Havila Shipping ASA

Earnings Release • Nov 29, 2018

Havila Shipping ASA: Financial Report for 3rd quarter 2018

Havila Shipping ASA: Financial Report for 3rd quarter 2018

* Summary

* Havila Shipping ASA achieved an operating income before depreciation of

NOK 45.8 million in Q3 2018, compared with NOK 39.0 million in Q3 2017.

* Total operating income was NOK 167,7 million in Q3 2018, compared with

NOK 176.7 million in Q3 2017.

* The group had as of 30/09/18 23 vessels operated from Fosnavåg, six for

external owners.

* The group had three AHTS vessels laid up at the end of Q3 2018.

* Of the three PSVs defined as none core vessels two were sold in March

2018, and one in August 2018.

* The fleet utilization Q3 2018 was 90 % exclusive vessels in lay-up.

Result for 3 quarter 2018

* Total operating income amounted to NOK 167.7 million (NOK 176.7

million).

* Total operating expenses were NOK 121.9 million (NOK 137.7 million).

* The operating profit before depreciation was NOK 45.8 million (NOK 39.0

million).

* Depreciation was NOK 93.7 million (NOK 83.3 million)

* Net financial items were NOK -42.1 million (NOK -14.0 million), whereof

unrealized agio loss was NOK -3.2 million (unrealized agio gain NOK

24.4 million).

* The profit before tax was NOK -91.8 million (NOK -56.8 million).

Result year to date 2018

* Total operating income amounted to NOK 447.5 million (NOK 455.9

million).

* Total operating expenses were NOK 339.8 million (NOK 385.2 million).

* The operating profit before depreciation was NOK 107.7 million (NOK

70.7 million).

* Depreciation was NOK 275.3 million (NOK 249.8 million).

* Net financial items were NOK -131.4 million (NOK 1,080.8 million),

whereof unrealized agio loss was NOK 0.5 million (unrealized agio gain

NOK 65.8 million).

* The profit before tax was NOK -305.4 million (NOK 906.5 million).

Balance and liquidity per 30/09/18

* The book value of the fleet is NOK 3,992.1 million.

* Total current assets amounted to NOK 351.9 million on 30/09/18, whereof

bank deposits were NOK 86.5 million (of this NOK 1.1 million

restricted). On 30/09/17, total current assets amounted to NOK 627.6

million, whereof bank deposits amounted to NOK 304.6 million (of this

NOK 6.4 million restricted).

* Net cash flow from operations was year to date NOK -49.5 million (NOK

-175.0 million). Cash flow from investing activities was NOK -40.3

million (NOK 25.1 million). Conversion of convertible shareholder loans,

net issues, repayment of loan and payment of instalments constitute a

net change from financing activities of NOK -70.2 million (NOK -91.0

million).

* Total interest-bearing debt per 30/09/18 is NOK 4,049.2 million. Of

interestbearing debt, 18.4 % 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.

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

Attachment

* Q318 (https://prlibrary-eu.nasdaq.com/Resource/Download/4fde3d26-5f00-48ae-

bef1-8f6738f11300)