4th Quarter Financial Report /

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Summary
The company’s vessel market has improved through 2021 and activity in the fourth quarter was significantly better than a year ago. The company’s operations have been impacted by Covid-19 due to quarantine and testing restrictions and costs.

An agreement with the lenders reached in 2020 clarifies the company’s obligations to the lenders until the end of 2024. One vessel was sold in the fourth quarter in accordance with the agreement.

Finanstilsynet ordered the company to carry out new impairment assessments of the vessels as of 12/31/19 and 06/30/20. The company complied with the order and the effects are presented in note 7.

  • Havila Shipping ASA achieved an operating profit before depreciation of NOK 36.4 million in the fourth quarter of 2021, compared to NOK 32.8 million in the fourth quarter of 2020.
  • Total operating income amounted to NOK 144.9 million in the fourth quarter of 2021, compared to NOK 107.1 million in the fourth quarter of 2020.
  • On 31/12/21, the group had 22 vessels operated from Fosnavåg, including six for external shipowners.
  • The group had 3 AHTS vessels and 2 PSV vessels decommissioned at the end of the fourth quarter of 2021.
  • One PSV vessel was sold in November 2021.
  • Fleet utilization in Q4 2021 was 88% decommissioned exclusive vessels.

Results for the 4 quarter of 2021

  • Total operating income amounted to NOK 144.9 million (NOK 107.1 million).
  • Total operating expenses amounted to NOK 108.5 million (NOK 74.3 million of which NOK -28.3 million in change in loss on receivables). Ordinary operating expenses amounted to NOK 108.5 million (NOK 102.6 million).
  • Operating profit before depreciation was NOK 36.4 million (NOK 32.8 million).
  • The depreciation was NOK 48.3 million (NOK 39.7 million).
  • The net reversal of fixed asset impairment charge amounted to NOK 260.8 million (impairment charge NOK 197 million).
  • Net financial items were NOK – 11.5 million (NOK 190.7 million), of which the unrealized agio loss was NOK 3.5 million (unrealized agio gain NOK 73.5 million) and the adjustment of debt value was – NOK 13.4 million (NOK 126.8 million).
  • The profit before tax amounts to NOK 236.8 million (NOK -2.3 million).

Result 2021

  • Total operating income amounted to NOK 545.5 million (NOK 705.7 million).
  • Total operating expenses amounted to NOK 385.4 million, of which NOK -24.5 million change in trade receivable loss (NOK 525.4 million of which NOK 73.2 million change in trade receivable loss commercial). Ordinary operating expenses amounted to NOK 409.8 million (NOK 452.3 million).
  • Operating profit before depreciation was NOK 160.1 million (NOK 180.2 million).
  • Depreciation amounted to NOK 203.6 million (NOK 231.0 million).
  • The net reversal of fixed asset impairment charge amounted to NOK 235.3 million (impairment charge NOK 1,033.0 million).
  • Net financial items amounted to – NOK 124.7 million (NOK 2 286.0 million), including an unrealized agio loss of NOK 21.3 million (unrealized agio capital gain NOK 12.2 million) and an debt valuation adjustment of – NOK 102.1 million (NOK 2 408.1 million, including restructuring implementation effects). agreement with the company’s lenders).
  • Profit before tax was NOK 65.8 million (NOK 1,213.3 million).

Balance and liquidity at 12/31/21
Total current assets amounted to NOK 245.2 million on 31/12/21, of which bank deposits were NOK 100.9 million (including NOK 5.4 million restricted withholding tax). On 31/12/20, total current assets amounted to NOK 272.4 million, of which bank deposits amounted to NOK 106.5 million (including NOK 5.0 million restricted withholding tax).

The net operating cash flow in 2021 was NOK 116.8 million (NOK 134.5 million). Cash flow from investing activities amounted to NOK 25.9 million (NOK -52.1 million). The payment of maturities of loans and rental obligations constituted a net change in financing activities of -148.7 million NOK (-60.3 million NOK of which NOK 100.0 million for the raising of a convertible shareholder loan ).

As of 31/12/21, the book value of the fleet is NOK 1,583 million. The company carried out new impairment tests on 31.12.19 and 30.06.20 following orders from Finanstilsynet. The effects of the changes are presented in note 7.

The total long-term debt recognized on the balance sheet amounted to 12/31/21 at NOK 1,571.4 million, of which the interest-bearing debt amounts to NOK 1,481.4 million and the non-interest-bearing debt at NOK 90.0 million. As of 31/12/21, the nominal value of interest-bearing debt was NOK 2,439.6 million and the nominal value of non-interest-bearing debt was NOK 1,505.7 million. Of the nominal interest-bearing debt, 16.5% are loans in USD, while the rest of the loans are in NOK. Secured debt is classified as long-term debt except for known maturities which are classified as short-term debt.

Fleet
Havila Shipping ASA operates 22 vessels,

13 PSV
– Four externally owned
– One 50% owned and not consolidated
5 AHTS
3 Subsea (including one bareboat rental)
1 RRV (bare hull)

Employees
Havila Shipping ASA had on 31/12/21 445 employees on the company’s ships and 16 employees in administration.

This information is subject to the disclosure requirements in accordance with section 5-12 of the Norwegian Securities Act.

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