggsmiddel Total income and gains Sum driftsinntekter og gevinst ved salg anl Crew expenses Mannskapskostnader Vessel expenses Driftskostnader skip Hire expenses Leiekostnader Other operating expenses Andre driftskostnader Total operating expenses Totale driftskostnader Operating profit before depreciation Driftsresultat før avskrivning Depreciation Avskrivninger Operating profit Driftsresultat Financial income Finansinntekter Financial expenses Finanskostnader Net financial items Netto finansposter Joint venture companies Felleskontrollert virksomhet Profit before tax Resultat før skatt Tax Skatt Profit after tax Resultat etter skatt Other income and expenses Andre inntekter og kostnader 0 Currency translation differences Omregningsdifferanser valuta Total compreh. income for the period Periodens totalresultat Attributable to: Totalresultatet tilordnes: Non controlling interest Ikke kontrollerende eierinteresser Controlling interest Eier av morforetaket Total Sum

37 Balance sheet - assets Assets Eiendeler 30/06/11 30/06/10 31/12/10 Fixed assets Anleggsmidler Vessels Fartøy Buildings, office equipment etc Bygninger, kontorutstyr mv New building contracts Nybyggingskontrakter Fixed assets Varige driftsmidler Financial fixed assets Finansielle eiendeler Investments in joint venture company Investering i felleskontrollert virks omhet Derivatives Derivater Deferred tax assets Utsatt skattefordel Shares Aksjer Net pension assets Netto pensjonsmidler Long term receivables Langsiktige fordringer Total financial fixed assets Totale finansielle eiendeler Total fixed assets Sum anleggsmidler Current assets Omløpsmidler Bunkers and other stocks Bunkers og annet lager Trade receivables and other receivable Kundefordringer og andre fordringer Other short term receivables Andre kortsiktige fordringer Assets held for sale Eiendeler tilgjengelig for salg Derivatives Derivater Trading portfolio Handelsportefølgje Bank deposit Bankinnskudd Total current assets Sum omløpsmidler

38 Balance sheet - equity and liabilities Equity and liabilities Egenkapital og gjeld 30/06/11 30/06/10 31/12/10 Equity Egenkapital Share capital Aksjekapital Own shares Egne aksjer Share premium fund Overkursfond Other equity Annen egenkapital Non controlling interest equity Minoritets egenkapital Total equity Sum egenkapital Non current liabilities Langsiktig gjeld Borrowings Lån Derivatives Derivater Deferred tax Utsatt skatt Allocation liability in joint ventures Avsetning av forpliktelser i felleskontrollert Other non current liabilities Annen langsiktig gjeld Total long term debt Sum langsiktig gjeld Current liabilities Kortsiktig gjeld Trade payable Leverandørgjeld Tax payable Betalbar skatt Derivatives Derivater Other current liabilties Annen kortsiktig gjeld Total current liabilities Sum kortsiktig gjeld Total equity and liabilities Sum egenkapital og gjeld

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