Presentation 3 rd Quarter 2009

Transcription

1 Presentation 3 rd Quarter 2009

2 This is Havila Shipping ASA Havila Phoenix operation in Mexico Head-office in Fosnavåg, Norway. Building a team through our partner PACC Offshore in Singapore A fleet of 25 vessels included a new-building program of 5 modern vessels within vessels owned by Havila Ariel 2 vessel owned by Havship DA (management) 375 offshore staff. 25 onshore Strong operating track record. A qualified organisation focusing on human resources and solid seamanship. Havila Phoenix operation in Mexico Segments Fleet- today New-builds PSV 7 2 AHTS 9 1 SubSea 2 2 Rescue vessels 2

3 Havila Shipping.. modernizing the fleet a preferred partner within offshore services vessels extending the international activity with focus on Pacific Ocean maintaining a balanced mix between long contracts and spot market Havila Venus outside the yard in Leirvik 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 3 RD QUARTER ACCOUNTS Acergy Havila Sea launching at Cemre Havila Venus

6 Highlights Havila Troll in North Sea 3 rd quarter 2009 Freight revenues NOK 210 mill EBITDA NOK 105 mill EPS 15,08 Weak spot marked most of the quarter New 300 million bond loan Icelandic bond loan (2010) repurchased POSH Virtue delivered on 6 th July (on financial lease) Havila Phoenix in Mexico 92% fleet utilization (time charter fleet) 3 rd quarter 2008 Freight revenues NOK 217 mill EBITDA excl profit from assets NOK 102 mill EPS 1,08 97% fleet utilization

7 Main figures NOK mill Q Q Q Q Q Income and gains 216,0 249,6 212,2 294,4 216,8 EBITDA 104,9 49% 135,3 54% 111,4 53% 187,8 64% 114,4 53% EBIT 70,4 33% 102,6 41% 83,3 39% 160,9 55 % 89,5 41% Pre tax result 295,9 137% 114,1 46% 164,4 77% -86,3-29 % 16,9-8% Comments: Fleet utilization (time charter fleet) Q1: 93% Q2: 95% Q3: 92% Favour 10 years class in Q1. Positive non realized value changes on FX Q1: 101 million Q2: 42 million Q3: 243 million (129 realized in october) Interest rates drops lowering interest expenses : 3 m NIBOR average 2008: 6,23% Q1: 3,45% Q2: 2,45% Q3: 1,89% Q3 09 Q2 09 Q1 09 Q4 08 Q3 08 INCOME EX PROFIT FROM ASSETS EBITDA EBIT

8 Fleet utilization 84 % 88 % % 97 % 92 % 98 % 93 % 95 % 93 % 99 % 94 % % 96 % 94 % % % 93 % % 96 % 94 % 95 % 94 % 93 % 96 % 93 % 92 % 93 % June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep Vessels on time charter POSH vessels on bareboat charter not included Month YTD

9 Quarterly income Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Freigth income Sale of assets 2007 Vessels Newbuilds Q Q Q3 Sale of Havila Force 9 13 Q Q1 Sale of Fame, Mars and Mercury Leaseback Mars & Mercury Q Q Q Q Q Q Vessels on management not included

10 Quarterly operating expenses 25,3 32,7 30,3 33,9 35,0 41,4 48,7 41,7 47,4 11,4 55,9 53,4 6,7 10,4 12,3 13,9 5,8 6,8 12,7 8,0 17,0 17,6 24,1 23,2 16,0 22,7 20,1 7,1 27,1 27,4 27,4 26,8 10,1 27,4 27,1 8,7 10,6 13,5 8,6 10,1 140,0 120,0 100,0 80,0 60,0 40,0 20,0 - Previous period corrections NOK 5 mill Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Crew Vessel Vessel hire Other 100 % 90 % 80 % 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0 % Q1 07 Q2 07 NOK mill % of total expenses Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09

11 300 Quarterly freight income and operating expenses Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Freight income Q2 08 Q3 08 Q4 08 Q1 09 Operating expenses Q2 09 Q3 09

12 Operating profit from segments Excluding gains from sale of vessels YTD SubSea 27 % PSV 24 % 80 RRV 10 % Asia 15 % AHTS 24 % PSV AHTS AHTS Asia RRV SubSea RRV 10 % SubSea 16 % AHTS 34 % PSV 40 % Q3 08 Q4 08 Q1 09 Q2 09 Q3 09

13 Assets % 90 % % 70 % 60 % 50 % 40 % 30 % % 10 % 0 3Q 09 2Q 09 1Q 09 4Q 09 3Q 08 0 % 3Q 09 2Q 09 1Q 09 4Q 09 3Q 08 Vessels New buildings Other Current

14 Equity and liability % % 80 % % % % 40 % 30 % % 10 % 0 3Q 09 2Q 09 1Q 09 4Q 09 3Q 08 Equity Long term debt Short term liability 0 % 3Q 09 2Q 09 1Q 09 4Q 09 3Q 08

15 Cash flow statement NOK 1000 YTD 09 YTD 08 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

16 Financial items Q3 09 Q2 09 Q1 09 Q4 08 Q3 08 YTD 09 YTD 08 Interest income Renteinntekter Agio Agio Unrealised agio on loans Urealisert agio på lån Unrealised agio leasing obligation Urealisert agio leasing forpliktelse Change in value of derivatives Verdiendring derviater Change in value of financial investments Verdiendring finansielle plasseringe Other financial income Andre finansinntekter Financial income Finansinntekter Interest expenses Rentekostnader Disagio Disagio Unrealised disagio on loans Urealisert disagio på lån Unrealised disagio leasing obligation Urealisert disagio leasing forpliktelse Change in value of derivatives Verdiendring derivater Change in value of financial investment Verdiendring finansielle plasseringer Other financial expenses Andre finanskostnader Financial expenses Finanskostnader Net financial items Netto finansposter Havila Venus - furnishing Forward rate contracts will have positive impact on EBITDA based on expected average exchange rates for actual currencies for the time of payment of sold amounts.

17 Key figures Q3 09 Q2 09 Q1 09 Q4 08 Q3 08 YTD 09 YTD 08 Number of shares (1000) Antall aksjer (1000) Earnings per share Fortjeneste per aksje 15,08 5,14 9,24-2,22 1,09 29,55 20,82 Book equity per share Bokførte egenkapital per aksje Value adjusted equity per share Verdijustert egenkapital per aksj EBITDA margin excl gains Driftsmargin eksklusiv gevinster 49 % 54 % 52 % 64 % 53 % 52 % 47 % EBIT margin excl gains Drifsmargin etter avskrivning eks gev. 33 % 41 % 39 % 55 % 41 % 38 % 33 % 200 Q Q Q3 08 Q Q Booked equity per share Value adjusted equity per share Q2 09 Q3 09

18 Interest bearing debt NOK Q3 09 Q2 09 Q1 09 Q4 08 Q3 08 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 Venus The bridge

19 Value adjusted fleet- age Modern fleet 11 % 12 % Fleet values NOK 4.1 billion Not including Mars and Mercury Market value reduction since ,6% Booked values NOK 3.2 billion Excess value on new-builds not included Contract values on new-builds NOK 3,1 billion 77 % age age age

20 Financing new vessels PSV Herøy Fanø AHTS Venus Jupiter POSH Virtue Eksportfinans % of contract value SubSea Acergy Havyard 855 Bank Loan/Guarantee % of vessel costs

21 Upfront cash payment newbuilding contracts Havyard Acergy 20 5 Venus 20 - Jupiter 20 - Herøy 92 8 Fanø 20-0 % 20 % 40 % 60 % 80 % 100 % % paid % unpaid

22 POSH Havila Pte Ltd, Singapore Joint venture company established /50 owned by Pacc Offshore Services Holding Pte Ltd and Havila Shipping ASA through 100% owned company Tree vessels owned 4 th vessel was delivered 6 th July On financial lease - buy option after six months POSH Havila Pte Ltd In operation since July/August 2008 Hire in vessels on bareboat charter from owners Vessels to be on timecharter in Asian waters Implemented in the accounts as Associated company

23 POSH vessel operations 8,000 BHP AHTS 100 tons BP DP Operating 29 th July 2008 POSH Veritas POSH Viking 8 th October 2008 POSH Vibrant 13 th December 2008 POSH Voyager 20 th January 2009 POSH Victory 3 rd April 2009 POSH Venture POSH Vantage 6 th July 2009 POSH Virtue 10,800 BHP AHTS 125 tons BP DP2

24 Contract status POSH fleet. AHTS (8000 BHP) POSH Veritas POSH Viking (H) POSH Vibrant (H) POSH Voyager POSH Victory Veritas: Contract 408 days firm Viking: Contract - 12M + 1Y opt (declared) Vibrant: Contract - 12M +6M+6M opt Voyager: Contract 1Y + 1Y opt Victory : Contract 4M + 30D opt Virtue: Spot Different tenders POSH Virtue (H) AHTS ( BHP) POSH Vantage Vantage: Operating - Different tenders Venture: Contract days firm POSH Venture (H) Contract Options

25 100 % 95 % 90 % 85 % 80 % 75 % 70 % 65 % 60 % 55 % 50 % Fleet utilization Singapore Sept 89 % 100 % Okt Nov Des Jan Feb Mars April Mai Juni Juli 77 % 80 % 84 % 82 % 83 % 82 % 83 % 88 % 86 % 86 % 87 % 87 % 87 % 87 % 88 % 90 % 92 % 93 % 100 % 100 % Aug Sept 90 % 91 % 99 % 100 % Måned Akkumulert

26 Acergy Havila New buildings SubSea Havila TBN SubSea Diving vessel : Havyard 858 DSV design Length 120m Breadth 23 m 250 tons offshore crane Accommodation of 140 Clean design, Ice class, Catalyst SubSea IMR: Havyard 855 design Length/ Breadth: 95 m/ 20 m 150 tons offshore crane Accommodation of 70 Clean design, Catalyst

27 New buildings AHTS/ PSV 2 x PSV Havila Herøy / Fanø Havyard 832 CD design Length/ Breadth 80,4/17, m3 deck- area DP 2, clean and comfort class, catalyst 1 x AHTS Havila Jupiter Havyard 845 design Length/ Breadth: 92 m/ 22 m 275 tons Bollard Pull 500 t winch- tipple drum Hybrid propulsion system Safe AHTS equipment Integrated ROV Catalyst

28 Contract status existing fleet. AHTS Havila Mars 2007 Havila Mercury 2007 Havila Saturn 85% 2008 Havila Neptune 2008 Havila Venus 2009 PSV Havila Favour 1999 Havila Faith 1998 Havila Princess 2005 Havila Foretress 1996 Havila Foresight 2007 RRV Havila Runde 2003 Havila Troll 1997 SubSea Havila Harmony 2005 Havila Phoenix Contract Options

29 Contract status New buildings. AHTS Havila Jupiter 1Q PSV Havila Herøy 4Q Havila Fanø 2Q SubSea Acergy Havila 3Q Havila TBN (855) 1Q Delivery Contract Options

30 Contractual coverage 90 % 80 % 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0 % Oct Nov Dec COV EX OPT OPTIONS

31 Shareholders Number of shares In% Name ,32 HAVILA AS NOR ,65 DnBNOR MARKETS NOR ,77 FOSEN ASA NOR ,73 PARETO AKSJE NORGE NOR ,81 VERDIPAPIRFOND ODIN OFFSHORE NOR ,09 PARETO AKTIV NOR ,30 VERDIPAPIRFOND ODIN NORGE NOR ,89 TORGHATTEN ASA NOR ,28 KS ARTUS NOR ,27 SKAGEN VEKST NOR ,19 SG NANTES/NEWEDGE GR C/O SVENSKA HANDELSB FRA ,10 BAKKELY INVEST A/S NOR ,00 HAVILA SHIPPING ASA NOR ,69 WILHELMSEN LINES SHIPOWNING AS NOR ,54 HAVSULEN AS NOR ,54 DNB NOR SMB VPF NOR ,52 PACIFIC CARRIERS LTD SGP ,52 CARVALLO INTERNATION SGP ,50 PARETO VERDI NOR ,46 SIS SEGAINTERSETTLE CHE ,14

32 Market comments Weak spot market during third quarter Both for PSV and AHTS Fourth quarter has started weak and expected to be weak and also fluctuating because of weather Few large new buildings AHTS expected to be delivered in near future. Cancellation of new vessel orders will reduce oversupply risk. Focus on specialized built inspection- maintenance and repair (IMR) vessels. Crew situation in Norway easier than expected before

33 Vessels in spot market Q4 09 AHTS Havila Saturn Havila Venus from end October PSV Havila Faith Havila Favour

34 Summary Havila Shipping is focused on modern high-end vessels Financing available at acceptable margins Havila Venus and Havila Jupiter financed earlier Herøy and Fanø signed with commercial banks approved from GIEK in August New 300 mill bond loan ISK interest rate risk and Icelandic CPI risk eliminated by repurchasing of bond loan Interest rate level reduces the interest expenses Still demand market for high-end vessels Financial items will fluctuate in the future because of forward FX contracts against USD, EUR and GBP

35 Financial calendar Preliminary result for 2009/4th Quarter Contact: CEO NJÅL SÆVIK (+47) CFO ARNE JOHAN DALE (+47)

36 P & L ACCOUNT BALANCE SHEET

37 P & L account Q NOK 1000 Q3 09 Q3 08 YTD 2009 YTD 2008 Freight income Fraktinntekter Profit by sale of assets Gevinst ved salg av aktiva Other income Andre inntekter Total income and profit Totale inntekter Crew expenses Mannskapskostnader Vessel expenses Fartøykostnader Hire expenses Leiekostnader Other operating expenses Andre driftskostnader Total operating expenses Totale driftskostnader 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 Conversion difference foreign exchange Omregningsdifferanser valuta Total profit for the period Totalresultat for perioden Total profit for the period distributed by Periodens totalresultat fordelt på Minority interests Minoritetsinteresser Majority interest Majoritetsinteresse Total Sum

38 Balance sheet - assets Assets Eiendeler Q3 09 Q2 09 Q1 09 Q4 08 Q3 08 Fixed assets Anleggsmidler Vessels Fartøy Buildings, offic e equipment etc Bygninger, kontorutstyr mv Contract new buildings Nybyggingskontrakter Fixed assets Varige driftsmidler Financial fixed assets Finansielle eiendeler Investments in joint venture compa Investering i felleskontrollert virkso Derivatives Derivater Other long term receivables Andre langsiktige fordringer Total financ ial fixed assets Totale finansielle eiendeler Total fixed assets Totale anleggsmidler Current assets Omløpsmidler Trade receivables Kundefordringer Other short term receivables Andre kortsiktige fordringer Derivatives Derivater Market based securities Markedsbaserte verdipapirer Bank deposit Bankinnskudd Total current assets Sum omløpsmidler Total assets Sum eiendeler

39 Balance sheet - equity and liabilities Ecuity and liabilities Egenkapital og gjeld Q3 09 Q2 09 Q1 09 Q4 08 Q3 08 Equity Egenkapital Share capital Aksjekapital Share premium fund Overkursfond Other equity Annen egenkapital Minority interest Minoritets egenkapital Total equity Sum egenkapital Long term debt Langsiktig gjeld Debt to financ ial institutions Gjeld til banker Bond loan Obligasjonslån Derivatives Derivater Deferred tax Utsatt skatt Other long term debt Annen langsiktig gjeld Total long term debt Sum langsiktig gjeld Current liabilities Kortsiktig gjeld Trade creditors Leverandørgjeld Tax payable Betalbar skatt Derivatives Derivater Other short term debt Annen kortsiktig gjeld Total current liabilities Sum kortsiktig gjeld Total equity and liabilities Sum egenkapital og gjeld

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