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HAVILA SHIPPING ASAHAVILA SHIPPING ASA
ANNUAL REPORT / ÅRSRAPPORTANNUAL REPORT / ÅRSRAPPORT
20242024
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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
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
04
07
08
13
16
28
33
36
90
93
95
118
131
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44
OUR CORE VALUES ARE
TRANSPARENCY
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 14 vessels within subsea construction, 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 40 years the company has been an important key
player in the offshore supply sector.
VI ER HAVILA SHIPPING ASA
En ledende leverandør av kvalitetssikrede supplytjenester til
offshoreselskap, nasjonalt og internasjonalt.
Vårt fokus er på god inntjening, sikre operasjoner og menneskelige
ressurser.
Havila Shipping ASA driver 14 fartøyer innen subsea,
plattformforsyningsskip og område-beredskap.
(Se www.havilashipping.no)
Havila Shipping ASA ble børsnotert i mai 2005. Gjennom sin hovedeier,
Havila Holdning AS, har selskapet lange tradisjoner og høy kompetanse
innenfor maritim virksomhet, og har i mer enn 40 år vært en viktig aktør
innenfor offshore supply sektoren.
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ÅRSRAPPORT 2024 / ANNUAL REPORT 2024
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KEY FIGURES
NOK 1 000
2024 2023
Total operating income and profit on sale Sum driftsinntekter og gevinst ved salg anleggsmiddel
585 093 919 228
Operating result before depreciation Driftsresultat før avskrivning
260 332 488 073
Adjustments of unrealized FX gain/loss Justering for urealisert valuta gevinst/tap
-1 760 1 602
EBITDA EBITDA
258 572 489 675
Profit/(loss) after tax Resultat etter skatt
10 380 112 872
Cash and cash equivalents Kontanter og kontantekvivalenter
147 587 97 728
Booked equity Bokført egenkapital
327 170 19 534
Total booked assets Totale bokførte eiendeler
1 507 505 1 440 238
Weighted average of total issued shares * Veid gjennomsnitt av antall utstedte aksjer *
25 084 854 23 776 300
1 - Earnings per share * 1 - Resultat pr aksje *
0,41 4,75
2 - Booked equity ratio 2 - Bokført egenkapitalandel
22 % 1 %
3 - Operating margin before depreciation 3 - Driftsmargin før avskrivning
44 % 53 %
4 - Operating margin after depreciation (EBIT) 4 - Driftsmargin etter avskrivning (EBIT)
46 % 133 %
* See note 22 Earnings per share. * Se note 22 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, 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 1. October 2021 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:
• Transparency
• 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, 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 1. oktober 2021 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 asso-
ciates
• 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 2024.
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 2025,
the annual general meeting will be held on 15. May 2025.
• 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 2024.
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 2025 holdes ordinær generalforsamling 15. mai
2025.
• 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
10
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 and the Chair of the board are elected by the annual genera
meeting for a period of one year.
• 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 2024.
The work of the board of directors
• Every year, the board adopts a meeting schedule for the coming year. The
schedule for 2025 contains 6 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 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.
• Styret og styrets leder velges av generalforsamlingen for en periode på
1 år.
• Styremedlemmenes bakgrunn og tjenestetid er angitt i avsnitt om styret
annet sted i årsrapporten.
• Godtgjørelse til styret er gjengitt i note til årsregnskapet for 2024.
Styrets arbeid
• Styret vedtar hvert år en møteplan for kommende år. Planen for 2025
inneholder 6 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 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 – HENRIK GRUNG
Henrik Grung (born 1970) holds law degree Cand. Jur. from the University
of Bergen and is a partner in the law firm Kvale. Grung mainly works with
ownership management, company management, corporate strategy and
industrial development. He has extensive experience from both national and
international business relations within the maritime and marine industry,
such as offshore, oil service and shipping sectors. He has been widely
used as an advisor to managers, boards and strategic owners in industry
and business along the coast. Grung is a Norwegian citizen and resides in
Ålesund, Norway. Grung has been the chairman since May 2023.
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 center as a
children’s nurse. She is a member of several boards in the Havila Group.
Sævik Rabben is a Norwegian citizen and resides in Remøy, Norway. 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. He is currently CEO in Entec Group AS
and Entec Evotec AS. Romestrand is a Norwegian citizen and resides in
Ulsteinvik, Norway. Romestrand has been a board member since May 2017.
Board member – OLAV HOLSTDYRNES
Olav Holst-Dyrnes (born 1970) has an engineering degree in product
development and production, in addition to having a background in the
Norwegian Armed Forces. He is now investment director at Kverva AS.
Holst-Dyrnes has previously been CEO of Insula AS, Ekornes ASA and
Havfisk ASA, among others. He is a board member of Ulstein ASA in
addition to several other Kverva-owned companies within seafood. He has
broad expertise in industrial construction and management of various actors
working in an international market. Holst-Dyrnes is a Norwegian citizen and
resides in Ålesund, Norway. Holst-Dyrnes has been a board member since
May 2023.
Board member - NINA SKAGE
Nina Skage (born 1962) is self-employed and owner of Ninensoma
Consulting AS with fixed assignments for Interimleder AS and HiQBrands
AS. From 1988 to 2013 Nina Skage held various positions in the Norwegian
food industry group Rieber & Son ASA, including Director of Personnel
and Organizational Development, Director of Corporate Communications,
Director of Business Unit Food Service and Director of Marketing. Skage
has her education in business administration from St. Cloud State University,
Minnesota. She is currently on the following boards Aquila Holdings AS,
PODTOWN, Dyrket AS, Matarena Bergen, Eiendomskreditt, INTSA AS,and
Cloud Communication Tool AS. Nina Skage is a Norwegian citizen and
resides in Bergen, Norway. Skage has been a board member since 2015.
BOARD OF DIRECTORS HAVILA SHIPPING ASA
13
ARTICLES OF ASSOCIATION
ARTICLES OF ASSOCIATION HAVILA SHIPPING ASA
Changed 30
th
December 2024
§ 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 68,792,218.75 divided into
275,168,875 shares each with a nominal value of NOK 0.25 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 30. desember 2024
§ 1 Selskapets navn er Havila Shipping ASA.
§ 2 Selskapets forretningskontor er i Herøy Kommune.
§ 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.
§ 4 Aksjekapitalen i selskapet er NOK 68 792 218,75 fordelt på 275 168 875
aksjer hver pålydende NOK 0,25 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
14
15
16
ANNUAL REPORT
The Havila Shipping ASA Group achieved an operating profit before depre-
ciation of NOK 260 million in 2024, compared to NOK 488 million in 2023.
Total revenues were NOK 585 million in 2024, which is NOK 334 million
lower than last year. The reason is fewer vessels in operation after the sale
of two anchor handling vessels and one supply vessel in November 2023.
Gains on the sale of vessels amounted to NOK 215 million in 2023.
Reversal of previous impairment of ship values in 2024 amounted to NOK
154 million compared to NOK 865 million in 2023. Value adjustment loans
amounted to NOK -250 million in 2024 compared to NOK -1,081 million in
2023. Profit before tax was NOK 10 million for 2024, compared to NOK 113
million in 2023.
The Group is a supplier of quality-assured offshore supply services to na-
tional and international companies. The position will be maintained by fo-
cusing on safe operation and human resources.
Havila Shipping ASA operatates 14 vessels at the end of 2024, including one
hired vessel and six vessels under management agreement.
In accordance with the restructuring agreement, three banks and the own-
ers of two bonds opted for settlement as of 31/12/2024. Interest-bearing
debt of NOK 500 million was repaid through refinancing. At the same time,
non-interest-bearing debt of NOK 522 million was converted into 123,281,190
shares in the company. At the same time, Havila Holding converted NOK 46
million of liquidity loans into 128,111,385 shares in the company to maintain
its ownership of 50.96% of the shares. The fair value of converted debt to
equity amounted to NOK 299 million.
Three banks extended the restructuring agreement by one year until
31/12/2025. The three banks claim that the refinancing and certain other
matters represent a breach of the agreement. The company disputes the
claim and believes that there is no breach of contract. The company wants
clarification of the matter and has therefore sent a summons to Oslo District
Court on 24 March 2025, where the banks in question have been sued al-
leging that there is no default.
The Board of Directors is of the opinion that the annual accounts provide a
true and fair overview of Havila Shipping ASA’s assets and liabilities, finan-
cial position and profit.
Business
Havila Shipping ASA and its subsidiaries conduct shipping operations from
the company’s head office in Fosnavåg. The company’s vessels operate all
over the world, but have their main operations in the North Sea. The head
office currently has 13 employees who are responsible for the operation of
the fleet and management of the company. The number of full-time equiv-
alents for the group in 2024 was a total of approximately 420 at sea and on
land. In 2024, the business was organized through the 100% ship-owning
companies Havila Ships AS, Havila Subcon AS and Havila Harmony AS. The
seafarers are employed by the parent company Havila Shipping ASA and
Havila Crew Limited, and the administration is employed by Havila Manage-
ment AS. The shipping company also has an office in Aberdeen. In addition,
the shipping company hires services from Havila Service AS.
The company operates 14 vessels, of which 7 are wholly owned. One vessel
is hired, and six vessels are operated under a management agreement, of
which five are externally owned and one is owned 50%.
ÅRSBERETNING
Konsernet Havila Shipping ASA oppnådde et driftsresultat før avskriving
på NOK 260 million i 2024, mot NOK 488 million i 2023. Totale inntekter
var NOK 585 million i 2024 som er NOK 334 million lavere enn fjoråret.
Årsaken er færre fartøy i drift etter salg av to ankerhåndteringsfartøy og ett
forsyningsfartøy i november 2023. Gevinst ved salg av fartøy utgjorde NOK
215 million i 2023.
Reversering av tidligere nedskrivning av skipsverdier i 2024 utgjorde NOK
154 million mot NOK 865 million i 2023. Verdijustering lån utgjorde NOK
-250 million i 2024 mot NOK -1.081 million i 2023. Resultat før skatt var på
NOK 10 million for 2024, mot NOK 113 million i 2023.
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 driver 14 fartøy ved utgangen av 2024 inkludert ett
innleid fartøy og seks fartøy under management avtale.
Tre banker og eierne i to obligasjonslån valgte i henhold til
restruktureringsavtalen oppgjør pr. 31.12.24. Rentebærende gjeld pålydende
NOK 500 million ble innfridd gjennom refinansiering. Samtidig ble ikke
rentebærende gjeld pålydende NOK 522 million konvertert til 123 281 190
aksjer i selskapet. Havila Holding konverterterte samtidig NOK 46 million av
likviditetslån til 128 111 385 aksjer i selskapet for å opprettholde sin eierandel
på 50,96% av aksjene. Virkelig verdi av konvertert gjeld til egenkapital
utgjorde NOK 299 million.
Tre banker forlenget restruktureringsavtalen med ett år til 31.12.2025. De tre
bankene hevder at refinansieringen og enkelte andre forhold representerer
mislighold av avtalen. Selskapet bestrider påstanden og mener det ikke
foreligger noen form for mislighold. Selskapet ønsker en avklaring av
forholdet og har derfor den 24. mars 2025 sendt stevning til Oslo tingrett,
hvor de aktuelle bankene er saksøkt med påstand om at det ikke foreligger
noe mislighold.
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 13
ansatte som står for drift av flåten og ledelse av selskapet. Antall årsverk
for konsernet i 2024 var totalt omtrent 420 på sjø og land. Virksomheten
var i 2024 organisert gjennom de 100 % skipseiende selskapene Havila
Ships AS, Havila Subcon AS og Havila Harmony AS. Sjøfolkene er
ansatt i morselskapet Havila Shipping ASA og i Havila Crew Limited, 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 driver 14 fartøy hvorav 7 er heleid. Ett fartøy leies inn, og seks fartøy
er drevet under management avtale hvorav fem eies eksternt og ett eies
50 %.
ANNUAL REPORT / ÅRSBERETNING
17
The fleet consists of;
10 platform supply vessels (of which four are externally owned and one is
owned 50%) (PSV)
1 Area Emergency Response Vessel (hired) (RRV)
3 subsea vessels (one of which is externally owned) (Subsea)
At the end of the year, the company has no vessels in layup.
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:
Transparency
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 completed 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 the lenders clarifies the
Group’s obligations to the lenders for the period until the end of 2025 after
three lenders have extended it by one year under the agreement.
As of 31/12/24, NOK 500 million of interest-bearing debt was refinanced.
NOK 522 million of non-interest-bearing debt was converted into shares.
In addition, NOK 46 million of liquidity loans from Havila Holding were con-
verted into shares. The fair value of the conversion amounted to NOK 299
million plus share capital and premium.
The three banks, which extended the restructuring agreement, claim that
the refinancing and certain other conditions represent a breach of the
agreement. The company disputes the claim and believes that there is no
breach of contract. The company wants clarification of the matter and has
therefore sent a summons to Oslo District Court on 24 March 2025, where
the banks in question have been sued alleging that there is no default.
As of 31/12/24, the Group’s equity amounted to NOK 327 million. The fair
value of liabilities and conversion rights are shown in Note 13 on loans.
The company’s unrestricted cash position amounted to NOK 138 million as
of 31.12.24 with a good margin compared to the requirement in loan agree-
ments of NOK 50 million.
Based on the above, the Board of Directors has concluded that the condi-
tions for going concern are in place.
Environmental reporting
The company was ISO 14001:2015 certified in January 2017 by Norwegian
Accreditation. This obliges the company to define environmental aspects
that form the basis of an environmental action plan. This environmental ac-
tion plan was established in 2007. The environmental action plan is regularly
Flåten består av;
10 plattformforsyningsskip (hvorav fire eies eksternt og ett eies 50 %)
(PSV)
1 områdeberedskapsfartøy (innleid) (RRV)
3 subseafartøy (hvorav ett eies eksternt) (Subsea)
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 2025 etter at tre
långivere i henhold til avtalen har forlenget den med ett år.
Per 31.12.24 ble NOK 500 million av rentebærende gjeld refinansiert. NOK
522 million av ikke rentebærende gjeld ble konvertert til aksjer. I tillegg
ble NOK 46 million av likviditetslån fra Havila Holding konvertert til aksjer.
Virkelig verdi av konverteringen utgjorde NOK 299 million tillagt aksjekapital
og overkurs.
De tre bankene, som forlenget restruktureringsavtalen, hevder at
refinansieringen og enkelte andre forhold representerer mislighold av
avtalen. Selskapet bestrider påstanden og mener det ikke foreligger noen
form for mislighold. Selskapet ønsker en avklaring av forholdet og har derfor
den 24. mars 2025 sendt stevning til Oslo tingrett, hvor de aktuelle bankene
er saksøkt med påstand om at det ikke foreligger noe mislighold.
Konsernets egenkapital utgjorde per 31.12.24 NOK 327 million. Virkelig verdi
av gjeld og konverteringsrett framgår av note 13 om lån.
Selskapets frie likviditetsbeholdning utgjorde NOK 138 million per 31.12.24
med god margin i forhold til kravet i låneavtaler som er NOK 50 million.
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.
ANNUAL REPORT / ÅRSBERETNING
18
reviewed and renewed as needed.
The environmental profile is communicated to our partners and suppliers
when contracts are signed, otherwise it is highlighted to all employees
through the company’s quality assurance system.
The company keeps environmental accounts that include all types of chem-
icals, surface treatment substances, fuel consumption and destroyed waste.
In 2024, the shipping company’s owned vessels consumed a total of 16,752
tonnes of fuel (Mdo).
Continuous focus on the environment and solutions that limit or improve
any emissions of exhaust gases and other substances are still the compa-
ny’s core focus. Such measures can be catalytic converters on propulsion
machinery, hybrid machine configurations, optimal hull designs, waste in-
cinerators 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 to be able to
operate more efficiently and environmentally friendly, as most operations
can be carried out with one engine instead of two as long as the weather
and operations allow. Five vessels in the fleet have installed shore power
systems, and can stop all engines when they are at ports that have shore
power systems for vessels. The vessels will have 0 emissions to air as long
as the vessel is connected to shore power, and comfort for people working
on the vessel with reduced noise and vibration is significantly increased. In
2024, CO2 emissions were 48,343 tonnes for owned vessels, a reduction of
22,202 tonnes compared to 2023.
Nine vessels in the fleet have installed fuel monitoring systems to further
help the crew operate the vessel as optimally as possible under the given
conditions. The data collected is used to analyse operating and hull con-
ditions with the aim of reducing emissions from the vessels. In addition, a
heat recovery system has been arranged for the utilization of waste heat.
Energy-intensive lighting has been replaced with LED. Hull and propeller
polishing are also carried out for hydrodynamic energy savings.
Measures in the office include the purchase of renewable energy that is pro-
duced from equipment that does not generate radioactive waste or CO2
gas.
Research and development
Havila Shipping ASA is 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 Di-
rectors. The Board of Directors has delegated the responsibility for deter-
mining 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 main principle for fixing the salaries on the market principle. For more
details, see the separate remuneration report for 2024, which has been pre-
pared in accordance with the Public Limited Liability Companies Act §6-16 b.
Working environment and human resources
Havila Shipping ASA aims to satisfy our customers’ expectations and re-
quirements for the standard of HSEQ work. HSEQ is the basic philosophy
for all activities in the company. With an active management, committed
Miljøprofilen blir kommunisert til våre samarbeidspartnere og leverandører
ved kontraktsinngåelser, 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 2024
forbrukte rederiets eide fartøy totalt 16.752 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. Fem fartøy i flåten 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 2024 var CO2
utslippet 48.343 tonn for eide fartøy, en reduksjon på 22.202 tonn i forhold
til 2023.
Ni fartøy i flåten har installert drivstoff overvåkingssystemer 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 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 for lønnsfastsettelsen etter et markedsprinsipp. For mer
detaljer vises det til egen godtgjørelsesrapport for 2024 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,
ANNUAL REPORT / ÅRSBERETNING
19
employees with a focus on continuous improvement, increased quality is
achieved and it is also a guarantee to authorities, customers and suppliers
that our services are performed in a way that satisfies these requirements.
Sick leave for the shipping company was 6.7% in 2024. The corresponding
figure for 2023 was 8.4%. Short-term and long-term sickness absence will
account for 2.1% and 4.6% respectively in 2024. Sickness absence has been
reduced by 1.7 percentage points from 2023. The company continues to fo-
cus on sick leave, 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 what facilitation measures can be implemented to get the person
on sick leave back to work more quickly. In 2024, the shipping company had
2 injuries that resulted in absence, the same as in 2023. The work accidents
in 2024 have been investigated and measures have been implemented to
avoid similar incidents in the future.
Equal opportunities and discrimination
Havila Shipping ASA had 197 permanent employees on the Group’s vessels
at the end of 2024, of which 7 were women and 190 men. The company had
16 temporary employees at the end of the year, of which 1 woman and 15
men. The company also has 29 training positions, divided between 3 women
and 26 men. There are no part-time positions for sailing personnel. A total of
28 weeks of parental leave have been taken in 2024, which applies to 4 men,
which gives an average of 7 weeks of parental leave per person.
Seafarers are paid on the basis of tariffs negotiated between the Norwe-
gian Shipowners’ Association and the seafarers’ organisations. 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 education and qualifications being crucial criteria.
Of the 13 employees at the head office, 1 was a woman and 12 were men at
the end of the year.
The Board of Directors of Havila Shipping ASA is composed of 2 women
and 3 men, and thus fulfils the requirement in accordance with section 6-11a
of the ASAL.
The market and future development
PSV and RRV vessels
Havila Clipper is on contract with Equinor Energy AS for a fixed period until
June 2025 with an additional 6 monthly options.
Havila Herøy and Havila Fanø are on a one-year contract with Equinor Ener-
gy AS until the end of July 2025 with an additional 6 monthly options.
Havila Borg has been under contract with Peterson Den Helder since Oc-
tober 2022, which has now been extended with 3 wells estimated until the
end of October 2025. The charterer has an additional option for 5 wells esti-
mated at 65 days per wells.
Havila Foresight and Havila Troll are on contract with Equinor Energy AS un-
til January 2026 and November 2025, respectively. The charterer has options
of 2 annual and 4 annual for Havila Foresight and Havila Troll, respectively.
Subsea vessels
Havila Harmony is on a bareboat contract for operation in Brazil until the end
of the year 2025. Havila Subsea is on contract with Reach Subsea AS until
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 6,7% i 2024. Tilsvarende tall for 2023 var 8,4%.
Korttids- og langtidssykefraværet utgjør henholdsvis 2,1% og 4,6% i 2024.
Sykefraværet er redusert med 1,7%poeng fra 2023. 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 2024 hadde rederiet 2 skader som resulterte i fravær, det samme
som i 2023. Arbeidsuhellene i 2024 er gransket og tiltak er iverksatt for å
unngå liknende tilfeller i framtiden.
Likestilling
Havila Shipping ASA hadde 197 fast ansatte på konsernets fartøyer ved
utgangen av 2024, hvorav 7 kvinner og 190 menn. Selskapet hadde 16
midlertidige ansatte ved utgangen av året, hvorav 1 kvinne og 15 menn.
Selskapet har også 29 opplæringsstillinger, fordelt på 3 kvinner og 26 menn.
Det er ingen deltidsstillinger for seilende personell. Det er tatt ut totalt 28
uker foreldrepermisjon i 2024, som gjelder 4 menn, som gir gjennomsnittlig
7 uker foreldrepermisjon 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 13 ansatte ved hovedkontoret var det ved utgangen av året 1 kvinne
og 12 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
Havila Clipper er på kontrakt med Equinor Energy AS for en fast periode til
juni 2025 med ytterligere 6 månedlige opsjoner.
Havila Herøy og Havila Fanø er på ett års kontrakt med Equinor Energy AS
til slutten av juli 2025 med ytterligere 6 månedlige opsjoner.
Havila Borg har vært på kontrakt med Peterson Den Helder siden oktober
2022, som nå er forlenget med 3 borehull estimert til utgangen av oktober
2025. Befrakter har ytterligere opsjon på 5 borehull estimert til 65 dager per
borehull.
Havila Foresight og Havila Troll er på kontrakt med Equinor Energy AS til
henholdsvis januar 2026 og november 2025. Befrakter har opsjoner på
henholdsvis 2 årlige og 4 årlige for Havila Foresight og Havila Troll.
Subseafartøy
Havila Harmony er på bareboat kontrakt for operasjon i Brasil ut året 2025.
Havila Subsea er på kontrakt med Reach Subsea AS til 31.12.2027 med
ANNUAL REPORT / ÅRSBERETNING
20
31/12/2027 with an additional 2 annual options.
The utilisation of the fleet for 2024 was 93%, an increase of 2% points com-
pared to 2023.
Future outlook
There is currently good activity in the markets in which the company’s vessels
are involved, and this seems to continue. There is limited inflow of new
capacity to the market, which normally leads to acceptable conditions. The
geopolitical situation in the world at the moment and its consequences, is a
factor that creates uncertainty for future developments.
FINANCIAL PERFORMANCE 2024
The Group
Total revenues were NOK 585 million for 2024 compared to NOK 919 million
in 2023, of which NOK 215 million was gain on the sale of vessels in 2023.
Operating expenses for the year were NOK 325 million compared to NOK
431 million for 2023. There are fewer vessels in operation in 2024, following
the sale of two anchor handling vessels and one supply vessel in November
2023.
Operating profit before depreciation and amortisation were NOK 260 mil-
lion in 2024, compared with NOK 488 million in 2023. Depreciation for 2024
amounted to NOK 146 million compared to NOK 132 million in 2023. The
impairment of ship values has been reversed by NOK 154 million in 2024
compared with NOK 865 million in 2023.
Net financial items in 2024 amounted to NOK -256 million, compared to
NOK -1,105 million in 2023. Value adjustment loans amounted to NOK -250
million in 2024 compared to NOK -1,081 million in 2023.
The result from the joint venture Havila Charisma AS in 2024 and 2023 was
NOK -2 million and NOK -3 million, respectively.
Profit before tax were NOK 10 million for 2024, compared to NOK 113 million
for 2023.
Calculated tax for 2024 amounted to TNOK 55 compared to TNOK 236 in
2023.
Total income for the year were NOK 10 million compared to NOK 113 million
for 2023.
The parent company
Total revenues were NOK 268 million for 2024, compared to NOK 328 mil-
lion in 2023. Operating expenses for the year were NOK 257 million, a re-
duction of NOK 89 million compared to last year. Operating profit before
depreciation were NOK 11 million in 2024 compared to NOK -18 million in
2023. Net financial items amounted to NOK -111 million in 2024, compared
to NOK 419 million in 2023. Reversal of impairment of shares in subsidiaries
and internal receivables amounted to NOK 150 million in 2024 compared to
NOK 348 million in 2023. In 2024, NOK 9 million was reversed from previous
guarantee provisions against a reversal of NOK 151 million in 2023. Profit
before tax were NOK -101 million for 2024, compared to NOK 400 million
for 2023.
ytterligere 2 årlige opsjoner.
Utnyttelsen av flåten for 2024 var på 93%, en økning på 2% poeng i forhold
til 2023.
Framtidsutsikter
Det er for tiden bra aktivitet i de markedene selskapets fartøy er involvert
i, og dette ser ut til å fortsette. Det er begrenset tilflyt av ny kapasitet til
markedet som normalt fører til akseptable betingelser. Den geopolitiske
situasjonen i verden for øyeblikket og konsekvenser av den, er en faktor som
skaper usikkerhet for utviklingen fremover.
ØKONOMISKE RESULTATER 2024
Konsernet
Totale inntekter ble NOK 585 million for 2024 mot NOK 919 million i 2023,
hvorav NOK 215 million var gevinst ved salg av fartøy i 2023. Driftskostnadene
for året ble NOK 325 million sammenlignet med NOK 431 million for 2023.
Det er færre fartøy i drift i 2024, etter salg av to ankerhåndteringsfartøy og
ett forsyningsfartøy i november 2023.
Driftsresultatet før av- og nedskrivninger var NOK 260 million i 2024 mot
NOK 488 million i 2023. Avskrivninger for 2024 utgjorde NOK 146 million
mot NOK 132 million i 2023. Det er foretatt reversering av nedskrivning av
skipsverdier i 2024 med NOK 154 million mot NOK 865 million i 2023.
Netto finansposter utgjorde i 2024 NOK -256 million sammenlignet med
NOK -1.105 million i 2023. Verdijustering lån utgjorde NOK -250 million i
2024 mot NOK -1.081 million i 2023.
Resultatet fra det felleskontrollerte selskapet Havila Charisma AS var i 2024
og 2023 på henholdsvis NOK -2 million og NOK -3 million.
Resultat før skatt var NOK 10 million for 2024, sammenlignet med NOK 113
million for 2023.
Beregnet skatt utgjorde for 2024 TNOK 55 mot TNOK 236 i 2023.
Totalresultat for året var NOK 10 million mot NOK 113 million for 2023.
Morselskapet
Totale inntekter ble NOK 268 million for 2024, mot NOK 328 million i 2023.
Driftskostnadene for året ble NOK 257 million, en reduksjon på NOK 89
million sammenlignet med fjoråret. Driftsresultatet før avskrivning var NOK
11 million i 2024 mot NOK -18 million i 2023. Netto finansposter utgjorde
NOK -111 million i 2024, mot NOK 419 million i 2023. Reversering av
nedskrivning av aksjer i datterselskap og interne fordringer utgjorde NOK
150 million i 2024 mot NOK 348 million i 2023. I 2024 ble NOK 9 million
tilbakeført av tidligere garantiavsetning mot tilbakeføring på NOK 151 million
i 2023. Resultat før skatt var NOK -101 million for 2024, sammenlignet med
NOK 400 million for 2023.
ANNUAL REPORT / ÅRSBERETNING
21
ASSETS, LIABILITIES AND LIQUIDITY
The Group
The book value of vessels was NOK 1,174 million as of 31/12/2024 compared
to NOK 1,177 million as of 31/12/2023. In 2024, impairment losses were re-
versed by NOK 154 million, compared with NOK 865 million in 2023.
The market has shown a positive trend, with contracts being signed at high-
er levels in both the PSV and subsea segments. Based on market develop-
ments, revenue expectations have increased in the coming years. For the
PSV fleet, which does not have long-term contracts, revenue expectations
have increased over the next year, but the company has taken a slightly
more conservative view from year two onwards. One subsea vessel is un-
der contract until the end of 2027 at a significantly better daily rate than in
recent years, but revenue expectations have been reduced in the following
years. The estimated utility value of the company’s fleet is NOK 1,156 million.
A reversal of previous impairment charges for the fleet of NOK 154 million
has been made in 2024.
Utility value calculations have been made by defining each vessel as a
cash-generating unit and thus testing separately for possible depreciation.
Utility value per vessel is estimated using a cash flow model where a re-
quired rate of return after tax of 11.06% has been applied. Estimation of cash
flows is based on an expected economic lifetime of the vessels of 30 years.
Estimated use value is sensitive to changes in the required rate of return,
day rates and utilisation.
Book equity as of 31/12/2024 was NOK 327 million compared to NOK 20
million as of 31/12/2023. The fair value of the debt conversion amounted
to NOK 299 million, and is added to share capital and share premium fund.
Book equity per share amounted to NOK 1.19 as of 31/12/2024 compared to
NOK 0.82 as of 31/12/2023.
In accordance with the restructuring agreement, three banks and the hold-
ers of two bonds opted for settlement as of 31/12/2024, and interest-bearing
debt was adjusted upwards by NOK 162 million based on earnings for the
period 1 July 2023 to 30 June 2024. Interest-bearing debt of NOK 500 mil-
lion was repaid through refinancing. At the same time, non-interest-bearing
debt of NOK 522 million was converted into 123,281,190 shares in the com-
pany. At the same time, Havila Holding converted NOK 46 million of liquidity
loans into 128,111,385 shares in the company to maintain its ownership of
50.96% of the shares. The fair value of converted debt to equity amounted
to NOK 299 million. Three banks extended the restructuring agreement by
one year until 31/12/2025.
As of 31/12/2024, the nominal value of interest-bearing debt amounted
to NOK 651 million, which includes loans from the sister company Havila
Finans AS of NOK 500 million. In 2024, the Group paid down loans of NOK
619 million, of which refinancing of NOK 500 million, compared with NOK
98 million in 2023. Of the total nominal debt, 1.2% is in US dollars and the
remainder in Norwegian kroner.
The Group’s cash and cash equivalents amounted to NOK 148 million as
of 31/12/2024, compared to NOK 98 million as of 31/12/2023. Free liquidity
amounted to NOK 138 million and NOK 87 million for 2024 and 2023, re-
spectively. Net cash flow from operational activities for 2024 was NOK 230
million, compared to NOK 96 million in 2023. Cash flow from investment
activities was NOK -33 million for 2024 compared to NOK -22 million for
2023, and is related to received bareboat rent on financial receivables and
planned stays at yard for the vessels in connection with periodic mainte-
nance. Borrowing and repayment of loans as well as repayment of lease
obligations amounted to a net change from financing activities of NOK -151
million in 2024, compared to NOK -128 million in 2023.
EIENDELER, GJELD OG LIKVIDITET
Konsernet
Bokførte verdier av fartøy var pr. 31.12.2024 NOK 1.174 million mot NOK 1.177
million pr. 31.12.2023. I 2024 ble det foretatt reversering av nedskrivninger
med NOK 154 million mot NOK 865 million i 2023.
Markedet har vist en positiv trend, hvor det inngås kontrakter på høyere
nivå både innenfor PSV- og subsea-segmentet. Med utgangspunkt i
markedsutviklingen er inntektsforventningene økt de nærmeste årene. For
PSV flåten, som ikke har lange kontrakter, er inntektsforventningene økt det
neste året, men selskapet har lagt et litt mer konservativt syn til grunn fra år
to og utover. Ett subsea fartøy er på kontrakt ut 2027 til en vesentlig bedre
dagrate enn de siste årene, men inntektsforventningene er redusert årene
deretter. Estimert bruksverdi for selskapets flåte er NOK 1 156 million. Det er
foretatt reversering av tidligere nedskrivninger for flåten på NOK 154 million
i 2024.
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 11,06%. 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. 31.12.2024 var NOK 327 million mot NOK 20 million
pr. 31.12.2023. Virkelig verdi av gjeldskonverteringen utgjorde NOK 299
million, og er tillagt aksjekapital og overkurs. Bokført egenkapital pr. aksje
utgjorde NOK 1,19 pr. 31.12.2024 mot NOK 0,82 pr. 31.12.2023.
Tre banker og eierne i to obligasjonslån valgte i henhold til
restruktureringsavtalen oppgjør pr. 31.12.24, og rentebærende gjeld ble
oppjustert med NOK 162 million basert på inntjeningen for perioden 1. juli
2023 til 30. juni 2024. Rentebærende gjeld pålydende NOK 500 million
ble innfridd gjennom refinansiering. Samtidig ble ikke rentebærende gjeld
pålydende NOK 522 million konvertert til 123 281 190 aksjer i selskapet.
Havila Holding konverterterte samtidig NOK 46 million av likviditetslån til
128 111 385 aksjer i selskapet for å opprettholde sin eierandel på 50,96% av
aksjene. Virkelig verdi av konvertert gjeld til egenkapital utgjorde NOK 299
million. Tre banker forlenget restruktureringsavtalen med ett år til 31.12.2025.
Nominell verdi av rentebærende gjeld utgjorde pr. 31.12.2024 NOK 651
million som inkluderer lån fra søsterselskapet Havila Finans AS på NOK
500 million. I 2024 betalte konsernet ned på lån med NOK 619 million herav
refinansiering på NOK 500 mill, mot NOK 98 million i 2023. Av total nominell
gjeld er 1,2% i amerikanske dollar og resterende i norske kroner.
Konsernets likvide midler utgjorde NOK 148 million pr. 31.12.2024, mot NOK
98 million pr. 31.12.2023. Fri likviditet utgjorde NOK 138 million og NOK 87
million for henholdsvis 2024 og 2023. Netto kontantstrøm fra operasjonelle
aktiviteter for 2024 var NOK 230 million, mot NOK 96 million i 2023.
Kontantstrøm fra investeringsaktiviteter var NOK -33 million for 2024 mot
NOK -22 million for 2023, og er relatert til mottatt bareboat leie på finansiell
fordring og planlagte verkstedopphold for fartøyene i forbindelse med
periodisk vedlikehold. Opptak og nedbetaling av lån samt nedbetaling av
leieforpliktelse utgjorde nettoendring fra finansieringsaktiviteter på NOK
-151 million i 2024, mot NOK -128 million i 2023.
ANNUAL REPORT / ÅRSBERETNING
22
The parent company
Fixed assets as of 31/12/2024 amounted to NOK 447 million compared to
NOK 637 million as of 31/12/2023, and mainly consist of investments in and
loans to subsidiaries. The Parent Company’s cash and cash equivalents
amounted to NOK 96 million as of 31/12/2024 compared to NOK 13 million
as of 31/12/2023.
Book equity as of 31/12/2024 amounted to NOK 198 million compared to
NOK 2 million as of 31/12/2023. The reason for the increase in equity is debt
conversion. As of 31/12/24, the share capital was NOK 68,792,218.75, divided
into 275,168,875 shares, each with a nominal value of NOK 0.25.
Total debt amounted to NOK 673 million as of 31/12/2024 compared to NOK
785 million as of 31/12/2023.
FINANCIAL RISK
The group’s Executive Risk Management Plan focuses on the volatility 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 CFO and CEO in
consultation with the Chairman of the Board and limits set by the Board of
Directors.
Market risk
The offshore market in which the Group operates is volatile with large fluctu-
ations in demand. In periods when demand is lower than supply, revenues
will fall for ships operating in the spot market. Low demand over time will
also weaken the market for long-term contracts with a negative effect on
the Group’s earnings and, as time passes, also the market value of the ships.
At times, revenues for some ships have been lower than operating costs
and have had a negative effect on the Group’s operations, financial posi-
tion, operating profit and cash flow. Throughout 2024, demand for ships
has been increasing and as a consequence, the revenues the ships achieve
have increased through contract renewals. The company now expects
a period of increased earnings compared to the previous five years. The
vessels are operated internationally and the Group is exposed to currency
risk in the event of changes in the value of Norwegian kroner, normally in
relation to US dollars, euros and British pounds. Currency risk arises when
future revenues or capitalised assets or liabilities are agreed in a currency
other than Norwegian kroner that is used as a basis in the Group’s accounts.
To manage the foreign exchange risk associated with future revenues and
capitalised assets and liabilities, foreign exchange loans, forward currency
contracts and interest rate swap contracts are used. In order to manage the
company’s foreign exchange risk, management relies on guidelines adopt-
ed by the Board of Directors. The company’s credit lines limit the supply of
hedging instruments such as forward currency contracts and interest rate
hedging instruments.
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.
Morselskapet
Anleggsmidler pr. 31.12.2024 utgjorde NOK 447 million mot NOK 637 million
pr. 31.12.2023, og består i hovedsak av investering i og lån til datterselskap.
Morselskapets likvide midler utgjorde NOK 96 million pr. 31.12.2024 mot
NOK 13 million pr. 31.12.2023.
Bokført egenkapital pr. 31.12.2024 utgjorde NOK 198 million mot NOK 2 million
pr. 31.12.2023. Årsaken til økningen i egenkapitalen er gjeldskonvertering.
Aksjekapitalen var pr. 31.12.24 NOK 68.792.218,75, fordelt på 275 168 875
aksjer, hver pålydende NOK 0,25.
Total gjeld utgjorde NOK 673 million pr. 31.12.2024 mot NOK 785 million pr.
31.12.2023.
FINANSIELL RISIKO
Konsernets overordnede risikostyringsplan fokuserer på kapitalmarkedenes
volatilitet 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 styreleder og de rammer disse er gitt av styret i
selskapet.
Markedsrisiko
Offshoremarkedet hvor konsernet opererer er volatilt med store svingninger
i etterspørsel. I perioder hvor etterspørselen er lavere enn tilbudet vil
inntektene falle for skip som opererer i spotmarkedet. Lav etterspørsel
over tid vil også svekke markedet for lengre kontrakter med negativ
effekt for inntjeningen i konsernet og etter hvert som tiden går også
markedsverdien av skipene. Tidvis har inntektene for enkelte skip vært
lavere enn driftskostnadene og har hatt negativ effekt på konsernets
virksomhet, økonomiske stilling, driftsresultat og kontantstrøm. Gjennom
2024 har etterspørselen etter skip vært økende og som en konsekvens har
inntektene skipene oppnår økt ved kontraktsfornyelser. Selskapet venter nå
en periode med økt inntjening sammenlignet med de fem foregående årene.
Skipene opereres internasjonalt og konsernet er eksponert for valutarisiko
ved endring i norske kroners verdi normalt i forhold til amerikanske dollar,
euro og britiske pund. 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.
ANNUAL REPORT / ÅRSBERETNING
23
Interest rate risk
The Group’s interest rate risk is linked to long-term loans secured by collat-
eral in ships. Floating rate loans entail an interest rate risk for the Group’s
cash flow. The Group normally borrows long-term loans at floating interest
rates. Floating interest rate refers to interest rate agreements where the in-
terest rate is normally set for three to six months. The Group’s interest-bear-
ing debt has been agreed at a floating rate based on NIBOR as the reference
rate. Management assesses interest rate risk and the impact on the Group’s
results on an ongoing basis.
Liquidity risk
Management and the Board of Directors focus on the management of li-
quidity risk. This involves maintaining a sufficiently free stock of cash. The
Group’s 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 within the requirements that apply at all times.
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 relationship with customers, suppliers, employees, authorities, capital
markets, owners and society at large requires Havila Shipping ASA to have
a high ethical standard in the conduct of the company’s business activities.
The Code of Conduct is laid down in the company’s management system,
the “Total Management System”, and is continuously updated for relevant
changes. The guidelines are rooted in the company’s values and vision, and
adapted to the company’s strategy.
The ethical guidelines include, among other things, how employees should
relate to the company’s customers when it comes to gifts, mentions in the
media and the handling of confidential information. The guidelines also cov-
er how employees should relate to the company’s suppliers with regard to
gifts and any other benefits, and what matters should be reported to their
immediate superior. The company has put in place guidelines for ethical
trade in the largest and most important supplier agreements, which regulate
that child labour must not occur, that the workers must have an employment
contract and that the suppliers pay the workers a living wage. The company
respects the traditions and culture of the countries in which the vessels op-
erate and undertakes to comply with laws in the areas in which the activities
are carried out.
The company follows the International Labour Organization’s Convention
on Seafarers’ Working and Living Conditions, which ensures its employees
comprehensive rights and protection in the workplace. All of the company’s
vessels are certified in relation to working and living conditions (MLC “Mari-
time Labour Convension”). The vessels must be audited and the certificates
renewed every 30 months. For office employees, working conditions are in
accordance with the Working Environment Act, in addition to internal terms
and conditions, stipulated in the company’s management system on human
resources to the extent that it provides protection beyond the Working En-
vironment Act.
Havila Shipping ASA is involved in ensuring competence building and de-
velopment in education in the maritime sector.
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. Konsernets rentebærende gjeld er avtalt med flytende rente
basert på NIBOR 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.
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
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 delaktig i å sikre kompetansebygging og utvikling i
utdanningen i den maritime sektor.
ANNUAL REPORT / ÅRSBERETNING
24
The company participates in the “Centres for Research-based Innovation”
(SFI) scheme, marine operations, which aims to build up or strengthen Nor-
wegian research communities that work in close collaboration with innova-
tive business and industry.
The company is also involved in a project in collaboration with Equinor En-
ergy AS, Corvus Energy AS, the Institute for Energy Technology (IFE) and
SINTEF Energy AS. The goal of the project is to find the best possible setup
and operation of marine battery packs for offshore vessels. The project runs
for 5 years and receives funding from the Research Council of Norway.
The company is participating in a pilot project together with Equinor and
Norwegian Greentech (Hav Group). The project aims to develop the next
generation of tank cleaning systems, with a focus on the environment and
safety.
The company participates in workshops organized by NTNU Ålesund (De-
partment of Ocean Operations). The incentive has also been found by the
Norwegian Shipowners’ Association, Blue Maritime Cluster and Sintef. The
topic is “Maritime Industry in Change - Digital Changes and Significance for
Work”. The purpose is to get down to the details of how the shipping com-
panies work with digitalization and what this means for how both research,
education and interest organizations must focus in their work going forward.
Together, the industry will identify benefits and barriers and what changes
this creates for how vessels are actually operated, and to optimize the use
of digital data from different systems. GCE Blue maritime assists in process
management techniques to ensure that goals are met.
Together with SINTEF, the company is participating in the “FME Maritime
Energy Transition”, which addresses research topics across the maritime
value chain, with a focus on the development of technologies and opera-
tions that can reduce the environmental footprint of shipping. The project
was granted in 2024, and is initiated in 2025.
The company, together with SINTEF Northwest and HAV Design, has been
granted a research project called DAMA Trim. In this project, the partners
will research methods for optimising trim for the company’s offshore vessels
using operational data and machine learning. The methods will help reduce
greenhouse gas emissions from these ships by reducing energy consump-
tion.
In 2024, the company supported various social activities and initiatives in
the local community.
Sustainability
Sustainability is an integral part of the Group’s overall strategy and requires
integrated thinking for the governing bodies. The board of directors is the
governing body that approves the company’s overall strategy. The sustain-
ability strategy plan for 2023-2025 was approved by the board in August
2022. Some of the key building blocks of this strategy period are the risks
and opportunities associated with decarbonisation.
The Board of Directors assesses and approves ESG (Environmental, Social
and Governance) strategy and business plans. They approve KPIs, new and
existing guidelines, ensure that appropriate targets are in place, and monitor
ESG goals and ambitions. The Board of Directors and management provide
guidelines for business plans, action plans and significant investments re-
lated to ESG issues, and they approve the ESG report.
Management approves the ESG strategy and related guidelines. They ap-
prove KPIs, set goals and appoint those responsible in the various areas.
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 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 5 år og får støtte fra
Norsk Forskningsråd.
Selskapet deltar i et pilotprosjekt sammen med Equinor og Norwegian
Greentech (Hav Group). Prosjektet har som mål å utvikle neste generasjon
tankvaskesystem, med fokus på miljø og sikkerhet.
Selskapet er med i arbeidsgrupper i regi av NTNU Ålesund (Institutt for
havromsoperasjoner). Insentivet er også fundet av Norges Rederiforbundet,
Blue Maritime Cluster og Sintef. Temaet er «Maritim Næring i endring -
Digitale endringer og betydning for arbeid». Formålet er å komme ned i
detaljene av hvordan rederiene jobber med digitalisering og hva dette betyr
for hvordan både forskning, utdannings og interesseorganisasjoner må
fokusere i sitt arbeid videre. I fellesskap vil næringen identifisere gevinster
og barrierer og hvilke endringer dette skaper for hvordan en faktisk opererer
fartøyer, og å optimalisere bruk av digitale data fra ulike systemer. GCE Blue
maritime assisterer i teknikker for prosessledelse for å sørge for at målene
nås.
Selskapet deltar sammen med SINTEF i «FME Maritime Energy Transition»
som tar for seg forskningstemaer på tvers av den maritime verdikjede,
med fokus på utvikling av teknologier og operasjoner som kan redusere
miljøfotavtrykket til skipsfarten. Prosjektet ble bevilget i 2024, og er
igangsatt i 2025.
Selskapet har sammen med SINTEF Nordvest og HAV design fått
innvilget et forskningsprosjekt som heter DAMA Trim. I dette prosjektet
skal samarbeidspartene forske frem metoder for optimalisering av trim for
rederiets offshorefartøy ved hjelp av operasjonelle data og maskinlæring.
Metodene vil bidra til å redusere klimagassutslipp fra disse skipene ved å
redusere energiforbruk.
Selskapet støttet i 2024 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
gir føringer til forretningsplaner, handlingsplaner og vesentlige investeringer
knyttet til ESG problemstillinger, og de godkjenner ESG-rapporten.
Ledelsen godkjenner ESG strategien og retningslinjene relatert til det.
De godkjenner KPI’er, fastsetter mål og utnevner ansvarlige på de ulike
ANNUAL REPORT / ÅRSBERETNING
25
Management manages risks, including climate change risks, and prepares
plans to mitigate the risks.
The Sustainability Working Group consists of the CEO, CFO, Operating Di-
rector, Technical Manager and HSEQ Manager. The working group develops
and manages ESG strategy, rules, regulations, human rights and commu-
nication. The working group reviews KPIs and supports those responsible,
and they activate frameworks and systems for the processes and appoint
those responsible. The working group leads the implementation of the sus-
tainability strategy, and they review risks and opportunities from both a fi-
nancial and non-financial perspective. The working group also assesses the
implementation of the defined KPIs, and provides advice on urgent matters.
The working group is responsible for preparing the ESG report as well as
other ESG communication.
Key ESG topics involved in the strategy were selected after engaging stake-
holders and grouped under 3 priorities: Environmental Footprint, Health
and Safety, and Reliable and Responsible Partner. We have goals for all 3
priorities.
• Environmental footprint
• Annual reduction of 3% in CO2 emission intensity for the
Group’s fleet until 2025
• A 50% reduction in CO2 emission intensity by 2030 (towards
2008) and achieving net zero by 2050.
• Zero oil spills
• Health and Safety
• Zero serious injuries to personnel that can be measured by re-
cordable injuries
• “Retention rate” of 90%
• Reliable and responsible partner
• Working with a sustainable supply chain
• Managing climate change risks
• Improve the prevention, identification and immediate remedia-
tion of human rights violations
• Increase transparency about sustainability
• Supporting local communities
The working group has carried out an assessment of climate risk and oppor-
tunities and has identified the following:
• Risks: Guidelines and legal requirements, market, technology
• Opportunities: Market, fleet optimization
For more information on sustainability, see ESG report www.havilashipping.
no/investor-relations which will be published within 30. June 2025.
A report on due diligence in accordance with the Transparency Act will be
published on the company’s website www.havilashipping.no/investor-rela-
tions before 30 June 2025.
områdene. Ledelsen håndterer risikoer inkludert klimaendringsrisiko og
utarbeider planer 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 prosessene og utnevner
ansvarlige. 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.
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 for
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, flåteoptimalisering
For mer informasjon om bærekraft se ESG report www.havilashipping.no/
investor-relations som publiseres innen 30. juni 2025.
Redegjørelse om aktsomhetsvurdering i henhold til Åpenhetsloven vil bli
publisert på selskapets hjemmeside www.havilashipping.no/investor-
relations før 30. juni 2025.
ANNUAL REPORT / ÅRSBERETNING
26
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 15 May 2025 that
no dividend be distributed to shareholders.
Årsresultat og disponeringer
Med utgangspunkt i selskapets resultat foreslår styret følgende
disponering av årsresultat:
Styret foreslår for generalforsamlingen 15. mai 2025 at det ikke betales
utbytte til aksjonærene.
ANNUAL REPORT / ÅRSBERETNING
NOK 1 000
Allocation of profit Disponering av resultat Parent company/Morselskap
Transferred to uncovered loss Overført til udekket tap 100 712
Total allocated Totalt disponert 100 712
Fosnavåg, 23 April 2025
The Board of Havila Shipping ASA / Styret i Havila Shipping ASA
Hege Sævik Rabben
Board member
Styremedlem
Henrik Grung
Chairman of the Board of Directors
Styrets leder
Olav Holst-Dyrnes
Styremedlem
Jogeir Romestrand
Board member
Styremedlem
Njål Sævik
CEO
Administrerende direktør
Nina Skage
Board member
Styremedlem
27
Fosnavåg, 23 April 2025
The Board of Havila Shipping ASA / Styret i Havila Shipping ASA
ANNUAL REPORT / ÅRSBERETNING
28
GROUP PROFIT AND LOSS ACCOUNT / RESULTATREGNSKAP KONSERN
PROFIT AND LOSS ACCOUNT RESULTATREGNSKAP NOK 1000
IFRS IFRS
note 2024 2023
Operating income Driftsinntekter
Freight income Fraktinntekter 5, 20 551 480 665 289
Net foreign currency gain/loss Netto valutagevinst/tap 21 2 238 2 406
Gain on sale of fixed assets Gevinst ved salg av anleggsmidler 0 214 984
Other income Andre inntekter 16 31 375 36 549
Total income Sum driftsinntekter 585 093 919 228
Operating expenses Driftskostnader
Crew expenses Mannskapskostnader 18 -200 659 -260 586
Vessel expenses Driftskostnader fartøy 17 -66 285 -90 167
Hire expenses Leiekostnader 20 -73 -19 078
Other operating expenses Andre driftskostnader 17 -57 746 -61 324
Total operating expenses Sum driftskostnader -324 761 -431 155
Operating income before depreciation and impairment
charge
Driftsresultat før avskrivning og nedskrivning 260 332 488 073
Depreciation Avskrivninger 6 -146 254 -131 633
Reversal of impairment charge of fixed assets Reversering av nedskrivning varige driftsmidler 6, 4 154 000 865 020
Operating result Driftsresultat 268 079 1 221 459
Financial items Finansposter
Value adjustment of debt Verdijustering lån 13 -249 519 -1 080 791
Financial income Finansinntekter 19 4 023 12 170
Financial expenses Finanskostnader 19 -10 220 -36 669
Net financial items Netto finansposter -255 716 -1 105 290
Result from joint venture companies Andel resultat felleskontrollert selskap 7 -1 927 -3 061
Profit / (Loss) before tax Resultat før skatt 10 436 113 108
Taxes Skattekostnad 14 -55 -236
Profit / (Loss) Resultat 10 380 112 872
PROFIT DISTRIBUTED BY: RESULTAT TILORDNES:
Controlling interest Eier av morforetaket 10 380 112 872
Total Sum 10 380 112 872
Earnings per share Resultat pr. aksje 22 0,41 4,75
Diluted earnings per share * Utvannet resultat pr. aksje * 22 0,41 1,71
* Diluted earings per share calculated excl. value adjust-
ment debt.
* Utvannet fortjeneste pr. aksje beregnet ekskl. verdijus-
tering lån.
29
COMPREHENSIVE INCOME UTVIDET RESULTAT NOK 1000
IFRS IFRS
2024 2023
Profit / (Loss) Resultat 10 380 112 872
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
Total comprehensive income / (loss) Totalresultat 10 518 113 031
Total profit / (loss) distributed by: Totalresultat tilordnes:
Controlling interest Eier av morforetaket 10 518 113 031
Total Sum 10 518 113 031
GROUP PROFIT AND LOSS ACCOUNT / RESULTATREGNSKAP KONSERN
30
GROUP BALANCE SHEET / BALANSE KONSERN
BALANCE SHEET BALANSE NOK 1000
IFRS IFRS
ASSETS EIENDELER note 31/12/24 31/12/23
Fixed assets Anleggsmidler
Tangible fixed assets Varige driftsmidler
Vessels Fartøy 6 1 173 600 1 076 670
Buildings, movables and fixtures Bygninger, driftsløsøre og inventar 6 943 1 105
Right - of - use assets Bruksrett eiendeler 20 7 707 9 555
Total fixed assets Sum varige driftsmidler 1 182 250 1 087 330
Financial fixed assets Finansielle eiendeler
Investments in joint venture company Investering i felleskontrollert virksomhet 7 17 542 19 469
Shares Aksjer 8 100 100
Net investment in lease Netto investering i leie 20 22 814 46 139
Long term receivables Langsiktige fordringer 10 5 990 6 810
Total financial fixed assets Totale finansielle eiendeler 46 446 72 519
Total fixed assets Sum anleggsmidler 1 228 696 1 159 849
Current assets Omløpsmidler
Fuel and other stocks Bunkers og annet lager 25 1 907 2 080
Trade receivables and other receivables Kundefordringer og andre fordringer 10 129 315 180 581
Bank deposit Bankinnskudd 11 147 587 97 728
Total current assets Sum omløpsmidler 278 808 280 389
Total assets Sum eiendeler 1 507 505 1 440 238
Fosnavåg, 23 April 2025
The Board of Havila Shipping ASA / Styret i Havila Shipping ASA
31
BALANCE SHEET BALANSE NOK 1000
IFRS IFRS
EQUITY AND LIABILITIES EGENKAPITAL OG GJELD note 31/12/24 31/12/23
Equity Egenkapital
Paid in equity Innskutt egenkapital
Share capital Aksjekapital 68 792 23 776
Share premium Overkurs 1 167 699 933 704
Total paid-in-equity Sum innskutt egenkapital 1 236 491 957 481
Retained earnings Opptjent egenkapital
Uncovered loss Udekket tap -909 321 -937 947
Total retained earnings Sum opptjent egenkapital -909 321 -937 947
Total equity Sum egenkapital 327 170 19 534
Liabilities Gjeld
Provision for liabilities Avsetning for forpliktelser
Deferred tax Utsatt skatt 14 7 316 9 145
Total provisions for liabilites Sum avsetning for forpliktelser 7 316 9 145
Other non-current liabilities Annen langsiktig gjeld
Borrowings Lån 13 499 559 0
Lease liabilities Leieforpliktelser 20 6 640 31 287
Other non-current debt Annen langsiktig gjeld 33 197 33 197
Total other non-current liabilities Sum annen langsiktig gjeld 539 396 64 484
Total non-current liabilities Sum langsiktig gjeld 546 712 73 630
Current liabilities Kortsiktig gjeld
Trade payable Leverandørgjeld 36 158 23 722
Tax payable Betalbar skatt 14 1 874 2 551
Current liabilities of long term debt Kortsiktig del av langsiktig gjeld 13 504 849 1 233 989
Current lease liabilities Kortsiktig del leieforpliktelser 20 24 359 24 762
Other current liabilties Annen kortsiktig gjeld 12 66 382 62 050
Total current liabilities Sum kortsiktig gjeld 633 622 1 347 074
Total liabilities Sum gjeld 1 180 334 1 420 704
Total equity and liabilities Sum egenkapital og gjeld 1 507 505 1 440 238
GROUP BALANCE SHEET / BALANSE KONSERN
Fosnavåg, 23 April 2025
The Board of Havila Shipping ASA / Styret i Havila Shipping ASA
Hege Sævik Rabben
Board member
Styremedlem
Henrik Grung
Chairman of the Board of Directors
Styrets leder
Olav Holst-Dyrnes
Board member
Styremedlem
Jogeir Romestrand
Board member
Styremedlem
Njål Sævik
CEO
Administrerende direktør
Nina Skage
Board member
Styremedlem
32
GROUP EQUITY STATEMENT - EGENKAPITALOPPSTILLING KONSERN
EQUITY STATEMENT EGENKAPITALOPPSTILLING
NOK 1000
2024 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 01/01/24 Egenkapital pr 01.01.24 23 776 933 704 -938 163 215 19 534
Profit / (Loss) Resultat 10 380 10 380
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 10 380 137 10 518
Net effect of liquidation of subsidiaries Netto effekt ved avvikling av datterselskaper 276 276
Reduction of capital Kapitalnedsettelse -17 832 17 832 0
Conversion of debt to shares Gjeldskonvertering til aksjer 16 971 235 810 252 782
Issuance costs Emisjonskostnader -1 816 -1 816
Total booked to equity Sum direkteført mot egenkapital -861 233 995 18 108 0 251 242
Transaction with owners: Transaksjoner med eiere:
Conversion of covertible shareholderloan Konvertering av kovertibelt aksjonærlån 45 877 45 877
Equity per 31/12/24 Egenkapital pr. 31.12.24 68 792 1 167 699 -909 674 352 327 170
1) Share capital 1) Aksjekapital 68 792 219
Par value per share NOK Pålydende verdi pr. aksje NOK 0,25
2023 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 01/01/23 Egenkapital pr 01.01.23 23 776 933 704 -1 051 035 56 -93 497
Profit / (Loss) Resultat 112 872 112 872
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 0 112 872 159 113 031
Equity per 31/12/23 Egenkapital pr. 31.12.23 23 776 933 704 -938 163 215 19 534
1) Share capital 1) Aksjekapital 23 776 300
Par value per share NOK Pålydende verdi pr. aksje NOK 1,00
See note 13 loans for information about outstanding warrants. Se note 13 lån for informasjon om utestående tegningsretter.
NOK 1000
33
GROUP CASH FLOW STATEMENT – KONTANTSTRØMOPPSTILLING KONSERN
NOK 1000
Note 2024 2023
Cash flows from operating activity: Kontantstrømmer fra driften:
Profit before tax Resultat før skattekostnad 10 436 113 108
Depreciation Avskrivninger 6 146 254 131 633
Reversal of impairment charge of fixed assets Reversering av nedskrivning varige driftsmidler -154 000 -865 020
Gain on sale of fixed assets * Gevinst ved salg av anleggsmidler * 0 -214 984
Net financial expenses Netto finanskostnader 19 255 716 1 105 290
Share of result from joint venture companies Andel resultat i felleskontrollert virksomhet 7 1 927 3 061
Accounts receivables, other receivables and derivatives Kundefordringer, andre fordringer og derivater 52 055 452
Trade payables and other current liabilities Leverandørgjeld og annen kortsiktig gjeld -17 732 -115 896
Cash flows from operating activity Kontantstrømmer fra driften 294 655 157 645
Paid interests Betalte renter 13,19 -59 034 -64 516
Paid taxes Betalte skatter 14 -2 550 -3 050
Received Interests Mottatt renter 3 987 3 025
Realized agio gain / loss * Realisert agio / disagio -7 417 2 669
Net cash flows from operating activity Netto kontantstrømmer fra driften 229 642 95 774
Cash flows from investing activity: Kontantstrømmer fra investeringsaktiviteter:
Investments Investeringer 6 -58 753 -48 103
Received bareboat hire financial receivable Mottatt bareboat leie finansiell fordring 20 25 917 25 846
Net cash flows from investing activity Netto kontantstrømmer brukt til investeringsaktiviteter -32 836 -22 257
Cash flows from financing activity: Kontantstrømmer fra finansieringsaktiviteter:
New loan Opptak lån 13 499 559 0
Repayment of borrowings Nedbetaling av lån 13 -619 213 -97 595
Repayment of lease liabilities Nedbetaling av leieforpliktelser 20 -30 936 -29 958
Net cash flows from financing activity Netto kontantstrømmer brukt til finansieringsaktiviteter -150 591 -127 553
Net changes in cash and cash equivalents Endring i kontanter, kontantekvivalenter og benyttede trekkrettigheter 46 216 -54 037
Cash and cash equivalents at beginning of period Kontanter, kontantekvivalenter og benyttede trekkrettigheter ved periodens begynnelse 97 728 147 381
Net currency exchange differences Valutagevinst/(-tap) på kontanter, kontantekvivalenter og benyttede trekkrettigheter 3 639 4 381
Cash and cash equivalents at end of period Kontanter, kontantekvivalenter og benyttede trekkrettigheter ved periodens slutt 11 147 587 97 728
* Gain on sale of fixed assets do not have cash effect
as the entire sale price is paid directly to the lender for
settlement of debt.
* Gevinst ved salg av anleggsmidler har ikke kontanteffekt da hele salgssummen er
innbetalt direkte til långiver for oppgjør av gjeld.
34
35
GROUP NOTES NOTER KONSERN
NOTE PAGE/SIDE
1 Group information Konserninformasjon 36
2 Summary of material accounting policy information Vesentlig informasjon om regnskapsprinsipp 36-44
3 Financial risk management Finansiell risikostyring 45-51
4 Significant accounting estimates Viktige regnskapsestimat 52-55
5 Segment information Segmentinformasjon 57-60
6 Tangible fixed assets Varige driftsmidler 61
7 Investement in Joint venture/Subsidiaries Investering i felleskontrollert virksomhet/datterselskap 62-63
8 Financial instruments by category Finansielle instrumenter etter kategori 64
9 Derivatives Derivater 65
10 Account receivables and other receivables Kundefordringer og andre fordringer 66-67
11 Cash and cash equivalent Kontanter og kontantekvialenter 67
12 Other current liabilities Annen kortsiktig gjeld 67
13 Loans Lån 68-71
14 Taxes Skattekostnad 74-75
15 Pensions Pensjoner 76
16 Other income Andre driftsinntekter 77
17 Specification of operating expenses Spesifikasjon av driftskostnader 77
18 Crewing and Payroll expenses Mannskap og lønnskostnader 78
19 Financial income and -expenses Finansinntekter og -kostnader 78
20 Leases Leieavtaler 79-82
21 Net foreign currency gains/loss-result Netto valutagevinster/tap-resultatført 82
22 Earing per share Resultat pr. aksje 83
23 Dividend per share and repayment to the shareholders Utbytte pr. aksje og tilbakebetaling til aksjonærer 83
24 Related parties Nærstående parter 84-87
25 Stocks and inventory Bunkers og annet lager 88
26 Government grants Oentlig tilskudd 88
27 Events after the balance sheet date Hendelser etter balansedagen 88
35
36
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 23 April
2025.
SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION
2.1 Basis of preparation
Havila Shipping ASA’s consolidated financial statements for the 2024 financial
year are prepared in accordance with IFRS
® Accounting Standards as adopted
by the EU and interpretations set by the (IFRSIC) International Accounting
Standards Board.
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 2024, but
considered to have no effect for the Group:
• Amendments to IAS 1 - Classification of Liabilities as Current or Non-current
• Amendments to IAS 1 - Non-current Liabilities with Covenants
• Amendments to IFRS 16 - Lease Liability in a Sale and Leaseback
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
Rederiets fartøyer har sitt virke hovedsakelig i Nordsjøen. Selskapet er notert på
Oslo Børs.
Konsernregnskapet ble vedtatt av selskapets styre 23. april 2025.
VESENTLIG INFORMASJON OM REGNSKAPSPRINSIPP
GROUP NOTES / NOTER KONSERN
37
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 subsidiary other than NOK are:
Havila Shipping UK LTD GBP
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
GROUP NOTES / NOTER KONSERN
GBP
USD
EURO
38
within the group. It is the company’s opinion that Havila Shipping 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.
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.
GROUP NOTES / NOTER KONSERN
39
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 recoverable amount., there has been impairment charge.
2.7.1 Depreciation
Vessels and periodic maintenance are included in the consolidated balance sheet
at cost less depreciation and impairment charges. The vessels are depreciated
from new ones over a defined expected useful life of 20 years. In determining
estimated residual value, discretion is exercised, taking into account age, design,
capacity and area of operation. Specific conditions or plans for vessels or groups of
vessels may override this, including the vessel’s contractual relationships including
any option periods. Discretion is also exercised when the estimated normal useful
life is set at 20 years. For vessels approaching 20 years of age, a reassessment is
carried out, and the estimated useful life is extended by 5 years if the plan is to
keep the vessel. The expected useful life is updated at the end of each financial
year.
The value in use calculations have an indirect effect on the depreciation to the
extent that they result in an impairment or reversal of previous impairment by
changing the depreciation basis.
Depreciation for other fixed assets is calculated linearly over the estimated useful
life.
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
normally amortized on a straight-line basis over the term of the contract.
2.7.2 Impairment
The value in use calculations are made for all vessels every quarter. Values in use
are calculated on the basis of existing contracts for each vessel and the market
outlook. An economic life of 30 years is used. The value in use is determined by
calculating the present value of future cash flows of expected revenues, operating
costs and estimated maintenance costs. If the value at use is lower than the book
value, a write-down is made to the value in use. If the value in use is higher than
the book value, any previous impairment for each individual vessel is reversed.
Broker estimates are obtained twice a year and are used as a verification of the
company’s expectations.
2.8 Financial instruments
2.8.1 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
GROUP NOTES / NOTER KONSERN
40
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.
2.8.2 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, value adjustment debt, under
financial income in the income statement. See note 13 Loans.
2.8.3 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.
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
GROUP NOTES / NOTER KONSERN
41
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
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 14 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 31/12/24, 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 15 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
GROUP NOTES / NOTER KONSERN
42
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.
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 18 crewing and payroll expenses and note 26 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 25 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 27 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-
GROUP NOTES / NOTER KONSERN
43
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
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 20 Leases where the accounting effects are presented.
GROUP NOTES / NOTER KONSERN
44
45
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 aims to reduce negative effects on the Group’s financial
results over time. The Group uses financial derivatives to hedge against the
effects of the risks mentioned above. Forward dealings are used within available
credit limits to hedge the exchange rates for future incomes in foreign currencies.
The hedge 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 is also
considering 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
46
2024
The following table contains the fair value per 31/12/24
Liabilities
Loans - interest bearing debt *
Loans - non-interest-bearing debt *
Convertable shareholder loan
Total liabilities
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 executed the financial restructuring on 30/06/2020 by dividing
the debt into an interest-bearing tranche and a non-interest-bearing tranche.
On 30/12/2024, NOK 499.6 million of the interest-bearing debt was refinanced
and parts of the non-interest-bearing debt were converted into shares. The
remaining part of the restructured debt is determined at fair value by calculating
the present value of the estimated cash flow during the agreement period for
the interest-bearing and non-interest-bearing part of the debt. The difference
between nominal value and fair value reduces the debt in the balance sheet and
is recognised as financial income in the income statement.
As of 31/12/24, the total book value of bank debt was NOK 327 million. All bond
loans was repaid at the end of 2024.
As of 31/12/24, bank debt of NOK 327 million, convertible shareholderloan of NOK
176 million and accrued interest of NOK 2 million are classified as short-term debt.
Totally, NOK 504.8 million is shown as current liabilities of long term debt in the
Balance Sheet.
GROUP NOTES / NOTER KONSERN
47
2023
* 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 31/12/2023 was for the bond loans NOK 304 million and for
the bank debt NOK 441 million.
As of 31/12/23, bond loans, bank debt and convertible shareholderloan of NOK
250 million are classified as short-term debt.
See note 13 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 where the group operates is volatile with large fluctuations
in demand. In periods where demand is lower than supply, revenue will fall for
vessels operating in the spot market. Low demand over time will also weaken
the market for longer contracts with a negative effect on earnings and, as time
goes by, the market value of the vessels as well. At times, the revenue for some
vessels has been lower than the operating costs and has had a negative effect
on the group’s operations, financial position, operating profit and cash flow.
Through 2024, the demand for ships has been increasing and, as a consequence,
the revenue the vessels achieve has increased through contract renewals. The
company is now expecting a period of increased earnings compared to the
previous five years.
As of 31 December 2024, the group had no vessels in the spot market. The
company aims to keep the vessels on fixed contracts, but normally vessels will
be operated in the spot market between fixed contract periods. The company
currently has no vessels in lay-up.
GROUP NOTES / NOTER KONSERN
2023
The following table contains the fair value per 31/12/23
Liabilities
Loans - interest bearing debt *
Loans - non-interest-bearing debt *
Convertable shareholder loan
Total liabilities
48
Foreign exchange
The group’s vessels operate in an international market and are exposed to foreign
exchange rate risk, normally 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 income, costs 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 NOK, but one contract is in EUR. Part of the operating expenses
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 and
costs. The company has made limited use of forward exchange transactions
that fix the exchange rate between contract currency and the Norwegian kroner
to stabilise future cash flows. 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 2024:
The following summary shows the result sensivity given 10% variations in
exchange rates on balance sheet figures in 2023:
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
Bank deposit
Receivables
Trade payables
Long-term loans
Total
Exchange rates vs. NOK at balance sheet date
Result sensivity - NOK
Rate fluctuation +/- 10%
GROUP NOTES / NOTER
Balance sheet items
Bank deposit
Receivables
Trade payables
Long-term loans
Total
Exchange rates vs. NOK at balance sheet date
Result sensivity - NOK
Rate fluctuation +/- 10%
49
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 been agreed at floating interests that
normally imply interest be established with 3 month terms. Long-term debts
are tied to NIBOR interest rates (Norwegian Interbank Offering Rate) for the
Norwegian kroner. 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.
Sensitivity to interest rates can be calculated on outstanding interest-bearing
debt. A 1% change has an impact on earnings of +/- NOK 5.5 million.
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 up to 3 months before changes to money market rates
show their full effect on the company’s interest costs.
See note 2.8.2 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. No such agreements have been entered into in
2024 and no agreements are in force.
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.
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 4.5 Going concern.
50
GROUP NOTES / NOTER KONSERN
2024
Liquidity risk
Nominal installment loan (1)
Ballon loan 2)
Loan interest (3)
Trade payable
Tax payable
Other current liabilities
Total
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.
2024:
1) The stated installments within three months follow from the earnings for
the fourth quarter of 2024 for the three vessels that are still covered by the
restructuring agreement from 2020. The installments are paid quarterly in arrears
and constitute 90% of 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 extended agreement period as of 31/12/25, the
outstanding interest-bearing tranche falls due with NOK 124 million.
2) NOK 499.6 million of restructured debt was refinanced as of 30.12.24. Interest
on the debt is serviced quarterly, and the loan is settled in full at the end of the
loan period. .
3) 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.
2023:
1) The stated installments within three months follow from the earnings for the
individual vessel in the fourth quarter of 2023. 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 493,456.
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 2.8.2 Borrowings and note 13 Loans.
2023
Liquidity risk
Nominal installment loan (1)
Loan interest (2)
Trade payable
Tax payable
Other current liabilities
Total
51
GROUP NOTES / NOTER KONSERN
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 31/12/24 free liquidity of NOK 138 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 4.5 Going concern.
52
SIGNIFICANT ACCOUNTING ESTIMATES AND ASSUMTIONS
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.
Four vessels that were financed under the restructuring agreement were
refinanced on 30/12/24.
Havila Shipping ASA directly or indirectly owns 100% of the following ship-
owning companies:
• Havila Ships AS
• Havila Subcon AS
• Havila Harmony AS
where Havila Ships AS owns several vessels, while the other companies own
only one vessel. Four vessels were sold during the year. All three companies had
negative equity at the end of 2024.
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. Sale of vessels must be approved by the relevant lenders and must be
on market terms. Sale of vessels will in a normal market situation be a 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 2024, there were 7 vessels that
in one or more periods contributed with positive cash flow. 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. At the end of 2024, four out of
seven owned vessels are no longer covered by the provisions of the restructuring
agreement.
VIKTIGE REGNSKAPSESTIMATER OG FORUTSETNINGER
GROUP NOTES / NOTER KONSERN
53
GROUP NOTES / NOTER KONSERN
4.3 Valuation of debt
The valuation of the debt is based on each of the tranches for the individual
vessel with the stipulated values as of 2 January 2020 as set out in the company’s
restructuring agreement. At the time of implementation of the agreement on
30 June 2020, the debt was valued based on income estimates on which the
restructuring agreement with the lenders was based. The estimated cash flow
during the fixed agreement period up to 31/12/25 is discounted by an interest
rate that reflects credit risk. Three banks and the holders of two bonds chose
settlement as of 31/12/24 in accordance with the agreement. Interest-bearing
debt of NOK 500 million was repaid through refinancing. At the same time, non-
interest-bearing debt of NOK 522 million was converted into 123,281,190 shares
in the company. At the same time, Havila Holding converted NOK 46 million
of liquidity loans into 128,111,385 shares in the company in order to maintain its
ownership of 50.96% of the shares. The fair value of converted debt to equity
amounted to NOK 299 million. Three banks chose to extend the agreement period
by one year. This debt will be serviced through 2025 in accordance with the
provisions of the restructuring agreement. Discretionary adjustments are made
as a result of changes in the derivative value. The derivative value is not modelled
directly, but takes into account 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 revenue estimates for the remaining agreement period
have been used in the valuation of the debt as have been used when calculating
the recoverable amount in the impairment assessment of the vessels. At the end
of 2024, the lenders’ conversion right is valued at NOK 170 million and Havila
Holding’s liquidity loan and right to maintain relative ownership of 50.96% is
valued at NOK 176 million.
4.4 Impairment charge/reversal of impairment charge of tangible fixed
assets – the recoverable amount
The valuation and useful life of the group’s ships are associated with uncertainty.
The market has shown a positive trend, where contracts are entered into at a
higher level both within the PSV and subsea segment. Based on the market
development throughout the year, income expectations have increased in the
coming years. For the PSV fleet, which does not have long contracts, income
expectations have increased over the next year, but the company has taken a
little more conservative view from year two onwards. One subsea vessel is
under contract until 2027 to a higher dayrate than the last years, but income
expectations have been reduced for the next years thereafter. Utilisation of 95%
has been assumed for all vessels. Estimated value in use for the company’s fleet
54
GROUP NOTES / NOTER KONSERN
is NOK 1,156 million. Previous impairment charges for the fleet of NOK 154 million
have been reversed in 2024. As per 31/12/24, accumulated impairment charges
amounts to NOK 570 million, and provides potential for further reversals.
The book value of the fleet is NOK 1,152 million after the reversal has been carried
out. 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
1,920 million per 31/12/2024.
The Group owns 7 vessels that are included in the calculation of the recoverable
amount. Of these, 5 are platform supply vessels (PSV) 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 11.06% (increased by 0.2% from
2023) 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 imairment
charge model reflects expected price development for ships in the remaining
useful life. The expected sales value in the impairment charge 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 2024 have been used adjusted for known changes for the
remaining life. After 2028, a 1.5% annual increase in daily rates, a 2% annual
increase in crew costs and 2% for other operating costs and estimated periodic
maintenance which includes meassures for reduced emissions 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 reversal of previous impairment charges of vessel values amounts to NOK
154 million for 2024. The book value of the vessels amounts to NOK 1,152 million
at the end of the year.
* Recoverable amount for the vessels in the remaining fleet with impairment
charges/reversal of impairment charges.
55
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 28 million related to two 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 22 million. 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 191 million.
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 378 million
and an impairment charge for all vessels in operation.
4.5 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
obligations to the lenders for the period until the end of 2025 after three lenders
have extended it by one year under the agreement.
As of 31/12/24, NOK 500 million of interest-bearing debt was refinanced. NOK
522 million of non-interest-bearing debt was converted into shares. In addition,
NOK 46 million of liquidity loans from Havila Holding were converted into
shares. The fair value of the conversion amounted to NOK 299 million, which
has been added share capital and premium.
The three banks, which extended the restructuring agreement, claim that the
refinancing and certain other conditions represent a breach of the agreement.
The company disputes the claim and believes that there is no breach of
contract. The company wants clarification of the matter and has therefore on
24/03/25 sent a summons to Oslo District Court where the banks in question
have been sued claiming that there is no default. A possible consequence of a
breach of the loan terms will be that non-interest-bearing debt must be settled
in cash instead of converted into shares.
As of 31/12/24, the Group’s equity amounted to NOK 327 million. The fair value
of liabilities and conversion rights are shown in Note 13.
The company’s free cash position amounted to NOK 138 million as of 31/12/24,
with a good margin compared to the requirement in loan agreements of NOK
50 million.
Based on the above, the Board of Directors has concluded that the conditions
for continued operations are in place.
GROUP NOTES / NOTER KONSERN
56
57
5 SEGMENT INFORMATION
The operating segments are based on the reporting used by the management**
(see note 24 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 - AnchorHandling Tug Service (vessels sold in 2023, not applicable for 2024)
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 CEO and the CFO.
2024
Profit per operating segment:
Operating income
Freight income
Net foreign currency gain/loss
Other operating income
Total operating income *
Operating expenses
Crewing expenses
Vessel expenses
Hire expenses
Other operating expenses
Total operating expenses
Operating profit before depreciation
Depreciation
Reversal of impairment charge fixed assets
Operating result
Financial items
Value adjustment of debt
Financial income
Financial expenses
Net financial items
Result from joint venture companies
Profit before tax
GROUP NOTES / NOTER KONSERN
58
GROUP NOTES / NOTER KONSERN
See note 2.7 Tangible fixed assets and note 4.2 I
recoverable amount
2023
Profit per operating segment:
Operating income
Freight income
Net foreign currency gain/loss
Gain on sale of fixed assets
Other operating income
Total operating income *
Operating expenses
Crewing expenses
Vessel expenses
Hire expenses
Other operating expenses
Total operating expenses
Operating profit before depreciation 577
Depreciation
Reversal of impairment charge fixed assets
Operating result
Financial items
Value adjustment of debt
Financial income
Financial expenses
Net financial items
Result from joint venture companies
Profit before tax
* split of operating income 2023:
Service element from TC contracts
Management fee
Income from meals & passengers onboard
Interest income from sublease receivables
Other income
Total
Leasing element from TC contracts
Gain on sale of fixed assets
Total operating income
* split of operating income 2024:
Service element from TC contracts
Management fee
Income from meals & passengers onboard
Interest income from sublease receivables
Other income
Total
Leasing element from TC contracts
Total operating income
59
Segment assets and liabilities at 31 December 2024 and capital expenditure for the
year:
2024
Operating segment:
Segment assets
Assets in Joint Venture companies
Joint assets
Total assets
Segment liabilities
Liabilities in Joint Venture companies
Joint liabilities
Total liabilities
Investment in tangible fixed assets
in 2024
Total investment costs
2023
Operating segment:
Segment assets
Assets in Joint Venture companies
Joint assets
Total assets
Segment liabilities
Liabilities in Joint Venture companies
Joint liabilities
Total liabilities
Investment in tangible fixed assets
in 2023
Total investment costs
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.
Se note note 6 Varige driftsmidler.
GROUP NOTES / NOTER KONSERN
Segment assets and liabilities at 31 December 2023 and capital expenditure for the
year:
60
Operating Income
Norway
United Kingdom
Denmark
Belgium
Netherlands
Iceland
USA
Total
In 2023, NOK 215.0 million of total operating income is gain on sale of fixed assets.
This is related to Norway.
The group has income from three customers in 2024 exceeding 10 % of total
income.
In percentages of total income as follows:
1) 46.26 % (NOK 270.6 million) - PSV and RRV segments
2) 22.43 % (NOK 131.2 million) - SUBSEA segment
3) 10.82 % (NOK 63.3 million) - PSV segment
The group has income from three customers in 2023 exceeding 10 % of total
income.
In percentages of total income as follows:
1) 24.42 % (NOK 224.5 million) - SUBSEA segment
2) 20.75 % (NOK 190.7 million) - PSV/RRV/AHTS segments
3) 11.63 % (NOK 106.9 million) - PSV 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
61
6 TANGIBLE FIXED ASSETS
Financial year 2024
Balance sheet value 01/01/24
Additions
Disposals
Depreciation for the year
Reversal of writedown fixed assets
Balance sheet value 31/12/24
As at 31. December 2024
Purchase cost
Accumulated depreciation/writeown
Balance sheet value 31/12/24
* The difference between the
booked amount of NOK 1,174 million
and the recoverable amount of
NOK 1,156 million in note 4.4 is
related to capitalizations for hired
vessels.
Financial year 2023
Balance sheet value 01/01/23
Additions
Disposals
Depreciation for the year
Reversal of writedown fixed assets
Balance sheet value 31/12/23
As at 31. December 2023
Purchase cost
Accumulated depreciation/writeown
Balance sheet value 31/12/23
Recognised in balance sheet at 01/01
Increase this year
Disposal this year
Depreciation
Recognised in balance sheet at 31/12
The “Vessels” column includes maintenance and other additions
recognised in the balance sheet with the following amounts:
For vessels, an economic life of 30 years is used. An expected useful life
of 20 years is used as the basis for depreciation. See note 2.7 Tangible
fixed assets, note 4.4 Impairment charge/reversal of impairment charge of
tangible fixed assets - recoverable amount and note 20 Leases.
GROUP NOTES / NOTER KONSERN
62
7 INVESTMENTS IN JOINT VENTURES / SUBSIDIARIES
Joint ventures
Balance sheet value at 01/01 Balanseført verdi 01.01
Share of result Andel av resultat
Balance sheet value at 31/12 Balanseført verdi 31.12
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
GROUP NOTES / NOTER KONSERN
63
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
GROUP NOTES / NOTER KONSERN
64
8 FINANCIAL INSTRUMENTS BY CATEGORY 8 FINANSIELLE INSTRUMENTER ETTER KATEGORI
As at 31.December 2024
Assets
Shares
Accounts receivables and other receivables
Cash and cash equivalents
Total
Bank debt (short-term)
Convertable shareholder loan (short-term)
Long-term loan from Havila Holding AS
Long-term loan from Havila Finans AS
Trade payables
Total
GROUP NOTES / NOTER KONSERN
As at 31.December 2023
Assets
Shares
Accounts receivables and other receivables
Cash and cash equivalents
Total
Bank debt and bond loans (short-term)
Convertable shareholder loan (short-
term)
Long-term loan from Havila Holding AS
Trade payables
Total
65
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 2024 and 2023, the Group has no outstanding forward exchange
contracts. The group uses spot contracts when currency exchange is required.
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
66
GROUP NOTES / NOTER KONSERN
10 ACCOUNTS RECEIVABLES AND OTHER RECEIVABLES
Loan to associated companies
Pension Contribution fund
Other long-term receivables
Total Long-term receivables
Accounts receivables from revenues from contracts with customers - external
Accounts receivables from other income - external
Accounts receivable from joint venture companies
Advance payments
Earned income
Other current receivables
Total accounts receivables and other receivables
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 2024, no provisions for loss on accounts receivables have
been made, since most of the outstanding accounts receivable as of 31/12/24
have been settled in the first quarter of 2025. For the same reason, there was no
provision for losses at the end of 2023.
The group makes an individual assessment of individual receivables.
Receivables are linked to oil and oil service companies that lease the company’s
vessels.
There is minor risk associated with accounts receivable per 31/12/2024, and
no provision has been made for any losses on receivables as it is considered
insignificant. The receivables per 31/12/2024 consists of oil companies with 43%
and oil service companies and other companies with 57%. Of other companies,
related parties make up 21%. 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. Most of the
outstanding accounts receivable of NOK 96.2 million are settled in 2025.
See note 24 Related parties.
Age composition of account receivables:
The table shows the distribution of overdue and not overdue trade receivables
Not overdue
Up to 3 months
3-6 months
Past 6 months
Total
See note 3.2 Credit risk
Risk Management account receivables:
High risk
Low risk
Total
67
Social security, VAT and other taxation payable
Accrued costs
Other liabilities
Total
Cash and bank deposits
Total
11 CASH AND CASH EQUIVALENTS
In 2024, rectricted cash related to withholding tax amounted to NOK 9.8 million. In
2023, rectricted cash related to withholding tax was NOK 10.4 million.
12 OTHER CURRENT LIABILITIES
GROUP NOTES / NOTER KONSERN
68
Overview of the book value of loans
Bond-loans:
Bond loans measured at fair value
Bond-loans non-interest bearing tranche
Convertible shareholder loan measured at fair value
Total book value loans measured at fair value
Loans from Havila Finans measured at amortised cost
Total book value loans
Of which presented as long-term debt
Of which presented as current liabilities*
Specifications liabilities measured at fair value
Bond loans and bank loans
Nominal value - tranche A to be settled in cash
Value adjustment
Accrued interest
Fair value - tranche A to be settled in cash
Nominal value - tranche B to be settled in shares
Value adjustment
Fair value - tranche B to be settled in shares
Bond loans and bank loans at fair value
Convertible shareholder loan Konvertibelt aksjonærlån
Nominal value loans to be settled in shares
Value adjustment
Fair Value Convertible Shareholder Loan
Total loans measured at fair value to be settled in cash
Total loans measured at fair value to be settled in shares
Total loans measured at fair value
Specification of changes in value in the income statement Spesifikasjon verdiendringer i resultatregnskapet
Nominally accrued interest during the period
Estimate changes fair value
Total change in value recognised in the income
Changes in value adjustment in the balance sheet are affected by cash
flows and settlements, in addition to the change in value recognised in
the income statement.
Currency - distribution based on nominal value
NOK
USD
13 LOANS
The table shows nominal and accounted amounts for the group’s debt.
GROUP NOTES / NOTER KONSERN
69
2024
Loans
Balance as of 01/01/24
Changes with effect on Cash flow:
Raise of new loan
Instalments
Paid interests *
Total changes with effect on cash flow
Changes without cash effect:
Change in value of liabilities measured at fair
value recognised
Expensed interest measured at amortised cost
Debt converted to shares
Settlement of debt sale of vessels without cash
effect
Currency adjustments
Total changes without cash effect
Balance as of 31/12/24
GROUP NOTES / NOTER KONSERN
Collateral
Nominal value of secured debt
Carrying amount of pledged assets
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 5,5 million.
USD loans are valued at the exchange rate on the balance sheet date.
The average nominal interest rate in 2024 was at 7.8 % compared to 7.2 % in 2023.
Per 31/12/24 bank debt and convertible shareholder loan are classified as current
liabilities in the balance sheet. This also include accrued interest costs.
As of 31/12/24 the Group fulfils the minimum liquidity requirement of NOK 50
million.
* The difference between paid interests in the cash flow statement and the table
above is related to paid interests to lease liabilities which are included in the
cash flow statement.
70
GROUP NOTES / NOTER KONSERN
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. According to
IFRS, the restructuring agreement is implemented by extracting the value of
previous debt and incorporating the value of debt after the new agreement.
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.
Three banks and the owners of two bond loans chose settlement as per the
agreement as of 31/12/24. Interest-bearing debt of NOK 500 million was settled
through refinancing. At the same time, non-interest-bearing debt of NOK 522
million was converted into 123,281,190 shares in the company.
Havila Holding simultaneously converted NOK 46 million of the liquidity loan into
128,111,385 shares in the company to maintain its ownership interest of 50.96%
of the shares. The fair value of converted debt to equity amounted to NOK 299
million.
Three banks financing Havila Foresight, Havila Herøy and Havila Harmony chose
to extend the agreement period by one year. Interest-bearing debt for two of
the vessels amounted to NOK 152 million as of 31/12/24. Non-interest-bearing
debt related to the three vessels mentioned as well as to four vessels that have
previously been sold amounted to NOK 616 million as of 31/12/24. This debt will
be serviced through 2025 in accordance with the provisions of the restructuring
agreement. Interest-bearing debt will amount to NOK 124 million at the end of
2025. The development of non-interest-bearing debt is unclear and depends on
the earnings of the vessels, but is expected to be reduced.
2023
Loans
Balance as of 01/01/23
Changes with effect on Cash flow:
Raise of new loan
Instalments
Paid interests
Total changes with effect on cash flow
Changes without cash effect:
Change in value of liabilities measured at fair
value recognised
Expensed interest measured at amortised cost
Debt converted to shares
Settlement of debt sale of vessels without cash
effect
Currency adjustments
Total changes without cash effect
Balance as of 31/12/23
71
Based on earnings in the fourth quarter of 2024, it will be reduced by NOK 5
million at the end of the first quarter of 2025. The fair value of the remaining debt
is estimated at NOK 157 million.
The fair value of the conversion right of non-interest-bearing debt is estimated
at NOK 170 million. The remaining liquidity loan from Havila Holding amounts
to NOK 54 million and the fair value of the conversion right is estimated at NOK
122 million. Together with accrued interest, this constitutes the short-term part of
long-term debt in the balance sheet of NOK 505 million.
The refinancing of debt redeemed as of 31/12/24 was carried out by raising bond
loans in the sister company Havila Finans AS. The company’s debt to Havila
Finans amounts to NOK 500 million with a maturity of two years, recorded in the
balance sheet under long-term debt.
The company shall have a minimum liquidity reserve of NOK 50 million throughout
the agreement period. The bond loan shall constitute a maximum of 60% of the
market value of the financed vessels. There are no other financial covenants.
Shareholders will be further diluted as a result of the lenders’ right to convert
non-interest-bearing debt, which was extended by one year. The conversion is
expected to take place as of 31/12/25 and a maximum of 145,440,530 shares will
then be issued to the banks and 151,138,936 shares to Havila Holding AS. The new
number of shares will then be a maximum of 571,748,341.
Reference is made to the stock exchange announcement of 21 January 2025,
where it was informed that the lenders who extended the loan agreement claim
that the completed refinancing used to redeem the lenders who chose that option
is in breach of the restructuring agreement. The lenders also claim that certain
other circumstances constitute a breach of the agreement.
The company believes that there is no breach of contract and disputes the
lenders’ understanding of the agreement. It was also informed that if necessary,
the company will seek legal action to resolve the matter.
Reference is also made to the stock exchange announcement of 24/03/25, where
it was informed that the company has sent a summons to Oslo District Court,
where the banks in question are being sued alleging that there has been no
default. Based on this, the accounts have been prepared on the assumption that
the company has not defaulted on its obligations.
See note 4.5 Going consern.
GROUP NOTES / NOTER KONSERN
72
73
74
Taxes payable
Changes in deferred taxes
Taxes
Profit before tax
Tax expense 22%
Recognised tax expense
Difference between expected and recognised tax expense
Effect of shipping tax regime
Foreign taxes
Fixed differences
Deferred tax assets not entered
Difference between expected and recognised tax expense
GROUP NOTES / NOTER KONSERN
Payable taxes short term
Balance sheet value at 01/01
Tax cost
Paid
Balance sheet value at 31/12
Deferred taxes tonnage taxed regime
Gain on entry
Gain-/loss account related to sale of vessel
Taxable income tonnage taxed
Allocation for tax liability 22%
Whereof:
Tax payable
Deferred tax 22%
14 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:
75
Deferred tax assets
Deferred tax assets at
01/01/23
Recognised in the profit and
loss in the period
Deferred tax assets at 31/12/23
Recognised in the profit and
loss in the period
Deferred tax assets at
31/12/24
Of this not recognised in the
balance sheet
Deferred tax assets at
31/12/24 in the balance sheet
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%.
76
Pension cost for seamen are calculated as follows:
This year's payment defined contribution scheme incl. premium and cost
This year's payment defined contribution scheme incl. premium and cost debited fund
Expensed contribution incl. Premium and costs, not paid
This year's value adjustment of the contribution fund
Net pension cost
15 PENSIONS AND SIMILAR LIABILITIES
IAS19 deposit Schemes:
The company has a defined contribution pension scheme which covers a total of
244 active seafarers as of 31/12/24. 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 31/12/24, the defined contribution fund for seamen amounts to NOK 1.2
million, compared to NOK 2.1 million as of 31/12/23. This is recognized in the
Balance Sheet as other long-term receivables.
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 2024, the National Insurance average basic amount (1G) was NOK 122,225,
compared to NOK 116,239 in 2023.
As at 31/12/2024 the scheme included 12 members, compared to 13 member as
at 31/12/2023.
Expensed pension contribution including charges amounted to NOK 1,533 million
in 2024 and NOK 1,473 million in 2023.
As of 31/12/24, the defined contribution fund for shore based employees amounts
to NOK 0.7 million, compared to NOK 0.7 million as of 31/12/23. This is recognized
in the Balance Sheet as other long-term receivables.
See note 2.12 Retirement benefit liabilities
GROUP NOTES / NOTER KONSERN
77
Other operating expenses
Subscription and stock exchange fee
Auditor`s fee and other fee *
Consultant`s and lawyer`s fee
IT-expenses
Travelling expenses
Leasing expenses and other running expenses offices
Corporate gifts and entertainment
Payroll and related expenses administration **
Other expenses
Total other operating expenses
* Spesification of auditor`s fees
Mandatory audit
Audit other countries
Other attest services
Tax consultancy and other services
Total auditor`s fee and other services
Vessel operating expenses
Bunkers and lubricating oil
Maintenance and other expenses
Total vessel operating expenses
Hire expenses ship and equipment
16 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 24 Related parties.
** See note 18 Crew and Payroll expenses.
** Se note 18 Mannskap og lønnskostnader
Other income
Income from management services
Income from meals & passengers onboard
Interest income from sublease receivables
Other income
Total other operating income
GROUP NOTES / NOTER KONSERN
78
Total number of employees (average) Årsverk / gjennomsnittlig antall ansatte 402 350
* see note 26 Goverment grant * se note 26 offentlig tilskudd
** see note 15 Pension ** se note 15 pensjon
Crew expenses
Basic pay incl. holiday pay and earned sparetime
Government grant *
Travel expenses
Groceries
Pension expenses **
Insurances
Training/courses
Other crewing expenses
Total crew expenses
Other payroll expenses
Wages incl. payroll tax for office personnel
Director's fees
Pension Contributions
Other payroll costs
Total Other payroll expenses
Total number of administrative personnel (average)
Value adjustment of debt
Interest on bank deposits and non-current receivables
Net realised and unrealised agio gains
Other financial income
Total financial income
Interest on lease liabilities
Net realised and unrealised agio losses
Other financial expenses
Total financial expenses
Net financial items
GROUP NOTES / NOTER KONSERN
19 FINANCIAL INCOME AND EXPENSES
18 CREWING AND PAYROLL EXPENSES
79
20 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.
In 2024, additions to the right-of-use assets (lease agreement vehicles) was NOK
0.5 million. In 2023, additions to the right-of-use assets (lease agreement vehi-
cles) was NOK 0.7 million.
GROUP NOTES / NOTER KONSERN
Reconciliation of lease liabilities at 31/12/24:
Total lease liabilities as at 01.01.24
Addition new leases
Disposal / termination of leases
Adjustments as a result of changes in lease payments/exten-
sion of lease agreements
Repayment of lease liabilities
Currency exchange differences
Recognized interest expenses*
Paid interests*
Total lease liabilities as of 31.12.24
* For lease of vessel 7.5% and other leases 4.5%
Reconciliation of lease liabilities at 31/12/23:
Total lease liabilities as at 01.01.23
Addition new leases
Disposal / termination of leases
Adjustments as a result of changes in lease payments/exten-
sion of lease agreements
Lease payments
Currency exchange differences
Recognized interest expenses*
Paid interests*
Total lease liabilities as of 31.12.23
* For lease of vessel 7.5% and other leases 4.5%
Right of use assets*
Office facilities
Vehicles
Total
80
Depreciation charge of right-of-use assets
Office facilities
Vehicles
Total
Interest expense lease liabilities
Expenses relating to short-term leases
Expenses relating to leases of low-value
Sum lease expenses included in other operating expenses
Expenses relating to variable lease payments not included in lease liabilities
Expenses relating to short-term leases
Sum lease expenses included in hire expenses
Income from subleasing right of use assets
Net Investment in lease***
2024
Total net investment in lease as at 01/01/24
Lease payments
Interest income sublease
Total net investment in lease as of 31/12/24
2023
Total net investment in lease as at 01/01/23
Lease payments
Interest income sublease
Adjustments as a result of extension of lease agreement
Total net investment in lease as of 31/12/23
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 2024 was NOK 34.1 million, compared to NOK 52.3
million in 2023.
Lease liabilities**
Current
Non-Current
Total
81
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 first year’s option was included in the lease liability as per
31/12/23. Lease of office facilities has a rental period of 5-10 years. One agreement
is automatically renewed for another 5 years if the agreement is not terminated
within the agreed deadlines. In the second agreement, the lessee has a preferential
right to a new lease for a further 5 years if this is notified to the lessor no later than
12 months before the end of the lease period. 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
In 2023, the Group had variable lease payments related to the rental of ROV equip-
ment 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. The vessel which used this ROV equipment was sold on 2023, and in
2024 the Group have no such lease payments.
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
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 920 million, NOK
861 million has cancellation at the charterer’s discretion without 100% settlement.
Notice of termination varies from 15 days to 30 days. Cancellation fees vary from
30 days notice to full settlement for the fixed contract period. Cancellation fees
for termination at the charterer’s discretion amount to NOK 162 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 31/12/2024 were 32% and 68% respectively.
Corresponding figures per. 31/12/2023 were 86% and 14%.
GROUP NOTES / NOTER KONSERN
Variable lease payments
Fixed lease payments
Total lease payments from TC contracts
82
Future lease income
Summary of the future operational and financial lease income:
21 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:
Realised forward currency exchange contracts
Realised agio accounts receivable
Unrealised agio accounts receivable
Total
Year 1 År 1
Year 2 År 2
Year 3 År 3
Year 4 År 4
Year 5 År 5
After 5 years Over 5 år
83
GROUP NOTES / NOTER KONSERN
22 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.
At the end of the ordinary agreement period, the lenders chose to convert NOK
522.4 million, representing 45.88% of total non-interest-bearing debt (tranche
B), into shares and at the same time settlement of interest-bearing debt. The
lenders in question received 123,281,190 shares, corresponding to 44.80% of the
shares in the company after conversion. Havila Holding AS converted NOK 45.9
million of liquidity loans and received 128,111,385 new shares, thereby maintaining
its ownership interest in the company. The remaining nominal value of non-
interest-bearing debt that is assumed to be converted into shares at the end of
the extended restructuring period amounts to NOK 616.3 million as of 31/12/24.
In addition, the nominal value of the liquidity loan from Havila Holding is NOK
54.1 million. Assuming that non-interest-bearing debt is unchanged at the end
of 2025, an additional 145,440,530 shares will be issued to the remaining bank
lenders and 151,138,936 shares to Havila Holding AS, so that the lenders have
been allotted shares corresponding to 47% of the shares in the company. Havila
Holding will own 50.96% of the company and the other shareholders will own
2.04% of the company. For the calculation of diluted earnings per share, profit
must be adjusted for changes in value recognised in the income relating to the
conversion rights. As a result, diluted earnings per share will be higher than
ordinary earnings per share in 2024. Diluted earnings per share are therefore set
equal to ordinary earnings per share. See note 13 loans for information about the
financial restructuring.
23 DIVIDEND PER SHARE AND REPAYMENT TO THE SHAREHOLDERS
There were no dividends paid to the shareholders for 2023.
The Board of directors proposes to the ordinary general meeting that no dividends
be paid to the shareholders in 2024.
Profit allocated to the company`s shareholders
Number of shares
Weighted average of total issued shares
Wighted average of total issued shares for diluted earnings
Earnings per share
Diluted earnings per share *
*Deluted earings per share calculated excl. value adjustment debt
and gain on sale of assets
84
24 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 2023 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) Loan from Havila Holding AS
f) Operation of vessel owned by Havila Skipsinvest 1 AS
g) Loan from Havila Finans 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 was 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, payroll, 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) 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. At end of 2024, part of this loan was converted into shares. As per 31/12/24
the fair value of the convertible shareholder loan amounts to NOK 176 million. In
addition, Havila Shipping ASA has a long-term loan from Havila Holding AS valued
to amortized cost of NOK 33 million related to outstanding accounts. This loan is
not interest-bearing and settlement has not been agreed.
f) Havila Shipping ASA has entered into a management agreement for operation
of the vessel Havila Phoenix which was sold out of the Havila Shipping ASA Group
in Janyary 2023.
g) A subsidiary of Havila Shipping ASA has in December 2024 entered into loan
agreements with Havila Finans AS, a wholly-owned subsidiary of Havila Holding
AS. The loans have a maturity of 2 years and are made on market terms. The
interest rate on the loans follows the interest rate on the bond loan that Havila
Finans AS has raised. The interest is 3 months NIBOR + 5% margin.
GROUP NOTES / NOTER KONSERN
85
2024
Overview of transactions
Havila Holding AS
Havila Holding AS
Havilahuset AS
Havila AS
Siva Sunnmøre AS
Havila Kystruten Operations AS
Havila Service AS
Havila Skipsinvest 1 AS
Havila Finans AS
Hav Group ASA
Hav Design AS
Norwegian Electric System AS
Norwegian Greentech AS
Havila Charisma IS
GROUP NOTES / NOTER KONSERN
The group has been involved in transactions with the following close associates:
See note 17 Spesification of operating expenses and note 9 Shareholders in
parent company.
2023
Overview of transactions
Havila Holding AS
Havila Holding AS
Havilahuset AS
Havila AS
Siva Sunnmøre AS
Havila Kystruten Operations AS
Havila Service AS
Havila Skipsinvest 1 AS
Hav Group ASA
Hav Design AS
Norwegian Electric System AS
Norwegian Greentech AS
Havila Charisma IS
86
GROUP NOTES / NOTER KONSERN
Remunerations to close associates Godtgjørelse til nærstående parter
Payments to leading personnel
Salary
Pension contributions
Other remunerations
Chairman Henrik Grung
Chairman Jostein Sætrenes
Board member Olav Holst-Dyrnes
Board member Helge Aarseth
Board member Hege Sævik Rabben
Board member Nina Skage
Board member Jogeir Romestrand
Total
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 24 % 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.
With senior employees, the Group defines the CEO. The CFO was employed in
the company until 18/04/21. The CFO thereafter 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.
87
2024
Managing Director
Total
2023
Managing Director
Total
Payments to leading personnel:
The pension contributions are the same for all administrative personnel, see note
15 pensions.
Other remunerations consist of benefits from company cars, insurance schemes
and telephone/internet allowance.
GROUP NOTES / NOTER KONSERN
88
Grants received
Reimbursement from the Norwegian Maritime Directorate
Reimbursement for trainees
Total government grants
GROUP NOTES / NOTER KONSERN
Fuel
Lube oil
Urea
Total
25 STOCKS AND INVENTORY
Stocks of bunkers, lube oil and urea are recognised and stated at the lower of cost
and net realizable value.
26 GOVERNMENT GRANTS
Government grant received is recognised as a reduction of crew costs.
27 EVENTS AFTER THE BALANCE SHEET DATE
The three banks, which extended the restructuring agreement, claim that the
refinancing and certain other conditions represent a breach of the agreement.
The company disputes the claim and believes that there is no breach of contract.
The company wants clarification of the matter and has therefore on 24/03/25
sent a summons to Oslo District Court where the banks in question have been
sued claiming that there is no default.
89
90
PROFIT AND LOSS ACCOUNTS - PARENT COMPANY / RESULTATREGNSKAP MORSELSKAP
PROFIT AND LOSS ACCOUNTS RESULTATREGNSKAP
NOK 1000
note 2024 2023
Operating income Driftsinntekter
Other income Andre inntekter 3 268 007 328 250
Total operating income Sum driftsinntekter 268 007 328 250
Operating expenses Driftskostnader
Crew expenses Mannskapskostnader 4,5 -218 859 -274 531
Vessel expenses Driftskostnader fartøy -255 -135
Other payroll expenses Andre lønnskostnader 5 -1 814 -1 824
Other operating expenses Andre driftskostnader 6 -36 279 -69 731
Total operating expenses Sum driftskostnader -257 207 -346 222
Operating income before depreciation Driftsresultat før avskrivning 10 800 -17 972
Depreciation Avskrivninger 7 -162 -162
Operating result Driftsresultat 10 638 -18 134
Financial items Finansposter
Interest received from group companies Renteinntekt fra foretak i samme konsern 6 22 819 23 819
Other interest income Andre renteinntekter 6 1 337 847
Other financial income Andre finansinntekter 6 10 349 193 475
Impairment of shares/receivables Nedskrivning av aksjer/fordringer 6 150 406 348 234
Other interest expenses Andre rentekostnader 6 -190 788 -145 538
Other financial expense Andre finanskostnader 6 -105 473 -2 309
Net financial items Netto finansposter -111 350 418 527
Profit before tax Resultat før skatt -100 712 400 394
Tax Skatt 8 0 -2 010
Profit Resultat -100 712 398 384
Transferred to uncovered loss Overtført til udekket tap 15 -100 712 398 384
Total allocated Sum anvendelse -100 712 398 384
91
BALANCE SHEET - PARENT COMPANY / BALANSE MORSELSKAP
BALANCE SHEET BALANSE
NOK 1000
note 2024 2023
ASSETS EIENDELER
Fixed assets Anleggsmidler
Tangible fixed assets Varige driftsmidler
Buildings, movables and fixtures Bygninger, driftsløsøre og inventar 7 943 1 105
Total fixed assets Sum varige driftsmidler 943 1 105
Financial fixed assets Finansielle eiendeler
Investments in subsidiaries Investeringer i datterselskap 9 11 039 12 803
Loans to companies in the group Lån til foretak i samme konsern 10, 11, 16 429 345 616 492
Loan to joint venture/associated company Lån til fellesregistrert/tilknyttet selskap 10, 11, 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 1 308 2 156
Total financial fixed assets Totale finansielle eiendeler 445 791 635 551
Total fixed assets Sum anleggsmidler 446 734 636 656
Current assets Omløpsmidler
Accounts receivables Kundefordringer 29 937 47 623
Other receivables Andre fordringer 10 21 537 32 260
Other receivables in group company Andre fordringer i samme konsern 10, 11, 16 277 018 56 832
Cash and bank deposits Kontanter og bankinnskudd 13 95 754 13 328
Total current assets Sum omløpsmidler 424 246 150 042
Total assets Sum eiendeler 870 980 786 698
92
BALANCE SHEET BALANSE NOK 1000
Note 2024 2023
Equity Egenkapital
Paid in equity Innskutt egenkapital
Share capital Aksjekapital 14, 15 68 792 23 776
Other paid in equity Annen innskutt egenkapital 15 895 152 895 152
Share premium Overkurs 15 1 167 699 933 704
Total paid-in-equity Sum innskutt egenkapital 2 131 643 1 852 633
Retained earnings Opptjent egenkapital
Uncovered loss Udekket tap 15 -1 933 716 -1 850 836
Total retained earnings Sum opptjent egenkapital -1 933 716 -1 850 836
Total equity Sum egenkapital 197 928 1 797
Liabilities Gjeld
Other non-current liabilities Annen langsiktig gjeld
Other non-current liabilities from group company Lån fra foretak i samme konsern 11, 16 0 68 775
Total other non-current liabilities Sum annen langsiktig gjeld 0 68 775
Current liabilities Kortsiktig gjeld
Trade payable Leverandørgjeld 22 283 6 243
Public charges payable Skyldige offentlige avgifter 17 571 17 734
Other current liabilities in group company Annen kortsiktig gjeld i samme konsern 11, 16 199 160 54 314
Bond loan Obligasjonslån 10 0 436 813
Convertible Shareholder lån Konvertibelt aksjonærlån 16 176 123 100 000
Converion rights bank loans Konverteringsretter banklån 170 000 0
Other current liabilities Annen kortsiktig gjeld 87 916 101 023
Total current liabilities Sum kortsiktig gjeld 673 052 716 126
Total liabilities Sum gjeld 673 052 784 902
Total equity and liabilities Sum egenkapital og gjeld 870 980 786 698
BALANCE SHEET - PARENT COMPANY / BALANSE MORSELSKAP
Fosnavåg, 23 April 2025
The Board of Havila Shipping ASA / Styret i Havila Shipping ASA
Hege Sævik Rabben
Board member
Styremedlem
Henrik Grung
Chairman of the Board of Directors
Styrets leder
Olav Holst-Dyrnes
Board member
Styremedlem
Jogeir Romestrand
Board member
Styremedlem
Njål Sævik
CEO
Administrerende direktør
Nina Skage
Board member
Styremedlem
93
Fosnavåg, 23 April 2025
The Board of Havila Shipping ASA / Styret i Havila Shipping ASA
CASH FLOW STATEMENT - PARENT COMPANY / KONTANTSTRØMOPPSTILLING MORSELSKAP
NOK 1000
Note 2024 2023
Cash flow from operating activity: Kontantstrømmer fra driften:
Profit before tax Resultat før skattekostnad -100 712 400 394
Depreciation Ordinære avskrivninger 7 162 162
Change in accounts receivables Endring i kundefordringer 17 686 -40 318
Change in trade payables Endring i leverandørgjeld 16 040 -12 887
Teoretical interest related to loan to amortized cost Teoretiske rentekostnader 167 967 121 714
Not paid interests added to loan Ikke betalte renter tillagt lån 0 2 228
Provision for parent company guarantee Avsetning morselskapsgaranti -9 287 -170 238
Write-down of internal receivables / liabilities Nedskrivning interne fordringer / gjeld -168 187 -329 247
Change in other accruals Endring i andre tidsavgrensningsposter 219 692 28 373
Net cash flow from operating activity Netto kontantstrøm fra driften 143 360 180
Cash flow from investment activity: Kontantstrømmer fra investeringsaktiviteter
Net cash flow from investment activity Netto kontantstrøm fra investeringsaktiviteter 0 0
0 0
Cash flow from finance activity: Kontantstrømmer fra finansieringsaktiviteter
Repayment long-term loans Nedbetaling av langsiktig gjeld -414 108 -25 277
Change in non-current receivables Endring langsiktig fordringer 849 7 815
Received payment non-current loans to companies in the group Innbetaling langsiktig lån til konsernselskap 352 326 0
Net cash flow from finance activity Netto kontantstrøm fra finansieringsaktiviteter -60 933 -17 461
Net change in cash and cash equivalents Netto endring i kontanter og kontantekvivalenter 82 426 -17 281
Cash and cash equivalents at beginning of period Kontanter, kontantekvivalenter og benyttede
trekkrettigheter ved periodens begynnelse
13 13 328 30 609
Cash and cash equivalents at end of period Kontanter, kontantekvivalenter og benyttede
trekkrettigheter ved periodens slutt
13 95 754 13 328
CASH FLOW STATEMENT KONTANTSTRØMOPPSTILLING
9494
95
NOTES NOTER TIL REGNSKAPET
PAGE/SIDE
1 Parent company information Morselskapsinformasjon 96
2 Significant accounting principles Viktige regnskapsprinsipp 96-98
3 Other income Andre driftsinntekter 99
4 Goverment grant Offentlig tilskudd 99
5 Payroll expenses Lønnskostnader 100
6 Specification of items in the account Spesifikasjon av poster i regnskapet 101
7 Tangible fixed assets Varige driftsmidler 102
8 Taxes Skatt 103
9 Subsidiaries, associated companies Datterselskap/felleskontrollert virksomhet 104-105
10 Receivables and liabilities Fordringer og gjeld 106
11 Receivables and payables to companies in the same group
and associated companies
Mellomværende med selskap i samme konsern og tilknyttet
selskap
107
12 Pensions Pensjoner 108
13 Cash, and cash equivalenst Kontanter og kontantekvialenter 109
14 Share capital and shareholders information Aksjekapital og aksjonærinformasjon 110-111
15 Equity Egenkapital 112
16 Close associates Nærstående parter 113-115
17 Financial instruments and market risk Finansielle instrumenter og markedsrisiko 115-116
18 Guarantees Garantier 116-117
19 Environmental conditions Miljøforhold 117
20 Contingent results Betinget utfall 117
21 Going Consern Fortsatt drift 117
22 Event after the balance sheet date Hendelse etter balansedagen 117
NOTES - PARENT COMPANY / NOTER MORSELSKAP
96
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, OVERSETTELSE
TIL ENGELSK ER FOR INFORMASJON
ACCOUNT FOR ARE PRESENTED IN NORWEGIAN,
TRANLATION INTO ENGLISH IS ONLY FOR INFORMATION.
97
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.
98
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
99
NOK 1000
2024 2023
Per area of operations Pr. virksomhetsområde
Management fee internal Administrasjonshonorar internt 247 599 319 480
Management fee external Administrasjonshonorar eksternt 19 568 8 595
Other operating income Andre driftsinntekter
840 175
Total Sum 268 007 328 250
Geographical allocation Geografisk fordeling
Norway Norge 260 628 319 611
Belgium Belgia 6 600 6 795
Iceland Island 775 1 800
United Kingdom Storbritannia
4 45
Total Sum 268 007 328 250
NOTES - PARENT COMPANY / NOTER MORSELSKAP
3 ANDRE DRIFTSINNTEKTER
4 OFFENTLIGE TILSKUDD
De offentlige tilskuddene blir bokført som reduksjon av mannskapskostnadene.
3 OTHER INCOME
4 GOVERNMENT GRANTS
The government grants are recorded as a reduction in the crew expenses.
NOK 1000
2024 2023
Grants received Mottatte tilskudd
Reimbursement from the Norwegian Maritime Directorate Nettolønnsordning for sjøfolk 43 610 57 035
Reimbursement for trainees Lærlingstilskudd 2 579 3 132
Total government grants Sum offentlige tilskudd 46 189 60 168
100
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
2024 2023
Specification of payroll expenses: Spesifikasjon av lønnskostnad:
Payroll tax Arbeidsgiveravgift 326 163
Director's fee Styrehonorar 1 055 1 055
Other remuneration Andre ytelser 100 100
Other personnel costs Andre personalkostnader 333 506
Total Sum 1 814 1 824
Average number of shore-based employees Gjennomsnittlig antall ansatte på land 0 0
NOK 1000
2024 2023
Specification of crewing expenses: Spesifikasjon av mannskapskostnad:
Basic pay incl. holidays/free days Hyre inkl. ferie-/fritidsdager 175 325 234 777
Payroll tax Arbeidsgiveravgift 30 412 35 922
Reimbursement from the Norwegian Maritime Directorate Mottatt refusjon nettolønnsordning -43 610 -57 035
Pension contribution Pensjonsavgift reders del 6 168 7 488
Insurance and pension expenses Forsikringer og pensjonskostnad 10 345 15 465
Travel expenses Reiseutgifter 32 957 36 730
Groceries Proviant 2 591 2 479
Courses, other expenses and reimbursement Kurs, andre kostnader og refusjoner 4 671 -1 294
Total Sum 218 859 274 531
Number of employees at the end of period Antall ansatte ved slutten av perioden 224 245
Remuneration to senior executives: Ytelser til ledende personer
Managing Director /
Administrerende Direktør
Managing Director /
Administrerende Direktør
Wages Lønn 2 492 2 370
Pension contributions Pensjoninnskudd 231 217
Other remuneration Annen godtgjørelse 276 237
Board of Directors / Styret Board of Directors / Styret
Wages Lønn 1055 1055
Other remuneration Annen godtgjørelse 100 100
2024 2023
Auditor's fee Revisjonshonorar
Mandatory audit Lovpålagt revisjon 1 263 1 450
Other qualified services Særattestasjoner 80 70
Other service Andre tjenester 461 0
Total expensed auditors fee excl. value added tax Sum kostnadsført revisjonshonorar ekskl. merverdiavgift 1 804 1 520
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 31/12/24 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. 31.12.24.
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
101
6 SPECIFICATION OF ITEMS IN THE ACCOUNTS 6 SPESIFIKASJON AV POSTER I REGNSKAPET
NOK 1000
Other operating expenses Andre driftskostnader 2024 2023
Subscription and bourse fees Kontingenter og børsavgifter 1 261 191
Leasing expenses and other expenses premises Leie og andre kostnader lokaler 2 275 2 288
IT expenses IT kostnader 2 711 2 301
Auditor's, lawyer's and consultant's fees Revisjon, juridisk bistand, konsulentbistand 4 747 2 432
Travel expenses Reisekostnader 553 467
Administrative costs Administrasjonskostnader 38 713 38 779
Other expenses Andre kostnader 2 593 2 370
Provision for loss short-term receivables in Group companies Avsetning tap kortsiktige interne fordringer -16 575 20 903
Total other operating expenses Sum andre driftskostnader 36 279 69 731
Interest income Renteinntekt
Interest received from group companies Renteinntekt fra foretak i samme konsern 22 819 23 819
Interest income Banks Renteinntekter bank 982 513
Interest income from others Renteinntekter fra andre 355 334
Total other interest income Sum annen renteinntekt 1 337 847
Other financial income Andre Finansinntekter
Foreign exchange gain Valutagevinst 557 1 762
Unrealised foreign exchange gain Urealisert valutagevinst 0 105
Guarantee liabilities Garantiforpliktelser 9 287 170 238
Value adjustment loan Verdijustering lån 0 21 251
Other financial income Andre finansinntekter 505 119
Total other financial income Sum andre finansinntekter 10 349 193 475
Other financial expenses Andre finanskostnader
Write-down of financial assets Nedskrivning av finansielle eiendeler 150 406 348 234
Interest cost Rentekostnader
Intrest cost loan Rentekostnader lån 190 785 145 538
Other interest cost Andre rentekostnader 3 0
Total other interest costs Sum andre rentekostnader 190 788 145 538
Other Financial expenses Andre finanskostnader
Foreign exchange loss Valutatap 749 1 457
Unrealised foreign exchange loss Urealisert valutatap 357 0
Value adjustment loan Verdijustering lån 96 514 0
Loss on liquidation of subsidiaries Tap ved avvikling av datterselskap 6 967 0
Other financial expenses Andre finanskostnader 887 853
Total other financial expenses Sum andre finanskostnader 105 473 2 309
NOTES - PARENT COMPANY / NOTER MORSELSKAP
102
2024 NOK 1000
Tangible fixed assets Varige driftsmidler Buildings/
Bygninger
Machinery and
equipment/
Maskiner og Inventar
Total tangible assets/Sum
varige
driftsmidler
Purchase cost 01/01/24 Anskaffelseskost pr 01.01.24 3 674 7 247 10 921
Addition purchased assets Tilgang kjøpte driftsmidler 0 0 0
Purchase cost 31/12/24 Anskaffelseskost 31.12.24 3 674 7 247 10 921
Accumulated depreciation 31/12/24 Akkumulerte avskrivninger 31.12.24 -2 731 -7 247 -9 977
Balance sheet value 31/12/24 Balanseført verdi pr. 31.12.24 943 0 943
Depreciation this year Årets avskrivninger 162 0 162
2023 NOK 1000
Tangible fixed assets Varige driftsmidler Buildings/
Bygninger
Machinery and
equipment/
Maskiner og Inventar
Total tangible assets/Sum
varige
driftsmidler
Purchase cost 01/01/23 Anskaffelseskost pr 01.01.23 3 674 7 247 10 921
Addition purchased assets Tilgang kjøpte driftsmidler 0 0 0
Purchase cost 31/12/23 Anskaffelseskost 31.12.23 3 674 7 247 10 921
Accumulated depreciation 31/12/23 Akkumulerte avskrivninger 31.12.23 -2 569 -7 247 -9 816
Balance sheet value 31/12/23 Balanseført verdi pr. 31.12.23 1 105 0 1 105
Depreciation this year Årets avskrivninger 162 0 162
7 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
7 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
103
8 TAXES 8 SKAT T
NOK 1000
2024 2023
Taxes for the year are divided into: Årets skattekostnad fordeler seg på:
Taxes payable Betalbar skatt 0 2 010
Changes in deferred taxes Endring i utsatt skatt 0 0
Total taxes in the profit and loss accounts Sum skattekostnad i resultatet 0 2 010
Calculation of taxable basis for the year: Beregning av årets skattegrunnlag:
Profit before tax Resultat før skattekostnad -100 712 400 394
Permanent differences * Permanente forskjeller * 102 334 -227 810
Changes in temporary differences Endring i midlertidige forskjeller -8 384 -162 287
Change in deficit to carry forward Endring i underskudd til framføring 6 761 -1 163
Received taxable group contribution booked to equity Mottatt skattepliktig konsernbidrag ført mot egenkapital 0 -9 136
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 -1 160 -1 105
Pension fund Pensjon Innskuddsfond 1 210 2 059
Taxable deficit to carry forward Skattemessig underskudd til fremføring -6 761 0
Accrual for guarantee liability Avsetning for garantiansvar -74 031 -83 318
Bond Loan Obligasjonslån 0 -186 999
Total Sum -80 741 -269 363
Not included in the calculation basis for deferred taxes/ deferred tax assets Ikke med i beregningsgrunnlaget for utsatt skatt/utsatt skattefordel 0 186 999
Basis for deferred taxes / deferred tax assets Grunnlag for utsatt skatt / utsatt skattefordel -80 741 -82 364
22% Deferred taxes / deferred tax assets 22% utsatt skatt / utsatt skattefordel -17 763 -18 120
Deferred tax assets (-) not booked ** Utsatt skattefordel ikke bokført ** 17 763 18 120
Deferred taxes / deferred tax assets (-) in the balance sheet ** Utsatt skatt / utsatt skattefordel (-) i balansen ** 0 0
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% -22 157 88 087
Change in deferred tax assets not entered into the balance sheet ** Endring ikke oppført utsatt skattefordel ** -357 -35 959
Permanent differences 22% Permanente forskjeller 22% 22 514 -50 118
Calculated taxes Beregnet skattekostnad 0 2 010
* Permanent differences consist of: * Permanente forskjeller består av:
None tax deductible entertainment expenses and gifts Ikke fradragsberettiget representasjonskostnader, gaver, kontingenter 189 -941
None tax deductible write-down of financial assets Ikke fradragsberettiget nedskrivning av finansielle eiendeler -143 945 -327 331
Reversal of accrual for loss on intercompany receivables Reversering av avsetning tap på interne fordringer -16 575 0
Theoretical interest related to loan to amortized cost Teoretiske renter relatert til lån til amortisert kost 167 967 121 714
Value adjustment of debt Verdijustering lån 96 514 -21 251
Issuance cost Emisjonskostnader -1 816 0
Total permanent differences Sum Permanente forskjeller 102 334 -227 810
** 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
104
9 SUBSIDIARIES, ASSOCIATED COMPANIES ETC
Investments in subsidiaries are recognised according to the cost method with
markup of deposits from the owner.
The subsidiaries Havila Management Sdn Bhd, Havila Offshore Labuan Ltd and
Havila Marine Guernsey Ltd were liquidated in 2024. Net effect of the liquidation
is booked against equity.
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.
Datterselskapene Havila Management Sdn Bhd, Havila Offshore Labuan Ltd og
Havila Marine Guernsey Ltd ble avviklet i 2024. Nettoeffekt av avviklingen er bok-
ført mot egenkapital.
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 -25 161 10 939
Havila Offshore AS 45 000 1 000 45 000 0 0
Havila Ships AS 80 000 100 800 000 0 0
Havila Subcon AS 16 200 3 600 4 500 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
286 790 -25 161 11 039
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 Ships AS 10.01.2005 Mjølstadneset 100 % Indirectly/Indirekte 100 %
Havila Subcon AS 10.02.2005 Mjølstadneset 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
105
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 66 372 134 823 -68 451 131 213 17 778
Havila Management AS 14 357 13 424 933 21 498 484
Havila Harmony AS 100 114 286 161 -186 048 34 464 -33 287
Havila Shipping UK Ltd 2 875 1 099 1 775 2 093 206
Havila Charisma AS 140 826 129 887 10 939 64 049 -1 206
Havila Offshore AS 0 302 -302 0 -21
Havila Management Sdn Bhd * 0 0 0 0 120
Havila Offshore Labuan Ltd * 0 0 0 0 0
Havila Ships AS 871 859 1 512 456 -640 597 423 023 -37 714
Havila Subcon AS 389 006 455 524 -66 517 62 280 171 802
Havila Marine Guernsey Limited * 0 0 0 0 -143
Havila Venus AS 35 820 26 312 9 508 280 3 389
Havila Jupiter AS 73 445 27 001 46 444 297 5 815
Havila Phoenix AS 56 271 51 147 5 124 0 10 588
Total/Totalt 324 543 565 698 -241 154 253 317 -15 927
* liguidated in 2024 / avviklet i 2024
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 % 17 542 17 542
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 70 427 52 885 17 542 32 025 -1 927
Total/Totalt 70 427 52 885 17 542 32 025 -1 927
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
106
NOK 1000
2024 2023
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 * 429 345 616 492
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 1 308 2 156
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 277 018 56 832
Other receivables: Andre fordringer:
Receivable from the Norwegian Maritime Directorate Nettolønn til gode 14 753 18 807
Prepaid expenses Forskuddsbetalte kostnader 6 785 8 210
Other short term receivables and accruals Andre kortsiktige fordringer og periodiseringer -1 5 242
Total other receivables Sum andre fordringer 21 537 32 260
Liabilities with due date later than one year: Gjeld med forfall senere enn et år:
Bond loan Obligasjonslån 0 0
Total Totalt 0 0
Liabilities with due date within one year: Gjeld med forfall innen et år:
Bond loan Obligasjonslån 0 436 813
Total Totalt 0 436 813
Repayment profile Avdragsprofil
Ballon bond-loan Ballong obligasjon lån 0 436 813
Total Totalt 0 436 813
NOTES - PARENT COMPANY / NOTER MORSELSKAP
10 RECIVABLES AND LIABILITIES
* In 2024, the company has a net reversal of impairment of loans to companies
in the same group with NOK 152 million. In 2023, the net reversal of impairment
amount was NOK 297 million.
The bond loans were settled end of 2024.
See group note 13 Loans
10 FORDIRNGER OG GJELD
* Selskapet har i 2024 netto reversert nedskrivning av lån til foretak i samme
konsern med NOK 152 million. I 2023 var netto reversering av nedskrivning NOK
297 million.
Obligasjonslånene ble innfridd i slutten av 2024.
Se konsernnote 13 lån
107
NOK 1000
2024 2023
Receivables Fordringer
Other current receivables group companies Andre kortsiktige fordringer konsernselskap 277 018 56 832
Other non-current receivables group companies Andre langsiktige fordringer konsernselskap 429 345 616 492
Non-current receivables joint ventures/associated company Langsiktige fordringer fellesregistrert / tilknyttet selskap 4 000 4 000
Total Totalt 710 363 677 323
Payables Gjeld
Current liabilities group companies Kortsiktig gjeld på konsernselskap 199 160 54 314
Long term liabilities group companies Langsiktig gjeld på konsernselskap 0 68 775
Total Totalt 199 160 123 089
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
108
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 31/12/24, the
scheme includes a total of 244 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 2024, expensed contribution deposits including premiums and costs amounts
to NOK 7,311 million compared to NOK 7,913 million in 2023.
As of 31/12/24, the defined contribution fund amounts to NOK 1.2 million,
compared to NOK 2.1 million as of 31/12/23. 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 2024, 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 2.2 million in 2024 compared to NOK 3.1 million in 2023.
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 2024, the National Insurance average basic amount (1G) was NOK 122,225,
compared to NOK 116,239 in 2023.
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 244 aktive
sjøfolk pr 31.12.24. 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 2024 NOK
7 311 million mot NOK 7 913 million i 2023.
Pr. 31.12.24 utgjør innskuddsfondet NOK 1,2 million mot NOK 2,1 million pr.
31.12.23. 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 2024 utgjorde premien 2,6 % av lønn mellom 1G og 7,1G.
Tilskudd til AFP ordningen inngår i regnskapslinjen mannskapskostnader og
utgjorde i 2024 NOK 2,2 million mot NOK 3,1 million i 2023.
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 2024 NOK 122 225 mot NOK 116 239
i 2023.
I tillegg til innskuddspensjonsordningen og Fellesordningen for AFP er
sjøfolkene medlem i Maritim Pensjonskasse (MPK).
NOTES - PARENT COMPANY / NOTER MORSELSKAP
109
NOTES - PARENT COMPANY / NOTER MORSELSKAP
13 KONTANTER OG KONTANTEKVIVALENTER13 CASH AND CASH EQUIVALENTS
NOK 1000
2024 2023
Cash and cash equivalents consist of: Kontanter og kontantekvivalenter består av:
Bank deposits Bankinnskudd 95 754 13 328
Total Totalt
95 754 13 328
Of this restricted bank deposits Av dette bundne bankinnskudd 9 030 9 593
110
2024 Number / Antall Par value / Pålydende Book value / Balanseført verdi
Ordinary shares / Ordinære aksjer 275 168 875 0,25 68 792 219
Total/Totalt 275 168 875 0,25 68 792 219
Shareholders/Aksjonærer Country/Land Shares/Aksjer Interest/Andel
HAVILA HOLDING AS NOR 140 227 951 51,0 %
EKSPORTFINANSIERING NORGE NOR 29 561 997 10,7 %
SPAREBANK SMN NOR 25 098 138 9,1 %
ISLANDSBANKI HF, OWN ACCOUNT ISL 19 130 433 7,0 %
MP PENSJON PK NOR 9 655 699 3,5 %
BOREA HØYRENTE SPESIALFOND NOR 5 698 666 2,1 %
BNP PARIBAS FRA 5 110 215 1,9 %
VERDIPAPIRFONDET EIKA KREDITT NOR 3 198 140 1,2 %
ULF JOHAN RIEBER NOR 2 804 921 1,0 %
NORDLAKS HOLDING AS NOR 2 242 145 0,8 %
VPF FONDSFINANS HIGH YIELD NOR 1 996 765 0,7 %
VPF ODIN NORDISK KREDITT NOR 1 376 104 0,5 %
CLEARSTREAM BANKING S.A. LUX 836 829 0,3 %
MORTEN SKAGE NOR 823 631 0,3 %
VERDIPAPIRFONDET EIKA BALANSERT NOR 811 051 0,3 %
BJARTE BRØNMO NOR 743 562 0,3 %
ALFRED BERG NORDIC HIGH YIELD NOR 727 675 0,3 %
AWC AS NOR 671 879 0,2 %
MORTVEIT EIENDOM AS NOR 660 964 0,2 %
AR OBLIGASJON AS NOR 526 819 0,2 %
LARGEST/ STØRSTE 251 903 584 91,5 %
OTHER/ØVRIG 23 265 291 8,5 %
Total number of shares/Totalt antall aksjer 275 168 875 100,0 %
14 SHARE CAPITAL AND SHAREHOLDERS’ INFORMATION
The share capital consists of:
Overview of the largest shareholders - 2024:
Indirect ownership of Havila Shipping ASA in Havila Holding AS;
Board member with family owns 30%, and Managing Director owns 30%.
At 31/12/2024 and 31/12/2023 the company has no own shares.
14 AKSJEKAPITAL OG AKSJONÆRINFORMASJON
Aksjekapitalen består av:
Oversikt over de største aksjonærene - 2024:
Indirekte eierskap i Havila Shipping ASA i Havila Holding AS;
Styremedlem med familie eier 30%, og Administrende Direktør eier 30%.
Pr. 31.12.2024 og 31.12.2023 har selskapet ingen egne aksjer.
NOTES - PARENT COMPANY / NOTER MORSELSKAP
111
NOTES - PARENT COMPANY / NOTER MORSELSKAP
2023 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 140 227 951 51,0 %
EKSPORTFINANSIERING NORGE NOR 29 561 997 10,7 %
SPAREBANK SMN NOR 25 098 138 9,1 %
ISLANDSBANKI HF, OWN ACCOUNT ISL 19 130 433 7,0 %
MP PENSJON PK NOR 9 655 699 3,5 %
BOREA HØYRENTE SPESIALFOND NOR 5 698 666 2,1 %
IF P C INSURANCE LTD PUB FRA 5 110 215 1,9 %
VERDIPAPIRFONDET EIKA KREDITT NOR 3 198 140 1,2 %
ULF JOHAN RIEBER NOR 2 804 921 1,0 %
NORDLAKS HOLDING AS NOR 2 242 145 0,8 %
VPF FONDSFINANS HIGH YIELD NOR 1 996 765 0,7 %
VPF ODIN NORDISK KREDITT NOR 1 376 104 0,5 %
BJARTE BRØNMO NOR 1 000 610 0,4 %
CLEARSTREAM BANKING S.A. LUX 836 829 0,3 %
MORTEN SKAGE NOR 823 631 0,3 %
VERDIPAPIRFONDET EIKA BALANSERT NOR 811 051 0,3 %
ALFRED BERG NORDIC HIGH YIELD NOR 727 675 0,3 %
AWC AS NOR 671 879 0,2 %
MORTVEIT EIENDOM AS NOR 660 964 0,2 %
STIG FORBREGD NOR 600 000 0,2 %
LARGEST/ STØRSTE 252 233 813 91,6 %
OTHER/ØVRIG 22 935 062 8,4 %
Total number of shares/Totalt antall aksjer 275 168 875 100,0 %
Aksjekapitalen består av:
Oversikt over de største aksjonærene - 2023:
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 - 2023:
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.
112
NOK 1000
2024 Share capital /
Aksjekapital *)
Share
premium /
Overkurs
Annen
innskutt
egenkapital
Uncovered
loss/Udekket
tap
Total/Sum
Equity per 01/01/24 Egenkapital pr. 01.01.24 23 776 933 704 843 018 -1 798 702 1 797
Profit for the year Årets resultat 0 0 -100 712 -100 712
Reduction of capital Kapitalnedsettelse
-17 832 17 832 0
Conversion of debt to shares Gjeldskonvertering til aksjer
16 971 235 810 252 782
Emission costs Emisjonskostnader
-1 816 -1 816
Transactions with owners: Transaksjoner med eiere:
Conversion of covertible shareholderloan Konvertering av kovertibelt aksjonærlån
45 877 0 45 877
Equity per 31/12/2024 Egenkapital pr 31.12.2024 68 792 1 167 699 843 018 -1 881 581 197 928
NOK 1000
2023 Share capital /
Aksjekapital *)
Share
premium /
Overkurs
Annen
innskutt
egenkapital
Uncovered
loss/Udekket
tap
Total/Sum
Equity per 01/01/23 Egenkapital pr. 01.01.23 23 776 933 704 843 018 -2 197 085 -396 587
Profit for the year Årets resultat 0 0 398 384 398 384
Equity per 31/12/2023 Egenkapital pr 31.12.2023 23 776 933 704 843 018 -1 798 702 1 797
*) 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 275168875
Pålydende verdi pr. aksje NOK 0,25
15 EQUITY
*) Share capital:
Number of shares 275 168 875
Par value per share 0.25
NOTES - PARENT COMPANY / NOTER MORSELSKAP
113
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 24 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
e) Sale of administration services to Havila Skipsinvest 1 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 was 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 31/12/24, 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.
e) Havila Shipping ASA has entered into a management agreement for operation
of the vessel Havila Phoenix which was sold out of the Havila Shipping ASA
Group in Janyary 2023.
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 24 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
e) Salg av administrasjonstjenster til Havila Skipsinvest 1 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 var 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 31.12.24
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.
e) Havila Shipping ASA har inngått en administrasjonsavtale med Havila
Skipsinvest 1 AS om drift av fartøyet Havila Phoenix som i januar 2023 ble solgt ut
av Havila Shipping ASA konsernet.
NOTES - PARENT COMPANY / NOTER MORSELSKAP
NOK 1000
Overview of transactions/
Oversikt over transaksjoner
Outstanding per
31/12/2024 /
Utestående pr.
31.12.2024
Rent/Leie Loan/Lån
Administrative
services /
Administrative
tjenester
Outstanding per
31/12/2023 /
Utestående pr.
31.12.2023
Rent/Leie Loan/Lån
Administrative
services /
Administrative
tjenester
Havila Holding AS 176 121 0 176 123 0 99 697 0 100 000 0
Havila AS 444 0 0 1 874 156 0 0 998
Siva Sunnmøre AS 0 338 0 0 0 328 0 0
Havila Kystruten AS -119 0 0 0 -61 0 0 0
Havila Service AS 1 192 0 0 13 248 1 299 0 0 14 842
Havilahuset AS 0 1 293 0 0 6 1 298 0 0
Havila Skipsinvest 1 AS -16 827 0 0 -51 046 -42 542 0 0 -5 261
Totalt 160 811 1 632 176 123 -35 924 58 555 1 626 100 000 10 578
114
NOTES - PARENT COMPANY / NOTER MORSELSKAP
NOK 1000
Other current receivables group companies Andre kortsiktige fordringer på konsernselskap 2024 2023
Havila Chartering AS Havila Chartering AS 1 922 0
Havila Ships AS Havila Ships AS 146 946 43 588
Havila Shipping UK LTD Havila Shipping UK LTD 651 0
Havila Harmony AS Havila Harmony AS 28 367 0
Havila Charisma AS Havila Charisma AS 3 380 2 932
Havila Marine Guernsey LTD Havila Marine Guernsey LTD 0 19
Havila Subcon AS Havila Subcon AS
17 035 9 711
Havila Management AS Havila Management AS
0 582
Havila Phoenix AS Havila Phoenix AS 78 718 0
Total Totalt 277 018 56 832
Other current debt group companies Annen kortsiktig gjeld til konsernselskap
Havila Chartering AS Havila Chartering AS 0 9 153
Havila Ships AS Havila Ships AS 400 0
Havila Harmony AS Havila Harmony AS 28 367 0
Havila Offshore AS Havila Offshore AS 0 1
Havila Management AS Havila Management AS 12 572 12 679
Havila Shipping UK LTD Havila Shipping UK LTD 2 365 1 415
Havila Offshore Labuan LTD Havila Offshore Labuan LTD 0 19 504
Havila Phoenix AS Havila Phoenix AS 73 594 6 155
Havila Venus AS Havila Venus AS 8 419 5 407
Havila Jupiter AS Havila Jupiter AS 73 444 0
Total Totalt 199 160 54 314
Loans to companies in the same group Lån til foretak i samme konsern
Havila Subcon AS Havila Subcon AS 124 124 268 790
Havila Ships AS Havila Ships AS 305 220 248 464
Havila Management Sdn Bhd Havila Management Sdn Bhd 0 509
Havila Jupiter AS Havila Jupiter AS 0 48 941
Havila Offshore AS Havila Offshore AS 0 1
Havila Venus AS Havila Venus AS 0 49 786
Total Totalt 429 345 616 492
Non-current liabilities from group company Lån fra foretak i samme konsern
Havila Management Sdn Bhd Havila Management Sdn Bhd 0 1 361
Havila Phoenix AS Havila Phoenix AS 0 67 414
Total Totalt 0 68 775
Management fees to Havila Management AS Administrasjonshonorar til Havila Management AS 21 498 20 864
Management fees to Havila Shipping UK Ltd Administrasjonshonorar til Havila Shipping UK Ltd 2 093 2 075
Total Totalt 23 591 22 939
115
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 had two bond loans which were settled end of 2024. (see note 6
Receivables and liabilities). The loan interest on these bond loans was originally
floating, associated with NIBOR.
As of 31/12/24, the company has no interest-bearing debt, and the interest rate
risk is therefore minimal.
See Group Note 3.1 Market Risk, section Interest Rate Risk.
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 hadde to obligasjonslån (se note 6 fordring og gjeld) som ble innfridd i
slutten av 2024. Lånerenten på obligasjonslånene var opprinnelig flytende rente
og knyttet opp mot NIBOR.
Pr. 31.12.24 har ikke selskapet rentebærende gjeld og renterisikoen er dermed
minimal.
Se konsernnote 3.1 Markedsrisiko, avsnitt om Renterisiko.
NOTES - PARENT COMPANY / NOTER MORSELSKAP
Interest income from group companies Renteinntekter fra foretak i samme konsern 22 819 23 819
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
Havila Shipping ASA has management agreements with its subsidiaries. Havila Shipping ASA har management avtaler med sine
datterselskap.
Management fee income Administrasjonsinntekter 2024 2023
Havila Ships AS Havila Ships AS 178 237 187 806
Havila Jupiter AS Havila Jupiter AS 52 28 712
Havila Venus AS Havila Venus AS 53 30 479
Havila Subcon AS Havila Subcon AS 120 120
Havila Harmony AS Havila Harmony AS 1 027 712
Havila Chartering AS Havila Chartering AS 42 984 39 554
Havila Offshore Labuan LTD Havila Offshore Labuan LTD 0 20
Havila Charisma AS Havila Charisma AS 30 375 26 696
Havila Phoenix AS Havila Phoenix AS 0 120
Total Totalt 252 848 314 219
116
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. 31.12.24 har Havila Shipping ASA stillt morselskapsgaranti for gjeld i datter og
datterdatterselskapene på til sammen NOK 768 million, mot NOK 1 278 million pr.
31.12.23.
Pr. 31.12.24 utgjør avsatt garantiforpliktelse NOK 74 million mot NOK 83 million i 2023.
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 31/12/24, Havila Shipping ASA has furnished guarantee for debt amounted
to NOK 768 million in subsidiaries and tier-subsidiaries, compared to NOK 1,278
million as of 31/12/23.
As of 31/12/24, the provision for guarantee obligation amounts to NOK 74 million,
compared to NOK 83 million in 2023.
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
2024 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
Havila Harmony AS 74 758 -74 758 0 -214 415 74 031
Havila Subcon AS 207 676 -66 517 141 159 ia -66 517 0
Havila Ships AS 943 387 -640 597 302 791 ia -640 597 0
Havila Phoenix AS 0 0 0 7 020 0
Havila Jupiter AS 0 0 0 0 0
Total / Sum 1 225 821 -781 872 443 949 -914 509 74 031
117
Havila Shipping ASA har stilt morselskapsgaranti for bareboat leien som Havila
Ships AS plikter å betale til Sydvestor Troll AS. Samlet forpliktelse pr. 31.12.24 er
NOK 23 million mot NOK 46 million pr. 31.12.23.
Se note 9 fordringer og gjeld og konsernnote 20 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
Se konsernnote 4.5 Fortsatt drift.
21 FORTSATT DRIFT
Se konsernnote 4.5 Fortsatt drift.
Regnskapet er avlagt under forutsetning om fortsatt drift. Styret har lagt til grunn at
denne forutsetningen er til stede.
22 HENDELSE ETTER BALANSEDAGEN
Se konsernnote 27 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 31/12/24 is
NOK 23 million compared to NOK 46 million as of 31/12/23.
See Note 9 Receivables and liabilities and Group Note 20 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
See Group note 4.5 Going concern.
21 GOING CONCERN
See Group note 4.5 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.
22 EVENT AFTER THE BALANCE SHEET DATE
See Group note 27 Events after the balance sheet date.
2023 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 50 133 -358 49 774 ia -358 0
Havila Harmony AS 74 906 -74 906 0 0 -152 760 77 854
Havila Subcon AS 516 820 -238 319 278 501 ia -238 319 0
Havila Ships AS 795 250 -645 199 150 051 ia -646 417 0
Havila Ships AS - (backtoback) bond loan / obligasjonslån 143 218 -1 218 142 000 0 0 0
Havila Phoenix AS -73 569 0 -73 569 0 -22 968 5 464
Havila Jupiter AS 48 941 0 48 941 0 50 124 0
Total / Sum 1 555 700 -960 001 595 699 0 -1 030 001 83 318
NOTES - PARENT COMPANY / NOTER MORSELSKAP
118
REVISJONSBERETNING
119
REVISJONSBERETNING
120
REVISJONSBERETNING
121
REVISJONSBERETNING
122
REVISJONSBERETNING
123
REVISJONSBERETNING
124
AUDITORS REPORT
PricewaterhouseCoopers AS, Torgallmenningen 14, 5014 Bergen, P.O, Box 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:
• the financial statements of the parent company Havila Shipping ASA (the Company), which
comprise the balance sheet as at 31 December 2024, the 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
• the consolidated financial statements of Havila Shipping ASA and its subsidiaries (the Group),
which comprise the balance sheet as at 31 December 2024, the profit and loss account,
comprehensive income, equity statement and statement of cash flows for the year then ended, and
notes to the financial statements, including material accounting policy information.
In our opinion
• the financial statements comply with applicable statutory requirements,
• the financial statements give a true and fair view of the financial position of the Company as at 31
December 2024, and its financial performance and its cash flows for the year then ended in
accordance with the Norwegian Accounting Act and accounting standards and practices generally
accepted in Norway, and
• the consolidated financial statements give a true and fair view of the financial position of the Group
as at 31 December 2024, and its financial performance and its cash flows for the year then ended
in accordance with IFRS Accounting 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 Havila Shipping ASA for 7 years from the election by the general meeting of
the shareholders on 30 May 2018 for the accounting year 2018.
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.
125
AUDITORS REPORT
2 / 6
Key Audit Matters How our audit addressed the Key Audit Matter
Valuation of vessels
The Group has a fleet of 7 owned vessels with an
aggregate book value of 1 152 319 NOK thousand
per 31 December 2024. Additionally, 21 281 NOK
thousand is capitalized on leased ships. The total
book value of vessels in the balance sheet is 1 173
600 NOK Thousand. Book value of the fleet
amounts to 75% 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.
Based on management’s assessment a total net
reversal of prior period’s impairment of 154 000
NOK thousand was recognised in 2024.
The value-in-use calculations require that
management exercise judgement 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. The
obtained broker estimates were primarily used to
evaluate the reasonableness of value-in-use
calculations.
We focused on valuation of vessels due to the
inherent use of judgment in the valuation process
and the potential economic effects use of judgment
may have on the financial statements.
We refer to notes 4.4 and 6 to the consolidated
financial statements where management explains
their valuation process.
We obtained management’s assessments 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:
• We compared historical information with
management’s prognoses for the coming years.
• We assessed management’s assumptions against
publicly available information, such as external
market reports for the offshore market.
• 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.
• We
evaluated management's process and related
control activities for determining estimated
recoverable
amounts. • We verified
that management used board-approved budgets in
determining estimated recoverable amounts.
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
vessels have been written down in previous years.
The assumptions will therefore be sensitive to
changes in key assumptions applied to the cash
flow prognoses. Continuous price pressure on the
Group’s services and an unstable market situation
contribute to considerable uncertainty in the
assumptions used in the model.
We also assessed the information disclosed in
notes 4.4 and 6 regarding management’s valuation
of vessels and found it to be appropriate.
126
AUDITORS REPORT
3 / 6
Valuation of debt
Interest-bearing debt included conversion
obligations in the Group amounts to 502 870 NOK
thousand on 31 December 2024 and constitutes
33% 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 structure which forms the basis for the
Group’s financing is complex, and because the
agreement is fundamental to managements 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.
The three banks that extended the restructuring
agreement G.A.A II claim that the refinancing and
certain other conditions represent a breach of the
agreement. The company disputes the claim and
has not included a scenario where the banks
succeed with their demand in its valuation of the
debt
See note 4.3 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 evaluated management's process and related
control activities for determining the fair value of the
debt
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 and reviewed management’s
reporting of compliance with financial loan
covenants, including compliance certificates per 31
December 2024, as well as liquidity forecast for the
next 12 months which show that the Group
complies with the requirement of minimum free
liquidity.
We obtained legal letters from external lawyers
involved in the case related to the lenders' claim of
breach of the refinancing agreement. We reviewed
the financing agreement, legal opinions, and the
lawsuit, conducted meetings with some of the
external lawyers, and challenged the company's
management. These actions provided us with a
basis to conclude that there is no need to include a
scenario where the banks succeed with their claim
when valuing the debt at fair value
Furthermore, we assessed the information in notes
4.3 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
127
AUDITORS REPORT
4 / 6
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
appears 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
• is consistent with the financial statements and
• contains the information required by applicable statutory requirements.
Our opinion on the Board of Directors' report applies correspondingly to the statement on Corporate
Governance.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation of financial statements of the Company 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 of the consolidated financial statements of the Group
that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU.
Management is responsible 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.
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:
• 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.
• 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
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effectiveness of the Company's and the Group's internal control.
• evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
• 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.
• 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.
• 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 matters
that may reasonably be thought to bear on our independence, and where applicable, actions taken to
eliminate threats or safeguards applied.
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 5967007LIEEXZXFJ8876-2024-12-31-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.
AUDITORS REPORT
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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, 23 April 2025
PricewaterhouseCoopers AS
Fredrik Gabrielsen
State Authorised Public Accountant
Note: This translation from Norwegian has been prepared for information purposes only.
AUDITORS REPORT
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131
RESPONSIBILITY STATEMENT
We confirm, to the best of our knowledge, that the financial statements
for the period 1 January to 31 December 2024 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, 23 April 2025
ERKLÆRING FRA STYRET OG ADM DIREKTØR
Vi erklærer etter beste overbevisning at årsregnskapet for perioden 1.
januar til 31. desember 2024 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, 23. april 2025
Hege Sævik Rabben
Board member
Styremedlem
Henrik Grung
Chairman of the Board of Directors
Styrets leder
Olav Holst-Dyrnes
Board member
Styremedlem
Jogeir Romestrand
Board member
Styremedlem
Njål Sævik
CEO
Administrerende direktør
Nina Skage
Board member
Styremedlem
Foto: HAVILA / Geir Frits Myklebust / Siv Nærø
Havila Shipping ASA
Mjølstadnesvegen 24
6092 Fosnavåg
Norway / Norge
www.havilashipping.no