Havila Shipping ASA:Second quarter 2024 accounts
27 Agosto 2024 - 7:25AM
UK Regulatory
Havila Shipping ASA:Second quarter 2024 accounts
Summary
- Freight revenues were NOK 146.0 million in the Q2 2024, a
decrease of NOK 49.1 million compared to the corresponding period
last year and an increase of NOK 29.3 million compared to the
previous quarter.
- The average rate is higher this quarter than the previous
quarter.
- Operating expenses were NOK 74.5 million in the second quarter,
a reduction compared to the Q2 2024 last year and the previous
quarter this year of NOK 33.0 million and NOK 6.7 million
respectively
- The company achieved an operating income before depreciation of
NOK 78.4 million in Q2 2024, compared with NOK 98.4 million in Q2
2023.
- Reversal of previous impairments charges amounted to NOK 154.0
million in the second quarter of 2024. In Q2 2024, debt value
adjustment amounted to NOK - 193.3 million, compared with NOK -
67.0 million in the corresponding period last year.
- Profit before tax was NOK 4.0 million in Q2 2024, compared with
NOK - 5.4 million in Q2 2023.
- The group had as of 30/06/24 14 vessels operated from Fosnavåg,
six for external owners.
- The fleet utilization in Q2 2024 was 97 %.
- Debt to credit institutions falls due on 31 December 2024. The
debt with associated conversion rights is classified as short-term
debt per 30/06/24.
- The earnings test for the period 01/07/23 - 30/06/24 is now
known, and entitles the lenders to choose an upward adjustment of
interest-bearing debt by a total of NOK 180.0 million at settlement
on 31/12/24, ref note 3.
- The company has received offer for refinancing which the
company can choose to use to refinance the debt at the end of the
agreement period.
Result for 2 quarter 2024
- Total operating
income amounted to NOK 152.9 million (NOK 206.0).
- Total operating
expenses were NOK 74.5 million (NOK 107.5 million).
- Operating profit
before depreciation was NOK 78.4 million (NOK 98.4 million).
- Depreciation was NOK
35.9 million (NOK 35.4 million).
- Net financial items
were NOK - 196.0 million (NOK - 68.0 million) whereof value
adjustment of debt was NOK - 193.3 million (NOK - 67.0
million).
- The profit before
tax was NOK 4.0 million (NOK - 5.4 million).
Result for 1st half of 2024
- Total operating
income amounted to NOK 279.0 million (NOK 581.0 million whereof NOK
209.2 million was gain on sale of fixed assets).
- Total operating
expenses were NOK 155.8 million (NOK 222.8 million).
- The operating profit
before depreciation was NOK 123.2 million (NOK 358.2 million).
- Depreciation was NOK
70.3 million (NOK 73.4 million).
- Net financial items
were NOK - 202.1 million (NOK - 170.3 million), whereof value
adjustment of debt NOK - 199.5 million (NOK - 147.7 million).
- The profit before
tax was NOK 4.2 million (NOK 112.9 million).
Balance and liquidity per 30/06/24
Total current assets amounted to NOK 301.0 million on 30/06/24,
whereof bank deposits were NOK 166.0 million (whereof NOK 8.7
million restricted cash related to withholding tax and interest and
instalment payments). On 30/06/23, total current assets amounted to
NOK 312.7 million, whereof bank deposits amounted to NOK 82.2
million (of this NOK 9.5 million restricted cash related to
withholding tax).
Net cash flow from operations was per 30/06/24 NOK 139.8 million
(NOK - 42.9 million). Cash flow from investing activities was NOK -
10.7 million NOK 1.9 million). Payment of loan instalments and
lease liabilities constituted a net change from financing
activities of NOK - 62.7 million (NOK - 31.6 million).
As of 30/06/24, the book value of the fleet is NOK 1,186
million.
All loan debt is recognized as short-term debt in the balance
sheet per 30/06/24. Total loan debt amounts to NOK 1,356.4 million
and consist of interest-bearing debt of NOK 526.4 million and
non-interest-bearing debt NOK 547.6 million, as well as convertible
liquidity loan of NOK 282.0 million and accrued interests of NOK
0.4 million. As of 30/06/24, nominal value of interest-bearing debt
was NOK 528.6 million, and nominal value of non-interest-bearing
debt was NOK 1,337.0 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 30/06/24 242 employees on the
company’s vessels and 14 employees in the administration.
Contracts:
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
Havila Shipping Asa (LSE:0LGI)
Gráfica de Acción Histórica
De Nov 2024 a Dic 2024
Havila Shipping Asa (LSE:0LGI)
Gráfica de Acción Histórica
De Dic 2023 a Dic 2024