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HAVI
Havila Shipping - Annual Results 2006   23.2.2007 10:41:18
Flokkur: Afkomufréttir   Skuldabréfafréttir      Íslenska  English
 Havila Shipping - Annual Results 2006.pdf
Introduction:

 

Introduction:

 

·          Operating revenues and profits in 4Q 2006 ended at NOK 245,5 mill (NOK 126.3 mill in 4Q 2005 - increase of 94%)

·          Operating result before depreciation (EBITDA) for 4th quarter is NOK 178,8 mill (72%) compared with NOK 61,1 mill in 4Q 2005 (48%).

·          Total operating revenue including profit for 2006 is NOK 720,6 mill, which is an increase of NOK 220 mill (+44%) compared to NOK 500,6 mill in 2005.

·          The preliminary result before tax for 2006 is NOK 347,6 mill, compared to a result of NOK 155,6 mill in 2005 (increase of 123%)

·          The Board will propose a reduction of the share premium reserve by paying a dividend of NOK 3,50 per share to the shareholders.

 

High exposure in an all time high spot market through the quarter, contributes to the best quarterly result for the company in its history. The demand after vessel services has been steady and lead to high utility and high fixing rates in all segments during the year. Growth and optimism in rig and oil exploration segments will continue to trig activity for offshore service vessels in the coming years. Larger and more complicated vessels, related to stricter environmental requirements and exploration and deepwater activity, make demand to ship-owners and crew. Havila Shipping ASA has during 2006 sold 8 vessels and takes part in a newbuilding program of 11 modern vessels with a value of NOK 3,5 billion.

 

The Group’s accounting figures for 2006 and comparable figures for 2005 have been prepared in accordance with the international accounting and reporting standard IFRS.

 

 

Result, 4th Quarter 2006

 

Havila Shipping ASA achieved a result before tax for the 4th Quarter 2006 of NOK 163,6 mill compared with NOK 20,7 mill for 4th quarter 2005. Operating revenue and profit for the period amounted to NOK 245,5 mill (NOK 126,3 mill in 2005). EBITDA margin (exclusive profit by sale of vessel) is 66% compared to 53% in 4th quarter 2005.

 

Operating expenses for the period were NOK 66,7 mill, compared to NOK 65.2 mill for the same period in 2005. The operating result (EBIT) after posting depreciation amounted to NOK 158,8 mill. Equivalent figures for 2005 are NOK 40.8 mill. Net financial expenses amounted to NOK 4,7 mill. Unrealised gain on currency of NOK 11,4 mill are connected to a foreign exchange loan of NOK 5,2 mill and unrealised gain on foreign exchange reserves of NOK 6,2 mill. Net financial results 4th Quarter of 2005 amounted to NOK 20 mill.

 

The result before taxes was NOK 163,5 mill for the 4th Quarter of 2005, compared to NOK 20,7 mil for the 4th Quarter 2005.

 

Preliminary result for 2006

 

Havila Shipping ASA achieved operating revenues and profits of NOK 720,6 mill for 2006. Profit from sale of vessels amounting to NOK 52,1 mill. Equivalent figures for 2005 are NOK 500.6 (profits NOK 26,9 mill). Operating expenses were NOK 263, 8 mill compared to NOK 231.3 mill for 2005. The operating result (EBIT) ended at NOK 363 mill (50%) after posting of depreciation in the amount of NOK 93,6 mill. The operating result for 2005 was NOK 203.8 mill.

 

Net financial items for 2006 were negative in the amount of NOK 15,7 mill compared to NOK 48.2 mill for 2005.  Revenues from associated companies are recognised in the amount of NOK 22 mill in 2006 and are related to distribution and profit from associated companies in Havila Fortress and Havila Fortune.  Unrealised agio of NOK 18,2 mill is connected to foreign exchange loan of NOK 12,1 mill and unrealised gain on foreign exchange reserves of NOK 6,1 mill.

 

Result before tax ended at NOK 347,6 mill for 2006, compared to NOK 155.6 mill for 2005. A tax cost in the amount of NOK 50 mill in 2006 is connected to deferred tax from profit  by selling vessels and current taxation of profit for the year. One of the company’s ship-owning companies is subject to Norwegian Tonnage Tax System.

 

 

Liquidity and Balance Sheet

 

At year end the Company’s cash equivalents amounted to NOK 668,5 mill. The amount was NOK 526.6 mill at the end of 2005. Net cash flow during the year was positive of NOK 141,8 mill. NOK 327,7 mill is related to the operational activity.. Net investments of NOK 482 mill in 2006 is mainly related to advance payments into newbuildings of NOK 279,3 mill and cash for investments in vessels and associated companies. Net cash flow from financial activities is NOK 269,8 mill connected to issuance of bond loan, net loan instalments, share issue and repayment to shareholders of NOK 32 mill.

 

Booked value of vessels at 31.12.06 were NOK 1 424 mill. Based on three independent broker estimates dated 31.12.06 the fleet is valued at NOK 1 901 mill. Sale of eight rescue recovery vessels reduces net book values in the amount of NOK 288,9 mill. Total advance payments in newbuildings of NOK 325, 4 mill are recognised in the Balance Sheet.  The Group’s interest-bearing debt 31.12.06 of NOK 1 501,9 mill included bond loans of NOK 450 mill (NOK 250 mill as per 31.12.05). The bond loans are due in 2010 and 2011. Next year instalment of debt is classified as a short-term debt in accordance with IFRS, and amounts to NOK 73,3 mill. The loans are divided between 10% in USD and 90% in NOK.

 

 

The Market

 

The spot market for all offshore vessels has been all time high throughout the 4th Quarter 2006. The demand of all type of vessels has been steady high and led to high utilisation and all time high fixing rates throughout the year. Growth and optimism in rig and oil exploration segments will continue to trig activity for offshore service vessels in coming years. Larger and more complicated vessels, due to stricter environmental requirements and exploration and deepwater activity, make demand to ship-owners and crew. Focus on quality in operation and human capital will be important successes criteria in coming years. Planned activity in the offshore market, combined with expectation to still high oil prices, will keep up high activity through 2007.

 

 

The Company Fleet

 

Havila Shipping ASA owns 9 vessels, and has 9 wholly owned and 2 jointly owned ship under construction. The vessels are 8 AHTS, 2 multifield recovery vessels, 8 PSVs and 2 SubSea- Construction vessel.

 

3 of the newbuildings will from 2008 be operated from the new established joint venture company Havila PACC Pte in Singapore.

 

Sale of 8 Rescue and Recovery vessels on the British side of the North Sea was completed during 4th quarter 2006. This transaction was a part of the renewal program of the company and represents an increased focus on modern vessels. During 2006 the company has acquired 100% of the PSV vessel Havila Fortress and sold the middle size PSV vessel Havila Fortune through the 30% associated company Havila Fortune KS. Havila Shipping ASA has during 2006 decided to increase the newbuilding program with 5 vessels with a total value of NOK 1,2 billion. The company contributes in new building programs of total 11 modern vessels with a total value of approx. 3,5 billion,.During year it has been signed contracts against Norsk Hydro and Statoil worth NOK 740 mill.

 

The average age of the fleet is 6,5 years and [MM1] the fleet operates in the Norwegian, Danish and British sectors of the North Sea.

 

 

Company and shareholder affairs

 

The Group has approximately 250 seamen and 15 employees in the administration in Fosnavåg.

 

Havila Shipping ASA has been listed on Oslo Stock Exchange since May 2005. The Company's market value is 31.12.06 NOK 1 053 mill based on a market price of NOK 66 per share. Share Capital at 31.12.06 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 31.12.06 1 105 share holders. Havila AS owns 50,32 % of the company.

 

  

 

The Board of Directors of Havila Shipping ASA

22rd February 2007

 

 

Contact persons:

CEO Njål Sævik – Mobile tel. 909 35 722

CFO Nils Peter Skeide - Mobile tel. 915 30 965

 


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