FARSTAD SHIPPING ASA QUARTERLY REPORT

Transcription

1 FARSTAD SHIPPING ASA QUARTERLY REPORT 2-25

2 Quarterly Report 2-25 NOK mill NOK 12, 1, 8, 6, 4, 2, FREIGHT INCOME FARSTAD SHIPPING Sorted per sector % 1 4 THIS IS FARSTAD SHIPPING Farstad Shipping s strategy is to be a long-term important international operator of large, modern offshore service vessels. The company will maintain a long-term chartering profile. The company s fleet consists of 46 vessels, whereof 24 PSV and 22 AHTS vessels. Farstad Supply AS has 4 newbuilds for delivery within 26, all build at Norwegian yards. BOS, the partnership company with Petroserv SA, in Brasil (Farstad owns a 5% share) has additionally signed an 8 year contract with Petrobras for 3 AHTS to be built in Brazil. Altogether, 118 employees in Aalesund, Aberdeen, Melbourne and Macaé direct the company s activities. At the moment 17 vessels are stationed in the North Sea, 8 in Brazil, 2 in Mexico, 2 in West Africa and 17 Far East/Australia. The number of sailors is approx RESULTS FOR THE 2ND QUARTER 25 Farstad Shipping achieved an operating income of NOK million for the 2nd quarter (NOK million for the 2nd quarter ). The operating costs for the period were NOK million (NOK 29.1 million). The operating profit (EBIT) was NOK 13.1 million (NOK 61.2 million) after depreciation of NOK 14.2 CASH FLOW PER QUARTER (BEFORE TAX AND PROFIT ON SALE) 1st quarter 2nd quarter 3rd quarter 4th quarter CASH FLOW PER SHARE (BEFORE TAX) excl. profit on sales incl. profit on sales Norwegian UK Brazil Far East/Australia Mexico Others *) Pre-tax profit + depreciation and deferred maintenance cost + change on revaluation of long-term liabilities in foreign currency. million (NOK 18.3 million). Net finance was negative NOK 29.6 million (negative NOK 28.8 million). Currency gain of NOK 56.1 million is booked (gain of NOK 4.8 million). Further an unrealized currency loss of NOK 56.3 million (gain of NOK 5. million) is booked due to the adjustment of the company s long-term liabilities in foreign currency. The profit after taxes was NOK 7. million (NOK 28.5 million). The Group s cash flow*) for the period was NOK 234. million compared to NOK million for the same period in. RESULTS AS PER The operating income at 3.6 was NOK 87.5 million (NOK million). The operating costs were NOK million (NOK 425. million) and ordinary depreciations NOK 25.7 million (NOK million). The operating profit (EBIT) was NOK million (NOK million). Net finance was negative NOK million (negative NOK million) after an unrealized currency loss of NOK million (NOK 67.6 million). A realized currency gain of NOK 12.1 million is booked during the half year (NOK 22.4 million). The result after taxes was NOK 54.7 million (deficit of NOK 11.4 million). The Group s cash flow*) for the period is NOK million, compared to NOK million for the same period in. FINANCING AND CAPITAL STRUCTURE In the balance sheet at 3.6.5, interest-bearing mortgage debt and leasing liabilities together total NOK million (NOK 3,889.7 million at 3.6.4). Of the company s debt 23.1% is in USD, 18.8% in GBP, 48.8% in NOK, 3.5% in AUD and 5.8% in EUR. Instal-ments on debt and leasing liabilities of NOK 31.1 million have been paid during the first six months. Interestbearing current assets at were NOK million (NOK 536. mil-lion). Dividends of NOK 195 million were paid in May. The Group s booked equity at was NOK 2,247.8 million (NOK 2,46.5 million) corresponding to NOK (NOK 52.47) per share. Equity ratio was 36.% (32.9%). Based on the valuation of the vessels (charter-free) from 3 independent brokers at 3.6.5, the value-adjusted equity capital per share before tax was calculated at NOK 11.1 (NOK 8.28). This gives a value-adjusted equity ratio of 49.6% (42.8%). The average increase in the fleet value has been approx. 2.5% since the year-end. The oldest part of the fleet shows a minor decrease in value. The quarterly report has been prepared in accordance with IFRS (International Financial Reporting Standards) and the accounting principles used are in accordance with principles used in the last annual report. In the quarterly report comparative figures in question for are restated in accordance with IFRS. THE FLEET There have been no changes in the fleet during the period. The AHTS Far Scout and the Far Sky have traded the North Sea spot market during the period. May and June were particularly good months on the spot market. The rate level and utilization of the fleet in the Far East/Australia improved compared to the 1st quarter. 2

3 Far Fosna visiting her home port - Aalesund. THE MARKET The demand for supply vessels in the North Sea during the 2nd quarter was high; 19% higher than the 2nd quarter in, and 11% higher than in the 1st quarter. However, the available North Sea fleet has increased considerably, and was 15% higher at 3.6 than at the same time last year. The increased activity has given an average utilization of approx. 93% for the total North Sea fleet, resulting in high rates during parts of the quarter. The average utilization ratio for the 1st quarter for the total North Sea tonnage was approx. 9%. The average for 2nd quarter was 87%. The market in Australia/the Far East has continued to show steady improvement. The basic conditions promise a high activity levels going forward. The development in the rate level in 25 and 26 will depend on whether the increased activity is sufficient to absorb, in particular, the number of platform vessels to be delivered. Sustained high utilization and high rate levels in the North Sea also rely on other markets continuing to develop positively. Based on the high oil price, there are positive expectations. In the longer term the number of rigs on order will positively impact the industry. The contract coverage for the Farstad-fleet for the 2nd half year is approx. 89%. For 26 the contract coverage is now approx. 55%. The contract coverage is higher for the PSV-fleet than for the AHTS fleet. SHAREHOLDER MATTERS The company s share has during the quarter been traded between NOK 74. and NOK 85. and was NOK at the end of the quarter. The share price at values the company to approx. NOK 3.3 billion. The share was quoted excl. dividend NOK 5. on May 12. The number of shareholders is approx. 1,6. Foreign shareholders own approx. 17% of the shares. Aalesund, August 24 th 25 Photo: Kjetil Dreyer THE COMPANY S 1 LARGEST SHAREHOLDERS AT : Number % 1 Tyrholm & Farstad AS Folketrygdfondet Brown Brothers Harriman Fidelity Odin Norge Odin Norden Pareto Aksje Norge Sverre A. Farstad Jan H. Farstad Third Avenue Int. Value Funds Skagen Vekst Total 1 largest shareholders Other shareholders Total number of shares DEVELOPMENT IN EQUITY Equity at Profit (11 358) Allocated dividend Dividend payment (195 ) (97 5) (97 5) End of hedging principle at transition to IFRS Change in foreign exchange contract at transiton to IFRS (23 457) Change in deffered tax at transition to IFRS (4 75) Equity at the end of the period Quarterly Report 2-25 Farstad Shipping ASA 3

4 Profit and loss account FARSTAD SHIPPING ASA (NOK 1) GROUP OPERATING INCOME: Freight income and other income Profit on sale of fixed assets Total operating income OPERATING EXPENSES: Operating expenses vessels Administration (193 5) (24 56) ( ) (23 16) ( ) (47 115) (378 38) (46 77) (759 16) (91 162) Total operating expenses (218 6) (29 117) ( ) (425 15) (85 322) Operating result before depreciation Depreciation and write-down (14 181) (18 328) (25 745) (216 96) (431 99) Operating result FINANCIAL ITEMS: Financial income Financial expenses Realised agio (disagio) Unrealised agio (disagio) 5 17 (34 594) (56 315) 4 77 (42 735) (69 457) ( ) (86 986) (67 599) ( ) Net financial items (29 592) (28 818) ( ) ( ) (92 881) Pre-tax profit (8 88) Taxes (3 58) (3 871) 3 (2 55) (12 36) Profit (11 358) Profit and diluted profit per share (NOK) (.29) 4.47 Cash flow per share (NOK) Average number of shares OPERATING INCOME AND OPERATING PROFIT SORTED BY BUSINESS SEGMENTS (NOK 1) 25 Operating income ex. profit on sales at at 3.6 Operating profit (EBIT) ex. profit on sales at at 3.6 AHTS PSV Other (61) (52) Total vessels: Norwegian sector British sector Brazil Far East / Australia Other (1 73) Total sectors

5 Balance sheet FARSTAD SHIPPING ASA (NOK 1) GROUP ASSETS Fixed assets: Goodwill Vessels etc. Deferred maintenance cost Contracts newbuildings Other long-term receivables Shares Total fixed assets Current assets: Account receivables, freight income Other short-term receivables Forward exchange contracts Other securities Bank deposits Total current assets Total assets EQUITY AND LIABILITIES Equity capital: Paid-in capital Retained earnings Total equity capital Liabilities: Long-term liabilities: Other long-term liabilities Bond loan Leasing obligations Interest-bearing mortgage debt Total long-term liabilities Short-term liabilities: Debt to suppliers Other short-term liabilities Short-term interest-bearing debt Total short-term liabilities Total liabilities Total equity and liabilities CASH FLOW STATEMENT (NOK 1) Cash flow from operating activity Cash flow from investment activity Cash flow from finance activity ( ) (27 38) (34 19) ( ) ( ) ( ) (69 64) ( ) ( ) ( ) Changes in liquidity over the period (23 192) (7 225) (26 395) (98 4) (81 53) Liquid assets at the beginning of the period Liquid assets at the end of the period Quarterly Report 2-25 Farstad Shipping ASA 5

6 The Fleet - Employment AHTS: Anchor Handling Tug Supply Vessel. Offshore Supply vessel specially designed to provide anchor handling services and tow offshore platforms, barges and production modules/vessels. The AHTS is generally equipped for fire-fighting, rescue operations, oil recovery and in addition can carry out normal supply duties. Owner Year Design BHP Employment iv ) built at Farstad Supply AS 26 UT 712 L FAR TBN 4 Farstad Supply AS 26 UT 712 L FAR TBN 3 Farstad Supply AS 26 UT 712 L FAR TBN 2 Farstad Supply AS 26 UT 712 L FAR TBN 1 i ) 22 UT 728 L 163 April 6 FAR SALTIRE Farstad Supply AS 21 UT 722 L 18 Spot FAR SCOUT Farstad Supply AS 2 UT Sept. 7 +opt. FAR SANTANA Farstad Supply AS 1999 UT Dec. 6 + opt. FAR SOVEREIGN Farstad Supply AS 1998 UT 722 L 18 Dec. 6 FAR SENIOR Farstad Supply AS 1997 UT Dec. 6 FAR SAILOR Farstad Supply AS 1993 UT Nov. 8 FAR FOSNA Farstad Supply AS 1993 UT Nov. 5 FAR GRIP Farstad Supply AS 1983 ME April 6 FAR CRUSADER Farstad Supply AS 1983 ME March 6 FAR CENTURION Farstad Supply AS 1991 ME 33 II 144 Aug. 7 + opt. FAR SKY Farstad Supply AS 1991 ME 33 II 132 Jan. 6 + opt. FAR SEA IOS ii ) 23 UT July 5 + opt. LADY ASTRID IOS 23 UT July 5 + opt. LADY CAROLINE IOS 21 UT Oct. 6 + opt. LADY GURO IOS 1998 KMAR Oct. 5 LADY SANDRA IOS 1993 ME Aug. 7 + opt. LADY MARGARET IOS 1987 Hudong 9388 Sept. 6 LADY CYNTHIA IOS 1987 Hudong 866 Jan 6 LADY GERDA IOS 1983 ME Oct. 5 LADY AUDREY IOS 1983 ME Dec. 6 + opt. LADY VALISIA IOS 1983 Bolsønes 128 Dec. 6 + opt. LADY DAWN BOS (5%) iii ) 25 UT 722 L 8 years BOS TBN 3 BOS (5%) 25 UT 722 L 8 years BOS TBN 2 BOS (5%) 25 UT years BOS TBN 1 i) On a bareboat charterparty untill 27 to Farstad Shipping Ltd. ii) P/R International Offshore Services ANS iii) BOS Navegaçäo SA (Brazil Offshore Services) iv) Certain freight contracts contain clauses which give the charterer the right to cancel the contract C O N T R A C T O V E R V I E W A T Contracts Charterer s option Under construction 6

7 PSV: Platform Supply Vessel. Ship specially designed for transportation of supplies and equipment to/from offshore installations. Transporting individual items mainly in containers on deck, in addition to a variety of different products (dry and wet) in separate tanks. Also transporting pipes to pipelaying activities. Owner Year Design DWT Employment iii ) built at P S V - P L A T F O R M S U P P L Y V E S S E L Farstad Supply AS 23 P Dec. 8 + opt. FAR SPLENDOUR Farstad Supply AS 23 P June 6 + opt. FAR SYMPHONY Farstad Supply AS 23 UT 755 L 384 Jan. 7 + opt. FAR SWIFT Farstad Supply AS 21 UT 745 L 3475 April 7 + opt. FAR SAGA i ) 21 UT Jan. 7 + opt. FAR SCOTIA Farstad Supply AS 21 UT 745 L 445 Aug. 5 + opt. FAR SWAN Farstad Supply AS 1999 UT Aug. 9 + opt. FAR STAR Farstad Supply AS 1999 VS Jan. 7 + opt. FAR SUPPLIER Farstad Supply AS 1999 VS Jan. 6 + opt. FAR STRIDER Farstad Shipping Ltd UT Nov. 5 + opt. FAR SUPPORTER Farstad Shipping Ltd UT June 6 + opt. FAR SERVICE Farstad Shipping Ltd UT Dec. 5 FAR SERVER Farstad Supply AS 1991 UT Jan. 9 FAR SCANDIA Farstad Supply AS 199 UT 75 L 3796 Dec. 6 + opt. FAR SUPERIOR Farstad Supply AS 1984 ME Nov. 6 FAR SLEIPNER Farstad Supply AS 1983 UT 76 L 3325 April 6 FAR GRIMSHADER Farstad Supply AS 1983 UT Dec. 5 FAR SPIRIT Farstad Supply AS 1982 H/R 154 Sept. 7 FAR VISCOUNT IOS ii ) 23 UT Oct. 5 + opt. LADY MELINDA IOS 22 UT 755 L 3271 Dec. 5 + opt. LADY GRETE IOS 22 UT April 9 + opt. LADY GRACE IOS 1985 ME April 9 + opt. LADY CHRISTINE IOS 1983 ME Dec. 5 + opt. LADY ELIZABETH IOS 1982 ME Jan. 9 LADY KARI-ANN i) On a bareboat charterparty untill 27 to Farstad Shipping Ltd. ii) P/R International Offshore Services ANS iii) Certain freight contracts contain clauses which give the charterer the right to cancel the contract C O N T R A C T O V E R V I E W A T Contracts Charterer s option Quarterly Report 2-25 Farstad Shipping ASA 7

8 FARSTAD SHIPPING ASA P.O.Box 131, Sentrum, 61 Aalesund, Notenesgt.14, Norway Tel: , Fax: post@farstad.no, Internet: FARSTAD SHIPPING LTD. Farstad House, Badentoy Avenue, Badentoy Park, Portlethen, Aberdeen AB12 4YB, Scotland Tel: , Fax: aberdeen@farstad.co.uk FARSTAD SHIPPING (INDIAN PACIFIC) PTY. LTD. GPO Box 5111, Melbourne Victoria, 31 Australia, 99 Queensbridge Street, Southbank, Victoria, 36 Australia Tel: Fax: post@farstad.com.au BOS NAVEGAÇÃO SA (BRAZIL OFFSHORE SERVICES) Rua Abilio Moreira de Miranda, 66 Parque Valentina Miranda, CEP Macae - RJ, Brasil Tel: , Fax: bos@bos.com.br VIGEO FARSTAD SHIPPING LTD. P.O.Box 228, Ikeja, 31a Adeniyi Jones Avenue, Lagos, Nigeria Tel: , Fax: vigeofarstad@vigeoholdings.com