Havila Shipping - 4Q ACCOUNTS/PRELIMINARY ACCOUNTS 2009

Donnerstag, 28. Januar 2010 08:56
RESULTS FOR 4th QUARTER 2009

Summary
·            Havila Shipping ASA achieved a result before tax of NOK 30.9m in Q4
2009, compared with NOK -86.3m in Q4 last year. In 2009, the profit before tax
was NOK 605.3m. Profit before tax was NOK 259.4m in 2008, whereof NOK 311.8m was
profit from sale of assets.
·            Total income in Q4 2009 ended at NOK 216.9m, compared to NOK
294.4m in Q4 2008. In 2009, total income ended at NOK 901.2m. In 2008, total
income was NOK 1 122.5m, whereof NOK 311.8m was profit from sale of assets.
·            Net financial items are NOK 18.3m in Q4. Of this is interest
expenses NOK 37.1m and net foreign exchange gain is NOK 23.8m.
·              The group had 22 vessels in operation per 31/12/2009. This
includes a management agreement for three vessels that are owned by companies
outside the group. Four of the vessels are operated by the joint venture company
in Singapore, Posh Havila Pte Ltd.

The spot market for offshore service vessels was weak also during fourth
quarter. Day rates have been low, and excess capacity has led to low utilisation
for both PSVs and AHTS.
Of owned vessels, the group had two PSVs and two AHTS vessel in the spot marked
during the quarter. The utilisation has been acceptable for parts of the
quarter. The objective of the group is now to achieve longer contracts for
several of the vessels that are operating in the spot market.

The company's financial figures and comparative figures are prepared in
accordance with IFRS regulations.

Q4 2009 results
Total income for Q4 2009 amounted to NOK 216.9m (NOK 294.4m).

Total operating expenses for Q4 2009 were NOK 120.8m (NOK 106.6m).

The operating profit after depreciation (EBIT) in the period was NOK 59.1m (NOK
160.9 m).

Net financial expenses in the period amount to NOK 18.3m (NOK 254.2m).

The profit before tax for Q4 2009 was NOK 30.9m (NOK -86.3m).

Tax is calculated as 28% of tax basis for the taxable companies in the group. In
2009, the calculated tax increases special as a consequence of financial income.
The tax expense for Q4 2009 is NOK 16.6m (NOK -55m).

Preliminary results for 2009
Total operating income ended at NOK 901.2m for 2009 (NOK
1 122.5m whereof NOK 311.8m was profit from sale of assets).

Total operating expenses of NOK 453.5m (NOK 382.5m) include leaseback expenses
for Havila Mercury/Mars of NOK 108.7m (NOK 105.1m). The increase in operating
expenses is mainly as a consequence of increased number of vessels in operation.

Net financial income amounted to NOK 288.7m in 2009 (NOK
-391.6m), and includes gain on redemption of a bond loan in Iceland of NOK
128.9m. Further are net financial items positive in 2009 due to unrealised agio
on other loans in foreign exchange and change in value of derivatives.

Profit before tax was NOK 605.3m for 2009 (NOK 259.4m).

The tax expense for 2009 is NOK 119.1m (NOK -47.5m). Today, the Group's subsea
fleet is not subject to the Norwegian tonnage tax regime. The Ministry of
Finance is asked to consider again what type of offshore vessels which qualify
for the tonnage tax regime. A statement from the Ministry of Finance will reduce
the tax expense for 2009, if new vessels will be subject to the tonnage tax
regime.

This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)


[HUG#1377954]





4QREPORT: http://hugin.info/138738/R/1377954/338625.pdf
4Qpres: http://hugin.info/138738/R/1377954/338626.pdf


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Hugin
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