Summary Havila Shipping ASA achieved an operating income before depreciation of NOK 113 million in Q3 2016, compared with NOK 178 million in Q3 2015. Total operating income was NOK 253 million in Q3 2016, compared with NOK 378 million in Q3 2015. The group had 28 vessels in operation as of 30/09/2016. 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. One vessel is sold in November. At the end of third quarter 2016 was 128 of vessels normally operated in the North Sea laid up. Today, the Group has 6 vessels laid up, of this 3 PSV, 2 AHTS and 1 subsea vessel. The fleet utilization was 68 % in Q3 2016, 88 % exclusive lay up vessels. Result for 3 quarter 2016 · Total operating income amounted to NOK 253.4 million (NOK 377.7 million). · Total operating expenses were NOK 140.9 million (NOK 199.8 million). · The operating profit before depreciation was NOK 112.6 million (NOK 177.9 million). · Depreciation was NOK 79.8 million (NOK 82.9 million). · Net financial items were NOK -71.8 million (NOK -153.0 million) of which unrealized agio gain was NOK 38.3 million (unrealized agio loss NOK 67.5 million). · The profit before tax was NOK -52.8 million (NOK -65.3 million). Result year to date · Total operating income amounted to NOK 848.5 million (NOK 1,204.5 million). · Total operating expenses were NOK 476.8 million (NOK 623.3 million). · The operating profit before depreciation was NOK 371.7 million (NOK 581.3 million). · Depreciation was NOK 242.6 million (NOK 247.3 million). · Net financial items were NOK -214.2 million (NOK -383.4 million) of which unrealized agio gain was NOK 89.3 million (unrealized agio loss NOK 108,6 million). · The profit before tax was NOK -109.9 million (NOK -66.5 million). Balance and liquidity per 30/09/16 Based on the estimates of brokers dated 31/12/15, the fleet had a market value of NOK 7,445.6 million at the end of September. 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 5,604.7 million, after write-downs of NOK 1, 388 million in Q4 15. Book equity per share is NOK 13. Total current assets amounted to NOK 753.8 million on 30/09/16, whereof bank deposits were NOK 446.7 million (of this NOK 5.5 million restricted). On 30/09/15, total current assets amounted to NOK 779.0 million, whereof bank deposits amounted to NOK 310.3 million (of this NOK 2.0 million restricted). Net cash flow from operations per 30/09/16 was NOK 288.7 million (NOK 283.6 million). Cash flow from investing activities was NOK -8.5 million (NOK -73.3 million). Payment of installments, constitute a net change from financing activities of NOK -14.1 million (NOK -255.4 million). Total interest-bearing debt per 30/09/16 is NOK 5,556.3 million. This includes unsecured loans of NOK 950 million. Of interest-bearing debt, 16.1 % is loan in USD, while the remainder is nominated in NOK. Both bank loans and bond loans are classified as current liabilities as of 30/09/16, as the company is in break with covenants and there are no unconditional right to postpone the settlement of the liability minimum one year after the reporting period. Fleet Per today, Havila Shipping ASA operates 27 vessels, · 14 PSV (1 owned external and 1 are 50 % owned) · 9 AHTS ( 4 of which are operated by Posh in Singapore) · 3 Subsea · 1 RRV (bareboat) Employees Havila Shipping ASA has around 517 maritime employees and 42 administrative staff. Contacts:CEO Njål Sævik, +47 909 35 722CFO Arne Johan Dale
+47 909 87 706 This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.Q3Report
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Source: Havila Shipping ASA via Globenewswire