Havila Shipping ASA 2 nd quarter 2013 accounts

Transcription

1 Havila Shipping ASA 2 nd quarter 2013 accounts

2 Highlights Year to date Havila Harmony Extension of existing contract for four years firm with two optional periods of one year each Will keep the vessel working in Malaysia until end of April 2017 (April 2019) Havila Phoenix Extension of existing contract with five months - Will keep the vessel working until end of November 2013 Contract with Deepocean for 7 years firm period and 4x1 year optional periods for Keep the vessel on firm contract up to Q1 2020, options included up to 2024 Havila Subsea Prolongation of contract for 2013 with Subsea 7 for the IMR vessel Havila Subsea Havila Mars and Havila Mercury New contract swith Statoil One for 3 years firm and 3x1 year optional periods One for 1 year firm and 1 year option Havila Clipper and Havila Crusader Contract with Statoil for PSV vessels Havila Clipper & Havila Crusader Havila Clipper for 4 months plus four monthly options Havila Crusader for 6 months plus 2 x 3 months options Havila Runde RRV vessel Havila Runde sold Havila Faith and Havila Princess New 4 year contract with Petrobras for the PSV vessels Keep both vessels working for Petrobras until 2017, options included up to 2021 Bond loans Note issue of MNOK 150 in April Repayment of Havi 03 MNOK 216 on 19 th July 19 th July: Repayment of MNOK 216 bond loan (Havi 03)

3 Facts and Figures Q2/Highlights Q2 13 Mill NOK Q2 12 Mill NOK Freight income 360 Total income 367 EBITDA 183 EBITDA margin 50% Freight income 347 Total income 354 EBITDA 145 EBITDA margin 41% Utilization 94% Time charter fleet Utilization 93% 3

4 Facts and Figures YTD/Highlights YTD 13 Mill NOK YTD 12 Mill NOK Freight income 677 Total income 697 EBITDA 318 EBITDA margin 46% Freight income 674 Total income 711 EBITDA 262 EBITDA margin 37% Utilization 92% Time charter fleet Utilization 93% 4

5 Main figures NOK mill Q Q Q Q Q Income and gains 367,1 330,4 340,8 360,7 353,7 EBITDA 182,8 49,8% 135,6 41,0% 201,9 59,2% 148,8 41,2% 144,7 40,9 % Pre tax result 33,0 9,0% -19,6-5,9% 10,9 3,2% 21,2 5,9% -10,9-3,1 % Interest rates further down: 3 m NIBOR average Q2 12: 2,32% Q3 12: 2,12% Q4 12: 1,90% Q1 13: 1,87% Q2 13: 1,77% Q2 13 Q1 13 Q4 12 Q3 12 Q2 12 INCOME EX PROFIT FROM ASSETS EBITDA EBIT Interest rate level will have further positive effect on 2013

6 Q3 13 Q % 4 % 4 % 40 % 30 % 54 % 40 % 13 % 76 % 88 % 84 % 46 % 35 % 30 % 19 % 2 % Contractual coverage Fleet utilization (time charter fleet) Q2 11: 95% Q3 11: 97% 100 % 90 % 80 % 2 % 6 % Q4 11: 92% Q1 12: 94% Q2 12: 93% Q3 12: 93% Q4 12: 90% 70 % 60 % 50 % 40 % 30 % 20 % 10 % Q1 13: 90% 0 % Q2 13: 94% Quarterly average Quarterly options Annual average Annual options Good coverage this year and next 6

7 Modern fleet Value adjusted fleet age: 5 years, 1 month Market value Fleet value: BNOK 8.4 Not including Havila Troll Booked value Fleet value: BNOK 7.5 Excess value: BNOK 0.9 Long term financing Secured : BNOK 4.9 Unsecured: BNOK 1.3 Excess value BNOK 2.2 Calculation date: Years Months Weeks Days Building year 73 % 6 % 21 % New fleet focus on results 7

8 Q1 13 Q2 13 Q3 13 Q From Contract backlog Annual backlog Annual option Quarterly backlog Quarterly option Backlog BNOK 3.6 options included BNOK 5.6 8

9 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q Quarterly income Income Gains from sale Number of vessels increased from 19 to 27 during the period 9

10 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q ,9 70,1 85,1 98,0 96,2 102,9 111,3 120,1 113,4 122,3 112,8 104,5 115,3 117,2 26,9 30,2 26,8 39,7 27,2 44,8 39,2 43,6 29,7 12,9 36,2 11,2 40,3 46,0 41,1 40,2 41,1 9,6 40,8 49,5 26,5 53,6 61,2 9,2 42,2 9,6 61,2 36,9 36,9 37,5 36,8 25,5 18,1 18,5 19,8 24,3 23,0 23,8 20,5 20,4 17,9 17,4 Quarterly vessel expenses 250,0 200,0 150,0 100,0 50,0 - Crew Vessel Vessel hire Other Opex level expected to be below NOK 195 mill quarterly 10

11 Key figures Q2 13 Q1 13 Q 4 12 Q3 12 Q2 12 Number of shares (1000) Antall aksjer (1000) Average number of shares Gj.sn. Antall aksjer Diluted number of shares Utvanne antall aksjer Earnings per shares Fortjeneste per aksje 0,55-0,60-0,04 1,80-0,96 Diluted earnings per share Utvannet fortjeneste per aksje -0,04 Book equity per share Bokført EK per aksje Value adjusted equity per share Verdijustert EK per aksje Operating profit before depreciation Driftsresultat før avskrivning Adjustments of unrealized FX gains/loss Justering for urealisert valuta gevinst/tap EBITDA EBITDA Gains from sale of assets Gevinst ved salg av aktiva EBITDA margin excl gains Driftsmargin ekskl gevinster 50 % 43 % 59 % 40 % 41 % Booked equity at NOK 67 per share value adjusted at NOK 95 per share

12 Interest bearing debt NOK m illions NOK m ill Q2 1 3 Q1 1 3 Q4 1 2 Q3 1 2 Q2 1 2 Long term debt Langsiktig gjeld Next years instalments Neste års avdrag Total Total Interest-bearing financial fixed Rentebærende finansielle assets anleggsmidler Interest-bearing current assets Rentebærende omløpsmidler Bank Deposit Bankinnskudd Net Net t o Next years instalment includes MNOK 216 maturity of Havi 03 in July Havi 03 repaid on 19 th July.

13 Operating profit from segments % % 25 % AHTS PSV RRV 80 SubSea 70-3 % 34 % Asia PSV AHTS AHTS Asia RRV SubSea Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q % 1 % 32 % 8 % 49 % 2012 AHTS PSV SubSea RRV ASIA AHTS expected to increase 13

14 Q2 13 Q1 13 Q4 12 Q3 12 Q2 12 Q1 12 Q4 11 Q3 11 Q2 11 Q1 11 Q4 10 Q3 10 Q2 10 Q Assets Vessels New buildings Other Current 14

15 Q1 13 Q1 13 Q4 12 Q3 12 Q2 12 Q1 12 Q4 11 Q3 11 Q2 11 Q1 11 Q4 10 Q3 10 Q2 10 Q1 10 Assets relative 100 % 90 % 80 % 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0 % Vessels New buildings Other Current Effective assets: 90% operative! 15

16 Q2 13 Q1 13 Q4 12 Q3 12 Q2 12 Q1 12 Q4 11 Q3 11 Q2 11 Q1 11 Q4 10 Q3 10 Q2 10 Q Equity and liability Equity Long term debt Short term liability Half of short term debt is annual instalments on long term debt Havi 03 included in short term debt with MNOK 216 repaid 19 th July 16

17 Q2 13 Q1 13 Q4 12 Q3 12 Q2 12 Q1 12 Q4 11 Q3 11 Q2 11 Q1 11 Q4 10 Q3 10 Q2 10 Q1 10 Equity and liability - relative 100 % 90 % 80 % 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0 % Equity Long term debt Short term liability 17

18 Q1 13 Q2 13 Q3 13 Q Posh fleet utilization and contracts 120 % 2012 Utilization: Q1: 69% Q2:98% Q3: 88% Q4:82% 100 % 80 % 60 % 40 % 20 % 0 % COVEX OPT OPTIONS Improvement in day rates continues 18

19 Vessels in Spot Market AHTS Havila Venus Havila Jupiter Havila Neptune PSV Havila Fortune (October)

20 Market comments Subsea Activity increasing Large backlog for clients Still demand for subsea vessels AHTS Volatile Spot market Number of rigs increasing PSV High tender activity Brazil back Fleet growth absorbed better than expected 20

21 This is Havila Shipping ASA Head-office in Fosnavåg, Norway Partnership with PACC Offshore in Singapore A fleet of 27 vessels 800 offshore staff 38 onshore Strong operating track record A qualified organisation focusing on human resources and solid seamanship Segments Current Fleet PSV 14 AHTS 9 SubSea 3 Rescue vessels 1 21

22 Largest shareholders Shareholder/Aksjonær Address/Adresse Shares/Aksjer Interest/Shares HAVILA HOLDING AS FOSNAVÅG ,5 % ODIN OFFSHORE OSLO ,8 % PARETO AKSJE NORGE OSLO ,6 % PARETO WORLD WIDE SHIPPING AS OSLO ,4 % TORGHATTEN ASA BRØNNØYSUND ,1 % MAVI XV AS TRONDHEIM ,0 % PARETO AKTIV OSLO ,4 % JEKI PRIVATE LIMITED SINGAPORE ,7 % CARVALLO INTERNATIONAL LTD SINGAPORE ,3 % PARETO VERDI OSLO ,2 % ODIN MARITIM OSLO ,9 % PARETO OFFSHOREINVEST AS OSLO ,8 % HUSTADLITT A/S MOLDE ,8 % BAKKELY INVEST A/S ULSTEINVIK ,7 % OLAV MAGNE TVEITÅ HORNNES ,7 % KS ARTUS FOSNAVÅG ,7 % PACIFIC CARRIERS LTD SINGAPORE ,6 % VERDIPAPIRFONDET DNB OSLO ,6 % ARTHUR SÆVIK FOSNAVÅG ,5 % PARETO SICAV LUXEMBOURG ,4 % 20 largest/20 største ,4 % Other/Andre ,6 % Total number of shares/antall askjer totalt ,0 % 22

23 Summary Refinancing plan in place Contracts signed as expected No capex 2013 contract coverage good Backlog BNOK 5.6 options included 23