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28/02-2019 11:10:12: (HAVI, HAVI08-PRO, HAVI06, HAVI-07, HAVI04) Havila Shipping ASA: Q4 2018 accounts /Preliminary 2018 accounts



Havila Shipping ASA: Q4 2018 accounts /Preliminary 2018 accounts

Summary

Havila Shipping ASA achieved an operating income before depreciation of NOK 40.5 million in Q4 2018, compared with NOK 7.6 million in Q4 2017.

Total operating income was NOK 157.9 million in Q4 2018, compared with NOK 139.0 million in Q4 2017.

The group had as of 31/12/18 23 vessels operated from Fosnavåg, six for external owners.

The group had three AHTS vessels and one subsea vessel laid up at the end of Q4 2018. Of the three PSVs defined as none core vessels two were sold in March 2018, and one in August 2018.

The fleet utilization Q4 2018 was 82 % exclusive vessels in lay-up.

Result for 4 quarter 2018

. Total operating income amounted to NOK 157.9 million (NOK 139.0 million).

. Total operating expenses were NOK 117.4 million (NOK 131.3 million).

. The operating profit before depreciation was NOK 40.5 million (NOK 7.6 million).

. Depreciation was NOK 95.2 million (NOK 77.9 million).

. Impairment charge of fixed assets was NOK 708.7 million (NOK 0).

. Net financial items were NOK -79.4 million (NOK -73.7 million), whereof unrealized agio loss was NOK -45.6 million (unrealized agio gain NOK 8.8 million).

. The profit before tax was NOK -844.3 million (NOK -143.0 million).

Result 2018

. Total operating income amounted to NOK 605.4 million (NOK 594.8 million).

. Total operating expenses were NOK 457.2 million (NOK 516.5 million).

. The operating profit before depreciation was NOK 148.2 million (NOK 78.4 million).

. Depreciation was NOK 370.5 million (NOK 327.7 million).

. Impairment charge of fixed assets was NOK 708.7 million (NOK 0).

. Net financial items were NOK -210.8 million (NOK 1,007.1 million inclusive redemption of debt to discount of NOK 1,210 million), whereof unrealized agio loss was NOK 46.1 million (unrealized agio gain NOK 74.6 million).

. The profit before tax was NOK -1,149.5 million (NOK 764.9 million).

Balance and liquidity per 31/12/18

The book value of the fleet is NOK 3,196.7 million.

Total current assets amounted to NOK 303.7 million on 31/12/18, whereof bank deposits were NOK 85.8 million (of this NOK 11.0 million restricted). On

31/12/17, total current assets amounted to NOK 545.5 million, whereof bank deposits amounted to NOK 249.2 million (of this NOK 10.7 million restricted).

Net cash flow from operations was in 2018 NOK -35.2 million (NOK -227.1 million). Cash flow from investing activities was NOK -48.7 million (NOK 68.8 million). Conversion of convertible shareholder loans, net issues, repayment of loan and payment of instalments constitute a net change from financing activities of NOK -79.3 million (NOK -150.3 million).

Total interest-bearing debt per 31/12/18 is NOK 4,087.7 million. Of interestbearing debt, 19.2 % is loan in USD, while the remainder is in NOK. Secured debts are classified as long term debt, except from first year instalment is

classified as short term debt.

Fleet

Per today, Havila Shipping ASA operates 23 vessels,

. 14 PSV

- Four owned externally

- One owned 50% and not consolidated

. 5 AHTS

. 3 Subsea

. 1 RRV (bareboat)

Employees

Havila Shipping ASA had per 31/12/18 a total of 446 employees on the company.s vessels and 34 employees in the administration.

Contacts:

CEO Njål Sævik, +47 909 35 722

CFO 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


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