RESULTS AT 30.09.2006
Havila Shipping ASA achieved
a profit before tax of NOK 78,1 mill in 3rd quarter
Operating revenues in 3rd quarter
increased to NOK 179,1
mill, from NOK 165,5 mill in 2nd quarter
EBITDA margin was
63% in 3rd quarter of 2006
The company has liquid assets of NOK 553,9 mill at 30.09.2006.
ended at NOK 475 mill per 30.09.2006. This is an increase
of NOK 101 mill compared to
30.09.2005. Profit before
tax amounted to NOK 162,2 mill per 30.09. 2006
A very strong spot market in all offshore service segments led to all time
high charter rates and high utilisation of the fleet throughout
this period. Havila Shipping ASA expects still high activities in all segments, but variations due to the
season will influence both activity and charter rates during the winter.
Havila Shipping ASA takes part in a newbuilding
program of 6 vessels in Norway and 6 vessels in China. All of which delivery take place
during 2007 and 2008.
The Group's accounting figures for 2006 and comparable figures for 2005 have been prepared
in accordance with IFRS accounting principle.
Result, 3rd quarter 2006
The profit before tax
amounted to NOK 78,1 mill
in the 3rd quarter of 2006,
against NOK 86,2 mill (included
a profit from sale of vessels of NOK 26,8 mill)
in the 3rd quarter of 2005.
Operating revenues amounted
to NOK 179,1 mill for the
3rd quarter, compared to NOK 176,1 mill (included a profit from sale
of vessels of NOK 26,8 mill) for the
3rd quarter of 2005. The operating result before depreciation (EBITDA) was NOK
113,2 mill in 3rd quarter 2006. The
operating result (EBIT) including
depreciation was NOK 88,3
mill, against NOK 97,7 mill in 2005.
Net financial expenses
amounted to NOK 10,1 mill. Unrealised currency loss relating to a currency
loan in USD is NOK 6 mill. The result from associated companies is NOK 15 mill, of which NOK 13
mill is related to sale of 30% owned KS Havila Fortune. Interest expenses in the 3rd quarter of 2006 were NOK 18,8
mill, compared to NOK 10,4
mill in 3rd quarter of 2005.
Results at 30.09.2006
Profit before tax is
NOK 184 mill at 30.09. 2006, compared with NOK 134,9 mill at 30.09. 2005.
Operating revenue is NOK
475,1 mill compared with
NOK 374,2 mill at 30.9 2005. Operating profit before depreciation
(EBITDA) is NOK 278 mill in this
period. Comparable figures for 2005 are NOK 208,1
mill. Results of Financial Items
are NOK 20,4 mill in this period, compared to NOK 28,1 mill in 2005. Financial
items include 30.09.06 an unrealised gain on currency loan
USD of NOK 6,8 mill.
Tax has been estimated
to NOK 21,7 mill in the period, compared to NOK 37,7 mill at 30.09.2005. One
of the ship-owning companies in the group has been
taxed according to the Norwegian
rules on taxation of shipping companies.
Profit after tax is
NOK 162,2 mill in the period,
compared with NOK 97,1 mill
at 30.09.2005. The increase
in profit is mainly due to
increased activity and higher charter rates for the companies' vessels.
Liquid Assets and Balance Sheet
The Group has liquid
assets of NOK 553,9 mill at 30.09.06.
Net Cash Flow from operating activities is NOK 200,8 mill at
30.09.2006. Investments in the
period are NOK 308,3 mill, mainly due to
the purchase of Havila Fortress and prepayment on newbuildings
Net Cash Flow from financial activities amounts to NOK 134,8 mill and relates to raising and repaying of loans, share capital
issue of NOK 80 mill, and distribution
to the shareholder
of NOK 32 mill.
Based on independent broker-estimates, the fleet has a market value of NOK 2 147 mill. Net book
value of the fleet is NOK 1 715 mill. Prepayments on new-building contracts have been booked
30.09.2006 at NOK 185,6 mill, of which NOK 139,5 mill
has been paid in 2006.
The Group's interest bearing debt at 30.09.2006 was NOK 1 558 mill including a listed bond loan
on NOK 250 mill. Next year repayment of debt is classified
as current liability according to IFRS accounting rules, and amounts to NOK 87,7 mill. Long term debt
is divided into approx. 10% USD and 90% NOK.
The market for all types of offshore vessels has been
very good throughout the summer. The charter rates have been historically
high. Havila Shipping ASA expects still increased rig activities and high activity within
the oil exploitation
and the sub-sea related services. Going forward, this will lead
to increased demand for all types of offshore vessels, but season variation
will influence on the activity
and the charter rates during the winter.
The vessel Havila Fortune,
of which Havila Shipping ASA owned 30 %, was sold in July
to BOA Offshore AS. The PSV vessel of the UT 706 type, was built in 1992. In the period February
2005 to September 2005, Havila
Shipping ASA owned the vessel 100 %.
Havila Shipping ASA entered 19.10.06 into a Heads of Agreement with the Ocean Mainport
Group regarding sale of the British
stand- by fleet. 8 vessels are included
in this transaction, which will be
completed before the year-end. The
Group owns after this 9 vessels,
and has in total 4, 100% owned,
and 8 partly owned vessels under construction.
The Vessels are split between
1 Sub Sea construction, 10 AHTS, 8 PSV and
2 Rescue/Recovery vessels. The Group
entered into an agreement in June with Havyard Leirvik for the building of a large SubSea Construction
Vessel. Through the establishment of a 50% Joint Venture Company,
Pacc Havila Ltd. in Singapore, the group get access
to 6 AHTS vessels which are under
construction in China. The vessels will
be delivered during 2008.
The Fleet operates today on Norwegian,
Danish and British sector of the North
Company and Shareholder Situation
The Group has at 30.09.2006 23 employees in the administration including approx 420 sea- farers. The administration
is divided between the head
office in Fosnavåg with 13 employees, and the office in Aberdeen
with 10 employees.
Havila Shipping ASA has been listed on
Oslo Stock Exchange since May 2005. The Company's market value is 30.09.06 NOK 1 053 mill based on a market price of NOK 66 per share. Share Capital at 30.09.06 is NOK 399 000 000 divided on 15 960 000 shares with a nominal
value of NOK 25,-. Havila Shipping ASA has one share class,
of which each share carries one
vote at the general meeting. The Company
had at 20.10.06 1105 share
holders. Havila AS owns
50,32 % of the company.
The board of Havila Shipping ASA
31 October 2006