Presentation 2 nd Quarter 2010

Transcription

1 Presentation 2 nd Quarter 2010

2 This is Havila Shipping ASA Havyard 855 beeing towed from Cemre Shipyard to Havyard in Leirvik Head-office in Fosnavåg, Norway. Building a team through our partner PACC Offshore in Singapore A fleet of 29 vessels included a new-building program of 4 modern vessels within vessels owned by Havila Ariel 3 vessel owned by Havship DA (management) 1 vessel owned by Sydvestor Troll (bareboat back) 1 vessel on bareboat from Solvik Offshore III KS 445 offshore staff. 26 onshore Strong operating track record. A qualified organisation focusing on human resources and solid seamanship. Segments Fleet- today New-builds PSV 10 2 (+1 bareboat) AHTS 10 SubSea 2 2 Rescue vessels 2

3 Havila Shipping.. a modern fleet a preferred partner within offshore services vessels extending the international activity maintaining a balanced mix between long contracts and spot market PSV under construction at Fjellstrand focusing on safe operations focusing on human resources

4 Safety & Quality focused Havila Shipping ASA has a clear goal of improving its performance with regards to health, safety and environment both at sea and onshore. The company s goal is for its ships to fulfill or exceed our customer s expectations as to standards within health, safety and environment.

5 2 ND QUARTER ACCOUNTS Havyard 855 launched at Cemre Shipyard 5 th of June 2010

6 Highlights Havila Troll in North Sea Havila Phoenix in Mexico 2 nd quarter 2010 Freight revenues NOK 277 mill EBITDA (Including revenue from sale of Havila Troll) NOK 295 mill EPS 5,12 Sale and lease back of Havila Troll Four year contract for Havila Favour with Petrobras Two year contract (1y option) for Havila Phoenix with TSMarine 94% fleet utilization (time charter fleet) 2 nd quarter 2009 Freight revenues NOK 248 mill EBITDA NOK 135 mill EPS 5,14 95% fleet utilization

7 Second quarter EBITDA and EBIT excl profit from sale of vessels Income better than in 2009 because of new vessels Spot market better in the middle of the quarter INCOME EXCL PROFIT - PROFIT FROM SALE EBITDA EBIT PRETAX PROFIT Financial items better in Q Q2 09 Q2 10

8 Main figures NOK mill Q Q Q Q Q Income and gains 433,2 222,3 216,9 217,4 251,4 EBITDA 294,5 68% 86,9 39% 96,1 44% 104,9 48% 135,3 54% EBIT 250,3 58% 45,1 20% 59,1 27% 70,4 32% 102,6 41% Pre tax result 81,0 19% -14,8-7% 30,9 14% 295,9 136% 114,1 46% Fleet utilization (time charter fleet) Q2 09: 95% Q3 09: 92% Q4 09: 92% Q1 10: 90%. Q2 10: 94% Non realized value changes on FX Q2 09: 42 million Q3 09: 243 million Q4 09: -104 million Q1 10: - 15 million Q2 10: - 82 million Interest rates turns up : 3 m NIBOR average Q2 09: 2,45% Q3 09: 1,89% Q4 09: 2,02% Q1 10: 2,28% Q2 10: 2,53% Q2 10 Q1 10 Q4 09 Q3 09 Q INCOME EX PROFIT FROM ASSETS EBITDA EBIT

9 Fleet utilization 93 % 93 % 96 % 94 % 95 % 94 % 88 % 93 % 96 % 93 % 92 % 93 % 92 % 93 % 87 % 92 % 96 % 93 % 90 % 90 % 92 % 91 % 89 % 90 % 95 % 91 % 91 % 91 % 96 % 92 % Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June Vessels on time charter POSH vessels on bareboat charter not included Month YTD

10 Q1 07 Q2 07 Q3 07 Q4 07 Freigth income Q1 08 Quarterly income Q2 08 Q Q4 08 Q1 09 Q2 09 Sale of assets Q3 09 Q4 09 Q1 10 Q Vessels Newbuilds Q Q Q3 Sale of Havila Force 9 13 Q Q1 Sale of Fame, Mars and Mercury Leaseback Mars & Mercury Q Q Q Q Q Q Q Q Q Vessels on management not included

11 Quarterly operating expenses 25,3 11,4 6,7 32,7 30,3 33,9 35,0 41,4 48,7 41,7 47,4 55,9 53,4 57,0 10,4 12,3 68,9 70,1 5,8 6,8 13,9 12,7 8,0 17,0 23,2 17,6 24,1 16,0 22,7 20,1 27,1 22,8 7,1 27,4 27,4 26,8 26,9 10,1 30,2 27,1 27,4 8,7 27,4 13,5 10,6 8,6 10,1 13,6 26,8 27,2 12,9 11,2 160,0 140,0 120,0 100,0 80,0 60,0 40,0 20,0 - Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Crew Vessel Vessel hire Other Q4 09 Q1 10 Q % 90 % 80 % 70 % 60 % 50 % 40 % 30 % 20 % 10 % 0 % Q1 07 NOK mill % of total expenses Q3 07 Q1 08 Q3 08 Q1 09 Q3 09 Q1 10

12 Quarterly freight income and operating expenses Q1 07 Q2 07 Q3 07 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q Freight income Operating expenses

13 Operating profit from segments Excluding gains from sale of vessels PSV AHTS AHTS Asia RRV SubSea RRV 8 % RRV 10 % SubSea 27 % SubSea 31 % ASIA 17 % Q Asia 18 % PSV 20 % PSV 20 % AHTS 28 % AHTS 21 % Q2 09 Q3 09 Q4 09 Q1 10 Q2 10

14 Assets % Vessels New buildings Other Current % 80 % 70 % 60 % 50 % % % % % 2Q 10 1Q 10 4Q 09 3Q 09 2Q 09 0 % 2Q 10 1Q 10 Q4 09 3Q 09 2Q 09

15 Equity and liability % Equity Long term debt Short term liability % 80 % 70 % 60 % 50 % 40 % 30 % % 0 10 % 2Q 10 1Q 10 4Q 09 3Q 09 2Q 09 0 % 2Q 10 1Q 10 4Q 09 3Q 09 2Q 09

16 Cash flow statement NOK 1000 YTD 10 YTD 09 Cash from operating activity Kontantstrøm fra drift Cash flow from investing activity Kontantstrøm fra investeringer Cash flow from financing activity Kontanstrøm fra finansiering Net change in cash Nettoendring i kontanter Liquid assets at start of period Likvider først i perioden Liquid assets at end of period Likvider sist i perioden

17 Financial items Q2 10 Q1 10 Q4 09 Q3 09 Q Interest income Renteinntekter Agio Agio Unrealised agio on loans Urealisert agio på lån Unrealised agio leasing obligation Urealisert agio leasing forpliktelse Change in value of derivatives Verdiendring derviater Change in value of financial investments Verdiendring finansielle plasseringe Other financial income Andre finansinntekter Financial income Finansinntekter Interest expenses Rentekostnader Disagio Disagio Unrealised disagio on loans Urealisert disagio på lån Unrealised disagio leasing obligation Urealisert disagio leasing forpliktels Change in value of derivatives Verdiendring derivater Change in value of financial investment Verdiendring finansielle plasseringe Other financial expenses Andre finanskostnader Financial expenses Finanskostnader Net financial items Netto finansposter Havila Venus - furnishing Forward rate contracts will have positive impact on EBITDA based on expected average exchange rates for actual currencies for the time of payment of sold amounts.

18 Key figures Q2 10 Q1 10 Q4 09 Q3 09 Q2 09 Q Number of shares (1000) Antall aksjer (1000) Earnings per share Fortjeneste per aksje 5,12-0,95 1,32 15,08 5,14 9,24 33,67 Book equity per share Bokførte egenkapital per aksje Value adjusted equity per share Verdijustert egenkapital per aksj EBITDA margin excl gains Driftsmargin eksklusiv gevinster 50 % 39 % 44 % 49 % 54 % 52 % 50 % EBIT margin excl gains Drifsmargin etter avskrivning eks gev. 34 % 20 % 27 % 33 % 41 % 39 % 35 % 200 Q1 08 Q Q3 08 Q Q1 09 Q Q3 09 Q Booked equity per share Value adjusted equity per share Q1 10 Q2 10

19 Interest bearing debt NOK Q2 10 Q1 10 Q4 09 Q3 09 Q2 09 Long term debt Langsiktig gjeld Next years instalments Neste års avdrag Interest-bearing short Rentebærende kortsiktig time debt gjeld Total Total Interest-bearing financial Rentebærende fixed assets finansielle anleggsmidler Interest-bearing current assets Rentebærende omløpsmidler Bank Deposit Bankinnskudd Net Net Havila Venus The bridge

20 Value adjusted fleet- age Modern fleet 9 % 7 % Fleet values NOK 5.2 billion Not including Mars, Mercury & Troll Market value of vessels increased slightly first half of ,9% Booked values NOK 4.5 billion Contract values on new-builds NOK 2.1 billion 83 % age age age

21 Fleet-age / Fortress 96 Troll 03 Mars Foresight Phoenix Jupiter PSV TBN Faith 98 Mercury Saturn Herøy Favour 99 Princess 05 Neptune Venus Newbuildings: Fanø Subsea TBN Posh Viking Runde 97 Harmony 05/07 Posh Vibrant Posh Virtue Acergy Havila Posh Venture

22 POSH Havila Pte Ltd, Singapore Joint venture company established /50 owned by Pacc Offshore Services Holding Pte Ltd and Havila Shipping ASA through 100% owned company Tree vessels owned 4 th vessel was delivered 6 th July 2009 On financial lease - buy option after six months POSH Havila Pte Ltd In operation since July/August 2008 Hire in vessels on bareboat charter from owners Vessels to be on timecharter in Asian waters Implemented in the accounts as Associated company

23 POSH vessel operations 8,000 BHP AHTS 100 tons BP DP Operating 29 th July 2008 POSH Veritas POSH Viking 8 th October 2008 POSH Vibrant 13 th December 2008 POSH Voyager 20 th January 2009 POSH Victory 3 rd April 2009 POSH Venture POSH Vantage 6 th July 2009 POSH Virtue 10,800 BHP AHTS 125 tons BP DP2

24 Contract status POSH fleet.

25 100 % 95 % 90 % 85 % 80 % 75 % 70 % 65 % 60 % 55 % 50 % Fleet utilization Singapore Jul 88 % 93 % Aug Sept Oct Nov Dec Jan Feb Mar April 66 % 66 % 67 % 69 % 69 % 76 % 79 % 84 % 90 % 91 % 89 % 89 % 87 % 92 % 89 % 94 % 99 % 100 % May June 81 % 82 % 86 % 90 % Month Year to date

26 Acergy Havila New buildings SubSea Havila TBN SubSea Diving vessel : Havyard 858 DSV design Length 120m Breadth 23 m 250 tons offshore crane Accommodation of 140 Clean design, Catalyst SubSea IMR: Havyard 855 design Length/ Breadth: 95 m/ 20 m 150 tons offshore crane Accommodation of 70 Clean design, Catalyst

27 New buildings PSV 2 x PSV Havila Fanø (Simek) Fjellstrand Havyard 832 CD design Length/ Breadth 80,4/17, m3 deck- area DP 2, clean and comfort class, catalyst

28 Contract status New contracts 2 nd quarter: Havila Favour : 4 years with Petrobras Havila Phoenix : 2 years & 1 year option with TSMarine

29 Contractual coverage

30 Shareholders Number of shares In% Name ,3 HAVILA AS NOR ,6 TORGHATTEN ASA NOR ,7 DnBNOR MARKETS NOR ,6 PARETO AKSJE NORGE NOR ,9 VERDIPAPIRFOND ODIN OFFSHORE NOR ,8 PARETO AKTIV NOR ,3 VERDIPAPIRFOND ODIN NORGE NOR ,3 KS ARTUS NOR ,2 SKAGEN VEKST NOR ,1 BAKKELY INVEST A/S NOR ,0 HAVILA SHIPPING ASA NOR ,0 SG NANTES/NEWEDGE GROUP FRA ,9 PARETO VERDI NOR ,8 RBC DEXIA INVESTOR SERVICES TRUST GBR ,7 EINAR KRISTIAN TVEITÅ NOR ,7 WILHELMSEN LINES SHIPOWNING AS NOR ,6 OLAV MAGNE TVEITÅ NOR ,5 HAVSULEN AS NOR ,5 DNB NOR SMB VPF NOR ,5 PACIFIC CARRIERS LTD SGP ,5 CARVALLO INTERNATIONAL LTD SGP ,6

31 Market comments POSH Viking and Virtue outside Sudan Spot market better in second quarter PSV market better than 2009 AHTS at 2009 level or better Third quarter has started better than second quarter but lower than best period Spot market expected to be fluctuating for AHTS vessels Rate level on long time contracts on acceptable levels Several vessels will leave the North Sea spot market in second half of the year and early next year Focus on specialized built subsea vessels.

32 Vessels in spot market Q3 10 AHTS Havila Saturn Havila Venus Havila Jupiter PSV None

33 Summary Havila Shipping is focused on modern high-end vessels Vessels for delivery in 2010 financed SubSea vessel for delivery in 2011 financed during Q2 Financing of Havila PSV for delivery in January 2011 expected signed during Q3 Contract coverage increased during second quarter Havila Favour four years with Petrobras Havila Phoenix two years (+2x6 months option) with TSMarine 2010: 86% 2011: 69% - options included 80% Still demand in market for high-end vessels Financial items will fluctuate in the future because of forward FX contracts against USD, EUR and GBP

34 Financial calendar Q3 accounts Preliminary result for 2010/4 th Quarter 2010 Contact: CEO NJÅL SÆVIK (+47) CFO ARNE JOHAN DALE (+47)

35 P & L ACCOUNT BALANCE SHEET

36 P & L account Q NOK 1000 Q2 10 Q Freight income Fraktinntekter ,0% ,0% Profit by sale of assets Gevinst ved salg av aktiva Other income Andre inntekter ,5% ,3% Total income and profit Totale inntekter ,1% ,3% Crew expenses Mannskapskostnader ,3% ,3% Vessel expenses Fartøykostnader ,9% ,2% Hire expenses Leiekostnader ,8% ,9% Other operating expenses Andre driftskostnader ,0% ,4% Total operating expenses Totale driftskostnader ,0% ,8% Profit before depreciation Driftsresultat før avskrivning ,2% ,5% Depreciation Avskrivninger ,9% ,2% Operating profit Driftsresultat ,2% ,4% Financial income Finansinntekter ,7% ,3% Financial expenses Finanskostnader ,0% ,0% Net financial items Netto finansposter ,3% ,3% Joint venture companies Felleskontrollert virksomhet ,5% ,3% 757 Profit before tax Resultat før skatt ,4% ,0% Tax Skatt ,9% ,3% Profit after tax Resultat etter skatt ,5% ,7% Other income and expenses Andre inntekter og kostnader 0,0% 0,0% Conversion difference foreign exchange Omregningsdifferanser valuta 18 0,0% ,3% Total profit for the period Totalresultat for perioden ,5% ,4% Total profit for the period distributed by Periodens totalresultat fordelt på 0,0% 0,0% Minority interests Minoritetsinteresser 729 0,3% 891 0,4% -89 Majority interest Majoritetsinteresse ,2% ,1% Total Sum ,5% ,4%

37 Balance sheet - assets Assets Eiendeler Q2 10 Q1 10 Q4 09 Q3 09 Q2 09 Fixed assets Anleggsmidler Vessels Fartøy Buildings, office equipment etc Bygninger, kontorutstyr mv Contract new buildings Nybyggingskontrakter Fixed assets Varige driftsmidler Financial fixed assets Finansielle eiendeler Investments in joint venture compa Investering i felleskontrollert virkso Derivatives Derivater Other long term receivables Andre langsiktige fordringer Total financ ial fixed assets Totale finansielle eiendeler Total fixed assets Totale anleggsmidler Current assets Omløpsmidler Trade receivables Kundefordringer Other short term receivables Andre kortsiktige fordringer Assets held for sale Eiendeler tilgjengelig for salg Derivatives Derivater Market based securities Markedsbaserte verdipapirer Bank deposit Bankinnskudd Total current assets Sum omløpsmidler Total assets Sum eiendeler

38 Balance sheet - equity and liabilities Ecuity and liabilities Egenkapital og gjeld Q2 10 Q1 10 Q4 09 Q3 09 Q2 09 Equity Egenkapital Share capital Aksjekapital Own shares Egne aksjer Share premium fund Overkursfond Other equity Annen egenkapital Minority interest Minoritets egenkapital Total equity Sum egenkapital Long term debt Langsiktig gjeld Debt to financ ial institutions Gjeld til banker Bond loan Obligasjonslån Derivatives Derivater Deferred tax Utsatt skatt Other long term debt Annen langsiktig gjeld Total long term debt Sum langsiktig gjeld Current liabilities Kortsiktig gjeld Trade creditors Leverandørgjeld Tax payable Betalbar skatt Derivatives Derivater Other short term debt Annen kortsiktig gjeld Total current liabilities Sum kortsiktig gjeld Total equity and liabilities Sum egenkapital og gjeld

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