Summary
The fright revenues in the third quarter were NOK 176 million, which is a decrease from a strong second quarter and lower than the corresponding quarter last year after one ship was sold out of the fleet in January this year. Three vessels are sold in the fourth quarter. In the third quarter, the company has reversed previous impairment charges related to these three vessels of NOK 465 million with approximately equivalent value adjustment of the debt.

• Havila Shipping ASA achieved an operating income before depreciation of NOK 57.0 million in Q3 2023, compared with NOK 105.2 million in Q3 2022.
• Total operating income was NOK 176.0 million in Q3 2023, compared with NOK 217.4 million in Q3 2022.
• The group had as of 30/09/23 17 vessels operated from Fosnavåg, six for external owners.
• The fleet utilization in Q3 2023 was 90 %.

Result for 3 quarter 2023

• Total operating income amounted to NOK 176.0 million (NOK 217.4 million whereof NOK 17.2 million was gain on sale of fixed assets).
• Total operating expenses were NOK 119.0 million (NOK 112.2 million). 
• Operating profit before depreciation was NOK 57.0 million (NOK 105.2 million).
• Depreciation was NOK 34.1 million (NOK 42.9 million).
• Reversal of impairment charge of fixed assets was NOK 465,0 million (NOK 0).
• Net financial items were NOK - 456.2 million (NOK - 103.8 million whereof unrealized agio loss NOK 64.9 million), and value adjustment of debt was NOK - 454.4 million (NOK - 38.1 million).
• The profit before tax was NOK 28.9 million (NOK 48.6 million).

Result year to date 2023

• Total operating income were NOK 757.0 million (NOK 652.6 million).
• Total operating expenses were NOK 341.8 million (NOK 305.5 million whereof NOK - 20.8 million s reimbursement of costs from the banks for the vessels in lay-up. This reimbursement is divided between NOK 7.1 million on crew expenses, NOK 9.0 million on vessel expenses and NOK 4.7 million on other operating expenses. Ordinary operating expenses amounts to NOK 326.3 million).
• The operating profit before depreciation was NOK 415.2 million (NOK 347.0 million).
• Depreciation was NOK 107.5 million (NOK 146.0 million).
• Reversal of impairment charges of fixed assets were NOK 465.0 million (NOK 0).
• Net financial items were NOK - 626.5 million (NOK - 222.1 million), whereof unrealized agio gain was NOK 0.2 million (unrealized agio loss NOK 149.2 million) and value adjustment of debt NOK - 602.1 million (NOK - 67.8 million).
• The profit before tax was NOK 141.9 million (NOK 31.2 million).

Balance and liquidity per 30/09/23
Total current assets amounted to NOK 1,172.1 million on 30/09/23, whereof bank deposits were NOK 103.0 million (whereof NOK 11,1 million restricted cash related to withholding tax and interest and instalment payments). On 30/09/22, total current assets amounted to NOK 695.3 million, whereof bank deposits amounted to NOK 215.7 million (of this NOK 74.7 million restricted cash related to withholding tax, interest and instalment payments and deposit in connection with sale of vessel).

Net cash flow from operations was per 30/09/23 NOK 17.0 million (NOK 200.3 million). Cash flow from investing activities was NOK 5.4 million (NOK 3.4 million). Payment of loan instalments and lease liabilities constituted a net change from financing activities of NOK -71.8 million (NOK - 92.9 million).  As of 30/09/23, the book value of the fleet is NOK 669 million.
Vessels which are agreed sold in Q4 2023 are recognized under current assets as Assets held for sale.

Total long-term loan debt recognized in the balance sheet was per 30/09/23 NOK 667.9 million, of which interest-bearing debt amounts to NOK 572.1 million and non-interest-bearing debt NOK 95.8 million. As of 30/09/23, nominal value of interest-bearing debt was NOK 1,148.7 million, and nominal value of non-interest-bearing debt was NOK 1,620.7 million. All nominal interest-bearing debt is in NOK. Secured debt are classified as long-term debt, except from known instalments and settlement of debt related to sale of vessels which is classified as short-term debt.

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 30/09/23 365 employees on the company’s vessels and 15 employees in the administration.

Contacts:
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