Havila Shipping ASA: Third quarter 2024 accounts

Freight revenues were NOK 140.8 million in the Q3 2024, a decrease of NOK 28.9 million compared to the corresponding period last year and a decrease of NOK 5.1 million compared to the previous quarter. The average rate is higher this quarter than the previous quarter, but utilisation is lower as a result of preparations for new contracts for two vessels. Operating expenses were NOK 81.2 million in Q3, a reduction compared to Q3 last year of NOK 37.8 million and an increase compared to the previous quarter of NOK 6.7 million.

The company achieved an operating income before depreciation of NOK 69.0 million in Q3 2024, compared with NOK 57.0 million in Q3 2023.

No impairment charges or reversals of previous impairment charges were made in the third quarter. In the third quarter of last year, previous impairment charges were reversed by NOK 465.0 million. Value adjustment of the company's debt amounted to NOK - 30.5 million in the third quarter compared to NOK - 454.4 million in the corresponding period last year.

Profit before tax was NOK 3.7 million in Q3 2024, compared with NOK 28.9 million in Q3 2023.

The group had as of 30/09/24 14 vessels operated from Fosnavåg, six for external owners.

The fleet utilization in Q3 2024 was 90 %.

Result for 3 quarter 2024

• Total operating income amounted to NOK 150.2 million (NOK 176.0 million).
• Total operating expenses were NOK 81.2 million (NOK 119.0 million). 
• Operating profit before depreciation was NOK 69.0 million (NOK 57.0 million).
• Depreciation was NOK 36.9 million (NOK 34.1 million).
• Net financial items were NOK - 30.2 million (NOK - 456.2 million) whereof value adjustment of debt was NOK - 30.5 million (NOK - 454.4 million).
• The profit before tax was NOK 3.7 million (NOK 28.9 million).

Result year to date 2024

• Total operating income amounted to NOK 429.2 million (NOK 757.0 million whereof NOK 209.2 million was gain on sale of fixed assets).
• Total operating expenses were NOK 237.1 million (NOK 341.8 million).
• The operating profit before depreciation was NOK 192.1 million (NOK 415.2 million).
• Depreciation was NOK 107.3 million (NOK 107.5 million).
• Reversal of impairment charge of fixed assets was NOK 154.0 million (NOK 465.0 million).
• Net financial items were NOK - 232.3 million (NOK - 626.5 million), whereof value adjustment of debt NOK - 230.0 million (NOK - 602.1 million).
• The profit before tax was NOK 7.8 million (NOK 141.9 million).

Balance and liquidity per 30/09/24

Total current assets amounted to NOK 292.7 million on 30/09/24, whereof bank deposits were NOK 164.1 million (whereof NOK 0.5 million restricted cash related to withholding tax). On 30/09/23, total current assets amounted to NOK 1,172.1 million, whereof bank deposits amounted to NOK 103.0 million (of this NOK 11.1 million restricted cash related to withholding tax, interest and instalment payments).

Net cash flow from operations was per 30/09/24 NOK 190.0 million (NOK - 17.0 million). Cash flow from investing activities was NOK - 16.2 million NOK 5.4 million). Payment of loan instalments and lease liabilities constituted a net change from financing activities of NOK - 110.8 million (NOK - 71.8 million).

As of 30/09/24, the book value of the fleet is NOK 1,162.9 million.

All loan debt is recognized as short-term debt in the balance sheet per 30/09/24. Total loan debt amounts to NOK 1,329.8 million and consist of interest-bearing debt of NOK 493.5 million and non-interest-bearing debt NOK 504.3 million, as well as convertible liquidity loan of NOK 332.0 million and accrued interests of NOK 0.1 million. As of 30/09/24, nominal value of interest-bearing debt was NOK 508.8 million, and nominal value of non-interest-bearing debt was NOK 1,310.8 million. All nominal interest-bearing debt is in NOK.

Fleet

Havila Shipping ASA operates today 14 vessels,

10 PSV

- Four owned externally

- One owned 50% and not consolidated

3 Subsea

- One owned externally

- One hired out on bareboat contract

1 RRV (bareboat)

Employees

Havila Shipping ASA had per 30/09/24 252 employees on the company's vessels and 14 employees in the administration.

Contacts:
Chief Executive Officer Njål Sævik, +47 909 35 722
Chief Financial Officer Arne Johan Dale, +47 909 87 706

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

Attachment

• HAVI Q324