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HAVILA SHIPPING ASAHAVILA SHIPPING ASA
ANNUAL REPORT / ÅRSRAPPORTANNUAL REPORT / ÅRSRAPPORT
20222022
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CONTENT / INNHOLD
We are Havila Shipping ASA
Vi er Havila Shipping ASA
Key figures
Nøkkeltall
Corporate Governance
Eierstyring og selskapsledelse
Articles of association
Selskapsvedtekter
Sustainability highlights 2022
Hovedpunkter for bærekraft 2022
Board of directors report
Styrets årsberetning
Group Profit and Loss accounts & Balance sheet
Resultatregnskap & Balanse konsern
Group Cash flow statement
Kontantstrømoppstilling konsern
Group notes
Noter konsern
Parent Company Profit and Loss accounts
& Balance sheet
Resultatregnskap & Balanse morselskap
Parent Company Cash flow statement
Kontantstrømoppstilling morselskap
Parent Company notes
Noter morselskap
Auditor´s report
Revisors beretning
Responisibility statement
Erklæring fra styret og adm dir
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07
08
13
16
20
32
37
40
94
97
99
122
135
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44
OUR CORE VALUES ARE
OPENNESS
ACCOUNTABILITY
EQUAL TREATMENT
VÅRE KJERNEVERDIER ER
• ÅPENHET
ANSVARSBEVISSTHET
LIKEBEHANDLING
WE ARE HAVILA SHIPPING ASA
A leading supplier of quality assured supply services to the offshore
industry, nationally as well as internationally.
We achieve this through focus on solid earnings, safe operations and
human resources.
We operate 22 vessels within subsea construction, anchor handling,
platform supply vessels and multi-field rescue recovery vessels.
(See www.havilashipping.no)
Havila Shipping was listed on Oslo Stock Exchange in May 2005.
Through its principle shareholder, Havila Holding AS, the company has
a long tradition and high competency in the maritime sector and for
more than the past 35 years the company has been an important key
player in the offshore supply sector.
VI ER HA VIL A SHIPPING ASA
En ledende leverandør av kvalitetssikrede supplytjenester til
offshoreselskap, nasjonalt og internasjonalt.
Vårt fokus er på god inntjening, sikre operasjoner og menneskelige
ressurser.
plattformforsyningsskip og område-beredskap.
(Se www.havilashipping.no)
Havila Shipping ASA ble børsnotert i mai 2005. Gjennom sin hovedeier,
innenfor maritim virksomhet, og har i mer enn 35 år vært en viktig aktør
innenfor offshore supply sektoren.
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ÅRSRAPPORT 2022 / ANNUAL REPORT 2022
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KEY FIGURES
NOK 1 000
2022 2021
Total operating income and profit on sale Sum driftsinntekter og gevinst ved salg anleggsmiddel
824 446 545 495
Operating result before depreciation Driftsresultat før avskrivning
397 398 160 127
Adjustments of unrealized FX gain/loss Justering for urealisert valuta gevinst/tap
-338 -455
EBITDA EBITDA
397 060 159 671
Profit/(loss) after tax Resultat etter skatt
-112 696 65 673
Cash and cash equivalents Kontanter og kontantekvivalenter
147 381 100 863
Booked equity Bokført egenkapital
-93 497 19 217
Total booked assets Totale bokførte eiendeler
2 003 400 1 955 827
Weighted average of total issued shares * Veid gjennomsnitt av antall utstedte aksjer *
23 776 300 23 776 300
1 - Earnings per share * 1 - Resultat pr aksje *
-4,74 2,76
2 - Booked equity ratio 2 - Bokført egenkapitalandel
-5 % 1 %
3 - Operating margin before depreciation 3 - Driftsmargin før avskrivning
48 % 29 %
4 - Operating margin after depreciation (EBIT) 4 - Driftsmargin etter avskrivning (EBIT)
53 % 35 %
* See note 23 Earnings per share. * Se note 23 Resultat pr. aksje.
NØKKELTALL
KEY FIGURES / NØKKELTALL
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CORPORATE GOVERNANCE
The Norwegian Code of Practice for Corporate Governance largely concerns
the collaboration and governing principles between the owners, the board
of directors and management, and the auditing of Havila Shipping ASA.
Good corporate governance is a precondition for gaining trust among
investors and for increasing shareholder values. This also influences our
relations with employees, customers and suppliers, and society at large.
The Code of Practice of 23 October 2012 is based on the principle of “explain
or comply”’, i.e. that the companies must either comply with or explain any
non-compliance with the recommendations. These recommendations are
available at www.nues.no.
Havila Shipping ASA’s core values are important corporate governance
principles:
• Openness
• Accountability
• Equal treatment
By applying these values, the company will highlight risks and opportunities
relating to its business and help to ensure that management, employees
and the board of directors identify with the company and have common
goals. Equal treatment shall be ensured through the timely distribution of
relevant information to investors, employees and business partners.
Compliance and highlighting of the company’s policies are important tools
for both the management and employees and reflect the company’s ethical
guidelines.
Below, you will find a review of management systems, channels and control
mechanisms that help to ensure good corporate governance in Havila
Shipping ASA:
Business
Articles of association
• The scope of the company’s business is set out in article 3 of the articles
of association. The company’s business is: Ship owning and all related
activities, including owning shares and interests in companies with similar
or related business activities.
Objective
• Havila Shipping ASA’s objective is to be a leading long-term provider of
quality-assured supply services to national and international offshore
companies.
Equity and dividends
• Havila Shipping ASA shall have equity capital that is appropriate, at all
times, to its objectives, risk profile and agreed commitments.
• The company aims to distribute dividends when this is warranted by its
equity situation and agreed commitments.
EIERSTYRING OG SELSKAPSLEDELSE
Norsk anbefaling til eierstyring og selskapsledelse dreier seg i stor grad om
samspillet og styringsprinsipper mellom eiere, styre og ledelse og revisjon
av Havila Shipping ASA.
God virksomhetsstyring er en forutsetning for investorenes tillit og økte
aksjonærverdier. Dette påvirker også forholdet til ansatte, kunder og
leverandører og samfunnet rundt.
Anbefalingen av 23. oktober 2012 bygger på prinsippet om at virksomhetene
skal følge prinsippene eller forklare avvik fra disse. Denne anbefalingen er
tilgjengelig på www.nues.no.
Havila Shipping ASA sine kjerneverdier er viktige virksomhetsstyrings-
prinsipper:
• Åpenhet
• Ansvarsbevissthet
• Likebehandling
Gjennom dette skal selskapet synliggjøre risiko og muligheter i virksomheten,
og bidra til at ledelse, ansatte og styret føler tilhørighet med felles mål.
Likebehandling skal sikres gjennom offentliggjøring av tidsriktig og relevant
informasjon til investorer, ansatte og samarbeidspartnere.
Etterlevelse og synliggjøring av selskapets politikk er et viktig virkemiddel
og reflekterer etiske retningslinjer både for ledelsen og ansatte.
Under følger en gjennomgang av ledelsessystemer, kanaler og
kontrollmekanismer som er med på å sikre en god virksomhetsstyring i
Havila Shipping ASA:
Virksomheten
Vedtekter
• Omfanget av selskapets virksomhet er nedfelt i vedtektenes § 3.
Selskapets virksomhet er: Rederivirksomhet og alt som står i forbindelse
med dette, herunder å eie aksjer og andeler i selskap som driver
tilsvarende eller beslektet virksomhet.
Målsetting
• Havila Shipping ASAs mål er å være en ledende langtidsleverandør av
kvalitetssikrede supplytjenester til offshoreselskaper både nasjonalt og
internasjonalt.
Selskapskapital og utbytte
• Havila Shipping ASA skal til enhver tid ha en egenkapital som er tilpasset
målsetting, risikoprofilen og inngåtte forpliktelser.
• Selskapet har en målsetning om utbetaling av utbytte dersom dette er
forsvarlig ut fra egenkapitalsituasjonen og inngåtte forpliktelser.
CORPORATE GOVERNANCE / EIERSTYRING OG SELSKAPSLEDELSE
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Equal treatment of shareholders and transactions with
close associates
• The company has one class of shares.
• The Group’s trading in own shares will take place on the stock exchange.
• No share option scheme exists for executive personnel.
• Board members, executive personnel and closely related parties shall
notify the board of directors if they have any material interest in any
agreements entered into by the Group, whether directly or indirectly.
• Transactions between closely related parties are dealt with in the notes to
the annual accounts for 2022.
Freely negotiable shares
• All of Havila Shipping ASA’s shares are freely negotiable.
General meeting
• The general meeting is Havila Shipping ASA’s supreme body. Notice of the
annual general meeting is sent to the shareholders, and the case documents
will be published on the company’s website www.havilashipping.no no
later than 21 days before the meeting is scheduled to take place. In 2023,
the annual general meeting will be held on 23. May 2023.
• All shareholders that are registered with the Norwegian Central Securities
Depository (VPS) receive notice of the general meeting and have the right
to submit proposals and cast their vote directly or by proxy. A proxy form
shall be prepared and sent together with the notice of the meeting.
• The deadline for registration of one’s attendance at the annual general
meeting is two days before it is held. Shareholders who have not registered
for the meeting can be denied attendance.
• The annual general meeting shall approve the annual accounts, decide on the
allocation of any profit/coverage of any loss and consider any other business
provided for by law or by Havila Shipping ASA’s articles of association.
• The board of directors and management must attend the annual general
meeting and the auditor is invited to attend.
• The general meeting elects the chairperson for the meeting.
• The minutes of the general meeting are published in a notice to the stock
exchange and are made available on the company’s website.
Nomination committee
• The company has a nomination committee consisting of 3 members.
• The members are elected by the General Meeting, which also will elect the
chair of the committee.
• The members are normally elected for a period of two years, unless
otherwise decided by the General Meeting.
• The nomination committee nominates candidates to the Board of Directors
and proposes remuneration to the board members.
• The nomination committee shall make their proposals based on what
serves the company’s interests and should also emphasize with regard to
the shareholders.
Likebehandling av aksjeeiere og transaksjoner med
nærstående
• Selskapet har èn aksjeklasse.
• Konsernets handel i egne aksjer vil skje over børs.
• Det foreligger ikke opsjonsprogram for ledende ansatte.
• Styremedlemmer, ledende ansatte og nærstående vil rapportere til
styret dersom de direkte eller indirekte har vesentlig interesse i avtaler
som konsernet inngår.
• Transaksjoner mellom nærstående parter er behandlet i note til
årsregnskapet for 2022.
Fri omsettelighet
• Alle aksjene i Havila Shipping ASA er fritt omsettelige.
Generalforsamlingen
• Generalforsamlingen er Havila Shipping ASAs høyeste organ. Innkalling
til generalforsamling sendes aksjonærene og saksdokumenter gjøres
tilgjengelig på selskapets hjemmeside www.havilashipping.no senest 21
dager før avholdelse. I 2023 holdes ordinær generalforsamling 23. mai
2023.
• Alle aksjonærer som er registrert i verdipapirsentralen (VPS), mottar
innkalling til generalforsamling, og har rett til å fremme forslag og avgi
sin stemme direkte, eller gjennom fullmakt. Fullmaktsskjema utarbeides
og sendes sammen med innkalling.
• Påmelding til generalforsamling må skje senest to dager før
generalforsamlingen. Aksjonærer som ikke er påmeldt kan nektes å
møte.
• Generalforsamlingen skal godkjenne regnskapet, disponere
overskuddet/vedta dekning av underskudd og saker angitt i vedtektene
for Havila Shipping ASA eller i lov.
• Styret og ledelsen deltar i generalforsamlingen og revisor inviteres til
å delta.
• Generalforsamlingen velger møteleder.
• Generalforsamlingsprotokoll offentliggjøres i børsmelding og gjøres
tilgjengelig på selskapets hjemmeside.
Valgkomité
• Selskapet har en valgkomite bestående av 3 medlemmer.
• Medlemmene velges av generalforsamlingen, som også avgjør hvem
som skal være leder.
• Valgkomiteens medlemmer sitter normalt i to år med mindre
generalforsamlingen bestemmer noe annet.
• Valgkomiteen skal foreslå for generalforsamlingen kandidater til styret
samt honorering av styrets medlemmer.
• Valgkomiteen skal fremme sine forslag ut fra hva som tjener selskapets
interesser, og skal også legge vekt på hensynet til aksjonærfellesskapet.
CORPORATE GOVERNANCE / EIERSTYRING OG SELSKAPSLEDELSE
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The Board of Directors
• The company does not have a corporate assembly as it is exempt from the
duty to have a corporate assembly pursuant to regulations.
• The board of directors shall attend to all the shareholders’ interests,
including through its independent board members. In Havila Shipping
ASA, four of the five board members have no commercial or personal links
to the company’s management or principal shareholder.
• The board of directors consists of two women and three men and none of
the board members is a senior executive at the company.
• The board members are elected for a period of one year. The chair of the
board is elected by the annual general meeting.
• The backgrounds and periods of service of the board members are stated
in the paragraph in the annual report concerning the board of directors.
• Information about remuneration of the board of directors can be found in
the notes to the annual accounts for 2020.
The work of the board of directors
• Every year, the board adopts a meeting schedule for the coming year. The
schedule for 2023 contains 8 meetings and meetings will otherwise be held as
required.
• The company has an audit committee consisting of three members, two of whom
are independent of the company’s principal shareholder. One of the members
has accounting expertise.
• The board attends to the overall control and management of the company.
• The board has appointed a deputy chair who fulfils the role of chair of the board
when the elected chair is not present.
• The board evaluates its function and expertise on an annual basis in connection
with the elections.
• The board receives monthly reports that describe the company’s finances,
information about its vessels and the market conditions. The company’s results
are published on a quarterly basis.
Risk management and internal control
• All managers are responsible for risk management and internal control
within their respective areas of responsibility.
• The board ensures that the company has control procedures for its
business activities and expedient risk management systems in important
areas of the company’s business activities.
• The board receives monthly statistics on developments in the areas of
quality, health, safety and the environment.
• External parties conduct inspections and follow up the company and the
company’s activities relating to its ISO certification.
• The board is continually evaluating the information it receives from
management and decides on changes to the reporting procedures.
• The company’s financial reporting is prepared on the basis of accounting
principles presented in the annual report. The company’s monthly
reports for the board and its published quarterly reports are prepared in
accordance with the same principles.
• Each year, the board addresses the Group’s budget at a board meeting
that is held in December. A detailed review of each vessel is given. The
company’s management reviews the market situation for each segment
at every board meeting. Every quarter, the group’s financial situation is
presented and discussed.
• The company’s risk factors and internal control are reviewed annually in
connection with the presentation of the annual accounts.
Styret
• Selskapet har ikke bedriftsforsamling ettersom selskapet etter forskrift er
unntatt fra plikten til å ha bedriftsforsamling.
• Styret skal ivareta alle aksjonærenes interesser, blant annet gjennom
uavhengige styrerepresentanter. I Havila Shipping ASA er 4 av 5
medlemmer uten kommersielle eller personlige bånd til ledelse og
hovedaksjonær.
• I styret er det to kvinner og tre menn og ingen av medlemmene er
ledende ansatte i selskapet.
• Styremedlemmer er valgt for en periode på ett år. Styreformann velges
av generalforsamlingen.
• Styremedlemmenes bakgrunn og tjenestetid er angitt i avsnitt om styret
annet sted i årsrapporten.
• Godtgjørelse til styret er gjengitt i note til årsregnskapet for 2020.
Styrets arbeid
• Styret vedtar hvert år en møteplan for kommende år. Planen for 2023
inneholder 8 møter og møter vil ellers bli avholdt etter behov.
• Selskapet har et revisjonsutvalg bestående av tre medlemmer hvorav
to av medlemmene er uavhengig av selskapets hovedaksjonær. Ett av
medlemmene har regnskapsmessig kompetanse.
• Styrets ivaretar den overordnede styring og forvaltning av selskapet.
• Styret har oppnevnt nestleder som ivaretar rollen som styreleder når
valgt styreleder ikke er til stede.
• Styret evaluerer sin funksjon og kompetanse årlig i forbindelse med valg.
• Styret mottar månedlig rapportering hvor selskapets økonomi,
informasjon om fartøyene og markedsforholdene beskrives. Selskapets
resultater offentliggjøres kvartalsvis.
Risikostyring og intern kontroll
• Samtlige ledere har ansvar for risikostyring og intern kontroll innenfor
sitt ansvarsområde.
• Styret påser at selskapet har kontrollrutiner for virksomheten og
hensiktsmessig system for risikostyring på vesentlige områder av
selskapets virksomhet.
• Styret mottar månedlig statistikk for utviklingen innen helse, miljø,
sikkerhet og kvalitet.
• Utenforstående foretar kontroll og oppfølgning av selskapet og
selskapets aktiviteter knyttet til sertifisering i henhold til ISO.
• Styret evaluerer løpende den informasjon som forelegges styret fra
administrasjonen og beslutter endringer i rapporteringsrutinene.
• Selskapets finansielle rapportering er utarbeidet etter
regnskapsprinsipper angitt i årsrapport. Selskapets månedlige
rapportering til styret og rapporter som offentliggjøres kvartalsvis er
avgitt etter de samme prinsipper.
• Styret behandler hvert år konsernets budsjett i et styremøte i desember.
Her blir det gitt en detaljert gjennomgang av hvert enkelt fartøy.
Selskapets ledelse gjennomgår på hvert styremøte markedssituasjonen
for det enkelte segment. Hvert kvartal presenteres og behandles
konsernets økonomiske stilling.
• Selskapets risikoforhold og interne kontroll vurderes årlig i forbindelse
med avleggelse av årsregnskap.
CORPORATE GOVERNANCE / EIERSTYRING OG SELSKAPSLEDELSE
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Godtgjørelse til styret
• Styrets godtgjørelse fastsettes årlig av generalforsamlingen.
• Godtgjørelsen er ikke avhengig av selskapets resultater.
• Godtgjørelsen er fastsatt med utgangspunkt i tidsforbruk og selskapets
virksomhet og størrelse.
• Selskapet har ikke aksjeopsjonsprogram, heller ikke til styremedlemmer.
• Styremedlemmer yter normalt ikke tjenester overfor selskapet. I enkelte
tilfeller har styret besluttet å kjøpe tjenester av enkeltmedlemmer knyttet
til deres fagkompetanse.
Godtgjørelse til ledende ansatte
• Styret utarbeider retningslinjer for godtgjørelse til ledende ansatte og
legger retningslinjene fram for beslutning i generalforsamling.
• Selskapets retningslinjer fastsetter at lønn og annen godtgjørelse til
selskapets ledelse skal være begrunnet i markedsmessige vilkår og
godtgjørelse i sammenlignbare selskaper.
• Det er ikke etablert aksjeopsjonsordninger for ansatte.
Informasjon og kommunikasjon
• Rettidig offentliggjøring, korrekt og tydelig informasjon er et grunnlag for
rett prising av selskapet.
• Selskapet offentliggjør hvert år en finansiell kalender som inneholder
planlagt tidspunkt for offentliggjøring av periodisk informasjon.
• Havila Shipping ASA offentliggjør vesentlig informasjon gjennom
Oslo Børs sitt meldingssystem, og selskapets hjemmeside
www.havilashipping.no.
• Selskapet deltar aktivt på bransjepresentasjoner.
• Selskapet vektlegger tilgjengelighet til IR-ansvarlige. Denne funksjonen
ivaretas av administrerende direktør og finansdirektør.
Selskapsovertakelse
• Med utgangspunkt i dagens aksjonærstruktur har styret ikke
utarbeidet hovedprinsipper for hvordan en vil opptre ved eventuelle
overtakelsestilbud.
Revisor
• Selskapets revisor er PricewaterhouseCoopers AS.
• Generalforsamlingen oppnevner revisor og godkjenner revisors
honorar.
• Revisor utfører ikke oppdrag for selskapet som kan føre til
interessekonflikter.
• Styret har ansvar for å påse at revisors uavhengige rolle ivaretas.
• Selskapet nytter eksterne rådgivere til generell skatterådgivning.
• Revisor vil årlig gjennomføre møter med revisjonsutvalget for
gjennomgang av selskapets kontrollrutiner.
• Revisor avgir årlig en bekreftelse av uavhengighet til revisjonsutvalget.
Remuneration of the board of directors
• Remuneration of the board of directors is decided by the annual general
meeting.
• The remuneration is not linked to the company’s performance.
• The remuneration is decided on the basis on the hours spent on board
work and the company’s activities and size.
• The company does not have a share option scheme for its employees, nor
for members of the board.
• Board members do not normally provide services to the company. In
some cases, the board has decided to purchase services from individual
members based on their professional expertise.
Remuneration of executive personnel
• The board prepares guidelines for remuneration of executive personnel
and submits them to the annual general meeting for a decision.
• The company’s guidelines state that salaries and other remuneration
of the company’s management shall be based on market terms and
remuneration in comparable companies.
• No share option schemes have been established for employees.
Information and communication
• Timely release of correct and clear information is a precondition for correct
pricing of the company.
• Every year, the company publishes a financial calendar that contains
scheduled dates for periodic publication of information.
• Havila Shipping ASA releases important information through Oslo
Stock Exchange’s notification system and the company’s website,
www.havilashipping.no.
• The company is actively involved in industry events.
• The company emphasises the availability of persons with IR responsibility.
The CEO and the CFO are responsible for this function.
Take-overs
• Based on the current shareholder structure, the board has not established
guiding principles for how it will act in the event of a takeover bid.
Auditor
• The company’s auditor is PricewaterhouseCoopers AS.
• The general meeting appoints the auditor and approves the auditor’s fee.
• The auditor does not perform assignments for the company that may lead
to conflicts of interest.
• The board is responsible for ensuring the auditor’s independent role.
• The company uses external advisers for general advice on tax matters.
• The auditor will hold meetings with the audit committee to review the
company’s control procedures on an annual basis.
• The auditor submits confirmation of his/her independence to the audit
committee every year.
CORPORATE GOVERNANCE / EIERSTYRING OG SELSKAPSLEDELSE
12
Chairman of the Board – JOSTEIN SÆTRENES
Jostein Sætrenes (born 1964) holds a Siviløkonom degree from BI Norway. He
is currently CEO of Shipsinvest AS and Sydvestor AS. He has previously held
positions as CFO in Havila Supply ASA and Bourbon Offshore Norway AS and
CEO in Bourbon Offshore Norway AS and Aries Offshore AS. He has also been
CEO of KredittBanken/Glitnir Bank and had leading positions in Investment
banks. Through his positions he has earned extensive international experience.
He has also had several positions as director of Boards in shipping Companies,
shipyards and Finance institutions. Mr. Sætrenes is a Norwegian citizen and
resides in Ulsteinvik, Norway. Mr. Sætrenes has been the chairman since May
2017.
Board member – HEGE SÆVIK RABBEN
Hege Sævik Rabben (born 1971) has been working for Havila AS since 2007.
She is a trained children’s nurse and has worked in a day care centre as a
children’s nurse. She is a member of several boards in the Havila Group. Ms.
Sævik Rabben is a Norwegian citizen and resides in Remøy, Norway. Ms.
Sævik Rabben has been a board member since 2003.
Board member – JOGEIR ROMESTRAND
Jogeir Romestrand (born 1961) has been in the oil service business for
more than 30 years, holding various senior positions which include several
directorships. He is founder and chair for the privately owned Norwegian
Investment Company Rome AS. His current directorship and senior
management positions include also Entec Group AS. Mr. Romestrand is a
Norwegian citizen and resides in Ulsteinvik, Norway. Mr. Romestrand has
been a board member since May 2017.
Board member – HELGE AARSETH
Helge Aarseth (born 1947) is a barrister at law and holds a degree in law
from the University of Oslo. He has worked in his private law firm since 1978.
Previously he has been a consultant for the Finance Ministry and held the
position as a lecturer at the University of Oslo. He also has held several
board positions, among other chairman of the Norwegian Bar Association,
Romsdals Fellesbank and Sparebanken Møre. Mr. Aarseth is a Norwegian
citizen and resides in Molde, Norway. Mr. Aarseth has been a board member
since 2003.
Board member - NINA SKAGE
Nina Skage (born 1962), Owner of Ninensoma Consulting. She has
previously held position as Director Fundraising at the Norwegian School
of Economics (NHH) in Bergen, and managing director at NHH until the
school changed the leadership model. From 1988 to 2013 Nina Skage held
various positions in the Norwegian food industry group Rieber & Søn ASA,
including Director of Personell and Organisational Development, Director
of Corporate Communications, Director of Business Unit Food Service
and Director of Marketing. Ms. Skage has her education in business
administration from St. Cloud State University, Minnesota. She is currently at
the boards for Festspillene in Bergen, Eiendomskreditt, Dyrket.no, Podtown,
Carbon Transition AS and CCT in Bergen. Ms. Skage is a Norwegian citizen
and resides in Bergen, Norway. Ms. Skage has been a board member since
April 2015.
BOARD OF DIRECTORS HAVILA SHIPPING ASA
13
ARTICLES OF ASSOCIATION
ARTICLES OF ASSOCIATION HAVILA SHIPPING ASA
Changed 15
th
August 2018
§ 1 The name of the Company is Havila Shipping ASA.
§ 2 The Company’s office is in Herøy municipality.
§ 3 The Company’s business is: Ship Owning and related activities,
hereunder owning of shares in companies with similar or allied business.
§ 4 The share capital of the company is NOK 23,776,300.00 divided into
23,776,300 shares each with a nominal value of NOK 1.00 per share.
§ 5 The company’s board shall consist of 3 – 7 members. The board is
elected for 1 year at a time. The chairman of the board is to be elected by the
general meeting. Board members may be re-elected. In the event of equal
vote in the board, the chairman of the board has a double-vote.
§ 6 The power of signature for the company is exercised by the chairman of
the board or the managing director alone. The board may grant proxy.
§ 7 The ordinary general meeting shall be held within the expiry of the
month of June.
The notice shall describe the issues to be resolved. Any suggestions from
shareholders must, in order to be comprised by the general meeting, be
notified in writing to the board in due time in order to be comprised by the
general meeting. Any suggestions which are set forth later than two weeks
before the general meeting date cannot be resolved unless each and all of
the shareholders concur.
Documents regarding matters to be discussed in General Meeting of the
company, also applying documents that, pursuant to law, shall be including
in, or attached to the notice of the General Meeting of Shareholders, can
be made available at the company’s homepage. The requirement regarding
physical distribution shall then not apply. A shareholder may request to have
documents that shall be discussed at the General Meeting sent by mail.
The general meeting is to be led by the chairman of the board in the event
no other representative is elected.
Each share holds 1 vote at the general meeting. Shareholders may be
represented by power at attorney with a written authorization.
Shareholders that wish to attend a General Meeting have to give notice to
the company no later than 2 days before the meeting. Shareholders that not
have noticed the company can be denied entrance to the General Meeting.
§ 8 An ordinary general meeting shall deal with the following matters.
1. Adoption of the annual accounts and the annual report, hereunder
distribution of dividends.
2. Adoption of the remuneration to the board and adoption of the
remuneration to the auditor.
3. Election of chairman of the board, board members and auditor.
4. Other matters according to law or these articles of association which
pertain to the general meeting.
§ 9 An extraordinary general meeting may be held at the discretion of
the board. The board shall issue notice to hold an extraordinary general
meeting in the event the auditor or shareholder which represents more than
5% of the share capital in a written demand to resolve a specific topic. The
board shall provide that such general meeting is to be held within a month
subsequent to such demand. The notice to the general meeting shall be sent
two weeks before the meeting date at the latest. The extraordinary meeting
shall only deal with the issues as mentioned in the notice, unless each and
all shareholders agree otherwise.
§ 10 The Company shall have a Nomination Committee consisting of 3
members.
SELSKAPSVEDTEKTER
VEDTEKTER FOR HAVILA SHIPPING ASA
Sist endret 15. august 2018
§ 1 Selskapets navn er Havila Shipping ASA.
§ 2 Selskapets forretningskontor er i Herøy Kommune.
§ 3 Selskapets virksomhet er: Re derivirksomhet o g alt som står i forbindelse
§ 4 Aksjekapitalen i selskapet er NOK 23 776 300,00 fordelt på 23 776 300
aksjer hver pålydende NOK 1,00 pr. aksje.
§ 5 Selskapets styre skal ha 3 – 7 medlemmer. Styret velges for ett år om
gangen. Styrets leder velges av generalforsamlingen. Styremedlemmer kan
ta gjenvalg. Dersom stemmelikhet ved avstemminger i styret skal styrets
leder ha dobbeltstemme.
§ 6 Selskapets firma tegnes av styrets leder alene eller daglig leder alene.
Styret kan meddele prokura.
§ 7 Ordinær generalforsamling avholdes hvert år innen utgangen av juni
måned. Innkallingen skal bestemt angi de saker som skal behandles.
Dokumenter som gjelder saker som skal behandles på generalforsamling i
selskapet, derunder dokumenter som etter lov skal inntas i eller vedlegges
innkalling til generalforsamling, kan gjøres tilgjengelig på selskapets
hjemmesider på internett. Krav om utsendelse kommer da ikke til
anvendelse. En aksjeeier kan likevel kreve å få tilsendt dokumenter som
gjelder saker som skal behandles i generalforsamling.
Forslag fra aksjeeiere må, for å komme med til behandling på
generalforsamlingen, være meldt skriftlig til styret i så god tid at det
kan tas med i innkallingen. Forslag som fremmes senere enn en uke før
generalforsamlingen skal holdes, kan ikke behandles med mindre samtlige
aksjeeiere samtykker.
Generalforsamlingen ledes av styrets leder dersom ikke annen møteleder
velges.
På generalforsamlingen har hver aksje 1 stemme. Aksjeeier kan la seg
representere ved fullmektig med skriftlig fullmakt.
Aksjeeiere som ønsker å delta på generalforsamling plikter å gi melding til
selskapet senest 2 dager før møtet. Aksjeeiere som ikke har gitt melding
innen fristen kan bli nektet adgang til generalforsamlingen.
§ 8 På den ordinære generalforsamling skal behandles:
1. Godkjennelse av årsregnskapet og årsberetningen, herunder utdeling
av utbyte.
2. Fastsettelse av godtgjørelse til styret og godkjenning av godtgjørelse til
revisor.
3. Valg av styreleder, styremedlemmer og revisor.
4. Andre saker som i henhold til lov eller vedtekt hører inn under
generalforsamlingen.
§ 9 Ekstraordinær generalforsamling kan avholdes når styret finner det
nødvendig. Styret skal innkalle til ekstraordinær generalforsamling når
revisor eller aksjeeier som representerer minst 10 % av aksjekapitalen
skriftlig krever det for å få behandlet et bestemt angitt emne. Styret skal
sørge for at generalforsamlingen holdes innen en måned etter at kravet er
fremsatt. Innkalling til generalforsamling skal være sendt senest en uke før
møtet skal holdes. På ekstraordinær generalforsamling kan kun behandles
de saker som er nevnt i innkallingen, med mindre samtlige aksjeeiere gir sitt
samtykke til noe annet.
§ 10 Selskapet skal ha en valgkomite bestående av 3 medlemmer.
ARTICLES OF ASSOCIATION / SELSKAPSVEDTEKTER
14141414
1515151515
16
Vi definerte en bærekraftsstrategi godkjent av styret
vårt
Vi forpliktet oss til å oppnå netto-nullutslipp innen
2050 og definerte kort- og mellomsiktige mål for å
redusere klimagassutslipp
Vi definerte et bærekraftsprogram for leverandører som
skal implementeres i 2023
Vi publiserer vår første ESG rapport
Vi delte vårt første regnskap for klimagassutslipp
Vi installerte landstrøm til 1 fartøy, teknologi som nå
dekker 58 % av vår eide flåte
Vi har 394 fast ansatte, hvorav 85,5 % var også ansatt i
begynnelsen av året, 4 % kvinner, 29 % under 30 år og
30 % over 50 år. 141 arbeidere støtter vår virksomhet
Ingen sjøulykker i 2022
Første kvinnelige overstyrmann
Første redegjørelse om aktsomhetsvurdering i henhold
til Åpenhetsloven
We defined a sustainability strategy approved by our
board of directors
We committed to achieving net-zero emissions by 2050
and defined short and mid-term goals to reduce GHG
emissions
We defined a Supplier Sustainability Program to start
implementing in 2023
We published our first ESG report
We shared our first GHG emissions accounting
We installed shore power to 1 vessel, technology now
covering 58% of our owned fleet
We have 394 permanent employees, retention 85.5%,
4% female, 29% under 30 years old and 30 % over 50
years old. 141 workers supporting our operations
No marine casualties in 2022
First female Chief Officer
First Human Rights Due Diligence in compliance with
the Transperancy Act
Waste and oil spills / Avfall og oljesøl
GHG emissions / GHG-utslipp
SUSTAINABILITY HIGHLIGHTS / HOVEDPUNKTER FOR BÆREKRAFT
17
Safety performance / Sikkerhetsytelse
SUSTAINABILITY HIGHLIGHTS / HØYDEPUNKTER FOR BÆREKRAFT
18
19
20
ANNUAL REPORT
The Group, Havila Shipping ASA, achieved an operating income before
depreciation and impairment charge of NOK 397 million for 2022, com-
pared with NOK 160 million in 2021. Total income was NOK 824 million
in 2022 which was an increase of NOK 279 million on the previous year.
Gain on sale of five vessels in lay-up amounted to NOK 136 million in 2022.
Reversal of previous write-down of vessel values of NOK 226 million was
made in 2022, compared with NOK 235 million in 2021. Value adjustment
of debt amounted to NOK -456 million in 2022 against NOK -102 million
in 2021. Profit before tax was NOK -112 million for 2022, compared to NOK
66 million for 2021.
The Group is a supplier of quality assured offshore supply services to nation-
al and international companies. This position will be maintained by focusing
on safe operations and human resources.
Havila Shipping ASA is involved in the operation of 17 vessels at the end of
2022, including a leased vessel and five vessels under management agree-
ment.
The agreement with lenders entered into in 2020 clarifies the group’s obli-
gations to lenders for the period until 2024. The agreement does not prevent
the group’s fleet from being reduced, as a result of the sale of vessels with
lower revenues than operating costs for the individual vessel. Five vessels in
lay-up, of which three anchor handling vessels and two supply vessels, were
sold during 2022 at the requirement of the lenders according to clauses in
the agreement. Another vessel has been agreed sold, and was delivered to
the new owner in January 2023. The vessel is per 31.12.2022 classified as
assets held for sale. After the maximum reversal of historical write-downs,
the book value is lower than the sales value. The debt is recognized at fair
value, which is approximately equal to the sales value. As a result of the debt
associated with this vessel being valued at fair value as of 31/12/2022, while
the book value of the vessel is limited to the original depreciation plan, the
group had negative equity at the end of 2022. The group’s equity became
positive again when a significant gain on sale of assets was booked at deliv-
ery of the vessel in January 2023.
The Board of Directors believes that the annual report provides an accurate
overview of Havila Shipping ASA’s assets and liabilities, and its financial
situation and results.
Business
Havila Shipping ASA with its subsidiaries is engaged in shipping activities
from the company’s head office in Fosnavåg. The company’s vessels operate
world-wide, but have its main operation in the North Sea. The head office
presently has 14 employees who are responsible for the operation of the
fleet and the management of the company. The number of employees, both
at sea and on land, in the Group at the end of the year was approximately
400 in total. The Group’s activities are primarily organized through the 100%
ship-owning companies, Havila Ships AS, Havila Subcon AS, Havila Har-
mony AS, Havila Phoenix AS, Havila Venus AS and Havila Jupiter AS. The
seamen are employed by the parent company Havila Shipping ASA and by
Havila Marine Guernsey Ltd, and the management is employed by Havila
Management AS. The company also has an office in Aberdeen. In addition,
the company hires services from Havila Service AS.
The Group is involved in the operation of 17 vessels, of which 11 are 100%
owned. One vessel is leased and five vessels are operated under manage-
ment agreements, whereof four is external owned and one is 50% owned.
ÅRSBERETNING
Konsernet Havila Shipping ASA oppnådde et driftsresultat før avskriving og
nedskrivning på NOK 397 million i 2022, mot NOK 160 million i 2021. Totale
inntekter var NOK 824 million i 2022 som er NOK 279 million bedre enn
fjoråret. Gevinst ved salg av fem fartøy i opplag utgjorde NOK 136 million i
2022. Det er foretatt reversering av tidligere nedskrivning av skipsverdier i
2022 med NOK 226 million mot NOK 235 million i 2021. Verdijustering lån
utgjorde NOK -456 million i 2022 mot NOK -102 million i 2021. Resultat før
skatt var på NOK -112 million for 2022, mot NOK 66 million i 2021.
Konsernet er leverandør av kvalitetssikrede offshore supply tjenester til
nasjonale og internasjonale selskaper. Posisjonen skal opprettholdes ved å ha
fokus på sikker operasjon og menneskelige ressurser.
Havila Shipping ASA er involvert i driften av 17 fartøy ved utgangen av 2022
inkludert ett innleid fartøy og fem fartøy under management avtale.
Avtalen med långivere inngått i 2020 avklarer konsernets forpliktelser overfor
långiverne for perioden ut 2024. Avtalen hindrer ikke at konsernets flåte kan bli
redusert, som følge av salg av fartøy med lavere inntekter enn driftskostnader
for det enkelte fartøy. Fem fartøy som har ligget i opplag, hvorav tre
ankerhåndteringsfartøy og to forsyningsfartøy, ble solgt i løpet av 2022 etter
krav fra långiver i henhold til bestemmelser i avtalen. Ytterligere ett fartøy er
avtalt solgt, og ble levert til ny eier i januar 2023. Fartøyet er pr. 31.12.2022
klassifisert som eiendeler holdt for salg. Etter maksimal reversering av
historiske nedskrivninger, er bokført verdi lavere enn salgsvederlaget. Gjelden
oppføres til virkelig verdi som er tilnærmet lik salgsvederlaget. Som følge av
at gjelden tilknyttet dette fartøyet verdsettes til virkelig verdi per 31.12.2022,
mens bokført verdi av fartøyet begrenses til opprinnelig avskrivningsplan,
hadde konsernet negativ egenkapital ved utgangen av 2022. Konsernets
egenkapital ble positiv igjen ved bokføring av en betydelig regnskapsmessig
gevinst ved levering av fartøyet i januar 2023.
Styret mener at årsregnskapet gir en rettvisende oversikt av Havila Shipping
ASA eiendeler og gjeld, finansielle stilling og resultat.
Virksomheten
Havila Shipping ASA med datterselskaper driver rederivirksomhet fra
selskapets hovedkontor i Fosnavåg. Rederiets fartøyer opererer over hele
verden, men har sitt hovedvirke i Nordsjøen. Hovedkontoret har i dag 14
ansatte som står for drift av flåten og ledelse av selskapet. Antall ansatte
ved utgangen av året for konsernet var totalt omtrent 400 på sjø og land.
Virksomheten er organisert gjennom de 100 % skipseiende selskapene Havila
Ships AS, Havila Subcon AS, Havila Harmony AS, Havila Phoenix AS, Havila
Venus AS og Havila Jupiter AS. Sjøfolkene er ansatt i morselskapet Havila
Shipping ASA og i Havila Marine Guernsey Ltd, og administrasjonen er ansatt
i Havila Management AS. Rederiet har også kontor i Aberdeen. I tillegg leier
rederiet inn tjenester fra Havila Service AS.
Rederiet er involvert i driften av 17 fartøy hvorav 11 er heleid. Ett fartøy leies inn,
og fem fartøy er drevet under management avtale hvorav fire eies eksternt og
ett eies 50 %.
ANNUAL REPORT / ÅRSBERETNING
21
The fleet consists of:
2 anchor handling vessels (AHTS)
11 platform supply vessels (four external owned and one 50% owned) (PSV)
1 rescue recovery vessel (leased) (RRV)
3 subsea vessels (Subsea)
The PSV vessel Havila Aurora and Havila Fortune and the AHTS vessel
Havila Neptune, Havila Mars and Havila Mercury, which have been laid-up,
were sold to foreign owners during 2022. The sales were completed at re-
quirement of the lender in accordance with the clauses of the restructuring
agreement.
At the end of the year, the group has no vessels in lay-up.
Corporate Governance
Havila Shipping ASA has adopted a set of corporate governance principles
for the relationship between the company’s owners, the Board of Directors,
and the executive management. This is a prerequisite for gaining the trust
of our shareholders, employees, and business partners and is expressed by
the core values of the company:
Openness
Accountability
Equal treatment
The company has prepared a detailed report on its corporate governance in
accordance with the Norwegian Code of Practice for Corporate Governance
dated 23 October 2012. Reference is made to the description in a separate
chapter on page 8 of the annual report.
Going concern
Restructuring of the group’s debt was carried out on 30 June 2020, where
the group received liquidity of NOK 100 million through a convertible liquid-
ity loan from Havila Holding AS. The agreement with lenders clarifies the
group’s obligations to lenders for the period until 2024.
Total debt amounted to NOK 3.4 billion at the end of 2022, whereof NOK
1.8 billion were interest-bearing and NOK 1.6 billion non-interest bearing.
Interest-bearing debt is reduced by approximately NOK 192 million per year,
regardless of debt service. Interest and installment payments for each ves-
sel are based on the vessel’s earnings. For vessels that are unable to service
the debt, non-payment of interest and installments is transferred quarterly
to non-interest bearing.
The Group’s equity per 31/12/2022 was negative with NOK 93 million. One
vessel is per 31/12/2022 classified as assets held for sale. After the maximum
reversal of historical write-downs, the book value is lower than the sales val-
ue. The debt is recognized at fair value, which is approximately equal to the
sales value. As a result of the debt associated with this vessel being valued
at fair value as of 31/12/2022, while the book value of the vessel is limited to
the original depreciation plan, the group had negative equity at the end of
2022. The group’s equity became positive again when a significant gain on
sale of assets was booked at delivery of the vessel in January 2023.
The restructuring agreements contains clauses for free liquidity of the Group
which should at any time amount to minimum NOK 50 million. The group
had per. 31.12.2022 free liquidity of NOK 77 million. Based on the mechanism
of the restructuring agreements, the Group’s liquidity budget indicates that
this assumption will not be breached in the next 12-month period.
Flåten består av;
2 ankerhandteringsfartøy (AHTS)
11 plattformforsyningsskip (PSV) (hvorav fire eies eksternt og ett eies 50 %)
1 områdeberedskapsfartøy (innleid)(RRV)
3 subsea fartøy (Subsea)
PSV fartøyene Havila Aurora og Havila Fortune samt AHTS fartøyene Havila
Neptune, Havila Mars og Havila Mercury, som har ligget i opplag, ble solgt
til utenlandske eiere i løpet av 2022. Salget ble gjennomført etter krav fra
långivere i henhold til bestemmelser i restruktureringsavtalen.
Ved årsskiftet har rederiet ingen fartøy i opplag.
Eierstyring og selskapsledelse
Havila Shipping ASA har vedtatt virksomhetsstyringsprinsipper som påvirker
samspillet mellom eierne, styret og ledelsen av selskapet. Dette er en
forutsetning for å oppnå aksjonærers, ansattes og samarbeidspartneres tillit,
og uttrykkes gjennom selskapets kjerneverdier;
Åpenhet
Ansvarsbevissthet
Likebehandling
Selskapet har utarbeidet en detaljert redegjørelse for eierstyring og
selskapsledelse i samsvar med Norsk anbefaling for god eierstyring og
selskapsledelse av 23. oktober 2012. Det vises til beskrivelse i eget kapittel
side 8 i årsrapporten.
Fortsatt drift
Restrukturering av konsernets gjeld ble gjennomført 30. juni 2020, hvor
konsernet fikk tilført likviditet på NOK 100 millioner gjennom et konvertibelt
likviditetslån fra Havila Holding AS. Avtalen med långiverne avklarer
konsernets forpliktelser overfor långiverne for perioden ut 2024.
Samlet nominell verdi av gjelden utgjorde NOK 3,4 milliarder ved utgangen
av 2022, hvorav NOK 1,8 milliarder var rentebærende og NOK 1,6 milliarder
ikke rentebærende. Rentebærende gjeld blir redusert med omtrent NOK 192
millioner per år uavhengig av gjeldsbetjeningen. Rente- og avdragsbetaling
for det enkelte fartøy baseres på fartøyets inntjening. For fartøy som ikke kan
betjene gjelden, blir manglende betaling av renter og avdrag hvert kvartal
overført til ikke rentebærende.
Konsernets egenkapital pr. 31.12.2022 var negativ med NOK 93 millioner.
Ett fartøy er pr. 31.12.2022 klassifisert som eiendeler holdt for salg. Etter
maksimal reversering av historiske nedskrivninger, er bokført verdi lavere
enn salgsvederlaget. Gjelden oppføres til virkelig verdi som er tilnærmet lik
salgsvederlaget. Som følge av at gjelden tilknyttet dette fartøyet verdsettes
til virkelig verdi per 31.12.2022, mens bokført verdi av fartøyet begrenses til
opprinnelig avskrivningsplan, hadde konsernet negativ egenkapital ved
utgangen av 2022. Konsernets egenkapital ble positiv igjen ved bokføring av
en betydelig regnskapsmessig gevinst ved levering av fartøyet i januar 2023.
I restruktureringsavtalene er det bestemmelser om at konsernets frie
kontantbeholdning til enhver tid skal utgjøre minimum NOK 50 millioner.
Konsernet hadde pr. 31.12.2022 fri likviditet på NOK 77 millioner. Basert
på mekanismen i restruktureringsavtalene, tilsier konsernets estimerte
likviditetsutvikling at man ikke vil komme i brudd med denne forutsetningen i
kommende 12-månedersperiode.
ANNUAL REPORT / ÅRSBERETNING
22
There is improvement in the market for the company’s vessels in all seg-
ments.
Based on the above, the Board has concluded that the conditions for going
concern are present.
Environmental reporting
The Group was ISO 14001:2015 certified by Norsk Akkreditering in January
2017. This commits the Group to defining environmental aspects that form
the basis for an environmental action plan. This environmental action plan
was established in 2007. The environmental action plan is regularly reviewed
and renewed if necessary.
Our environmental profile is communicated to our business partners and
suppliers when contracts are signed, and beyond that reported to all em-
ployees through the Group’s Policy & Objective Manual.
The shipping company keeps environmental accounts including all types
of chemicals, surface coatings, fuel consumption and destroyed waste. In
2022 the group’s owned fleet consumed a total of 24,338 tons of fuel (Mdo).
Continuous focus on the environment and solutions that limit or improve
any emissions of exhaust gases and other substances remain the company’s
core business. Such measures may be catalysts for propulsion machinery,
hybrid machine configurations, optimal hull designs, waste incinerators and
environmentally friendly chemicals. The Group has invested in equipment on
the vessels to reduce fuel consumption and thus reduce air emissions. Two
vessels have installed battery packages in order to operate more efficiently
and environmentally friendly, as most operations can be performed with one
engine instead of two as long as the weather and operation allow. Seven
vessels have installed onshore power systems, and can stop all engines
when they are at ports that have shore power systems. The vessels will
have 0 emissions to air as long as the vessel is connected to shore power,
and the comfort of people working on the vessel with reduced noise and
vibration is significantly increased. In 2022, CO2 emissions were 85,400 tons
for owned vessels.
Fuel monitoring systems were installed on nine vessels to further assist
the crew in operating the vessel as optimally as possible under the given
conditions. Data collected is used to analyze operating and hull conditions
with the purpose of reducing emissions from the vessels. In addition, a heat
recovery system has been arranged for the utilization of waste heat. Ener-
gy-intensive lighting has been replaced with leds. Hull and propeller polish-
ing is also performed for hydrodynamic energy saving.
Measures in the office include the purchase of renewable energy produced
by equipment that does not generate radioactive waste or CO2 gas.
Research and development
Havila Shipping ASA is strongly involved in ensuring the development of
expertise in the maritime sector. For more information about the projects the
company participate in, see section Social responsibility.
Remuneration of senior executives
The board has prepared guidelines on the determination of salaries and oth-
er remuneration to senior executives in accordance with the Public Limited
Liability Companies Act § 6-16 a.
Salary and other remuneration to the CEO are decided by the Board of
Directors. The Board of Directors has delegated the responsibility for
determining salaries to other senior executives to the CEO. The company
does not operate a share option program, bonus agreement, profit sharing or
similar, or furnish loans or security to senior executives. The Group bases its
Det er bedring i markedet for selskapets fartøy innen alle segmenter.
Basert på det ovenstående har styret konkludert med at forutsetningene for
fortsatt drift er til stede.
Miljørapportering
Rederiet ble ISO 14001:2015 sertifisert i januar 2017 av Norsk Akkreditering.
Dette forplikter at rederiet skal definere miljøaspekter som danner grunnlaget
til en miljøhandlingsplan. Denne miljøhandlingsplanen ble etablert i 2007.
Miljøhandlingsplanen blir jevnlig gjennomgått og fornyet ved behov.
Miljøprofilen blir kommunisert til våre samarbeidspartnere og leverandører
ved kontraktsinngåelser, og ellers belyses denne til alle ansatte gjennom
rederiets kvalitetssikringssystem.
Rederiet fører miljøregnskap som inkluderer alle typer kjemikalier,
overflatebehandlingsstoff, forbruk av brennstoff samt destruert avfall. I 2022
forbrukte rederiets eide fartøy totalt 24.338 tonn brennstoff (Mdo).
Kontinuerlig fokus mot miljøet og løsninger som begrenser eller forbedrer
ethvert utslipp av avgasser og andre stoff, er fortsatt rederiets kjernesatsing.
Slike tiltak kan være katalysatorer på framdriftsmaskineri, hybride
maskinkonfigurasjoner, optimale skrogutforminger, forbrenningsovner til avfall
samt miljøvennlig kjemikalier. Konsernet har investert i utstyr på fartøyene
for å redusere drivstofforbruket og dermed redusere luftutslippene. To fartøy
har installert batteripakker for å kunne operere mer effektivt og miljøvennlig,
da de fleste operasjoner kan utføres med en motor i stedet for to så lenge
været og driften tillater det. Syv fartøy har installert landstrømsystemer, og
kan stoppe alle motorene når de er ved havner som har landstrømanlegg for
fartøy. Fartøyene vil ha 0 utslipp til luft så lenge fartøyet er koblet til landstrøm,
og komfort for personer som arbeider på fartøyet med redusert støy og
vibrasjoner er betydelig økt. I 2022 var CO2 utslippet 85.400 tonn for eide
fartøy.
Det er installert drivstoff overvåkingssystemer på ni fartøy for ytterligere å
hjelpe mannskapet til å operere fartøyet så optimalt som mulig under de gitte
forhold. Data som blir samlet inn, brukes til å analysere drift- og skrogforhold
med formålet å redusere utslipp fra fartøyene. I tillegg er det arrangert
varmegjenvinningssystem for utnyttelse av spill varme. Energikrevende
belysning er byttet ut med led. Skrog- og propellpolering blir også foretatt for
hydrodynamisk energisparing.
Tiltak på kontoret er blant annet kjøp av fornybar energi som blir produsert av
utstyr som ikke genererer radioaktivt avfall eller CO2 gass.
Forskning og utvikling
Havila Shipping ASA er sterkt delaktig i å sikre kompetansebygging i den
maritime sektor. Mer informasjon om prosjektene selskapet deltar i under
avsnittet «Samfunnsansvar».
Godtgjørelse til ledende ansatte
Styret har utarbeidet retningslinjer om fastsettelse av lønn og annen
godtgjørelse til ledende ansatte i samsvar med allmennaksjeloven § 6-16 a.
Lønn og andre godtgjørelser til adm. dir. fastsettes av styret i selskapet.
Styret i selskapet har delegert ansvaret for fastsettelse av lønn til øvrige
ledende ansatte til adm. dir. Det foreligger ingen aksjeopsjonsprogram,
bonusavtaler, overskuddsdelinger eller lignende, og det er ikke ytt lån eller gitt
sikkerhetsstillelse til ledende ansatte. Konsernet baserer sitt hovedprinsipp
ANNUAL REPORT / ÅRSBERETNING
23
main principle for fixing the salaries on the market principle. For more details,
see the separate remuneration report for 2021, which has been prepared
in accordance with the Public Limited Liability Companies Act §6-16 b.
Working environment and human resources
Havila Shipping ASA aims at satisfying our customers’ expectations and
requirements as to the standard of our work with Health, Safety, Quality and
the Environment (HSQE). HSQE is a fundamental philosophy for all of the
company’s activities. With active management and enthusiastic employees
focusing on continual improvement, better quality is achieved as well as
providing a guarantee to the authorities, customers and suppliers that our
services are performed in a manner that satisfies these requirements.
Absence due to illness in the company was 8.5% in 2022. The correspond-
ing figure for 2021 was 11%. Short-term and long-term absence due to illness
was 2.6% and 5.9% respectively in 2022. The sickness absence is reduced
by 2.5% point compared with 2021. The company continues to focus on
sickness absence, with close dialogue and follow-up of those on sick leave.
This is to take care of those on sick leave in the best possible way and to
map out which facilitation measures can be implemented to get the report-
ed sick back to work more quickly. In 2022 the company had one injury
which resulted in periods of absence, compared with two injuries in 2021.
The accident in 2022 has been investigated, and measures have been im-
plemented to avoid similar incidents in the future.
Equal opportunities and discrimination
At the end of 2022 the company had 311 permanently employed on board
our vessels, whereof 9 women and 302 men. The company had 41 tempo-
rary employees at the end of the year, of which 4 were women and 37 men.
The company also has 28 training positions, divided into 1 woman and 27
men. There are no part-time positions for sailing personnel. A total of 10
weeks of parental leave has been taken out in 2022, which applies to 2 men,
which gives an average of 5 weeks of parental leave per person.
Seafarers are paid on the basis of tariffs negotiated between the Norwe-
gian Shipowners ‘Association and the seafarers’ organizations. There are no
differences in pay between women and men for the same position group,
vessel type and seniority.
The company recruits seafarers from many nations and discrimination is
avoided by making education and qualifications decisive criteria.
At the end of 2022 the staff of 14 employees at the head office consisted of
1 woman and 13 men.
The Board of Directors of Havila Shipping ASA is comprised of 2 women
and 3 men, and therefore meets the requirements stipulated in Section 6-11a
of the Public Limited Liability Companies Act.
The market and future development
PSV and RRV vessels
Since April 2022, Havila Herøy has been on contract with Peterson Den
Helder. Peterson has declared option estimated at 250-370 days, limited to
April 15, 2024.
Havila Fanø has been on contract with Total Energies EP Denmark A/S
since 22 December 2021. The contract has now been extended until June
2023. The Charterer has further 8 monthly options.
Havila Borg has been on contract with Peterson Den Helder since October
2022, which has now been extended until April 2024.
for lønnsfastsettelsen etter et markedsprinsipp. For mer detaljer vises
det til egen godtgjørelsesrapport for 2022 som er utarbeidet i henhold til
Allmennaksjeloven §6-16 b.
Arbeidsmiljø og personale
Havila Shipping ASA har som målsetning å tilfredsstille våre kunders
forventninger og krav til standarden på HMSK arbeidet. HMSK er
grunnleggende filosofi for all virksomhet i selskapet. Med en aktiv ledelse,
engasjerte medarbeidere med fokus på kontinuerlig forbedring oppnås
det økt kvalitet og det er også en garanti ovenfor myndigheter, kunder og
leverandører at våre tjenester utføres på en måte som tilfredsstiller disse
kravene.
Sykefravær for rederiet var på 8,5% i 2022. Tilsvarende tall for 2021 var
11%. Korttids- og langtidssykefraværet utgjør henholdsvis 2,6% og 5,9% i
2022. Sykefraværet er redusert med 2,5% poeng sammenlignet med 2021.
Selskapet har fortsatt fokus på sykefraværet, med tett dialog og oppfølging
av de sykmeldte. Dette for å ivareta de sykmeldte på best mulig måte og for å
kartlegge hvilke tilretteleggingstiltak som kan iverksettes for å den sykmeldte
raskere tilbake i arbeid. I 2022 hadde rederiet 1 skade som resulterte i fravær,
mot 2 skader i 2021. Arbeidsuhellet i 2022 er gransket og tiltak er iverksatt for
å unngå liknende tilfeller i framtiden.
Likestilling
Rederiet hadde 311 fast ansatte på konsernets fartøyer ved utgangen av
2022, hvorav 9 kvinner og 302 menn. Selskapet hadde 41 midlertidige
ansatte ved utgangen av året, hvorav 4 kvinner og 37 menn. Selskapet
har også 28 opplæringsstillinger, fordelt på 1 kvinne og 27 menn. Det er
ingen deltidsstillinger for seilende personell. Det er tatt ut totalt 10 uker
foreldrepermisjon i 2022, som gjelder 2 menn, som gir gjennomsnittlig 5 uker
foreldrepermi-sjon per person.
Sjøansatte lønnes ut fra tariffer framforhandlet mellom Norges Rederiforbund
og sjømannsorganisasjonene. Det er ingen forskjeller i lønn mellom kvinner
og menn for samme stillingsgruppe, fartøystype og ansiennitet.
Selskapet rekrutterer sjøfolk fra mange nasjoner og diskriminering unngås
ved at utdannelse og kvalifikasjoner er avgjørende kriterier.
Av de 14 ansatte ved hovedkontoret var det ved utgangen av året 1 kvinne og
13 menn.
Styret i Havila Shipping ASA er sammensett av 2 kvinner og 3 menn, og
oppfyller dermed kravet i henhold til asal § 6-11a.
Markedet og framtidig utvikling
PSV og RRV fartøy
Siden april 2022 har Havila Herøy vært på kontrakt med Peterson Den Helder.
Peterson har erklært opsjon som er estimert til 250-370 dager, begrenset til
15. april 2024.
Havila Fanø har vært på kontrakt med Total Energies EP Denmark A/S siden
22. desember 2021. Kontrakten er nå forlenget til juni 2023. Befrakter har
ytterligere 8 månedlige opsjoner.
Havila Borg har vært på kontrakt med Peterson Den Helder siden oktober
2022, som nå er forlenget til april 2024.
ANNUAL REPORT / ÅRSBERETNING
24
Havila Commander was on contract with Harbor Energy until mid-February
2023. Now the vessel operates in the spot market.
Havila Clipper has operated in the spot market in 2022. The vessel has en-
tered into a contract with Equinor Energy AS for a fixed period of 6 months
from the last half of February 2023 as well as two option periods of two
months each.
Havila Foresight and Havila Troll are on contract with Equinor Energy AS
until January and November 2024 respectively. The Charterer has further
4 and 5 annual options for Havila Foresight and Havila Troll, respectively.
Subsea vessels
Havila Harmony is on a 3-year bareboat contract for operations in Brazil
until January 2024.
Havila Phoenix was sold on 6 January 2023, and the company has manage-
ment of the vessel from this date.
Havila Subsea has been on contract with Reach Subsea AS all year, and the
fixed period expires on 31 December 2023. Reach Subsea has an option to
extend the contract by one year until 31 December 2024.
AHTS vessels
In 2022, two anchor handling vessels traded the spot market, where reve-
nues ended 73% higher than last year. The average daily rate on contract
was 60% higher than last year, and the total utilization for these two vessels
was 5% points higher than last year.
The utilization of the fleet for 2022, where vessels in lay-up are excluded,
was 89%, an increase of 4% points compared to 2021.
Future outlook
With expected increased activity among the company’s customers both
within oil and gas and renewable energy, it is expected that the positive
market development for the company’s services will continue. The com-
bined market development with limited influx of capacity in the market, will
normally lead to increased earnings. The geopolitical picture in the world at
the moment is the factor that can give a certain degree of uncertainty for
future developments.
FINANCIAL PERFORMANCE 2022
The Group
Total earnings and gains in 2022 amounted to NOK 824 million compared
to NOK 545 million in 2021. Gain on sale of five vessels in lay-up amounted
to NOK 136 million in 2022. Operating expenses for the year came to NOK
427 million compared to NOK 385 million in 2021. In 2021, NOK 24 million
was paid on previously written-off receivables. Crew costs were higher in
2022 compared to 2021, among other things as a result of one vessel in
lay-up for part of the year in 2021, higher net salary reimbursement during
the pandemic.
The operating profit before depreciation and impairment charge finished at
NOK 397 million in 2022 compared to NOK 160 million in 2021. Depreciation
in 2022 amounted to NOK 184 million compared to NOK 204 million in 2021.
Reversal of previous write-down of vessel values of NOK 226 million was
made in 2022, compared to NOK 235 million in 2021.
Net financial items in 2022 came to NOK -545 million in comparison to NOK
Havila Commander var på kontrakt med Harbour Energy til midten av februar
2023. Fartøyet opererer nå i spot-markedet.
Havila Clipper har operert i spot-markedet i 2022. Fartøyet har inngått kontrakt
med Equinor Energy AS for en fast periode på 6 måneder fra siste halvdel av
februar 2023 samt to opsjonsperioder hver på to måneder.
Havila Foresight og Havila Troll er på kontrakt med Equinor Energy AS til
henholdsvis januar og november 2024. Befrakter har opsjoner på 4 og 5 årlige
for henholdsvis Havila Foresight og Havila Troll.
Subseafartøy
Havila Harmony er på 3 års bareboat kontrakt for operasjon i Brasil til januar
2024.
Havila Phoenix ble solgt 6. januar 2023, og selskapet har management på
fartøyet fra denne dagen.
Havila Subsea har vært på kontrakt med Reach Subsea AS hele året, og den
faste perioden utløper 31 desember 2023. Reach Subsea har opsjon til å
forlenge kontrakten med ett år fram til 31. desember 2024.
AHTS fartøy
I 2022 opererte to ankerhåndteringsfartøy i spotmarkedet, hvor inntektene
endte 73% høyere enn fjoråret. Gjennomsnittlig dagrate på oppdrag var 60%
høyere enn fjoråret, og utnyttelsen samlet for disse to fartøyene var 5%poeng
høyere enn fjoråret.
Utnyttelsen av flåten for 2022 hvor fartøy i opplag er ekskludert var på 89%, en
økning på 4% poeng i forhold til 2021.
Framtidsutsikter
Med forventet økt aktivitet blant selskapets kunder både innenfor olje og
gass og fornybar energi er det forventet at den positive markedsutviklingen
for selskapets tjenester vil fortsette. Den forventede markedsutviklingen
kombinert med begrenset tilflyt av kapasitet i markedet vil normalt sett føre til
økt inntjening. Det geopolitiske bildet i verden for øyeblikket, er den faktoren
som kan gi en viss grad med usikkerhet for utviklingen framover.
ØKONOMISKE RESULTATER 2022
Konsernet
Totale inntekter og gevinster ble NOK 824 million for 2022 mot NOK 545
million i 2021. Gevinst ved salg av fem fartøy i opplag utgjorde NOK 136 million
i 2022. Driftskostnadene for året ble NOK 427 million sammenlignet med
NOK 385 million for 2021. I 2021 ble det innbetalt NOK 24 million på tidligere
avskrevet fordringer. Mannskapskostnadene var høyere i 2022 sammenlignet
med 2021 blant annet som følge av ett fartøy i opplag deler av året i 2021,
høyere nettolønnsrefusjon under pandemien.
Driftsresultatet før avskrivning og nedskrivninger endte på NOK 397 million
i 2022 mot NOK 160 million i 2021. Avskrivninger for 2022 utgjorde NOK 184
million mot NOK 204 million i 2021. Det er foretatt reversering av nedskrivning
av skipsverdier i 2022 med NOK 226 million mot NOK 235 million i 2021.
Netto finansposter utgjorde i 2022 NOK -545 million sammenlignet med NOK
ANNUAL REPORT / ÅRSBERETNING
25
-125 million in 2021. Value adjustment of debt amounted to NOK -456 million
in 2022 compared to NOK -102 million in 2021.
The result for the joint venture company Havila Charisma AS in 2022 and
2021 was NOK -6 million and NOK -1 million, respectively.
The profit before tax ended at NOK -112 million for 2022, compared to NOK
66 million for 2021. In 2022, profit before tax was reduced by NOK 178 mil-
lion, mainly due to negative effect on the result by measuring debt at fair
value for vessels held for sale and an improvement in operating profit both
as a result of sale of vessels and better contracts.
Net estimated tax for 2022 amounted to TNOK 942 compared with TNOK
138 in 2021.
Total profit for 2022 amounted to NOK -113 million compared with NOK 66
million in 2021.
The parent company
Total income was NOK 342 million in 2022, against NOK 323 million in 2021.
The operating expenses for the year were NOK 312 million, a reduction of
NOK 8 million compared with last year. The operating result before depre-
ciation finished at NOK 30 million in 2022 compared with NOK 2 million in
2021. Net financial items in 2022 were NOK 259 million, compared with NOK
-410 million in 2021. Reversal of write-down of shares in subsidiaries and
intercompany receivables amounted to NOK 192 million in 2022, compared
to write down of NOK 25 million in 2021. In 2022, the reversal of previous
accrual for guarantee liability amounted to NOK 157 million against accruals
for guarantee liability of NOK 320 million in 2021. Profit before tax ended
at NOK 289 million for 2022, compared with NOK -407 million for 2021. In-
crease in profit before tax in 2022 of NOK 696 million compared to 2021 was
mainly due to a change in the accrual for guarantee liability and reversal of
previous write-downs on shares and intercompany receivables.
ASSETS, LIABILITIES AND LIQUIDITY
The Group
The book value of vessels as per 31/12/2022 was NOK 1,140 million against
NOK 1,583 million as per 31/12/2021. In 2022, reversal of previous write-
downs amounted to NOK 226 million against NOK 235 million in 2021.
There is improvement in the market for the company’s vessels in all seg-
ments. In periods, there is still overcapacity which pushes income down.
Based on the market development throughout the year and future expec-
tations, a reversal of previous write-downs has been made for seven out of
eleven vessels. Estimated value in use for the company’s fleet is NOK 1,167
million. Reversal of previous write-downs amounted to NOK 226 million,
which is also related to assets held for sale.
Value in use calculations have been made in that each vessel is defined as
a cash-generating unit and thus tested separately for possible impairment.
Value in use per vessel is estimated using a cash flow model where a return
requirement after tax of 10.67% has been used. Estimation of cash flows is
based on an expected economic life of the vessels of 30 years. Estimated
value in use is sensitive to changes in the required rate of return, day rates
and utilization.
Book equity as per 31/12/2022 was NOK -93 million, against equity of NOK
19 million per 31/12/2021. Book equity per share was NOK -3.93 as per
31/12/2022 against NOK 0.81 as per 31/12/2021.
The vessel agreed sold was per 31.12.2022 classified as assets held for
sale. After the maximum reversal of historical write-downs, the book val-
-125 million i 2021. Verdijustering lån utgjør NOK -456 million i 2022 mot NOK
-102 million i 2021.
Resultatet fra det felleskontrollerte selskapet Havila Charisma AS var i 2022
og 2021 på henholdsvis NOK -6 million og NOK -1 million.
Resultat før skatt endte på NOK -112 million for 2022, sammenlignet med NOK
66 million for 2021. I 2022 ble resultat før skatt redusert med NOK 178 million
hovedsakelig som følge av negativ resultateffekt på måling av gjeld til virkelig
verdi for fartøy holdt for salg og bedring av driftsresultatet både som følge av
salg av fartøy og bedre kontrakter.
Beregnet skatt utgjorde for 2022 TNOK 942 mot TNOK 138 i 2021.
Totalresultat for året endte på NOK -113 million mot NOK 66 million for 2021.
Morselskapet
Totale inntekter ble NOK 342 million for 2022, mot NOK 323 million i 2021.
Driftskostnadene for året ble NOK 312 million, en reduksjon på NOK 8 million
sammenlignet med fjoråret. Driftsresultatet før avskrivning endte på NOK 30
million i 2022 mot NOK 2 million i 2021. Netto finansposter utgjorde NOK
259 million i 2022, mot NOK -410 million i 2021. Reversering av nedskrivning
av aksjer i datterselskap og interne fordringer utgjorde NOK 192 million i
2022 mot nedskrivning på NOK 25 million i 2021. I 2022 ble NOK 157 million
tilbakeført av tidligere garantiavsetning mot avsetning til garantiforpliktelse på
NOK 320 million i 2021. Resultat før skatt endte på NOK 289 million for 2022,
sammenlignet med NOK -407 million for 2021. Økning i resultat før skatt i
2022 på NOK 696 million i forhold til 2021 var i hovedsak som følge av endring
i garantiavsetning og reversering av tidligere nedskrivninger på aksjer og
interne fordringer.
EIENDELER, GJELD OG LIKVIDITET
Konsernet
Bokførte verdier av fartøy var pr. 31.12.2022 NOK 1.140 million mot NOK
1.583 million pr. 31.12.2021. I 2022 ble det foretatt reversering av tidligere
nedskrivninger med NOK 226 million mot NOK 235 million i 2021.
Det er bedring i markedet for selskapets fartøy innen alle segmenter. I
perioder er det fortsatt overkapasitet som presser inntektene nedover. Det
er med utgangspunkt i markedsutviklingen gjennom året og forventninger
fremover, foretatt reversering av tidligere nedskrivning for sju av elleve skip.
Estimert bruksverdi for selskapets flåte er NOK 1.167 million. Reversering
av tidligere nedskrivning utgjorde NOK 226 million, som også er relatert til
eiendeler holdt for salg.
Det er foretatt bruksverdiberegninger ved at hvert fartøy er definert som
kontantgenererende enhet og dermed testet separat for mulig verdifall.
Bruksverdi pr fartøy er estimert ved bruk av kontantstrømmodell hvor det er
benyttet avkastningskrav etter skatt på 10,67%. Estimering av kontantstrømmer
baseres på en forventet økonomisk levetid for fartøyene på 30 år. Estimert
bruksverdi er sensitiv for endringer i avkastningskravet, dagrater og utnyttelse.
Bokført egenkapital pr. 31.12.2022 var NOK -93 million mot NOK 19 million pr.
31.12.2021. Bokført egenkapital pr. aksje utgjorde NOK -3,93 pr. 31.12.2022 mot
NOK 0,81 pr. 31.12.2021.
Fartøyet som er avtalt solgt var pr. 31.12.2022 klassifisert som eiendeler holdt
for salg. Etter maksimal reversering av historiske nedskrivninger, er bokført
ANNUAL REPORT / ÅRSBERETNING
26
ue is lower than the sales value. The debt is entered at fair value, which is
approximately equal to the sales value. As a result of the debt associated
with this vessel being valued at fair value as of 31/12/2022, while the book
value of the vessel is limited to the original depreciation schedule, the group
had negative equity at the end of 2022. The group’s equity became positive
again when a significant gain on sale of assets was booked on delivery of
the vessel in January 2023.
The nominal value of interest-bearing debt as per 31/12/2022 amounted to
NOK 1,781 million, which includes bond loans of NOK 295 million. The bond
loans are secured loans related to the financing of Havila Clipper and Havila
Subsea. In 2022 the Group repaid loans of NOK 119 million, compared to
NOK 76 million in 2021. Of the total debt, 20.7% is in USD and the remainder
in NOK.
The Group’s liquid assets totaled NOK 147 million as per 31/12/2022 com-
pared with NOK 101 million as per 31/12/2021. Free liquidity amounted to
NOK 77 million and NOK 95 million for 2022 and 2021, respectively. Net cash
flow from operations for 2022 was NOK 217 million against NOK 126 million
for 2021. Cash flow from investment activities was NOK -22 million for 2022
compared with NOK -34 million for 2021 and is related to received bareboat
hire on financial receivables, contract modification and planned shipyard
work for the vessels in connection with periodic maintenance. Repayment
of loan and repayment of lease obligation constituted a net change from
financing activities in 2022 of NOK -145 million against NOK -98 million in
2021.
The parent company
Fixed assets as per 31/12/2022 totaled NOK 392 million compared with
NOK 278 million as per 31/12/2021 and primarily consist of investments in
and loans to subsidiaries. The parent company’s liquid assets amounted to
NOK 31 million 31/12/2022 against NOK 32 million as per 31/12/2021.
Book equity as per 31/12/2022 was NOK -397 million against NOK -690 mil-
lion as per 31/12/2021. Per 31/12/2022 the share capital was NOK 23,776,300,
divided into 23,776,300 shares each with a nominal value NOK 1 per shares.
Total liabilities amounted to NOK 872 million as per 31/12/2022 compared
with total liabilities of NOK 1,038 million as per 31/12/2021.
FINANCIAL RISK
The group’s Executive Risk Management Plan focuses on the unpredictabili-
ty of the capital markets and attempts to minimise potential negative effects
on the group’s financial results over time.
Risk management for the group is taken care of by the Finance Director
and Managing Director in consultation with the Chairman of the Board and
limits set by the Board of Directors.
Market risk
The oil price and oil companies’ reduction in activities and costs has had
considerable negative effect for the offshore market the last years, but the
offshore market has improved during 2022. The Group operates vessels in
the spot market and is therefore exposed to fluctuating rates and utiliza-
tion. In volatile markets the market value of the vessels will also change.
The vessels operate internationally, and the Group is exposed to currency
fluctuations mainly in USD, EUR and GBP. Currency risk arises when future
verdi lavere enn salgsvederlaget. Gjelden oppføres til virkelig verdi som er
tilnærmet lik salgsvederlaget. Som følge av at gjelden tilknyttet dette fartøyet
verdsettes til virkelig verdi per 31.12.2022, mens bokført verdi av fartøyet
begrenses til opprinnelig avskrivningsplan, fikk konsernet negativ egenkapital
ved utgangen av 2022. Konsernets egenkapital ble positiv igjen ved bokføring
av en betydelig regnskapsmessig gevinst ved levering av fartøyet i januar
2023.
Nominell verdi av rentebærende gjeld utgjorde pr. 31.12.2022 NOK 1 781 million
som inkluderer obligasjonslån på NOK 295 million. Obligasjonslånene er
sikrede lån knyttet til finansieringen av henholdsvis Havila Clipper og Havila
Subsea. I 2022 betalte konsernet ned på lån med NOK 119 million mot NOK
76 million i 2021. Av total nominell gjeld er 20,7 % i amerikanske dollar og
resterende i norske kroner.
Konsernets likvide midler utgjorde NOK 147 million pr. 31.12.2022, mot NOK
101 million pr. 31.12.2021. Fri likviditet utgjorde NOK 77 million og NOK 95
million i henholdsvis 2022 og 2021. Netto kontantstrøm fra operasjonelle
aktiviteter for 2022 var NOK 217 million, mot NOK 126 million i 2021.
Kontantstrøm fra investeringsaktiviteter var NOK -22 million for 2022 mot
NOK -34 million for 2021, og er relatert til mottatt bareboat leie på finansiell
fordring, kontraktstilpasninger samt planlagte verkstedopphold for fartøyene i
forbindelse med periodisk vedlikehold. Nedbetaling av lån og nedbetaling av
leieforpliktelse utgjorde nettoendring fra finansieringsaktiviteter på NOK -145
million i 2022, mot NOK -98 million i 2021.
Morselskapet
Anleggsmidler pr. 31.12.2022 utgjorde NOK 392 million mot NOK 278 million
pr. 31.12.2021, og består i hovedsak av investering i og lån til datterselskap.
Morselskapets likvide midler utgjorde NOK 31 million pr. 31.12.2022 mot NOK
32 million pr. 31.12.2021.
Bokført egenkapital pr. 31.12.2022 utgjorde NOK -397 million mot NOK -690
million pr. 31.12.2021. Aksjekapitalen var pr. 31.12.22 NOK 23.776.300, fordelt på
23.776.300 aksjer, hver pålydende NOK 1.
Total gjeld utgjorde NOK 872 million pr. 31.12.2022 mot NOK 1.038 million pr.
31.12.2021.
FINANSIELL RISIKO
Konsernets overordnede risikostyringsplan fokuserer på kapitalmarkedenes
uforutsigbarhet og forsøker å minimalisere de potensielle negative effektene
på konsernets resultater over tid.
Risikostyringen for konsernet ivaretas av finansdirektør og administrerende
direktør i samråd med styreformann og de rammer disse er gitt av styret i
selskapet.
Markedsrisiko
Oljeprisen samt aktivitets- og kostnadskutt i oljeselskapene har hatt betydelig
negativ effekt på offshore markedet de siste årene, men offshore markedet
har forbedret seg gjennom 2022. Konsernet opererer skip i spotmarkedet
og er dermed utsatt for svingende rater og utnyttelse. I volatile markeder
vil også markedsverdien på skipene variere. Skipene opereres internasjonalt
og konsernet er eksponert for valutarisiko ved endring i norske kroners
verdi hovedsakelig i forhold til amerikanske dollar, euro og britiske pund.
ANNUAL REPORT / ÅRSBERETNING
27
income, book assets or liabilities are nominated in a currency other than
NOK which is used as the basis for the Group’s accounts. In order to man-
age the currency risk from future income, book assets and liabilities, the
management makes use of loan in foreign currencies, forward exchange
contracts and interest rate swaps. To handle the currency risk in the compa-
ny, the management bases their consideration on guidelines issued by the
board. As a consequence of the lacking credit lines, the company has lim-
ited opportunity to enter into new foreign exchange contracts and forward
rate agreements.
Credit risk
Credit risk arises in transactions with derivatives, bank deposits and in
transactions with customers and suppliers. Credit risk is continuously as-
sessed by the company’s management. The bulk of the customers are oil
companies and oil service companies with high credit ratings and a low, but
still inherent risk.
Interest rate risk
The Group’s interest rate risk is connected to long-term loans secured by
mortgages on vessels. Loans with floating interest rates entail a risk to the
Group’s cash flow. The Group normally takes out long-term loans at a float-
ing interest rate. By floating interest rate is meant interest agreements for
which the rate is usually set for three to six months ahead. Following the
implementation of the restructuring agreement, 100% of the Group’s inter-
est-bearing debt is floating interest rate based on NIBOR and LIBOR as the
reference rate. The management continually assesses the interest risk and
the effect this may have on the Group’s results.
Liquidity risk
The management and the board are focused on managing the liquidity risk.
This involves maintaining adequate cash reserves. The management is re-
sponsible for continuously monitoring and reporting on the Group’s liquid-
ity position. The management has continuous activities to ensure that the
Group is always in compliance with the prevailing requirements. Information
about the company’s restructuring, see note 13 and the section about Going
concern.
Insurance for board members and CEO
Havila Holding AS has taken out board liability insurance which also covers
Havila Shipping ASA with subsidiaries. The coverage applies to members
of the board, CEO and other employees with an independent management
responsibility. The insurance covers the insured’s liability for property dam-
age due to claims made against the insured during the insurance period as
a result of an alleged liability-related act or omission.
Social responsibility
The relationships to customers, suppliers, employees, authorities, capital
markets, owners and society in general require that Havila Shipping ASA
has a high ethical standard when carrying out the company’s business ac-
tivities. The ethical guidelines are established in the company’s ”Total Man-
agement System” and are continually updated for relevant changes. The
guidelines are based on the company’s values and vision and adapted to
the company’s strategy.
The ethical guidelines include how employees should act towards the com-
pany’s customers concerning gifts, comments in the media and the pro-
cessing of confidential information. The guidelines also include how em-
ployees must act towards the company’s suppliers concerning gifts and
possible other benefits and the matters that must be reported to an imme-
diate superior. The company has established guidelines for ethical trading in
Valutarisikoen oppstår når framtidige inntekter eller balanseførte eiendeler
eller forpliktelser er avtalt i en valuta annen enn norske kroner som benyttes
som grunnlag i konsernets regnskaper. For å styre valutarisikoen knyttet
til framtidige inntekter og balanseførte eiendeler og forpliktelser, benyttes
valutalån, valutaterminkontrakter og renteswapkontrakter. For å håndtere
valutarisikoen i selskapet, baserer ledelsen seg på retningslinjer vedtatt av
styret. Selskapets kredittlinjer begrenser tilgangen på sikringsinstrumenter
som valutaterminkontrakter og rentesikringsinstrumenter.
Kredittrisiko
Kredittrisiko oppstår i transaksjoner med derivater, innskudd i banker og
transaksjoner med kunder og leverandører. Kredittrisiko vurderes løpende av
administrasjonen. Kundemassen er hovedsakelig olje- og oljeserviceselskaper
hvor de fleste har høy kredittverdighet og for disse er risikoen lav, men fortsatt
iboende.
Renterisiko
Konsernets renterisiko er knyttet til langsiktige lån pantesikret i skip. Lån
med flytende rente medfører en renterisiko for konsernets kontantstrøm.
Konsernet opptar normalt langsiktige lån til flytende rente. Med flytende rente
menes renteavtaler hvor renten normalt er fastsatt for tre til seks måneder.
Etter gjennomføringen av restruktureringsavtalen er 100% av konsernets
rentebærende gjeld flytende rente basert på NIBOR og LIBOR som
referanserente. Ledelsen vurderer renterisikoen og virkningen på konsernets
resultater løpende.
Likviditetsrisiko
Ledelsen og styret har fokus på styring av likviditetsrisiko. Dette innebærer
å vedlikeholde en tilstrekkelig fri beholdning av likvider. Konsernets
ledelse har ansvar for løpende overvåking og rapportering av konsernets
likviditetsmessige stilling. Administrasjonen har fortløpende aktiviteter for å
sikre at konsernet til enhver tid er innenfor de krav som gjelder. For informasjon
om restruktureringen, se note 13 og avsnittet om Fortsatt drift.
Forsikring for styrets medlemmer og daglig leder
Havila Holding AS har tegnet styreansvarsforsikring som også omfatter Havila
Shipping ASA med datterselskap. Dekningen gjelder for medlemmer av styret,
daglig leder og andre ansatte med et selvstendig ledelsesansvar. Forsikringen
dekker sikredes ansvar for formueskade som skyldes krav fremsatt mot
sikrede i forsikringsperioden som følge av en påstått ansvarsbetingende
handling eller unnlatelse.
Samfunnsansvar
Forholdet til kunder, leverandører, ansatte, myndigheter, kapitalmarkedene,
eierne og samfunnet for øvrig krever at Havila Shipping ASA har en høg
etisk standard i utførelse av selskapets forretningsvirksomhet. De etiske
retningslinjene er nedfelt i selskapets styringssystem, ”Total Management
System”, og blir løpende oppdatert for relevante endringer. Retningslinjene er
forankret i selskapets verdigrunnlag og visjon, og tilpasset selskapets strategi.
De etiske retningslinjene omfatter blant annet hvordan ansatte skal forholde
seg til selskapets kunder når det gjelder gaver, omtale i media og behandling
av konfidensiell informasjon. Retningslinjene omfatter også hvordan ansatte
skal forholde seg til selskapets leverandører når det gjelder gaver og
eventuelle andre goder og hvilke forhold som skal rapporteres til nærmeste
overordnede. Selskapet har fått på plass retningslinjer for etisk handel i de
ANNUAL REPORT / ÅRSBERETNING
28
the largest and most important supplier agreements that stipulate that child
labour shall not be used, that workers shall have employment agreements
and that suppliers shall pay workers a wage that is possible for them to live
on. The company respects the traditions and cultures in the countries in
which the vessels operate and pledges to comply with the laws in the areas
where the business activities are carried out.
The company follows the International Labour Organization’s (ILO) conven-
tion for the working and living conditions of seafarers which ensures that
the employees have comprehensive rights and protection at work. All the
company’s vessels are certified in accordance with the working and living
conditions in the MLC (“Maritime Labour Convention”). The vessels shall be
reviewed and the certificates renewed every 30th month. For office staff, the
working conditions are in accordance with the Norwegian Working Environ-
ment Act and internal conditions stipulated in the company’s management
system regarding human resources when this provides additional protec-
tion to the Working Environment Act.
Havila Shipping ASA is strongly involved in ensuring the development of
expertise and education in the maritime sector.
The company is involved in the “Centres for Research-based Innovation
(SFI)” marine operations, which aim to build up or strengthen Norwegian
research groups that work in close cooperation with innovative businesses.
The company is also involved in a project directed by NHO where several
major leading Norwegian companies participate. The project “Green elec-
tric value chain” focuses on the green shift, and how Norway will position
itself technologically and commercially to contribute to the emission reduc-
tions IMO has set for 2050 being reached.
In addition, the company is part of a project directed by DNV where the fo-
cus is digitalization, where the goal is to develop and apply new technology
that can reduce the cost of operating offshore vessels.
The company is also involved in a project in cooperation with Equinor En-
ergy AS, Corvus Energy AS, the Department of Energy Technology (IFE)
and SINTEF Energi AS. The goal of the project is to find the best possible
setup and operation of marine battery packages for offshore vessels. The
project runs over 3 years and receives support from the Research Council
of Norway.
In 2022 the company supported different social activities and projects in the
local communities.
Sustainability
Sustainability is an integral part of Havila Shipping’s overall strategy and
requires an integrated thinking of those charged with governance. The
Board of Directors (BoD) is the governing body that approves the overall
strategy of the company. The sustainability strategy plan for 2023-2025 was
approved by the BoD in August 2022. Some of the main building blocks in
this strategy period are risks and opportunities related to decarbonization.
The BoD reviews and approves the ESG (Environmental, Social and Gover-
nance) strategy and business plans. They approve KPIs, new and existing
policies, ensure that adequate goals are in place and monitor ESG goals
and ambitions. The BoD and the executive management discuss the risk
landscape quarterly with focus on climate related risks, and they guide busi-
ness plans, action plans and major capital expenditures in accordance with
ESG related issues. The BoD and the executive management approve the
ESG reports.
The executive management approves ESG strategy and policies related and
approves KPIs, sets targets and fields responsible. They manage risks in-
største og viktigste leverandøravtalene, som regulerer at barnearbeid ikke skal
forekomme, at arbeiderne skal ha arbeidskontrakt og at leverandørene betaler
arbeiderne en lønn det er mulig å leve av. Selskapet respekterer tradisjoner og
kulturen i de land fartøyene opererer og forplikter å følge lover i de områder
virksomheten utføres.
Selskapet følger den internasjonale arbeidsorganisasjonen’s konvensjon for
sjøfolks arbeids- og levevilkår, som sikrer de ansatte omfattende rettigheter og
beskyttelse på arbeidsplassen. Alle selskapets fartøyer er sertifisert i forhold
til arbeids- og levevilkår (MLC ”Maritime Labour Convension”). Fartøyene
skal revideres og sertifikatene fornyes hver 30. måned. For kontoransatte er
arbeidsvilkår i henhold til arbeidsmiljøloven, i tillegg til interne vilkår fastsatt
i selskapets styringssystem om menneskelige ressurser i den grad det gir
beskyttelse utover arbeidsmiljøloven.
Havila Shipping ASA er sterkt delaktig i å sikre kompetansebygging og
utvikling i utdanningen i den maritime sektor.
Selskapet deltar i ordningen ”Sentre for forskningsdrevet innovasjon” (SFI),
marine operasjoner, som skal bygge opp eller styrke norske forskningsmiljøer
som arbeider i tett samspill med innovativt næringsliv.
Selskapet er også med på et prosjekt i regi av NHO hvor flere større ledende
norske bedrifter deltar. Prosjektet «Grønn elektrisk verdikjede» fokuserer på
det grønne skiftet, og hvordan Norge skal posisjonere seg både teknologisk
og kommersielt for å bidra til at utslippsreduksjonene IMO har satt for 2050
blir nådd.
I tillegg er selskapet med på et prosjekt i regi av DNV der fokuset er
digitalisering og hvor målet er å utvikle og ta i bruk ny teknologi som kan
redusere utslipp og kostnader ved å operere offshore fartøy.
Selskapet er også med på et prosjekt i samarbeid med Equinor Energy
AS, Corvus Energy AS, Institutt for Energiteknikk (IFE) og SINTEF Energi
AS. Målet med prosjektet er å finne best mulig oppsett og drift av marine
batteripakker for offshore fartøy. Prosjektet går over 3 år og får støtte fra Norsk
Forskningsråd.
Selskapet støttet i 2022 ulike sosiale aktiviteter og tiltak i lokalsamfunnet.
Bærekraft
Bærekraft er en integrert del av konsernets overordnede strategi og krever
integrert tenkning for de styrende organ. Styret er det styrende organet
som godkjenner selskapets overordnede strategi. Bærekraftstrategiplanen
for 2023-2025 ble godkjent av styret i august 2022. Noen av de viktigste
byggesteinene i denne strategiperioden er risikoer og muligheter knyttet til
avkarbonisering.
Styret vurderer og godkjenner ESG (Environmental, Social and Governance /
Miljø-, Sosiale- og Forretningsetiske forhold) strategi og forretningsplaner. De
godkjenner KPI’er, nye og eksisterende retningslinjer, sikrer at passende mål
er på plass og overvåker ESG-mål og ambisjoner. Styret og ledelsen diskuterer
risikobildet kvartalsvis med fokus på klimarelaterte risikoer, og de gir føringer
til forretningsplaner, handlingsplaner og vesentlige investeringer knyttet til
ESG problemstillinger. Styret og ledelsen godkjenner ESG-rapporten.
Ledelsen godkjenner ESG strategien og retningslinjene relatert til det. De
godkjenner KPI’er, fastsetter mål og utnevner ansvarlige på de ulike områdene.
Ledelsen håndterer risikoer inkludert klimaendringsrisiko og utarbeider planer
ANNUAL REPORT / ÅRSBERETNING
29
cluding climate change risk and develop mitigation plans.
The ESG task group consists of chief executive officer, chief financial officer,
operations director, technical manager and HSEQ manager. They develop
and manage the ESG strategy, rules, regulations, human rights and com-
munication. They review KPIs and support the field responsible, and they
enable frameworks and systems for accountability and processes. The ESG
task group leads the implementation of sustainability strategy, and they ex-
amine risk and opportunities from both financial and non-financial perspec-
tives. They assess performance based on KPIs defined and offer advice on
emergent matters. The ESG task group is responsible for producing ESG
report and other ESG communication.
The audit committee monitors and oversees the risk management policy
and framework. They discuss with management the quarterly risk review,
including climate-related risks. The audit committee prepares plans and fol-
low-up the internal audit in cooperation with the management, including
audit of environmental KPIs and other climate-related reporting.
Important ESG topics involved in the strategy were selected after engag-
ing stakeholders and grouped under 3 priorities: Environmental footprint,
Health and Safety and Trusted and responsible partner.
We have goals for all 3 priorities:
• Environmental footprint
• Annual reduction of 3% on CO2 emission intensity of the
Group’s fleet until 2025
• A reduction of 50% on the CO2 emission intensity by 2030 (vs
2008) and achieve net-zero by 2050.
• Zero oil spill
• Health and Safety
• Zero serious harm to personnel measurable by recordable in-
juries
• Retention rate at 90%
• Trusted and Responsible Partner
• Work with a sustainable supply chain
• Manage the risks associated with climate change
• Improve prevention, identification and immediate remediation
of human rights violations
• Increase sustainability transparency
• Support local communities
The ESG task group has run an assessment of climate risk and opportunities
and identified the following ones:
• Risks: Policy and legal, Market, Technology
• Opportunities: Market, fleet optimization
For more information regarding sustainability see the ESG report at www.
havilashipping.no/investor-relations
The Human Rights report will be published at www.havilashipping.no/inves-
tor-relations before 30 June 2023.
for å begrense risikoene.
Arbeidsgruppen for bærekraft består av administrerende direktør,
finansdirektør, operasjonsdirektør, teknisk sjef og HSEQ sjef. Arbeidsgruppen
utvikler og forvalter ESG strategi, regler, forskrifter, menneskerettigheter
og kommunikasjon. Arbeidsgruppen gjennomgår KPIer og støtter de som
er ansvarlige, og de aktiverer rammer og systemer for ansvarlighet og
prosesser. Arbeidsgruppen leder implementeringen av bærekraftstrategi, og
de gjennomgår risikoer og muligheter både fra et finansielt og ikke-finansielt
perspektiv. Arbeidsgruppen vurderer også utførelse av de definerte KPIer,
og gir råd i hastesaker. Arbeidsgruppen er ansvarlig for å utarbeide ESG-
rapporten samt annen ESG kommunikasjon.
Revisjonsutvalget (RU) kontroller og overvåker retningslinjer og rammeverk
for risikostyring. RU diskuterer den kvartalsvise gjennomgangen av risikoer
med ledelsen, inkludert klimarelaterte risikoer. RU legger planer og følger opp
internrevisjonen i samarbeid med ledelsen, herunder revisjon av miljø-KPIer
og annen klimarelatert rapportering.
Viktige ESG-emner involvert i strategien ble valgt etter å ha engasjert
interessenter og gruppert under 3 prioriteringer: Miljømessig fotavtrykk, helse
og sikkerhet samt pålitelig og ansvarlig partner.
Vi har mål for alle 3 prioriteringer:
• Miljømessige fotavtrykk
• Årlig reduksjon på 3% av CO2-utslippsintensiteten til konsernets
flåte frem til 2025
• En reduksjon på 50 % av CO2-utslippsintensiteten innen 2030
(mot 2008) og oppnå netto null innen 2050.
• Null oljeutslipp
• Helse og sikkerhet
• Null alvorlig skade på personell som kan måles ved registrerbare
skader
• “Retention rate” på 90%
• Pålitelig og ansvarlig partner
• Arbeide med en bærekraftig leverandørkjede
• Håndtere risiko knyttet til klimaendringer
• Forbedre forebygging, identifisering og umiddelbar utbedring av
menneskerettighetsbrudd
• Øke åpenhet om bærekraft
• Støtte lokalsamfunn
Arbeidsgruppen har gjennomført en vurdering av klimarisiko og muligheter
og har identifisert følgende:
• Risikoer: Retningslinjer og lovkrav, marked, teknologi
• Muligheter: Marked, flåteoptimatlisering
For mer informasjon om bærekraft se ESG report www.havilashipping.no/
investor-relations
Redegjørelse om aktsomhetsvurdering vil bli publisert på selskapets
hjemmeside www.havilashipping.no/investor-relations før 30. juni 2023.
ANNUAL REPORT / ÅRSBERETNING
30
ANNUAL REPORT / ÅRSBERETNING
Årsresultat og disponeringer
Med utgangspunkt i selskapets resultat foreslår styret følgende disponering
av årsresultat:
Styret foreslår for generalforsamlingen 23. mai 2023 at det ikke betales
utbytte til aksjonærene.
Profit for the year and allocation of profit
Based on the company’s results, the Board of Directors proposes the follow-
ing allocation of the profit for the year
The Board of Directors proposes to the general meeting on 23 May 2023
that no dividend be distributed to shareholders.
NOK 1 000
Allocation of profit Disponering av resultat Parent company/Morselskap
Uncovered loss Udekket tap 293 750
Received group contribution Mottatt konsernbidrag - 582
Total allocated Totalt disponert 293 168
Fosnavåg, 27 April 2023
The Board of Havila Shipping ASA / Styret i Havila Shipping ASA
Hege Sævik Rabben
Board member
Styremedlem
Jostein Sætrenes
Chairman of the Board of Directors
Styrets leder
Helge Aarseth
Deputy Chairman
Styrets nestleder
Jogeir Romestrand
Board member
Styremedlem
Njål Sævik
CEO
Administrerende direktør
Nina Skage
Board member
Styremedlem
31
ANNUAL REPORT / ÅRSBERETNING
32
GROUP PROFIT AND LOSS ACCOUNT / RESULTATREGNSKAP KONSERN
PROFIT AND LOSS ACCOUNT RESULTATREGNSKAP NOK 1000
IFRS IFRS
note 2022 2021
Operating income Driftsinntekter
Freight income Fraktinntekter 5, 21 658 494 515 433
Net foreign currency gain/loss Netto valutagevinst/tap 22 -611 -1 027
Gain on sale of fixed assets Gevinst ved salg av anleggsmidler 135 799 0
Other income Andre inntekter 17 30 765 31 089
Total income Sum driftsinntekter 824 446 545 495
Operating expenses Driftskostnader
Crew expenses Mannskapskostnader 19 -275 268 -256 760
Vessel expenses Driftskostnader fartøy 18 -91 129 -91 723
Hire expenses Leiekostnader 21 -14 094 -8 919
Other operating expenses Andre driftskostnader 18 -46 558 -52 422
Loss on receivables Tap på fordringer 10 0 24 454
Total operating expenses Sum driftskostnader -427 049 -385 369
Operating income before depreciation and impairment
charge
Driftsresultat før avskrivning og nedskrivning 397 398 160 127
Depreciation Avskrivninger 6 -183 727 -203 615
Reversal of impairment charge/Impairment charge of
fixed assets
Reversering av nedskrivning/nedskrivning av
varige driftsmidler
6 226 000 235 323
Operating result Driftsresultat 439 671 191 834
Financial items Finansposter
Value adjustment of debt Verdijustering lån 13 -456 484 -102 083
Financial income Finansinntekter 20 75 303 12 225
Financial expenses Finanskostnader 20 -163 938 -34 880
Net financial items Netto finansposter -545 120 -124 739
Result from joint venture companies Andel resultat felleskontrollert selskap 7 -6 305 -1 285
Profit / (Loss) before tax Resultat før skatt -111 754 65 811
Taxes Skattekostnad 15 -942 -138
Profit / (Loss) Resultat -112 696 65 673
PROFIT DISTRIBUTED BY: RESULTAT TILORDNES:
Controlling interest Eier av morforetaket -112 696 65 673
Total Sum -112 696 65 673
Earnings per share Resultat pr. aksje 23 -4,74 2,76
Diluted earnings per share * Utvannet resultat pr. aksje * 23 0,36 0,29
* Diluted earings per share calculated excl. value adjust-
ment debt.
* Utvannet fortjeneste pr. aksje beregnet ekskl. verdijus-
tering lån.
33
COMPREHENSIVE INCOME UTVIDET RESULTAT NOK 1000
IFRS IFRS
2022 2021
Profit / (Loss) Resultat -112 696 65 673
Exchange differences on translation of foreign operations,
will be reclassified to profit and loss
Valutakurseffekt ved omregning av utenlandsk virksom-
het, blir reklassifisert over resultat
-18 83
Total comprehensive income / (loss) Totalresultat -112 714 65 756
Total profit / (loss) distributed by: Totalresultat tilordnes:
Controlling interest Eier av morforetaket -112 714 65 756
Total Sum -112 714 65 756
GROUP PROFIT AND LOSS ACCOUNT / RESULTATREGNSKAP KONSERN
34
GROUP BALANCE SHEET / BALANSE KONSERN
BALANCE SHEET BALANSE NOK 1000
IFRS IFRS
ASSETS EIENDELER note 31/12/22 31/12/21
Fixed assets Anleggsmidler
Tangible fixed assets Varige driftsmidler
Vessels Fartøy 6 1 139 750 1 582 660
Buildings, movables and fixtures Bygninger, driftsløsøre og inventar 6 1 274 1 443
Right - of - use assets Bruksrett eiendeler 21 10 140 14 037
Total fixed assets Sum varige driftsmidler 1 151 163 1 598 140
Financial fixed assets Finansielle eiendeler
Investments in joint venture company Investering i felleskontrollert virksomhet 7 22 530 28 835
Shares Aksjer 8 100 100
Net investment in lease Netto investering i leie 21 46 139 67 776
Long term receivables Langsiktige fordringer 10 14 604 15 817
Total financial fixed assets Totale finansielle eiendeler 83 373 112 528
Total fixed assets Sum anleggsmidler 1 234 536 1 710 669
Current assets Omløpsmidler
Fuel and other stocks Bunkers og annet lager 26 19 804 23 065
Trade receivables and other receivables Kundefordringer og andre fordringer 10 154 346 121 230
Asset held for sale Eiendeler tilgjelgelig for salg 6 447 332 0
Bank deposit Bankinnskudd 11 147 381 100 863
Total current assets Sum omløpsmidler 768 863 245 158
Total assets Sum eiendeler 2 003 400 1 955 827
Fosnavåg, 27 April 2023
The Board of Havila Shipping ASA / Styret i Havila Shipping ASA
35
BALANCE SHEET BALANSE NOK 1000
IFRS IFRS
EQUITY AND LIABILITIES EGENKAPITAL OG GJELD note 31/12/22 31/12/21
Equity Egenkapital
Paid in equity Innskutt egenkapital
Share capital Aksjekapital 23 776 23 776
Share premium Overkurs 933 704 933 704
Total paid-in-equity Sum innskutt egenkapital 957 481 957 481
Retained earnings Opptjent egenkapital
Uncovered loss Udekket tap -1 050 977 -938 264
Total retained earnings Sum opptjent egenkapital -1 050 977 -938 264
Total equity Sum egenkapital -93 497 19 217
Liabilities Gjeld
Provision for liabilities Avsetning for forpliktelser
Deferred tax Utsatt skatt 15 11 432 14 290
Total provisions for liabilites Sum avsetning for forpliktelser 11 432 14 290
Other non-current liabilities Annen langsiktig gjeld
Borrowings Lån 13 1 677 726 1 571 405
Lease liabilities Leieforpliktelser 13,21 31 875 58 932
Other non-current debt Annen langsiktig gjeld 13,14,25 133 197 133 197
Total other non-current liabilities Sum annen langsiktig gjeld 1 842 798 1 763 534
Total non-current liabilities Sum langsiktig gjeld 1 854 230 1 777 824
Current liabilities Kortsiktig gjeld
Trade payable Leverandørgjeld 58 386 49 533
Tax payable Betalbar skatt 15 3 006 3 726
Current liabilities of long term debt Kortsiktig del av langsiktig gjeld 13 7 022 13 191
Other current liabilties Annen kortsiktig gjeld og forpliktelser 12,17, 21 174 253 92 335
Total current liabilities Sum kortsiktig gjeld 242 666 158 786
Total liabilities Sum gjeld 2 096 896 1 936 610
Total equity and liabilities Sum egenkapital og gjeld 2 003 400 1 955 827
GROUP BALANCE SHEET / BALANSE KONSERN
Fosnavåg, 27 April 2023
The Board of Havila Shipping ASA / Styret i Havila Shipping ASA
Hege Sævik Rabben
Board member
Styremedlem
Jostein Sætrenes
Chairman of the Board of Directors
Styrets leder
Helge Aarseth
Deputy Chairman
Styrets nestleder
Jogeir Romestrand
Board member
Styremedlem
Njål Sævik
CEO
Administrerende direktør
Nina Skage
Board member
Styremedlem
36
GROUP EQUITY STATEMENT - EGENKAPITALOPPSTILLING KONSERN
EQUITY STATEMENT EGENKAPITALOPPSTILLING
NOK 1000
2022 Note Share capital 1) Share premium
fund
Uncovered loss Accumulated
currency
translations
differences
Total
Note Aksjekapital 1) Overkurs Udekket tap Akkumulert
valutaomreg-
ningsdifferanse
Total
Equity per 01/01/22 Egenkapital pr 01.01.22 23 776 933 704 -938 339 75 19 217
Profit / (Loss) Resultat -112 696 -112 696
Exchange differences on translation of
foreign operations, will be reclassified to
profit and loss
Valutakurseffekt ved omregning av
utenlandsk virksomhet, blir reklassifisert
over resultat
Total comprehensive income Totalresultat - - -112 696 -18 -112 714
Equity per 31/12/22 Egenkapital pr. 31.12.22 23 776 933 704 -1 051 035 56 -93 497
2021 Note Share capital 1) Share premium
fund
Uncovered loss Accumulated
currency
translations
differences
Total
Note Aksjekapital 1) Overkurs Udekket tap Akkumulert
valutaomreg-
ningsdifferanse
Total
Equity per 01/01/21 Egenkapital pr 01.01.21 23 776 933 704 -1 004 012 -9 -46 540
Profit / (Loss) Resultat 65 673 65 673
Exchange differences on translation of
foreign operations, will be reclassified to
profit and loss
Valutakurseffekt ved omregning av
utenlandsk virksomhet, blir reklassifisert
over resultat
Total comprehensive income Totalresultat 0 0 65 673 83 65 756
Equity per 31/12/21 Egenkapital pr. 31.12.21 23 776 933 704 -938 339 75 19 217
See note 13 loans for information about outstanding warrants. Se note 13 lån for informasjon om utestående tegningsretter.
1) Share capital 1) Aksjekapital 23 776 300
Par value per share NOK Pålydende verdi pr. aksje NOK 1,00
1) Share capital 1) Aksjekapital 23 776 300
Par value per share NOK Pålydende verdi pr. aksje NOK 1,00
NOK 1000
37
GROUP CASH FLOW STATEMENT – KONTANTSTRØMOPPSTILLING KONSERN
NOK 1000
Note 2022 2021
Cash flows from operating activity: Kontantstrømmer fra driften:
Profit before tax Resultat før skattekostnad -111 754 65 811
Depreciation Avskrivninger 6 183 727 203 615
Impairment charge of fixed assets Nedskrivning -226 000 -235 323
Gain on sale of fixed assets Gevinst ved salg av anleggsmidler -135 799 0
Net financial expenses Netto finanskostnader 20 545 120 124 739
Share of result from joint venture companies Andel resultat i felleskontrollert virksomhet 7 6 305 1 285
Accounts receivables, other receivables and derivatives Kundefordringer, andre fordringer og derivater -30 795 33 586
Trade payables and other current liabilities * Leverandørgjeld og annen kortsiktig gjeld * 72 342 -5 701
Cash flows from operating activity Kontantstrømmer fra driften 303 146 188 011
Paid interests Betalte renter 13,20 -79 747 -56 040
Paid taxes Betalte skatter 15 -4 597 -4 700
Received Interests Mottatt renter 1 588 182
Realized agio gain / loss * Realisert agio / disagio -3 615 -987
Net cash flows from operating activity Netto kontantstrømmer fra driften 216 775 126 466
Cash flows from investing activity: Kontantstrømmer fra investeringsaktiviteter:
Investments Investeringer 6 -48 067 -60 498
Received bareboat hire financial receivable Mottatt bareboat leie finansiell fordring 21 25 846 26 313
Net cash flows from investing activity Netto kontantstrømmer brukt til investeringsaktiviteter -22 221 -34 185
Cash flows from financing activity: Kontantstrømmer fra finansieringsaktiviteter:
Repayment of borrowings Nedbetaling av lån 13 -118 666 -76 463
Repayment of lease liabilities Nedbetaling av leieforpliktelser 13,21 -26 253 -21 733
Net cash flows from financing activity Netto kontantstrømmer brukt til finansieringsaktiviteter -144 919 -98 196
Net changes in cash and cash equivalents Endring i kontanter, kontantekvivalenter og benyttede trekkrettigheter 49 634 -5 915
Cash and cash equivalents at beginning of period Kontanter, kontantekvivalenter og benyttede trekkrettigheter ved periodens begynnelse 100 863 106 495
Net currency exchange differences Valutagevinst/(-tap) på kontanter, kontantekvivalenter og benyttede trekkrettigheter -3 117 283
Cash and cash equivalents at end of period Kontanter, kontantekvivalenter og benyttede trekkrettigheter ved periodens slutt 11 147 381 100 863
* 2021 changed due to reclassifications * 2021 endret grunnet omklassifisering
38
39
GROUP NOTES NOTER KONSERN
NOTE PAGE/SIDE
1 Group information Konserninformasjon 40
2 Significant accounting principles Viktige regnskapsprinsipp 40-48
3 Financial risk management Finansiell risikostyring 49-55
4 Significant accounting estimates Viktige regnskapsestimat 56-59
5 Segment information Segmentinformasjon 61-64
6 Tangible fixed assets Varige driftsmidler 65
7 Investement in Joint venture/Subsidiaries Investering i felleskontrollert virksomhet/datterselskap 66-67
8 Financial instruments by category Finansielle instrumenter etter kategori 68
9 Derivatives Derivater 69
10 Account receivables and other receivables Kundefordringer og andre fordringer 70-71
11 Cash and cash equivalent Kontanter og kontantekvialenter 71
12 Other current liabilities Annen kortsiktig gjeld 71
13 Loans Lån 72-76
14 Other non-current liabilities Annen langsiktig gjeld 78
15 Taxes Skattekostnad 78-79
16 Pensions Pensjoner 80
17 Other income Andre driftsinntekter 81
18 Specification of operating expenses Spesifikasjon av driftskostnader 81
19 Crewing and Payroll expenses Mannskap og lønnskostnader 82
20 Financial income and -expenses Finansinntekter og -kostnader 82
21 Leases Leieavtaler 83-86
22 Net foreign currency gains/loss-result Netto valutagevinster/tap-resultatført 86
23 Earing per share Resultat pr. aksje 87
24 Dividend per share and repayment to the shareholders Utbytte pr. aksje og tilbakebetaling til aksjonærer 87
25 Related parties Nærstående parter 88-91
26 Stocks and inventory Bunkers og annet lager 92
27 Government grants Oentlig tilskudd 92
28 Events after the balance sheet date Hendelser etter balansedagen 92
39
40
ACCOUNTS FOR ARE PRESENTED IN NORWEGIAN;
ENGLISH VERSION FOR IFORMATION PURPOSE.
GROUP NOTES NOK
GROUP INFORMATION
Havila Shipping ASA and its subsidiaries operates an offshore service vessel
business from registered offices, Mjølstadnesvegen 24, 6092 Fosnavåg in the
municipality of Herøy in Norway. The company’s vessels operate primarily in the
North Sea. The company is listed on the Oslo Stock Exchange.
The consolidated accounts were approved by the Board of Directors on 27 April
2023.
SIGNIFICANT ACCOUNTING PRINCIPLES
2.1 Basis of preparation
Havila Shipping ASA’s consolidated financial statements for the 2022 financial
year are prepared in accordance with International Financial Reporting Standards
(IFRS) and interpretations set by the (IFRSIC) International Accounting Standards
Board and endorsed by EU.
The consolidated financial statements for Havila Shipping ASA are based on the
historical cost principle, except for financial assets and liabilities are measured at
fair value through profit and loss.
Preparing the financial statements and accounts in accordance with IFRS
requires the use of estimates. The application of the group’s accounting principles
also requires that the management use their own professional judgment and
discretion. Areas requiring an extensive discretionary assessment and bearing
a high degree of complexity, or areas where assumptions and estimates are
essential to the consolidated financial statement are described in note 4.1 Use of
estimation in preparation of the financial statements.
The group accounts have been prepared on a going concern premise.
Changes in standards and interpretations effective from the fiscal year 2022, but
considered to have no effect for the Group:
• Amendments to IAS 16 - Proceeds before Intended Use
• Amendments to IAS 37 - Onerous Contracts - Cost of Fulfilling a Contract
• Amendments to IFRS 3 - Updating a Reference to the Conceptual
Framework
• IFRS 9 Financial Instruments - Fees in the ’10 per cent’ test for derecognition
of financial liabilities – Annual Improvements to IFRSs 2018-2020 Cycle
Other changes in standards and interpretations with future effective date are not
considered to have any significant effect for the Group.
REGNSKAPET FOR ER AVLAGT PÅ NORSK, OVERSET
TELSE TIL ENGELSK ER FOR INFORMASJON.
KONSERNNOTER TIL REGNSKAPET NOK
KONSERNINFORMASJON
hovedkontor, Mjølstadnesvegen 24, 6092 Fosnavåg i Herøy kommune i Norge.
Rederiets fartøyer har sitt virke hovedsakelig i Nordsjøen. Selskapet er notert på
Oslo Børs.
Konsernregnskapet ble vedtatt av selskapets styre 27. april 2023.
VIKTIGE REGNSKAPSPRINSIPP
GROUP NOTES / NOTER KONSERN
41
2.2 Functional currency and presentation currency
The consolidated financial statements are presented in Norwegian kroner which
is the functional currency in the parent company and the presentation currency
for the group. For consolidation purposes, balance sheet figures of subsidiaries
in a different functional currency are translated into the presentation currency
(NOK) at the exchange rate on the balance sheet date, and the profit and loss
statement is translated to the average monthly exchange rate for the period.
Functional currencies for the subsidiaries other than NOK are:
Havila Shipping UK LTD GBP
Havila Marine Guernsey LTD GBP
Havila Management Sdn BHD MYR
Exchange differences are recognized in other comprehensive income (OCI).
Transactions in foreign currency are converted to the functional currency
exchange rate at the time of transaction. Monetary items in foreign currency are
translated to Norwegian Kroner at the exchange rate on the balance sheet date.
Non-monetary items measured at fair value expressed in foreign currency are
converted at the exchange rate on balance sheet date. Exchange rate differences
are recognized continuously in the profit and loss statement. Net foreign
exchange gains and losses related to accounts receivable are recognized as
revenue, and accounts payable and other exchange rate differences are included
in the financial items.
Exchange rates at the balance sheet date
Applied exchange rates vs NOK at balance sheet date:
2.3 Consolidation principles
The consolidated financial statements include Havila Shipping ASA and
companies in which Havila Shipping ASA has a controlling interest. Control is
achieved where the Group has power over the entity and may use it to affect
the return, is exposed or has rights, to variable returns, and the Group is able to
exercise control over the company.
An overview of subsidiaries and joint ventures included in the group’s equity is
given in note 7 Investments in joint ventures/Subsidiaries..
The acquisition method is used for accounting of business combinations.
Companies acquired or sold during the year are consolidated from the date
control is achieved and until control ceases.
The consolidated financial statements are prepared using uniform accounting
policies for similar transactions and events under similar conditions.
Intergroup transactions and intercompany balance, including intergroup earnings
and unrealized profit and loss, are eliminated. Unrealized profit from transactions
with jointly controlled entities is eliminated according to the Group’s share in the
company/business. Unrealized losses are similarly eliminated, but only when
there are no indications of a decrease in the value of the asset sold within the
GROUP NOTES / NOTER KONSERN
42
group.
Under the terms of the restructuring agreement of 28 February 2017, 12 out of 17
vessels that did not pass the earnings test during the six-month period ended
February 28, 2019 were categorized as “Non-Performing Vessels”. The lender
could, under given criteria, declare ownership of the vessels or initiate a sales
process. No lenders have declared ownership of any vessel, and Havila Shipping
has had the right of control and has been fully exposed to variability in return for
all vessels throughout the year.
It is the company’s opinion that Havila Shipping also has control over the operating
activities after the implementation of the financial restructuring agreement on 30
June 2020, and that it is the operating activities that have the largest impact on
the earnings in the ship-owning companies.
It is the Company’s opinion that Havila Shipping had control over the ship-owning
companies based on both restructuring agreements discussed above, the vessels
and meet the requirements for consolidation in accordance with the criteria in
IFRS 10.
2.4 Joint ventures
The consolidated financial statements include the Group share of profit from joint
ventures, when the equity method for accounting is applied.
A joint venture is an economic activity regulated by an agreement between
two or more participants so that they have joint control over the business. The
consolidated financial statements include the Group share of profit from the joint
arrangement.
When the group’s share of the loss from a joint venture exceeds the value of the
investment in it, the joint venture book value for the group is reduced to zero and
no further loss is recognized unless the group is obliged to cover this loss.
Risk elements described for other areas of operations also apply to participation in
the operations of joint venture companies. There is no special risk area identified
for joint arrangements compared to other operations.
See note 7 investments in Joint venture /subsidiaries.
2.5 Cash and cash equivalents
Cash includes cash on hand and short term deposits. Cash and cash equivalents
are short-term liquid investments that can be converted to a known amount of
cash within 3 months, and which involve an insignificant risk.
2.6 Accounts receivables
Accounts receivable arise from the sale of goods or services that are within the
normal operating cycle. If collection is expected in one year or less, the receivables
are classified as current assets, otherwise as fixed assets.
Trade receivables which do not contain a significant financing element are
measured at nominal value at the time of initial recognition. Trade receivables
which contain a significant financing component are measured at fair value on
initial recognition. The Group’s trade receivables are kept in a business model
where the purpose is to collect contractual cash flows. Consequently, on
subsequent measurement, the trade receivables are amortized at amortized cost
less provision for life expectancy losses.
The group’s main revenue sources are T/C contracts. T/C contracts contain both
a lease and a service agreement. Both of these items are recorded normally during
the contract period, so the impact if service element separated and accounted for
separately is limited.
GROUP NOTES / NOTER KONSERN
43
2.7 Tangible fixed assets
Fixed assets are stated at cost, less depreciation. When assets are sold or disposed
of, the carrying amount is deducted and any gain or loss recognized. Gains and
losses on disposal of assets is recognized and included in other income when the
sale of vessels considered being part of the regular business operations.
See Note 4.2 Impairment charge of tangible fixed assets - the recoverable amount.
The cost of fixed assets is the purchase price, including duties, taxes, interest, and
expenses directly attributable to preparing the asset for use. The borrowing costs
are capitalized until the time the asset is ready for use. If capitalized value exceeds
the asset’s fair value, there has been impairment charge.
Vessels under construction are recognized at cost at the time of delivery.
Advance payments and liabilities during the construction period are capitalized
continuously. When the vessel is delivered a part of the vessel’s cost price is
recognized as capitalized classification expense. The Group has no vessel under
construction.
2.7.1 Depreciation
Vessels and periodic maintenance are included in the consolidated balance sheet
at cost less for this year and previous years’ depreciation and write down. The
vessels are depreciated from new ones over a defined expected useful life of 20
years. In determining estimated residual value, discretion is exercised. Discretion
is also exercised when the estimated normal useful life is set at 20 years. Specific
conditions or plans for vessels or groups of vessels may override this, including the
vessel’s contractual conditions, including any option periods.
The determination of the expected useful life is carried out at the beginning of the
financial year.
The value in use calculations have an indirect effect on depreciation to the extent
that they result in vessel write-downs by reducing the depreciation basis.
An annual assessment of residual values is carried out. When determining
residual values, it is assumed for the different vessel groups that vessels with
“modern” design have higher residual value than old design. All the Group’s
vessels are equipped to operate in the North Sea. Regardless of the assumed area
of operation, larger vessels are valued at a higher residual value, as overcapacity
means that the largest vessels receive assignments before the smaller ones.
When determining the estimated residual value, the estimated useful life of 20
years is set for all vessels.
Depreciation for other fixed assets is calculated linearly over the estimated useful
life.
The Group does not have ships under construction, but any newbuilding’s are
not depreciated until before the fixed asset is taken into use. The Group has an
ongoing program for maintenance and classification of machinery, equipment
and hulls. Periodical maintenances are capitalized in the balance sheet under
vessels and are included in note 6 tangible fixed assets.
Investment in battery solutions is amortized over an estimated useful life of 10
years, provided that the vessel’s remaining lifetime is assumed to be at least
correspondingly long.
Investments made to fulfil specific requirements in contracts with customers are
amortized on a straight-line basis over the term of the contract.
GROUP NOTES / NOTER KONSERN
44
2.7.2 Impairment
The book value of tangible assets is reviewed for impairment whenever events or
changes in circumstances indicate that the carrying value may not be recoverable.
If such indication exists and the book value exceeds the recoverable amount, the
fixed asset’s residual value is the higher of net selling price and value in use. As
the approach to net selling price normally obtained valuations from independent
shipbrokers. Brokers’ estimates assume the vessels are without charter contracts,
immediately available for sale in the market and that a willing seller and a willing
buyer exist. The value in use is calculated by discounting future cash flows to
present value at the balance sheet date. Due to reduced liquidity in the market
for vessels, there is an increased uncertainty about the estimated ship values in
today’s market. Per 31/12/22 calculation of value in use is used in the impairment
testing for all the vessels.
2.8 Financial instruments
2.8.1 Derivatives
The Group’s derivatives are measured at fair value. Gains and losses on derivatives
related to the operation are included in revenues. Interest rate derivatives and
currency derivatives are presented as financial records see note 22 Net foreign
currencies gain/losses-recognized. Derivatives are classified as current assets /
current liabilities, except for derivatives with maturity greater than 12 months after
balance sheet date. These are classified as fixed assets / long-term debt.
2.8.2 Investment in shares
Investment in shares are measured at fair value through profit and loss, with
exception of shares in associated companies and joint ventures.
2.8.3 Receivables
The Group keeps its accounts receivables and other receivables in a business
model where the purpose is to collect contractual cash flows, so that these are
measured at amortized cost.
Loans and receivables are recognized at amortized cost. They are classified
as current assets, except for loans with maturities greater than 12 months after
balance sheet date. These are classified as fixed assets. Loans and receivables
include trade and other receivables and cash and cash equivalents in the balance.
Financial assets are derecognized when the rights to receive cash flow from
investments have expired.
See note 2.5 cash and cash equivalents, note 2.6 accounts receivables, note 4.1
use of estimation in preparation of the financial statements and note 10 account
receivables and other receivables.
2.8.4 Borrowings
Debts that do not contain derivatives are measured at amortized cost.
From 30 June 2020, the company has debt with embedded derivatives that are
recognized at fair value through profit or loss in accordance with IFRS 9.4.3.5.
Fair value is determined by calculating the present value of the estimated cash
flow during the agreement period for interest-bearing and non-interest-bearing
debt. The difference between nominal value and fair value reduces the debt in
the balance sheet and is entered on a separate line under financial income in the
income statement. See note 13 Loans.
GROUP NOTES / NOTER KONSERN
45
2.8.5 Trade payables
Trade payables are recognized at fair value upon initial recognition. Accounts
payable are classified as current liabilities if payment is due within one year
or less. If this is not the case, they are classified as long term. Given the short
maturities of payable/receivable the nominal value is considered to reflect fair
value. Normally, fair value will be equal to transaction price.
Agreements that reduce the value of outstanding debt reduce the value of the
debt and are recorded as income. In the subsequent calculation of the value of
the agreement, changes are made as an adjustment of the liability with a counter
item in the income statement.
2.9 Provisions
A provision is recognised in the balance sheet when the group has a present
obligation (legal or constructive) as a result of an event, when it is likely that a
financial settlement will occur as a result of this obligation and that the amount
can be reliably determined. If the effect is significant, the provision is calculated
by discounting the expected future cash flows before -tax which reflects current
market assessments of the time value of money and, where appropriate, the risks
specific to the liability.
2.10 Equity
Ordinary shares are classified as equity.
Own shares
With the repurchase of own shares, the acquisition cost including direct
assignable costs is reported as a change in equity. Own shares are presented as
a reduction in equity. Losses or gains on transactions involving own shares are
not recognised in the profit and loss statement.
Costs relating to equity capital transactions
Transaction costs directly related to an equity capital transaction are recognised
direct against equity after deduction for tax.
2.11 Taxes payable and deferred income tax
Tax expense in the profit and loss statement is calculated in accordance with
prevailing tax laws and regulations, or primarily those passed by the tax authorities
at the balance sheet date. Taxable income is calculated in accordance with the
tax regulations in the countries in which group’s subsidiaries, joint venture or
associates operate and generate taxable income. The management evaluates the
tax positions in the group periodically, with focus on situations where prevailing
tax laws are subject to interpretation. Based on these evaluations, provisions are
made for anticipated taxes payments.
Deferred tax is calculated on all temporary differences between tax values
and accounting values of the company’s assets and liabilities in the financial
statements using the liability method. If deferred tax arises from initial recognition
of an asset or liability in a transaction that is not business integration and which at
the time of transaction does affects neither the accounting result nor the taxable
result, the deferred tax liability is not recorded in the balance sheet. Deferred tax
is calculated using tax rates and tax laws applicable for all practical purposes
enacted by the authorities at balance sheet date, and which are assumed to apply
when the deferred tax is realised or settled.
Deferred tax advantage is entered in the balance sheet to the extent it is probable
GROUP NOTES / NOTER KONSERN
46
that the company will have future taxable income, and that the temporary
differences can be deducted from this income.
Deferred tax advantage are reported at nominal value and classified as financial
assets (non-current liability) in the balance sheet.
The companies which are subject to the rules for the shipping tax regime will not
be taxed on net operating result. Net financial income is taxed currently with 22%.
Note 15 taxes explain what effect it has on the Group.
2.12 Retirement benefit liabilities
The companies in the group have different retirement benefit schemes. These
are generally financed through payments to insurance companies or pension
funds. As of 31/12/22, the group has a defined contribution schemes for both
the shorebased employees and the seamen. A defined contribution scheme
is a pension scheme in which the company pays a fixed contribution to a
separate legal entity. The company has no legal or other obligation to pay further
contributions if the entity has insufficient funds to pay pension benefits earned in
the current and previous periods. Therefore the Group has no capitalized pension
obligation in the accounts.
See note 16 Pension.
2.13 Principles for recognizing income
Revenue is recognized when it is likely that transactions will generate future
economic benefits that will accrue to the company and the amount can be
reliably measured.
Sales revenues are presented net of VAT and discounts.
Freight revenues are based on contracts with customers. Services are recognized
in line with the completion. The Group’s vessels are mainly hired out on time
charter (TC). The TC contracts contains both a lease component that is regulated
by IFRS 16 and a service component that is regulated by IFRS 15. The service
component shall cover crew costs and other operating costs for the vessel, and
is recognized as income on a straight-line basis over the contract period. Both
the lease component and the service component are recognized toghether as
income in freight income. Lease income for the leasing of vessels are recognized
as operating leases and recognized in the income statement on a straight-line
basis over the ease period. The lease period commences from the time the ship
is made available to the tenant and terminates upon agreed return. For leased
vessels which are leased out to customers, the rental component is capitalized
in accordance with IFRS 16. In case of off-hire periods as a result of a docking or
other unforeseen events, the shipowner bears the risk beyond any accumulated
earned maintenance days where this is stipulated in the contract. The Group has
entered off-hire insurance to cover major operational interruptions such damage
or other unforeseen maintenance requirements.
Interest income is recognized as it accrues.
Gains from the sale of assets are recognized when delivery has occurred and the
significant risks and rewards are transferred.
Dividend income is recognized when the shareholders’ right to receive payment
is established by the General Assembly.
GROUP NOTES / NOTER KONSERN
47
2.14 Government grants
Contributions relating to net wage and rebate arrangements for seamen are
recognised as a cost reduction in the same year as the corresponding payroll
cost.
See note 19 crewing and payroll expenses and note 27 government grants.
2.15 Stock and inventory
Stocks are recognized at the lower of cost and net realizable value.
Inventories consist of bunkers, luboil and urea.
See note 26 stocks and inventory.
2.16 Segments
The operating segments are based on the reporting that the management uses
when considering the vessels activity at an operational level. Each vessel is
considered separately, but vessels that perform the same type of services are
shown as one segment.
See note 5 segment information.
2.17 Events after the balance sheet date
New information after the balance sheet date regarding the company’s financial
position on the balance sheet date has been taken into consideration in the
consolidated financial statements. Events after the balance sheet date that will
have no influence on the company’s financial position on the balance sheet date,
but which is expected to have influence on the company’s future financial position
is disclosed if deemed material. See note 28 events after the balance sheet date.
2.18 IFRS 16 Leases
The Group has the following lease contracts which are affected by this standard:
• The vessel Havila Troll
• Rental agreements for office facilities
• Leasing of company cars
Lease payments to be made under reasonably certain extension options are also
included in the measurement of the liability. The lease payments are discounted
using the interest rate implicit in the lease. If that rate cannot be readily determined,
which is generally the case for leases in the group, the lessee’s incremental bor-
rowing rate is used, being the rate that the individual lessee would have to pay
to borrow the funds necessary to obtain an asset of similar value to the right-
of-use asset in a similar economic environment with similar terms, security and
conditions.
For Havila Troll, an interest rate of 7, 5% is used. This is calculated based on the
interest rate estimated in the leasing agreement with the external customer. The
required rate of return and the interest rate on the financial receivable are as-
sessed equal to the interest rate for the lease liability, as the rental component of
the sublease agreement is approximately equal to the rent in the lease agreement.
An interest rate of 4.5% has been calculated for other leases.
The Group is exposed to a future increase in variable lease payments based on
consumer price index or exchange rates, which are not included in the lease
agreement before they take effect. When the adjustments to lease payments
based on the consumer price index or interest rate take effect, the lease liability is
reassessed and adjusted against the assets right of use.
Rental payments are distributed between principal and finance costs.
The financing cost is charged to the profit over the lease contracts in a timeframe
GROUP NOTES / NOTER KONSERN
48
to provide a constant periodic interest rate on the remaining balance of the liabil-
ity for the remaining period.
Right-of-use assets are measured at a cost price consisting of the following:
• the amount of the original measurement of the lease liability
• any lease payments made at or before the start date with deductions for dis-
counts and similar
• any original direct costs
• costs related to reconstruction.
Right-of-use assets are generally depreciated on a straight-line basis over the
shortest period of the asset’s useful life and lease period. If the Group is reason-
ably confident of exercising a call option, the right-of-use asset is depreciated
over the underlying asset’s useful life.
Payments related to short-term lease obligations of equipment and all leases with
low-value assets are recognized on a straight-line basis as an expense in the
income statement. Short-term leases are leases with a lease term of 12 months
or less. Low value assets consist of computer equipment and rental of storage
rooms for temporary storage of equipment as well as rental of archive space.
See note 21 Leases where the accounting effects are presented.
GROUP NOTES / NOTER KONSERN
49
FINANCIAL RISK MANAGEMENT
The group’s activities are exposed to various types of financial risk:
Market risk
Credit risk
Liquidity risk
The group’s Executive Risk Management Plan focuses on the unpredictability
of the capital markets and attempts to minimise potential negative effects on
the group’s financial results over time. The group uses financial derivatives to
hedge against the risks mentioned above. Forward dealings such as contracts
are used to ensure exchange rates for future incomes in foreign currencies. This
assurance is then based on the company’s expectation that hedging transactions
will have a positive effect on the company’s earnings over time. The group also
uses financing in currencies other than NOK for the same reason.
The Group does not use hedge accounting as an accounting principle.
Risk management activities for the group are conducted by the Finance Director
and Managing Director in consultation with the Chairman of the Board within
the limits set by the Board of Directors. Financial risk is continuously evaluated
according to the types of activity the company’s vessels are involved in and the
currency and credit markets current conditions. The group financial position
reduces credit limits available for hedging transactions. This implies increased
risk associated with changes in value than normal for the business.
Fair value
The fair value of financial instruments that are traded in active markets (such as
securities that are available for sale or held for trading purposes) is based on the
market rate on balance sheet date.
All commitments related to interest and currency derivatives are measured at fair
value using market prices at the balance sheet date.
IFRS 13 requires the presentation of fair value measurement per level of the
following section;
* Quoted prices (unadjusted) in active markets for identical assets or liabilities
(level 1).
* Inputs other than quoted prices included within that are observable for the asset
or liability, either directly (that is, as prices) or indirectly (that is, derived from
prices) (level 2).
* Inputs for the asset or liability that are not based on observable market data
(that is, unobservable inputs) (level 3).
The fair value of financial instruments that are not traded in an active market
(for example, over-the-counter derivatives) is determined by using valuation
techniques. These valuation techniques maximize the use of observable market
data where it is available and rely as little as possible on entity specific estimates.
If all significant inputs required to fair value an instrument are observable, the
instrument is included in level 2. The group is based on information from the bank
for valuation of derivatives.
If one or more of the significant inputs is not based on observable market data,
the instrument is included in level 3.
GROUP NOTES / NOTER KONSERN
50
2022
The following table contains the fair value per 31/12/22 Følgende tabell inneholder informasjon om virkelig verdi
Liabilities Forpliktelser
Loans - interest bearing debt * Lån - rentebærende gjeld * 0 0 1 578 664 1 578 664
Loans - non-interest-bearing debt * Lån ikke rentebærende gjeld * 0 0 99 063 99 063
Convertable shareholder loan Konvertibelt aksjonærlån 0 0 133 197 133 197
Current liabilities of long term debt Kortsiktig del av langsiktig gjeld 0 0 7 022 7 022
Total liabilities Sum forpliktelser 0 0 1 817 945 1 817 945
Specific valuation techniques used to value financial instruments include:
* Quoted market prices vs dealer quotes for similar instruments.
* The fair value of interest rate swaps is calculated as the present value of the
estimated future cash flows based on observable yield curves.
* The fair value of forward foreign exchange contracts is determined using
forward exchange rates at the balance sheet date, with the resulting value
discounted back to present value.
* Other techniques, such as discounted cash flow analysis, are used to
determine fair value for the remaining financial instruments, as estimated
credit and interest rates and discount rates.
* Fair value of bond loans is calculated based on the last known transaction
value before the balance sheet date.
For the Group’s assets and liabilities measured at amortized cost, fair value is
considered to correspond to book value.
* The Group has two outstanding bond loans, HAVI04 and HAVI07. Both the bond
loans and the bank debt are secured by a mortgage of vessels. In connection with
the financial restructuring that was executed on 30.06.20, all debt was divided into
an interest-bearing tranche and a non-interest-bearing tranche. The fair value of
long-term debt is calculated by determining the net present value of estimated
cash flow during the restructuring period for the interest bearing and the non-
interest bearing part of the debt. The calculated effect has reduced the value of
the debt in the balance sheet and booked as financial income in the profit and
loss account.
Total book value per 31/12/2022 was for the bond loans NOK 224 million and for
the bank debt NOK 1,364 million.
GROUP NOTES / NOTER KONSERN
2021
The following table contains the fair value per 31/12/21 Følgende tabell inneholder informasjon om virkelig verdi
Liabilities Forpliktelser
Loans - interest bearing debt * Lån - rentebærende gjeld * 0 0 1 481 381 1 481 381
Loans - non-interest-bearing debt * Lån ikke rentebærende gjeld * 0 0 90 025 90 025
Convertable shareholder loan Konvertibelt aksjonærlån 0 0 133 197 133 197
Current liabilities of long term debt Kortsiktig del av langsiktig gjeld 0 0 13 191 13 191
Total liabilities Sum forpliktelser 0 0 1 717 794 1 717 794
51
2021
* The Group has two outstanding bond loans, HAVI04 and HAVI07. Both the bond
loans and the bank debt are secured by a mortgage of vessels. In connection with
the financial restructuring that was executed on 30.06.20, all debt was divided into
an interest-bearing tranche and a non-interest-bearing tranche. The fair value of
long-term debt is calculated by determining the net present value of estimated
cash flow during the restructuring period for the interest bearing and the non-
interest bearing part of the debt. The calculated effect has reduced the value of
the debt in the balance sheet and booked as financial income in the profit and
loss account.
Total book value per 31/12/2021 was for the bond loans NOK 242 million and for
the bank debt NOK 1,250 million.
See note 3 Loans for information about the financial restructuring.
Financial instruments that are not valued at fair value:
Accounts receivable, other receivables, loans and trade payables. The carrying
value of accounts receivable and accounts payable approximates fair value,
because they are subject to ”normal” conditions and have no time to maturity.
Loans and other receivables are believed to have fair values approximate carrying
value.
3.1 Market risk
The company’s operations involve a financial risk related to changes in freight
rates, exchange rates and interest rates.
The offshore market in which the Group operates has experienced a reduction
of the activity level which has had a major negative impact on earnings in the
Group. The market for offshore vessels is characterized by an offer far exceeding
demand. As a consequence of low fleet utilization and prices achieved, many
ships have generated revenues lower than operating costs. The group expects
the value of the vessels to be lowered by further decline in the market: in this
case, it will have a negative effect on the Group’s business, financial position,
operating profit and cash flow. It is experienced as the activity is increasing in the
markets the company’s ships operate.
The group has vessels in the spot market that are exposed to rate fluctuations.
As of 31/12/2022 there were 3 vessels in the spot market. It is expected that the
number of vessels operating in the spot market in the North Sea will vary over
time. As of 31/12/22, the Group had no vessels in lay-up.
GROUP NOTES / NOTER KONSERN
52
Foreign exchange
The group’s vessels operate in an international market and are exposed to
foreign exchange rate risk in relation to the American dollar (USD), British pound
(GBP) and the EURO. The company uses the Norwegian kroner as its operating
currency. Currency exchange rates may have a material impact on the group`s
financial performance. Currency risk arises when future income or balance sheet
assets or liabilities are denominated in a currency that is not the entity’s functional
currency. A significant part of future earnings from fixed contracts for company
vessels are in USD, GBP and EUR.
Changes in the value of the Norwegian kroner compared with the other currencies
create changes in balance sheet values and the company’s future earnings. The
company uses forward exchange transactions that fix the exchange rate between
contract currency and the Norwegian kroner to stabilise future cash flows. In
the current situation, the group has limited opportunity to reduce currency risk
through hedging transactions.
The Group has not applied the rules on hedge accounting and therefore the
contracts are recognized at fair value based on exchange rates at the Balance
Sheet date.
Changes in exchange rates imply value changes that affect the company’s results.
The group has investments in foreign subsidiaries where net assets are exposed
to foreign exchange risk upon conversion. This area is regarded as being
insignificant in light of the company’s overall activity.
The following summary shows the result sensivity given 10% variations in
exchange rates on balance sheet figures in 2022:
The following summary shows the result sensivity given 10% variations in
exchange rates on balance sheet figures in 2021:
In equity sensitivity, tax has not been estimated, as it considered unimportant
since ship owning companies are taxed under the Norwegian tonnage tax regime.
See note 10 Accounts receivables and other receivables and note 13 Loans.
Balance sheet items Balanseposter USD GBP EUR
Bank deposit Bankinnskudd 7 359 1 241 1 173
Receivables Fordringer 2 615 736 963
Trade payables Leverandørgjeld -1 005 -244 -362
Long-term loans Langsiktige lån -72 188 0 0
Total Sum -63 219 1 733 1 775
Exchange rates vs. NOK at balance sheet date Valutakurser vs. NOK på balansedato 9,86 11,85 10,51
Result sensivity - NOK Resultatsensivitet - NOK
Rate fluctuation +/- 10% Kursendring +/- 10% -62 317 2 054 1 866
GROUP NOTES / NOTER
Balance sheet items Balanseposter USD GBP EUR
Bank deposit Bankinnskudd 253 1 882 1 170
Receivables Fordringer 2 1 091 1 013
Trade payables Leverandørgjeld -975 -170 -51
Long-term loans Langsiktige lån -74 033 0 0
Total Sum -74 753 2 802 2 131
Exchange rates vs. NOK at balance sheet date Valutakurser vs. NOK på balansedato 8,82 11,89 9,99
Result sensivity - NOK Resultatsensivitet - NOK
Rate fluctuation +/- 10% Kursendring +/- 10% -65 928 3 331 2 129
53
GROUP NOTES / NOTER KONSERN
Floating and fixed interest rate risk
The group’s interest rate risk is linked to interest-bearing loans that mainly consist
of long-term financing from banks and from the bond market, as well as interest-
bearing bank deposits. See note 13 Loans.
The group’s interest-bearing debts have mainly been agreed at floating interests
that normally imply interest be established with 1, 3 or 6 month terms. Long-term
debts are tied to NIBOR interest rates (Norwegian Interbank Offering Rate) for
the Norwegian kroner and to LIBOR (London Interbank Offering Rate) for the
American dollar. The company’s interest costs consist of the current reference
interest for the period in question, with a supplement of the actual margin for
each loan.
LIBOR is wound up and replaced by new virtually risk-free benchmark interest
rates. USD LIBOR interest rates for 3 months, which are relevant for the group, are
set for the last time on 30.06.2023. Thereafter, the group must switch to using the
reference interest rate SOFR. The reference interest rates are determined based
on the average interest rate financial institutions pay to borrow overnight, and the
interest rate will only be known at the end of the interest period.
The group has a loan agreement with a USD LIBOR interest rate, and the USD
LIBOR interest rate will then be replaced by the risk-free reference interest rate
SOFR plus a credit adjustment factor designed to cover the risk premium in the
current USD LIBOR interest rate. This loan agreement will be updated by June
2023.
The group’s interest costs for each individual loan will then increase in line with
money market rates, and similarly sink with a fall in the money market rate. It will
normally take an average of about 3 months before changes to money market
rates show their full effect on the company’s interest costs.
See note 2.8.4 Loan and note 13 Loans.
The management continuously evaluates interest rate developments and the
influence these have on company results. Financing for vessels with fixed earnings
over a 5 year period are evaluated separately. Short-term interest rate hedging in
periods less than 12 months is carried out by management. Interest rate hedging
longer than this is undertaken in consultation with the Chairman of the Board,
based on current guidelines provided and continuously updated by the Board. The
Group does not use hedge accounting. If the company wishes to bind interest for
a longer period, the floating interest rate is held for the underlying loan and an
interest rate swap agreement is used. By this mean the company receives a floating
interest loan interest and pays a fixed interest rate to the bank as counterparty to
the interest rate swap agreement.
3.2 Credit risk
Credit risk arises from the Group has assets with a risk for lack of repayment.
Credit risk is tied to transactions in derivatives, deposits in banks and financial
institutions, as well as claims on clients and advances to suppliers.
Risks related to trade debtors/accounts receivable have historically been
low, based on our company’s experience. The risk has increased as a result of
challenge in the markets the Group is operating in, and a provision for losses
on receivables has been made. Credit risk is managed at the corporate level, the
group has guidelines to monitor and recover accounts receivable. See note 10
account receivables and other receivables.
54
GROUP NOTES / NOTER KONSERN
Liquidity risk Likviditetsrisiko < 3 months 3 months - 1 year 2024 2025 2026 Total
Nominal installment loan (1) Nominelle avdrag lån (1) 6 493 0 0 1 423 735 0 1 430 228
Loan interest (2) Lån rente (2) 14 546 0 0 0 14 546
Trade payable Leverandørgjeld 57 216 1 170 0 58 386
Tax payable Betalbar skatt 1 474 1 531 0 3 006
Other current liabilities Annen kortsiktig gjeld 114 287 35 343 0 149 631
Total Sum 203 850 38 044 0 1 423 735 0 1 665 629
3.3 Liquidity risk
The Group’s liquidity risk is the risk that the company will fulfil its financial
obligations. The Group’s liquidity risk is related to the loss of expected revenue.
Group management is responsible for ongoing monitoring and reporting of the
Group’s liquidity position. The administration has ongoing activities to ensure that
the Group is at all times within the applicable requirements. For information on
the financial restructuring that was carried out on 30 June 2020, see note 13 Loan.
See Note 4.3 Going concern.
The table below specifies the group’s major financial commitments classified
according to the payment structure of existing loans. The amounts in the table
are undiscounted cash flows.
2022:
1) The stated installments within three months follow from the earnings for the
individual vessel in the fourth quarter of 2022. The installments are paid quarterly
in arrears and constitute 90% of any positive cash flow for the individual vessel
in the previous quarter after operating costs, provisions for maintenance and
interest have been deducted. At the end of the agreement period as of 31.12.24,
the outstanding interest-bearing tranche falls due with NOK 1,423,735.
2) Interest is paid for vessels that have a positive cash flow after operating costs
and provisions for maintenance have been covered. Interest payable can therefore
not be calculated, but assuming unchanged earnings, the interest payment each
quarter will be on a par with the amount stated for the first three months.
Liquidity risk Likviditetsrisiko < 3 months 3 months - 1 year 2023 2024 2025 Total
Nominal installment loan (1) Nominelle avdrag lån (1) 10 683 0 0 1 752 822 0 1 763 505
Loan interest (2) Lån rente (2) 12 776 0 0 0 12 776
Trade payable Leverandørgjeld 45 798 3 534 0 49 332
Tax payable Betalbar skatt 1 826 1 900 0 3 726
Other current liabilities Annen kortsiktig gjeld 38 993 30 036 0 69 029
Total Sum 110 076 35 470 0 1 752 822 0 1 898 368
55
GROUP NOTES / NOTER KONSERN
2021:
1) The stated installments within three months follow from the earnings for the
individual vessel in the fourth quarter of 2021. The installments are paid quarterly
in arrears and constitute 90% of any positive cash flow for the individual vessel
in the previous quarter after operating costs, provisions for maintenance and
interest have been deducted. At the end of the agreement period as of 31.12.24,
the outstanding interest-bearing tranche falls due with NOK 1,752,822.
2) Interest is paid for vessels that have a positive cash flow after operating costs
and provisions for maintenance have been covered. Interest payable can therefore
not be calculated, but assuming unchanged earnings, the interest payment each
quarter will be on a par with the amount stated for the first three months.
See note 2.8.4 Borrowings and note 13 Loans.
3.4 Capital management
The group’s aim in terms of capital management is to ensure continued going
concern in order to guarantee dividends for owners, as well as fulfilling its
obligations to banks, employees and other interested parties.
The restructuring agreements contains clauses for free liquidity of the Group
which should at any time amount to minimum NOK 50 million. The group had
per 31/12/22 free liquidity of NOK 77 million. Based on the mechanism of the
restructuring agreements, the Group’s estimated liquidity development indicates
that this assumption will not be breached in the next 12-month period.
See Note 4.3 Going concern.
56
SIGNIFICANT ACCOUNTING ESTIMATES
4.1 Use of estimates when preparing the financial statements
The management has made judgements, estimates and assumptions that affect
the application of accounting principles and reported amounts for assets and
liabilities, revenue and expenses and information about potential obligations.
Future events can result in the estimates changing. Estimates and the underlying
assumptions are assessed continuously. Changes in accounting estimates are
recognised in the period the changes take place. If the changes also apply to
future periods the effect is distributed over current and future periods.
4.2 Controll assessment
Havila Shipping ASA entered into a new agreement on debt refinancing in June
2020.
The main elements of the new financial restructuring are described in note 13.
Havila Shipping ASA directly or indirectly owns 100% of the following ship-
owning companies:
• Havila Ships AS
• Havila Subcon AS
• Havila Venus AS
• Havila Jupiter AS
• Havila Phoenix AS
• Havila Harmony AS
where Havila Ships AS owns several vessels, while the other companies own only
one vessel. All these 6 companies had negative equity at the end of 2022.
The company carries out the following relevant activities that are relevant to the
control assessment:
• negotiations of the conclusion of charter contracts
• operation of vessels (manning, maintenance, operating procedures,
purchasing etc)
• investment decisions related to government requirements, class
requirements and contract adjustments
• decisions to take vessels in / out of lay-up
• employement and agreements with key personnel
Of these relevant activities, entering into contracts and operations are considered
to be the activities that have the largest impact on earnings. The lender has the
right to approve contracts of more than 3 months, which is considered a protective
right for the lender. It is the company that in practice has the opportunity to
enter into contracts, and which actually makes decisions related to entering into
contracts. The sale of vessels must be approved by the relevant lenders and
must be on market terms. The sale of vessels will in a normal market situation be
a relevant activity. As the secondary market for the sale of used offshore vessels is
currently limited, this is considered to be a less relevant activity. Operating results
affect cash flow that is available to service debt and to build up a liquidity reserve.
The build-up of liquidity reserves and additional instalment payments on interest-
bearing tranches (tranche A) will benefit shareholders and not lenders. After
operating expenses and interest on tranche A have been paid, the company will
withhold 10% of the cash flow. which directly benefits Havila Shipping, and not
the lenders. In 2022, there were 10 vessels that in one or more periods contributed
with positive cash flow. It is likely that more vessels will generate sufficient income
for additional repayment of tranche A. By ensuring good contracts and efficient
operations, Havila Shipping will be able to influence the value of its investment in
the ship-owning companies, and thereby its return. It is the company’s opinion
that Havila Shipping also has control over the operating activities after the
implementation of the financial restructuring agreement on 30 June 2020, and
that it is the operating activities that have the largest impact on the earnings in
the ship-owning companies.
VIKTIGE REGNSKAPSESTIMATER
GROUP NOTES / NOTER KONSERN
57
GROUP NOTES / NOTER KONSERN
4.3 Valuation of receivables
The company’s total receivables, which include trade receivables, contract assets
and lease receivables, are assessed according to a simplified method for credit
losses.
The company measures expected credit losses based on a probability-weighted
amount that is determined by assessing various outcomes. The company collects
information about customers that is available without unreasonable costs or effort
at the time of reporting.
The company has a limited number of customers, and individual assessments
have been made of the individual receivables. No provision is made for expected
losses that are considered insignificant. The assessment of expected losses is
made based on conditions that existed at the balance sheet date.
See note 10 Accounts Receivables and other receivables.
4.4 Valuation of debt
The valuation of the debt is based on each of the tranches for the individual
vessel with the values set as of 2 Januar 2020 that follow from the company’s
restructuring agreement. When implementing the agreement on 30. June 2020,
the debt was valued based on income estimates on which the restructuring
agreement with the lenders was based. Estimated cash flow in the fixed agreement
period until 31.12.24 is discounted with an interest rate that reflects credit risk.
Discretionary adjustments are made as a result of changes in the derivative value.
The derivative value is not modeled directly, but looks at both ship values and
share price when the overall instrument is valued. The lenders’ right to convert
tranche B into shares at the end of the agreement period was originally valued
at NOK 90 million.In subsequent measurements, the same income estimates
for the remaining agreement period have been used in the valuation of the debt
that have been used as a basis for calculating the recoverable amount in the
impairment assessment of the vessels.
4.5 Impairment charge of tangible fixed assets – the recoverable amount
Main financial estimates are uncertain when it comes to the valuation and period
of use for the Group’s vessels. It is improvement in the market for the Group’s
vessels in all segments. In periods, there is still overcapacity which pushes
income down. Based on the market development throughout the year and future
expectations, a reversal of previous write-downs has been made for seven out of
eleven ships.
5 vessels have been sold throughout the year, of which 2 are supply vessels (PSV)
and 3 are anchor handling vessels (AHTS). One subsea vessel has been sold and
delivered to a new owner in January 2023.
Estimated value in use for the company’s fleet is NOK 1,167 million. Reversal of
impairment amounts to NOK 226 million, which is also related to assets held for
sale. The book value of the ship is NOK 1,140 million after the reversal has been
completed.
The reversal is considered justifiable based on the market development, which
is more positive than previously. The reversal is also considered justifiable when
the book value is compared with the broker’s estimate for the fleet of NOK 2,249
million per year. 31.12.2022 where vessels held for sale are not included.
58
GROUP NOTES / NOTER KONSERN
The Group owns 10 vessels that are included in the calculation of the recoverable
amount. Of these, 6 are platform supply vessels (PSV), 2 anchor handling vessels
(AHTS) and 2 subsea (Subsea) vessels.
Each vessel is defined as a cash-generating unit and is thus tested separately
for possible impairment. Value in use per vessel is estimated using a cash flow
model where a return requirement after tax of 10.67% (increased by 1.37% from
2021) is used based on a weighted average cost of capital (WACC) methodology.
Expected sales value at the end of the usable economic life (see note 2.71) is
estimated at the present value of the cash flow that the ships are expected to
generate until they reach the age of 30, which corresponds to the economic life
of the ships.
The cash flow in this period represents management’s estimates of a market
player’s expectations for this period. Expected sales value in the write-down
model reflects expected price development for ships in the remaining useful life.
The expected sales value in the write-down model therefore deviates from the
residual value in the depreciation model which excludes future price changes.
For vessels with a fixed contract, daily rates are assumed in accordance with the
contract in the fixed period, and thereafter the level of daily rates and utilization
in accordance with the expected market level are assumed. In the calculation,
operating costs for 2022 have been used adjusted for known changes for the
remaining life. After 2027, a 1.5% annual increase in daily rates, a 2% annual
increase in crew costs and 1% for other operating costs and estimated periodic
maintenance are assumed.
Average cash flow is calculated based on two scenarios. Scenario 1 is based on
the assumptions mentioned above weighted with an 70% probability of occurring.
Scenario 2 is based on 25% lower daily rates throughout the period the vessels
are weighted without a fixed contract with a 30% probability of occurring. In total,
the write-down of vessel values amounts to NOK 226 million.
The book value of the vessels amounts to NOK 1,140 million at the end of the year.
* Recoverable amount for vessels with impairment charges/reversal of
impairment charges.
Estimated value in use is particularly sensitive in relation to changes in exchange
rates, required rates of return, day rates and utilization. If NOK strengthened by 50
øre against the US dollar, British pound and euro, it would lead to a fall in the value
in use of NOK 87 million related to six vessels. An increase in the required rate of
return after tax by 0.5 percentage points would have resulted in a reduced value
in use of NOK 42 million, related to 10 of the Group’s vessels. A reduction in the
economic life of the vessels from 30 years to 25 years would result in a decrease
in value in use of NOK 213 million and a write-down for 7 vessels.
In total, a strengthening of Norwegian kroner by 50 øre against USD, GBP and
EUR, increased return requirements by 0.5 percentage points and a 5-year short-
er lifespan would lead to a decrease in the value of the fleet of NOK 301 million
and an impairment charge for all vessels in operation.
59
4.6 Going concern
Restructuring of the group’s debt was carried out on 30 June 2020, where the
group received liquidity of NOK 100 million through a convertible liquidity loan
from Havila Holding AS. The agreement with the lenders clarifies the group’s ob-
ligations to the lenders for the period until 2024.
The total nominal value of the debt amounted to NOK 3.4 billion at the end of
2022, of which NOK 1.8 billion was interest-bearing and NOK 1.6 billion will not
be interest-bearing. Interest-bearing debt is reduced by approximately NOK 192
million per year, regardless of debt service. Interest and installment payments for
the individual vessel are based on the vessel’s earnings. For vessels that cannot
service the debt, non-payment of interest and installments every quarter is trans-
ferred to non-interest-bearing.
The group’s equity per 31/12/2022 was negative with NOK 94 million.
One vessel is per 31/12/22 classified as assets held for sale. After the maximum
reversal of historical impairment charges, the book amount is lower than the
sales value. The debt is recognized at fair value, which is approximately equal
to the sales value. As a result of the debt associated with this vessel being
valued at fair value as of 31/12/22, while the book value of the vessel is limited
to the original depreciation plan, the group will have negative equity at the end
of 2022. The group’s equity became positive again when a significant gain on
sale of assets is booked upon delivery of the vessel in January 2023.
In the restructuring agreements, there are provisions that the group’s free cash
balance must at all times amount to a minimum of NOK 50 million. The group had
per 31/12/2022 free liquidity of NOK 77 million. Based on the mechanism in the
restructuring agreements, the group’s estimated liquidity development indicates
that this assumption will not be breached in the coming 12-month period.
There is an improvement in the market for the company’s vessels in all segments.
Based on the above, the board has concluded that the prerequisites for continued
operations are present.
See note 28 Events after the balance sheet date.
GROUP NOTES / NOTER KONSERN
60
61
5 Segment information
The operating segments are based on the reporting used by the management**
(see note 25 Related Parties) for follow-up the vessels operations. Each vessel
is considered separately, but vessels that perform the same type of services are
shown as one segment.
The types of vessels are reported in accordance with:
a) AHTS - Anchor Handling Tug Service
b) PSV - Platform Supply Vessel
c) RRV - Rescue Recovery Vessel
d) Subsea operations vessels
e) Non-allocated (including management costs):
Foreign exchange gain / loss is comprised of unrealized foreign exchange gains
on forward foreign exchange contracts and accounts receivable.
Other operating expenses consist primarily of management expenses, fees to
accountants / lawyers / consultants which are not allocated to segment.
Financial income consist primarily of foreign exchange gain on bank deposits and
debt, and redemption of dept to discount.
Financial expenses comprise interest expenses / fees associated with the bond of
the parent, and foreign exchange loss on bank deposits and debt.
** The management includes the Managing Director and the Finance Director.
2022 2022 AHTS PSV RRV SUBSEA Non allocated /
Profit per operating segment: Resultat pr. driftssegment:
Operating income Driftsinntekter
Freight income Fraktinntekter 185 475 230 538 30 431 212 049 0 658 494
Net foreign currency gain/loss Netto valutagevinst/tap -2 224 1 356 0 366 -110 -611
Gain on sale of fixed assets Gevinst ved salg av anleggsmidler
Other operating income Andre driftsinntekter 721 175 4 209 14 334 11 326 30 765
Total operating income * Sum driftsinntekter * 263 036 288 805 34 640 226 749 11 216 824 446
Operating expenses Driftskostnader
Crewing expenses Mannskapskostnader -55 291 -129 413 -22 430 -68 134 0 -275 268
Vessel expenses Driftskostnader fartøy -23 274 -31 475 -6 925 -29 455 0 -91 129
Hire expenses Leiekostnader -14 036 -32 0 -26 0 -14 094
Other operating expenses Andre driftskostnader -5 692 -17 545 -2 854 -14 390 -6 077 -46 558
Provisions for loss on receivables Avsetning for tap på fordring 0 0 0 0 0 0
Total operating expenses Sum driftskostnader -98 293 -178 464 -32 209 -112 005 -6 077 -427 049
Operating profit before depreciation Driftsresultat før avskrivning 164 743 110 340 2 432 114 744 5 139 397 398
Depreciation Avskrivninger -36 396 -67 724 -3 720 -74 058 -1 829 -183 727
Reversal of impairment charge fixed assets Reversering av nedskrivning varige driftsmidler 20 000 64 000 0 142 000 0 226 000
Operating result Driftsresultat 148 347 106 617 -1 288 182 686 3 310 439 671
Financial items Finansposter
Value adjustment of debt Verdijustering lån -135 514 -23 967 0 -297 004 0 -456 484
Financial income Finansinntekter 0 0 0 0 75 303 75 303
Financial expenses Finanskostnader 56 -30 909 -6 871 -78 332 -47 882 -163 938
Net financial items Netto finansposter -135 458 -54 876 -6 871 -375 335 27 421 -545 120
Result from joint venture companies Andel resultat felleskontrollert selskap 0 -6 305 0 0 0 -6 305
Profit before tax Resultat før skatt 12 889 45 435 -8 159 -192 650 30 731 -111 754
GROUP NOTES / NOTER KONSERN
62
GROUP NOTES / NOTER KONSERN
See note 2.7 Tangible fixed assets and note 4.2 Impair ment charge of tangible fixed assets – the
recoverable amount
2021 2021 AHTS PSV RRV SUBSEA Non allocated /
Profit per operating segment: Resultat pr. driftssegment:
Operating income Driftsinntekter
Freight income Fraktinntekter 107 015 239 716 29 610 139 092 0 515 433
Net foreign currency gain/loss Netto valutagevinst/tap -678 -431 0 -292 373 -1 027
Other operating income Andre driftsinntekter 2 023 83 5 720 10 405 12 858 31 089
Total operating income * Sum driftsinntekter * 108 361 239 369 35 330 149 205 13 231 545 495
Operating expenses Driftskostnader
Crewing expenses Mannskapskostnader -53 313 -120 204 -21 770 -61 473 0 -256 760
Vessel expenses Driftskostnader fartøy -20 364 -40 452 -5 437 -25 471 0 -91 724
Hire expenses Leiekostnader -8 812 -40 -3 -65 0 -8 919
Other operating expenses Andre driftskostnader -7 564 -21 008 -2 954 -13 681 -7 215 -52 421
Loss on receivables Tap på fordring 0 13 906 0 10 548 0 24 454
Total operating expenses Sum driftskostnader -90 052 -167 798 -30 163 -90 142 -7 215 -385 369
Operating profit before depreciation Driftsresultat før avskrivning 18 309 71 571 5 167 59 064 6 016 160 127
Depreciation * Avskrivninger * -54 045 -78 240 -2 425 -66 748 -2 157 -203 615
Impairment charge of fixed assets Nedskrivning av varige driftsmidler 1 000 -677 0 235 000 0 235 323
Operating result Driftsresultat -34 736 -7 347 2 742 227 316 3 859 191 834
Financial items Finansposter
Value adjustment of debt Verdijustering lån 39 936 -28 610 0 -113 410 0 -102 083
Financial income Finansinntekter 184 12 0 435 11 594 12 225
Financial expenses Finanskostnader 233 -63 -5 252 -602 -29 195 -34 880
Net financial items Netto finansposter 40 353 -28 661 -5 252 -113 577 -17 601 -124 739
Result from joint venture companies Andel resultat felleskontrollert selskap 0 -1 285 0 0 0 -1 285
Profit before tax Resultat før skatt 5 617 -37 292 -2 511 113 739 -13 742 65 811
* split of operating income 2021: * splitt av driftsinntekter 2021:
Service element from TC contracts Serviceelement fra TC kontrakter 47 385 156 841 29 610 65 749 373 299 959
Management fee Disponenthonorar 0 0 0 0 11 993 11 993
Income from meals & passengers onboard Inntekter fra måltid og passasjerer om bord 1 989 24 1 10 237 70 12 321
Interest income from sublease receivables Renteinntekt fra framleieordning 0 0 5 719 0 0 5 719
Other income Andre inntekter 34 59 0 169 794 1 056
Total Sum 49 409 156 924 35 330 76 155 13 231 331 048
Leasing element from TC contracts Leasingelement fra TC kontrakter 58 952 82 444 0 73 051 0 214 447
Total operating income Sum driftsinntekter 108 361 239 369 35 330 149 205 13 231 545 495
* split of operating income 2022: * splitt av driftsinntekter 2022:
Service element from TC contracts Serviceelement fra TC kontrakter 55 707 177 704 30 431 107 604 -113 371 333
Management fee Disponenthonorar 0 0 0 0 11 158 11 158
Income from meals & passengers onboard Inntekter fra måltid og passasjerer om bord 671 139 0 12 389 0 13 199
Interest income from sublease receivables Renteinntekt fra framleieordning 0 0 4 209 0 0 4 209
Other income Andre inntekter 50 33 0 1 945 172 2 199
Total Sum 56 428 177 876 34 640 121 938 11 216 402 098
Leasing element from TC contracts Leasingelement fra TC kontrakter 127 545 54 194 0 104 811 0 286 550
Gain on sale of fixed assets Gevinst ved salg av anleggsmidler 79 063 56 735 0 0 0 135 799
Total operating income Sum driftsinntekter 263 036 288 805 34 640 226 749 11 216 824 446
63
Segment assets and liabilities at 31 December 2022 and capital expenditure for the
year:
2022 2022 AHTS PSV RRV Subsea Non-allocated
Operating segment: Driftssegment:
Segment assets Segment eiendeler 322 260 487 780 4 590 772 452 11 413 1 598 496
Assets in Joint Venture companies Eiendeler i felleskontrollerte selskap 0 26 530 0 0 0 26 530
Joint assets Felles eiendeler 88 963 86 326 61 665 127 750 13 670 378 374
Total assets Sum eiendeler 411 223 600 636 66 255 900 203 25 083 2 003 400
Segment liabilities Segment gjeld 281 909 436 704 0 959 113 0 1 677 726
Liabilities in Joint Venture companies Gjeld i felleskontrollerte selskap 0 0 0 0 0 0
Joint liabilities Felles gjeld 0 0 46 139 0 373 030 419 170
Total liabilities Sum gjeld 281 909 436 704 46 139 959 113 373 030 2 096 896
Investment in tangible fixed assets
in 2022
Total investment costs Sum investeringsutgifter 22 466 29 554 0 9 000 0 61 020
2021 2021 AHTS PSV RRV Subsea Non-allocated
Operating segment: Driftssegment:
Segment assets Segment eiendeler 399 190 479 650 8 310 695 510 15 480 1 598 140
Assets in Joint Venture companies Eiendeler i felleskontrollerte selskap 0 32 835 0 0 0 32 835
Joint assets Felles eiendeler 70 140 83 984 82 182 66 756 21 790 324 852
Total assets Sum eiendeler 469 330 596 468 90 492 762 266 37 270 1 955 827
Segment liabilities Segment gjeld 382 424 529 337 0 659 644 0 1 571 405
Liabilities in Joint Venture companies Gjeld i felleskontrollerte selskap 0 0 0 0 0 0
Joint liabilities Felles gjeld 0 0 67 776 0 297 429 365 205
Total liabilities Sum gjeld 382 424 529 337 67 776 659 644 297 429 1 936 610
Investment in tangible fixed assets
in 2021
Total investment costs Sum investeringsutgifter 2 995 21 530 7 285 28 688 0 60 498
Segment assets comprise vessels, balance sheet maintenance and shares in
joint ventures. Joint assets are mainly bank and receivables. Non-allocated
assets include financial assets at fair value over the result, and derivatives held
for trading purposes and aims to reduce the currency risk of the loans and cash
flows.
Segment liabilities consist of obligations that are included in the financing of
segment assets. Non-allocated liabilities include unsecured bond loans and
short-term debt. See note 13 Loans.
Investment costs comprise increases in tangible fixed assets.
See note 6 Tangible fixed assets.
GROUP NOTES / NOTER KONSERN
Segment assets and liabilities at 31 December 2021 and capital expenditure for the year: Segmenteiendeler og -gjeld pr. 31. desember 2021 og investeringsutgifter for året:
64
Operating Income Driftsinntekter 2022 2021
Norway Norge 428 186 290 142
United Kingdom Storbritannia 100 674 132 742
Denmark Danmark 38 581 86 513
Belgium Belgia 6 453 5 955
Netherlands Nederland 129 746 28 543
Iceland Island 1 617 1 600
Tunis Tunisia 21 994 0
Marshall Islands Marshalløyene 79 092 0
USA USA 18 102 0
Total Sum 824 446 545 495
In 2022, NOK 135.8 million of total operating income is gain on sale of fixed assets.
Hereof is NOK 56.7 million related to Netherlands and NOK 79,1 million is related
to Marshall Islands.
The group has income from two customers in 2022 exceeding 10 % of total
income.
In percentages of total income as follows:
1) 25.37 % (NOK 126.7 million) - AHTS/PSV/RRV segments
2) 14.54 % (NOK 119.9 million) - SUBSEA segment
Corresponding figures for 2021 was three customers exceeding 10 % of total
income.
In percentages of total income as follows:
11) 28.40 % (NOK 154.9 million) - AHTS/PSV/RRV segments
2) 24.49 % (NOK 133.6 million) - PSV/AHTS segments
3) 11.38 % (NOK 62.1 million) - SUBSEA segment
4) 11.02 % (NOK 60.1 million) - SUBSEA segment
The Group’s vessels are operating in various jurisdictions depending on where
they receive contracts.
Geographical segments
The parent company and the group’s main offices are registered in Norway.
The company is engaged in the management and operation of offshore service
vessels. The main part of the group’s income stems from customers in Norway, UK,
Netherlands and Denmark. The operating income are distributed geographically
based on the customers location.
GROUP NOTES / NOTER KONSERN
65
6 Tangible fixed assets
Financial year 2022 Regnskapsåret 2022 Land and buildings/
Balance sheet value 01/01/22 Balanseført verdi 01.01.22 1 443 1 582 660 14 037 1 598 140
Additions Tilgang 0 61 020 9 864 70 884
Disposals Avgang 0 -100 700 -12 100 -112 800
Depreciation for the year Avskrivning -170 -181 898 -1 659 -183 727
Reversal of write-down fixed assets Reversering av nedskrivning driftsmidler 0 226 000 0 226 000
Asset held for sale * Eiendeler tilgjengelig for salg * 0 -447 332 -447 332
Balance sheet value 31/12/22 Balanseført verdi 31.12.22 1 273 1 139 750 10 141 1 151 164
As at 31. December 2022 Pr. 31. desember 2022
Purchase cost Anskaffelseskost 3 697 6 190 391 19 955 6 214 043
Accumulated depreciation/writeown Akkumulerte avskrivninger/nedskrivning -2 424 -5 050 641 -9 814 -5 062 879
Balance sheet value 31/12/22 Balanseført verdi 31.12.22 1 273 1 139 750 10 141 1 151 164
Financial year 2021 Regnskapsåret 2021 Land and buildings/
Balance sheet value 01/01/21 Balanseført verdi 01.01.21 1 613 1 548 420 7 186 1 557 218
Additions Tilgang 0 60 498 9 381 69 879
Disposals Avgang 0 -60 123 -542 -60 665
Depreciation for the year Avskrivning -170 -201 458 -1 988 -203 615
Writedown of fixed assets Nedskriving av varige driftsmidler 0 235 323 0 235 323
Balance sheet value 31/12/21 Balanseført verdi 31.12.21 1 443 1 582 660 14 037 1 598 140
As at 31. December 2021 Pr. 31. desember 2021
Purchase cost Anskaffelseskost 3 697 6 677 404 22 191 6 703 292
Accumulated depreciation/writeown Akkumulerte avskrivninger/nedskrivning -2 254 -5 094 743 -8 155 -5 105 152
Balance sheet value 31/12/21 Balanseført verdi 31.12.21 1 443 1 582 660 14 037 1 598 140
Recognised in balance sheet at 01/01 Balanseført pr. 01.01 97 660 115 380
Increase this year Tilgang i år 61 020 60 498
Depreciation Avskrivning -62 598 -78 218
Transferred to Asset held for sale Overført eiendeler tilgjengelig for salg -12 332 0
Recognised in balance sheet at 31/12 Balanseført pr. 31.12 83 750 97 660
* One SUBSEA vessel is agreed to be sold and is delivered to a new owner in
January 2023. This vessel is classified as Assets held for sale in the Balance
Sheet. After the maximum reversal of historical imapirment charges, the
book value is lower than the sales compensation. This will give a significant
accounting gain in the Profit and Loss Account for the 1st quarter of 2023.
The “Vessels” column includes maintenance and other additions
recognised in the balance sheet with the following amounts:
See note 2.7 Tangible fixed assets, note 4.2 Impairment charge of fixed
assets and note 21 Leases.
GROUP NOTES / NOTER KONSERN
66
7 Investments in joint ventures/Subsidiaries
Joint ventures
Balance sheet value at 01/01 Balanseført verdi 01.01 28 835 30 120
Share of result Andel av resultat -6 305 -1 285
Balance sheet value at 31/12 Balanseført verdi 31.12 22 530 28 835
The consolidated accounts include the group’s share of the results from the joint
venture companies accounted according to the equity method.
Havila Charisma IS has NOK as functional currency in their accounts.
Havila Shipping ASA operates one vessel owned by Havila Charisma IS.
Financial information for each entity
GROUP NOTES / NOTER KONSERN
* Liabilities to cover Havila Shipping ASA's 50 % share of the shortfall in JV’s. / * Forpliktelse til å dekke Havila Shipping ASA sin 50% andel av underdekning i FKV.
GROUP NOTES / NOTER KONSERN
67
Subsidiaries
The consolidated accounts include the following subsidiaries and
tier-subsidiaries:
Financial information for each entity Finansiell informasjon for hver enhet
GROUP NOTES / NOTER KONSERN
* Liabilities to cover Havila Shipping ASA's 50 % share of the shortfall in JV’s. / * Forpliktelse til å dekke Havila Shipping ASA sin 50% andel av underdekning i FKV.
GROUP NOTES / NOTER KONSERN
68
8 Financial instruments by category 8 Finansielle instrumenter etter kategori
As at 31.December 2022 Pr. 31. desember 2022 Financial assets at amortised
Assets Eiendeler
Shares Aksjer 0 100 100
Accounts receivables and other receivables Kundefordringer og andre fordringer 154 346 0 154 346
Cash and cash equivalents Kontanter og kontantekvivalenter 147 381 0 147 381
Total Sum 301 727 100 301 827
Long-term loans (Including short term part) Langsiktige lån (inkl. kortsiktig del) 0 1 684 219 1 684 219
Lease liabilities (including short term part) Leieforpliktelser (inkl. kortsiktig del) 0 56 497 56 497
Convertable shareholder loan Konvertibelt aksjonærlån 0 100 000 100 000
Long-term loan from Havila Holding AS Langsiktig lån fra Havila Holding AS 33 197 0 33 197
Trade payables Leverandørgjeld 58 386 0 58 386
Total Sum 91 583 1 840 716 1 932 299
GROUP NOTES / NOTER KONSERN
As at 31.December 2021 Pr. 31. desember 2021 Financial assets at amortised
Assets Eiendeler
Shares Aksjer 0 100 100
Accounts receivables and other receivables Kundefordringer og andre fordringer 121 230 0 121 230
Cash and cash equivalents Kontanter og kontantekvivalenter 100 863 0 100 863
Total Sum 222 093 100 222 193
Long-term loans (Incl. short term part) Langsiktige lån (inkl. kortsiktig del) 0 1 582 088 1 582 088
Lease liabilities (incl. short term part) Leieforpliktelser (inkl. kortsiktig del) 0 82 238 82 238
Convertable shareholder loan Konvertibelt aksjonærlån 0 100 000 100 000
Long-term loan from Havila Holding AS Langsiktig lån fra Havila Holding AS 33 197 0 33 197
Trade payables Leverandørgjeld 49 533 0 49 533
Total Sum 82 730 1 764 327 1 847 057
69
9 Derivatives
Derivatives contracts which fall due within 12 months, are classified as current
assets or liabilities. Forward exchange contracts which fall due later than 12
months from the balance sheet day, are classified as fixed assets or non - current
liabilities.
Forward exchange contracts
At year end of 2022 and 2021, the Group has no outstanding forward exchange
contracts.
The agreements will be linked to fixed contractual income and sale flows on the
company`s vessel and other contractual foreign currency cash flows.
Gains and losses on foreign currency forward contracts are measured at fair value
at the end of the accounting period and value in the profit and loss account.
I
GROUP NOTES / NOTER KONSERN
70
GROUP NOTES / NOTER KONSERN
10 Accounts receivables and other receivables
Loan to associated companies Lån til tilknyttet selskaper 4 000 4 000
Pension Contribution fund Innskuddsfond 10 604 11 817
Total Long-term receivables Sum Langsiktige fordringer 14 604 15 817
Accounts receivables from revenues from contracts with customers - external Kundefordringer fra inntekter fra kontrakter med kunder - eksterne 92 727 56 924
Accounts receivables from other income - external Kundefordringer fra andre inntekter - eksterne 7 430 5 184
Accounts receivable from joint venture companies Kundefordringer fra tilknyttet selskap 5 553 2 970
Advance payments Forskuddbetalinger 24 022 32 579
Earned income Opptjente inntekter 1 772 3 689
Other current receivables Andre kortsiktige fordringer 22 843 19 884
Total accounts receivables and other receivables Sum kundefordringer og andre fordringer 154 346 121 230
All non-current receivables fall due within five years from the balance sheet date.
Accounts receivable that have fallen due for payment are not considered to
have fallen in value, with the exception of receivables for which a loss provision
has been made. At end of 2022 and 2021 no provisions for loss on accounts
receivables have been made.
The group makes an individual assessment of individual receivables. The
background is that the risk of loss for receivables from oil companies is insignificant
and that the receivable from other non-assessed customers is insignificant.
Age composition of account receivables: Aldersfordeling kundefordringer:
The table shows the distribution of overdue and not overdue trade receivables Tabellen viser fordeling mellom forfalte og ikke forfalte kunde-
Not overdue Ikke forfalt 83 730 56 804
Up to 3 months Inntil 3 måneder 12 690 5 363
3-6 months 3-6 måneder 3 737 -58
Past 6 months over 6 måneder 0 0
Total Sum 100 157 62 108
See note 3.2 Credit risk Se note 3.2 Kredittrisko
Risk Management account receivables: Risikovurdering kundefordringer: 2022 2021
High risk Høy risiko 26 607 18 847
Low risk Lav risiko 73 550 43 261
Total Sum 100 157 62 108
Provision for losses on accounts receivables: Tapsavsetning på kundefordringer: 2022 2021
Capitalized losses on trade receivables at 01/01. Balanseført tap på kundefordringer pr. 01.01. 0 37 558
Reversal of previous years' provision losses Tilbakeføring tidligere års avsetning tap 0 -37 558
Recognized loss on provision in the year * Resultatført tapsavsetning i året * 0 -24 454
Actual loss on receivables Konstatert tap på fordringer 0 -12 927
Received payment previously written-down receivables
Losses on long-term receivables Tap på langsiktige fordringer 0 11 063
Currency adjustment Valutajustering 0 0
Capitalized losses on trade receivables at 31/12. Balanseført tap på kundefordringer pr. 31.12. 0 0
* separate line in the profit and loss account * egen linje i resultatregnskapet
71
Social security, VAT and other taxation payable Offentlige avgifter 20 483 22 471
Accrued costs Påløpte kostnader 49 824 46 558
Short term part of leases Kortsiktig del leieforpliktelser 24 622 23 306
Deposit related to asset held for sale Depositum knyttet til eiendeler tilgjengelig for salg 70 573 0
Other liabilities Andre forpliktelser 8 751 0
Total Sum 174 253 92 335
Cash and bank deposits Kontanter og bankinnskudd 147 381 100 863
Total Sum 147 381 100 863
Receivables are linked to oil and oil service companies that lease the company’s
vessels.
There is minor risk associated with accounts receivable per 31/12/2022, and
no provision has been made for any losses on receivables as it is considered
insignificant. The receivables per 31/12/2022 consists of oil companies with 62%
and oil service companies and other companies with 38%. Low risk is associated
with the oil companies. Normally, there is a greater risk associated with the oil
service companies. The oil service companies the group has on the receivables
list at the turn of the year are solid companies, and pay the receivables mainly
at maturity.
See note 25 Related parties.
11 Cash and cash equivalents
Rectricted cash related to withholding tax, interest and instalment payments and
deposit in connection with sale of vessel was NOK 70.8 million in 20202. In 2021,
restricted cash related to witholding tax was NOK 5.4 million.
12 Other current liabilities
GROUP NOTES / NOTER KONSERN
72
Non-current interest bearing debt: Langsiktig rentebærende gjeld: Maturity / Løpetid 2022 2021
Bond-loan (secured) Obligasjonslån (sikret) 2020-2024 645 584 659 520
of this non-interest bearing tranche av dette ikke rentebærende transje 2020-2024 -351 123 -332 023
Bond-loan interest bearing tranche - nominal value Obligasjonslån rentebærende transje - nominell verdi 294 461 327 497
Debt to credit institutions (secured) Banklån (sikret) 2020-2024 2 785 993 3 228 195
of this non-interest bearing tranche av dette ikke rentebærende transje 2020-2024 -1 305 939 -1 126 741
Debt to credit institutions interest-bearing tranche - nominal value Banklån rentebærende transje - nominell verdi 1 480 054 2 101 455
Total non-current interest-bearing loan debt - nominal value Sum langsiktig rentebærende lånegjeld - nominell verdi 1 774 515 2 428 952
Lease liabilities Leieforpliktelser 2019-2024 31 875 58 932
Total non-current interest-bearing debt - nominal value Sum langsiktig rentebærende gjeld - nominell verdi 1 806 390 2 487 884
Current interest-bearing debt: Kortsiktig rentebærende gjeld:
Bond-loan (secured) Obligasjonslån (sikret) 2020-2024 1 276 1 101
Debt to credit institutions (secured) Banklån (sikret) 2020-2024 5 217 9 582
Accrued interests Påløpte renter 529 2 508
Lease liabilities Leieforpliktelser 2019-2024 24 622 23 306
Total current interest-bearing debt Sum kortsiktig rentebærende gjeld 31 644 36 498
Total non-current and current interest-bearing debt Sum kortsiktig og langsiktig rentebærende gjeld 1 838 034 2 524 382
Total interest-bearing debt excl. Lease liabilities Sum rentebærende gjeld ekskl. leieforpliktelser 1 781 537 2 442 143
Value adjustment interest-bearing debt Verdijustering rentebærende gjeld -196 527 -948 672
Interest-bearing debt recognized in the Balance Sheet Balanseført verdi rentebærende gjeld 1 585 010 1 493 471
Non-interest-bearing debt recognized in the Balance Sheet Balanseført verdi ikke rentebærende gjeld 99 738 91 126
Interest-bearing and non-interest-bearing debt recognized in
the Balance Sheet
of this short term part incl. Accrued interests av dette kortsiktig del inkl pål renter -7 022 -13 191
Non-current interest-bearing and non-interest-bearing debt re-
cognized in the Balance Sheet
Shareholder loan Aksjonærlån 133 197 133 197
Non-current and current debt incl. Lease liabilities recognized in
the Balance Sheet
Net interest-bearing debt recognized in the Balance Sheet: Netto balanseført verdi rentebærende gjeld:
Cash and cash equivalent Kontanter og kontantekvivalenter -147 381 -100 863
Total net interest-bearing debt excl. Lease liabilities Sum netto rentebærende gjeld ekskl. leieforpliktelser 1 437 629 1 392 608
Proportion of loans NOK Andel lån i NOK 2 726 494 3 292 404
Proportion of loans USD Andel lån i USD 711 577 652 926
Total loan mortgaged in vessel Sum lån pantesikret i fartøy 3 438 071 3 945 329
Book value vessels 31/12 Bokført verdi fartøy 31.12 1 587 082 1 582 660
13 Loans
The table shows nominal and accounted amounts for the group’s debt.
Fair value of financial assets and liabilities is presented in note 3 Financial Risk
Management.
The specification of the maturity structure of loans are disclosed in note 3.3
Liquidity risk.
An interest rate increase of 1 % for one year will result in an increased interest
expense of NOK 17 million.
Current liabilities in the balance sheet include accrued interest costs.
GROUP NOTES / NOTER KONSERN
73
2022 2022 NOK 1000
Loans Lån Bond-loan,
Balance as of 01/01/22 Balanse pr. 01.01.22 263 302 1 318 787 82 239 133 197 2 508 1 800 032
Changes with effect on Cash flow: Endringer med kontanteffekt:
Instalments Avdrag -16 065 -102 601 -26 253 -144 918
Paid interests Betalte renter -4 295 -75 452 -79 747
Total changes with effect on cash flow Sum endringer med kontanteffekt -16 065 -102 601 -30 548 0 -75 452 -224 666
Changes without cash effect: Endringer uten kontanteffekt:
Value adjustment for the year Årets verdijustering 9 483 599 906 609 389
Sale of vessel Salg fartøy -236 498
Net write off debt sold vessels Netto sletting gjeld solgte fartøy -261 302 -1 910 -263 212
Interests due not paid transferred to
principal
Additions new leases in 2022 Tillegg nye leieavtaler i 2022 9 864 9 864
Disposal leases in 2022 Avgang leieavtaler i 2022 -12 015 -12 015
Exchange Differences Valutajusteringer 76 172 2 662 78 834
Interests expensed Kostnadsførte renter 4 295 108 419 112 714
Total changes without cash effect Sum endringer uten kontanteffekt 15 802 204 995 4 806 0 73 473 299 076
Balance as of 31/12/22 Balanse pr. 31.12.22 263 039 1 421 180 56 497 133 197 529 1 874 442
GROUP NOTES / NOTER KONSERN
USD loans are valued at the exchange rate on the balance sheet date.
The average nominal interest rate in 2022 was at 4.8 % compared to 3.4 % in 2021.
At 31/12/22 and at 31/12/21 known instalment and accrued interest are classified
as short term debt.
As of 31/12/22 the Group fulfils the minimum liquidity requirement of NOK 50
million.
74
GROUP NOTES / NOTER KONSERN
2021 2021 NOK 1000
Loans Lån Bond-loan,
Balance as of 01/01/21 Balanse pr. 01.01.21 200 423 1 446 526 95 310 133 197 566 1 876 021
Changes with effect on Cash flow: Endringer med kontanteffekt:
Instalments Avdrag -6 240 -70 224 -21 733 -98 196
Paid interests Betalte renter -6 319 -49 721 -56 040
Total changes with effect on cash flow Sum endringer med kontanteffekt
Changes without cash effect: Endringer uten kontanteffekt:
Value adjustment for the year Årets verdijustering 62 800 23 946 86 746
Sale of vessel Salg fartøy -60 123 -60 123
Net write off debt sold vessel Netto sletting gjeld solgt fartøy -80 696 -80 696
Interests due not paid transferred to principal Forfalte ikke betalte renter tillagt
Additions new leases in 2021 Tillegg nye leieavtaler i 2021 9 671 9 671
Disposal leases in 2021 Avgang leieavtaler i 2021 -542 -542
Exchange Differences Valutajusteringer 21 288 -467 20 821
Interests expensed Kostnadsførte renter 6 319 96 051 102 370
Total changes without cash effect Sum endringer uten kontanteffekt 69 119 -57 515 14 981 0 51 663 78 248
Balance as of 31/12/21 Balanse pr. 31.12.21 263 302 1 318 787 82 239 133 197 2 508 1 800 032
75
Explanation of deviation between value adjustments debt in the balance sheet
against the income statement:
The company’s financing
Financial restructuring of the group was executed on 30 June 2020 and
implemented in the financial accounts for second quarter 2020.
The agreement period runs until 31/12/2024. Each lender can extend the period
with one year until 31/12/2025. The company’s liquidity was strengthened by
Havila Holding AS paid a convertible liquidity loan of NOK 100 million. Havila
Holding AS has the right and obligation to convert all or part of the loan into
shares in order to maintain an ownership position in the company in connection
with lenders’ conversion rights. When implementing the restructuring agreement,
the fair value of the shareholder loan was set at nominal value. It is assumed that
the entire loan will be converted to equity at the end of the restructuring period
and the valuation will be maintained.
At the time of implementation, the lenders‘ conversion right was valued at NOK 90
million based on a relative value of the lenders’ possible 47% ownership interest in
the company as a result of the applied conversion right. The company maintains
the valuation as the market in which the company’s vessels are operated does not
provide a basis for estimating significant changes in assumed ownership.
The restructuring agreement is designed to build up and maintain a cash balance
of NOK 175 million throughout the duration of the agreement.
As of 02/01/2020, the company’s debt amounted to NOK 4,222 million. The debt
is according to the agreement divided into an interest-bearing tranche and a
non-interest-bearing tranche for each vessel. In total, interest-bearing tranche
amounted to NOK 3,103 million as of 02.01.2020 and non-interest-bearing tranche
NOK 1,119 million.
The company can make ordinary operational investments related to the vessels.
The company can also adapt the vessels to changed environmental requirements
GROUP NOTES / NOTER KONSERN
Value adjustment of debt in the Balance Sheet as of 01/01 Verdijustering balanseført verdi lån pr 01.01. -2 453 241 -2 539 987
This year's value adjustment of debt in the Balance Sheet Årets verdijustering balanseført verdi lån 609 389 86 746
Value adjustment of debt in the Balance Sheet as of 31/12 Verdijustering balanseført verdi lån pr 31.12. -1 843 851 -2 453 241
Nominal value debt Nominell verdi lån 3 438 071 3 945 329
Convertion right Konverteringsrett 90 000 90 000
Short term part of long term debt Kortsiktig del av langsiktig gjeld -6 493 -10 683
Booked value long term debt Bokført verdi langsiktige lån 1 677 726 1 571 405
This year's change in value adjustment debt in the balance sheet Årets endring verdijustering lån i balansen -609 389 -86 746
Net write off debt sold vessels Netto sletting gjeld solgte fartøy 261 302 80 696
Interest / fees on overdue payment sold vessels Forsinkelsesrenter / gebyr solgte fartøy 1 910 0
Paid interests Betalte renter -75 452 -49 721
Expensed interests not paid transferred to principal Kostnadsførte ikke betalte renter tillagt lån -33 036 -44 387
Expensed accrued interests Kostnadsført påløpte renter -1 819 -1 924
Total value adjustment of debt in the profit and loss account Sum verdijustering lån i resultatregnskapet -456 484 -102 083
76
in accordance with laws or requirements from class companies, as well as make
necessary investments to obtain contracts.
Payment of interest and instalments will, for each vessel, be limited by the
respective vessels profit and will be paid quarterly. If a vessels’ income is
insufficient to serve the interest-bearing tranche, the calculated interest and
missing instalment will be transferred to the non-interest-bearing tranche. Vessel
profit above accrued interest will serve the interest-bearing tranche according to
a predefined payment profile. Any surplus cash beyond this will be swept by the
non interest-bearing tranche.
There will be quarterly downward adjustment of the interest-bearing tranche for
each vessel according to a 12 year repayment profile (one vessel has a profile of 11
years). For the entire fleet the interest bearing debt will for the remaining vessels
be reduced by approximately NOK 48 million each quarter. The downward
adjustment will be independent of the vessel’s profit. If the profit for each vessel
during the period starting eighteen months and ending six months prior to the
expiration of the restructuring period is higher than a predefined level, a limited
amount will be transferred from non-interest-bearing tranche to interest-bearing
tranche.
At the end of the agreement period all interest-bearing debt will fall due. Non-
interest-bearing debt will be converted to shares in the company. The convertion
will have the effect that lenders will receive shares maximum representing
47% ownership of the company, but reduced relatively following any upward
adjustment as referred to above.
To secure the company’s liquidity position, each vessel’s positive cash flow
after payment of interest will support the liquidity with a 10% cash contribution
withheld before payment of any quarterly instalment. Cash contribution will be
payable only for periods where the company’s liquidity position is below NOK
175 million. Throughout the agreement period, the company will have a minimum
liquidity of NOK 50 million. There are no other financial covenants.
Shareholders will be diluted following the lenders right to convert non-interest-
bearing debt to 47% of the shares. Havila Holding AS has right and obligation to
convert the liquidity loan in full or in part to maintain their ownership of 50.96%.
Existing shareholders ‘dilution will be limited by lenders’ right to transfer from
non-interest-bearing tranche to interest-bearing tranche based on earnings test.
The restructuring agreement give the company the opportunity to implement
a repair issue after the expiry of the agreement period. If one or more lenders
extend the restructuring period with one year, a repair issue will be postponed
accordingly.
The size of a future repair issue will be determined on the basis of an assessment
of the dilution effect that follows from the agreement.
The restructuring agreement contains provisions where the company guarantees
to cover operating costs for each individual vessel for a period of 6 months and
storage costs for a period of 18 months. For vessels where the income does not
cover operating costs and which do not have a contract, the lender has, provided
that certain conditions are met, the right to take over the vessel for a value
corresponding to the interest-bearing debt. Lenders can alternatively finance a
vessel further by offering financing corresponding to operation or storage costs
as well as maintenance costs. Such financing can be converted to equity at the
end of the restructuring period, but it does not increase lenders’ total ownership
after conversion of non-interest-bearing tranche to equity.
In accordance with IFRS, the restructuring agreement has been implemented by
extracting the value of previous debt and incorporating the value of debt under
the new agreement.
GROUP NOTES / NOTER KONSERN
77
78
Taxes payable Betalbar skatt 3 800 3 711
Changes in deferred taxes Endring utsatt skatt -2 858 -3 572
Taxes Skattekostnad 942 138
Profit before tax Resultat før skattekostnad -111 753 65 811
Tax expense 22% Skattekostnad 22% -24 586 14 478
Recognised tax expense Resultatført skattekostnad 942 138
Difference between expected and recognised tax expense Avvik mellom forventet og resultatført skattekostnad 25 528 -14 340
Effect of shipping tax regime Effekt av rederibeskatningsordning -35 352 61 415
Foreign taxes Utenlandsk skatt 42 138
Additional taxes Tilleggsskatt 900
Fixed differences Permanente forskjeller
Deferred tax assets not entered Ikke oppført utsatt skattefordel -41 029 73 863
Difference between expected and recognised tax expense Avvik mellom forventet og resultatført skattekostnad 25 528 -14 340
GROUP NOTES / NOTER KONSERN
Payable taxes short term Betalbar skatt kortsiktig 2022 2021
Balance sheet value at 01/01 Balanseført verdi pr. 01.01 3 726 4 619
Tax cost Skattekostnad 3 800 3 711
Paid Betalt -4 520 -4 604
Balance sheet value at 31/12 Balanseført verdi pr. 31.12 3 006 3 726
Deferred taxes tonnage taxed regime Utsatt skatt rederiordning 2022 2021
Gain on entry Inntredelsesgevinst 47 703 59 629
Gain-/loss account related to sale of vessel Gevinst-/tapskonto knyttet til salg av fartøy 17 250 21 562
Taxable income tonnage taxed Skattepliktig rederiinntekt 64 953 81 191
Allocation for tax liability 22% Avsetninger skatteforpliktelse 22% 14 290 17 862
Whereof: Herav:
Tax payable Betalbar skatt 2 858 3 572
Deferred tax 22% Utsatt skatt 22% 11 432 14 290
14 Other non-current liabilities
* In connection with the financial restructuring of the group, which was complet-
ed on 30 June 2020, the group’s liquidity was strengthened through a convertible
liquidity loan of NOK 100 million from Havila Holding AS. The loan is unsecured
and non-interestbearing. The loan will not be repaid, but Havila Holding AS has
the right to convert all or part of the liquidity loan in order to maintain its own-
ership in the company of 50.96%.The convertible shareholder loan is valued at
fair value.
15 Taxes
Tax on the group’s pre-tax profit differs from the amount that would have shown
if tax rate of 22% had been used. The difference is clarified as follows:
Converable shareholder loan* Konvertibelt aksjonærlån* 100 000 100 000
Other non-current liabilities Annen langsiktig gjeld 33 197 33 197
Total other non-current liabilities Sum annen langsiktig gjeld 133 197 133 197
79
Deferred tax assets Utsatt skattefordel Fixed assets /
Deferred tax assets at 01/01/21
Recognised in the profit and
loss in the period
Deferred tax assets at 31/12/21
Recognised in the profit and
loss in the period
Deferred tax assets at
31/12/22
GROUP NOTES / NOTER KONSERN
Because of uncertainty related to when unused tax losses carried forward can be
used, deferred tax assets are not entered into the balance sheet.
The Group is organized according to the rules for shipping companies in Norway.
Not ship owning companies are taxed ordinary. The shipping tax regime involves
no income tax or tax on dividends from companies within the scheme. Net finan-
ce, allowed for some special regulations, are taxed on an ongoing basis by 22%.
80
Pension cost for seamen are calculated as follows: Pensjonskostnad for sjøfolk er beregnet som følger:
This year's payment defined contribution scheme incl. premium and cost Årets betaling innskuddsbasert ordning inkl premie og omkostninger 6 861 8 642
This year's payment defined contribution scheme incl. premium and cost debited fund Årets betaling innskuddsbasert ordning inkl premie og omkostninger
This year's value adjustment of the contribution fund Årets verdiendring innskuddsfond -159 570
Net pension cost Netto pensjonskostnad 8 127 9 211
16 Pensions and similar liabilities
IAS19 deposit Schemes:
The company has a defined contribution pension scheme which covers a total of
335 active seafarers as of 31.12.22. The contribution scheme covers all employees
who are members of the Norwegian National Insurance.
In the defined contribution pension scheme, employees will continue to earn a
pension as long as they are working, also beyond the age of 60/62. The defined
contribution scheme is flexible for the individual employee, including investment
choices, and the employee himself will have a greater influence on the payment
period and start time. The defined contribution pension will also ensure the
employee a pension benefit in addition to the National Insurance after 67 years.
Annual contribution is 3% of the pension base between 0 G and 7.1 G, and 15% of
the pension base between 7.1 G and 12 G.
In addition to the defined contribution pension scheme, seamen are members of
the Pension Insurance for Seamen and the contractual pension scheme (AFP).
In connection with the introduction of Mandatory Pension Act (OTP), the
Norwegian Ministry of Finance has determined that today’s arrangement with
payment from 60 years to 67 years is within the relevant statutory framework.
OTP is therefore not relevant for the company’s maritime employees.
The pension cost for seamen is included in the crew expenses. See note 19 Crew
and payroll expenses.
Pension contribution scheme for seamen:
As of 31/12/22, the defined contribution fund for seamen amounts to NOK 10.0
million, compared to NOK 11.2 million as of 31/12/21. This is recognized in the
Balance Sheet as other long-term receivables.
See note 2.12 Retirement benefit liabilities
Shore-based employees have an own contribution pension scheme, for which the
company has no obligation beyond the contribution scheme.
The scheme covers all employees and amounts to between 7% (0-7.1G) and 25,1%
(7.1-12G).
In 2022, the National Insurance average basic amount (1G) was NOK 109,784,
compared to NOK 104,716 in 2021.
As at 31/12/2022 the scheme included 13 members, compared to 15 member as
at 31/12/2021.
Expensed pension contribution including charges amounted to NOK 1,541 million
in 2022 and NOK 1,749 million in 2021.
As of 31/12/22, the defined contribution fund for shore based employees amounts
to NOK 0.6 million, compared to NOK 0.6 million as of 31/12/21. This is recognized
in the Balance Sheet as other long-term receivables.
See note 2.12 Retirement benefit liabilities
GROUP NOTES / NOTER KONSERN
81
17 Other income
Income from management services are related to the management of one vessel
which is 50 % owned by Group, and fee for management of vessels for external
owners.
See note 25 Related parties.
** Se note 19 Mannskap og lønnskostnader.
Other income Andre inntekter 2022 2021
Income from management services Disponenthonorar 11 158 11 993
Income from meals & passengers onboard Inntekter fra måltid og passasjerer ombord 13 199 12 321
Interest income from sublease receivables Renteinntekt fra fremleieordning 4 209 5 719
Other income Andre inntekter 2 199 1 056
Total other operating income Sum andre driftsinntekter 30 765 31 089
Vessel operating expenses Driftskostnader skip 2022 2021
Bunkers and lubricating oil Bunkers og smørolje -851 6 660
Maintenance and other expenses Vedlikehold og andre kostnader skip 91 980 85 063
Total vessel operating expenses Sum Driftskostnader skip 91 129 91 723
Hire expenses ship and equipment Leie skip og utstyr 14 094 8 919
Other operating expenses Andre driftskostnader
Subscription and stock exchange fee Kontingenter og børsavgifter 2 359 1 679
Auditor`s fee and other fee * Revisjonshonorar og andre tjenester * 2 433 1 754
Consultant`s and lawyer`s fee Konsulent og advokathonorarer 3 910 5 174
IT-expenses IT-kostnader 2 267 2 401
Travelling expenses Reisekostnader 1 059 544
Leasing expenses and other running expenses offices Leiekostnader og andre kostnader lokaler 775 996
Corporate gifts and entertainment Gaver og representasjon 197 128
Payroll and related expenses administration ** Lønn og lønnsrelaterte kostnader administrasjon ** 20 700 23 319
Other expenses Andre kostnader 12 856 16 426
Total other operating expenses Sum andre driftskostnader 46 558 52 422
Loss on receivables Tap på fordringer 0 24 454
* Spesification of auditor`s fees * Spesifikasjon av honorar til revisor
Mandatory audit Lovpålagt revisjon 2 335 2 070
Audit other countries Revisjon andre land 83 94
Other attest services Andre attestasjonstjenester 62 116
Tax consultancy and other services Skatterådgivning og andre tjenester 105 898
Total auditor`s fee and other services Sum revisjonshonorar og andre tjenester 2 585 3 177
** See note 19 Crew and Payroll expenses.
GROUP NOTES / NOTER KONSERN
82
19 Crewing and Payroll expenses
Crew expenses Mannskapskostnader
Basic pay incl. holiday pay and earned sparetime Hyre inkl. feriepenger og opptjent fritid 260 520 253 841
Government grant * Offentlige tilskudd * -64 838 -75 004
Travel expenses Reisekostnader 33 159 29 610
Groceries Proviant 17 121 14 438
Pension expenses ** Pensjonskostnad ** 8 127 9 211
Insurances Forsikringer 2 738 2 406
Training/courses Kurs 2 948 3 410
Other crewing expenses Andre mannskapskostnader 15 493 18 847
Total crew expenses Totale mannskapskostnader 275 268 256 760
Total number of employees (average) Årsverk / gjennomsnittlig antall ansatte 386 379
* see note 27 Goverment grant * se note 27 offentlig tilskudd
** see note 16 Pension ** se note 16 pensjon
Other payroll expenses Andre lønnskostnader
Wages incl. payroll tax for office personnel Lønninger inkl. arbeidsgiveravgift kontorpersonell 17 763 20 052
Director's fees Styrehonorar 1 155 1 155
Pension Contributions Pensjonsinnskudd 1 507 1 804
Other payroll costs Andre lønnsrelaterte kostnader 276 308
Total Other payroll expenses Sum andre lønnskostnader 20 700 23 319
Total number of administrative personnel (average)
20 Financial income and expenses
Value adjustment of debt Verdijustering lån -456 484 -102 083
Interest on bank deposits and non-current receivables Renteinntekt bankinnskudd og langsiktige fordringer 1 729 227
Net realised and unrealised agio gains Netto realisert og urealisert agiogevinst 73 574 6 991
Received dividend Mottatt utbytte 0 5 007
Total financial income Sum finansinntekter 75 303 12 225
Interest on lease liabilities Rentekostnad leieforpliktelser 4 295 6 318
Net realised and unrealised agio losses Netto realisert og urealisert agiotap 158 734 28 393
Other financial expenses Andre finanskostnader 909 169
Total financial expenses Sum finanskostnader 163 937 34 880
Net financial items Netto finansposter -545 120 -124 739
GROUP NOTES / NOTER KONSERN
83
21 Leases
Amounts recognised in the Balance Sheet
The Balance Sheet shows the following amounts relating to leases:
* included in “Tangible fixed assets” in the balance sheet.
Additions to the right-of-use assets (lease agreement office facilities) was in 2022
NOK 9.9 million. In 2021, additions to the right-of-use assers (vehicles) was NOK
0.5 million. In addition, a lease agreement for office facilities has been extended
with a new lease period from 01.01.21, which provided an increase in the right of
use assets and lease liabilities of NOK 9.1 million.
GROUP NOTES / NOTER KONSERN
Reconciliation of lease liabilities at 31/12/22: Avstemming av leieforpliktelser pr. 31.12.22: Vessels /
Total lease liabilities as at 01.01.22 Sum leieforpliktelse pr 01.01.22 67 776 13 953 509 82 238
Addition new leases Tilgang nye leieavtaler 0 9 864 0 9 864
Disposal / termination of leases Avgang / opphør av leieavtaler 0 -12 840 0 -12 840
Adjustments as a result of changes in lease payments/exten-
sion of lease agreements
Lease payments Leiebetalinger -24 298 -1 729 -226 -26 253
Currency exchange differences Valutadifferanser 2 662 0 0 2 662
Recognized interest expenses* Kostnadsførte rentekostnader* 4 209 44 41 4 295
Paid interests* Betalte renter* -4 209 -44 -41 -4 295
Total lease liabilities as at 31.12.22 Sum leieforpliktelser pr. 31.12.22 46 139 10 066 290 56 497
* For lease of vessel 7.5% and other leases 4.5% * For leie fartøy 7,5% og andre leieavtaler 4,5%
Reconciliation of lease liabilities at 31/12/21: Avstemming av leieforpliktelser pr. 31.12.21: Vessels /
Total lease liabilities as at 01.01.21 Sum leieforpliktelse pr 01.01.21 87 903 6 584 822 95 310
Addition new leases Tilgang nye leieavtaler 0 0 508 508
Disposal / termination of leases Avgang / opphør av leieavtaler 0 0 -543 -543
Adjustments as a result of changes in lease payments/exten-
sion of lease agreements
Lease payments Leiebetalinger -19 660 -1 714 -359 -21 733
Currency exchange differences Valutadifferanser -467 0 0 -467
Recognized interest expenses* Kostnadsførte rentekostnader* 5 719 572 29 6 319
Paid interests* Betalte renter* -5 719 -572 -29 -6 319
Total lease liabilities as at 31.12.21 Sum leieforpliktelser pr. 31.12.21 67 776 13 953 509 82 238
* For lease of vessel 7.5% and other leases 4.5% * For leie fartøy 7,5% og andre leieavtaler 4,5%
Right of use assets* Bruksrett eiendeler* 31.12.2022 31.12.2021
Office facilities Kontorlokaler 9 866 13 527
Vehicles Firmabiler 273 510
Total Sum 10 140 14 037
84
Depreciation charge of right-of-use assets Avskrivning bruksrett eiendeler 2022 2021
Office facilities Kontorlokaler 1 415 1 660
Vehicles Firmabiler 245 328
Total Sum 1 659 1 988
Interest expense lease liabilities Rentekostnader leieforpliktelser 4 295 6 319
Expenses relating to short-term leases Kostnader relatert til kortsiktige leieavtaler 211 221
Expenses relating to leases of low-value Kostnader relatert til leieavtaler med lav verdi 17 17
Sum lease expenses included in other operating expenses Sum leiekostnader inkludert i andre driftskostnader
Expenses relating to variable lease payments not included in lease liabilities
Expenses relating to short-term leases Kostnader relatert til kortsiktige leieavtaler
Sum lease expenses included in hire expenses Sum leiekostnader inkludert i leiekostnader
Income from subleasing right of use assets Inntekt fra fremleie av bruksrett 4 209 5 719
Net Investment in lease*** Netto investering i leie*** Vessels / Skip
2022
Total net investment in lease as at 01/01/22 Sum investering i leie pr 01.01.22 67 776
Lease payments Leiebetalinger
Interest income sublease Renteinntekt fremleie
Total net investment in lease as of 31/12/22 Sum investering i leie pr. 31.12.22 46 139
2021
Total net investment in lease as at 01/01/21 Sum investering i leie pr 01.01.21 87 903
Lease payments Leiebetalinger
Interest income sublease Renteinntekt fremleie
Total net investment in lease as of 31/12/21 Sum investering i leie pr. 31.12.21 67 776
GROUP NOTES / NOTER KONSERN
** Current lease liabilities are included in the line item “other current liabilities”
and Non-Current lease liabilities as line item “lease liabilities” in the balance sheet.
*** shown in a seperate line item under financial fixed assets in the Balance Sheet.
Amounts recognised in the Statement of Profit or Loss
The Statement of Profit or Loss shows the following amounts relating to leases:
Net cash outflow for leases in 2022 was NOK 44.8 million compared to NOK 36.9
million in 2021.
Lease liabilities** Leieforpliktelser** 31.12.2022 31.12.2021
Current Kortsiktig 24 622 23 306
Non-Current Langsiktig 31 875 58 932
Total Sum 56 497 82 238
85
The group’s leasing activities and how these are accounted for
The Group’s leases consist of the vessel Havila Troll, office facilities and company
cars. Havila Troll has a fixed lease period until November 2024 with subsequent 5
annual options. The options are not included in the lease liability. Lease of office
facilities has a rental period of 5-10 years and is automatically renewed with new
5-10 years unless the agreement is terminated within the agreed deadlines. When
leases are extended, new calculations of lease liabilities and right-of-use assets
are made.
See Note 25 Related Parties for more details on these leases. Company cars are
leased for 3 years, and have no options.
Variable lease payments
The Group has variable lease payments related to the rental of ROV equipment
to vessels, where the basis for the rental payment is related to the operational
use of the equipment. ROV is only used for certain jobs for the customer and
will therefore vary from month to month. Variable leases that depend on external
customer contracts are recognized in the income statement in the period in which
they arise.
Extention and termination options
Extension and termination options are included in a number of property and
equipment leases in the Group. These are used to maximise operational flexibility
in terms of managing the assets used in the group’s operations.
Residual value guarantees
To optimise lease costs during the contract period, the Group sometimes provides
residual value guarantees in relation to equipment and company cars leases.
The Group as lessor
Overview fixed and variable lease payments
The Group had framework contracts for one of the vessels until October 2021,
where the Group was paid for the days the vessel had assignments.
In contract negotiations, the company strives to achieve clauses that ensure
that the contracts are maintained at agreed terms during the agreement period.
The company acknowledges that customers need to secure the opportunity
to terminate a contract if the need for the contractual service ceases. Among
other things, the charterer has the right to terminate the contract if the shipping
company does not fulfill its obligations in the contracts, as a result of legal,
technical, financial or commercial matters. The charterer can also terminate
at the charterer’s discretion. Of future T/C income totaling NOK 257 million,
NOK 228 million has cancellation at the charterer’s discretion without 100%
settlement. Notice of termination varies from 15 days to 60 days. Cancellation
fees vary from 50% of 60 days notice to full settlement for the fixed contract
period. Cancellation fees for termination at the charterer’s discretion amount to
NOK 107 million for the contracts without full settlement. As an alternative to
termination, contracts are renegotiated on market terms and the agreed period
is maintained or changed. Contracts can also be terminated as a result of the
charterer’s inability to pay. Percentage distribution between oil companies and
oil service companies for future lease income per 31/12/2022 were 85% and 15%
respectively. Corresponding figures per. 31/12/2021 were 67% and 33%.
GROUP NOTES / NOTER KONSERN
NOK 1000
Variable lease payments Variable leieinnbetalinger 0 10 696
Fixed lease payments Faste leieinnbetalinger 286 550 203 751
Total lease payments from TC contracts Sum leasingelement fra TC kontrakter 286 550 214 447
86
Future lease income
Summary of the future operational and financial lease income:
22 Net foreign currency gains/loss -recognized
Foreign exchange differences (expensed)/taken to income in the profit and loss
statement are as follows;
GROUP NOTES / NOTER KONSERN
Included in net foreign currency gain/loss: Inngår i netto valutagevinst/tap:
Realised forward currency exchange contracts Realisert valutaterminkontrakter -851 -146
Realised agio accounts receivable Realisert agio kundefordringer 338 -1 336
Unrealised agio accounts receivable Urealisert agio kundefordringer -99 455
Total Sum -611 -1 027
Year 1 År 1 106 364 99 165 145 356 124 007
Year 2 År 2 32 128 19 616 67 492 70 268
Year 3 År 3 0 0 29 191 22 552
Year 4 År 4 0 0 0 0
Year 5 År 5 0 0 0 0
After 5 years Over 5 år 0 0 0 0
87
GROUP NOTES / NOTER KONSERN
23 Earnings per share
Earnings per share is calculated by dividing the part of the annual profit
allocated to the company`shareholders by a weighted average of total shares.
Restructuring agreements with the lenders mean that the lenders, upon conver-
sion of tranche B after the end of the agreement period 31/12/24 or extended
agreement period 31/12/25 or alternatively a combination of conversion times,
can become owners of 47% of the shares in the company. This involves dilution
of shareholders except Havila Holding AS, which has the right to maintain its
ownership interest of 50.96% when converting shareholder loans. Other share-
holders may be diluted from owning 49% of the company to owning 2% of the
company.
Lenders’ ownership is not affected by the size of non-interest-bearing debt at the
end of the restructuring period, but by how much of the non-interest-bearing debt
is converted to interest-bearing debt calculated on the basis of earnings for the
individual ship in the 12-month period from 01/07/2023 to 30/06/2024.
If the earnings mean that non-interest-bearing debt is unchanged as a result of
the earnings test, the lenders’ share of the company after conversion will amount
to 47% of the company. Havila Holding will own 50.96% of the company and other
shareholders will own 2.04% of the company. In that case, 547,779,288 new shares
will be issued and the new number of shares will be 571,555,588.
Based on non-interest-bearing debt as of 31/12/22, the average subscription
price will be NOK 3.23 per share and the capital increase will then have a diluting
effect based on the share price at the end of 2022.
See note 13 loans for information about the financial restructuring.
24 Dividend per share and repayment to the shareholders
There were no dividends paid to the shareholders for 2021.
The Board of directors proposes to the ordinary general meeting that no dividends
be paid to the shareholders in 2022.
Profit allocated to the company`s shareholders Årsresultat tilordnet selskapets aksjonærer -112 696 65 673
Number of shares Antall aksjer 23 776 300 23 776 300
Weighted average of total issued shares Veid gjennomsnitt av antall utstedte aksjer 23 776 300 23 776 300
Wighted average of total issued shares for diluted earnings Veid gjennomsnitt antall aksjer for utvannet resultat 571 555 588 571 555 588
Earnings per share Resultat pr. aksje -4,74 2,76
Diluted earnings per share * Utvannet resultat pr. aksje * 0,36 0,29
*Deluted earings per share calculated excl. value adjustment debt *Utvannet resultat pr. aksje beregnet ekskl. verdijustering lån
88
25 Related parties
Havila Shipping ASA group has implemented different transactions with related
parties. Havila Holding AS owns 51% of the shares in Havila Shipping ASA. The
most important transactions in 2018 are as follows:
a) Lease of premises from Siva Sunnmøre AS
b) Lease of premises from Havila Holding AS
c) Purchase of administration services from Havila Service AS
d) Purchase of administration services from Havila AS
e) Leasing agreement vessel with Sydvestor Troll AS
f) Loan from Havila Holding AS
a) Havila Holding AS owns 35,2% of Siva Sunnmøre AS from which Havila
Shipping ASA leases storeroom. This agreement expires 31/12/2025, and is made
on market terms.
b) Havila Shipping ASA moved to new premises in July 2008 which is owned by
Havila Holding AS. On 31 March 2022, the building was sold internally from Havila
Holding AS to Havilahuset AS. The lease agreement with Havila Holding AS ended
on 31/03/22, and a new lease agreement for the same premises was entered into
with Havilahuset AS. As of 31/12/22, there is one lease agreement related to this
tenancy. This agreement expires on 31 December 2031. The agreement has been
made on market terms.
c) Havila Shipping ASA has entered into an agreement to purchase administration
services from Havila Service AS, a wholly owned subsidiary of Havila Holding
AS. This agreement is valid from 01/11/20 and applies to the purchase of services
within accounting, crewing, purchasing and IT. The agreement has a notice period
of 6 months, and is made on market terms.
d) Havila Shipping ASA has entered into an agreement to purchase administration
services from Havila AS, a wholly owned subsidiary of Havila Holding AS. This
agreement is valid from 19/04/21 and applies to the purchase of services from
Finance Director. The agreement is made on market terms.
e) Chairman of the board of Havila Shipping ASA, Jostein Sætrenes, is CEO and
chairman of the board of Sydvestor Troll AS, which is the owner of the RRV vessel
Havila Troll. Havila Ships AS, a subsidiary of the Havila Shipping group, has leased
Havila Troll on bareboat with this company since June 2010. The agreement is in
force until November 2024. Sætrenes owns indirectly 4,57% of Sydvestor Troll AS.
f) In connection with the restructuring that was implemented on 30 June 2020, a
convertible shareholder loan of NOK 100 million was issued by Havila Holding AS.
In addition, Havila Holding AS has a receivable from Havila Shipping ASA of NOK
33 million related to outstanding accounts. The receivable is not interest-bearing
settlement has not been agreed.
GROUP NOTES / NOTER KONSERN
89
2022 NOK 1000
Overview of transactions Oversikt over transaksjoner
Havila Holding AS -132 917 457 133 197
Havilahuset AS 0 935
Havila AS 27 1 176
Siva Sunnmøre AS -14 309
Havila Kystruten Operations AS 59
Havila Service AS -1 304 14 304
Hav Group ASA:
Hav Design AS Underselskap i Hav Group ASA 0 140
Norwegian Electric System AS Underselskap i Hav Group ASA 0 451
Norwegian Greentech AS Underselskap i Hav Group ASA -35 176
Havila Charisma IS Felleskontrollert/joint venture 5 553
Sydvestor Troll AS -2 490 28 508
GROUP NOTES / NOTER KONSERN
The group has been involved in transactions with the following close associates:
See note 18 Spesification of operating expenses and note 9 Shareholders in
parent company.
* The customer has been under reconstruction. On April 30. 2021, acceptance for
the reconstruction proposal was obtained from the required majority of creditors,
which resulted in payment of NOK 12 million in June 2021.
See note 10 Accounts Receivables.
2021 NOK 1000
Overview of transactions Oversikt over transaksjoner
Havila Holding AS -133 516 1 741 133 197
Havila AS -107 910
Siva Sunnmøre AS -9 301
Havila Kystruten Operations AS 61
Havila Service AS -2 825 17 231
Havyard Group ASA: Havila Holding AS eier 40,35 % av Havyard Group ASA
Havyard Leirvik AS Underselskap i Havyard Group ASA 0 11
Norwegian Electric System AS Underselskap i Havyard Group ASA 0 577
Norwegian Greentech AS Underselskap i Havyard Group ASA -35 816
Havila Charisma IS Felleskontrollert/joint venture 2 937
Axxis Geo Solution ASA * Havila Holding AS eier 26,44% 0 325
Sydvestor Troll AS -2 228 25 379
90
GROUP NOTES / NOTER KONSERN
Remunerations to close associates Godtgjørelse til nærstående parter
Payments to leading personnel Ytelser til ledende personer Man.Dir./Adm.dir. The Board/Styret Man.Dir./Adm.dir. The Board/Styret
Salary Lønn 2 273 2 250
Pension contributions Pensjonsinnskudd 204 193
Other remunerations Annen godtgjørelse 246 249
Chairman Jostein Sætrenes Styreformann Jostein Sætrenes 315 315
Board member Helge Aarseth Styremedlem Helge Aarseth 190 190
Board member Hege Sævik Rabben Styremedlem Hege Sævik Rabben 190 190
Board member Nina Skage Styremedlem Nina Skage 180 180
Board member Jogeir Romestrand Styremedlem Jogeir Romestrand 180 180
Total Sum 2 723 1 055 2 692 1 055
The Managing Director has an agreement whereby termination of employment
by the company will payment of salary for 9 months are the end of his period of
notice. There are no bonus or profit sharing or similar benefit for the Managing
Director. The Managing Director has an indirect ownership interest in Havila
Shipping ASA through majority owner Havila Holding AS in which he has a 30%
share.
Board member Hege Sævik Rabben owns 30 % of Havila Holding AS.
Declaration on salaries and other compensation to senior executives.
The Board of Directors has made a statement regarding § 6-16a of the Norwegian
Public Limited Companies Act:
Establishing salaries and other benefits to senior executives at Havila Shipping
ASA shall be done according to current market conditions that are naturally
reflected in other companies in Norway. This is necessary to ensure competence
and continuity of the management group. The company’s executive salary policy
is based on ordinary salaried compensation for work performed; no share option
program exists for employees.
Senior executives include the Managing Director, Deputy Managing Director and
Finance Director. The Deputy Managing Director was employed until 28/02/21
and the Finance Director until 18/04/21. The Finance Director is then employed
by Havila AS and the Havila Shipping ASA group buys these services from them.
The company has no share option schemes for senior executives or other
employees.
No loan guarantees have been granted to the senior executives.
Reference is made to the remuneration report for executive salaries.
91
2022 Payroll / Lønn
Managing Director Administrerende direktør 2 273 204 246 2 723
Finance Director Finansdirektør 84 0 0 84
Total Sum 2 357 204 246 2 807
2021 Payroll / Lønn
Managing Director Administrerende direktør 2 250 193 249 2 692
Deputy Managing Director Viseadministrerende direktør 602 122 37 762
Finance Director Finansdirektør 820 92 65 977
Total Sum 3 672 407 351 4 431
Payments to leading personnel:
The pension contributions are the same for all administrative personnel, see note
16 pensions.
Other remunerations consist of benefits from company cars, insurance schemes
and telephone/internet allowance.
GROUP NOTES / NOTER KONSERN
92
GROUP NOTES / NOTER KONSERN
Fuel Bunkers 13 338 15 774
Lube oil Smøreolje 5 591 6 742
Urea Urea 875 549
Total Totalt 19 804 23 065
Grants received Mottatte tilskudd 2022 2021
Reimbursement from the Norwegian Maritime Directorate Nettolønnsordning for sjøfolk 60 466 71 287
Reimbursement for trainees Lærlingstilskudd 4 372 3 057
Grant from Enova Støtte fra Enova 0 660
Subsidy compensation scheme for entry quarantine
Total government grants Sum offentlige tilskudd 64 838 75 004
26 Stocks and inventory
Stocks of bunkers, lube oil and urea are recognised and stated at the lower of cost
and net realizable value.
27 Government grants
Government grant received is recognised as a reduction of crew costs, except
from the subsidy compensation scheme for entry quarantine which is recognised
as other operating income.
Grant from Enova is recognized as a reduction of the expenses related to
installation of fuel monitoring systems on the vessels.
28 Events after the balance sheet date
In January 2023, one SUBSEA vessel was handed over to a new owner.
93
94
PROFIT AND LOSS ACCOUNTS - PARENT COMPANY / RESULTATREGNSKAP MORSELSKAP
PROFIT AND LOSS ACCOUNTS RESULTATREGNSKAP
NOK 1000
note 2022 2021
Operating income Driftsinntekter
Other income Andre inntekter 3 341 716 322 554
Total operating income Sum driftsinntekter 341 716 322 554
Operating expenses Driftskostnader
Crew expenses Mannskapskostnader 4,5 -289 148 -265 147
Vessel expenses Driftskostnader fartøy -147 -125
Other payroll expenses Andre lønnskostnader 5 -2 054 -1 545
Other operating expenses Andre driftskostnader 6 -20 661 -53 486
Total operating expenses Sum driftskostnader -312 011 -320 302
Operating income before depreciation Driftsresultat før avskrivning 29 705 2 253
Depreciation Avskrivninger 8 -162 -162
Operating result Driftsresultat 29 543 2 091
Financial items Finansposter
Income from subsidiaries Inntekt på investering i datterselskap 0 0
Interest received from group companies Renteinntekt fra foretak i samme konsern 6 19 251 16 632
Other interest income Andre renteinntekter 6 381 163
Other financial income Andre finansinntekter 6 162 791 7 991
Impairment of shares/receivables Nedskrivning av aksjer/fordringer 6 192 244 -25 181
Other interest expenses Andre rentekostnader 6 -109 000 -80 880
Other financial expense Andre finanskostnader 6 -2 043 -328 302
Net financial items Netto finansposter 263 625 -409 579
Profit before tax Resultat før skatt 293 168 -407 488
Tax Skatt 7 0 0
Profit Resultat 293 168 -407 488
Transferred to uncovered loss Overtført til udekket tap 15 293 750 -407 488
Received group contribution Mottatt konsernbidrag
-582
0
Total allocated Sum anvendelse 293 168 -407 488
95
BALANCE SHEET - PARENT COMPANY / BALANSE MORSELSKAP
BALANCE SHEET BALANSE
NOK 1000
note 2022 2021
ASSETS EIENDELER
Fixed assets Anleggsmidler
Tangible fixed assets Varige driftsmidler
Buildings, movables and fixtures Bygninger, driftsløsøre og inventar 8 1 267 1 428
Total fixed assets Sum varige driftsmidler 1 267 1 428
Financial fixed assets Finansielle eiendeler
Investments in subsidiaries Investeringer i datterselskap 9 14 720 15 131
Loans to companies in the group Lån til foretak i samme konsern 10, 16 363 491 246 473
Loan to joint venture/associated company Lån til fellesregistrert/tilknyttet selskap 10, 16 4 000 4 000
Shares and other long term investments Investering i aksjer og andeler 100 100
Other long term receivables Andre langsiktige fordringer 12 9 972 11 238
Total financial fixed assets Totale finansielle eiendeler 392 283 276 942
Total fixed assets Sum anleggsmidler 393 549 278 370
Current assets Omløpsmidler
Accounts receivables Kundefordringer 7 305 5 118
Other receivables Andre fordringer 10 34 985 25 584
Other receivables in group company Andre fordringer i samme konsern 10, 16 9 092 5 934
Cash and bank deposits Kontanter og bankinnskudd 13 30 609 32 217
Total current assets Sum omløpsmidler 81 990 68 853
Total assets Sum eiendeler 475 539 347 223
96
BALANCE SHEET BALANSE NOK 1000
Note 2022 2021
Equity Egenkapital
Paid in equity Innskutt egenkapital
Share capital Aksjekapital 14, 15 23 776 23 776
Other paid in equity Annen innskutt egenkapital 15 895 152 895 152
Share premium Overkurs 15 933 704 933 704
Total paid-in-equity Sum innskutt egenkapital 1 852 633 1 852 633
Retained earnings Opptjent egenkapital
Uncovered loss Udekket tap 15 -2 249 220 -2 542 970
Total retained earnings Sum opptjent egenkapital -2 249 220 -2 542 970
Total equity Sum egenkapital -396 587 -690 337
Liabilities Gjeld
Other non-current liabilities Annen langsiktig gjeld
Other non-current liabilities from group company Lån fra foretak i samme konsern 16 68 761 152 646
Bond loan Obligasjonslån 10 359 398 283 409
Other non-current liabilities in group company Annen langsiktig gjeld i samme konsern 16 100 000 100 000
Total other non-current liabilities Sum annen langsiktig gjeld
528 159
536 056
Current liabilities Kortsiktig gjeld
Trade payable Leverandørgjeld 19 130 11 637
Public charges payable Skyldige offentlige avgifter 19 684 20 935
Other current liabilities in group company Annen kortsiktig gjeld i samme konsern 16 23 106 27 076
Other current liabilities Annen kortsiktig gjeld 282 047 441 856
Total current liabilities Sum kortsiktig gjeld 343 968 501 505
Total liabilities Sum gjeld 872 127 1 037 560
Total equity and liabilities Sum egenkapital og gjeld 475 539 347 223
BALANCE SHEET - PARENT COMPANY / BALANSE MORSELSKAP
Fosnavåg, 27 April 2023
The Board of Havila Shipping ASA / Styret i Havila Shipping ASA
Hege Sævik Rabben
Board member
Styremedlem
Jostein Sætrenes
Chairman of the Board of Directors
Styrets leder
Helge Aarseth
Deputy Chairman
Styrets nestleder
Jogeir Romestrand
Board member
Styremedlem
Njål Sævik
CEO
Administrerende direktør
Nina Skage
Board member
Styremedlem
97
Fosnavåg, 27 April 2023
The Board of Havila Shipping ASA / Styret i Havila Shipping ASA
CASH FLOW STATEMENT - PARENT COMPANY / KONTANTSTRØMOPPSTILLING MORSELSKAP
NOK 1000
Note 2022 2021*
Cash flow from operating activity: Kontantstrømmer fra driften:
Profit before tax Resultat før skattekostnad 293 168 -407 488
Depreciation Ordinære avskrivninger 8 162 162
Change in accounts receivables Endring i kundefordringer -2 187 3 652
Change in trade payables Endring i leverandørgjeld 7 493 -297
Teoretical interest related to loan to amortized cost Teoretiske rentekostnader 89 749 64 174
Provision for parent company guarantee Avsetning morselskapsgaranti
-161 838 319 752
Write-down of internal receivables / liabilities Nedskrivning interne fordringer / gjeld -220 332 20 841
Change in other accruals Endring i andre tidsavgrensningsposter -12 454 33 047
Net cash flow from operating activity Netto kontantstrøm fra driften -6 239 33 844
Cash flow from investment activity: Kontantstrømmer fra investeringsaktiviteter
Net cash flow from investment activity Netto kontantstrøm fra investeringsaktiviteter 0 0
Cash flow from finance activity: Kontantstrømmer fra finansieringsaktiviteter
Repayment long-term loans Nedbetaling av langsiktig gjeld -16 065 -6 240
Borrowing long-term loans Opptak av langsiktig gjeld 0 0
Change in non-current receivables Endring langsiktig fordringer 1 266 -570
Drawdown on long-term loans in group company Endring langsiktig lån konsernselskap -83 886 -17 820
Change in non-current loans to companies in the group Endring langsiktig lån konsernselskap 103 315 -2 852
Net cash flow from finance activity Netto kontantstrøm fra finansieringsaktiviteter 4 630 -27 481
Net change in cash and cash equivalents Netto endring i kontanter og kontantekvivalenter -1 608 6 363
Cash and cash equivalents at beginning of period Kontanter, kontantekvivalenter og benyttede
trekkrettigheter ved periodens begynnelse
13 32 217 25 854
Cash and cash equivalents at end of period Kontanter, kontantekvivalenter og benyttede
trekkrettigheter ved periodens slutt
13 30 609 32 217
* 2021 amounts are changed due to reclassifications. * 2021 tallene er endret grunnet reklassifiseringer.
CASH FLOW STATEMENT KONTANTSTRØMOPPSTILLING
9898
99
NOTES NOTER TIL REGNSKAPET
PAGE/SIDE
1 Parent company information Morselskapsinformasjon 100
2 Significant accounting principles Viktige regnskapsprinsipp 100-102
3 Other income Andre driftsinntekter 103
4 Goverment grant Offentlig tilskudd 103
5 Payroll expenses Lønnskostnader 104
6 Specification of items in the account Spesifikasjon av poster i regnskapet 105
7 Taxes Skatt 106
8 Tangible fixed assets Varige driftsmidler 107
9 Subsidiaries, associated companies Datterselskap/felleskontrollert virksomhet 108-109
10 Receivables and liabilities Fordringer og gjeld 110
11 Receivables and payables to companies in the same group
and associated companies
Mellomværende med selskap i samme konsern og tilknyttet
selskap
111
12 Pensions Pensjoner 112
13 Cash, and cash equivalenst Kontanter og kontantekvialenter 113
14 Share capital and shareholders information Aksjekapital og aksjonærinformasjon 114-115
15 Equity Egenkapital 116
16 Close associates Nærstående parter 117-119
17 Financial instruments and market risk Finansielle instrumenter og markedsrisiko 120
18 Guarantees Garantier 120-121
19 Environmental conditions Miljøforhold 121
20 Contingent results Betinget utfall 121
21 Going Consern Fortsatt drift 121
22 Event after the balance sheet date Hendelse etter balansedagen 121
NOTES - PARENT COMPANY / NOTER MORSELSKAP
100
NOTES - PARENT COMPANY / NOTER MORSELSKAP
NOTES PARENT COMPANY NOK
PARENT COMPANY INFORMATION
The annual accounts have been prepared in accourdance with the
Norwegian Accounting Act of 1998 and generally accepted accounting
practices.
Havila Shipping ASA is the parent company of the Group, however
the Group presents its own separate annual report and accounts according
to IFRS rules.
SIGNIFICANT ACCOUNTING PRINCIPLES
2.1 Subsidiaries/joint venture companies
Subsidiaries and joint venture companies are valued at cost in company
accounts.
Investements are valued at acquisition cost for the shares unless impairment
charge have been required.
There is a impairment charge to fair value when the decline is not deemed to
be temporary and when considered necessary under generally accepted
accounting principles. Impairment charge are reversed when the basis for
the impairment no longer exists.
Group contributions are capitalized as part of the cost price of the shares.
Group contributions received and divideds are recognized as income on
Investements in subsidiaries/associated companies.
Dividends/group contributions and other distributions are recognized as
income in the same year as they were allocated to the subsidiaries. If the
dividends/group contributions exceeds the ratio of retained earings after
acquisition,the excess amount represent reimbursment of invested capital
and the distributions are deducted from the value in the balance sheet of
the parent company.
2.2 Sales revenues
The company’s operating income consists of management fees from
companies within the group and this is entered on an ongoing basis as
Income as per the agreements between the companies. In addidtion the
company has management fee income related to operation of four vessels
for external companies.
2.3 Classification and assessment of balance sheet items
Currents assets and current liabilities include items that fall due for payment
within one year after the date of procurement, as well as items related to the
circulation of goods. Remaining items are classified as long-term assets/
long-term liabilities.
Currents assets are assessed at the lower of procurement cost and fair
value.
NOTER MORSELSKAP TIL REGNSKAPET NOK
MORSELSKAPINFORMASJON
Årsregnskapet er satt opp i samsvar med regnskapsloven 1998 og
god regnskapsskikk.
Havila Shipping ASA er morselskap i konsern, men konsernet
presenteres separat med årsoppgjør etter IFRS reglene.
VIKTIGE REGNSKAPSPRINSIPP
2.1 Datterselskap/felleskontrollert virksomhet
Datterselskap og felleskontrollert virksomhet vurderes etter kostmetoden i
selskapsregnskapet.
Investeringen er vurdert til anskaffelseskost for aksjene med mindre
nedskrivning har vært nødvendig.
Det er foretatt nedskrivning til virkelig verdi når verdifall skyldes årsaker som
ikke kan antas å være forbigående og det må anses nødvendig etter god
regnskapsskikk. Nedskrivninger er reversert når grunnlaget for nedskrivning
ikke lenger er til stede.
Avgitt konsernbidrag aktiveres som en del av kostpris av aksjene.
Mottatt konsernbidrag og utbytte resultatføres som inntekt på investering i
datterselskap/ tilknytta selskap.
Utbytte/konsernbidrag og andre utdelinger er inntektsført samme år som
det er avsatt i datterselskapene.
Overstiger utbytte/ konsernbidraget andel av tilbakeholdt resultat etter
kjøpet, representerer den overskytende del tilbakebetaling av investert
kapital, og utdelingene er fratrukket investeringens verdi i balansen til
morselskapet.
2.2 Salgsinntekter
Selskapets driftsinntekter består av disponenthonorar fra selskaper
i konsernet og inntektsføres i fortløpende i henhold til avtaler med
selskapene. I tillegg har selskapet disponenthonorar relatert til drift av fire
fartøyer eid av eksterne selskaper.
2.3 Klassifisering og vurdering av balanseposter
Omløpsmidler og kortsiktig gjeld omfatter poster som forfaller til betaling
innen ett år etter anskaffelsestidspunktet, samt poster som knytter seg til
varekretsløpet. Øvrige poster er klassifisert som anleggsmiddel/langsiktig
gjeld.
Omløpsmidler vurderes til laveste av anskaffelseskost og virkelig verdi.
Kortsiktig gjeld balanseføres til nominelt beløp på opptakstidspunktet.
REGNSKAPET FOR ER AVLAGT PÅ NORSK, OVERSET
TELSE TIL ENGELSK ER FOR INFORMASJON
ACCOUNT FOR ARE PRESENTED IN NORWEGIAN,
TRANLATION INTO ENGLISH IS ONLY FOR INFORMATION.
101
NOTES - PARENT COMPANY / NOTER MORSELSKAP
Current liabilities are recorded in the balance sheet at nominal value at the
time the are incurred.
Fixed assets are valued at acquisition cost, however are written down to fair
value when the decline in value is not expected to be temporary long-term
liabilities are recorded in the balance sheet at nominal value at the time they
are established.
2.4 Receivables
Accouts receivables and other receivables are recorded in the balance sheet
at face value after deductions for provisons for estimated losses. Provisions
for losses are made based on individual analyses of each receivable.
2.5 Foreign exchange
Transaction in foreign currencies are converted to the rate on the transaction
date. Monetary items in foreign currencies are converted to Norwegian
kroner by using the exchange rate on the balance sheet date. Non-monteray
items that are mesured at historic rate expressed in foreign currencies are
converted to Norwegian kroner by using the excange rate on the transaction
date. Non-monetary items that are measured at fair value expressed in
foreign currencies are converted to the exchange rate stipulated on the
balance sheet date. Changes in the exchange rate are entered in the profit
and loss account on an ongoing basis during the accounting period.
2.6 Short-term investments
Short-term investements (shares and shares assessed as current assets) are
assessed at fair value on the balance sheet date. Dividends received and other
disbursements from the companies are recorded as other financial income.
2.7 Tangible fixed assets
Tangible fixed assets are recorded in the balance sheet and depreciated
over the expected lifetime of the asset. Direct maintenance of capital
equipment is recorded as an ongoing expense as operating expenses, while
enhancements or improvements are added to the asset’s cost price and
depreciation along the lifetime of the asset. If recoverable amounts of capital
assets are lower than the balance sheet value, impairment charge will the
be made on the recoverable amount. The recoverable amount is the highest
amount of the net market value and the value in use. Value in use is the
present value of future cash flows the asset will generate.
2.8 Pensions
The employees of the company are members in a defined contribution
pension scheme. The company has no pension obligation to the employees
beyond the payment of contributions and costs, and there is therefore no
pension obligation recognized in the balance sheet.
See note 12 Pension.
Kortsiktig gjeld balanseføres til nominelt beløp på opptakstidspunktet.
Anleggsmidler vurderes til anskaffelseskost, men nedskrives til virkelig
verdi ved verdifall som ikke forventes å være forbigående. Langsiktig gjeld
balanseføres til nominelt beløp på etableringstidspunktet.
2.4 Fordringer
Kundefordringer og andre fordringer er oppført i balansen til pålydende etter
fradrag for avsetning til forventet tap. Avsetning til tap gjøres på grunnlag av
individuelle vurderinger av de enkelte fordringene.
2.5 Valuta
Transaksjoner i utenlandsk valuta omregnes til kursen på
transaksjonstidspunktet. Pengeposter i utenlandsk valuta omregnes til norske
kroner ved å benytte balansedagens kurs. Ikke-pengeposter som måles til
historisk kurs uttrykt i utenlandsk valuta, omregnes til norske kroner ved
å benytte valutakursen på transaksjonstidspunktet. Ikke-pengeposter som
måles til virkelig verdi uttrykt i utenlandsk valuta, omregnes til valutakursen
fastsatt på balansetidspunktet. Valutakursendringer resultatføres løpende i
regnskapsperioden.
2.6 Kortsiktige plasseringer
Kortsiktige plasseringer (aksjer og andeler vurdert som omløpsmidler)
vurderes til virkelig verdi på balansedagen. Mottatt utbytte og andre
utdelinger fra selskapene inntektsføres som annen finansinntekt.
2.7 Varige driftsmidler
Varige driftsmidler balanseføres og avskrives over driftsmidlets forventede
levetid. Direkte vedlikehold av driftsmidler kostnadsføres løpende under
driftskostnader, mens påkostninger eller forbedringer tillegges driftsmidlets
kostpris og avskrives i takt med driftsmidlet. Dersom gjenvinnbart beløp
av driftsmiddelet er lavere enn balanseført verdi foretas nedskrivning til
gjenvinnbart beløp. Gjenvinnbart beløp er det høyeste av netto salgsverdi
og verdi i bruk. Verdi i bruk er nåverdien av de fremtidige kontantstrømmene
som eiendelen vil generere.
2.8 Pensjoner
Selskapets ansatte er medlemmer i en innskuddsbasert pensjonsordning.
Selskapet har ingen pensjonsforpliktelse overfor de ansatte utover betaling
av innskudd og omkostninger, og det er derfor ingen pensjonsforpliktelse å
balanseføre.
Se note 12 Pensjon.
102
2.9 Taxes
Tax expenses in the profit and loss account include both the period’s payable
taxes and changes in deferred tax. Deferred tax is calculated at 22% based
on temporary differences that exist between accounting and taxation values,
as well as taxation deficit recorded at the end of the fiscal year. Temporary
differences that effect tax increases and tax reductions that are reversed
or that can be reversed in the same period are justified. Net deferred tax
benefits are recorded in the balance sheet to the extent it is probable these
can be utilised.
2.10 Costs for new loans
Issuance costs for new loans are recognised in the balance sheet and
expended over the lifetime of the loan.
2.11 Cash flow statement
The company uses the indirect model for presenting its cash flow statment.
This includes cash, bank deposits and securities.
2.12 Use of estimates
The preparation of the annual accounts in accordance with good accounting
principles requires that the management uses estimates and assumptions
that influence the profit and loss account and the valuation of assets and
liabilities, as well as information about uncertain assets and liabilities on the
balance sheet date. Conditional losses that are probale and quantifiable are
recorded as expenses on an ongoing basis.
2.9 Skatt
Skattekostnaden i resultatregnskapet omfatter både periodens betalbare
skatt og endring i utsatt skatt. Utsatt skatt er beregnet med 22% på grunnlag
av de midlertidige forskjeller som eksisterer mellom regnskapsmessige
og skattemessige verdier, samt skattemessig underskudd til fremføring
ved utgangen av regnskapsåret. Skatteøkende og skattereduserende
midlertidige forskjeller som reverserer eller kan reverseres i samme
periode er utlignet. Netto utsatt skattefordel balanseføres i den grad det er
sannsynlig at denne kan bli nyttegjort.
2.10 Kostnader ved låneopptak
Kostnader ved låneopptak balanseføres og kostnadsføres over lånets
løpetid.
2.11 Kontantstrømoppstilling
Selskapet benytter den indirekte modellen ved presentasjon av
kontantstrømoppstillingen. Den omfatter kontanter, bankinnskudd og
verdipapir.
2.12 Bruk av estimater
Utarbeidelsen av årsregnskapet i henhold til god regnskapsskikk
forutsetter at ledelsen benytter estimater og forutsetninger som påvirker
resultatregnskapet og verdsettelsen av eiendeler og gjeld, samt opplysninger
om usikre eiendeler og forpliktelser på balansedagen. Betingede tap som er
sannsynlige kvantifiserbare, kostnadsføres løpende.
NOTES - PARENT COMPANY / NOTER MORSELSKAP
103
NOK 1000
2022 2021
Per area of operations Pr. virksomhetsområde
Management fee internal Administrasjonshonorar internt 333 574 314 866
Management fee external Administrasjonshonorar eksternt 8 070 7 555
Other operating income Andre driftsinntekter
72 134
Total Sum 341 716 322 554
Geographical allocation Geografisk fordeling
Norway Norge 333 646 315 000
Belgium Belgia 6 453 5 955
Iceland Island 1 617 1 600
Total Sum 341 716 322 554
NOTES - PARENT COMPANY / NOTER MORSELSKAP
3 Andre driftsinntekter
4 Offentlige tilskudd
De offentlige tilskuddene blir bokført som reduksjon av mannskapskostnadene.
* Tilskudd kompensasjonsordningen for innreisekarantene er bokført som annen
driftsinntekt.
3 Other income
4 Government grants
The government grants are recorded as a reduction in the crew expenses.
* Subsidy compensation scheme for entry quarantine is recognized as other operating income.
NOK 1000
2022 2021
Grants received Mottatte tilskudd
Reimbursement from the Norwegian Maritime Directorate Nettolønnsordning for sjøfolk 60 466 71 287
Reimbursement for trainees Lærlingstilskudd 4 372 3 057
Subsidy compensation scheme for entry quarantine * Tilskudd kompensasjonsordningen for innreisekarantene * 0 45
Total government grants Sum offentlige tilskudd 64 838 74 344
104
Payroll expenses, number of employees, remuneration,
loans to employees and other personell costs
Lønnskostnader, antall ansatte, godtgjørelser,
lån til ansatte og andre personalkostnader
NOK 1000
2022 2021
Specification of payroll expenses: Spesifikasjon av lønnskostnad:
Payroll tax Arbeidsgiveravgift 163 110
Director's fee Styrehonorar 1 055 1 055
Other remuneration Andre ytelser 100 100
Other personnel costs Andre personalkostnader 736 280
Total Sum 2 054 1 545
Average number of shore-based employees Gjennomsnittlig antall ansatte på land 0 0
NOK 1000
2022 2021
Specification of crewing expenses: Spesifikasjon av mannskapskostnad:
Basic pay incl. holidays/free days Hyre inkl. ferie-/fritidsdager 261 467 247 676
Payroll tax Arbeidsgiveravgift 35 376 35 099
Reimbursement from the Norwegian Maritime Directorate Mottatt refusjon nettolønnsordning -60 466 -71 287
Pension contribution Pensjonsavgift reders del 7 472 7 118
Insurance and pension expenses Forsikringer og pensjonskostnad 14 722 14 239
Travel expenses Reiseutgifter 31 109 27 750
Groceries Proviant 1 755 1 425
Courses, other expenses and reimbursement Kurs, andre kostnader og refusjoner -2 286 3 128
Total Sum 289 148 265 147
Number of employees at the end of period Antall ansatte ved slutten av perioden 318 355
Remuneration to senior executives: Ytelser til ledende personer
Managing Director /
Administrerende Direktør
Managing Director /
Administrerende Direktør
Wages Lønn 2 273 2 250
Pension contributions Pensjoninnskudd 204 193
Other remuneration Annen godtgjørelse 246 249
Board of Directors / Styret Board of Directors / Styret
Wages Lønn 1055 1055
Other remuneration Annen godtgjørelse 100 100
2022 2021
Auditor's fee Revisjonshonorar
Mandatory audit Lovpålagt revisjon 1 529 1 608
Other qualified services Særattestasjoner 44 108
Other service Andre tjenester 289 741
Total expensed auditors fee excl. value added tax Sum kostnadsført revisjonshonorar ekskl. merverdiavgift 1 863 2 456
5 Payroll expenses
Wages of administrative staff including the CEO is paid in Havila
Management AS. Otherwise, refer to the Group note 19 Crewing and Payroll
expenses.
As of 31/12/22 the Company has no loans to employees.
5 Lønnskostnader
Lønnen til ansatte i administrasjonen inkludert daglig leder er utbetalt i Havila
Management AS. For øvrig henvises det til konsernnote 19 Mannskap og
lønnskostnader.
Selskapet har ingen lån til ansatte pr. 31.12.22.
Salaries and remuneration to the Managing Director is charged in Havila
Management AS. There are no bonus agreements, profit sharing or similar
benefits for the Managing Director.
Lønnen og godtgjørelse til Administrende Direktør er kostnadsført i Havila
Management AS. Det foreligger ingen bonus avtaler, overskuddsdeling og
lignende fordeler for Administerende Direktør.
NOTES - PARENT COMPANY / NOTER MORSELSKAP
105
6 Specification of items in the accounts 6 Spesifikasjon av poster i regnskapet
NOK 1000
Other operating expenses Andre driftskostnader 2022 2021
Subscription and bourse fees Kontingenter og børsavgifter 2 014 1 316
Leasing expenses and other expenses premises Leie og andre kostnader lokaler 2 211 2 763
IT expenses IT kostnader 2 037 2 222
Auditor's, lawyer's and consultant's fees Revisjon, juridisk bistand, konsulentbistand 2 438 3 472
Travel expenses Reisekostnader 86 23
Administrative costs Administrasjonskostnader 36 823 41 270
Other expenses Andre kostnader 2 730 2 419
Provision for loss short-term receivables in Group companies Avsetning tap kortsiktige interne fordringer
- 27 677
0
Total other operating expenses Sum andre driftskostnader 20 661 53 486
Interest income Renteinntekt
Interest received from group companies Renteinntekt fra foretak i samme konsern 19 251 16 632
Interest income Banks Renteinntekter bank 143 0
Interest income from others Renteinntekter fra andre 238 163
Total other interest income Sum annen renteinntekt 381 163
Received dividend Mottatt utbytte
Other financial income Andre Finansinntekter
Foreign exchange gain Valutagevinst 954 952
Unrealised foreign exchange gain Urealisert valutagevinst 0 54
Guarantee liabilities Garantiforpliktelser 161 838 0
Received dividend Mottatt utbytte 0 6 667
Other financial income Andre finansinntekter 0 317
Total other financial income Sum andre finansinntekter 162 791 7 991
Other financial expenses Andre finanskostnader
Write-down of financial assets Nedskrivning av finansielle eiendeler 192 244 -25 181
Interest cost Rentekostnader
Intrest cost loan Rentekostnader lån 109 000 80 806
Other interest cost Andre rentekostnader 0 75
Total other interest costs Sum andre rentekostnader 109 000 80 880
Other Financial expenses Andre finanskostnader
Foreign exchange loss Valutatap 1 011 930
Unrealised foreign exchange loss Urealisert valutatap 187 178
Guarantee liabilities Garantiforpliktelser 0 319 752
Dividends received paid to subsidiaries Mottatt utbytte viderebetalt til datterselskap 0 5 007
Other financial expenses Andre finanskostnader 845 2 435
Total other financial expenses Sum andre finanskostnader 2 043 328 302
NOTES - PARENT COMPANY / NOTER MORSELSKAP
106
7 Taxes 7 Skatt
NOK 1000
2022 2021
Taxes for the year are divided into: Årets skattekostnad fordeler seg på:
Taxes payable Betalbar skatt 0 0
Changes in deferred taxes Endring i utsatt skatt 0 0
Total taxes in the profit and loss accounts Sum skattekostnad i resultatet 0 0
Calculation of taxable basis for the year: Beregning av årets skattegrunnlag:
Profit before tax Resultat før skattekostnad 293 168 -407 488
Permanent differences * Permanente forskjeller * -129 022 57 856
Changes in temporary differences Endring i midlertidige forskjeller -160 552 351 294
Change in deficit to carry forward Endring i underskudd til framføring -4 175 -1 662
Received taxable group contribution booked to equity Mottatt skattepliktig konsernbidrag ført mot egenkapital
582 0
Taxable basis for the year Årets skattegrunnlag 0 0
Taxes payable in the balance sheet Betalbar skatt i balansen 0 0
Overview of temporary differences: Oversikt over midlertidige forskjeller:
Fixed assets Anleggsmidler -1 065 -1 045
Pension fund Pensjon Innskuddsfond 9 972 11 238
Taxable deficit to carry forward Skattemessig underskudd til fremføring -1 164 -5 339
Accrual for guarantee liability Avsetning for garantiansvar -253 556 -415 394
Bond Loan Obligasjonslån -287 463 -377 212
Total Sum -533 276 -787 753
Not included in the calculation basis for deferred taxes/ deferred tax assets Ikke med i beregningsgrunnlaget for utsatt skatt/utsatt skattefordel 287 463 377 212
Basis for deferred taxes / deferred tax assets Grunnlag for utsatt skatt / utsatt skattefordel -245 813 -410 541
Deferred taxes / deferred tax assets (-) in the balance sheet ** Utsatt skatt / utsatt skattefordel (-) i balanse ** -54 079 -90 319
Clarification on why taxes for the year different from 22% of profit
before tax:
Forklaring til hvorfor årets skattekostnad ikke utgjør 22% av resultat
før skatt:
Tax of profit before tax, 22% Skatt av resultat før skatt, 22% 64 497 -89 647
Change in deferred tax assets not entered into the balance sheet ** Endring ikke oppført utsatt skattefordel ** -36 240 76 919
Permanent differences 22% Permanente forskjeller 22% -28 385 12 728
Received taxable group contribution booked to equity, 22% Mottatt skattepliktig konsernbidrag ført mot egenkapital, 22% 128 0
Calculated taxes Beregnet skattekostnad 0 0
* Permanent differences consist of: * Permanente forskjeller består av:
None taxable interest income Ikke skattepliktige renter
Received dividend Mottatt utbytte 0 -6 667
Return of 3% tax-free income according to the exemption method Tilbakeføring av 3% skattefrie inntekter etter fritaksmetoden 0 200
None tax deductible entertainment expenses and gifts Ikke fradragsberettiget representasjonskostnader, gaver, kontingenter 1 150 411
None tax deductible write-down of financial assets Ikke fradragsberettiget nedskrivning av finansielle eiendeler -219 921 -6 936
Theoretical interest related to loan to amortized cost Teoretiske renter relatert til lån til amortisert kost 89 749 64 174
Received dividend paid to subsidiaries Mottatt utbytte viderebetalt til datterselskap 0 6 674
Total permanent differences Sum Permanente forskjeller -129 022 57 856
** Due to uncertainty related to when unused tax losses carried
forward can be used, deferred tax assets are not entered into
the balanse sheet.
** På grunn av usikkerhet med når skattemessig framførbart
underskudd kan benyttes, er ikke utsatt skattefordel oppført i
balansen.
NOTES - PARENT COMPANY / NOTER MORSELSKAP
107
2022 NOK 1000
Tangible fixed assets Varige driftsmidler Buildings/
Bygninger
Machinery and
equipment/
Maskiner og Inventar
Total tangible assets/Sum
varige
driftsmidler
Purchase cost 01/01/22 Anskaffelseskost pr 01.01.21 3 674 7 247 10 921
Addition purchased assets Tilgang kjøpte driftsmidler 0 0 0
Purchase cost 31/12/22 Anskaffelseskost 31.12.21 3 674 7 247 10 921
Accumulated depreciation 31/12/22 Akkumulerte avskrivninger 31.12.21 -2 407 -7 247 -9 654
Balance sheet value 31/12/22 Balanseført verdi pr. 31.12.21 1 267 0 1 267
Depreciation this year Årets avskrivninger 162 0 162
2021 NOK 1000
Tangible fixed assets Varige driftsmidler Buildings/
Bygninger
Machinery and
equipment/
Maskiner og Inventar
Total tangible assets/Sum
varige
driftsmidler
Purchase cost 01/01/21 Anskaffelseskost pr 01.01.21 3 674 7 247 10 921
Addition purchased assets Tilgang kjøpte driftsmidler 0 0 0
Purchase cost 31/12/21 Anskaffelseskost 31.12.21 3 674 7 247 10 921
Accumulated depreciation 31/12/21 Akkumulerte avskrivninger 31.12.21 -2 246 -7 247 -9 492
Balance sheet value 31/12/21 Balanseført verdi pr. 31.12.21 1 428 0 1 428
Depreciation this year Årets avskrivninger 162 0 162
8 Tangible fixed assets
Havila Shipping ASA calculates the depreciation on a straight-line basis for all
the tangible fixed assets. The useful life of the assets is calculated as follows:
Buildings: 20 years
Machinery and equipment: 3-5 years
Vehicles: 3 years
8 Varige driftsmidler
Havila Shipping ASA benytter lineære avskrivninger for alle varige driftsmidler.
Den økonomiske levetiden for driftsmidlene er beregnet til:
Bygninger: 20 år
Maskiner og Inventar: 3-5 år
Transportmidler: 3 år
NOTES - PARENT COMPANY / NOTER MORSELSKAP
108
9 Subsidiaries, associated companies etc
Investments in subsidiaries are recognised according to the cost method with
markup of deposits from the owner.
Investments in subsidiaries accounted according to the cost method
9 Datterselskap, felleskontrollert selskap m v
Investeringen i datterselskapene vurderes etter kostmetoden med påslag av inn-
skudd fra eier.
Investering i datterselskap bokført etter kostmetoden
NOK 1000
Company name/
Selskapets navn
Share capital/
Aksjekapital
Number of shares/
Antall aksjer
Face value/
Pålydende
Impairment of booked
value/ Nedskrivning
bokført verdi
Booked value/
Bokført verdi
Havila Chartering AS 100 100 1 000 0 0
Havila Management AS 100 100 1 000 0 100
Havila Harmony AS 200 100 2 000 0 0
Havila Shipping UK Ltd 0 2 12 0 0
Havila Charisma AS 36 100 361 000 100 -411 14 062
Havila Offshore AS 45 000 1 000 45 000 0 0
Havila Management Sdn Bhd 558 300 000 2 0 558
Havila Offshore Labuan Ltd 44 065 790 000 0 0 0
Havila Ships AS 80 000 100 800 000 0 0
Havila Subcon AS 16 200 3 600 4 500 0 0
Havila Marine Guernsey Limited 0 1 12 0 0
Havila Venus AS 40 530 40 530 000 1 0 0
Havila Jupiter AS 56 030 56 030 000 1 0 0
Havila Phoenix AS 12 530 12 530 000 1 0 0
Total shares in subsidiaries/
Totalt aksjer i datterselskap
331 413 -411 14 720
Acquired/
Ervervet
Office/Kontor Ownership/ Eierandel Voting share/
Stemmeandel
Havila Chartering AS 16.09.2005 Mjølstadneset 100 % Directly/Direkte 100 %
Havila Management AS 05.04.2005 Mjølstadneset 100 % Directly/Direkte 100 %
Havila Harmony AS 13.07.2012 Mjølstadneset 100 % Directly/Direkte 100 %
Havila Shipping UK Ltd 31.07.2003 Aberdeen 100 % Directly/Direkte 100 %
Havila Charisma AS 22.09.2011 Mjølstadneset 100 % Directly/Direkte 100 %
Havila Offshore AS 10.11.2014 Mjølstadneset 100 % Directly/Direkte 100 %
Havila Management Sdn Bhd 28.05.2013 Malaysia 100 % Directly/Direkte 100 %
Havila Offshore Labuan Ltd 18.12.2019 Malaysia 100 % Directly/Direkte 100 %
Havila Ships AS 10.01.2005 Mjølstadneset 100 % Indirectly/Indirekte 100 %
Havila Subcon AS 10.02.2005 Mjølstadneset 100 % Indirectly/Indirekte 100 %
Havila Marine Guernsey Limited 31.07.2003 Guernsey 100 % Indirectly/Indirekte 100 %
Havila Venus AS 10.02.2017 Mjølstadneset 100 % Indirectly/Indirekte 100 %
Havila Jupiter AS 10.02.2017 Mjølstadneset 100 % Indirectly/Indirekte 100 %
Havila Phoenix AS 10.02.2017 Mjølstadneset 100 % Indirectly/Indirekte 100 %
NOTES - PARENT COMPANY / NOTER MORSELSKAP
109
NOTES - PARENT COMPANY / NOTER MORSELSKAP
NOK 1000
Company/
Selskap
Assets/
Eiendeler
Liabilities/
Gjeld
Equity/
Egenkapital
Operating income/
Driftsinntekter
Profit for the year/
Årsresultat
Havila Chartering AS 35 138 169 459 -134 321 195 034 21 214
Havila Management AS 5 052 4 587 466 19 576 442
Havila Harmony AS 74 742 243 067 -168 326 31 715 9 789
Havila Shipping UK Ltd 4 279 2 906 1 373 1 767 51
Havila Charisma AS 162 887 148 826 14 062 50 061 -3 944
Havila Offshore AS 1 260 -258 0 -20
Havila Management Sdn Bhd 1 440 636 804 0 61
Havila Offshore Labuan Ltd 21 476 28 417 -6 942 0 -25
Havila Ships AS 570 733 1 498 422 -927 689 424 358 15 404
Havila Subcon AS 256 043 498 993 -242 950 14 600 3 607
Havila Marine Guernsey Limited 4 806 4 806 0 23 271 0
Havila Venus AS 184 736 294 240 -109 504 74 889 -45 269
Havila Jupiter AS 198 499 235 820 -37 322 108 857 36 189
Havila Phoenix AS 673 337 697 587 -24 250 60 472 146 549
Total/Totalt 305 015 598 158 -293 143 298 153 27 568
NOK 1000
Company/
Selskap
Ownership/
Eierandel
Equity/
Egenkapital
Book value/
Bokført verdi
Share in Joint Venture company/Andel i Joint Venture selskap
Havila Charisma IS
50 % 22 530 22 530
NOK 1000
Company/
Selskap
Share assets/
Andel av eiendeler
Share Liabilities/
Andel Gjeld
Share Equity/
Andel egenkapital
Operating income/
Driftsinntekter
Profit for the year/
Årsresultat
Havila Charisma IS 81 455 58 925 22 530 25 030 -6 305
Total/Totalt 81 455 58 925 22 530 25 030 -6 305
Overview of items in subsidiaries’ accounts
Investments in Joint Venture companies accounted according to cost
method
Overview of items in joint venture company accounts
Oversikt over regnskapsposter i datterselskap
Investering i felleskontrollert selskap bokført etter kost metoden
Oversikt over regnskapsposter i felleskontrollerte selskap
110
NOK 1000
2022 2021
Receivables with due date later than one year: Fordringer med forfall senere enn ett år:
Loans to companies in the same group * Lån til foretak i samme konsern * 363 491 246 473
Loan to joint venture company Havila Charisma IS Lån til felleskontrollert virksomhet Havila Charisma IS 4 000 4 000
Other non-current receivables Andre langsiktige fordringer 9 972 11 238
Receivables with due date within one year: Fordringer med forfall innen ett år:
Current receivables from companies in the same group Kortsiktig mellomværende med konsernselskap 9 092 5 934
Other receivables: Andre fordringer:
Receivable from the Norwegian Maritime Directorate Nettolønn til gode 20 580 20 471
Prepaid expenses Forskuddsbetalte kostnader 8 030 3 267
Other short term receivables and accruals Andre kortsiktige fordringer og periodiseringer 6 375 1 845
Total other receivables Sum andre fordringer 34 985 25 584
Liabilities with due date later than one year: Gjeld med forfall senere enn et år:
Bond loan Obligasjonslån 359 398 283 409
Total Totalt 359 398 283 409
Liabilities with due date within one year: Gjeld med forfall innen et år:
Bond loan Obligasjonslån 0 0
Total Totalt 0 0
Repayment profile Avdragsprofil
Ballon bond-loan Ballong obligasjon lån 359 398 283 409
Total Totalt 359 398 283 409
NOTES - PARENT COMPANY / NOTER MORSELSKAP
10 Receivables and liabilities
* In 2022, the company has impairment of loans to companies in the same group
with a total of NOK 193 million. In 2021, the impairment amount was NOK 21
million.
Following the conclusion of a new restructuring agreement in June 2020, the bond
loans are set at fair value. The fair value of the debt is estimated in a model where
the vessels’ earnings up to 2024 are a key assumption. Management has used the
same cash flow estimates for the valuation of the debt as in the impairment tests,
and has consequently seen a need to also update the valuation of the debt to
ensure continued consistency. Furthermore, the value estimate for the part of the
debt that matures in 2024 (through settlement and conversion) has been adjusted
to reflect a downgraded terminal value in the impairment assessment. The effect
of changes in the assumptions reduces the fair value of the bond loans by NOK
32.1 million per 31/12/2020.
The nominal value of the bond loans is NOK 647 million.
See group note 13 Loans
10 Fordringer og gjeld
* Selskapet har i 2022 nedskrevet lån til foretak i samme konsern med til sammen
NOK 193 million. I 2021 var nedskrivningen NOK 21 million.
Etter inngåelse av ny restruktureringsavtale i juni 2020 fastsettes obligasjonslån
til virkelig verdi. Virkelig verdi på gjelden estimeres i en modell der fartøyenes
inntjening fram til 2024 er en sentral forutsetning. Ledelsen har benyttet de samme
kontantstrømestimatene for verdsettelsen av gjelden som i nedskrivningstestene,
og har følgelig sett behov for å også oppdatere verdsettelsen av gjelden for å
sikre fortsatt konsistens. Videre er verdianslaget for den delen av gjelden som
kommer til forfall i 2024 (gjennom oppgjør og konvertering) justert for å reflektere
en nedjustert terminalverdi i nedskrivningsvurderingen. Effekten av endringer i
forutsetningene reduserer virkelig verdi av obligasjonslånene med NOK 32,1
million pr. 31.12.2020.
Nominell verdi av obligasjonslånene er NOK 647 million.
Se konsernnote 13 lån
111
NOK 1000
2022 2021
Receivables Fordringer
Other current receivables group companies Andre kortsiktige fordringer konsernselskap 9 092 5 934
Other non-current receivables group companies Andre langsiktige fordringer konsernselskap 363 491 246 473
Non-current receivables joint ventures/associated company Langsiktige fordringer fellesregistrert / tilknyttet selskap
4 000 4 000
Total Totalt 376 583 256 408
Payables Gjeld
Current liabilities group companies Kortsiktig gjeld på konsernselskap 23 106 27 076
Long term liabilities group companies Langsiktig gjeld på konsernselskap 68 761 152 646
Total Totalt 91 867 179 722
NOTES - PARENT COMPANY / NOTER MORSELSKAP
11 Mellomværende med selskap i samme konsern og
tilknyttede selskap
11 Receivables and payables to companies in the same
group and associated companies
112
12 Pensions
The company’s pension schemes satisfy the requirements of the Act on
Mandatory Occupational Pensions.
Defined contribution scheme:
The Company has a defined contribution pension scheme. As of 31/12/22, the
scheme includes a total of 335 active seamen. The defined contribution scheme
includes all employees who are members of the National Insurance Scheme.
In the defined contribution pension scheme, employees will continue to earn a
pension as long as they are working, also beyond the age of 60/62. The defined
contribution scheme is flexible for the individual employee, including investment
choices, and the employee himself will have a greater influence on the payment
period and start time. The defined contribution pension will also ensure the
employee a pension benefit in addition to the National Insurance after 67 years.
Annual contribution is 3% of the pension base between 0 G and 7.1 G, and 15% of
the pension base between 7.1 G and 12 G.
In 2022, expensed contribution deposits including premiums and costs amounts
to NOK 8,290 million compared to NOK 8,642 million in 2021.
As of 31/12/22, the defined contribution fund amounts to NOK 10.0 million,
compared to NOK 11.2 million as of 31/12/21. This is recognized in the Balance
Sheet as other long-term receivables.
AFP:
The AFP scheme is a benefit-based multi-company pension scheme, and is
financed through premiums set as a percentage of salary. In terms of accounting,
the scheme is treated as a defined contribution pension scheme where premium
payments are expensed on an ongoing basis, and no provisions are made in the
accounts.
In 2022, the premium amounted to 2.6% of salary between 1G and 7.1G.
Subsidies for the AFP scheme are included in the accounting line crew costs
and amounted to NOK 2.9 million in 2022 compared to NOK 2.0 million in 2021.
The joint scheme for AFP does not publish estimates of future premium rates,
but assumes that the premium for new AFP must be increased over time to meet
expectations of increased payments with sufficient buffer capital.
The company is jointly and severally liable for two-thirds of the pension to be paid
to the employees who meet the conditions at all times. The responsibility applies
both to non-payment and if the premium rate proves to be insufficient.
In the event of termination of the scheme, the company is obliged to continue
paying premiums to cover pension payments to employees who have joined or
who fulfill the conditions for a contractual pension at the time of termination.
In 2022, the National Insurance average basic amount (1G) was NOK 109,784,
compared to NOK 104,716 in 2021.
In addition to the defined contribution pension scheme and the AFP scheme,
seamen are members of the Maritime Pension Fund (MPK).
12 Pensjoner
Selskapets pensjonsordninger tilfredstiller kravene i lov om obligatorisk
tjenestepensjon.
Innskuddspensjonsordning:
Selskapet har innskuddspensjonsordning som omfatter i alt 335 aktive sjøfolk
pr 31.12.22. Innskuddsordningen omfatter alle ansatte som er medlem i
Folketrygden.
I denne innskuddsordningen vil ansatte opptjene pensjon så lenge de er i
arbeid, også etter fylte 60/62 år. Innskuddsordningen er fleksibel for den
enkelte ansatte, blant annet hva gjelder investeringsvalg, samt at den
ansatte selv har større innflytelse på utbetalingsperiode og starttidspunkt.
Innskuddspensjonen vil også sikre den ansatte en pensjonsytelse i tillegg til
Folketrygden etter 67 år.
Årlig innskudd er 3 % av pensjonsgrunnlaget mellom 0 G og 7,1 G, og 15 % av
pensjonsgrunnlaget mellom 7,1 G og 12 G.
Kostnadsført innskudd inkludert premie og omkostninger utgjør i 2022 NOK 8
290 million mot NOK 8 642 million i 2021.
Pr. 31.12.22 utgjør innskuddsfondet NOK 10,0 million mot NOK 11,2 million pr.
31.12.21. Dette vises i balansen som andre langsiktige fordringer.
AFP:
AFP-ordningen er en ytelsesbasert flerforetaks pensjonsordning, og
finansieres gjennom premier som fastsettes som en prosent av lønn.
Regnskapsmessig blir ordningen behandlet som en innskuddsbasert
pensjonsordning hvor premiebetalinger kostnadsføres løpende,og ingen
avsetninger foretas i regnskapet.
I 2022 utgjorde premien 2,6 % av lønn mellom 1G og 7,1G.
Tilskudd til AFP ordningen inngår i regnskapslinjen mannskapskostnader og
utgjorde i 2022 NOK 2,9 million mot NOK 2,0 million i 2021.
Fellesordningen for AFP offentliggjør ikke anslag på fremtidige premiesatser,
men legger til grunn at premien for ny AFP må økes over tid for å imøtekomme
forventninger om økte utbetalinger med tilstrekkelig bufferkapital.
Selskapet er solidarisk ansvarlig for to tredeler av pensjonen som skal
utbetales til de arbeidstakere som til enhver tid fyller vilkårene. Ansvaret
gjelder både manglende innbetaling og dersom premiesatsen viser seg å
være utilstrekkelig.
Ved eventuell avvikling av ordningen har selskapet plikt til fortsatt
premiebetaling for dekning av pensjonsutbetalinger til arbeidstakere
som er tiltrådt eller som fyller vilkårene for avtalefestet pensjon på
avviklingstidspunktet.
Gjennomsnittlig grunnbeløp (1G) var i 2022 NOK 109 784 mot NOK 104 716
i 2021.
I tillegg til innskuddspensjonsordningen og Fellesordningen for AFP er
sjøfolkene medlem i Maritim Pensjonskasse (MPK).
NOTES - PARENT COMPANY / NOTER MORSELSKAP
113
NOTES - PARENT COMPANY / NOTER MORSELSKAP
13 Kontanter og kontantekvivalenter13 Cash and cash equivalents
NOK 1000
2022 2021
Cash and cash equivalents consist of: Kontanter og kontantekvivalenter består av:
Bank deposits Bankinnskudd 30 609 32 217
Total Totalt 30 609 32 217
Of this restricted bank deposits Av dette bundne bankinnskudd 4 254 4 509
114
2022 Number / Antall Par value / Pålydende Book value / Balanseført verdi
Ordinary shares / Ordinære aksjer 23 776 300 1,00 23 776 300
Total/Totalt 23 776 300 1,00 23 776 300
Shareholders/Aksjonærer Country/Land Shares/Aksjer Interest/Andel
HAVILA HOLDING AS NOR 12 116 566 51,0 %
NORDNET LIVSFORSIKRING AS NOR 566 944 2,4 %
MORTEN SKAGE NOR 311 000 1,3 %
NORDNET BANK AB SWE 274 093 1,2 %
RUDY PATRICK SANDANGER NOR 238 000 1,0 %
FRANK IVAR AARNES NOR 172 525 0,7 %
MØLLER HOLDING AS NOR 165 790 0,7 %
ANDREAS MØLLER NOR 147 787 0,6 %
ARNE LØVLID NOR 130 653 0,5 %
MANOLI AS NOR 127 979 0,5 %
GÅSØ NÆRINGSUTVIKLING AS NOR 121 438 0,5 %
AVANZA BANK AB SWE 105 154 0,4 %
OTTO RONGEVÆR NOR 100 722 0,4 %
CLEARSTREAM BANKING S.A. LUX 98 558 0,4 %
KIM ALEXANDER ESBJUG NOR 93 482 0,4 %
BARCLAYS CAPITAL SEC. LTD FIRM GBR 93 000 0,4 %
ALF OLAV SÆTRE NOR 90 598 0,4 %
SHOG AS NOR 86 400 0,4 %
KNUT ANDERSEN NOR 82 753 0,3 %
ROLF TORE HELLE NOR 75 000 0,3 %
LARGEST/ STØRSTE 15 198 442 63,9 %
OTHER/ØVRIG 8 577 858 36,1 %
Total number of shares/Totalt antall aksjer 23 776 300 100,0 %
14 Share capital and shareholders’ information
The share capital consists of:
Overview of the largest shareholders - 2022:
Indirect ownership of Havila Shipping ASA in Havila Holding AS;
Board member owns 30%, and Managing Director owns 30%.
At 31/12/2022 and 31/12/2021 the company has no own shares.
14 Aksjekapital og aksjonærinformasjon
Aksjekapitalen består av:
Oversikt over de største aksjonærene - 2022:
Indirekte eierskap i Havila Shipping ASA i Havila Holding AS;
Styremedlem eier 30%, og Administrende Direktør eier 30%.
Pr. 31.12.2022 og 31.12.2021 har selskapet ingen egne aksjer.
NOTES - PARENT COMPANY / NOTER MORSELSKAP
115
NOTES - PARENT COMPANY / NOTER MORSELSKAP
2021 Number / Antall Face value / Pålydende Book value / Balanseført verdi
Ordinary shares / Ordinære aksjer 23 776 300 1,00 23 776 300
Total/Totalt 23 776 300 1,00 23 776 300
Shareholders/Aksjonærer Country/Land Shares/Aksjer Interest/Andel
HAVILA HOLDING AS NOR 12 116 566 51.0 %
MORTEN SKAGE NOR 480 000 2.0 %
NORDNET BANK AB SWE 397 298 1.7 %
NORDNET LIVSFORSIKRING AS NOR 367 579 1.5 %
SPAREBANK SØRE SUNNMØRE NOR 250 338 1.1 %
FRANK IVAR AARNES NOR 182 525 0.8 %
HEN KIM MA NOR 160 000 0.7 %
RICOVE AS NOR 153 000 0.6 %
MANOLI AS NOR 150 000 0.6 %
RUDY PATRICK SANDANGER NOR 128 059 0.5 %
JOHAN WEMUNDSTAD NOR 100 000 0.4 %
Q INVEST AS NOR 100 000 0.4 %
ROLF EINAR ENGSTAD NOR 100 000 0.4 %
REIDUN PETRA KLOCK TJERVÅG NOR 100 000 0.4 %
KAMIAN AS NOR 98 000 0.4 %
DUNVOLD INVEST AS NOR 97 375 0.4 %
SPAREBANK SMN INVEST AS NOR 93 525 0.4 %
KIM ALEXANDER ESBJUG NOR 93 482 0.4 %
KJELL HÅVARD GRØNNING NOR 91 193 0.4 %
CLEARSTREAM BANKING S.A. LUX 85 777 0.4 %
LARGEST/ STØRSTE 15 344 717 64.5 %
OTHER/ØVRIG 8 431 583 35.5 %
Total number of shares/Totalt antall aksjer 23 776 300 100,0 %
Aksjekapitalen består av:
Oversikt over de største aksjonærene - 2021:
Selskapets finansiering
Den finansielle restruktureringen av konsernet ble gjennomført 30. juni 2020.
Se konsernnote 13 Lån for detaljer og effekt av restruktureringen, samt
børsmeldinger som er tilgjengelig på selskapets hjemmeside:
www.havilashipping.no.
The share capital consists of:
Overview of the largest shareholders - 2021:
The company’s financing
The financial restructuring of the group was executed on 30 June 2020.
See group note 13 Loans for details and effects of the restructuring, and in stock
exchange releases available at the company home page:
www.havilashipping.no.
116
NOK 1000
2022 Share capital /
Aksjekapital *)
Share
premium /
Overkurs
Annen
innskutt
egenkapital
Uncovered
loss/Udekket
tap
Total/Sum
Equity per 01/01/22 Egenkapital pr. 01.01.22 23 776 933 704 843 018 -2 490 835 -690 337
Profit for the year Årets resultat 0 0 293 168 293 168
Group Contribution Konsernbidrag
582 582
Equity per 31/12/2022 Egenkapital pr 31.12.2022 23 776 933 704 843 018 -2 197 085 -396 587
NOK 1000
2021 Share capital /
Aksjekapital *)
Share
premium /
Overkurs
Annen
innskutt
egenkapital
Uncovered
loss/Udekket
tap
Total/Sum
Equity per 01/01/21 Egenkapital pr. 01.01.21 23 776 933 704 843 018 -2 083 348 -282 849
Profit for the year Årets resultat 0 0 -407 488 -407 488
Equity per 31/12/2021 Egenkapital pr 31.12.2021 23 776 933 704 843 018 -2 490 835 -690 337
*) Share capital:
Number of shares 23776300
Par value per share 1.00
*) Aksjekapital:
Antall aksjer 23776300
Pålydende verdi pr. aksje NOK 1,00
15 Egenkapital
*) Aksjekapital:
Antall aksjer 23776300
Pålydende verdi pr. aksje NOK 1,00
15 Equity
*) Share capital:
Number of shares 23776300
Par value per share 1.00
NOTES - PARENT COMPANY / NOTER MORSELSKAP
117
16 Close associates
Transactions with close associates.
See note 10 Receivables and payables to companies in the same group and
associated companies, note 5 Specification of items in the accounts and Group
note 25 Related parties.
Havila Shipping ASA has been involved in various transactions with close
associates.
All the transactions are made as a part of the ordinary business and is made on
market terms.
The most important transactions are as follows:
a) Lease of premises from Siva Sunnmøre AS
b) Lease of premises from Havila Holding AS / Havilahuset AS
c) Purchase of administration services from Havila Service AS
d) Purchase of administration services from Havila AS
a) Havila Holding AS owns 35,2% of Siva Sunnmøre AS from which Havila
Shipping ASA leases storeroom. This agreement expires 31/12/2025, and is made
on market terms.
b) Havila Shipping ASA moved to new premises, which are owned by Havila
Holding AS, in July 2008. On 31 March 2022, the building was sold internally from
Havila Holding AS to Havilahuset AS. The lease agreement with Havila Holding
AS ended on 31/03/22, and a new lease agreement for the same premises was
entered into with Havilahuset AS. As of 31/12/22, there is one lease agreement
related to this tenancy. This agreement expires on 31 December 2031. The
agreement has been made on market terms.
c) Havila Shipping ASA has entered into an agreement to purchase administration
services from Havila Service AS, a wholly owned subsidiary of Havila Holding AS.
This agreement is valid from 01.11.20 and applies to the purchase of services within
accounting, crewing, purchasing and IT. The agreement has a notice period of 6
months, and is made on market terms.
d) Havila Shipping ASA has entered into an agreement to purchase administration
services from Havila AS, a wholly owned subsidiary of Havila Holding AS.
This agreement is valid from 19/04/21 and applies to services delivered by the
Financial Director.
16 Nærstående parter
Transaksjoner med nærstående selskaper.
Se note 10 Mellomværende med selskap i samme konsern og tilknyttet selskap,
note 5 Spesifikasjon av poster i regnskapet og konsernnote 25 Nærstående
parter.
Havila Shipping ASA har foretatt flere ulike transaksjoner med nærstående
selskaper.
Alle transaksjoner er foretatt som del av den ordinære virksomheten og til
markedsmessige vilkår.
De vesentligste transaksjonene som er foretatt er som følger;
a) Leige av lokaler med Siva Sunnmøre AS
b) Leige av lokaler med Havila Holding AS / Havilahuset AS
c) Kjøp av administrasjonstjenester fra Havila Service AS
d) Kjøp av administrasjonstjenester fra Havila AS
a) Havila Holding AS eier 35,2% av Siva Sunnmøre AS som Havila Shipping
ASA leier lagerlokaler av. Denne avtalen utløper 31.12.2025, og er gjort på
markedsmessige vilkår.
b) Havila Shipping ASA flyttet til nye lokaler, som er eiet av Havila Holding AS,
i juli 2008. Den 31.03.2022 ble bygningen solgt internt fra Havila Holding AS til
Havilahuset AS. Leieavtalen med Havila Holding AS ble avsluttet 31.03.22, og ny
leieavtale som samme lokaler ble inngått med Havilahuset AS. Det er pr 31.12.22
en leieavtale knyttet til dette leieforholdet. Denne avtalen utløper 31.12.2031.
Avtalen er gjort på markedsmessige vilkår.
c) Havila Shipping ASA har inngått avtale om kjøp av administrasjonstjenester fra
Havila Service AS, et heleid datterselskap av Havila Holding AS. Denne avtalen
er gjeldende fra 01.11.20 og gjelder kjøp av tenester innenfor regnskap, mannskap,
innkjøp og IT. Avtalen har en oppsigelsesfrist på 6 måneder, og er gjort på
markedsmessige vilkår.
d) Havila Shipping ASA har inngått avtale om kjøp av administrasjonstjenester
fra Havila AS, et heleid datterselskap av Havila Holding AS. Denne avtalen er
gjeldende fra 19.04.21 og gjelder tjenester levert av Finansdirektør.
NOTES - PARENT COMPANY / NOTER MORSELSKAP
NOK 1000
Overview of transactions/
Oversikt over transaksjoner
Outstanding per
31/12/2022 / Uteståen-
de pr. 31.12.2022
Rent/Leie Loan/Lån
Administrative
services /
Administrative
tjenester
Outstanding per
31/12/2021 / Utestående
pr. 31.12.2021
Rent/Leie Loan/Lån
Administrative
services /
Administrative
tjenester
Havila Holding AS 99 704 457 100 000 0 100 319 1 741 100 000 0
Havila AS -4 0 0 1 176 -15 0 0 910
Siva Sunnmøre AS 0 309 0 0 9 297 0 0
Havila Kystruten AS -59 0 0 0 -19 0 0 0
Havila Service AS 1 283 0 0 14 304 2 810 0 0 17 231
Havila Hotels AS 0 0 0 0 0 0 0 0
Havilahuset AS 0 935 0 0 0 0 0 0
Totalt 100 925 1 702 100 000 15 480 103 103 2 038 100 000 18 141
118
NOTES - PARENT COMPANY / NOTER MORSELSKAP
NOK 1000
Other current receivables group companies Andre kortsiktige fordringer på konsernselskap 2022 2021
Havila Offshore AS Havila Offshore AS 0 28
Havila Shipping UK LTD Havila Shipping UK LTD 2 905 2 937
Havila Harmony AS Havila Harmony AS 0 0
Havila Charisma AS Havila Charisma AS 5 580 2 969
Havila Management AS Havila Management AS 582 0
Havila Offshore Labuan LTD Havila Offshore Labuan LTD 25 0
Total Totalt 9 092 5 934
Other current debt group companies Annen kortsiktig gjeld til konsernselskap
Havila Management AS Havila Management AS 3 485 3 191
Havila Marine Guernsey LTD Havila Marine Guernsey LTD 67 65
Havila Offshore Labuan LTD Havila Offshore Labuan LTD 19 554 19 554
Havila Phoenix AS Havila Phoenix AS 0 4 266
Total Totalt 23 106 27 076
Loans to companies in the same group Lån til foretak i samme konsern
Havila Subcon AS Havila Subcon AS 256 355 257 810
Havila Ships AS Havila Ships AS 69 582 0
Havila Management Sdn Bhd Havila Management Sdn Bhd 493 441
Havila Jupiter AS Havila Jupiter AS 36 801 -11 989
Havila Offshore AS Havila Offshore AS 260 212
Total Totalt 363 491 246 473
Non-current liabilities from group company Lån fra foretak i samme konsern
Havila Subcon AS Havila Subcon AS 0 15 668
Havila Management Sdn Bhd Havila Management Sdn Bhd 1 347 1 240
Havila Phoenix AS Havila Phoenix AS 67 414 135 739
Total Totalt 68 761 152 646
Management fees to Havila Management AS Administrasjonshonorar til Havila Management AS 19 576 21 361
Management fees to Havila Shipping UK Ltd Administrasjonshonorar til Havila Shipping UK Ltd 1 767 1 769
Total Totalt 21 343 23 130
Interest income from group companies Renteinntekter fra foretak i samme konsern 19 251 16 632
Receivables with due date later than one year Fordringer med forfall senere enn ett år
Loan to joint venture company Havila Charisma AS Lån til felleskontrollert virksomhet Havila Charisma AS 4 000 4 000
119
17 Financial instruments and market risk
Havila Shipping ASA is the management company for the Havila Shipping Group.
The group runs international business activities that are exposed to significant
interest and currency risks. The group uses its respective ship-owning companies
to enter interest and currency contracts, where cash flows for the ships are the
basis for the contracts.
Credit risk
The company has no significant credit risks where management services that
are invoiced for its subsidiary companies are concerned. Settlements for such
services are billed concurrently.
Interest rate risk
The company has bond loans (see note 6 Receivables and liabilities). The loan
interest on these bond loans was originally floating, associated with NIBOR.
See Group Note 3.1 Market Risk, section Interest Rate Risk.
Financial restructuring of the company was executed on 30 June 2020. The
agreement period runs until 31/12/2024. Each lender can extend the period with
one year until 31/12/2025. The company’s liquidity was strengthened by Havila
Holding AS paid a convertible liquidity loan of NOK 100 million. Havila Holding AS
has the right and obligation to convert all or part of the loan into shares in order
to maintain an ownership position in the company in connection with lenders’
conversion rights. Payment of interest and instalments will, for each vessel, be
limited by the respective vessels profit and will be paid quarterly. If a vessels’
income is insufficient to serve the interest-bearing tranche, the calculated interest
and missing instalment will be transferred to the non-interest-bearing tranche.
Vessel profit above accrued interest will serve the interest-bearing tranche
according to a predefined payment profile. Any surplus cash beyond this will be
swept by the non interest-bearing tranche.
An 1% increase in NIBOR will during the period of one year lead to an increase in
interest expenses of NOK 2,9 million.
17 Finansielle instrumenter og markedsrisiko
Havila Shipping ASA er managementselskap for Havila Shipping konsernet.
Konsernet driver internasjonal virksomhet som er utsatt for betydelig renterisiko
og valutarisiko. Konsernet inngår sine rente og valutakontrakter i respektive
skipseiende selskaper knyttet opp mot kontanstrømmer til fartøyene.
Kredittrisiko
Selskapet har ingen vesentlig kredittrisiko knyttet til fakturerte management
tjenester for sine datterselskap. Oppgjør av slike tjenester blir fortløpende
avregnet.
Renterisiko
Selskapet har obligasjonslån (se note 6 fordring og gjeld). Lånerenten på
obligasjonslånene var opprinnelig flytende rente og knyttet opp mot NIBOR.
Se konsernnote 3.1 Markedsrisiko, avsnitt om Renterisiko.
Finansiell restrukturering av selskapet ble gjennomført 30. juni 2020.
Avtaleperioden løper fram til 31.12.2024. Den enkelte långiver har mulighet til å
forlenge løpetiden med ett år til 31.12.2025. Selskapets likviditet ble styrket ved
at Havila Holding AS innbetalte et konvertibelt likviditetslån på NOK 100 million.
Havila Holding AS har rett og plikt til å konvertere hele eller deler av lånet til
aksjer for å opprettholde eierposisjon i selskapet i forbindelse med långiveres
konverteringsrett. Rente- og avdragsbetaling er for det enkelte fartøy begrenset til
fartøyets inntjening. Renter og avdrag betales kvartalsvis for alle fartøy. Dersom et
fartøy ikke har tilstrekkelig inntjening til å betjene rentebærende transje, overføres
renter og manglende avdrag fra rentebærende transje til ikke rentebærende
transje. Et fartøys inntjening utover påløpte renter betjener rentebærende transje
i henhold til fastsatt nedbetalingsprofil. Eventuelt overskytende beløp benyttes til
nedbetaling på ikke rentebærende transje.
1% økning i NIBOR vil i løpet av et år medføre økt rentekostnad på NOK 2,9
million.
NOTES - PARENT COMPANY / NOTER MORSELSKAP
Havila Shipping ASA has management agreements with its subsidiary
agreement.
Havila Shipping ASA har management avtaler med sine
datterselskap.
Management fee income Administrasjonsinntekter 2022 2021
Havila Ships AS Havila Ships AS 173 609 163 456
Havila Jupiter AS Havila Jupiter AS 30 250 29 043
Havila Venus AS Havila Venus AS 29 993 28 459
Havila Subcon AS Havila Subcon AS 120 120
Havila Harmony AS Havila Harmony AS 635 1 502
Havila Chartering AS Havila Chartering AS 73 455 60 111
Havila Offshore Labuan LTD Havila Offshore Labuan LTD 20 20
Havila Charisma AS Havila Charisma AS 25 371 25 282
Havila Phoenix AS Havila Phoenix AS 120 6 873
Total Totalt 333 574 314 866
120
Lividitetsrisiko
Selskapets løpende likviditet er basert på løpende viderefakturering av sine
managementtjenester inkludert påslag. Konsernets strategi er å ha tilstrekkelig
kontanter, kontantekvivalenter eller kredittmuligheter til enhver tid å kunne
finansiere løpende drift og egenfinansiering av investeringer.
Valutarisiko
Havila Shipping ASA er i mindre grad direkte utsatt for valutarisiko.
18 Garantier
Pr. 31.12.22 har Havila Shipping ASA stillt morselskapsgaranti for gjeld i datter og dat-
terdatterselskapene på til sammen NOK 2 791 million, mot NOK 3 285 million pr.
31.12.21.
Pr. 31.12.22 utgjør avsatt garantiforpliktelse NOK 254 million mot NOK 415 million i
2021. Morselskapsgarantien gjelder ikke obligasjonslånene.
Som følge av at enkelte datter- og datterdatter selskaper har negativ egenkapital, og
det fortsatt er underdekning etter man har skrevet ned verdi på aksjer og fordringer,
er det gjort garantiavsetning tilknyttet morselskapsgarantien.
I vurderingen av avsetning for garantiforpliktelser har vi lagt til grunn at morselskapet
har stilt en forpliktende garanti til bankene, og at bankene kan kreve at morselskapet
gjør opp gjeld i den grad skyldner ikke er i stand til å gjøre opp.
For å estimere størrelsen på garantiansvaret har ledelsen basert seg på regnskapene
til underliggende datterselskap. Da skipene i all hovedsak er regnskapsført til gjenvin-
nbart beløp, anses underdekning i egenkapitalen etter man har korrigert for usikrede
lån fra morselskapet som en god tilnærming på reell underdekning. Denne forutsetter
imidlertid at skipene blir realisert gjennom fortsatt bruk eller en ordnet transaksjon
mellom villig kjøper og villig selger, og ikke gjennom forserte salg.
I tabellen nedenfor finnes oversikt over hvilke konkrete lånefasiliteter som er omfattet
av garantiavsetningen.
Liquidity risk
The company’s current liquidity is based on current through-invoicing of com-
pany management services, including mark-ups for its respective subsidiaries
and external companies. The group’s strategy is to have sufficient cash, cash
equivalents or opportunity for credit at all times, to be able to finance ongoing
operations and own financing of investments.
Currency risk
Havila Shipping ASA are less exposed to current risk.
18 Guarantees
As of 31/12/22, Havila Shipping ASA has furnished guarantee for debt amounted
to NOK 2,791 million in subsidiaries and tier-subsidiaries, compared to NOK 3,285
million as of 31/12/21.
As of 31/12/22, the provision for guarantee obligation amounts to NOK 254 mil-
lion, compared to NOK 415 million in 2021. The parent company guarantee does
not apply to the bond loans.
As a result of some subsidiary and tier-subsidiaries having negative equity, and
there is still under-coverage after the value of shares and receivables has been
written down, a guarantee provision has been made in connection with the parent
company guarantee.
In the assessment of provisions for guarantee obligations, we have assumed that
the parent company has provided a binding guarantee to the banks, and that the
banks can demand that the parent company settle debts to the extent that the
debtor is unable to settle.
In order to estimate the size of the guarantee liability, the management has relied
on the accounts of the underlying subsidiaries. As the vessels are mainly ac-
counted for at the recoverable amount, under-coverage in equity after adjusting
for unsecured loans from the parent company is considered a good approach
to real under-coverage. However, this presupposes that the vessels are realized
through continued use or an orderly transaction between a willing buyer and a
willing seller, and not through forced sales.
The table below provides an overview of which specific loan facilities are covered
by the guarantee provision.
NOTES - PARENT COMPANY / NOTER MORSELSKAP
2022 NOK 1000
Company /
Selskap
Nominal value
receivable /
Pålydende verdi
fordring
Accumulated
impairment
receivables /
Akkumulert
nedskrivning
fordringer
Net receivable /
Netto fordring
Booked value
shares in subsidi-
aries /
Bokført verdi
aksjer i datter-
selskap
Equity in subsidi-
aries /
Egenkapital i
datterselskap
Provosion for
guarantee
obligation /
Avsetning for
garantiforplik-
telser
Havla Venus AS 50 133 -50 133 0 ia -109 504 59 371
Havila Harmony AS 89 165 -89 165 0 0 -168 326 79 161
Havila Subcon AS 498 975 -256 355 242 620 ia -242 950 -
Havila Ships AS 751 663 -751 663 0 ia -927 689 22 529
Havila Ships AS - (backtoback) bond loan / obligasjonslån 153 497 -153 497 0 0 - -
Havila Chartering AS 41 826 -41 826 0 0 -134 321 92 495
Havila Phoenix AS -67 414 - -67 414 0 -30 750 -
Havila Jupiter AS 74 123 -37 322 36 801 0 -37 322 -
Total / Sum 1 591 968 -1 379 960 212 008
0
-1 650 862 253 556
121
Havila Shipping ASA har stilt morselskapsgaranti for bareboat leien som Havila
Ships AS plikter å betale til Sydvestor Troll AS. Samlet forpliktelse pr. 31.12.22 er
NOK 46 million mot NOK 68 million pr. 31.12.21.
Se note 9 fordringer og gjeld og konsernnote 21 Eiendeler under finansiell leasing
avtale.
19 Miljøforhold
Selskapet har ikke forpliktet seg til noen miljøtiltak utover det som er vanlig i
næringen.
Selskapet har etterlevd miljøkravene.
20 Betinget utfall
Havila Shipping ASA er ikke kjent med juridiske tvisteforhold av vesentlig
betydning for bedømmelse av selskapet.
21 Fortsatt drift
Regnskapet er avlagt under forutsetning om fortsatt drift. Styret har lagt til grunn at
denne forutsetningen er til stede.
Se konsernnote 4.7 Fortsatt drift.
22 Hendelse etter balansedagen
Det har ikke vært hendelser etter balansedagen av betydning for vurdering av
selskapets finansielle stilling.
Se konsernnote 28 Hendelser etter balansedagen.
Havila Shipping ASA has furnished a guarantee for the bareboat hire that Havila
Ships AS is liable to pay to the Sydvestor Troll AS. Total liability per 31/12/22 is
NOK 46 million compared to NOK 68 million as of 31/12/21.
See Note 9 Receivables and liabilities and Group Note 21 Assets under financial
lease agreement.
19 Environmental conditions
The company is not committed to any environmental conditions beyond what is
normal in this business.
The company has complied with the environmental requirements.
20 Contingent results
Havila Shipping ASA is not aware of any legal disputes of essentital meaning for
assessment of the company.
21 Going Concern
The financial statements are made under the assumption of going concern.The
Board of Directors consider the requriements for going concern are in place.
See Group note 4.7 Going concern.
22 Event after the balance sheet date
No events after the balance sheet date have been of significance for the
Company’s financial position.
See Group note 28 Events after the balance sheet date.
2021 NOK 1000
Company /
Selskap
Nominal value
receivable /
Pålydende verdi
fordring
Accumulated
impairment
receivables /
Akkumulert
nedskrivning
fordringer
Net receivable /
Netto fordring
Booked value
shares in subsidi-
aries /
Bokført verdi
aksjer i datter-
selskap
Equity in subsidi-
aries /
Egenkapital i
datterselskap
Provosion for
guarantee obliga-
tion / Avsetning
for garantiforplik-
telser
Havla Venus AS 40 249 -40 249 0 ia -64 234 23 985
Havila Harmony AS 96 507 -96 507 0 -178 115 81 608
Havila Subcon AS 499 918 -257 810 242 108 ia -246 557 0
Havila Ships AS 764 890 -764 890 0 ia -1 196 646 271 053
Havila Ships AS - (backtoback) bond loan / obligasjonslån 160 703 -160 703 0 0 0
Havila Chartering AS 134 984 -134 984 0 -155 536 0
Havila Phoenix AS -140 005 0 -140 005 -170 799 30 794
Havila Jupiter AS 65 557 -65 557 0 -73 511 7 954
Total / Sum 1 622 803 -1 520 700 102 103 -2 085 398 415 394
NOTES - PARENT COMPANY / NOTER MORSELSKAP
122
REVISJONSBERETNING
PricewaterhouseCoopers AS, Sandviksbodene 2A, Postboks 3984 - Sandviken, NO-5835 Bergen
T: 02316, org. no.: 987 009 713 MVA, www.pwc.no
Statsautoriserte revisorer, medlemmer av Den norske Revisorforening og autorisert regnskapsførerselskap
Til generalforsamlingen i Havila Shipping ASA
Uavhengig revisors beretning
Uttalelse om årsregnskapet
Konklusjon
Vi har revidert årsregnskapet for Havila Shipping ASA, som består av:
x selskapsregnskapet, som består av balanse per 31. desember 2022, resultatregnskap og
kontantstrømoppstilling for regnskapsåret avsluttet per denne datoen og noter til
årsregnskapet, herunder et sammendrag av viktige regnskapsprinsipper, og
x konsernregnskapet, som består av balanse per 31. desember 2022, resultatregnskap, utvidet
resultat, egenkapitaloppstilling og kontantstrømoppstilling for regnskapsåret avsluttet per
denne datoen og noter til årsregnskapet, herunder et sammendrag av viktige
regnskapsprinsipper.
Etter vår mening
x oppfyller årsregnskapet gjeldende lovkrav,
x gir selskapsregnskapet et rettvisende bilde av selskapets finansielle stilling per 31. desember
2022 og av dets resultater og kontantstrømmer for regnskapsåret avsluttet per denne datoen i
samsvar med regnskapslovens regler og god regnskapsskikk i Norge, og
x gir konsernregnskapet et rettvisende bilde av konsernets finansielle stilling per 31. desember
2022 og av dets resultater og kontantstrømmer for regnskapsåret avsluttet per denne datoen i
samsvar med International Financial Reporting Standards som fastsatt av EU.
Vår konklusjon er konsistent med vår tilleggsrapport til revisjonsutvalget.
Grunnlag for konklusjonen
Vi har gjennomført revisjonen i samsvar med International Standards on Auditing (ISA-ene). Våre
oppgaver og plikter i henhold til disse standardene er beskrevet nedenfor under Revisors oppgaver og
plikter ved revisjonen av årsregnskapet. Vi er uavhengige av selskapet og konsernet i samsvar med
kravene i relevante lover og forskrifter i Norge og International Code of Ethics for Professional
Accountants (inkludert internasjonale uavhengighetsstandarder) utstedt av International Ethics
Standards Board for Accountants (IESBA-reglene), og vi har overholdt våre øvrige etiske forpliktelser i
samsvar med disse kravene. Innhentet revisjonsbevis er etter vår vurdering tilstrekkelig og
hensiktsmessig som grunnlag for vår konklusjon.
Vi er ikke kjent med at vi har levert tjenester som er i strid med forbudet i revisjonsforordningen (EU)
No 537/2014 artikkel 5 nr. 1.
Vi har vært revisor for Havila Shipping ASA sammenhengende i 5 år fra valget på generalforsamlingen
den 30. mai 2018 for regnskapsåret 2018.
Sentrale forhold ved revisjonen
Sentrale forhold ved revisjonen er de forhold vi mener var av størst betydning ved revisjonen av
årsregnskapet for 2022. Disse forholdene ble håndtert ved revisjonens utførelse og da vi dannet oss
vår mening om årsregnskapet som helhet, og vi konkluderer ikke særskilt på disse forholdene.
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REVISJONSBERETNING
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Selskapets og konsernets virksomhet har i hovedsak vært uendret sammenlignet med fjoråret.
Verdsettelse av skip og Verdsettelse av gjeld har omtrent samme nivå av risiko og kompleksitet som
tidligere, og har følgelig vært fokusområder også i årets revisjon.
Sentrale forhold ved revisjonen
Hvordan vi i vår revisjon håndterte sentrale
forhold ved revisjonen
Verdsettelse av skip
Konsernet
har en flåte bestående av 11
egeneide
skip hvorav 1 139 750 NOK tusen
per
31. desember 202
2 er klassifisert som
anleggsmidler
, og 447 332 NOK tusen er
klassifisert som eiendeler holdt for salg. Bokført
verdi på skipene
utgjør 79 % av konsernets
totale eiendeler.
Ledelsen har identifisert
nedskrivnings- og
reverseringsindikatorer for flere av konsernets
skip og har følgelig foretatt en vurdering av
skipenes gjenvinnbare beløp per 31. desember
202
2. Basert på ledelsens vurdering er det
foretatt netto reverseringer av tidligere perioders
neds
krivninger på totalt226 000 NOK tusen
i
202
2.
Et av konsernets skip var
besluttet solgt per
31.
desember
2022, med avtalt levering i
januar
2023. Skipet er klassifisert som eiendel holdt for
salg
. Som følge av at avtalt
salgsvederlag på
skipet var større e
nn bokført verdi, er
historiske
nedskrivninger på skipet reversert.
Ledelsen har definert hvert enkelt skip med
tilhørende kontrakt som en kontantgenererende
enhet (KGE). Det er utarbeidet bruksverdier for
alle skip i konsernet. Utarbeidelse av
bruksverdier krever at ledelsen utøver skjønn i
første rekke ved fastsettelse av sentrale
forutsetninger som fremtidige rater,
utnyttelsesgrad, driftskostnader, investeringer og
diskonteringsrente.
Ledelsen har i tillegg til egne beregninger av
bruksverdier, innhentet megleranslag for alle
skipene i konsernet fra en skipsmegler per 31.
desember 202
2
. Innhentede megleranslag er
primært benyttet for å sammenligne med, og
rimelighetsvurdere ledelsens
bruksverdiberegninger.
Verdsettelse av skip var et sentralt forhold ved
vår revisjon først og fremst på grunn av den
skjønnsbruk som er iboende i
Vi innhentet ledelsens vurderinger av
identifiserte nedskrivnings
- og
reverseringsindikatorer og tilhørende
bruksverdiberegninger.
Våre revisjonshandlinger omfattet en vurdering
av hvorvidt beregningsmetodene anvendt av
ledelsen var i tråd med kravene i I
FRS.
For å vurdere ledelsens forutsetninger om
fremtidig ratenivå, utnyttelsesgrad,
driftskostnader, investeringer og
diskonteringsrente, gjennomførte vi blant annet
følgende revisjonshandlinger:
x Vi sammenlignet historisk informasjon med
ledelsens prognoser for kommende år.
x Vi vurderte ledelsens forutsetninger mot
offentlig tilgjengelig informasjon, herunder
eksterne markedsrapporter for
offshoremarkedet.
x Vi vurderte anvendt diskonteringsrente ved å
sammenligne med relevant intern og ekstern
informasjon
. For eksempel sammenlignet vi
benyttet diskonteringsrente med
diskonteringsrente benyttet av andre
selskaper innenfor samme bransje.
Videre innhentet vi ledelsens megleranslag for
alle skip og sammenlignet takstene mot beregnet
bruksverdi for å ytterligere utfordre ledelsens
bruk av skjønn.
Vi fant at ledelsens forutsetninger samlet sett var
innenfor et rimelig intervall. Alle skip i konsernet
er nedskrevet i tidligere perioder. Vurderingen vil
derfor være sensitiv for endringer i
nøkkelforutsetninger so
m er benyttet i
kontantstrømprognosene. Den krevende
markedssituasjonen og det vedvarende
prispresset på selskapets tjenester bidrar til
betydelig usikkerhet i forutsetningene som er
benyttet.
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REVISJONSBERETNING
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verdsettelsesprosessen og den økonomiske
betydning av verdivurderingene.
Vi viser til note 4.5 og 6 i konsernregnskapet
hvor ledelsen forklarer sine
nedskrivningsvurderinger.
For eiendel holdt for salg innhentet vi signert
salgskontrakt,
og kontrollerte
at bokført verdi
ikke
var
større enn avtalt salgsvederlag eller
opprinnelig avskrivningsplan. Vi fant at ledelsens
vurderinger var rimelige.
Vi vurderte også opplysningene i note 4.5 og 6
vedrørende verdsettelse av skip og fant at disse
var
hensiktsmessige.
Verdsettelse gjeld
Rentebærende gjeld i konsernet er bokført til
1 6
84 748 NOK tusen per 31. desember 202
2 og
utgjør 8
4 % av konsernets totalbalanse.
Konsernets gjeld omfatter innebygde derivater
og regnskapsføres til virkelig verdi over
resultatet.
Verdimåling av gjelden var et sentralt forhold i
vår revisjon som følge av at avtaleverket som
ligger til grunn for selskapet
s finansiering er
komplekst, og fordi avtalen er grunnleggende for
selskapets og vår vurdering av forutsetning om
fortsatt drift. Disse forholdene sammen med
kompleksiteten og den nødvendige bruken av
skjønn knyttet til verdsettelse av gjeld til virkelig
verdi øker den iboende risikoen for feil.
Vi viser til note 4.4 og note 13 for detaljer om
ledelsens verdsettelse av gjeld.
Vi innhentet ledelsens modell for beregning av
virkelig verdi av gjelden. Vi kontrollerte
beregningenes matematiske nøyaktighet, satte
oss inn i hvordan sentrale forutsetninger var
innarbeidet i modellen, og sammenlignet
modellen mot kravene i det relevante
rammeverket for finansiell rapportering.
Vi kontrollerte om beregningene la til grunn de
samme inntjeningsestimater for gjenværende
avtaleperiode som er lagt til grunn ved beregning
av gjenvinnbart beløp av
konsernets
fartøye; se
Verdsettelse av skip
ovenfor. Vi utfordret
ledelsens beregninger ytterligere gjennom
diskusjoner med ledelsen og andre relevante
personer i foretaket. Disse kontrollene avdekket
ikke avvik av betydning for balanseført verdi.
Vi innhentet ledelsens rapportering knyttet til
overholdelse av finansielle lånebetingelser,
herunder compliance sertifikater per 31.
desember 202
2
, samt likviditetsprognoser for de
neste 12 månedene som viser at konsernet
overholder kravet om minimum fri likviditet. Våre
kontroller av ledelsens rapportering avdekket
ikke avvik av betydning.
Videre vurderte vi også opplysningene i note 4.4
og note 13 vedrørende verdsettelse av gjeld og
fant at disse var hensiktsmessige.
Øvrig informasjon
Styret og daglig leder (ledelsen) er ansvarlige for informasjonen i årsberetningen og annen øvrig
informasjon som er publisert sammen med årsregnskapet. Øvrig informasjon omfatter informasjon i
årsrapporten bortsett fra årsregnskapet og den tilhørende revisjonsberetningen. Vår konklusjon om
årsregnskapet ovenfor dekker verken informasjonen i årsberetningen eller annen øvrig informasjon.
I forbindelse med revisjonen av årsregnskapet er det vår oppgave å lese årsberetningen og annen
øvrig informasjon. Formålet er å vurdere hvorvidt det foreligger vesentlig inkonsistens mellom
årsberetningen, annen øvrig informasjon og årsregnskapet og den kunnskap vi har opparbeidet oss
under revisjonen av årsregnskapet, eller hvorvidt informasjon i årsberetningen og annen øvrig
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REVISJONSBERETNING
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informasjon ellers fremstår som vesentlig feil. Vi har plikt til å rapportere dersom årsberetningen eller
annen øvrig informasjon fremstår som vesentlig feil. Vi har ingenting å rapportere i så henseende.
Basert på kunnskapen vi har opparbeidet oss i revisjonen, mener vi at årsberetningen
x er konsistent med årsregnskapet og
x inneholder de opplysninger som skal gis i henhold til gjeldende lovkrav.
Vår uttalelse om årsberetningen gjelder tilsvarende for redegjørelser om foretaksstyring og
samfunnsansvar.
Ledelsens ansvar for årsregnskapet
Ledelsen er ansvarlig for å utarbeide årsregnskapet og for at det gir et rettvisende bilde, i samsvar
med regnskapslovens regler og god regnskapsskikk i Norge for selskapsregnskapet, og i samsvar
med International Financial Reporting Standards som fastsatt av EU for konsernregnskapet. Ledelsen
er også ansvarlig for slik intern kontroll som den finner nødvendig for å kunne utarbeide et
årsregnskap som ikke inneholder vesentlig feilinformasjon, verken som følge av misligheter eller
utilsiktede feil.
Ved utarbeidelsen av årsregnskapet må ledelsen ta standpunkt til selskapets og konsernets evne til
fortsatt drift og opplyse om forhold av betydning for fortsatt drift. Forutsetningen om fortsatt drift skal
legges til grunn for selskapsregnskapet så lenge det ikke er sannsynlig at virksomheten vil bli avviklet.
Forutsetningen om fortsatt drift skal legges til grunn for konsernregnskapet med mindre ledelsen enten
har til hensikt å avvikle konsernet eller legge ned virksomheten, eller ikke har noe realistisk alternativ
til dette.
Revisors oppgaver og plikter ved revisjonen av årsregnskapet
Vårt mål er å oppnå betryggende sikkerhet for at årsregnskapet som helhet ikke inneholder vesentlig
feilinformasjon, verken som følge av misligheter eller utilsiktede feil, og å avgi en revisjonsberetning
som inneholder vår konklusjon. Betryggende sikkerhet er en høy grad av sikkerhet, men ingen garanti
for at en revisjon utført i samsvar med ISA-ene, alltid vil avdekke vesentlig feilinformasjon.
Feilinformasjon kan oppstå som følge av misligheter eller utilsiktede feil. Feilinformasjon er å anse
som vesentlig dersom den enkeltvis eller samlet med rimelighet kan forventes å påvirke de
økonomiske beslutningene som brukerne foretar på grunnlag av årsregnskapet.
Som del av en revisjon i samsvar med ISA-ene, utøver vi profesjonelt skjønn og utviser profesjonell
skepsis gjennom hele revisjonen. I tillegg:
x identifiserer og vurderer vi risikoen for vesentlig feilinformasjon i regnskapet, enten det skyldes
misligheter eller utilsiktede feil. Vi utformer og gjennomfører revisjonshandlinger for å håndtere
slike risikoer, og innhenter revisjonsbevis som er tilstrekkelig og hensiktsmessig som grunnlag
for vår konklusjon. Risikoen for at vesentlig feilinformasjon som følge av misligheter ikke blir
avdekket, er høyere enn for feilinformasjon som skyldes utilsiktede feil, siden misligheter kan
innebære samarbeid, forfalskning, bevisste utelatelser, uriktige fremstillinger eller overstyring
av internkontroll.
x opparbeider vi oss en forståelse av intern kontroll som er relevant for revisjonen, for å utforme
revisjonshandlinger som er hensiktsmessige etter omstendighetene, men ikke for å gi uttrykk
for en mening om effektiviteten av selskapets og konsernets interne kontroll.
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REVISJONSBERETNING
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x evaluerer vi om de anvendte regnskapsprinsippene er hensiktsmessige og om
regnskapsestimatene og tilhørende noteopplysninger utarbeidet av ledelsen er rimelige.
x konkluderer vi på om ledelsens bruk av fortsatt drift-forutsetningen er hensiktsmessig, og,
basert på innhentede revisjonsbevis, hvorvidt det foreligger vesentlig usikkerhet knyttet til
hendelser eller forhold som kan skape tvil av betydning om selskapets og konsernets evne til
fortsatt drift. Dersom vi konkluderer med at det eksisterer vesentlig usikkerhet, kreves det at vi
i revisjonsberetningen henleder oppmerksomheten på tilleggsopplysningene i årsregnskapet,
eller, dersom slike tilleggsopplysninger ikke er tilstrekkelige, at vi modifiserer vår konklusjon.
Våre konklusjoner er basert på revisjonsbevis innhentet frem til datoen for
revisjonsberetningen. Etterfølgende hendelser eller forhold kan imidlertid medføre at selskapet
og konsernet ikke kan fortsette driften.
x evaluerer vi den samlede presentasjonen, strukturen og innholdet i årsregnskapet, inkludert
tilleggsopplysningene, og hvorvidt årsregnskapet gir uttrykk for de underliggende
transaksjonene og hendelsene på en måte som gir et rettvisende bilde.
x innhenter vi tilstrekkelig og hensiktsmessig revisjonsbevis vedrørende den finansielle
informasjonen til enhetene eller forretningsområdene i konsernet for å kunne gi uttrykk for en
mening om konsernregnskapet. Vi er ansvarlige for å lede, følge opp og gjennomføre
konsernrevisjonen. Vi har eneansvar for vår konklusjon om konsernregnskapet.
Vi kommuniserer med styret blant annet om det planlagte innholdet i og tidspunkt for revisjonsarbeidet
og eventuelle vesentlige funn i revisjonen, herunder vesentlige svakheter i intern kontroll som vi
avdekker gjennom revisjonen.
Vi avgir en uttalelse til revisjonsutvalget om at vi har etterlevd relevante etiske krav til uavhengighet,
og kommuniserer med dem alle relasjoner og andre forhold som med rimelighet kan tenkes å kunne
påvirke vår uavhengighet, og, der det er relevant, om tilhørende forholdsregler.
Av de forholdene vi har kommunisert med styret, tar vi standpunkt til hvilke som var av størst
betydning for revisjonen av årsregnskapet for den aktuelle perioden, og som derfor er sentrale forhold
ved revisjonen. Vi beskriver disse forholdene i revisjonsberetningen med mindre lov eller forskrift
hindrer offentliggjøring av forholdet, eller dersom vi, i ekstremt sjeldne tilfeller, beslutter at forholdet
ikke skal omtales i revisjonsberetningen siden de negative konsekvensene ved å gjøre dette med
rimelighet må forventes å oppveie allmennhetens interesse av at forholdet blir omtalt.
Uttalelse om andre lovmessige krav
Uttalelse om etterlevelse av krav om felles elektronisk rapporteringsformat (ESEF)
Konklusjon
Som en del av revisjonen av årsregnskapet for Havila Shipping ASA har vi utført et
attestasjonsoppdrag for å oppnå betryggende sikkerhet for at årsregnskapet som inngår i årsrapporten
med filnavn 5967007LIEEXZXFJ8876-2022-12-31-no.zip i det alt vesentlige er utarbeidet i
overensstemmelse med kravene i delegert kommisjonsforordning (EU) 2019/815 om et felles
elektronisk rapporteringsformat (ESEF-regelverket) etter forskrift gitt med hjemmel i
verdipapirhandelloven § 5-5, som inneholder krav til utarbeidelse av årsrapporten i XHTML-format og
iXBRL-markering av konsernregnskapet.
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REVISJONSBERETNING
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Etter vår mening er årsregnskapet som inngår i årsrapporten i det alt vesentlige utarbeidet i
overensstemmelse med kravene i ESEF-regelverket.
Ledelsens ansvar
Ledelsen er ansvarlig for å utarbeide årsrapporten i overensstemmelse med ESEF-regelverket.
Ansvaret omfatter en hensiktsmessig prosess, og slik intern kontroll ledelsen finner nødvendig.
Revisors oppgaver og plikter
For beskrivelse av revisors oppgaver og plikter ved attestasjonen av ESEF-rapporteringen, vises det
til: https://revisorforeningen.no/revisjonsberetninger
Bergen, 27. april 2023
PricewaterhouseCoopers AS
Fredrik Gabrielsen
Statsautorisert revisor
(elektronisk signert)
128
AUDITORS REPORT
PricewaterhouseCoopers AS, Sandviksbodene 2A, Postboks 3984 - Sandviken, NO-5835 Bergen
T: 02316, org. no.: 987 009 713 MVA, www.pwc.no
Statsautoriserte revisorer, medlemmer av Den norske Revisorforening og autorisert regnskapsførerselskap
To the General Meeting of Havila Shipping ASA
Independent Auditor’s Report
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Havila Shipping ASA, which comprise:
x the financial statements of the parent company Havila Shipping ASA (the Company), which
comprise the balance sheet as at 31 December 2022, profit and loss accounts and cash flow
statement for the year then ended, and notes to the financial statements, including a summary
of significant accounting policies, and
x the consolidated financial statements of Havila Shipping ASA and its subsidiaries (the Group),
which comprise the balance sheet as at 31 December 2022, profit and loss account,
statement of comprehensive income, equity statement and cash flow statement for the year
then ended, and notes to the financial statements, including a summary of significant
accounting policies.
In our opinion
x the financial statements comply with applicable statutory requirements,
x the financial statements give a true and fair view of the financial position of the Company as at
31 December 2022, and its financial performance and its cash flows for the year then ended in
accordance with Norwegian Accounting Act and accounting standards and practices generally
accepted in Norway, and
x the consolidated financial statements give a true and fair view of the financial position of the
Group as at 31 December 2022, and its financial performance and its cash flows for the year
then ended in accordance with International Financial Reporting Standards as adopted by the
EU.
Our opinion is consistent with our additional report to the Audit Committee.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the
Audit of the Financial Statements section of our report. We are independent of the Company and the
Group as required by relevant laws and regulations in Norway and the International Ethics Standards
Board for Accountants’ International Code of Ethics for Professional Accountants (including
International Independence Standards) (IESBA Code), and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit
Regulation (537/2014) Article 5.1 have been provided.
We have been the auditor of the Company for 5 years from the election by the general meeting of the
shareholders on 30 May 2018 for the accounting year 2018.
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AUDITORS REPORT
2 / 6
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the financial statements of the current period. These matters were addressed in the
context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters.
The Company and the Group’s business activities are largely unchanged compared to last year.
Valuation of vessels and Valuation of debt have approximately the same level of risk and complexity
as in the prior year, and consequently continue to be areas of focus for this year’s audit.
Key Audit Matters
How our audit addressed the Key Audit
Matter
Valuation of vessels
The Gorup
has a fleet of 11 owned vessels,
out
of which
1 139 750 NOK thousand per
31.December 2022 is classified as fixed assets,
and 447
332 NOK thousand is classified as
assets held for sale. Book value of the fleet
makes
79% of the Group’s total assets.
Management has identified impairment and
reversal
indicators for several of
the Group’s
vessels and
has consequently performed an
assessment of the
vessels’
recoverable amount
per 31 December 2022. Based on
management’s assessment a total net reversal
of prior
period’s impairment of 226
000 NOK
thousand was
recognised in 2022.
The Group was committed to sell one of their
ships per 31. December 2022, with an agreed
delivery in January 2023. Th
e
ship is classified
as an asset held for sale. As
the agreed
sales
price
for the ship exceeded its book value,
historical impairments were reversed.
Management has defined each individual vessel
as a cash generating unit (CG
U). Value-in-
use
calculations
has been
performed for all vessels
in the Group. The value
-in-use calculations
require
that management exercise judgement
primarily
in determining
key assumptions such
as future rates,
rate of utilisation, operating
expenses, investments and discount rate.
In addition to value
-in-use calculations,
management has obtained broker estimates for
all the Group’s vessels from a shipbroker per 31
December 2022. The obtained broker estimates
were primarily used for comparison purposes,
We obtained management’s assessment
s of
identified impairment and reversal indicators and
the corresponding value
-in-
use calculations.
Our audit procedures included an assessment of
whether the calculation methods applied by
management were in accordance with IFRS
requirements.
To assess management’s
assumptions related
to future rates,
rate of utilisation, operating
expenses, investments and discount rate we,
among other, performed the following audit
procedures:
x
We compared historical information with
management’s prognoses for the coming
years.
x We assessed management’s
assumptions against publicly available
information, such a
s external market
reports for the offshore market.
x
We assessed the applied discount rate
by comparing it to relevant internal and
external data. For instance, we
compared the discount rate to the rate
applied by other comparable companies
within the industry.
Furthermore, we obtained management’s broker
estimates for all vessels and compared the
valuations against the calculated value
-in-
use to
further challenge management’s use of
judgement.
We found management’s assumptions overall to
be within a reasonable range. All of the Group’s
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AUDITORS REPORT
3 / 6
and to evaluate the reasonableness of
management’s value
-in-use calculations.
Valuation of vessels was a key audit matter in
our audit primarily due to the inherent use of
judgment in
the valuation process and the
economic effects of the valuations.
We refer to notes
4.5 and 6 to
the consolidated
financial statements where management
explain
s their valuation process.
vessels have been written down to in previous
years
. The assessment will therefore be
sensitive to changes
in key
assumptions applied
to the cash flow prognoses. The challenging
market situation and continuous price pressure
on the Group’s services contribute to
considerable uncertainty in the assumptions
used in the model.
For asset held for sale, we obtained a signed
sales contract and verified that the book value
was not greater than the agreed sales price or
original depreciation plan. We found that
management’s assessments were reasonable.
We also assessed the information disclosed in
notes 4.5 and 6 regarding management’s
valuation of vessels and found it to be
appropriate.
Valuation of debt
Interest
-
bearing debt in the Group amounts to
1 684
748 NOK thousand at 31 December 2022
and
constitutes 84% of the Group's total capital.
The Group's debt includes embedded derivatives
and is valued at fair value through profit or loss.
Valuation of the debt was a key audit matter as
the agreement st
ructure which
forms the basis
for the Group’s financing is complex, and
because the agreement is fundamental to the
company
’s and our assessment of the going
concern assumption. These factors, together
with the complexity and the necessary use of
judgement in valuing debt at fair value, increase
the inherent risk of error.
See note 4.4 and note 13 for details about
management’s
valuation of debt.
We obtained the management model for
calculating the fair value of the debt. We tested
the mathematical accuracy of the calculation,
obtained an understanding of how
key
assumptions were incorporated in the model,
and compared the model to the requirements in
the relevant framework for financial reporting.
We checked whether the calculations used the
same earnings estimates for the refinancing
period as have been used
as a basis for
calculating the recoverable amount in the
impairment assessment for the vessels; see
Valuation of vessels
above. We further
challenged the calculation model through
discussions with management and other relevant
personnel in the company. Our assessment did
not reveal any discrepancies of significance for
the carrying amount.
We obtained management’s reporting
of
compliance with financial loan covenants,
including compliance certificates per 31
December 2022, as well as liquidity forecast for
the next 12 months which shows that the Group
complies with the requirement of minimum free
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AUDITORS REPORT
4 / 6
liquidity. Our review of management's reporting
did not reveal any significant discrepancies.
Furthermore, we assessed the
information in
notes 4.4 and 13 about valuation of debt and
found
it to be appropriate.
Other Information
The Board of Directors and the Managing Director (management) are responsible for the information
in the Board of Directors’ report and the other information accompanying the financial statements. The
other information comprises information in the annual report, but does not include the financial
statements and our auditor’s report thereon. Our opinion on the financial statements does not cover
the information in the Board of Directors’ report nor the other information accompanying the financial
statements.
In connection with our audit of the financial statements, our responsibility is to read the Board of
Directors’ report and the other information accompanying the financial statements. The purpose is to
consider if there is material inconsistency between the Board of Directors’ report and the other
information accompanying the financial statements and the financial statements or our knowledge
obtained in the audit, or whether the Board of Directors’ report and the other information
accompanying the financial statements otherwise appear to be materially misstated. We are required
to report if there is a material misstatement in the Board of Directors’ report or the other information
accompanying the financial statements. We have nothing to report in this regard.
Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report
x is consistent with the financial statements and
x contains the information required by applicable statutory requirements.
Our opinion on the Board of Director’s report applies correspondingly to the statements on Corporate
Governance and Corporate Social Responsibility.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation of financial statements that give a true and fair view in
accordance with the Norwegian Accounting Act and accounting standards and practices generally
accepted in Norway, and for the preparation and true and fair view of the consolidated financial
statements of the Group in accordance with International Financial Reporting Standards as adopted
by the EU, and for such internal control as management determines is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements, management is responsible for assessing the Company’s and
the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern. The financial statements of the Company use the going concern basis of accounting insofar
as it is not likely that the enterprise will cease operations. The consolidated financial statements of the
Group use the going concern basis of accounting unless management either intends to liquidate the
Group or to cease operations, or has no realistic alternative but to do so.
132 132
AUDITORS REPORT
5 / 6
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with ISAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain
professional scepticism throughout the audit. We also:
x identify and assess the risks of material misstatement of the financial statements, whether due
to fraud or error. We design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The
risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
x obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company's and the Group's internal control.
x evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
x conclude on the appropriateness of management’s use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company's and the
Group's ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s report.
However, future events or conditions may cause the Company and the Group to cease to
continue as a going concern.
x evaluate the overall presentation, structure and content of the financial statements, including
the disclosures, and whether the financial statements represent the underlying transactions
and events in a manner that achieves a true and fair view.
x obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial
statements. We are responsible for the direction, supervision and performance of the group
audit. We remain solely responsible for our audit opinion.
We communicate with the Board of Directors regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide the Audit Committee with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other
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AUDITORS REPORT
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matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
From the matters communicated with the Board of Directors, we determine those matters that were of
most significance in the audit of the financial statements of the current period and are therefore the
key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes
public disclosure about the matter or when, in extremely rare circumstances, we determine that a
matter should not be communicated in our report because the adverse consequences of doing so
would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
Report on Compliance with Requirement on European Single Electronic Format (ESEF)
Opinion
As part of the audit of the financial statements of Havila Shipping ASA, we have performed an
assurance engagement to obtain reasonable assurance about whether the financial statements
included in the annual report, with the file name 5967007LIEEXZXFJ8876-2022-12-31-no.zip have
been prepared, in all material respects, in compliance with the requirements of the Commission
Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation)
and regulation pursuant to Section 5-5 of the Norwegian Securities Trading Act, which includes
requirements related to the preparation of the annual report in XHTML format, and iXBRL tagging of
the consolidated financial statements.
In our opinion, the financial statements, included in the annual report, have been prepared, in all
material respects, in compliance with the ESEF regulation.
Management’s Responsibilities
Management is responsible for the preparation of the annual report in compliance with the ESEF
regulation. This responsibility comprises an adequate process and such internal control as
management determines is necessary.
Auditor’s Responsibilities
For a description of the auditor’s responsibilities when performing an assurance engagement of the
ESEF reporting, see: https://revisorforeningen.no/revisjonsberetninger
Bergen, 27 April 2023
PricewaterhouseCoopers AS
Fredrik Gabrielsen
State Authorised Public Accountant
Note: This translation from Norwegian has been prepared for information purposes only.
134
135
RESPONSIBILITY STATEMENT
We confirm, to the best of our knowledge, that the financial statements
for the period 1 January to 31 December 2022 have been prepared in
accordance with current applicable accounting standards, and give a true
and fair view of the assets, liabilities, financial position and profit or loss of
the entity and the group taken as a whole. We also confirm that the Board
of Directors’ Report includes a true and fair review of the development and
performance of the business and the position of the entity and the group,
together with a description of the principal risks and uncertainties facing the
entity and the group.
The Board of Havila Shipping ASA
Fosnavåg, 27 April 2023
ERKLÆRING FRA STYRET OG ADM DIREKTØR
Vi erklærer etter beste overbevisning at årsregnskapet for perioden 1.
januar til 31. desember 2022 er utarbeidet i samsvar med gjeldende
regnskapsstandarder, og at opplysningene i regnskapet gir et rettvisende
bilde av selskapets og konsernets eiendeler, gjeld, finansielle stilling
og resultat som helhet. Vi erklærer også at årsberetningen gir en
rettvisende oversikt over utviklingen, resultatet og stillingen til selskapet
og konsernet, sammen med en beskrivelse av de mest sentrale risiko- og
usikkerhetsfaktorer selskapet og konsernet står overfor.
Styret i Havila Shipping ASA
Fosnavåg, 27. april 2023
Hege Sævik Rabben
Board member
Styremedlem
Jostein Sætrenes
Chairman of the Board of Directors
Styrets leder
Helge Aarseth
Deputy Chairman
Styrets nestleder
Jogeir Romestrand
Board member
Styremedlem
Njål Sævik
CEO
Administrerende direktør
Nina Skage
Board member
Styremedlem
Foto: HAVILA / Geir Frits Myklebust / Siv Nærø / UAVPIC
Havila Shipping ASA
6092 Fosnavåg
Norway / Nor ge
www.havilashipping.no