Nordic Energy Summit 2014 CFO Arne Johan Dale 20.03.14
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
Facts and Figures /Highlights 2013 Mill NOK 2012 Mill NOK Freight income 1 436 Total income 1 459 EBITDA (adjusted) 710 EBITDA margin 49 % Freight income 1 332 Total income 1 413 EBITDA (adjusted) 609 EBITDA margin 43 % Utilization 91,5% Time charter fleet Utilization 92,3% 2013: 27 vessels 2012: 28 vessels 3
Main figures NOK mill Q4 2013 Q3 2013 Q2 2013 Q1 2013 Q4 2012 Income and gains 360,2 401.5 367.1 330.4 340.8 EBITDA 171,3 47,6% 214.5 53.4% 182.8 49.8% 135.6 41.0% 201.9 59.2% Pre tax result 4,3 1,2% 75.8 18.9% 33.0 9.0% -19.6-5.9% 10.9 3.2% 500 400 300 200 100 0 Q4 13 Q3 13 Q2 13 Q1 13 Q4 12 INCOME EX PROFIT FROM ASSETS EBITDA EBIT
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 4 827 5 341 5 184 5 371 5 525 Next years instalments Neste års avdrag 1 106 698 923 730 736 Total Total 5 9 3 3 6 0 3 8 6 1 0 7 6 1 0 1 6 2 6 1 Interest-bearing financial fixed Rentebærende finansielle assets anleggsmidler -4-5 -5 0 0 Interest-bearing current assets Rentebærende omløpsmidler -4-4 -4-4 Bank Deposit Bankinnskudd -403-390 -433-382 -497 Net Net t o 5 5 2 7 5 6 4 0 5 6 6 5 5 7 1 6 5 7 6 1 2014 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
Refinancing activities 800 700 600 500 400 300 200 100-715 633 150 45 48 45 48 Q1 14 Q2 14 Q3 14 Q4 14 Balloon repayment Refinanced BOND 300 Refinancing activity during 2013 indicates increasing secured capacity 6
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: 19.03.14 Years Months Weeks Days 5 6 2 3 Building year 88 % 5 % 7 % 1996-2000 2001-2006 2007-2011 Fleet age still of the lowest 7
1 974 2 181 2 233 2 357 Debt to Market value 9 000 8 000 7 000 6 000 5 000 4 000 3 000 2 000 1 000 0 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
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 258 298 384 380 357 354 361 341 340 367 360 401 51 Quarterly income 450 400 350 300 250 200 150 100 50 - Income Gains from sale Seasonal fluctuations in the spot market 9
Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 96,2 102,9 111,3 120,1 113,4 122,3 112,8 104,5 115,3 117,2 120,1 114,2 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
-7-7 -5-3 1 16 14 15 16 16 26 29 40 53 53 49 50 51 51 56 62 70 76 75 111 Operating profit from segments 120 110 100 90 29% 8% 28% 2013 AHTS PSV RRV 80 70 60-3% 37% SubSea Asia 50 40 30 20 10 - -10 PSV AHTS AHTS Asia RRV SubSea Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 10 % 1 % 32 % 8 % 49 % 2012 AHTS PSV SubSea RRV ASIA AHTS better than fourth quarter 2012. For PSV FX gains explains the fourth quarter 2012 numbers 11
Q1 14 Q2 14 Q3 14 Q4 14 2014 2015 2016 2017 2018 19% 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
Q1 14 Q2 14 Q3 14 Q4 14 2014 2015 2016 2017 2018 From 2019 184 337 333 296 276 264 393 677 876 412 1 241 427 631 335 195 58 Contract backlog 1400 1200 1000 800 600 400 200 0 Annual backlog Annual option Quarterly backlog Quarterly option Firm contracts 2014 covers both full year opex and interest expense 13
Key figures Q4 13 Q3 13 Q2 13 Q1 13 Q 4 12 Number of shares (1000) Antall aksjer (1000) 30 180 30 180 30 180 30 180 29 743 Average number of shares Gj.sn. Antall aksjer 30 180 30 180 30 180 29 932 21 820 Diluted number of shares Utvanne antall aksjer 30 180 30 180 30 180 30 180 23 225 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 67 69 67 66 66 Value adjusted equity per share Verdijustert EK per aksje 95 98 95 95 95 Operating profit before Driftsresultat før depreciation Adjustments of unrealized FX gains/loss avskrivning 166 150 211 377 181 422 140 159 167 566 Justering for urealisert valuta gevinst/tap 5 154 3 159 1 435-4 587 34 363 EBITDA EBITDA 171 304 214 536 182 857 135 572 201 930 Gains from sale of assets Gevinst ved salg av aktiva - - - 1 606 1 738 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
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 Q4 13 4 716 5 511 6 984 6 942 6 899 6 874 6 867 7 653 7 552 7 539 7 525 7 504 1 759 1 068 1 022 793 812 814 897 870 831 814 841 742 Assets 10 000 9 000 100 % 90 % 8 000 162 147 94 93 98 80 % 7 000 166 219 216 212 224 70 % 6 000 5 000 4 000 142 145 60 % 50 % 40 % 3 000 30 % 2 000 1 000-20 % 10 % 0 % Vessels New buildings Other Current Vessels New buildings Other Current Current assets: Reduced Trade Receivables - Increased cash 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 Q4 13 1 641 1 571 1 832 1 809 1 809 1 782 1 824 2 008 1 989 2 008 2 075 2 022 4 473 4 387 5 485 5 514 5 327 5 286 5 162 5 707 5 557 5 286 5 443 4 958 728 778 855 630 791 832 996 970 984 1 151 940 1 364 Equity and liability 10 000 9 000 100 % 90 % 8 000 80 % 7 000 70 % 6 000 5 000 60 % 50 % 4 000 40 % 3 000 2 000 30 % 20 % 1 000 10 % - 0 % Equity Long term debt Short term liability Equity Long term debt Short term liability Short term debt includes MNOK 177 already refinanced 16
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)
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
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
Largest shareholders Shareholder/Aksjonær Address/Adresse Shares/Aksjer Interest/Shares Havila Holding AS FOSNAVÅG 15 227 130 50,5 % Odin Offshore OSLO 2 042 500 6,8 % Pareto Aksje Norge OSLO 1 731 981 5,7 % Torghatten ASA BRØNNØYSUND 1 223 100 4,1 % The Northern Trust Co. Storbritannia 916 000 3,0 % Pareto Aktiv OSLO 724 615 2,4 % Odin Maritim OSLO 532 604 1,8 % Jeki Private Limited Singapore 500 000 1,7 % Carvallo International Ltd Singapore 394 726 1,3 % Pareto Verdi Vpf OSLO 340 560 1,1 % Storebrand Verdi Storbritannia 300 000 1,0 % Hustadlitt AS MOLDE 252 000 0,8 % Arthur Sævik FOSNAVÅG 215 809 0,7 % Bakkely Invest AS ULSTEINVIK 214 800 0,7 % KS Artus ÅLESUND 203 800 0,7 % Martin Waaland KLEPPE 190 000 0,6 % Pacific Carriers Ltd Singapore 185 926 0,6 % Verdipapirfondet DNB OSLO 180 000 0,6 % MP Pensjon OSLO 164 370 0,5 % Loma Invest AS OSLO 160 200 0,5 % 20 LARGEST/20 STØRSTE 25 700 121 85,2 % OTHER/ØVRIGE 4 479 478 14,8 % Total number of shares/antall askjer totalt 30 179 599 100,0 % 20 largest reduced from 90% to 85% during 2013: Increased liquidity? 20
Summary 2013 a record breaking year for Havila Shipping Main indicators points toward another good year in 2014. 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 www.havilashipping.no Q1 Presentation: In Havilahouse 30 th April 2014 21