Nordic Energy Summit CFO Arne Johan Dale

Transcription

1 Nordic Energy Summit 2014 CFO Arne Johan Dale

2 Highlights 2013 Signed contracts 2.9 billion Contract coverage for 2014 cover expenses Contract backlog 3.5 billion Bank financing with maturity in 2014 refinanced Tax assessment changes appealed tax amount booked in the accounts Freight income increased by 100 million with one vessel less EBITDA record high YTD 2014: Statoil declared one year option for Havila Mars Charters Havila Clipper for 3 + 3x1 months 2

3 Facts and Figures /Highlights 2013 Mill NOK 2012 Mill NOK Freight income Total income EBITDA (adjusted) 710 EBITDA margin 49 % Freight income Total income EBITDA (adjusted) 609 EBITDA margin 43 % Utilization 91,5% Time charter fleet Utilization 92,3% 2013: 27 vessels 2012: 28 vessels 3

4 Main figures NOK mill Q Q Q Q Q Income and gains 360, EBITDA 171,3 47,6% % % % % Pre tax result 4,3 1,2% % % % % Q4 13 Q3 13 Q2 13 Q1 13 Q4 12 INCOME EX PROFIT FROM ASSETS EBITDA EBIT

5 Interest bearing debt NOK m illions NOK m ill Q4 1 3 Q3 1 3 Q2 1 3 Q1 1 3 Q4 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 instalment includes: Bankballon: MNOK 177 : Refinanced January 2014 Havi 10: MNOK 150 April 2014 Havi 05: MNOK 300 December 2014 Interest rates further down: 3 m NIBOR average Q4 12: 1.90% Q1 13: 1.87% Q2 13: 1.77% Q3 13: 1.71% Q4 13: 1.67% Year end 2013: 3 MND NIBOR 33 bps lover than one year earlier

6 Refinancing activities Q1 14 Q2 14 Q3 14 Q4 14 Balloon repayment Refinanced BOND 300 Refinancing activity during 2013 indicates increasing secured capacity 6

7 Modern fleet Value adjusted fleet age: 5 years, 5 month Market value Fleet value: BNOK 8.3 Not including Havila Troll Booked value Fleet value: BNOK 7.5 Excess value: BNOK 0.8 Long term financing Secured : BNOK 4.9 Unsecured: BNOK 1.1 Excess value BNOK 2.3 Calculation date: Years Months Weeks Days Building year 88 % 5 % 7 % Fleet age still of the lowest 7

8 Debt to Market value Q4 11 Q4 12 Q2 13 Q4 13 Secured Unsecured Excess value 100 % 90 % 80 % 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0 % Q4 11 Q4 12 Q2 13 Q4 13 Secured Unsecured Excess value Debt to market value reduced both in actual and relative terms

9 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q Quarterly income Income Gains from sale Seasonal fluctuations in the spot market 9

10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q ,2 102,9 111,3 120,1 113,4 122,3 112,8 104,5 115,3 117,2 120,1 114,2 39,2 43,6 29,7 36,2 40,3 46,0 41,1 40,2 41,1 9,6 40,8 41,2 43,7 26,5 61,2 9,2 42,2 9,6 61,2 36,9 36,9 37,5 10,0 10,3 36,8 25,5 18,1 18,9 25,9 23,0 19,8 20,4 17,4 23,8 20,5 17,9 Quarterly vessel expenses 250,0 240,0 230,0 220,0 210,0 200,0 190,0 180,0 170,0 160,0 150,0 140,0 130,0 120,0 110,0 100,0 90,0 80,0 70,0 60,0 50,0 40,0 30,0 20,0 10,0 - Crew Vessel Vessel hire Other Opex level in line with guidance 10

11 Operating profit from segments % 8% 28% 2013 AHTS PSV RRV % 37% SubSea Asia PSV AHTS AHTS Asia RRV SubSea Q4 12 Q1 13 Q2 13 Q3 13 Q % 1 % 32 % 8 % 49 % 2012 AHTS PSV SubSea RRV ASIA AHTS better than fourth quarter For PSV FX gains explains the fourth quarter 2012 numbers 11

12 Q1 14 Q2 14 Q3 14 Q % 30% 45% 59% 74% 70% 25% 86% 84% 78% 31% 24% 13% 5% Contractual coverage Fleet utilization (time charter fleet) Q4 11: 92% Q1 12: 94% Q2 12: 93% Q3 12: 93% Q4 12: 90% Q1 13: 90% Q2 13: 94% 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 1% 11% 12% Q3 13: 93% 0% Q4 13: 91% Quarterly average Quarterly options Annual average Annual options 78% Firm contracts for 2014: Options included 85% 12

13 Q1 14 Q2 14 Q3 14 Q From Contract backlog Annual backlog Annual option Quarterly backlog Quarterly option Firm contracts 2014 covers both full year opex and interest expense 13

14 Key figures Q4 13 Q3 13 Q2 13 Q1 13 Q 4 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 -1,70 2,22 0,87-0,95-0,50 Utvannet fortjeneste per Diluted earnings per share aksje -0,47 Book equity per share Bokført EK per aksje Value adjusted equity per share Verdijustert EK per aksje Operating profit before Driftsresultat før depreciation Adjustments of unrealized FX gains/loss avskrivning 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 48 % 53 % 50 % 41 % 59 % Booked equity at NOK 67 per share value adjusted at NOK 95 per share

15 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q Assets % 90 % % % % 50 % 40 % % % 10 % 0 % Vessels New buildings Other Current Vessels New buildings Other Current Current assets: Reduced Trade Receivables - Increased cash 15

16 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q Equity and liability % 90 % % % % 50 % % % 20 % % - 0 % Equity Long term debt Short term liability Equity Long term debt Short term liability Short term debt includes MNOK 177 already refinanced 16

17 Vessels in Spot Market in Q1/Q2 AHTS Havila Venus Havila Jupiter Havila Neptune PSV Havila Clipper (Statoil 3+3x1 M) Havila Crusader (late March)

18 Market comments Demand in place Subsea Record backlog for clients AHTS Volatile Spot market Vessels leaving the spot-market Few new-builds PSV High tender activity Few North See new-builds 18

19 This is Havila Shipping ASA Head-office in Fosnavåg, Norway Offices in Rio Labuan Aberdeen Partnership with PACC Offshore in Singapore A fleet of 27 vessels 800 offshore staff 42 onshore Strong operating track record A qualified organisation focusing on human resources and solid seamanship Segments PSV 14 AHTS 9 SubSea 3 Rescue vessels 1 Current Fleet 19

20 Largest shareholders Shareholder/Aksjonær Address/Adresse Shares/Aksjer Interest/Shares Havila Holding AS FOSNAVÅG ,5 % Odin Offshore OSLO ,8 % Pareto Aksje Norge OSLO ,7 % Torghatten ASA BRØNNØYSUND ,1 % The Northern Trust Co. Storbritannia ,0 % Pareto Aktiv OSLO ,4 % Odin Maritim OSLO ,8 % Jeki Private Limited Singapore ,7 % Carvallo International Ltd Singapore ,3 % Pareto Verdi Vpf OSLO ,1 % Storebrand Verdi Storbritannia ,0 % Hustadlitt AS MOLDE ,8 % Arthur Sævik FOSNAVÅG ,7 % Bakkely Invest AS ULSTEINVIK ,7 % KS Artus ÅLESUND ,7 % Martin Waaland KLEPPE ,6 % Pacific Carriers Ltd Singapore ,6 % Verdipapirfondet DNB OSLO ,6 % MP Pensjon OSLO ,5 % Loma Invest AS OSLO ,5 % 20 LARGEST/20 STØRSTE ,2 % OTHER/ØVRIGE ,8 % Total number of shares/antall askjer totalt ,0 % 20 largest reduced from 90% to 85% during 2013: Increased liquidity? 20

21 Summary 2013 a record breaking year for Havila Shipping Main indicators points toward another good year in Already covered full year opex and interest expenses AHTS: Few new-builds Continuing low interest rate No unfinanced capex / No new-builds Bank balloons already refinanced The market expected to be good and we have a competitive fleet Q1 Presentation: In Havilahouse 30 th April