Havila Shipping posts heavy 2015 losses

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Havila Shipping ASA achieved an operating income before depreciation of NOK 167 million in Q4 2015, compared with NOK 166 million in Q4 2014.

Total operating income was NOK 362 million in Q4 2015, compared with NOK 390 million in Q4 2014.

Write down of vessel values and accrued maintenance values of total NOK 1 388 million was made in Q4 2015.

The group had 28 vessels in operation as of 31/12/2015. 24 vessels are operated from Fosnavåg, one for external owner. Four of the vessels are operated by the 50 % owned company in Singapore, Posh Havila Pte Ltd.

The spot market for offshore vessels was also during fourth quarter characterized by supply exceeding demand. More than thirty vessels was laid up during the quarter.  At the end of 2015 around 100 vessels normally operating in the North Sea were laid up. The company operated four AHTS vessels in this market, and due to the market conditions two of the vessels has been laid-up  during the quarter. In December there were some contracts where acceptable dayrates were achieved.

The fleet utilization was 90 % in Q4 2015.

Result for 4 quarter 2015

  • Total operating income amounted to NOK 362.3 million (NOK 390.4 million). As a result of the cancellation and the risk of further cancellation,  for vessels operating in Brazil revenues in the fourth quarter decreased by NOK 38.9 million related to income amounts previsously spread over the contractual period.
  • Total operating expenses were NOK 195.1 million (NOK 224.3 million).
  • The operating profit before depreciation was NOK 167.1 million (NOK 166.1 million).
  • Depreciation was NOK 79.9 million (NOK 71.5 million).
  • Write-down of fixed assets was NOK 1 388.3 million.
  • Net financial items were NOK 127.9 million (NOK 216.3 million) of which unrealized agio loss was NOK 39.4 million (NOK 119.7 million).
  • The profit before tax was NOK – 1 442.5 million (NOK -119.2 million).

Result 2015

  • Total operating income amounted to NOK 1 566.8 million (NOK 1 690.8 million).
  • Total operating expenses were NOK 818.4 million (NOK 836.3 million).
  • The operating profit before depreciation was NOK 748.4 million (NOK 854.5 million).
  • Depreciation was NOK 327.1 million (NOK 268.7 million).
  • Write  down of fixed assets was NOK 1 388.3 million.
  • Net financial items were NOK 511.3 million (NOK 549.5 million) of which unrealized agio  loss was NOK 148.0  million (NOK 165.0 million).
  • The profit before tax was NOK – 1 508.9 million (NOK 39.6 million).

Balance and liquidity per 31/12/15

Based on the estimates of brokers dated 31/12/15, the fleet had a market value of NOK 7 486.5 million at the end of December. The values of vessels where the broker estimates are in foreign currencies are recalculated using exchange rates as used for balance sheet items.  The book value of the fleet is NOK 5 835.0 million. Book equity per share is NOK 17.

Total current assets amounted to NOK 615.1 million on 31/12/15, whereof bank deposits were NOK 204.6 million (of this NOK 7.3 million restricted). On 31/12/14, total current assets amounted to NOK 816.2 million, whereof bank deposits amounted to NOK 350.8 million (of this NOK 22.8 million restricted).

Net cash flow from operations per 31/12/15 was NOK 361.7 million (NOK 376.2 million). Cash flow from investing activities was NOK -83.9 million (NOK -219.0 million). Payment of installments, repayment of loans, and loan drawn, constitute a net change from financing activities of NOK – 431.1 million (NOK -219.2 million).

Total interest-bearing debt per 31/12/15 is NOK 5 640.4 million. This includes unsecured loans of NOK 950 million. Of interest-bearing debt, 17.5 % is loan in USD, while the remainder is nominated in NOK. Both bank loans and bond loans are classified as current liabilities as of 31/12/15 according to the IFRS regulations.

 

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