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HAVILA SHIPPING ASAHAVILA SHIPPING ASA
ANNUAL REPORT / ÅRSRAPPORTANNUAL REPORT / ÅRSRAPPORT
20232023
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CONTENT / INNHOLD
We are Havila Shipping ASA
Vi er Havila Shipping ASA
Key figures
Nøkkeltall
Corporate Governance
Eierstyring og selskapsledelse
Articles of association
Selskapsvedtekter
Sustainability highlights 2022
Hovedpunkter for bærekraft 2022
Board of directors report
Styrets årsberetning
Group Profit and Loss accounts & Balance sheet
Resultatregnskap & Balanse konsern
Group Cash flow statement
Kontantstrømoppstilling konsern
Group notes
Noter konsern
Parent Company Profit and Loss accounts
& Balance sheet
Resultatregnskap & Balanse morselskap
Parent Company Cash flow statement
Kontantstrømoppstilling morselskap
Parent Company notes
Noter morselskap
Auditor´s report
Revisors beretning
Responisibility statement
Erklæring fra styret og adm dir
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07
08
13
16
20
32
37
40
94
97
99
122
135
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44
OUR CORE VALUES ARE
OPENNESS
ACCOUNTABILITY
EQUAL TREATMENT
VÅRE KJERNEVERDIER ER
• ÅPENHET
ANSVARSBEVISSTHET
LIKEBEHANDLING
WE ARE HAVILA SHIPPING ASA
A leading supplier of quality assured supply services to the offshore
industry, nationally as well as internationally.
We achieve this through focus on solid earnings, safe operations and
human resources.
We operate 14 vessels within subsea construction, anchor handling,
platform supply vessels and multi-field rescue recovery vessels.
(See www.havilashipping.no)
Havila Shipping was listed on Oslo Stock Exchange in May 2005.
Through its principle shareholder, Havila Holding AS, the company has
a long tradition and high competency in the maritime sector and for
more than the past 40 years the company has been an important key
player in the offshore supply sector.
VI ER HA VIL A SHIPPING ASA
En ledende leverandør av kvalitetssikrede supplytjenester til
offshoreselskap, nasjonalt og internasjonalt.
Vårt fokus er på god inntjening, sikre operasjoner og menneskelige
ressurser.
plattformforsyningsskip og område-beredskap.
(Se www.havilashipping.no)
Havila Shipping ASA ble børsnotert i mai 2005. Gjennom sin hovedeier,
innenfor maritim virksomhet, og har i mer enn 40 år vært en viktig aktør
innenfor offshore supply sektoren.
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ÅRSRAPPORT 2023 / ANNUAL REPORT 2023
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KEY FIGURES
NOK 1 000
2023 2022
Total operating income and profit on sale Sum driftsinntekter og gevinst ved salg anleggsmiddel
919 228 824 446
Operating result before depreciation Driftsresultat før avskrivning
488 073 397 398
Adjustments of unrealized FX gain/loss Justering for urealisert valuta gevinst/tap
1 602 -338
EBITDA EBITDA
489 675 397 060
Profit/(loss) after tax Resultat etter skatt
112 872 -112 696
Cash and cash equivalents Kontanter og kontantekvivalenter
97 728 147 381
Booked equity Bokført egenkapital
19 534 -93 497
Total booked assets Totale bokførte eiendeler
1 440 238 2 003 400
Weighted average of total issued shares * Veid gjennomsnitt av antall utstedte aksjer *
23 776 300 23 776 300
1 - Earnings per share * 1 - Resultat pr aksje *
4,75 -4,74
2 - Booked equity ratio 2 - Bokført egenkapitalandel
1 % -5 %
3 - Operating margin before depreciation 3 - Driftsmargin før avskrivning
53 % 48 %
4 - Operating margin after depreciation (EBIT) 4 - Driftsmargin etter avskrivning (EBIT)
133 % 53 %
* See note 23 Earnings per share. * Se note 23 Resultat pr. aksje.
NØKKELTALL
KEY FIGURES / NØKKELTALL
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CORPORATE GOVERNANCE
The Norwegian Code of Practice for Corporate Governance largely concerns
the collaboration and governing principles between the owners, the board
of directors and management, and the auditing of Havila Shipping ASA.
Good corporate governance is a precondition for gaining trust among
investors and for increasing shareholder values. This also influences our
relations with employees, customers and suppliers, and society at large.
The Code of Practice of 23 October 2012 is based on the principle of “explain
or comply”’, i.e. that the companies must either comply with or explain any
non-compliance with the recommendations. These recommendations are
available at www.nues.no.
Havila Shipping ASA’s core values are important corporate governance
principles:
• Openness
• Accountability
• Equal treatment
By applying these values, the company will highlight risks and opportunities
relating to its business and help to ensure that management, employees
and the board of directors identify with the company and have common
goals. Equal treatment shall be ensured through the timely distribution of
relevant information to investors, employees and business partners.
Compliance and highlighting of the company’s policies are important tools
for both the management and employees and reflect the company’s ethical
guidelines.
Below, you will find a review of management systems, channels and control
mechanisms that help to ensure good corporate governance in Havila
Shipping ASA:
Business
Articles of association
• The scope of the company’s business is set out in article 3 of the articles
of association. The company’s business is: Ship owning and all related
activities, including owning shares and interests in companies with similar
or related business activities.
Objective
• Havila Shipping ASA’s objective is to be a leading long-term provider of
quality-assured supply services to national and international offshore
companies.
Equity and dividends
• Havila Shipping ASA shall have equity capital that is appropriate, at all
times, to its objectives, risk profile and agreed commitments.
• The company aims to distribute dividends when this is warranted by its
equity situation and agreed commitments.
EIERSTYRING OG SELSKAPSLEDELSE
Norsk anbefaling til eierstyring og selskapsledelse dreier seg i stor grad om
samspillet og styringsprinsipper mellom eiere, styre og ledelse og revisjon
av Havila Shipping ASA.
God virksomhetsstyring er en forutsetning for investorenes tillit og økte
aksjonærverdier. Dette påvirker også forholdet til ansatte, kunder og
leverandører og samfunnet rundt.
Anbefalingen av 23. oktober 2012 bygger på prinsippet om at virksomhetene
skal følge prinsippene eller forklare avvik fra disse. Denne anbefalingen er
tilgjengelig på www.nues.no.
Havila Shipping ASA sine kjerneverdier er viktige virksomhetsstyrings-
prinsipper:
• Åpenhet
• Ansvarsbevissthet
• Likebehandling
Gjennom dette skal selskapet synliggjøre risiko og muligheter i virksomheten,
og bidra til at ledelse, ansatte og styret føler tilhørighet med felles mål.
Likebehandling skal sikres gjennom offentliggjøring av tidsriktig og relevant
informasjon til investorer, ansatte og samarbeidspartnere.
Etterlevelse og synliggjøring av selskapets politikk er et viktig virkemiddel
og reflekterer etiske retningslinjer både for ledelsen og ansatte.
Under følger en gjennomgang av ledelsessystemer, kanaler og
kontrollmekanismer som er med på å sikre en god virksomhetsstyring i
Havila Shipping ASA:
Virksomheten
Vedtekter
• Omfanget av selskapets virksomhet er nedfelt i vedtektenes § 3.
Selskapets virksomhet er: Rederivirksomhet og alt som står i forbindelse
med dette, herunder å eie aksjer og andeler i selskap som driver
tilsvarende eller beslektet virksomhet.
Målsetting
• Havila Shipping ASAs mål er å være en ledende langtidsleverandør av
kvalitetssikrede supplytjenester til offshoreselskaper både nasjonalt og
internasjonalt.
Selskapskapital og utbytte
• Havila Shipping ASA skal til enhver tid ha en egenkapital som er tilpasset
målsetting, risikoprofilen og inngåtte forpliktelser.
• Selskapet har en målsetning om utbetaling av utbytte dersom dette er
forsvarlig ut fra egenkapitalsituasjonen og inngåtte forpliktelser.
CORPORATE GOVERNANCE / EIERSTYRING OG SELSKAPSLEDELSE
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Equal treatment of shareholders and transactions with
close associates
• The company has one class of shares.
• The Group’s trading in own shares will take place on the stock exchange.
• No share option scheme exists for executive personnel.
• Board members, executive personnel and closely related parties shall
notify the board of directors if they have any material interest in any
agreements entered into by the Group, whether directly or indirectly.
• Transactions between closely related parties are dealt with in the notes to
the annual accounts for 2023.
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 2024,
the annual general meeting will be held on 21. May 2024.
• 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 2023.
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 2024 holdes ordinær generalforsamling 21. mai
2024.
• Alle aksjonærer som er registrert i verdipapirsentralen (VPS), mottar
innkalling til generalforsamling, og har rett til å fremme forslag og avgi
sin stemme direkte, eller gjennom fullmakt. Fullmaktsskjema utarbeides
og sendes sammen med innkalling.
• Påmelding til generalforsamling må skje senest to dager før
generalforsamlingen. Aksjonærer som ikke er påmeldt kan nektes å
møte.
• Generalforsamlingen skal godkjenne regnskapet, disponere
overskuddet/vedta dekning av underskudd og saker angitt i vedtektene
for Havila Shipping ASA eller i lov.
• Styret og ledelsen deltar i generalforsamlingen og revisor inviteres til
å delta.
• Generalforsamlingen velger møteleder.
• Generalforsamlingsprotokoll offentliggjøres i børsmelding og gjøres
tilgjengelig på selskapets hjemmeside.
Valgkomité
• Selskapet har en valgkomite bestående av 3 medlemmer.
• Medlemmene velges av generalforsamlingen, som også avgjør hvem
som skal være leder.
• Valgkomiteens medlemmer sitter normalt i to år med mindre
generalforsamlingen bestemmer noe annet.
• Valgkomiteen skal foreslå for generalforsamlingen kandidater til styret
samt honorering av styrets medlemmer.
• Valgkomiteen skal fremme sine forslag ut fra hva som tjener selskapets
interesser, og skal også legge vekt på hensynet til aksjonærfellesskapet.
CORPORATE GOVERNANCE / EIERSTYRING OG SELSKAPSLEDELSE
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The Board of Directors
• The company does not have a corporate assembly as it is exempt from the
duty to have a corporate assembly pursuant to regulations.
• The board of directors shall attend to all the shareholders’ interests,
including through its independent board members. In Havila Shipping
ASA, four of the five board members have no commercial or personal links
to the company’s management or principal shareholder.
• The board of directors consists of two women and three men and none of
the board members is a senior executive at the company.
• The board members are elected for a period of one year. The chair of the
board is elected by the annual general meeting.
• The backgrounds and periods of service of the board members are stated
in the paragraph in the annual report concerning the board of directors.
• Information about remuneration of the board of directors can be found in
the notes to the annual accounts for 2020.
The work of the board of directors
• Every year, the board adopts a meeting schedule for the coming year. The
schedule for 2024 contains 8 meetings and meetings will otherwise be held as
required.
• The company has an audit committee consisting of three members, two of whom
are independent of the company’s principal shareholder. One of the members
has accounting expertise.
• The board attends to the overall control and management of the company.
• The board has appointed a deputy chair who fulfils the role of chair of the board
when the elected chair is not present.
• The board evaluates its function and expertise on an annual basis in connection
with the elections.
• The board receives monthly reports that describe the company’s finances,
information about its vessels and the market conditions. The company’s results
are published on a quarterly basis.
Risk management and internal control
• All managers are responsible for risk management and internal control
within their respective areas of responsibility.
• The board ensures that the company has control procedures for its
business activities and expedient risk management systems in important
areas of the company’s business activities.
• The board receives monthly statistics on developments in the areas of
quality, health, safety and the environment.
• External parties conduct inspections and follow up the company and the
company’s activities relating to its ISO certification.
• The board is continually evaluating the information it receives from
management and decides on changes to the reporting procedures.
• The company’s financial reporting is prepared on the basis of accounting
principles presented in the annual report. The company’s monthly
reports for the board and its published quarterly reports are prepared in
accordance with the same principles.
• Each year, the board addresses the Group’s budget at a board meeting
that is held in December. A detailed review of each vessel is given. The
company’s management reviews the market situation for each segment
at every board meeting. Every quarter, the group’s financial situation is
presented and discussed.
• The company’s risk factors and internal control are reviewed annually in
connection with the presentation of the annual accounts.
Styret
• Selskapet har ikke bedriftsforsamling ettersom selskapet etter forskrift er
unntatt fra plikten til å ha bedriftsforsamling.
• Styret skal ivareta alle aksjonærenes interesser, blant annet gjennom
uavhengige styrerepresentanter. I Havila Shipping ASA er 4 av 5
medlemmer uten kommersielle eller personlige bånd til ledelse og
hovedaksjonær.
• I styret er det to kvinner og tre menn og ingen av medlemmene er
ledende ansatte i selskapet.
• Styremedlemmer er valgt for en periode på ett år. Styreformann velges
av generalforsamlingen.
• Styremedlemmenes bakgrunn og tjenestetid er angitt i avsnitt om styret
annet sted i årsrapporten.
• Godtgjørelse til styret er gjengitt i note til årsregnskapet for 2020.
Styrets arbeid
• Styret vedtar hvert år en møteplan for kommende år. Planen for 2024
inneholder 8 møter og møter vil ellers bli avholdt etter behov.
• Selskapet har et revisjonsutvalg bestående av tre medlemmer hvorav
to av medlemmene er uavhengig av selskapets hovedaksjonær. Ett av
medlemmene har regnskapsmessig kompetanse.
• Styrets ivaretar den overordnede styring og forvaltning av selskapet.
• Styret har oppnevnt nestleder som ivaretar rollen som styreleder når
valgt styreleder ikke er til stede.
• Styret evaluerer sin funksjon og kompetanse årlig i forbindelse med valg.
• Styret mottar månedlig rapportering hvor selskapets økonomi,
informasjon om fartøyene og markedsforholdene beskrives. Selskapets
resultater offentliggjøres kvartalsvis.
Risikostyring og intern kontroll
• Samtlige ledere har ansvar for risikostyring og intern kontroll innenfor
sitt ansvarsområde.
• Styret påser at selskapet har kontrollrutiner for virksomheten og
hensiktsmessig system for risikostyring på vesentlige områder av
selskapets virksomhet.
• Styret mottar månedlig statistikk for utviklingen innen helse, miljø,
sikkerhet og kvalitet.
• Utenforstående foretar kontroll og oppfølgning av selskapet og
selskapets aktiviteter knyttet til sertifisering i henhold til ISO.
• Styret evaluerer løpende den informasjon som forelegges styret fra
administrasjonen og beslutter endringer i rapporteringsrutinene.
• Selskapets finansielle rapportering er utarbeidet etter
regnskapsprinsipper angitt i årsrapport. Selskapets månedlige
rapportering til styret og rapporter som offentliggjøres kvartalsvis er
avgitt etter de samme prinsipper.
• Styret behandler hvert år konsernets budsjett i et styremøte i desember.
Her blir det gitt en detaljert gjennomgang av hvert enkelt fartøy.
Selskapets ledelse gjennomgår på hvert styremøte markedssituasjonen
for det enkelte segment. Hvert kvartal presenteres og behandles
konsernets økonomiske stilling.
• Selskapets risikoforhold og interne kontroll vurderes årlig i forbindelse
med avleggelse av årsregnskap.
CORPORATE GOVERNANCE / EIERSTYRING OG SELSKAPSLEDELSE
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Godtgjørelse til styret
• Styrets godtgjørelse fastsettes årlig av generalforsamlingen.
• Godtgjørelsen er ikke avhengig av selskapets resultater.
• Godtgjørelsen er fastsatt med utgangspunkt i tidsforbruk og selskapets
virksomhet og størrelse.
• Selskapet har ikke aksjeopsjonsprogram, heller ikke til styremedlemmer.
• Styremedlemmer yter normalt ikke tjenester overfor selskapet. I enkelte
tilfeller har styret besluttet å kjøpe tjenester av enkeltmedlemmer knyttet
til deres fagkompetanse.
Godtgjørelse til ledende ansatte
• Styret utarbeider retningslinjer for godtgjørelse til ledende ansatte og
legger retningslinjene fram for beslutning i generalforsamling.
• Selskapets retningslinjer fastsetter at lønn og annen godtgjørelse til
selskapets ledelse skal være begrunnet i markedsmessige vilkår og
godtgjørelse i sammenlignbare selskaper.
• Det er ikke etablert aksjeopsjonsordninger for ansatte.
Informasjon og kommunikasjon
• Rettidig offentliggjøring, korrekt og tydelig informasjon er et grunnlag for
rett prising av selskapet.
• Selskapet offentliggjør hvert år en finansiell kalender som inneholder
planlagt tidspunkt for offentliggjøring av periodisk informasjon.
• Havila Shipping ASA offentliggjør vesentlig informasjon gjennom
Oslo Børs sitt meldingssystem, og selskapets hjemmeside
www.havilashipping.no.
• Selskapet deltar aktivt på bransjepresentasjoner.
• Selskapet vektlegger tilgjengelighet til IR-ansvarlige. Denne funksjonen
ivaretas av administrerende direktør og finansdirektør.
Selskapsovertakelse
• Med utgangspunkt i dagens aksjonærstruktur har styret ikke
utarbeidet hovedprinsipper for hvordan en vil opptre ved eventuelle
overtakelsestilbud.
Revisor
• Selskapets revisor er PricewaterhouseCoopers AS.
• Generalforsamlingen oppnevner revisor og godkjenner revisors
honorar.
• Revisor utfører ikke oppdrag for selskapet som kan føre til
interessekonflikter.
• Styret har ansvar for å påse at revisors uavhengige rolle ivaretas.
• Selskapet nytter eksterne rådgivere til generell skatterådgivning.
• Revisor vil årlig gjennomføre møter med revisjonsutvalget for
gjennomgang av selskapets kontrollrutiner.
• Revisor avgir årlig en bekreftelse av uavhengighet til revisjonsutvalget.
Remuneration of the board of directors
• Remuneration of the board of directors is decided by the annual general
meeting.
• The remuneration is not linked to the company’s performance.
• The remuneration is decided on the basis on the hours spent on board
work and the company’s activities and size.
• The company does not have a share option scheme for its employees, nor
for members of the board.
• Board members do not normally provide services to the company. In
some cases, the board has decided to purchase services from individual
members based on their professional expertise.
Remuneration of executive personnel
• The board prepares guidelines for remuneration of executive personnel
and submits them to the annual general meeting for a decision.
• The company’s guidelines state that salaries and other remuneration
of the company’s management shall be based on market terms and
remuneration in comparable companies.
• No share option schemes have been established for employees.
Information and communication
• Timely release of correct and clear information is a precondition for correct
pricing of the company.
• Every year, the company publishes a financial calendar that contains
scheduled dates for periodic publication of information.
• Havila Shipping ASA releases important information through Oslo
Stock Exchange’s notification system and the company’s website,
www.havilashipping.no.
• The company is actively involved in industry events.
• The company emphasises the availability of persons with IR responsibility.
The CEO and the CFO are responsible for this function.
Take-overs
• Based on the current shareholder structure, the board has not established
guiding principles for how it will act in the event of a takeover bid.
Auditor
• The company’s auditor is PricewaterhouseCoopers AS.
• The general meeting appoints the auditor and approves the auditor’s fee.
• The auditor does not perform assignments for the company that may lead
to conflicts of interest.
• The board is responsible for ensuring the auditor’s independent role.
• The company uses external advisers for general advice on tax matters.
• The auditor will hold meetings with the audit committee to review the
company’s control procedures on an annual basis.
• The auditor submits confirmation of his/her independence to the audit
committee every year.
CORPORATE GOVERNANCE / EIERSTYRING OG SELSKAPSLEDELSE
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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 centre as a
children’s nurse. She is a member of several boards in the Havila Group. Ms.
Sævik Rabben is a Norwegian citizen and resides in Remøy, Norway. Ms.
Sævik Rabben has been a board member since 2003.
Board member – JOGEIR ROMESTRAND
Jogeir Romestrand (born 1961) has been in the oil service business for
more than 30 years, holding various senior positions which include several
directorships. He is founder and chair for the privately owned Norwegian
Investment Company Rome AS. Current directorship in Entec Group As and
CEO in 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 Friele Foods
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,
Fjåk Chocolate, Grieghallen Music Hall, Dyrket AS, Eiendomskreditt 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 15
th
August 2018
§ 1 The name of the Company is Havila Shipping ASA.
§ 2 The Company’s office is in Herøy municipality.
§ 3 The Company’s business is: Ship Owning and related activities,
hereunder owning of shares in companies with similar or allied business.
§ 4 The share capital of the company is NOK 23,776,300.00 divided into
23,776,300 shares each with a nominal value of NOK 1.00 per share.
§ 5 The company’s board shall consist of 3 – 7 members. The board is
elected for 1 year at a time. The chairman of the board is to be elected by the
general meeting. Board members may be re-elected. In the event of equal
vote in the board, the chairman of the board has a double-vote.
§ 6 The power of signature for the company is exercised by the chairman of
the board or the managing director alone. The board may grant proxy.
§ 7 The ordinary general meeting shall be held within the expiry of the
month of June.
The notice shall describe the issues to be resolved. Any suggestions from
shareholders must, in order to be comprised by the general meeting, be
notified in writing to the board in due time in order to be comprised by the
general meeting. Any suggestions which are set forth later than two weeks
before the general meeting date cannot be resolved unless each and all of
the shareholders concur.
Documents regarding matters to be discussed in General Meeting of the
company, also applying documents that, pursuant to law, shall be including
in, or attached to the notice of the General Meeting of Shareholders, can
be made available at the company’s homepage. The requirement regarding
physical distribution shall then not apply. A shareholder may request to have
documents that shall be discussed at the General Meeting sent by mail.
The general meeting is to be led by the chairman of the board in the event
no other representative is elected.
Each share holds 1 vote at the general meeting. Shareholders may be
represented by power at attorney with a written authorization.
Shareholders that wish to attend a General Meeting have to give notice to
the company no later than 2 days before the meeting. Shareholders that not
have noticed the company can be denied entrance to the General Meeting.
§ 8 An ordinary general meeting shall deal with the following matters.
1. Adoption of the annual accounts and the annual report, hereunder
distribution of dividends.
2. Adoption of the remuneration to the board and adoption of the
remuneration to the auditor.
3. Election of chairman of the board, board members and auditor.
4. Other matters according to law or these articles of association which
pertain to the general meeting.
§ 9 An extraordinary general meeting may be held at the discretion of
the board. The board shall issue notice to hold an extraordinary general
meeting in the event the auditor or shareholder which represents more than
5% of the share capital in a written demand to resolve a specific topic. The
board shall provide that such general meeting is to be held within a month
subsequent to such demand. The notice to the general meeting shall be sent
two weeks before the meeting date at the latest. The extraordinary meeting
shall only deal with the issues as mentioned in the notice, unless each and
all shareholders agree otherwise.
§ 10 The Company shall have a Nomination Committee consisting of 3
members.
SELSKAPSVEDTEKTER
VEDTEKTER FOR HAVILA SHIPPING ASA
Sist endret 15. august 2018
§ 1 Selskapets navn er Havila Shipping ASA.
§ 2 Selskapets forretningskontor er i Herøy Kommune.
§ 3 Selskapets virksomhet er: Re derivirksomhet o g alt som står i forbindelse
§ 4 Aksjekapitalen i selskapet er NOK 23 776 300,00 fordelt på 23 776 300
aksjer hver pålydende NOK 1,00 pr. aksje.
§ 5 Selskapets styre skal ha 3 – 7 medlemmer. Styret velges for ett år om
gangen. Styrets leder velges av generalforsamlingen. Styremedlemmer kan
ta gjenvalg. Dersom stemmelikhet ved avstemminger i styret skal styrets
leder ha dobbeltstemme.
§ 6 Selskapets firma tegnes av styrets leder alene eller daglig leder alene.
Styret kan meddele prokura.
§ 7 Ordinær generalforsamling avholdes hvert år innen utgangen av juni
måned. Innkallingen skal bestemt angi de saker som skal behandles.
Dokumenter som gjelder saker som skal behandles på generalforsamling i
selskapet, derunder dokumenter som etter lov skal inntas i eller vedlegges
innkalling til generalforsamling, kan gjøres tilgjengelig på selskapets
hjemmesider på internett. Krav om utsendelse kommer da ikke til
anvendelse. En aksjeeier kan likevel kreve å få tilsendt dokumenter som
gjelder saker som skal behandles i generalforsamling.
Forslag fra aksjeeiere må, for å komme med til behandling på
generalforsamlingen, være meldt skriftlig til styret i så god tid at det
kan tas med i innkallingen. Forslag som fremmes senere enn en uke før
generalforsamlingen skal holdes, kan ikke behandles med mindre samtlige
aksjeeiere samtykker.
Generalforsamlingen ledes av styrets leder dersom ikke annen møteleder
velges.
På generalforsamlingen har hver aksje 1 stemme. Aksjeeier kan la seg
representere ved fullmektig med skriftlig fullmakt.
Aksjeeiere som ønsker å delta på generalforsamling plikter å gi melding til
selskapet senest 2 dager før møtet. Aksjeeiere som ikke har gitt melding
innen fristen kan bli nektet adgang til generalforsamlingen.
§ 8 På den ordinære generalforsamling skal behandles:
1. Godkjennelse av årsregnskapet og årsberetningen, herunder utdeling
av utbyte.
2. Fastsettelse av godtgjørelse til styret og godkjenning av godtgjørelse til
revisor.
3. Valg av styreleder, styremedlemmer og revisor.
4. Andre saker som i henhold til lov eller vedtekt hører inn under
generalforsamlingen.
§ 9 Ekstraordinær generalforsamling kan avholdes når styret finner det
nødvendig. Styret skal innkalle til ekstraordinær generalforsamling når
revisor eller aksjeeier som representerer minst 10 % av aksjekapitalen
skriftlig krever det for å få behandlet et bestemt angitt emne. Styret skal
sørge for at generalforsamlingen holdes innen en måned etter at kravet er
fremsatt. Innkalling til generalforsamling skal være sendt senest en uke før
møtet skal holdes. På ekstraordinær generalforsamling kan kun behandles
de saker som er nevnt i innkallingen, med mindre samtlige aksjeeiere gir sitt
samtykke til noe annet.
§ 10 Selskapet skal ha en valgkomite bestående av 3 medlemmer.
ARTICLES OF ASSOCIATION / SELSKAPSVEDTEKTER
14141414
1515151515
16
Waste and oil spills / Avfall og oljesøl
GHG emmisions / GHG-utslipp
SUSTAINABILITY / BÆREKRAFT
17
Safety performance / Sikkerhetsytelse
SUSTAINABILITY / BÆREKRAFT
18
19
20
ANNUAL REPORT
The Group, Havila Shipping ASA, achieved an operating income before
depreciation and impairment charge of NOK 488 million for 2023, com-
pared with NOK 397 million in 2022. Total income was NOK 919 million in
2023 which was an increase of NOK 95 million on the previous year. Gain
on sale of vessels amounted to NOK 215 million in 2023, compared with
NOK 136 million in 2022.
Based on market development, income expectations have been increased,
resulting in the reversal of previous write-downs of vessel values of NOK
865 million in 2023, compared with NOK 226 million in 2022. Value adjust-
ment of debt amounted to NOK -1,081 million in 2023 against NOK -456
million in 2022. Profit before tax was NOK 113 million for 2023, compared
to NOK -112 million for 2022.
The Group is a supplier of quality assured offshore supply services to na-
tional and international companies. This position will be maintained by
focusing on safe operations and human resources.
Havila Shipping ASA is involved in the operation of 14 vessels at the end of
2023, including a leased vessel and six vessels under management agree-
ment. One subsea vessel, which was classified as assets held for sale as
at 31 December 2022, was sold in the first quarter of 2023. The company
is still the manager of this vessel. Two anchor handling vessels and one
supply vessel were sold in the fourth quarter of 2023.
Debt to credit institutions falls due on 31 December 2024. The debt with
associated conversion rights is classified as short-term debt as of 31 De-
cember 2023. The total nominal value of the debt amounted to NOK 1.9
billion at the end of 2023, of which NOK 0.6 billion was interest-bearing
and NOK 1.3 billion non-interest-bearing. Shareholders will be diluted as a
result of the lenders’ right to convert the non-interest-bearing tranche into
47% of the shares in the company. Havila Holding AS has the right to con-
vert all or part of the liquidity loan of NOK 100 million in order to maintain
its ownership in the company of 50.96%. The agreement contains a right
for the company to carry out a repair issue after the end of the agreement
period.
The company has received offers for refinancing which the company can
choose to use to refinance the debt at the end of the agreement period.
The Board of Directors believes that the annual report provides an accu-
rate overview of Havila Shipping ASA’s assets and liabilities, and its finan-
cial situation and results.
Business
Havila Shipping ASA with its subsidiaries is engaged in shipping activi-
ties from the company’s head office in Fosnavåg. The company’s vessels
operate world-wide, but have its main operation in the North Sea. The
head office presently has 14 employees who are responsible for the op-
eration of the fleet and the management of the company. The number of
employees, both at sea and on land, in the Group at the end of the year
was approximately 275 in total. In 2023, the Group’s activities were primar-
ily organized through the 100% ship-owning companies, Havila Ships AS,
Havila Subcon AS, Havila Harmony AS, Havila Phoenix AS, Havila Venus
AS and Havila Jupiter AS. The seamen are employed by the parent compa-
ny Havila Shipping ASA and by Havila Crew Limited, and the management
is employed by Havila Management AS. The company also has an office in
Aberdeen. In addition, the company hires services from Havila Service AS.
ÅRSBERETNING
Konsernet Havila Shipping ASA oppnådde et driftsresultat før avskrivning
og nedskrivning på NOK 488 million i 2023, mot NOK 397 million i 2022.
Totale inntekter var NOK 919 million i 2023 som er NOK 95 million bedre
enn fjoråret. Gevinst ved salg av fartøy utgjorde NOK 215 million i 2023, mot
NOK 136 million i 2022.
Med utgangspunkt i markedsutviklingen er inntektsforventningene økt, og
resultert i reversering av tidligere nedskrivning av skipsverdier i 2023 med
NOK 865 million mot NOK 226 million i 2022. Verdijustering lån utgjorde
NOK -1.081 million i 2023 mot NOK -456 million i 2022. Resultat før skatt var
på NOK 113 million for 2023, mot NOK -112 million i 2022.
Konsernet er leverandør av kvalitetssikrede offshore supply tjenester til
nasjonale og internasjonale selskaper. Posisjonen skal opprettholdes ved å
ha fokus på sikker operasjon og menneskelige ressurser.
Havila Shipping ASA er involvert i driften av 14 fartøy ved utgangen av
2023 inkludert ett innleid fartøy og seks fartøy under management avtale.
Ett subsea fartøy, som var klassifisert som eiendeler holdt for salg per
31.12.2022, ble solgt i første kvartal 2023. Selskapet er fortsatt manager for
dette fartøyet. To ankerhåndteringsfartøy og ett forsyningsfartøy ble solgt i
fjerde kvartal 2023.
Gjeld til kredittinstitusjoner forfaller 31.12.2024. Virkelig verdi av gjelden med
tilhørende konverteringsretter på totalt NOK 1,2 milliarder er klassifisert som
kortsiktig gjeld per 31.12.2023. Samlet nominell verdi av gjelden utgjorde
NOK 1,9 milliarder ved utgangen av 2023, hvorav NOK 0,6 milliarder var
rentebærende og NOK 1,3 milliarder ikke rentebærende. Aksjonærer vil bli
utvannet som følge av långivernes rett til å konvertere ikke rentebærende
transje til 47% av aksjene i selskapet. Havila Holding AS har rett til å
konvertere hele eller deler av likviditetslånet på NOK 100 million for å
opprettholde sitt eierskap i selskapet på 50,96%. Avtalen inneholder en
rett for selskapet til å gjennomføre reparasjonsemisjon etter utløpet av
avtaleperioden.
Selskapet har mottatt tilbud om refinansiering som selskapet kan velge å
benytte for å refinansiere gjelden ved utløpet av avtaleperioden.
Styret mener at årsregnskapet gir en rettvisende oversikt av Havila Shipping
ASA eiendeler og gjeld, finansielle stilling og resultat.
Virksomheten
Havila Shipping ASA med datterselskaper driver rederivirksomhet fra
selskapets hovedkontor i Fosnavåg. Rederiets fartøyer opererer over hele
verden, men har sitt hovedvirke i Nordsjøen. Hovedkontoret har i dag 14
ansatte som står for drift av flåten og ledelse av selskapet. Antall ansatte
ved utgangen av året for konsernet var totalt omtrent 275 på sjø og land.
Virksomheten var i 2023 organisert gjennom de 100 % skipseiende
selskapene Havila Ships AS, Havila Subcon AS, Havila Harmony AS,
Havila Phoenix AS, Havila Venus AS og Havila Jupiter AS. Sjøfolkene er
ansatt i morselskapet Havila Shipping ASA og i Havila 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.
ANNUAL REPORT / ÅRSBERETNING
21
The Group is involved in the operation of 14 vessels, of which 7 are 100%
owned. One vessel is leased, and six vessels are operated under manage-
ment agreements, whereof five is external owned and one is 50% owned.
The fleet consists of:
10 platform supply vessels (four external owned and one 50% owned)
(PSV)
1 rescue recovery vessel (leased) (RRV)
3 subsea vessels (whereof one external owned) (Subsea)
The AHTS vessels Havila Venus and Havila Jupiter and the PSV vessel
Havila Commander, were sold and delivered to new owners in November
2023. The sales were completed at requirement of the lender in accor-
dance with the clauses of the restructuring agreement.
At the end of the year, the group has no vessels in lay-up.
Corporate Governance
Havila Shipping ASA has adopted a set of corporate governance princi-
ples for the relationship between the company’s owners, the Board of Di-
rectors, and the executive management. This is a prerequisite for gaining
the trust of our shareholders, employees, and business partners and is
expressed by the core values of the company:
Openness
Accountability
Equal treatment
The company has prepared a detailed report on its corporate governance
in accordance with the Norwegian Code of Practice for Corporate Gover-
nance dated 23 October 2012. Reference is made to the description in a
separate chapter on page 8 of the annual report.
Going concern
Restructuring of the group’s debt was carried out on 30 June 2020, where
the group received liquidity of NOK 100 million through a convertible li-
quidity loan from Havila Holding AS. The agreement with lenders clarifies
the group’s obligations to lenders for the period until end of 2024.
Total debt amounted to NOK 1.9 billion at the end of 2023, whereof NOK
0.6 billion were interest-bearing and NOK 1.3 billion not being inter-
est-bearing. Interest-bearing debt is reduced by approximately NOK 80
million per year, regardless of debt service. Interest and installment pay-
ments for each vessel are based on the vessel’s earnings. For vessels that
are unable to service the debt, non-payment of interest and installments is
transferred quarterly to non-interest bearing.
The company has received offers for refinancing which the company can
choose to use to refinance the debt at the end of the agreement period.
The Group’s equity per 31/12/2023 was NOK 20 million. The Lender’s con-
version right was per 31/12/23 valued at NOK 239 million. The liquidity loan
including conversion right was valued at NOK 250 million per 31/12/23. If
the conversion had occurred as of 31/12/23, it would have provided an
equity of NOK 509 million.
Rederiet er involvert i driften av 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 %.
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)
AHTS fartøyene Havila Venus og Havila Jupiter samt PSV fartøyet Havila
Commander ble solgt og levert til nye eiere i fjerde kvartal 2023. Salget
ble gjennomført etter krav fra långivere i henhold til bestemmelser i
restruktureringsavtalen.
Ved årsskiftet har rederiet ingen fartøy i opplag.
Eierstyring og selskapsledelse
Havila Shipping ASA har vedtatt virksomhetsstyringsprinsipper som
påvirker samspillet mellom eierne, styret og ledelsen av selskapet. Dette er
en forutsetning for å oppnå aksjonærers, ansattes og samarbeidspartneres
tillit, og uttrykkes gjennom selskapets kjerneverdier;
Åpenhet
Ansvarsbevissthet
Likebehandling
Selskapet har utarbeidet en detaljert redegjørelse for eierstyring og
selskapsledelse i samsvar med Norsk anbefaling for god eierstyring og
selskapsledelse av 23. oktober 2012. Det vises til beskrivelse i eget kapittel
side 8 i årsrapporten.
Fortsatt drift
Restrukturering av konsernets gjeld ble gjennomført 30. juni 2020, hvor
konsernet fikk tilført likviditet på NOK 100 millioner gjennom et konvertibelt
likviditetslån fra Havila Holding AS. Avtalen med långiverne avklarer
konsernets forpliktelser overfor långiverne for perioden ut 2024.
Samlet nominell verdi av gjelden utgjorde NOK 1,9 milliarder ved utgangen
av 2023, hvorav NOK 0,6 milliarder var rentebærende og NOK 1,3 milliarder
ikke rentebærende. Rentebærende gjeld blir redusert med omtrent NOK 80
millioner per år uavhengig av gjeldsbetjeningen. Rente- og avdragsbetaling
for det enkelte fartøy baseres på fartøyets inntjening. For fartøy som ikke
kan betjene gjelden, blir manglende betaling av renter og avdrag hvert
kvartal overført til ikke rentebærende.
Selskapet har mottatt tilbud om refinansiering som selskapet kan velge å
benytte for å refinansiere gjelden ved utløpet av avtaleperioden.
Konsernets egenkapital pr. 31.12.2023 var NOK 20 millioner.
Konverteringsretten til långiverne var per 31.12.2023 verdsatt til NOK 239
millioner. Likviditetslånet fra Havila Holding AS inklusiv konverteringsrett
var verdsatt til NOK 250 millioner per 31.12.2023. Hvis konverteringen hadde
skjedd per 31.12.2023, hadde det gitt en egenkapital for konsernet på NOK
509 millioner.
ANNUAL REPORT / ÅRSBERETNING
22
The restructuring agreements contain clauses for free liquidity of the
Group which should at any time amount to minimum NOK 50 million. The
group had per 31/12/2023 free liquidity of NOK 87 million. Based on the
mechanism of the restructuring agreements, the Group’s liquidity budget
indicates that this assumption will not be breached in the next 12-month
period.
Based on the above, the Board has concluded that the conditions for go-
ing concern are present.
Environmental reporting
The Group was ISO 14001:2015 certified by Norsk Akkreditering in Janu-
ary 2017. This commits the Group to defining environmental aspects that
form the basis for an environmental action plan. This environmental action
plan was established in 2007. The environmental action plan is regularly
reviewed and renewed if necessary.
Our environmental profile is communicated to our business partners and
suppliers when contracts are signed or reported to all employees through
the Group’s Policy & Objective Manual.
The shipping company keeps environmental accounts including all types
of chemicals, surface coatings, fuel consumption and destroyed waste. In
2023 the group’s owned fleet consumed a total of 22,291 tons of fuel (Mdo),
a reduction of 14,855 tons according to 2022.
Continuous focus on the environment and solutions that limit or improve
any emissions of exhaust gases and other substances remain the compa-
ny’s core business. Such measures may be catalysts for propulsion ma-
chinery, hybrid machine configurations, optimal hull designs, waste incin-
erators and environmentally friendly chemicals. The Group has invested
in equipment on the vessels to reduce fuel consumption and thus reduce
air emissions. Two vessels have installed battery packages in order to
operate more efficiently and environmentally friendly, as most operations
can be performed with one engine instead of two as long as the weather
and operation allow. Five vessels in the fleet have installed onshore power
systems, and can stop all engines when they are at ports that have shore
power systems. The vessels will have 0 emissions to air as long as the ves-
sel is connected to shore power, and the comfort of people working on the
vessel with reduced noise and vibration is significantly increased. In 2023,
CO2 emissions were 70,545 tons for owned vessels.
Nine vessels in the fleet have installed fuel monitoring systems to further
assist the crew in operating the vessel as optimally as possible under the
given conditions. Data collected is used to analyze operating and hull
conditions with the purpose of reducing emissions from the vessels. In
addition, a heat recovery system has been arranged for the utilization of
waste heat. Energy-intensive lighting has been replaced with leds. Hull
and propeller polishing is also performed for hydrodynamic energy saving.
Measures in the onshore organisation include the purchase of renewable
energy produced by equipment that does not generate radioactive waste
or CO2 gas.
Research and development
Havila Shipping ASA is strongly involved in ensuring the development of
expertise in the maritime sector. For more information about the projects
the company participate in, see section Social responsibility.
I restruktureringsavtalene er det bestemmelser om at konsernets frie
kontantbeholdning til enhver tid skal utgjøre minimum NOK 50 millioner.
Konsernet hadde pr. 31.12.2023 fri likviditet på NOK 87 millioner. Basert
på mekanismen i restruktureringsavtalene, tilsier konsernets estimerte
likviditetsutvikling at man ikke vil komme i brudd med denne forutsetningen
i kommende 12-månedersperiode.
Basert på det ovenstående har styret konkludert med at forutsetningene for
fortsatt drift er til stede.
Miljørapportering
Rederiet ble ISO 14001:2015 sertifisert i januar 2017 av Norsk Akkreditering.
Dette forplikter at rederiet skal definere miljøaspekter som danner
grunnlaget til en miljøhandlingsplan. Denne miljøhandlingsplanen ble
etablert i 2007. Miljøhandlingsplanen blir jevnlig gjennomgått og fornyet
ved behov.
Miljøprofilen blir kommunisert til våre samarbeidspartnere og leverandører
ved kontraktsinngåelser, 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
2023 forbrukte rederiets eide fartøy totalt 22 291 tonn brennstoff (Mdo), en
reduksjon på 14 855 tonn i forhold til 2022.
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 2023 var CO2
utslippet 70 545 tonn for eide fartøy.
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 i landbasert organisasjon er blant annet kjøp av fornybar energi som
blir produsert av utstyr som ikke genererer radioaktivt avfall eller CO2 gass.
Forskning og utvikling
Havila Shipping ASA er sterkt delaktig i å sikre kompetansebygging i den
maritime sektor. Mer informasjon om prosjektene selskapet deltar i under
avsnittet «Samfunnsansvar».
ANNUAL REPORT / ÅRSBERETNING
23
Remuneration of senior executives
The board has prepared guidelines on the determination of salaries and
other remuneration to senior executives in accordance with the Public
Limited Liability Companies Act § 6-16 a.
Salary and other remuneration to the CEO are decided by the Board of
Directors. The Board of Directors has delegated the responsibility for de-
termining salaries to other senior executives to the CEO. The company
does not operate a share option program, bonus agreement, profit shar-
ing 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 2023, which has
been prepared in accordance with the Public Limited Liability Companies
Act §6-16 b.
Working environment and human resources
Havila Shipping ASA aims at satisfying and exceeding our customers’ ex-
pectations and requirements as to the standard of our work with Health,
Safety, Quality and the Environment (HSQE). HSQE is a fundamental phi-
losophy for all of the company’s activities. With active management and
enthusiastic employees focusing on continual improvement, better quality
is achieved as well as providing a guarantee to the authorities, customers
and suppliers that our services are performed in a manner that satisfies
these requirements.
Absence due to illness in the company was 8.4% in 2023. The correspond-
ing figure for 2022 was 8.5%. Short-term and long-term absence due to
illness was 2.6% and 5.8% respectively in 2023. The sickness absence is
on the same level as 2022. The company continues to focus on sickness
absence, with close dialogue and follow-up of those on sick leave. This is
to take care of those on sick leave in the best possible way and to map
out which facilitation measures can be implemented to get the sick leave
back to work more quickly. In 2023 the company had two injuries which
resulted in shorter periods of absence, compared with one injury in 2022.
The accidents in 2023 has been investigated, and measures have been
implemented to avoid similar incidents in the future.
Equal opportunities and discrimination
At the end of 2023 the company had 207 permanently employed on board
our vessels, whereof 4 women and 203 men. The company had 38 tem-
porary employees at the end of the year, of which 3 were women and 35
men. The company also has 25 training positions, divided into 2 women
and 23 men. There are no part-time positions for sailing personnel. A total
of 14 weeks of parental leave has been taken out in 2023, which applies to
3 men, which gives an average of 4.7 weeks of parental leave per person.
Seafarers are paid on the basis of tariffs negotiated between the Nor-
wegian Shipowners ‘Association and the seafarers’ organizations. There
are no differences in pay between women and men for the same position
group, vessel type and seniority.
The company recruits seafarers from many nations and discrimination is
avoided by making education and qualifications decisive criteria.
At the end of 2023 the staff of 14 employees at the head office consisted
of 1 woman and 13 men.
The Board of Directors of Havila Shipping ASA is comprised of 2 women
and 3 men, and therefore meets the requirements stipulated in Section
6-11a of the Public Limited Liability Companies Act.
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 2023 som er utarbeidet i
henhold til Allmennaksjeloven §6-16 b.
Arbeidsmiljø og personale
Havila Shipping ASA har som målsetning å tilfredsstille våre kunders
forventninger og krav til standarden på HMSK arbeidet. HMSK er
grunnleggende filosofi for all virksomhet i selskapet. Med en aktiv ledelse,
engasjerte medarbeidere med fokus på kontinuerlig forbedring oppnås
det økt kvalitet og det er også en garanti ovenfor myndigheter, kunder og
leverandører at våre tjenester utføres på en måte som tilfredsstiller disse
kravene.
Sykefravær for rederiet var på 8,4% i 2023. Tilsvarende tall for 2022 var
8,5%. Korttids- og langtidssykefraværet utgjør henholdsvis 2,6% og 5,8%
i 2023. Sykefraværet er på nivå med 2022. 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 få den sykmeldte raskere
tilbake i arbeid. I 2023 hadde rederiet to skader som resulterte i fravær, mot
en skade i 2022. Arbeidsuhellene i 2023 er gransket og tiltak er iverksatt for
å unngå liknende tilfeller i framtiden.
Likestilling
Rederiet hadde 207 fast ansatte på konsernets fartøyer ved utgangen av
2023, hvorav 4 kvinner og 203 menn. Selskapet hadde 38 midlertidige
ansatte ved utgangen av året, hvorav 3 kvinner og 35 menn. Selskapet
har også 25 opplæringsstillinger, fordelt på 2 kvinner og 23 menn. Det er
ingen deltidsstillinger for seilende personell. Det er tatt ut totalt 14 uker
foreldrepermisjon i 2023, som gjelder 3 menn, som gir gjennomsnittlig 4,7
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 14 ansatte ved hovedkontoret var det ved utgangen av året 1 kvinne
og 13 menn.
Styret i Havila Shipping ASA er sammensett av 2 kvinner og 3 menn, og
oppfyller dermed kravet i henhold til asal § 6-11a.
ANNUAL REPORT / ÅRSBERETNING
24
The market and future development
PSV and RRV vessels
Havila Herøy was on contract with Peterson Den Helder from April 2022
until the middle of February 2024.
Havila Fanø has been on contract with Total Energies EP Denmark A/S
since December 2021. The contract is now extended until end of June
2024. The Charterer has further 7 daily options.
Havila Borg has been on contract with Peterson Den Helder since October
2022, which has now been extended until end of May 2024. The Charterer
has further 100 daily options.
Havila Clipper is on a contract with Equinor Energy AS for a fixed period
until end of June 2024 as well as an option period of six months.
Havila Foresight and Havila Troll are on contract with Equinor Energy AS
until January 2025 and November 2024 respectively. The Charterer has
further 3 and 5 annual options for Havila Foresight and Havila Troll, re-
spectively.
Subsea vessels
Havila Harmony is on a bareboat contract for operations in Brazil until Jan-
uary 2025.
Havila Phoenix was sold on 6 January 2023, and the company has man-
agement of the vessel from this date.
Havila Subsea is on contract with Reach Subsea AS until end of 2024.
AHTS vessels
In 2023, two anchor handling vessels traded the spot market, where reve-
nues ended approximate om the same level as last year. The average daily
rate on contract was 24% higher than last year, and the total utilization for
these two vessels was 3% points lower than last year.
The utilization of the fleet for 2023 was 91%, an increase of 2% points
compared to 2022, where vessels in lay-up are excluded.
Future outlook
With increased activity in the company’s market segments within both oil
and gas and renewable energy, it is expected that the market development
for the company’s services will continue and develop positively. Expected
market developments combined with limited inflows of capacity in the mar-
ket will as a rule lead to higher earnings. The geopolitical picture in the world
at the moment gives some uncertainty to future developments.
FINANCIAL PERFORMANCE 2023
The Group
Total earnings and gains in 2023 amounted to NOK 919 million compared
to NOK 824 million in 2022. Gain on sale of vessels amounted to NOK 215
in 2023, compared to NOK 136 million in 2022. Operating expenses for the
year came to NOK 431 million compared to NOK 427 million in 2022.
The operating profit before depreciation and impairment charge finished
Markedet og framtidig utvikling
PSV og RRV fartøy
Havila Herøy var på kontrakt med Peterson Den Helder fra april 2022 til
midten av februar 2024.
Havila Fanø har vært på kontrakt med Total Energies EP Denmark A/S
siden desember 2021. Kontrakten er nå forlenget til utgangen av juni 2024.
Befrakter har ytterligere opsjon på 7 dager.
Havila Borg har vært på kontrakt med Peterson Den Helder siden oktober
2022, som nå er forlenget til ut mai 2024. Befrakter har ytterligere opsjon
på 100 dager.
Havila Clipper er på kontrakt med Equinor Energy AS for en fast periode ut
juni 2024 samt opsjon på 6 måneder.
Havila Foresight og Havila Troll er på kontrakt med Equinor Energy AS til
henholdsvis januar 2025 og november 2024. Befrakter har opsjoner på
henholdsvis 3 årlige og 5 årlige for Havila Foresight og Havila Troll.
Subsea fartøy
Havila Harmony er på bareboat kontrakt for operasjon i Brasil til januar 2025.
Havila Phoenix ble solgt 6. januar 2023, og selskapet har management på
fartøyet fra denne dagen.
Havila Subsea er på kontrakt med Reach Subsea AS ut 2024.
AHTS fartøy
I 2023 opererte to ankerhåndteringsfartøy i spotmarkedet fram til de ble
solgt i november 2023, hvor inntektene endte omtrent på samme nivå som
fjoråret. Gjennomsnittlig dagrate på oppdrag var 24% høyere enn fjoråret,
og utnyttelsen samlet for disse to fartøyene var 3%poeng lavere enn fjoråret.
Utnyttelsen av flåten for 2023 var på 91%, en økning på 2% poeng i forhold
til 2022 hvor fartøy i opplag er ekskludert.
Framtidsutsikter
Med økt aktivitet i selskapets markedssegmenter både innenfor olje og
gass og fornybar energi er det forventet at den markedsutviklingen for
selskapets tjenester vil fortsette og utvikle seg positivt. Den forventede
markedsutviklingen kombinert med begrenset tilflyt av kapasitet i markedet
vil som regel føre til økt inntjening. Det geopolitiske bildet i verden for
øyeblikket gir en viss usikkerhet på utviklingen fremover.
ØKONOMISKE RESULTATER 2023
Konsernet
Totale inntekter og gevinster ble NOK 919 million for 2023 mot NOK 824
million i 2022. Gevinst ved salg av fartøy utgjorde NOK 215 million i 2023,
mot NOK 136 million i 2022. Driftskostnadene for året ble NOK 431 million
sammenlignet med NOK 427 million for 2022.
Driftsresultatet før avskrivning og nedskrivninger endte på NOK 488 million
ANNUAL REPORT / ÅRSBERETNING
25
at NOK 488 million in 2023 compared to NOK 397 million in 2022. Depre-
ciation in 2023 amounted to NOK 132 million compared to NOK 184 million
in 2022. Reversal of previous write-down of vessel values of NOK 865 mil-
lion was made in 2023, compared to NOK 226 million in 2022.
Net financial items in 2023 came to NOK -1,105 million in comparison to
NOK -545 million in 2022. Value adjustment of debt amounted to NOK
-1,081 million in 2023 compared to NOK -456 million in 2022.
The result for the joint venture company Havila Charisma AS in 2023 and
2022 was NOK -3 million and NOK -6 million, respectively.
The profit before tax ended at NOK 113 million for 2023, compared to NOK
-112 million for 2022.
Net estimated tax for 2023 amounted to NOK 236 thousand compared
with NOK 942 thousand in 2022.
Total profit for 2023 amounted to NOK 113 million compared with NOK -113
million in 2022.
The parent company
Total income was NOK 328 million in 2023, against NOK 342 million in
2022. The operating expenses for the year were NOK 346 million, an in-
crease of NOK 34 million compared with last year. The operating result
before depreciation finished at NOK -18 million in 2023 compared with
NOK 30 million in 2022. Net financial items in 2023 were NOK 419 million,
compared with NOK 259 million in 2022. Reversal of write-down of shares
in subsidiaries and intercompany receivables amounted to NOK 348 mil-
lion in 2023, compared to NOK 193 million in 2022. In 2023, the reversal
of previous accrual for guarantee liability amounted to NOK 170 million
against NOK 162 million in 2022. Profit before tax ended at NOK 400 mil-
lion for 2023, compared with NOK 289 million for 2022.
ASSETS, LIABILITIES AND LIQUIDITY
The Group
The book value of vessels as per 31/12/2023 was NOK 1,077 million against
NOK 1,140 million as per 31/12/2022. In 2023, reversal of previous write-
downs amounted to NOK 865 million against NOK 226 million in 2022.
One subsea vessel, which was classified as assets held for sale as of
31/12/2022, was sold in the first quarter of 2023. Three vessels were sold
and delivered to a new owner in the fourth quarter after the lenders de-
manded the vessels be sold in accordance with the current restructuring
agreement.
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, income expectations have increased in the coming
years. For the PSV fleet, which does not have long contracts, revenue ex-
pectations have increased over the next three years, but the company has
adopted a more conservative view from year four onwards. The subsea
vessels are under contract until 2024. Revenue expectations have been
increased for the next three years thereafter. Estimated value in use for
the company’s fleet is NOK 1,046 million as of 31/12/2023. Previous write-
downs for the fleet of NOK 865 million have been reversed in 2023.
Value in use calculations have been made in that each vessel is defined
as a cash-generating unit and thus tested separately for possible impair-
ment. Value in use per vessel is estimated using a cash flow model where
i 2023 mot NOK 397 million i 2022. Avskrivninger for 2023 utgjorde NOK
132 million mot NOK 184 million i 2022. Det er foretatt reversering av
nedskrivning av skipsverdier i 2023 med NOK 865 million mot NOK 226
million i 2022.
Netto finansposter utgjorde i 2023 NOK -1.105 million sammenlignet med
NOK -545 million i 2022. Verdijustering lån utgjorde NOK -1.081 million i
2023 mot NOK -456 million i 2022.
Resultatet fra det felleskontrollerte selskapet Havila Charisma AS var i 2023
og 2022 på henholdsvis NOK -3 million og NOK -6 million.
Resultat før skatt endte på NOK 113 million for 2023, sammenlignet med
NOK -112 million for 2022.
Beregnet skatt utgjorde for 2023 NOK 236 tusen mot NOK 942 tusen i 2022.
Totalresultat for året endte på NOK 113 million mot NOK -113 million for 2022.
Morselskapet
Totale inntekter ble NOK 328 million for 2023, mot NOK 342 million i 2022.
Driftskostnadene for året ble NOK 346 million, en økning på NOK 34 million
sammenlignet med fjoråret. Driftsresultatet før avskrivning endte på NOK -18
million i 2023 mot NOK 30 million i 2022. Netto finansposter utgjorde NOK
419 million i 2023, mot NOK 264 million i 2022. Reversering av nedskrivning
av aksjer i datterselskap og interne fordringer utgjorde NOK 348 million i
2023 mot NOK 193 million i 2022. I 2023 ble NOK 170 million tilbakeført
av tidligere garantiavsetning mot tilbakeføring på NOK 162 million i 2022.
Resultat før skatt endte på NOK 400 million for 2023, sammenlignet med
NOK 293 million for 2022.
EIENDELER, GJELD OG LIKVIDITET
Konsernet
Bokførte verdier av fartøy var pr. 31.12.2023 NOK 1 077 million mot NOK
1 140 million pr. 31.12.2022. I 2023 ble det foretatt reversering av tidligere
nedskrivninger med NOK 865 million mot NOK 226 million i 2022. Ett subsea
fartøy, som var klassifisert som eiendeler holdt for salg per 31.12.2022, ble
solgt i første kvartal 2023. Tre fartøy ble solgt og levert til ny eier i fjerde
kvartal etter at långiverne krevde fartøyene solgt i henhold til gjeldende
restruktureringsavtale.
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 de neste tre årene, men selskapet har lagt et mer konservativt syn
til grunn fra år fire og utover. Subsea fartøyene er på kontrakt ut 2024.
Inntektsforventningene er økt de neste tre årene deretter. Estimert
bruksverdi for selskapets flåte er NOK 1 046 million. Det er foretatt
reversering av tidligere nedskrivninger for flåten med NOK 865 million.
Det er foretatt bruksverdiberegninger ved at hvert fartøy er definert som
kontantgenererende enhet og dermed testet separat for mulig verdifall.
ANNUAL REPORT / ÅRSBERETNING
26
a return requirement after tax of 10.86% has been used. Estimation of cash
flows is based on an expected economic life of the vessels of 30 years.
Estimated value in use is sensitive to changes in the required rate of return,
day rates and utilization.
Book equity as per 31/12/2023 was NOK 20 million, against equity of NOK
-93 million per 31/12/2022. Book equity per share was NOK 0.82 as per
31/12/2023 against NOK -3.93 as per 31/12/2022.
The nominal value of interest-bearing debt as per 31/12/2023 amounted
to NOK 568 million, which includes bond loans of NOK 263 million. The
bond loans are secured loans related to the financing of Havila Clipper
and Havila Subsea. In 2023 the Group repaid loans of NOK 98 million,
compared to NOK 119 million in 2022. Of the total debt, 1.4% is in USD and
the remainder in NOK.
The Group’s liquid assets totaled NOK 98 million as per 31/12/2023 com-
pared with NOK 147 million as per 31/12/2022. Free liquidity amounted to
NOK 87 million and NOK 77 million for 2023 and 2022, respectively. Net
cash flow from operations for 2023 was NOK 86 million against NOK 217
million for 2022. Cash flow from investment activities was NOK -12 million
for 2023 compared with NOK -22 million for 2022 and is related to received
bareboat hire on financial receivables, contract modification and planned
shipyard work for the vessels in connection with periodic maintenance.
Repayment of loan and repayment of lease obligation constituted a net
change from financing activities in 2023 of NOK -128 million against NOK
-145 million in 2022.
The parent company
Fixed assets as per 31/12/2023 totaled NOK 637 million compared with
NOK 393 million as per 31/12/2022 and primarily consist of investments in
and loans to subsidiaries. The parent company’s liquid assets amounted
to NOK 13 million 31/12/2023 against NOK 31 million as per 31/12/2022.
Book equity as per 31/12/2023 was NOK 2 million against NOK -397
million as per 31/12/2022. Per 31/12/2023 the share capital was NOK
23,776,300, divided into 23,776,300 shares each with a nominal value NOK
1 per shares.
Total liabilities amounted to NOK 785 million as per 31/12/2023 compared
with total liabilities of NOK 872 million as per 31/12/2022.
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 Finance Director
and Managing Director in consultation with the Chairman of the Board
and limits set by the Board of Directors.
Market risk
The offshore market where the group operates is volatile with large fluctu-
ations in demand. In periods where demand is lower than supply, income
Bruksverdi per fartøy er estimert ved bruk av kontantstrømmodell hvor
det er benyttet avkastningskrav etter skatt på 10,86%. 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. 31.12.2023 var NOK 20 million mot NOK -93 million
pr. 31.12.2022. Bokført egenkapital pr. aksje utgjorde NOK 0,82 pr. 31.12.2023
mot NOK -3,93 pr. 31.12.2022.
Nominell verdi av rentebærende gjeld utgjorde pr. 31.12.2023 NOK 568 million
som inkluderer obligasjonslån på NOK 263 million. Obligasjonslånene er
sikrede lån knyttet til finansieringen av henholdsvis Havila Clipper og Havila
Subsea. I 2023 betalte konsernet ned på lån med NOK 98 million mot NOK
119 million i 2022. Av total nominell gjeld er 1,4% i amerikanske dollar og
resterende i norske kroner.
Konsernets likvide midler utgjorde NOK 98 million pr. 31.12.2023, mot NOK
147 million pr. 31.12.2022. Fri likviditet utgjorde NOK 87 million og NOK 77
million for henholdsvis 2023 og 2022. Netto kontantstrøm fra operasjonelle
aktiviteter for 2023 var NOK 86 million, mot NOK 217 million i 2022.
Kontantstrøm fra investeringsaktiviteter var NOK -12 million for 2023 mot
NOK -22 million for 2022, og er relatert til mottatt bareboat leie på finansiell
fordring, kontraktstilpasninger samt planlagte verkstedopphold for fartøyene
i forbindelse med periodisk vedlikehold. Nedbetaling av lån og nedbetaling
av leieforpliktelse utgjorde nettoendring fra finansieringsaktiviteter på NOK
-128 million i 2023, mot NOK -145 million i 2022.
Morselskapet
Anleggsmidler pr. 31.12.2023 utgjorde NOK 637 million mot NOK 393 million
pr. 31.12.2022, og består i hovedsak av investering i og lån til datterselskap.
Morselskapets likvide midler utgjorde NOK 13 million pr. 31.12.2023 mot
NOK 31 million pr. 31.12.2022.
Bokført egenkapital pr. 31.12.2023 utgjorde NOK 2 million mot NOK -397
million pr. 31.12.2022. Aksjekapitalen var pr. 31.12.23 NOK 23.776.300, fordelt
på 23.776.300 aksjer, hver pålydende NOK 1.
Total gjeld utgjorde NOK 785 million pr. 31.12.2023 mot NOK 872 million pr.
31.12.2022.
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
ANNUAL REPORT / ÅRSBERETNING
27
will fall for ships operating in the spot market. Low demand over time
will also weaken the market for longer contracts with a negative effect
on earnings in the group and, as time goes by, the market value of the
ships as well. At times, the income for some ships has been lower than
the operating costs and has had a negative effect on the group’s opera-
tions, financial position, operating profit and cash flow. Through 2023, the
demand for ships has been increasing and, as a consequence, the income
the ships achieve has increased through contract renewals. The company
is now expecting a period of increased earnings compared to the previous
four years. The vessels operate internationally, and the Group is exposed
to currency fluctuations mainly in USD, EUR and GBP. Currency risk arises
when future income, book assets or liabilities are nominated in a currency
other than NOK which is used as the basis for the Group’s accounts. In
order to manage the currency risk from future income, book assets and li-
abilities, the management makes use of loan in foreign currencies, forward
exchange contracts and interest rate swaps. To handle the currency risk
in the company, the management bases their consideration on guidelines
issued by the board. As a consequence of the lacking credit lines, the com-
pany has limited opportunity to enter into new foreign exchange contracts
and forward rate agreements.
Credit risk
Credit risk arises in transactions with derivatives, bank deposits and in
transactions with customers and suppliers. Credit risk is continuously as-
sessed by the company’s management. The bulk of the customers are oil
companies and oil service companies with high credit ratings and a low,
but still inherent risk.
Interest rate risk
The Group’s interest rate risk is connected to long-term loans secured by
mortgages on vessels. Loans with floating interest rates entail a risk to
the Group’s cash flow. The Group normally takes out long-term loans at a
floating interest rate. By floating interest rate is meant interest agreements
for which the rate is usually set for three to six months ahead. The Group’s
interest-bearing debt is agreed with floating interest rate based on NIBOR
as the reference rate. The management continually assesses the interest
risk and the effect this may have on the Group’s results.
Liquidity risk
The management and the board are focused on managing the liquidity
risk. This involves maintaining adequate cash reserves. The management
is responsible for continuously monitoring and reporting on the Group’s
liquidity position. The management has continuous activities to ensure
that the Group is always in compliance with the prevailing requirements.
Information about the company’s restructuring, see the introduction and
the section about Going concern.
Insurance for board members and CEO
Havila Holding AS has taken out board liability insurance which also
covers Havila Shipping ASA with subsidiaries. The coverage applies to
members of the board, CEO and other employees with an independent
management responsibility. The insurance covers the insured’s liability
for property damage due to claims made against the insured during the
insurance period as a result of an alleged liability-related act or omission.
Social responsibility
The relationships to customers, suppliers, employees, authorities, capital
markets, owners and society in general require that Havila Shipping ASA
has a high ethical standard when carrying out the company’s business
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
2023 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 fire foregående årene.
Skipene opereres internasjonalt og konsernet er eksponert for valutarisiko
ved endring i norske kroners verdi hovedsakelig i forhold til amerikanske
dollar, euro og britiske pund. Valutarisikoen oppstår når framtidige inntekter
eller balanseførte eiendeler eller forpliktelser er avtalt i en valuta annen
enn norske kroner som benyttes som grunnlag i konsernets regnskaper.
For å styre valutarisikoen knyttet til framtidige inntekter og balanseførte
eiendeler og forpliktelser, benyttes valutalån, valutaterminkontrakter og
renteswapkontrakter. For å håndtere valutarisikoen i selskapet, baserer
ledelsen seg på retningslinjer vedtatt av styret. Selskapets kredittlinjer
begrenser tilgangen på sikringsinstrumenter som valutaterminkontrakter
og rentesikringsinstrumenter.
Kredittrisiko
Kredittrisiko oppstår i transaksjoner med derivater, innskudd i banker
og transaksjoner med kunder og leverandører. Kredittrisiko vurderes
løpende av administrasjonen. Kundemassen er hovedsakelig olje- og
oljeserviceselskaper hvor de fleste har høy kredittverdighet og for disse er
risikoen lav, men fortsatt iboende.
Renterisiko
Konsernets renterisiko er knyttet til langsiktige lån pantesikret i skip. Lån
med flytende rente medfører en renterisiko for konsernets kontantstrøm.
Konsernet opptar normalt langsiktige lån til flytende rente. Med flytende
rente menes renteavtaler hvor renten normalt er fastsatt for tre til seks
måneder. 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. For
informasjon om restruktureringen, se innledningen og avsnittet om Fortsatt
drift.
Forsikring for styrets medlemmer og daglig leder
Havila Holding AS har tegnet styreansvarsforsikring som også omfatter
Havila Shipping ASA med datterselskap. Dekningen gjelder for medlemmer
av styret, daglig leder og andre ansatte med et selvstendig ledelsesansvar.
Forsikringen dekker sikredes ansvar for formueskade som skyldes
krav fremsatt mot sikrede i forsikringsperioden som følge av en påstått
ansvarsbetingende handling eller unnlatelse.
Samfunnsansvar
Forholdet til kunder, leverandører, ansatte, myndigheter, kapitalmarkedene,
eierne og samfunnet for øvrig krever at Havila Shipping ASA har en høg
etisk standard i utførelse av selskapets forretningsvirksomhet. De etiske
ANNUAL REPORT / ÅRSBERETNING
28
activities. The ethical guidelines are established in the company’s ”Total
Management System” and are continually updated for relevant changes.
The guidelines are based on the company’s values and vision and adapted
to the company’s strategy.
The ethical guidelines include how employees should act towards the
company’s customers concerning gifts, comments in the media and the
processing of confidential information. The guidelines also include how
employees must act towards the company’s suppliers concerning gifts
and possible other benefits and the matters that must be reported to an
immediate superior. The company has established guidelines for ethical
trading in the largest and most important supplier agreements that stip-
ulate that child labour shall not be used, that workers shall have employ-
ment agreements and that suppliers shall pay workers a wage that is pos-
sible for them to live on. The company respects the traditions and cultures
in the countries in which the vessels operate and pledges to comply with
the laws in the areas where the business activities are carried out.
The company follows the International Labour Organization’s (ILO) con-
vention for the working and living conditions of seafarers which ensures
that the employees have comprehensive rights and protection at work. All
the company’s vessels are certified in accordance with the working and
living conditions in the MLC (“Maritime Labour Convention”). The vessels
shall be reviewed and the certificates renewed every 30th month. For of-
fice staff, the working conditions are in accordance with the Norwegian
Working Environment Act and internal conditions stipulated in the compa-
ny’s management system regarding human resources when this provides
additional protection to the Working Environment Act.
Havila Shipping ASA is strongly involved in ensuring the development of
expertise and education in the maritime sector.
The company is involved in the “Centres for Research-based Innovation
(SFI)” marine operations, which aim to build up or strengthen Norwegian
research groups that work in close cooperation with innovative business-
es.
The company is also involved in a project in cooperation with Equinor En-
ergy AS, Corvus Energy AS, the Department of Energy Technology (IFE)
and SINTEF Energi AS. The goal of the project is to find the best possible
setup and operation of marine battery packages for offshore vessels. The
project runs over 5 years and receives support 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 tank washing system, with a focus on the environment and
safety.
The company takes part in workshops organized by NTNU Ålesund (Insti-
tute for Ocean Operations). The incentive is also financed by the Norwe-
gian Shipping Association, Blue Maritime Cluster and Sintef. The theme is
“Maritime Industry in change - Digital changes and their importance for
work”. The purpose is to get down to the details of how shipping compa-
nies work with digitization, and what this means for how both research,
education and interest organizations must prioritise in their work going
forward. Together, the industry will identify gains and barriers and what
changes this creates for how vessels are actually operated and to optimize
the use of digital data from various systems. GCE Blue maritime assists in
process management techniques to ensure that targets are met.
In 2023, the company has entered into a letter of intent with SINTEF re-
garding participation in “FME Maritime Energy Transition”, which will ad-
dress research topics across the maritime value chain, focusing on the de-
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 sterkt delaktig i å sikre kompetansebygging og
utvikling i utdanningen i den maritime sektor.
Selskapet deltar i ordningen ”Sentre for forskningsdrevet innovasjon” (SFI),
marine operasjoner, som skal bygge opp eller styrke norske forskningsmiljøer
som arbeider i tett samspill med innovativt næringsliv.
Selskapet er også med på et prosjekt i 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 workshops i regi av NTNU Ålesund (Institutt
for havromsoperasjoner). Insentivet er også finansiert 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 prioritere 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 har i 2023 inngått intensjonsavtale med SINTEF om deltakelse i
«FME Maritime Energy Transition» som skal ta for seg forskningstemaer på
tvers av den maritime verdikjede, med fokus på utvikling av teknologier og
ANNUAL REPORT / ÅRSBERETNING
29
veloping technologies and operations that can reduce the environmental
footprint of shipping.
In 2023 the company supported different social activities and projects in the
local communities.
Sustainability
Sustainability is an integral part of Havila Shipping’s overall strategy and
requires an integrated thinking of those charged with governance. The
Board of Directors (BoD) is the governing body that approves the overall
strategy of the company. The sustainability strategy plan for 2023-2025
was approved by the BoD in August 2022. Some of the main building
blocks in this strategy period are risks and opportunities related to de-
carbonization.
The BoD reviews and approves the ESG (Environmental, Social and Gov-
ernance) strategy and business plans. They approve KPIs, new and exist-
ing policies, ensure adequate goals in place and monitor ESG goals and
ambitions. The BoD and the executive management discuss the quarterly
review to identify risks, with focus on climate related risks, and they guide
business plans, action plans and major capital expenditures in accordance
with ESG related issues. The BoD and the executive management approve
the ESG reports.
The executive management approve ESG strategy and policies related
and approve KPIs, set targets and fields responsible. They manage risks
including climate change risk and develop mitigation plans.
The ESG task group consists of chief executive officer, chief financial of-
ficer, operations director, technical manager and HSEQ manager. They
develop and manage the ESG strategy, rules, regulations, human rights
and communication. They review KPIs and support field responsible. They
enable frameworks and systems for accountability and processes. The
ESG task group leads the implementation of sustainability strategy, and
they examine risk and opportunities from both financial and non-financial
perspectives. They assess performance based on KPIs defined and offer
advice on emergent matters. The ESG task group is responsible for pro-
ducing ESG report and other ESG communication.
The audit committee monitors and oversees the risk management policy
and framework, and they discuss with management the quarterly risk re-
view, including climate-related risks. The audit committee prepares plan
and follow-up the internal audit in cooperation with the management,
including audit of environment, KPIs and other climate-related reporting.
Important ESG topics involved in the strategy were selected after engag-
ing stakeholders and grouped under 3 priorities: Environmental footprint,
Health and Safety and Trusted and responsible partner.
We have goals for all 3 priorities:
• Environmental footprint
• Annual reduction of 3% on CO2 emission intensity of the
Group’s fleet until 2025
• A reduction of 50% on the CO2 emission intensity by 2030 (vs
2008) and achieve net-zero by 2050.
• Zero oil spill
• Health and Safety
• Zero serious harm to personnel measurable by recordable in-
juries
• Retention rate at 90%
operasjoner som kan redusere miljøfotavtrykket til skipsfarten.
Selskapet støttet i 2023 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 diskuterer de
kvartalsvise gjennomganger av risikoer med fokus på klimarelaterte risikoer.
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
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 undersøker risikoer og muligheter både fra et finansielt og ikke-finansielt
perspektiv. Arbeidsgruppen vurderer også utførelse av de definerte KPIer,
og gir råd i hastesaker. Arbeidsgruppen er ansvarlig for å utarbeide ESG-
rapporten samt annen ESG kommunikasjon.
Revisjonsutvalget (RU) kontroller og overvåker retningslinjer og rammeverk
for risikostyring. RU diskuterer den kvartalsvise gjennomgangen av risikoer
med ledelsen, inkludert klimarelaterte risikoer. RU legger planer og følger
opp internrevisjonen i samarbeid med ledelsen, herunder revisjon av miljø,
KPIer og annen klimarelatert rapportering.
Viktige ESG-emner involvert i strategien ble valgt etter å ha engasjert
interessenter og gruppert under 3 prioriteringer: Miljømessig fotavtrykk,
helse og sikkerhet samt pålitelig og ansvarlig partner.
Vi har mål for alle 3 prioriteringer.
• Miljømessige fotavtrykk
• Årlig reduksjon på 3% av CO2-utslippsintensiteten til
konsernets flåte frem til 2025
• En reduksjon på 50 % av CO2-utslippsintensiteten innen 2030
(mot 2008) og oppnå netto null innen 2050.
• Null oljeutslipp
• Helse og sikkerhet
• Null alvorlige skader på personell som kan måles ved
registrerbare skader
• “Retention rate” på 90%
ANNUAL REPORT / ÅRSBERETNING
30
• Trusted and Responsible Partner
• Work with a sustainable supply chain
• Manage the risks associated with climate change
• Improve prevention, identification and immediate remediation
of human rights violations
• Increase sustainability transparency
• Support local communities
he ESG task group has run an assessment of climate risk and opportuni-
ties and identified the following ones:
• Risks: Policy and legal, Market, Technology
• Opportunities: Market, fleet optimization
For more information regarding sustainability see the ESG report at www.
havilashipping.no/investor-relations.
The Human Rights report according to the Transparency Act will be pub-
lished at www.havilashipping.no/investor-relations before 30 June 2024.
Profit for the year and allocation of profit
Based on the company’s results, the Board of Directors proposes the fol-
lowing allocation of the profit for the year
The Board of Directors proposes to the general meeting on 21 May 2024
that no dividend be distributed to shareholders.
• 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.
Redegjørelse om aktsomhetsvurdering i henhold til Åpenhetsloven vil bli
publisert på selskapets hjemmeside www.havilashipping.no/investor-
relations før 30. juni 2024.
Årsresultat og disponeringer
Med utgangspunkt i selskapets resultat foreslår styret følgende
disponering av årsresultat:
Styret foreslår for generalforsamlingen 21. mai 2024 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 398 384
Total allocated Totalt disponert 398 384
Fosnavåg, 19 April 2024
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
31
Fosnavåg, 19 April 2024
The Board of Havila Shipping ASA / Styret i Havila Shipping ASA
ANNUAL REPORT / ÅRSBERETNING
32
GROUP PROFIT AND LOSS ACCOUNT / RESULTATREGNSKAP KONSERN
PROFIT AND LOSS ACCOUNT RESULTATREGNSKAP NOK 1000
IFRS IFRS
note 2023 2022
Operating income Driftsinntekter
Freight income Fraktinntekter 5, 21 665 289 658 494
Net foreign currency gain/loss Netto valutagevinst/tap 22 2 406 -611
Gain on sale of fixed assets Gevinst ved salg av anleggsmidler 214 984 135 799
Other income Andre inntekter 17 36 549 30 765
Total income Sum driftsinntekter 919 228 824 446
Operating expenses Driftskostnader
Crew expenses Mannskapskostnader 19 -260 586 -275 268
Vessel expenses Driftskostnader fartøy 18 -90 167 -91 129
Hire expenses Leiekostnader 21 -19 078 -14 094
Other operating expenses Andre driftskostnader 18 -61 324 -46 558
Total operating expenses Sum driftskostnader -431 155 -427 049
Operating income before depreciation and impairment
charge
Driftsresultat før avskrivning og nedskrivning 488 073 397 398
Depreciation Avskrivninger 6 -131 633 -183 727
Reversal of impairment charge of fixed assets Reversering av nedskrivning varige driftsmidler 6 865 020 226 000
Operating result Driftsresultat 1 221 459 439 671
Financial items Finansposter
Value adjustment of debt Verdijustering lån 13 -1 080 791 -456 484
Financial income Finansinntekter 20 12 170 75 303
Financial expenses Finanskostnader 20 -36 669 -163 938
Net financial items Netto finansposter -1 105 290 -545 120
Result from joint venture companies Andel resultat felleskontrollert selskap 7 -3 061 -6 305
Profit / (Loss) before tax Resultat før skatt 113 108 -111 754
Taxes Skattekostnad 15 -236 -942
Profit / (Loss) Resultat 112 872 -112 696
PROFIT DISTRIBUTED BY: RESULTAT TILORDNES:
Controlling interest Eier av morforetaket 112 872 -112 696
Total Sum 112 872 -112 696
Earnings per share Resultat pr. aksje 23 4,75 -4,74
Diluted earnings per share * Utvannet resultat pr. aksje * 23 1,71 0,36
* Diluted earings per share calculated excl. value adjust-
ment debt.
* Utvannet fortjeneste pr. aksje beregnet ekskl. verdijus-
tering lån.
33
COMPREHENSIVE INCOME UTVIDET RESULTAT NOK 1000
IFRS IFRS
2023 2022
Profit / (Loss) Resultat 112 872 -112 696
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 113 031 -112 714
Total profit / (loss) distributed by: Totalresultat tilordnes:
Controlling interest Eier av morforetaket 113 031 -112 714
Total Sum 113 031 -112 714
GROUP PROFIT AND LOSS ACCOUNT / RESULTATREGNSKAP KONSERN
34
GROUP BALANCE SHEET / BALANSE KONSERN
BALANCE SHEET BALANSE NOK 1000
IFRS IFRS
ASSETS EIENDELER note 31/12/23 31/12/22
Fixed assets Anleggsmidler
Tangible fixed assets Varige driftsmidler
Vessels Fartøy 6 1 076 670 1 139 750
Buildings, movables and fixtures Bygninger, driftsløsøre og inventar 6 1 105 1 274
Right - of - use assets Bruksrett eiendeler 21 9 555 10 140
Total fixed assets Sum varige driftsmidler 1 087 330 1 151 163
Financial fixed assets Finansielle eiendeler
Investments in joint venture company Investering i felleskontrollert virksomhet 7 19 469 22 530
Shares Aksjer 8 100 100
Net investment in lease Netto investering i leie 21 46 139 46 139
Long term receivables Langsiktige fordringer 10 6 810 14 604
Total financial fixed assets Totale finansielle eiendeler 72 519 83 373
Total fixed assets Sum anleggsmidler 1 159 849 1 234 536
Current assets Omløpsmidler
Fuel and other stocks Bunkers og annet lager 26 2 080 19 804
Trade receivables and other receivables Kundefordringer og andre fordringer 10 180 581 154 346
Asset held for sale Eiendeler tilgjelgelig for salg 6 0 447 332
Bank deposit Bankinnskudd 11 97 728 147 381
Total current assets Sum omløpsmidler 280 389 768 863
Total assets Sum eiendeler 1 440 238 2 003 400
Fosnavåg, 19 April 2024
The Board of Havila Shipping ASA / Styret i Havila Shipping ASA
35
BALANCE SHEET BALANSE NOK 1000
IFRS IFRS
EQUITY AND LIABILITIES EGENKAPITAL OG GJELD note 31/12/23 31/12/22
Equity Egenkapital
Paid in equity Innskutt egenkapital
Share capital Aksjekapital 23 776 23 776
Share premium Overkurs 933 704 933 704
Total paid-in-equity Sum innskutt egenkapital 957 481 957 481
Retained earnings Opptjent egenkapital
Uncovered loss Udekket tap -937 947 -1 050 977
Total retained earnings Sum opptjent egenkapital -937 947 -1 050 977
Total equity Sum egenkapital 19 534 -93 497
Liabilities Gjeld
Provision for liabilities Avsetning for forpliktelser
Deferred tax Utsatt skatt 15 9 145 11 432
Total provisions for liabilites Sum avsetning for forpliktelser 9 145 11 432
Other non-current liabilities Annen langsiktig gjeld
Borrowings Lån 13 0 1 677 726
Shareholder loan Aksjonærlån 13 0 100 000
Lease liabilities Leieforpliktelser 13,21 31 287 31 875
Other non-current debt Annen langsiktig gjeld 14,25 33 197 33 197
Total other non-current liabilities Sum annen langsiktig gjeld 64 484 1 842 798
Total non-current liabilities Sum langsiktig gjeld 73 630 1 854 230
Current liabilities Kortsiktig gjeld
Trade payable Leverandørgjeld 23 722 58 386
Tax payable Betalbar skatt 15 2 551 3 006
Current liabilities of long term debt Kortsiktig del av langsiktig gjeld 13 1 233 989 7 022
Other current liabilties Annen kortsiktig gjeld og forpliktelser 12 ,1 7,2 1 86 813 174 253
Total current liabilities Sum kortsiktig gjeld 1 347 074 242 666
Total liabilities Sum gjeld 1 420 704 2 096 896
Total equity and liabilities Sum egenkapital og gjeld 1 440 238 2 003 400
GROUP BALANCE SHEET / BALANSE KONSERN
Fosnavåg, 19 April 2024
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
36
GROUP EQUITY STATEMENT - EGENKAPITALOPPSTILLING KONSERN
EQUITY STATEMENT EGENKAPITALOPPSTILLING
NOK 1000
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
2022 Note Share capital 1) Share premium
fund
Uncovered loss Accumulated
currency
translations
differences
Total
Note Aksjekapital 1) Overkurs Udekket tap Akkumulert
valutaomreg-
ningsdifferanse
Total
Equity per 01/01/22 Egenkapital pr 01.01.22 23 776 933 704 -938 339 75 19 217
Profit / (Loss) Resultat -112 696 -112 696
Exchange differences on translation of
foreign operations, will be reclassified to
profit and loss
Valutakurseffekt ved omregning av
utenlandsk virksomhet, blir reklassifisert
over resultat
-18 -18
Total comprehensive income Totalresultat 0 0 -112 696 -18 -112 714
Equity per 31/12/22 Egenkapital pr. 31.12.22 23 776 933 704 -1 051 035 56 -93 497
See note 13 loans for information about outstanding warrants. Se note 13 lån for informasjon om utestående tegningsretter.
1) Share capital 1) Aksjekapital 23 776 300
Par value per share NOK Pålydende verdi pr. aksje NOK 1,00
1) Share capital 1) Aksjekapital 23 776 300
Par value per share NOK Pålydende verdi pr. aksje NOK 1,00
NOK 1000
37
GROUP CASH FLOW STATEMENT – KONTANTSTRØMOPPSTILLING KONSERN
NOK 1000
Note 2023 2022
Cash flows from operating activity: Kontantstrømmer fra driften:
Profit before tax Resultat før skattekostnad 113 108 -111 754
Depreciation Avskrivninger 6 131 633 183 727
Reversal of impairment charge of fixed assets Reversering av nedskrivning varige driftsmidler -865 020 -226 000
Gain on sale of fixed assets Gevinst ved salg av anleggsmidler -214 984 -135 799
Net financial expenses Netto finanskostnader 20 1 105 290 545 120
Share of result from joint venture companies Andel resultat i felleskontrollert virksomhet 7 3 061 6 305
Accounts receivables, other receivables and derivatives Kundefordringer, andre fordringer og derivater 452 -30 795
Trade payables and other current liabilities Leverandørgjeld og annen kortsiktig gjeld -115 896 72 342
Cash flows from operating activity Kontantstrømmer fra driften 157 645 303 146
Paid interests Betalte renter 13,20 -64 516 -79 747
Paid taxes Betalte skatter 15 -3 050 -4 597
Received Interests Mottatt renter 3 025 1 588
Realized agio gain / loss * Realisert agio / disagio 2 669 -3 615
Net cash flows from operating activity Netto kontantstrømmer fra driften 95 774 216 774
Cash flows from investing activity: Kontantstrømmer fra investeringsaktiviteter:
Investments Investeringer 6 -48 103 -48 067
Received bareboat hire financial receivable Mottatt bareboat leie finansiell fordring 21 25 846 25 846
Net cash flows from investing activity Netto kontantstrømmer brukt til investeringsaktiviteter -22 257 -22 221
Cash flows from financing activity: Kontantstrømmer fra finansieringsaktiviteter:
Repayment of borrowings Nedbetaling av lån 13 -97 595 -118 666
Repayment of lease liabilities Nedbetaling av leieforpliktelser 13,21 -29 958 -26 253
Net cash flows from financing activity Netto kontantstrømmer brukt til finansieringsaktiviteter -127 553 -144 919
Net changes in cash and cash equivalents Endring i kontanter, kontantekvivalenter og benyttede trekkrettigheter -54 037 49 634
Cash and cash equivalents at beginning of period Kontanter, kontantekvivalenter og benyttede trekkrettigheter ved periodens begynnelse 147 381 100 863
Net currency exchange differences Valutagevinst/(-tap) på kontanter, kontantekvivalenter og benyttede trekkrettigheter 4 381 -3 117
Cash and cash equivalents at end of period Kontanter, kontantekvivalenter og benyttede trekkrettigheter ved periodens slutt 11 97 728 147 381
38
39
GROUP NOTES NOTER KONSERN
NOTE PAGE/SIDE
1 Group information Konserninformasjon 40
2 Summary of material accounting policy information Vesentlig informasjon om regnskapsprinsipp 40-48
3 Financial risk management Finansiell risikostyring 49-55
4 Significant accounting estimates Viktige regnskapsestimat 56-59
5 Segment information Segmentinformasjon 61-64
6 Tangible fixed assets Varige driftsmidler 65
7 Investement in Joint venture/Subsidiaries Investering i felleskontrollert virksomhet/datterselskap 66-67
8 Financial instruments by category Finansielle instrumenter etter kategori 68
9 Derivatives Derivater 69
10 Account receivables and other receivables Kundefordringer og andre fordringer 70-71
11 Cash and cash equivalent Kontanter og kontantekvialenter 71
12 Other current liabilities Annen kortsiktig gjeld 71
13 Loans Lån 72-76
14 Other non-current liabilities Annen langsiktig gjeld 78
15 Taxes Skattekostnad 78-79
16 Pensions Pensjoner 80
17 Other income Andre driftsinntekter 81
18 Specification of operating expenses Spesifikasjon av driftskostnader 81
19 Crewing and Payroll expenses Mannskap og lønnskostnader 82
20 Financial income and -expenses Finansinntekter og -kostnader 82
21 Leases Leieavtaler 83-86
22 Net foreign currency gains/loss-result Netto valutagevinster/tap-resultatført 86
23 Earing per share Resultat pr. aksje 87
24 Dividend per share and repayment to the shareholders Utbytte pr. aksje og tilbakebetaling til aksjonærer 87
25 Related parties Nærstående parter 88-91
26 Stocks and inventory Bunkers og annet lager 92
27 Government grants Oentlig tilskudd 92
28 Events after the balance sheet date Hendelser etter balansedagen 92
39
40
ACCOUNTS FOR ARE PRESENTED IN NORWEGIAN;
ENGLISH VERSION FOR IFORMATION PURPOSE.
GROUP NOTES NOK
GROUP INFORMATION
Havila Shipping ASA and its subsidiaries operates an offshore service vessel
business from registered offices, Mjølstadnesvegen 24, 6092 Fosnavåg in the
municipality of Herøy in Norway. The company’s vessels operate primarily in the
North Sea. The company is listed on the Oslo Stock Exchange.
The consolidated accounts were approved by the Board of Directors on 19 April
2024.
SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION
2.1 Basis of preparation
Havila Shipping ASA’s consolidated financial statements for the 2023 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 2023, but
considered to have no effect for the Group:
• Amendments to IFRS 17 - Insurance contracts
• Initial Application of IFRS 17 and IFRS 9 - Comparative Information
• Amendments to IAS 12 - Deferred Tax related to Assets and Liabilities
arising from a Single Transaction
• Amendments to IAS 12 - International Tax Reform - Pillar Two Model Rules
Other changes in standards and interpretations with future effective date are not
considered to have any significant effect for the Group.
REGNSKAPET FOR ER AVLAGT PÅ NORSK, OVERSET
TELSE TIL ENGELSK ER FOR INFORMASJON.
KONSERNNOTER TIL REGNSKAPET NOK
KONSERNINFORMASJON
hovedkontor, Mjølstadnesvegen 24, 6092 Fosnavåg i Herøy kommune i Norge.
Rederiets fartøyer har sitt virke hovedsakelig i Nordsjøen. Selskapet er notert på
Oslo Børs.
Konsernregnskapet ble vedtatt av selskapets styre 19. april 2024.
VESENTLIG INFORMASJON OM REGNSKAPSPRINSIPP
GROUP NOTES / NOTER KONSERN
41
2.2 Functional currency and presentation currency
The consolidated financial statements are presented in Norwegian kroner which
is the functional currency in the parent company and the presentation currency
for the group. For consolidation purposes, balance sheet figures of subsidiaries
in a different functional currency are translated into the presentation currency
(NOK) at the exchange rate on the balance sheet date, and the profit and loss
statement is translated to the average monthly exchange rate for the period.
Functional currencies for the subsidiaries other than NOK are:
Havila Shipping UK LTD GBP
Havila Marine Guernsey LTD GBP
Havila Management Sdn BHD MYR
Exchange differences are recognized in other comprehensive income (OCI).
Transactions in foreign currency are converted to the functional currency
exchange rate at the time of transaction. Monetary items in foreign currency are
translated to Norwegian Kroner at the exchange rate on the balance sheet date.
Non-monetary items measured at fair value expressed in foreign currency are
converted at the exchange rate on balance sheet date. Exchange rate differences
are recognized continuously in the profit and loss statement. Net foreign
exchange gains and losses related to accounts receivable are recognized as
revenue, and accounts payable and other exchange rate differences are included
in the financial items.
Exchange rates at the balance sheet date
Applied exchange rates vs NOK at balance sheet date:
2.3 Consolidation principles
The consolidated financial statements include Havila Shipping ASA and
companies in which Havila Shipping ASA has a controlling interest. Control is
achieved where the Group has power over the entity and may use it to affect
the return, is exposed or has rights, to variable returns, and the Group is able to
exercise control over the company.
An overview of subsidiaries and joint ventures included in the group’s equity is
given in note 7 Investments in joint ventures/Subsidiaries..
The acquisition method is used for accounting of business combinations.
Companies acquired or sold during the year are consolidated from the date
control is achieved and until control ceases.
The consolidated financial statements are prepared using uniform accounting
policies for similar transactions and events under similar conditions.
Intergroup transactions and intercompany balance, including intergroup earnings
and unrealized profit and loss, are eliminated. Unrealized profit from transactions
with jointly controlled entities is eliminated according to the Group’s share in the
company/business. Unrealized losses are similarly eliminated, but only when
there are no indications of a decrease in the value of the asset sold within the
GROUP NOTES / NOTER KONSERN
42
group.
Under the terms of the restructuring agreement of 28 February 2017, 12 out of 17
vessels that did not pass the earnings test during the six-month period ended
February 28, 2019 were categorized as “Non-Performing Vessels”. The lender
could, under given criteria, declare ownership of the vessels or initiate a sales
process. No lenders have declared ownership of any vessel, and Havila Shipping
has had the right of control and has been fully exposed to variability in return for
all vessels throughout the year.
It is the company’s opinion that Havila Shipping also has control over the operating
activities after the implementation of the financial restructuring agreement on 30
June 2020, and that it is the operating activities that have the largest impact on
the earnings in the ship-owning companies.
It is the Company’s opinion that Havila Shipping had control over the ship-owning
companies based on both restructuring agreements discussed above, the vessels
and meet the requirements for consolidation in accordance with the criteria in
IFRS 10.
2.4 Joint ventures
The consolidated financial statements include the Group share of profit from joint
ventures, when the equity method for accounting is applied.
A joint venture is an economic activity regulated by an agreement between
two or more participants so that they have joint control over the business. The
consolidated financial statements include the Group share of profit from the joint
arrangement.
When the group’s share of the loss from a joint venture exceeds the value of the
investment in it, the joint venture book value for the group is reduced to zero and
no further loss is recognized unless the group is obliged to cover this loss.
Risk elements described for other areas of operations also apply to participation in
the operations of joint venture companies. There is no special risk area identified
for joint arrangements compared to other operations.
See note 7 investments in Joint venture /subsidiaries.
2.5 Cash and cash equivalents
Cash includes cash on hand and short term deposits. Cash and cash equivalents
are short-term liquid investments that can be converted to a known amount of
cash within 3 months, and which involve an insignificant risk.
2.6 Accounts receivables
Accounts receivable arise from the sale of goods or services that are within the
normal operating cycle. If collection is expected in one year or less, the receivables
are classified as current assets, otherwise as fixed assets.
Trade receivables which do not contain a significant financing element are
measured at nominal value at the time of initial recognition. Trade receivables
which contain a significant financing component are measured at fair value on
initial recognition. The Group’s trade receivables are kept in a business model
where the purpose is to collect contractual cash flows. Consequently, on
subsequent measurement, the trade receivables are amortized at amortized cost
less provision for life expectancy losses.
The group’s main revenue sources are T/C contracts. T/C contracts contain both
a lease and a service agreement. Both of these items are recorded normally during
the contract period, so the impact if service element separated and accounted for
separately is limited.
GROUP NOTES / NOTER KONSERN
43
2.7 Tangible fixed assets
Fixed assets are stated at cost, less depreciation. When assets are sold or disposed
of, the carrying amount is deducted and any gain or loss recognized. Gains and
losses on disposal of assets is recognized and included in other income when the
sale of vessels considered being part of the regular business operations.
See Note 4.2 Impairment charge of tangible fixed assets - the recoverable amount.
The cost of fixed assets is the purchase price, including duties, taxes, interest, and
expenses directly attributable to preparing the asset for use. The borrowing costs
are capitalized until the time the asset is ready for use. If capitalized value exceeds
the asset’s fair value, there has been impairment charge.
Vessels under construction are recognized at cost at the time of delivery.
Advance payments and liabilities during the construction period are capitalized
continuously. When the vessel is delivered a part of the vessel’s cost price is
recognized as capitalized classification expense. The Group has no vessel under
construction.
2.7.1 Depreciation
Vessels and periodic maintenance are included in the consolidated balance sheet
at cost less for this year and previous years’ depreciation and write down. The
vessels are depreciated from new ones over a defined expected useful life of 20
years. In determining estimated residual value, discretion is exercised. Discretion
is also exercised when the estimated normal useful life is set at 20 years. Specific
conditions or plans for vessels or groups of vessels may override this, including the
vessel’s contractual conditions, including any option periods.
The determination of the expected useful life is carried out at the beginning of the
financial year.
The value in use calculations have an indirect effect on depreciation to the extent
that they result in vessel write-downs by reducing the depreciation basis.
An annual assessment of residual values is carried out. When determining
residual values, it is assumed for the different vessel groups that vessels with
“modern” design have higher residual value than old design. All the Group’s
vessels are equipped to operate in the North Sea. Regardless of the assumed area
of operation, larger vessels are valued at a higher residual value, as overcapacity
means that the largest vessels receive assignments before the smaller ones.
When determining the estimated residual value, the estimated useful life of 20
years is set for all vessels.
Depreciation for other fixed assets is calculated linearly over the estimated useful
life.
The Group does not have ships under construction, but any newbuilding’s are
not depreciated until before the fixed asset is taken into use. The Group has an
ongoing program for maintenance and classification of machinery, equipment
and hulls. Periodical maintenances are capitalized in the balance sheet under
vessels and are included in note 6 tangible fixed assets.
Investment in battery solutions is amortized over an estimated useful life of 10
years, provided that the vessel’s remaining lifetime is assumed to be at least
correspondingly long.
Investments made to fulfil specific requirements in contracts with customers are
amortized on a straight-line basis over the term of the contract.
GROUP NOTES / NOTER KONSERN
44
2.7.2 Impairment
The book value of tangible assets is reviewed for impairment whenever events or
changes in circumstances indicate that the carrying value may not be recoverable.
If such indication exists and the book value exceeds the recoverable amount, the
fixed asset’s residual value is the higher of net selling price and value in use. As
the approach to net selling price normally obtained valuations from independent
shipbrokers. Brokers’ estimates assume the vessels are without charter contracts,
immediately available for sale in the market and that a willing seller and a willing
buyer exist. The value in use is calculated by discounting future cash flows to
present value at the balance sheet date. Due to reduced liquidity in the market
for vessels, there is an increased uncertainty about the estimated ship values in
today’s market. Per 31/12/23 calculation of value in use is used in the impairment
testing for all the vessels.
2.8 Financial instruments
2.8.1 Investment in shares
Investment in shares are measured at fair value through profit and loss, with
exception of shares in associated companies and joint ventures.
2.8.2 Receivables
The Group keeps its accounts receivables and other receivables in a business
model where the purpose is to collect contractual cash flows, so that these are
measured at amortized cost.
Loans and receivables are recognized at amortized cost. They are classified
as current assets, except for loans with maturities greater than 12 months after
balance sheet date. These are classified as fixed assets. Loans and receivables
include trade and other receivables and cash and cash equivalents in the balance.
Financial assets are derecognized when the rights to receive cash flow from
investments have expired.
See note 2.5 cash and cash equivalents, note 2.6 accounts receivables, note 4.1
use of estimation in preparation of the financial statements and note 10 account
receivables and other receivables.
2.8.3 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.
2.8.4 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.
GROUP NOTES / NOTER KONSERN
45
Agreements that reduce the value of outstanding debt reduce the value of the
debt and are recorded as income. In the subsequent calculation of the value of
the agreement, changes are made as an adjustment of the liability with a counter
item in the income statement.
2.9 Provisions
A provision is recognised in the balance sheet when the group has a present
obligation (legal or constructive) as a result of an event, when it is likely that a
financial settlement will occur as a result of this obligation and that the amount
can be reliably determined. If the effect is significant, the provision is calculated
by discounting the expected future cash flows before -tax which reflects current
market assessments of the time value of money and, where appropriate, the risks
specific to the liability.
2.10 Equity
Ordinary shares are classified as equity.
Own shares
With the repurchase of own shares, the acquisition cost including direct
assignable costs is reported as a change in equity. Own shares are presented as
a reduction in equity. Losses or gains on transactions involving own shares are
not recognised in the profit and loss statement.
Costs relating to equity capital transactions
Transaction costs directly related to an equity capital transaction are recognised
direct against equity after deduction for tax.
2.11 Taxes payable and deferred income tax
Tax expense in the profit and loss statement is calculated in accordance with
prevailing tax laws and regulations, or primarily those passed by the tax authorities
at the balance sheet date. Taxable income is calculated in accordance with the
tax regulations in the countries in which group’s subsidiaries, joint venture or
associates operate and generate taxable income. The management evaluates the
tax positions in the group periodically, with focus on situations where prevailing
tax laws are subject to interpretation. Based on these evaluations, provisions are
made for anticipated taxes payments.
Deferred tax is calculated on all temporary differences between tax values
and accounting values of the company’s assets and liabilities in the financial
statements using the liability method. If deferred tax arises from initial recognition
of an asset or liability in a transaction that is not business integration and which at
the time of transaction does affects neither the accounting result nor the taxable
result, the deferred tax liability is not recorded in the balance sheet. Deferred tax
is calculated using tax rates and tax laws applicable for all practical purposes
enacted by the authorities at balance sheet date, and which are assumed to apply
when the deferred tax is realised or settled.
Deferred tax advantage is entered in the balance sheet to the extent it is probable
that the company will have future taxable income, and that the temporary
differences can be deducted from this income.
Deferred tax advantage are reported at nominal value and classified as financial
assets (non-current liability) in the balance sheet.
The companies which are subject to the rules for the shipping tax regime will not
be taxed on net operating result. Net financial income is taxed currently with 22%.
Note 15 taxes explain what effect it has on the Group.
GROUP NOTES / NOTER KONSERN
46
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 31/12/23, the group has a defined contribution schemes for both
the shorebased employees and the seamen. A defined contribution scheme
is a pension scheme in which the company pays a fixed contribution to a
separate legal entity. The company has no legal or other obligation to pay further
contributions if the entity has insufficient funds to pay pension benefits earned in
the current and previous periods. Therefore the Group has no capitalized pension
obligation in the accounts.
See note 16 Pension.
2.13 Principles for recognizing income
Revenue is recognized when it is likely that transactions will generate future
economic benefits that will accrue to the company and the amount can be
reliably measured.
Sales revenues are presented net of VAT and discounts.
Freight revenues are based on contracts with customers. Services are recognized
in line with the completion. The Group’s vessels are mainly hired out on time
charter (TC). The TC contracts contains both a lease component that is regulated
by IFRS 16 and a service component that is regulated by IFRS 15. The service
component shall cover crew costs and other operating costs for the vessel, and
is recognized as income on a straight-line basis over the contract period. Both
the lease component and the service component are recognized toghether as
income in freight income. Lease income for the leasing of vessels are recognized
as operating leases and recognized in the income statement on a straight-line
basis over the ease period. The lease period commences from the time the ship
is made available to the tenant and terminates upon agreed return. For leased
vessels which are leased out to customers, the rental component is capitalized
in accordance with IFRS 16. In case of off-hire periods as a result of a docking or
other unforeseen events, the shipowner bears the risk beyond any accumulated
earned maintenance days where this is stipulated in the contract. The Group has
entered off-hire insurance to cover major operational interruptions such damage
or other unforeseen maintenance requirements.
Interest income is recognized as it accrues.
Gains from the sale of assets are recognized when delivery has occurred and the
significant risks and rewards are transferred.
Dividend income is recognized when the shareholders’ right to receive payment
is established by the General Assembly.
2.14 Government grants
Contributions relating to net wage and rebate arrangements for seamen are
recognised as a cost reduction in the same year as the corresponding payroll
cost.
See note 19 crewing and payroll expenses and note 27 government grants.
GROUP NOTES / NOTER KONSERN
47
2.15 Stock and inventory
Stocks are recognized at the lower of cost and net realizable value.
Inventories consist of bunkers, luboil and urea.
See note 26 stocks and inventory.
2.16 Segments
The operating segments are based on the reporting that the management uses
when considering the vessels activity at an operational level. Each vessel is
considered separately, but vessels that perform the same type of services are
shown as one segment.
See note 5 segment information.
2.17 Events after the balance sheet date
New information after the balance sheet date regarding the company’s financial
position on the balance sheet date has been taken into consideration in the
consolidated financial statements. Events after the balance sheet date that will
have no influence on the company’s financial position on the balance sheet date,
but which is expected to have influence on the company’s future financial position
is disclosed if deemed material. See note 28 events after the balance sheet date.
2.18 IFRS 16 Leases
The Group has the following lease contracts which are affected by this standard:
• The vessel Havila Troll
• Rental agreements for office facilities
• Leasing of company cars
Lease payments to be made under reasonably certain extension options are also
included in the measurement of the liability. The lease payments are discounted
using the interest rate implicit in the lease. If that rate cannot be readily determined,
which is generally the case for leases in the group, the lessee’s incremental bor-
rowing rate is used, being the rate that the individual lessee would have to pay
to borrow the funds necessary to obtain an asset of similar value to the right-
of-use asset in a similar economic environment with similar terms, security and
conditions.
For Havila Troll, an interest rate of 7, 5% is used. This is calculated based on the
interest rate estimated in the leasing agreement with the external customer. The
required rate of return and the interest rate on the financial receivable are as-
sessed equal to the interest rate for the lease liability, as the rental component of
the sublease agreement is approximately equal to the rent in the lease agreement.
An interest rate of 4.5% has been calculated for other leases.
The Group is exposed to a future increase in variable lease payments based on
consumer price index or exchange rates, which are not included in the lease
agreement before they take effect. When the adjustments to lease payments
based on the consumer price index or interest rate take effect, the lease liability is
reassessed and adjusted against the assets right of use.
Rental payments are distributed between principal and finance costs.
The financing cost is charged to the profit over the lease contracts in a timeframe
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
GROUP NOTES / NOTER KONSERN
48
• any original direct costs
• costs related to reconstruction.
Right-of-use assets are generally depreciated on a straight-line basis over the
shortest period of the asset’s useful life and lease period. If the Group is reason-
ably confident of exercising a call option, the right-of-use asset is depreciated
over the underlying asset’s useful life.
Payments related to short-term lease obligations of equipment and all leases with
low-value assets are recognized on a straight-line basis as an expense in the
income statement. Short-term leases are leases with a lease term of 12 months
or less. Low value assets consist of computer equipment and rental of storage
rooms for temporary storage of equipment as well as rental of archive space.
See note 21 Leases where the accounting effects are presented.
GROUP NOTES / NOTER KONSERN
49
FINANCIAL RISK MANAGEMENT
The group’s activities are exposed to various types of financial risk:
Market risk
Credit risk
Liquidity risk
The group’s Executive Risk Management Plan focuses on the unpredictability
of the capital markets and attempts to minimise potential negative effects on
the group’s financial results over time. The group uses financial derivatives to
hedge against the risks mentioned above. Forward dealings such as contracts
are used to ensure exchange rates for future incomes in foreign currencies. This
assurance is then based on the company’s expectation that hedging transactions
will have a positive effect on the company’s earnings over time. The group also
uses financing in currencies other than NOK for the same reason.
The Group does not use hedge accounting as an accounting principle.
Risk management activities for the group are conducted by the Finance Director
and Managing Director in consultation with the Chairman of the Board within
the limits set by the Board of Directors. Financial risk is continuously evaluated
according to the types of activity the company’s vessels are involved in and the
currency and credit markets current conditions. The group financial position
reduces credit limits available for hedging transactions. This implies increased
risk associated with changes in value than normal for the business.
Fair value
The fair value of financial instruments that are traded in active markets (such as
securities that are available for sale or held for trading purposes) is based on the
market rate on balance sheet date.
All commitments related to interest and currency derivatives are measured at fair
value using market prices at the balance sheet date.
IFRS 13 requires the presentation of fair value measurement per level of the
following section;
* Quoted prices (unadjusted) in active markets for identical assets or liabilities
(level 1).
* Inputs other than quoted prices included within that are observable for the asset
or liability, either directly (that is, as prices) or indirectly (that is, derived from
prices) (level 2).
* Inputs for the asset or liability that are not based on observable market data
(that is, unobservable inputs) (level 3).
The fair value of financial instruments that are not traded in an active market
(for example, over-the-counter derivatives) is determined by using valuation
techniques. These valuation techniques maximize the use of observable market
data where it is available and rely as little as possible on entity specific estimates.
If all significant inputs required to fair value an instrument are observable, the
instrument is included in level 2. The group is based on information from the bank
for valuation of derivatives.
If one or more of the significant inputs is not based on observable market data,
the instrument is included in level 3.
GROUP NOTES / NOTER KONSERN
50
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
Long-term loan from Havila Holding AS
Accrued interests loans
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 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.
GROUP NOTES / NOTER KONSERN
2022
The following table contains the fair value per 31/12/22
Liabilities
Loans - interest bearing debt *
Loans - non-interest-bearing debt *
Convertable shareholder loan
Current liabilities of long term debt
Total liabilities
51
2022
* The Group has two outstanding bond loans, HAVI04 and HAVI07. Both the bond
loans and the bank debt are secured by a mortgage of vessels. In connection with
the financial restructuring that was executed on 30.06.20, all debt was divided into
an interest-bearing tranche and a non-interest-bearing tranche. The fair value of
long-term debt is calculated by determining the net present value of estimated
cash flow during the restructuring period for the interest bearing and the non-
interest bearing part of the debt. The calculated effect has reduced the value of
the debt in the balance sheet and booked as financial income in the profit and
loss account.
Total book value per 31/12/2022 was for the bond loans NOK 224 million and for
the bank debt NOK 1,364 million.
See note 3 Loans for information about the financial restructuring.
Financial instruments that are not valued at fair value:
Accounts receivable, other receivables, loans and trade payables. The carrying
value of accounts receivable and accounts payable approximates fair value,
because they are subject to ”normal” conditions and have no time to maturity.
Loans and other receivables are believed to have fair values approximate carrying
value.
3.1 Market risk
The company’s operations involve a financial risk related to changes in freight
rates, exchange rates and interest rates.
The offshore market 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 in the group 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 2023, 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 four years.
As of 31 December 2023, 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
52
Foreign exchange
The group’s vessels operate in an international market and are exposed to
foreign exchange rate risk in relation to the American dollar (USD), British pound
(GBP) and the EURO. The company uses the Norwegian kroner as its operating
currency. Currency exchange rates may have a material impact on the group`s
financial performance. Currency risk arises when future income or balance sheet
assets or liabilities are denominated in a currency that is not the entity’s functional
currency. A significant part of future earnings from fixed contracts for company
vessels are in USD, GBP and EUR.
Changes in the value of the Norwegian kroner compared with the other currencies
create changes in balance sheet values and the company’s future earnings. The
company uses forward exchange transactions that fix the exchange rate between
contract currency and the Norwegian kroner to stabilise future cash flows. In
the current situation, the group has limited opportunity to reduce currency risk
through hedging transactions.
The Group has not applied the rules on hedge accounting and therefore the
contracts are recognized at fair value based on exchange rates at the Balance
Sheet date.
Changes in exchange rates imply value changes that affect the company’s results.
The group has investments in foreign subsidiaries where net assets are exposed
to foreign exchange risk upon conversion. This area is regarded as being
insignificant in light of the company’s overall activity.
The following summary shows the result sensivity given 10% variations in
exchange rates on balance sheet figures in 2023:
The following summary shows the result sensivity given 10% variations in
exchange rates on balance sheet figures in 2022:
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%
53
GROUP NOTES / NOTER KONSERN
Floating and fixed interest rate risk
The group’s interest rate risk is linked to interest-bearing loans that mainly consist
of long-term financing from banks and from the bond market, as well as interest-
bearing bank deposits. See note 13 Loans.
The group’s interest-bearing debts have 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.
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 2.8.4 Loan and note 13 Loans.
The management continuously evaluates interest rate developments and the
influence these have on company results. Financing for vessels with fixed earnings
over a 5 year period are evaluated separately. Short-term interest rate hedging in
periods less than 12 months is carried out by management. Interest rate hedging
longer than this is undertaken in consultation with the Chairman of the Board,
based on current guidelines provided and continuously updated by the Board. The
Group does not use hedge accounting. If the company wishes to bind interest for
a longer period, the floating interest rate is held for the underlying loan and an
interest rate swap agreement is used. By this mean the company receives a floating
interest loan interest and pays a fixed interest rate to the bank as counterparty to
the interest rate swap agreement. No such agreements have been entered into in
2023 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 4.3 Going concern.
54
GROUP NOTES / NOTER KONSERN
Liquidity risk
Nominal installment loan (1)
Loan interest (2)
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.
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.
2022:
1) The stated installments within three months follow from the earnings for the
individual vessel in the fourth quarter of 2022. The installments are paid quarterly
in arrears and constitute 90% of any positive cash flow for the individual vessel
in the previous quarter after operating costs, provisions for maintenance and
interest have been deducted. At the end of the agreement period as of 31/12/24,
the outstanding interest-bearing tranche falls due with NOK 1,423,735.
2) Interest is paid for vessels that have a positive cash flow after operating costs
and provisions for maintenance have been covered. Interest payable can therefore
not be calculated, but assuming unchanged earnings, the interest payment each
quarter will be on a par with the amount stated for the first three months.
See note 2.8.4 Borrowings and note 13 Loans.
Liquidity risk
Nominal installment loan (1)
Loan interest (2)
Trade payable
Tax payable
Other current liabilities
Total
55
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 31/12/23 free liquidity of NOK 87 million. Based on the mechanism of the
restructuring agreements, the Group’s estimated liquidity development indicates
that this assumption will not be breached in the next 12-month period.
See Note 4.3 Going concern.
56
SIGNIFICANT ACCOUNTING ESTIMATES
4.1 Use of estimates when preparing the financial statements
The management has made judgements, estimates and assumptions that affect
the application of accounting principles and reported amounts for assets and
liabilities, revenue and expenses and information about potential obligations.
Future events can result in the estimates changing. Estimates and the underlying
assumptions are assessed continuously. Changes in accounting estimates are
recognised in the period the changes take place. If the changes also apply to
future periods the effect is distributed over current and future periods.
4.2 Controll assessment
Havila Shipping ASA entered into a new agreement on debt refinancing in June
2020. The main elements of the new financial restructuring are described in note
13.
Havila Shipping ASA directly or indirectly owns 100% of the following ship-
owning companies:
• Havila Ships AS (one vessel sold)
• Havila Subcon AS
• Havila Venus AS (vessel sold)
• Havila Jupiter AS (vessel sold)
• Havila Phoenix AS (vessel sold)
• 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. Five companies had negative
equity at the end of 2023, and one company had positive equity.
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 2023, there were 9 vessels that
in one or more periods contributed with positive cash flow. It is likely that all
vessels in near future will generate sufficient income for additional repayment of
tranche A. By ensuring good contracts and efficient operations, Havila Shipping
will be able to influence the value of its investment in the ship-owning companies,
and thereby its return. It is the company’s opinion that Havila Shipping also has
control over the operating activities after the implementation of the financial
restructuring agreement on 30 June 2020, and that it is the operating activities
that have the largest impact on the earnings in the ship-owning companies.
VIKTIGE REGNSKAPSESTIMATER
GROUP NOTES / NOTER KONSERN
57
GROUP NOTES / NOTER KONSERN
4.3 Valuation of receivables
The company’s total receivables, which include trade receivables, contract assets
and lease receivables, are assessed according to a simplified method for credit
losses.
The company measures expected credit losses based on a probability-weighted
amount that is determined by assessing various outcomes. The company collects
information about customers that is available without unreasonable costs or effort
at the time of reporting.
The company has a limited number of customers, and individual assessments
have been made of the individual receivables. No provision is made for expected
losses that are considered insignificant. The assessment of expected losses is
made based on conditions that existed at the balance sheet date.
See note 10 Accounts Receivables and other receivables.
4.4 Valuation of debt
The valuation of the debt is based on each of the tranches for the individual
vessel with the values set as of 2 Januar 2020 that follow from the company’s
restructuring agreement. When implementing the agreement on 30. June 2020,
the debt was valued based on income estimates on which the restructuring
agreement with the lenders was based. Estimated cash flow in the fixed agreement
period until 31.12.24 is discounted with an interest rate that reflects credit risk.
Discretionary adjustments are made as a result of changes in the derivative value.
The derivative value is not modeled directly, but looks at both ship values and
share price when the overall instrument is valued. The lenders’ right to convert
tranche B into shares at the end of the agreement period was originally valued
at NOK 90 million.In subsequent measurements, the same income estimates
for the remaining agreement period have been used in the valuation of the debt
that have been used as a basis for calculating the recoverable amount in the
impairment assessment of the vessels. At the end of 2023, the lenders’ conversion
right is valued at NOK 239 million and Havila Holding’s liquidity loan and right to
maintain relative ownership of 50.96% is valued at NOK 250 million.
4.5 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 three years, but the company has
taken a more conservative view from year four onwards. The subsea vessels are
under contract until 2024, but income expectations have been increased for the
next three years thereafter.
Estimated value in use for the company’s fleet is NOK 1,046 million. Previous
impairment charges for the fleet of NOK 865 million have been reversed in 2023.
The book value of the fleet is NOK 1,042 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
1,775 million per 31/12/2023.
One subsea vessel was sold and delivered to a new owner in January 2023. In
November 2023, one supply vessel (PSV) and 2 anchor handling vessels (AHTS)
were sold and delivered to a new owner. All sales were carried out in accordance
with the requirements of the lenders in accordance with the current restructuring
agreement.
58
GROUP NOTES / NOTER KONSERN
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 10.86% (increased by 0.19% from
2022) 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 2023 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 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
865 million for 2023. The book value of the vessels amounts to NOK 1,042 million
at the end of the year.
* Recoverable amount for the vessels in the remaining fleet with impairment
charges/reversal of impairment charges.
Estimated value in use is particularly sensitive in relation to changes in exchange
rates, required rates of return, day rates and utilization. If NOK strengthened by
50 øre against the US dollar, British pound and euro, it would lead to a fall in the
value in use of NOK 82 million related to six vessels. An increase in the required
rate of return after tax by 0.5 percentage points would have resulted in a reduced
value in use of NOK 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 139 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 218 million
and an impairment charge for all vessels in operation.
NOK million
59
4.6 Going concern
Restructuring of the group’s debt was carried out on 30 June 2020, where the
group received liquidity of NOK 100 million through a convertible liquidity loan
from Havila Holding AS. The agreement with lenders clarifies the group’s obli-
gations to lenders for the period until end of 2024.
Total debt amounted to NOK 1.9 billion at the end of 2023, whereof NOK 0.6
billion were interest-bearing and NOK 1.3 billion not being interest-bearing. In-
terest-bearing debt is reduced by approximately NOK 80 million per year, re-
gardless of debt service. Interest and installment payments for each vessel are
based on the vessel’s earnings. For vessels that are unable to service the debt,
non-payment of interest and installments is transferred quarterly to non-inter-
est bearing.
The company has received offers for refinancing which the company can
choose to use to refinance the debt at the end of the agreement period.
The Group’s equity per 31/12/2023 was NOK 20 million. The Lender’s conver-
sion right was per 31/12/23 valued at NOK 239 million. The liquidity loan in-
cluding conversion right was valued at NOK 250 million per 31/12/23. If the
conversion had occurred as of 31/12/23, it would have provided an equity of
NOK 509 million.
The restructuring agreements contain clauses for free liquidity of the Group
which should at any time amount to minimum NOK 50 million. The group had
per. 31/12/2023 free liquidity of NOK 87 million. Based on the mechanism of
the restructuring agreements, the Group’s liquidity budget indicates that this
assumption will not be breached in the next 12-month period.
Based on the above, the Board has concluded that the conditions for going
concern are present.
GROUP NOTES / NOTER KONSERN
60
61
5 Segment information
The operating segments are based on the reporting used by the management**
(see note 25 Related Parties) for follow-up the vessels operations. Each vessel
is considered separately, but vessels that perform the same type of services are
shown as one segment.
The types of vessels are reported in accordance with:
a) AHTS - Anchor Handling Tug Service
b) PSV - Platform Supply Vessel
c) RRV - Rescue Recovery Vessel
d) Subsea operations vessels
e) Non-allocated (including management costs):
Foreign exchange gain / loss is comprised of unrealized foreign exchange gains
on forward foreign exchange contracts and accounts receivable.
Other operating expenses consist primarily of management expenses, fees to
accountants / lawyers / consultants which are not allocated to segment.
Financial income consist primarily of foreign exchange gain on bank deposits and
debt, and redemption of dept to discount.
Financial expenses comprise interest expenses / fees associated with the bond of
the parent, and foreign exchange loss on bank deposits and debt.
** The management includes the Managing Director and the Finance Director.
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
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
62
GROUP NOTES / NOTER KONSERN
See note 2.7 Tangible fixed assets and note 4.2 I
recoverable amount
2022
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
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 2022:
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 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
63
Segment assets and liabilities at 31 December 2023 and capital expenditure for the
year:
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
2022
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 2022
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.
GROUP NOTES / NOTER KONSERN
Segment assets and liabilities at 31 December 2022 and capital expenditure for the
year:
64
Operating Income
Norway
United Kingdom
Denmark
Belgium
Netherlands
Iceland
Tunis
Marshall Islands
USA
Total
In 2023, NOK 215.0 million of total operating income is gain on sale of fixed assets.
This is related to Norway. In 2022, NOK 135.8 million of total operating income is
gain on sale of fixed assets. Hereof is NOK 56.7 million related to Netherlands and
NOK 79,1 million is related to Marshall Islands.
The group has income from 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 has income from two customers in 2022 exceeding 10 % of total
income.
In percentages of total income as follows:
1) 25.37 % (NOK 126.7 million) - AHTS/PSV/RRV segments
2) 14.54 % (NOK 119.9 million) - SUBSEA segment
The Group’s vessels are operating in various jurisdictions depending on where
they receive contracts.
Geographical segments
The parent company and the group’s main offices are registered in Norway.
The company is engaged in the management and operation of offshore service
vessels. The main part of the group’s income stems from customers in Norway, UK,
Netherlands and Denmark. The operating income are distributed geographically
based on the customers location.
GROUP NOTES / NOTER KONSERN
65
6 Tangible fixed assets
Financial year 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
Financial year 2022
Balance sheet value 01/01/22
Additions
Disposals
Depreciation for the year
Reversal of impairment charge fixed assets
Asset held for sale *
Balance sheet value 31/12/22
As at 31. December 2022
Purchase cost
Accumulated depreciation/writeown
Balance sheet value 31/12/22
Recognised in balance sheet at 01/01
Increase this year
Disposal this year
Depreciation
Transferred to Asset held for sale
Recognised in balance sheet at 31/12
* One SUBSEA vessel is agreed to be sold and is delivered to a new owner in
January 2023. As per 31/12/22, this vessel is classified as Assets held for sale
in the Balance Sheet. After the maximum reversal of historical imapirment
charges, the book value is lower than the sales compensation. This will give a
significant accounting gain in the Profit and Loss Account for the 1st quarter
of 2023.
The “Vessels” column includes maintenance and other additions
recognised in the balance sheet with the following amounts:
See note 2.7 Tangible fixed assets, note 4.2 Impairment charge of fixed
assets and note 21 Leases.
GROUP NOTES / NOTER KONSERN
66
7 Investments in joint ventures/Subsidiaries
Joint ventures
Balance sheet value at 01/01
Share of result
Balance sheet value at 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
* Liabilities to cover Havila Shipping ASA's 50 % share of the shortfall in JV’s.
NOK 1000
GROUP NOTES / NOTER KONSERN
67
Subsidiaries
The consolidated accounts include the following subsidiaries and
tier-subsidiaries:
Financial information for each entity Finansiell informasjon for hver enhet
GROUP NOTES / NOTER KONSERN
* Liabilities to cover Havila Shipping ASA's 50 % share of the shortfall in JV’s.
GROUP NOTES / NOTER KONSERN
68
8 Financial instruments by category 8 Finansielle instrumenter etter kategori
As at 31.December 2023
Assets
Shares
Accounts receivables and other receivables
Cash and cash equivalents
Total
Bank debt and bond loans (short-term)
Lease liabilities (including short term part)
Convertable shareholder loan (short-term)
Long-term loan from Havila Holding AS
Trade payables
Total
GROUP NOTES / NOTER KONSERN
As at 31.December 2022
Assets
Shares
Accounts receivables and other receivables
Cash and cash equivalents
Total
Long-term loans (Incl. short term part)
Lease liabilities (incl. short term part)
Convertable shareholder loan
Long-term loan from Havila Holding AS
Trade payables
Total
69
9 Derivatives
Derivatives contracts which fall due within 12 months, are classified as current
assets or liabilities. Forward exchange contracts which fall due later than 12
months from the balance sheet day, are classified as fixed assets or non - current
liabilities.
Forward exchange contracts
At year end of 2023 and 2022, 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
70
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 2023 and 2022 no provisions for loss on accounts
receivables have been made.
The group makes an individual assessment of individual receivables. The
background is that the risk of loss for receivables from oil companies is insignificant
and that the receivable from other non-assessed customers is insignificant.
Receivables are linked to oil and oil service companies that lease the company’s
vessels.
There is minor risk associated with accounts receivable per 31/12/2023, and
no provision has been made for any losses on receivables as it is considered
insignificant. The receivables per 31/12/2023 consists of oil companies with 47%
and oil service companies and other companies with 53%. Of other companies,
related parties make up 35%. Low risk is associated with the oil companies.
Normally, there is a greater risk associated with the oil service companies. The oil
service companies the group has on the receivables list at the turn of the year are
solid companies, and pay the receivables mainly at maturity.
See note 25 Related parties.
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
71
Social security, VAT and other taxation payable
Accrued costs
Short term part of leases
Deposit related to asset held for sale
Other liabilities
Total
Cash and bank deposits
Total
11 Cash and cash equivalents
In 2023, rectricted cash related to withholding tax amounted to NOK 10.4 million.
In 2022, rectricted cash related to withholding tax, interest and instalment
payments and deposit in connection with sale of vessel was NOK 70.8 million.
12 Other current liabilities
GROUP NOTES / NOTER KONSERN
72
Overview of the Groups debt based on nominal values:
Bond-loans:
Bond-loan interest bearing tranche
Bond-loan non-interest bearing tranche
Total Bond-loans - nominal value
Debt to credit institutions:
Debt to credit institutions inteterest bearing tranche (secured)
Debt to credit institutions non-inteterest bearing tranche
Total debt to credit institutions - nominal value
Total interest-bearing loan debt - nominal value
Total non-interest-bearing loan debt - nominal value
Total bond-loans and Debt to credit institutions - nominal value
Shareholder loan - nominal value
Overview of the Groups recorded debt:
Fair value of bond loans to be settled in cash:
Bond-loan interest bearing tranche - nominal value
Bond-loan interest bearing tranche - value adjustment
Accrued interests
Total bond loans to be settled in cash
Fair value of debt to credit institutions to be settled in cash:
Debt to credit institutions inteterest bearing tranche - nominal value
Debt to credit institutions inteterest bearing tranche - value adjustment
Accrued interests
Total debt to credit institutions to be settled in cash
Total bond loans and debt to credit institutions incl accrued inte-
rests to be settled in cash
Fair value of bond loans to be settled in shares:
Bond-loan interest bearing tranche - nominal value
Bond-loan interest bearing tranche - value adjustment
Convertion right
Total bond loans to be settled in shares
Fair value of debt to credit institutions to be settled in shares:
Debt to credit institutions inteterest bearing tranche - nominal value
Debt to credit institutions inteterest bearing tranche - value adjustment
Convertion right
Total debt to credit institutions to be settled in shares
Total bond loans and debt to credit institutions to be settled in shares
13 Loans
The table shows nominal and accounted amounts for the group’s debt.
GROUP NOTES / NOTER KONSERN
73
2023
Loans
Balance as of 01/01/23
Changes with effect on Cash flow:
Instalments
Paid interests
Total changes with effect on cash flow
Changes without cash effect:
Value adjustment for the year
Sale of vessel
Value adjustment Lender's convertion right
Interests due not paid transferred to
principal
Exchange Differences
Interests expensed
Total changes without cash effect
Balance as of 31/12/23
GROUP NOTES / NOTER KONSERN
Shareholder loan to be settled in shares:
Shareholder loan - nominal value
Shareholder loan - value adjustment
Total shareholder loan to be settled in shares
Hereof presented as long-term debt
Hereof presented as short-term debt
Portion of loans in NOK - nominal value
Portion of loans in USD - nominal value
Total loan mortgaged in vessel
Book value vessels 31.12 *
* 2022 figure is inclusive Asset held for sale
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 6 million.
Current liabilities in the balance sheet include accrued interest costs.
USD loans are valued at the exchange rate on the balance sheet date.
The average nominal interest rate in 2023 was at 7.2 % compared to 4.8 % in 2023.
Per 31/12/23 bond loan, bank debt and convertible shareholder loan are classified
as current liabilities in the balance sheet. This also include accrued interest costs.
Per 31/12/22 known instalment and accrued interest were classified as short term
debt.
As of 31/12/23 the Group fulfils the minimum liquidity requirement of NOK 50
million.
74
GROUP NOTES / NOTER KONSERN
Explanation of deviation between value adjustments debt in the balance sheet
against the income statement:
2022
Loans
Balance as of 01/01/22
Changes with effect on Cash flow:
Instalments
Paid interests
Total changes with effect on cash flow
Changes without cash effect:
Value adjustment for the year
Sale of vessel
Net write off debt sold vessels
Interests due not paid transferred to
principal
Exchange Differences
Interests expensed
Total changes without cash effect
Balance as of 31/12/22
Value adjustment of debt in the Balance Sheet as of 01/01
This year's value adjustment of debt in the Balance Sheet
Value adjustment of debt in the Balance Sheet as of 31/12
Nominal value debt
Convertion right
Short term part of long term debt
Booked value long term debt
This year's change in value adjustment debt in the balance sheet
Net write off debt sold vessels
Interest / fees on overdue payment sold vessels
Value adjustment sold vessel
Adjusted Convertion right
Paid interests
Expensed interests not paid transferred to principal
Expensed accrued interests
Value adjustment shareholder loan
Total value adjustment of debt in the profit and loss account
75
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 agreement period runs until 31/12/2024. Each lender can extend the period
with one year until 31/12/2025. The company’s liquidity was strengthened by
Havila Holding AS paid a convertible liquidity loan of NOK 100 million. Havila
Holding AS has the right and obligation to convert all or part of the loan into
shares in order to maintain an ownership position in the company in connection
with lenders’ conversion rights. When implementing the restructuring agreement,
the fair value of the shareholder loan was set at nominal value. It is assumed
that the entire loan will be converted to equity at the end of the restructuring
period. The loan including the conversion right is valued at NOK 250 million per
31/12/2023, and is included in the balance sheet value of the debt.
At the time of implementation, the lenders‘ conversion right was valued at NOK 90
million based on a relative value of the lenders’ possible 47% ownership interest
in the company as a result of the applied conversion right. Per 31/12/2023, the
convertion right is valued at NOK 239 million, and is in the balance sheet value
of the debt.
The restructuring agreement is designed to build up and maintain a cash balance
of NOK 175 million throughout the duration of the agreement.
As of 02/01/2020, the company’s debt amounted to NOK 4,222 million. The debt
is according to the agreement divided into an interest-bearing tranche and a
non-interest-bearing tranche for each vessel. In total, interest-bearing tranche
amounted to NOK 3,103 million as of 02.01.2020 and non-interest-bearing tranche
NOK 1,119 million.
The company can make ordinary operational investments related to the vessels.
The company can also adapt the vessels to changed environmental requirements
in accordance with laws or requirements from class companies, as well as make
necessary investments to obtain contracts.
Payment of interest and instalments will, for each vessel, be limited by the
respective vessels profit and will be paid quarterly. If a vessels’ income is
insufficient to serve the interest-bearing tranche, the calculated interest and
missing instalment will be transferred to the non-interest-bearing tranche. Vessel
profit above accrued interest will serve the interest-bearing tranche according to
a predefined payment profile. Any surplus cash beyond this will be swept by the
non interest-bearing tranche.
There will be quarterly downward adjustment of the interest-bearing tranche for
each vessel according to a 12 year repayment profile (one vessel has a profile
of 11 years). For the entire fleet this means a reduction in interest-bearing debt
of approximately NOK 20 million each quarter. The downward adjustment takes
place regardless of the vessel’s earnings. If the earnings multiplied with 4.25
in the period 1. July 2023 to 30. June 2024 are higher than the interest-bearing
debt, an amount corresponding to excess earnings with some restrictions will be
transferred from the non-interest-bearing tranche to the interest-bearing tranche
at the end of the agreement period.
At the end of the agreement period all interest-bearing debt will fall due. Non-
interest-bearing debt will be converted to shares in the company. The convertion
will have the effect that lenders will receive shares representing approximately
47% ownership of the company.
To secure the company’s liquidity position, each vessel’s positive cash flow
after payment of interest will support the liquidity with a 10% cash contribution
withheld before payment of any quarterly instalment. Cash contribution will be
payable only for periods where the company’s liquidity position is below NOK
175 million. Throughout the agreement period, the company will have a minimum
liquidity of NOK 50 million. There are no other financial covenants.
GROUP NOTES / NOTER KONSERN
76
Shareholders will be diluted following the lenders right to convert non-interest-
bearing debt to 47% of the shares. Havila Holding AS has right and obligation to
convert the liquidity loan in full or in part to maintain their ownership of 50.96%.
The restructuring agreement give the company the opportunity to implement
a repair issue after the expiry of the agreement period. If one or more lenders
extend the restructuring period with one year, a repair issue will be postponed
accordingly.
The size of a future repair issue will be determined on the basis of an assessment
of the dilution effect that follows from the agreement.
The restructuring agreement contains provisions where the company guarantees
to cover operating costs for each individual vessel for a period of 6 months and
storage costs for a period of 18 months. It is the company’s assessment now that
this provision will not have effect for the remaining period of the agreement.
It is the individual lender’s relative share of non-interest-bearing debt at the end
of 2024 that determines the distribution of the conversion right to shares and thus
how large a share of the company’s shares the individual lender can become
the owner of. It is emphasized that it is the balance as of 31.12.24 after all the
agreement’s provisions on regulations have been incorporated that will be the
basis for distribution. The company has calculated the distribution based on non-
interest-bearing debt as of 31./2/23. The calculation shows that the banks would
have become owners of approximately 35% of the company and the bondholders
would have collectively become owners of approximately 12% of the company.
Vessels that through 2024 have earnings to pay off non-interest-bearing tranches
or where parts of non-interest-bearing debt are transferred to interest-bearing
debt before conversion, the ownership share will be reduced in relation to the
preliminary calculation.
In accordance with IFRS, the restructuring agreement has been implemented by
extracting the value of previous debt and incorporating the value of debt under
the new agreement.
GROUP NOTES / NOTER KONSERN
77
78
Taxes payable
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
Additional 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 Balanseført verdi pr. 31.12 2 551 3 006
Deferred taxes tonnage taxed regime Utsatt skatt rederiordning 2023 2022
Gain on entry Inntredelsesgevinst 38 163 47 703
Gain-/loss account related to sale of vessel Gevinst-/tapskonto knyttet til salg av fartøy 13 800 17 250
Taxable income tonnage taxed Skattepliktig rederiinntekt 51 963 64 953
Allocation for tax liability 22% Avsetninger skatteforpliktelse 22% 11 432 14 290
Whereof: Herav:
Tax payable Betalbar skatt 2 286 2 858
Deferred tax 22% Utsatt skatt 22% 9 145 11 432
14 Other non-current liabilities
* In connection with the financial restructuring of the group, which was complet-
ed on 30 June 2020, the group’s liquidity was strengthened through a convertible
liquidity loan of NOK 100 million from Havila Holding AS. The loan is unsecured
and non-interestbearing. The loan will not be repaid, but Havila Holding AS has
the right to convert all or part of the liquidity loan in order to maintain its own-
ership in the company of 50.96%.The convertible shareholder loan is valued at
fair value. As per 31/12/23, this liquidity loan is valued at a fair value of NOK
250 million an included in the item “Current liabilities of long-term debt” in the
balance sheet.
15 Taxes
Tax on the group’s pre-tax profit differs from the amount that would have shown
if tax rate of 22% had been used. The difference is clarified as follows:
Converable shareholder loan* Konvertibelt aksjonærlån* 0 100 000
Other non-current liabilities Annen langsiktig gjeld 33 197 33 197
Total other non-current liabilities Sum annen langsiktig gjeld 33 197 133 197
79
Deferred tax assets
Deferred tax assets at
31/12/2021
Recognised in the profit and
loss in the period
Deferred tax assets at 31/12/22
Correction 31.12.2022
Recognised in the profit and
loss in the period
Deferred tax assets at
31/12/23
GROUP NOTES / NOTER KONSERN
Because of uncertainty related to when unused tax losses carried forward can be
used, deferred tax assets are not entered into the balance sheet.
The Group is organized according to the rules for shipping companies in Norway.
Not ship owning companies are taxed ordinary. The shipping tax regime involves
no income tax or tax on dividends from companies within the scheme. Net finan-
ce, allowed for some special regulations, are taxed on an ongoing basis by 22%.
80
Pension cost for seamen are calculated as follows:
This year's payment defined contribution scheme incl. premium and cost
This year's payment defined contribution scheme incl. premium and cost debited fund
This year's value adjustment of the contribution fund
Net pension cost
16 Pensions and similar liabilities
IAS19 deposit Schemes:
The company has a defined contribution pension scheme which covers a total of
246 active seafarers as of 31/12/23. 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 31/12/23, the defined contribution fund for seamen amounts to NOK 2.1
million, compared to NOK 10.0 million as of 31/12/22. This is recognized in the
Balance Sheet as other long-term receivables.
See note 2.12 Retirement benefit liabilities
Shore-based employees have an own contribution pension scheme, for which the
company has no obligation beyond the contribution scheme.
The scheme covers all employees and amounts to between 7% (0-7.1G) and 25,1%
(7.1-12G).
In 2023, the National Insurance average basic amount (1G) was NOK 116,239,
compared to NOK 109,784 in 2022.
As at 31/12/2023 the scheme included 13 members, compared to 13 member as
at 31/12/2022.
Expensed pension contribution including charges amounted to NOK 1,473 million
in 2023 and NOK 1,451 million in 2022.
As of 31/12/23, the defined contribution fund for shore based employees amounts
to NOK 0.7 million, compared to NOK 0.6 million as of 31/12/22. This is recognized
in the Balance Sheet as other long-term receivables.
See note 2.12 Retirement benefit liabilities
GROUP NOTES / NOTER KONSERN
81
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
17 Other income
Income from management services are related to the management of one vessel
which is 50 % owned by Group, and fee for management of vessels for external
owners.
See note 25 Related parties.
** See note 19 Crew and Payroll expenses.
** Se note 19 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
82
Total number of employees (average)
* see note 27 Goverment grant
** see note 16 Pension
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
20 Financial income and expenses
19 Crewing and Payroll expenses
83
21 Leases
Amounts recognised in the Balance Sheet
The Balance Sheet shows the following amounts relating to leases:
* included in “Tangible fixed assets” in the balance sheet.
In 2023, additions to the right-of-use assets (lease agreement vehicles) was NOK
0.7 million. In 2022, additions to the right-of-use assets (lease agreement office
facilities) was NOK 9.9 million.
GROUP NOTES / NOTER KONSERN
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%
Reconciliation of lease liabilities at 31/12/22:
Total lease liabilities as at 01.01.22
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 at 31.12.22
* For lease of vessel 7.5% and other leases 4.5%
Right of use assets*
Office facilities
Vehicles
Total
84
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***
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
2022
Total net investment in lease as at 01/01/22
Lease payments
Interest income sublease
Total net investment in lease as of 31/12/22
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 2023 was NOK 52.3 million, compared to NOK 44.8
million in 2022.
Lease liabilities**
Current
Non-Current
Total
85
The group’s leasing activities and how these are accounted for
The Group’s leases consist of the vessel Havila Troll, office facilities and company
cars. Havila Troll has a fixed lease period until November 2024 with subsequent
5 annual options. The options are not included in the lease liability. Lease of
office facilities has a rental period of 5-10 years. 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
The Group has variable lease payments related to the rental of ROV equipment to
vessels, where the basis for the rental payment is related to the operational use of
the equipment. ROV is only used for certain jobs for the customer and will there-
fore vary from month to month. Variable leases that depend on external customer
contracts are recognized in the income statement in the period in which they arise.
Extention and termination options
Extension and termination options are included in a number of property and
equipment leases in the Group. These are used to maximise operational flexibility
in terms of managing the assets used in the group’s operations.
Residual value guarantees
To optimise lease costs during the contract period, the Group sometimes provides
residual value guarantees in relation to equipment and company cars leases.
The Group as lessor
Overview fixed and variable lease payments
The Group had framework contracts for one of the vessels until October 2021,
where the Group was paid for the days the vessel had assignments.
In contract negotiations, the company strives to achieve clauses that ensure
that the contracts are maintained at agreed terms during the agreement period.
The company acknowledges that customers need to secure the opportunity
to terminate a contract if the need for the contractual service ceases. Among
other things, the charterer has the right to terminate the contract if the shipping
company does not fulfill its obligations in the contracts, as a result of legal,
technical, financial or commercial matters. The charterer can also terminate
at the charterer’s discretion. Of future T/C income totaling NOK 233 million,
NOK 200 million has cancellation at the charterer’s discretion without 100%
settlement. Notice of termination varies from 15 days to 60 days. Cancellation
fees vary from 50% of 60 days notice to full settlement for the fixed contract
period. Cancellation fees for termination at the charterer’s discretion amount
to NOK 84 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 31/12/2023 were 86% and 14%
respectively. Corresponding figures per. 31/12/2022 were 85% and 15%.
GROUP NOTES / NOTER KONSERN
Variable lease payments
Fixed lease payments
Total lease payments from TC contracts
86
Future lease income
Summary of the future operational and financial lease income:
22 Net foreign currency gains/loss -recognized
Foreign exchange differences (expensed)/taken to income in the profit and loss
statement are as follows;
GROUP NOTES / NOTER KONSERN
Included in net foreign currency gain/loss:
Realised forward currency exchange contracts
Realised agio accounts receivable
Unrealised agio accounts receivable
Total
Year 1
Year 2
Year 3
Year 4
Year 5
After 5 years
87
GROUP NOTES / NOTER KONSERN
23 Earnings per share
Earnings per share is calculated by dividing the part of the annual profit
allocated to the company`shareholders by a weighted average of total shares.
Restructuring agreements with the lenders mean that the lenders, upon conver-
sion of tranche B after the end of the agreement period 31/12/24 or extended
agreement period 31/12/25 or alternatively a combination of conversion times,
can become owners of 47% of the shares in the company. This involves dilution
of shareholders except Havila Holding AS, which has the right to maintain its
ownership interest of 50.96% when converting shareholder loans. Other share-
holders may be diluted from owning 49% of the company to owning 2% of the
company.
Lenders’ ownership is not affected by the size of non-interest-bearing debt at the
end of the restructuring period, but by how much of the non-interest-bearing debt
is converted to interest-bearing debt calculated on the basis of earnings for the
individual ship in the 12-month period from 01/07/2023 to 30/06/2024.
If the earnings mean that non-interest-bearing debt is unchanged as a result of
the earnings test, the lenders’ share of the company after conversion will amount
to 47% of the company. Havila Holding will own 50.96% of the company and other
shareholders will own 2.04% of the company. In that case, 547,779,288 new shares
will be issued and the new number of shares will be 571,555,588.
Based on non-interest-bearing debt as of 31/12/23, the average subscription price
will be NOK 2.96 per share and the capital increase will then have a diluting effect
based on the share price at the end of 2023.
See note 13 loans for information about the financial restructuring.
24 Dividend per share and repayment to the shareholders
There were no dividends paid to the shareholders for 2022.
The Board of directors proposes to the ordinary general meeting that no dividends
be paid to the shareholders in 2023.
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 ad-
justment debt and gain on sale of assets
88
25 Related parties
Havila Shipping ASA group has implemented different transactions with related
parties. Havila Holding AS owns 51% of the shares in Havila Shipping ASA. The
most important transactions in 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
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, 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.
In addition, Havila Holding AS has a receivable from Havila Shipping ASA of NOK
33 million related to outstanding accounts. The receivable is not interest-bearing
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.
GROUP NOTES / NOTER KONSERN
89
2023
Overview of transactions
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
GROUP NOTES / NOTER KONSERN
The group has been involved in transactions with the following close associates:
See note 18 Spesification of operating expenses and note 9 Shareholders in
parent company.
2022
Overview of transactions
Havila Holding AS
Havilahuset AS
Havila AS
Siva Sunnmøre AS
Havila Kystruten Operations AS
Havila Service AS
Hav Group ASA:
Hav Design AS
Norwegian Electric System AS
Norwegian Greentech AS
Havila Charisma IS
Sydvestor Troll AS
90
GROUP NOTES / NOTER KONSERN
Remunerations to close associates Godtgjørelse til nærstående parter
Payments to leading personnel
Salary
Pension contributions
Other remunerations
Chairman Jostein Sætrenes
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 30 % of Havila Holding AS.
Declaration on salaries and other compensation to senior executives.
The Board of Directors has made a statement regarding § 6-16a of the Norwegian
Public Limited Companies Act:
Establishing salaries and other benefits to senior executives at Havila Shipping
ASA shall be done according to current market conditions that are naturally
reflected in other companies in Norway. This is necessary to ensure competence
and continuity of the management group. The company’s executive salary policy
is based on ordinary salaried compensation for work performed; no share option
program exists for employees.
Senior executives include the Managing Director. Finance Director was employed
in the company until 18/04/21. The Finance Director 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.
91
2023
Managing Director
Total
2022
Managing Director
Finance Director
Total
Payments to leading personnel:
The pension contributions are the same for all administrative personnel, see note
16 pensions.
Other remunerations consist of benefits from company cars, insurance schemes
and telephone/internet allowance.
GROUP NOTES / NOTER KONSERN
92
GROUP NOTES / NOTER KONSERN
Fuel
Lube oil
Urea
Total
26 Stocks and inventory
Stocks of bunkers, lube oil and urea are recognised and stated at the lower of cost
and net realizable value.
27 Government grants
Government grant received is recognised as a reduction of crew costs.
28 Events after the balance sheet date
No events after the balance sheet date have been of significance for the Group’s
financial position.
Tilskudd som er mottatt er bokført som en reduksjon av mannskapskostnader.
Grants received
Reimbursement from the Norwegian Maritime Directorate
Reimbursement for trainees
Total government grants Sum offentlige tilskudd 60 168 64 838
93
94
PROFIT AND LOSS ACCOUNTS - PARENT COMPANY / RESULTATREGNSKAP MORSELSKAP
PROFIT AND LOSS ACCOUNTS RESULTATREGNSKAP
NOK 1000
note 2023 2022
Operating income Driftsinntekter
Other income Andre inntekter 3 328 250 341 716
Total operating income Sum driftsinntekter 328 250 341 716
Operating expenses Driftskostnader
Crew expenses Mannskapskostnader 4,5 -274 531 -289 148
Vessel expenses Driftskostnader fartøy -135 -147
Other payroll expenses Andre lønnskostnader 5 -1 824 -2 054
Other operating expenses Andre driftskostnader 6 -69 731 -20 661
Total operating expenses Sum driftskostnader -346 222 -312 011
Operating income before depreciation Driftsresultat før avskrivning -17 972 29 705
Depreciation Avskrivninger 8 -162 -162
Operating result Driftsresultat -18 134 29 543
Financial items Finansposter
Interest received from group companies Renteinntekt fra foretak i samme konsern 6 23 819 19 251
Other interest income Andre renteinntekter 6 847 381
Other financial income Andre finansinntekter 6 193 475 162 791
Impairment of shares/receivables Nedskrivning av aksjer/fordringer 6 348 234 192 244
Other interest expenses Andre rentekostnader 6 -145 538 -109 000
Other financial expense Andre finanskostnader 6 -2 309 -2 043
Net financial items Netto finansposter 418 527 263 625
Profit before tax Resultat før skatt 400 394 293 168
Tax Skatt 7 -2 010 0
Profit Resultat 398 384 293 168
Transferred to uncovered loss Overtført til udekket tap 15 398 384 293 750
Received group contribution Mottatt konsernbidrag 0 -582
Total allocated Sum anvendelse 398 384 293 168
95
BALANCE SHEET - PARENT COMPANY / BALANSE MORSELSKAP
BALANCE SHEET BALANSE
NOK 1000
note 2023 2022
ASSETS EIENDELER
Fixed assets Anleggsmidler
Tangible fixed assets Varige driftsmidler
Buildings, movables and fixtures Bygninger, driftsløsøre og inventar 8 1 105 1 267
Total fixed assets Sum varige driftsmidler 1 105 1 267
Financial fixed assets Finansielle eiendeler
Investments in subsidiaries Investeringer i datterselskap 9 12 803 14 720
Loans to companies in the group Lån til foretak i samme konsern 10, 16 616 492 363 491
Loan to joint venture/associated company Lån til fellesregistrert/tilknyttet selskap 10, 16 4 000 4 000
Shares and other long term investments Investering i aksjer og andeler 100 100
Other long term receivables Andre langsiktige fordringer 12 2 156 9 972
Total financial fixed assets Totale finansielle eiendeler 635 551 392 283
Total fixed assets Sum anleggsmidler 636 656 393 549
Current assets Omløpsmidler
Accounts receivables Kundefordringer 47 623 7 305
Other receivables Andre fordringer 10 32 260 34 985
Other receivables in group company Andre fordringer i samme konsern 10, 16 56 832 9 092
Cash and bank deposits Kontanter og bankinnskudd 13 13 328 30 609
Total current assets Sum omløpsmidler 150 042 81 990
Total assets Sum eiendeler 786 698 475 539
96
BALANCE SHEET BALANSE NOK 1000
Note 2023 2022
Equity Egenkapital
Paid in equity Innskutt egenkapital
Share capital Aksjekapital 14, 15 23 776 23 776
Other paid in equity Annen innskutt egenkapital 15 895 152 895 152
Share premium Overkurs 15 933 704 933 704
Total paid-in-equity Sum innskutt egenkapital 1 852 633 1 852 633
Retained earnings Opptjent egenkapital
Uncovered loss Udekket tap 15 -1 850 836 -2 249 220
Total retained earnings Sum opptjent egenkapital -1 850 836 -2 249 220
Total equity Sum egenkapital 1 797 -396 587
Liabilities Gjeld
Other non-current liabilities Annen langsiktig gjeld
Other non-current liabilities from group company Lån fra foretak i samme konsern 16 68 775 68 761
Bond loan Obligasjonslån 10 0 359 398
Other non-current liabilities in group company Annen langsiktig gjeld i samme konsern 16 0 100 000
Total other non-current liabilities Sum annen langsiktig gjeld
68 775
528 159
Current liabilities Kortsiktig gjeld
Trade payable Leverandørgjeld 6 243 19 130
Public charges payable Skyldige offentlige avgifter 17 734 19 684
Other current liabilities in group company Annen kortsiktig gjeld i samme konsern 16 54 314 23 106
Bond loan Obligasjonslån 10 436 813 0
Convertible Shareholder lån Konvertibelt aksjonærlån 100 000 0
Other current liabilities Annen kortsiktig gjeld 101 023 282 047
Total current liabilities Sum kortsiktig gjeld 716 126 343 968
Total liabilities Sum gjeld 784 902 872 127
Total equity and liabilities Sum egenkapital og gjeld 786 698 475 539
BALANCE SHEET - PARENT COMPANY / BALANSE MORSELSKAP
Fosnavåg, 19 April 2024
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
97
Fosnavåg, 19 April 2024
The Board of Havila Shipping ASA / Styret i Havila Shipping ASA
CASH FLOW STATEMENT - PARENT COMPANY / KONTANTSTRØMOPPSTILLING MORSELSKAP
NOK 1000
Note 2023 2022 *
Cash flow from operating activity: Kontantstrømmer fra driften:
Profit before tax Resultat før skattekostnad 400 394 293 168
Depreciation Ordinære avskrivninger 8 162 162
Change in accounts receivables Endring i kundefordringer -40 318 -2 187
Change in trade payables Endring i leverandørgjeld -12 887 7 493
Teoretical interest related to loan to amortized cost Teoretiske rentekostnader 121 714 89 749
Not paid interests added to loan Ikke betalte renter tillagt lån 2 228 2 305
Provision for parent company guarantee Avsetning morselskapsgaranti -170 238 -161 838
Write-down of internal receivables / liabilities Nedskrivning interne fordringer / gjeld -329 247 -220 332
Change in other accruals Endring i andre tidsavgrensningsposter 28 373 4 671
Net cash flow from operating activity Netto kontantstrøm fra driften 180 13 191
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
-25 277 -16 065
Change in non-current receivables Endring langsiktig fordringer 7 815 1 266
Net cash flow from finance activity Netto kontantstrøm fra finansieringsaktiviteter -17 461 -14 799
Net change in cash and cash equivalents Netto endring i kontanter og kontantekvivalenter -17 281 -1 608
Cash and cash equivalents at beginning of period Kontanter, kontantekvivalenter og benyttede
trekkrettigheter ved periodens begynnelse
13 30 609 32 217
Cash and cash equivalents at end of period Kontanter, kontantekvivalenter og benyttede
trekkrettigheter ved periodens slutt
13 13 328 30 609
* Figures for 2022 are updated due to reclassification * Tall for 2022 er oppdatert som følge av reklassifisering
CASH FLOW STATEMENT KONTANTSTRØMOPPSTILLING
9898
99
NOTES NOTER TIL REGNSKAPET
PAGE/SIDE
1 Parent company information Morselskapsinformasjon 100
2 Significant accounting principles Viktige regnskapsprinsipp 100-102
3 Other income Andre driftsinntekter 103
4 Goverment grant Offentlig tilskudd 103
5 Payroll expenses Lønnskostnader 104
6 Specification of items in the account Spesifikasjon av poster i regnskapet 105
7 Taxes Skatt 106
8 Tangible fixed assets Varige driftsmidler 107
9 Subsidiaries, associated companies Datterselskap/felleskontrollert virksomhet 108-109
10 Receivables and liabilities Fordringer og gjeld 110
11 Receivables and payables to companies in the same group
and associated companies
Mellomværende med selskap i samme konsern og tilknyttet
selskap
111
12 Pensions Pensjoner 112
13 Cash, and cash equivalenst Kontanter og kontantekvialenter 113
14 Share capital and shareholders information Aksjekapital og aksjonærinformasjon 114-115
15 Equity Egenkapital 116
16 Close associates Nærstående parter 117-119
17 Financial instruments and market risk Finansielle instrumenter og markedsrisiko 120
18 Guarantees Garantier 120-121
19 Environmental conditions Miljøforhold 121
20 Contingent results Betinget utfall 121
21 Going Consern Fortsatt drift 121
22 Event after the balance sheet date Hendelse etter balansedagen 121
NOTES - PARENT COMPANY / NOTER MORSELSKAP
100
NOTES - PARENT COMPANY / NOTER MORSELSKAP
NOTES PARENT COMPANY NOK
PARENT COMPANY INFORMATION
The annual accounts have been prepared in accourdance with the
Norwegian Accounting Act of 1998 and generally accepted accounting
practices.
Havila Shipping ASA is the parent company of the Group, however
the Group presents its own separate annual report and accounts according
to IFRS rules.
SIGNIFICANT ACCOUNTING PRINCIPLES
2.1 Subsidiaries/joint venture companies
Subsidiaries and joint venture companies are valued at cost in company
accounts.
Investements are valued at acquisition cost for the shares unless impairment
charge have been required.
There is a impairment charge to fair value when the decline is not deemed to
be temporary and when considered necessary under generally accepted
accounting principles. Impairment charge are reversed when the basis for
the impairment no longer exists.
Group contributions are capitalized as part of the cost price of the shares.
Group contributions received and divideds are recognized as income on
Investements in subsidiaries/associated companies.
Dividends/group contributions and other distributions are recognized as
income in the same year as they were allocated to the subsidiaries. If the
dividends/group contributions exceeds the ratio of retained earings after
acquisition,the excess amount represent reimbursment of invested capital
and the distributions are deducted from the value in the balance sheet of
the parent company.
2.2 Sales revenues
The company’s operating income consists of management fees from
companies within the group and this is entered on an ongoing basis as
Income as per the agreements between the companies. In addidtion the
company has management fee income related to operation of four vessels
for external companies.
2.3 Classification and assessment of balance sheet items
Currents assets and current liabilities include items that fall due for payment
within one year after the date of procurement, as well as items related to the
circulation of goods. Remaining items are classified as long-term assets/
long-term liabilities.
Currents assets are assessed at the lower of procurement cost and fair
value.
NOTER MORSELSKAP TIL REGNSKAPET NOK
MORSELSKAPINFORMASJON
Årsregnskapet er satt opp i samsvar med regnskapsloven 1998 og
god regnskapsskikk.
Havila Shipping ASA er morselskap i konsern, men konsernet
presenteres separat med årsoppgjør etter IFRS reglene.
VIKTIGE REGNSKAPSPRINSIPP
2.1 Datterselskap/felleskontrollert virksomhet
Datterselskap og felleskontrollert virksomhet vurderes etter kostmetoden i
selskapsregnskapet.
Investeringen er vurdert til anskaffelseskost for aksjene med mindre
nedskrivning har vært nødvendig.
Det er foretatt nedskrivning til virkelig verdi når verdifall skyldes årsaker som
ikke kan antas å være forbigående og det må anses nødvendig etter god
regnskapsskikk. Nedskrivninger er reversert når grunnlaget for nedskrivning
ikke lenger er til stede.
Avgitt konsernbidrag aktiveres som en del av kostpris av aksjene.
Mottatt konsernbidrag og utbytte resultatføres som inntekt på investering i
datterselskap/ tilknytta selskap.
Utbytte/konsernbidrag og andre utdelinger er inntektsført samme år som
det er avsatt i datterselskapene.
Overstiger utbytte/ konsernbidraget andel av tilbakeholdt resultat etter
kjøpet, representerer den overskytende del tilbakebetaling av investert
kapital, og utdelingene er fratrukket investeringens verdi i balansen til
morselskapet.
2.2 Salgsinntekter
Selskapets driftsinntekter består av disponenthonorar fra selskaper
i konsernet og inntektsføres i fortløpende i henhold til avtaler med
selskapene. I tillegg har selskapet disponenthonorar relatert til drift av fire
fartøyer eid av eksterne selskaper.
2.3 Klassifisering og vurdering av balanseposter
Omløpsmidler og kortsiktig gjeld omfatter poster som forfaller til betaling
innen ett år etter anskaffelsestidspunktet, samt poster som knytter seg til
varekretsløpet. Øvrige poster er klassifisert som anleggsmiddel/langsiktig
gjeld.
Omløpsmidler vurderes til laveste av anskaffelseskost og virkelig verdi.
Kortsiktig gjeld balanseføres til nominelt beløp på opptakstidspunktet.
REGNSKAPET FOR ER AVLAGT PÅ NORSK, OVERSET
TELSE TIL ENGELSK ER FOR INFORMASJON
ACCOUNT FOR ARE PRESENTED IN NORWEGIAN,
TRANLATION INTO ENGLISH IS ONLY FOR INFORMATION.
101
NOTES - PARENT COMPANY / NOTER MORSELSKAP
Current liabilities are recorded in the balance sheet at nominal value at the
time the are incurred.
Fixed assets are valued at acquisition cost, however are written down to fair
value when the decline in value is not expected to be temporary long-term
liabilities are recorded in the balance sheet at nominal value at the time they
are established.
2.4 Receivables
Accouts receivables and other receivables are recorded in the balance sheet
at face value after deductions for provisons for estimated losses. Provisions
for losses are made based on individual analyses of each receivable.
2.5 Foreign exchange
Transaction in foreign currencies are converted to the rate on the transaction
date. Monetary items in foreign currencies are converted to Norwegian
kroner by using the exchange rate on the balance sheet date. Non-monteray
items that are mesured at historic rate expressed in foreign currencies are
converted to Norwegian kroner by using the excange rate on the transaction
date. Non-monetary items that are measured at fair value expressed in
foreign currencies are converted to the exchange rate stipulated on the
balance sheet date. Changes in the exchange rate are entered in the profit
and loss account on an ongoing basis during the accounting period.
2.6 Short-term investments
Short-term investements (shares and shares assessed as current assets) are
assessed at fair value on the balance sheet date. Dividends received and other
disbursements from the companies are recorded as other financial income.
2.7 Tangible fixed assets
Tangible fixed assets are recorded in the balance sheet and depreciated
over the expected lifetime of the asset. Direct maintenance of capital
equipment is recorded as an ongoing expense as operating expenses, while
enhancements or improvements are added to the asset’s cost price and
depreciation along the lifetime of the asset. If recoverable amounts of capital
assets are lower than the balance sheet value, impairment charge will the
be made on the recoverable amount. The recoverable amount is the highest
amount of the net market value and the value in use. Value in use is the
present value of future cash flows the asset will generate.
2.8 Pensions
The employees of the company are members in a defined contribution
pension scheme. The company has no pension obligation to the employees
beyond the payment of contributions and costs, and there is therefore no
pension obligation recognized in the balance sheet.
See note 12 Pension.
Kortsiktig gjeld balanseføres til nominelt beløp på opptakstidspunktet.
Anleggsmidler vurderes til anskaffelseskost, men nedskrives til virkelig
verdi ved verdifall som ikke forventes å være forbigående. Langsiktig gjeld
balanseføres til nominelt beløp på etableringstidspunktet.
2.4 Fordringer
Kundefordringer og andre fordringer er oppført i balansen til pålydende etter
fradrag for avsetning til forventet tap. Avsetning til tap gjøres på grunnlag av
individuelle vurderinger av de enkelte fordringene.
2.5 Valuta
Transaksjoner i utenlandsk valuta omregnes til kursen på
transaksjonstidspunktet. Pengeposter i utenlandsk valuta omregnes til norske
kroner ved å benytte balansedagens kurs. Ikke-pengeposter som måles til
historisk kurs uttrykt i utenlandsk valuta, omregnes til norske kroner ved
å benytte valutakursen på transaksjonstidspunktet. Ikke-pengeposter som
måles til virkelig verdi uttrykt i utenlandsk valuta, omregnes til valutakursen
fastsatt på balansetidspunktet. Valutakursendringer resultatføres løpende i
regnskapsperioden.
2.6 Kortsiktige plasseringer
Kortsiktige plasseringer (aksjer og andeler vurdert som omløpsmidler)
vurderes til virkelig verdi på balansedagen. Mottatt utbytte og andre
utdelinger fra selskapene inntektsføres som annen finansinntekt.
2.7 Varige driftsmidler
Varige driftsmidler balanseføres og avskrives over driftsmidlets forventede
levetid. Direkte vedlikehold av driftsmidler kostnadsføres løpende under
driftskostnader, mens påkostninger eller forbedringer tillegges driftsmidlets
kostpris og avskrives i takt med driftsmidlet. Dersom gjenvinnbart beløp
av driftsmiddelet er lavere enn balanseført verdi foretas nedskrivning til
gjenvinnbart beløp. Gjenvinnbart beløp er det høyeste av netto salgsverdi
og verdi i bruk. Verdi i bruk er nåverdien av de fremtidige kontantstrømmene
som eiendelen vil generere.
2.8 Pensjoner
Selskapets ansatte er medlemmer i en innskuddsbasert pensjonsordning.
Selskapet har ingen pensjonsforpliktelse overfor de ansatte utover betaling
av innskudd og omkostninger, og det er derfor ingen pensjonsforpliktelse å
balanseføre.
Se note 12 Pensjon.
102
2.9 Taxes
Tax expenses in the profit and loss account include both the period’s payable
taxes and changes in deferred tax. Deferred tax is calculated at 22% based
on temporary differences that exist between accounting and taxation values,
as well as taxation deficit recorded at the end of the fiscal year. Temporary
differences that effect tax increases and tax reductions that are reversed
or that can be reversed in the same period are justified. Net deferred tax
benefits are recorded in the balance sheet to the extent it is probable these
can be utilised.
2.10 Costs for new loans
Issuance costs for new loans are recognised in the balance sheet and
expended over the lifetime of the loan.
2.11 Cash flow statement
The company uses the indirect model for presenting its cash flow statment.
This includes cash, bank deposits and securities.
2.12 Use of estimates
The preparation of the annual accounts in accordance with good accounting
principles requires that the management uses estimates and assumptions
that influence the profit and loss account and the valuation of assets and
liabilities, as well as information about uncertain assets and liabilities on the
balance sheet date. Conditional losses that are probale and quantifiable are
recorded as expenses on an ongoing basis.
2.9 Skatt
Skattekostnaden i resultatregnskapet omfatter både periodens betalbare
skatt og endring i utsatt skatt. Utsatt skatt er beregnet med 22% på grunnlag
av de midlertidige forskjeller som eksisterer mellom regnskapsmessige
og skattemessige verdier, samt skattemessig underskudd til fremføring
ved utgangen av regnskapsåret. Skatteøkende og skattereduserende
midlertidige forskjeller som reverserer eller kan reverseres i samme
periode er utlignet. Netto utsatt skattefordel balanseføres i den grad det er
sannsynlig at denne kan bli nyttegjort.
2.10 Kostnader ved låneopptak
Kostnader ved låneopptak balanseføres og kostnadsføres over lånets
løpetid.
2.11 Kontantstrømoppstilling
Selskapet benytter den indirekte modellen ved presentasjon av
kontantstrømoppstillingen. Den omfatter kontanter, bankinnskudd og
verdipapir.
2.12 Bruk av estimater
Utarbeidelsen av årsregnskapet i henhold til god regnskapsskikk
forutsetter at ledelsen benytter estimater og forutsetninger som påvirker
resultatregnskapet og verdsettelsen av eiendeler og gjeld, samt opplysninger
om usikre eiendeler og forpliktelser på balansedagen. Betingede tap som er
sannsynlige kvantifiserbare, kostnadsføres løpende.
NOTES - PARENT COMPANY / NOTER MORSELSKAP
103
NOK 1000
2023 2022
Per area of operations Pr. virksomhetsområde
Management fee internal Administrasjonshonorar internt 319 480 333 574
Management fee external Administrasjonshonorar eksternt 8 595 8 070
Other operating income Andre driftsinntekter
175 72
Total Sum 328 250 341 716
Geographical allocation Geografisk fordeling
Norway Norge 319 611 333 646
Belgium Belgia 6 795 6 453
Iceland Island 1 800 1 617
United Kingdom Storbritannia
45 0
Total Sum 328 250 341 716
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
2023 2022
Grants received Mottatte tilskudd
Reimbursement from the Norwegian Maritime Directorate Nettolønnsordning for sjøfolk 57 035 60 466
Reimbursement for trainees Lærlingstilskudd 3 132 4 372
Total government grants Sum offentlige tilskudd 60 168 64 838
104
Payroll expenses, number of employees, remuneration,
loans to employees and other personell costs
Lønnskostnader, antall ansatte, godtgjørelser,
lån til ansatte og andre personalkostnader
NOK 1000
2023 2022
Specification of payroll expenses: Spesifikasjon av lønnskostnad:
Payroll tax Arbeidsgiveravgift 163 163
Director's fee Styrehonorar 1 055 1 055
Other remuneration Andre ytelser 100 100
Other personnel costs Andre personalkostnader 506 736
Total Sum 1 824 2 054
Average number of shore-based employees Gjennomsnittlig antall ansatte på land 0 0
NOK 1000
2023 2022
Specification of crewing expenses: Spesifikasjon av mannskapskostnad:
Basic pay incl. holidays/free days Hyre inkl. ferie-/fritidsdager 234 777 261 467
Payroll tax Arbeidsgiveravgift 35 922 35 376
Reimbursement from the Norwegian Maritime Directorate Mottatt refusjon nettolønnsordning -57 035 -60 466
Pension contribution Pensjonsavgift reders del 7 488 7 472
Insurance and pension expenses Forsikringer og pensjonskostnad 15 465 14 722
Travel expenses Reiseutgifter 36 730 31 109
Groceries Proviant 2 479 1 755
Courses, other expenses and reimbursement Kurs, andre kostnader og refusjoner -1 294 -2 286
Total Sum 274 531 289 148
Number of employees at the end of period Antall ansatte ved slutten av perioden 245 318
Remuneration to senior executives: Ytelser til ledende personer
Managing Director /
Administrerende Direktør
Managing Director /
Administrerende Direktør
Wages Lønn 2 370 2 273
Pension contributions Pensjoninnskudd 217 204
Other remuneration Annen godtgjørelse 237 246
Board of Directors / Styret Board of Directors / Styret
Wages Lønn 1055 1055
Other remuneration Annen godtgjørelse 100 100
2023 2022
Auditor's fee Revisjonshonorar
Mandatory audit Lovpålagt revisjon 1 450 1 529
Other qualified services Særattestasjoner 70 44
Other service Andre tjenester 0 289
Total expensed auditors fee excl. value added tax Sum kostnadsført revisjonshonorar ekskl. merverdiavgift 1 520 1 863
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 31/12/23 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. 31.12.23.
Salaries and remuneration to the Managing Director is charged in Havila
Management AS. There are no bonus agreements, profit sharing or similar
benefits for the Managing Director.
Lønnen og godtgjørelse til Administrende Direktør er kostnadsført i Havila
Management AS. Det foreligger ingen bonus avtaler, overskuddsdeling og
lignende fordeler for Administerende Direktør.
NOTES - PARENT COMPANY / NOTER MORSELSKAP
105
6 Specification of items in the accounts 6 Spesifikasjon av poster i regnskapet
NOK 1000
Other operating expenses Andre driftskostnader 2023 2022
Subscription and bourse fees Kontingenter og børsavgifter 191 2 014
Leasing expenses and other expenses premises Leie og andre kostnader lokaler 2 288 2 211
IT expenses IT kostnader 2 301 2 037
Auditor's, lawyer's and consultant's fees Revisjon, juridisk bistand, konsulentbistand 2 432 2 438
Travel expenses Reisekostnader 467 86
Administrative costs Administrasjonskostnader 38 779 36 823
Other expenses Andre kostnader 2 370 2 730
Provision for loss short-term receivables in Group companies Avsetning tap kortsiktige interne fordringer 20 903 -27 677
Total other operating expenses Sum andre driftskostnader 69 731 20 661
Interest income Renteinntekt
Interest received from group companies Renteinntekt fra foretak i samme konsern 23 819 19 251
Interest income Banks Renteinntekter bank 513 143
Interest income from others Renteinntekter fra andre 334 238
Total other interest income Sum annen renteinntekt 847 381
Other financial income Andre Finansinntekter
Foreign exchange gain Valutagevinst 1 762 954
Unrealised foreign exchange gain Urealisert valutagevinst 105 0
Guarantee liabilities Garantiforpliktelser 170 238 161 838
Value adjustment loan Verdijustering lån 21 251 0
Other financial income Andre finansinntekter 119 0
Total other financial income Sum andre finansinntekter 193 475 162 791
Other financial expenses Andre finanskostnader
Write-down of financial assets Nedskrivning av finansielle eiendeler 348 234 192 244
Interest cost Rentekostnader
Intrest cost loan Rentekostnader lån 145 538 109 000
Total other interest costs Sum andre rentekostnader 145 538 109 000
Other Financial expenses Andre finanskostnader
Foreign exchange loss Valutatap 1 457 1 011
Unrealised foreign exchange loss Urealisert valutatap 0 187
Other financial expenses Andre finanskostnader 853 845
Total other financial expenses Sum andre finanskostnader 2 309 2 043
NOTES - PARENT COMPANY / NOTER MORSELSKAP
106
7 Taxes 7 Skatt
NOK 1000
2023 2022
Taxes for the year are divided into: Årets skattekostnad fordeler seg på:
Taxes payable Betalbar skatt 2 010 0
Changes in deferred taxes Endring i utsatt skatt 0 0
Total taxes in the profit and loss accounts Sum skattekostnad i resultatet 2 010 0
Calculation of taxable basis for the year: Beregning av årets skattegrunnlag:
Profit before tax Resultat før skattekostnad 400 394 293 168
Permanent differences * Permanente forskjeller * -227 810 -129 022
Changes in temporary differences Endring i midlertidige forskjeller -162 287 -160 552
Change in deficit to carry forward Endring i underskudd til framføring -1 163 -4 175
Received taxable group contribution booked to equity Mottatt skattepliktig konsernbidrag ført mot egenkapital -9 136 582
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 -1 105 -1 065
Pension fund Pensjon Innskuddsfond 2 059 9 972
Taxable deficit to carry forward Skattemessig underskudd til fremføring 0 -1 164
Accrual for guarantee liability Avsetning for garantiansvar -83 318 -253 556
Bond Loan Obligasjonslån -186 999 -287 463
Total Sum -269 363 -533 276
Not included in the calculation basis for deferred taxes/ deferred tax assets Ikke med i beregningsgrunnlaget for utsatt skatt/utsatt skattefordel 186 999 287 463
Basis for deferred taxes / deferred tax assets Grunnlag for utsatt skatt / utsatt skattefordel -82 364 -245 813
Deferred taxes / deferred tax assets (-) in the balance sheet ** Utsatt skatt / utsatt skattefordel (-) i balanse ** -18 120 -54 079
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% 88 087 64 497
Change in deferred tax assets not entered into the balance sheet ** Endring ikke oppført utsatt skattefordel ** -35 959 -36 240
Permanent differences 22% Permanente forskjeller 22% -50 118 -28 385
Tax on group contribution 22% Skatt på konsernbidrag 22% 0 128
Calculated taxes Beregnet skattekostnad 2 010 0
* Permanent differences consist of: * Permanente forskjeller består av:
None tax deductible entertainment expenses and gifts Ikke fradragsberettiget representasjonskostnader, gaver, kontingenter -941 1 150
None tax deductible write-down of financial assets Ikke fradragsberettiget nedskrivning av finansielle eiendeler -327 331 -219 921
Theoretical interest related to loan to amortized cost Teoretiske renter relatert til lån til amortisert kost 121 714 89 749
Value adjustment of debt Verdijustering lån -21 251 0
Total permanent differences Sum Permanente forskjeller -227 810 -129 022
** Due to uncertainty related to when unused tax losses carried
forward can be used, deferred tax assets are not entered into
the balanse sheet.
** På grunn av usikkerhet med når skattemessig framførbart
underskudd kan benyttes, er ikke utsatt skattefordel oppført i
balansen.
NOTES - PARENT COMPANY / NOTER MORSELSKAP
107
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
2022 NOK 1000
Tangible fixed assets Varige driftsmidler Buildings/
Bygninger
Machinery and
equipment/
Maskiner og Inventar
Total tangible assets/Sum
varige
driftsmidler
Purchase cost 01/01/22 Anskaffelseskost pr 01.01.22 3 674 7 247 10 921
Addition purchased assets Tilgang kjøpte driftsmidler 0 0 0
Purchase cost 31/12/22 Anskaffelseskost 31.12.22 3 674 7 247 10 921
Accumulated depreciation 31/12/22 Akkumulerte avskrivninger 31.12.22 -2 407 -7 247 -9 654
Balance sheet value 31/12/22 Balanseført verdi pr. 31.12.22 1 267 0 1 267
Depreciation this year Årets avskrivninger 162 0 162
8 Tangible fixed assets
Havila Shipping ASA calculates the depreciation on a straight-line basis for all
the tangible fixed assets. The useful life of the assets is calculated as follows:
Buildings: 20 years
Machinery and equipment: 3-5 years
Vehicles: 3 years
8 Varige driftsmidler
Havila Shipping ASA benytter lineære avskrivninger for alle varige driftsmidler.
Den økonomiske levetiden for driftsmidlene er beregnet til:
Bygninger: 20 år
Maskiner og Inventar: 3-5 år
Transportmidler: 3 år
NOTES - PARENT COMPANY / NOTER MORSELSKAP
108
9 Subsidiaries, associated companies etc
Investments in subsidiaries are recognised according to the cost method with
markup of deposits from the owner.
Investments in subsidiaries accounted according to the cost method
9 Datterselskap, felleskontrollert selskap m v
Investeringen i datterselskapene vurderes etter kostmetoden med påslag av inn-
skudd fra eier.
Investering i datterselskap bokført etter kostmetoden
NOK 1000
Company name/
Selskapets navn
Share capital/
Aksjekapital
Number of shares/
Antall aksjer
Face value/
Pålydende
Impairment of booked
value/ Nedskrivning
bokført verdi
Booked value/
Bokført verdi
Havila Chartering AS 100 100 1 000 0 0
Havila Management AS 100 100 1 000 0 100
Havila Harmony AS 200 100 2 000 0 0
Havila Shipping UK Ltd 0 2 12 0 0
Havila Charisma AS 36 100 361 000 100 -1 917 12 145
Havila Offshore AS 45 000 1 000 45 000 0 0
Havila Management Sdn Bhd 558 300 000 2 0 558
Havila Offshore Labuan Ltd 44 065 790 000 0 0 0
Havila Ships AS 80 000 100 800 000 0 0
Havila Subcon AS 16 200 3 600 4 500 0 0
Havila Marine Guernsey Limited 0 1 12 0 0
Havila Venus AS 40 530 40 530 000 1 0 0
Havila Jupiter AS 56 030 56 030 000 1 0 0
Havila Phoenix AS 12 530 12 530 000 1 0 0
Total shares in subsidiaries/
Totalt aksjer i datterselskap
331 413 -1 917 12 803
Acquired/
Ervervet
Office/Kontor Ownership/ Eierandel Voting share/
Stemmeandel
Havila Chartering AS 16.09.2005 Mjølstadneset 100 % Directly/Direkte 100 %
Havila Management AS 05.04.2005 Mjølstadneset 100 % Directly/Direkte 100 %
Havila Harmony AS 13.07.2012 Mjølstadneset 100 % Directly/Direkte 100 %
Havila Shipping UK Ltd 31.07.2003 Aberdeen 100 % Directly/Direkte 100 %
Havila Charisma AS 22.09.2011 Mjølstadneset 100 % Directly/Direkte 100 %
Havila Offshore AS 10.11.2014 Mjølstadneset 100 % Directly/Direkte 100 %
Havila Management Sdn Bhd 28.05.2013 Malaysia 100 % Directly/Direkte 100 %
Havila Offshore Labuan Ltd 18.12.2019 Malaysia 100 % Directly/Direkte 100 %
Havila Ships AS 10.01.2005 Mjølstadneset 100 % Indirectly/Indirekte 100 %
Havila Subcon AS 10.02.2005 Mjølstadneset 100 % Indirectly/Indirekte 100 %
Havila Marine Guernsey Limited 31.07.2003 Guernsey 100 % Indirectly/Indirekte 100 %
Havila Venus AS 10.02.2017 Mjølstadneset 100 % Indirectly/Indirekte 100 %
Havila Jupiter AS 10.02.2017 Mjølstadneset 100 % Indirectly/Indirekte 100 %
Havila Phoenix AS 10.02.2017 Mjølstadneset 100 % Indirectly/Indirekte 100 %
NOTES - PARENT COMPANY / NOTER MORSELSKAP
109
NOTES - PARENT COMPANY / NOTER MORSELSKAP
NOK 1000
Company/
Selskap
Assets/
Eiendeler
Liabilities/
Gjeld
Equity/
Egenkapital
Operating income/
Driftsinntekter
Profit for the year/
Årsresultat
Havila Chartering AS 47 096 154 339 -107 243 99 504 17 945
Havila Management AS 14 387 13 447 940 20 864 473
Havila Harmony AS 100 233 252 993 -152 760 33 467 15 565
Havila Shipping UK Ltd 1 557 0 1 557 2 034 59
Havila Charisma AS 144 628 132 483 12 145 52 434 -1 917
Havila Offshore AS 1 283 -281 0 -23
Havila Management Sdn Bhd 1 453 652 802 0 -2
Havila Offshore Labuan Ltd 21 426 28 392 -6 967 0 -25
Havila Ships AS 831 717 1 478 134 -646 417 387 100 281 272
Havila Subcon AS 278 521 516 840 -238 319 29 300 4 631
Havila Marine Guernsey Limited 58 58 0 -91 0
Havila Venus AS 51 436 51 794 -358 128 800 109 145
Havila Jupiter AS 128 291 78 168 50 124 61 164 87 445
Havila Phoenix AS 85 197 108 165 -22 968 55 935 1 282
Total/Totalt 330 782 582 589 -251 808 208 303 32 075
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 % 19 469 19 469
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 72 327 52 858 19 469 26 217 -3 061
Total/Totalt 72 327 52 858 19 469 26 217 -3 061
Overview of items in subsidiaries’ accounts
Investments in Joint Venture companies accounted according to cost
method
Overview of items in joint venture company accounts
Oversikt over regnskapsposter i datterselskap
Investering i felleskontrollert selskap bokført etter kost metoden
Oversikt over regnskapsposter i felleskontrollerte selskap
110
NOK 1000
2023 2022
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 * 616 492 363 491
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 2 156 9 972
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 56 832 9 092
Other receivables: Andre fordringer:
Receivable from the Norwegian Maritime Directorate Nettolønn til gode 18 807 20 580
Prepaid expenses Forskuddsbetalte kostnader 8 210 8 030
Other short term receivables and accruals Andre kortsiktige fordringer og periodiseringer 5 242 6 375
Total other receivables Sum andre fordringer 32 260 34 985
Liabilities with due date later than one year: Gjeld med forfall senere enn et år:
Bond loan Obligasjonslån 0 359 398
Total Totalt 0 359 398
Liabilities with due date within one year: Gjeld med forfall innen et år:
Bond loan Obligasjonslån 436 813 0
Total Totalt 436 813 0
Repayment profile Avdragsprofil
Ballon bond-loan Ballong obligasjon lån 436 813 359 398
Total Totalt 436 813 359 398
NOTES - PARENT COMPANY / NOTER MORSELSKAP
10 Receivables and liabilities
* In 2023, the company has a net reversal of impairment of loans to companies
in the same group with NOK 297 million. In 2022, the net reversal of impairment
amount was NOK 193 million.
The nominal value of the bond loans is NOK 624 million.
See group note 13 Loans
10 Fordringer og gjeld
* Selskapet har i 2023 netto reversert nedskrivning av lån til foretak i samme
konsern med NOK 297 million. I 2022 var netto reversering av nedskrivning NOK
193 million.
Nominell verdi av obligasjonslånene er NOK 624 million.
Se konsernnote 13 lån
111
NOK 1000
2023 2022
Receivables Fordringer
Other current receivables group companies Andre kortsiktige fordringer konsernselskap 56 832 9 092
Other non-current receivables group companies Andre langsiktige fordringer konsernselskap 616 492 363 491
Non-current receivables joint ventures/associated company Langsiktige fordringer fellesregistrert / tilknyttet selskap 4 000 4 000
Total Totalt 677 323 376 583
Payables Gjeld
Current liabilities group companies Kortsiktig gjeld på konsernselskap 54 314 23 106
Long term liabilities group companies Langsiktig gjeld på konsernselskap 68 775 68 761
Total Totalt 123 089 91 867
NOTES - PARENT COMPANY / NOTER MORSELSKAP
11 Mellomværende med selskap i samme konsern og
tilknyttede selskap
11 Receivables and payables to companies in the same
group and associated companies
112
12 Pensions
The company’s pension schemes satisfy the requirements of the Act on
Mandatory Occupational Pensions.
Defined contribution scheme:
The Company has a defined contribution pension scheme. As of 31/12/23, the
scheme includes a total of 246 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 2023, expensed contribution deposits including premiums and costs amounts
to NOK 7,913 million compared to NOK 8,290 million in 2022.
As of 31/12/23, the defined contribution fund amounts to NOK 2.2 million,
compared to NOK 10.0 million as of 31/12/22. 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 2023, 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 3.1 million in 2022 compared to NOK 2.9 million in 2022.
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 2023, the National Insurance average basic amount (1G) was NOK 116,239,
compared to NOK 109,784 in 2022.
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 246 aktive
sjøfolk pr 31.12.23. 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 2023 NOK 7
913 million mot NOK 8 290 million i 2022.
Pr. 31.12.23 utgjør innskuddsfondet NOK 2,1 million mot NOK 10,0 million pr.
31.12.22. 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 2023 utgjorde premien 2,6 % av lønn mellom 1G og 7,1G.
Tilskudd til AFP ordningen inngår i regnskapslinjen mannskapskostnader og
utgjorde i 2023 NOK 3,1 million mot NOK 2,9 million i 2022.
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 2023 NOK 116 239 mot NOK 109 784
i 2022.
I tillegg til innskuddspensjonsordningen og Fellesordningen for AFP er
sjøfolkene medlem i Maritim Pensjonskasse (MPK).
NOTES - PARENT COMPANY / NOTER MORSELSKAP
113
NOTES - PARENT COMPANY / NOTER MORSELSKAP
13 Kontanter og kontantekvivalenter13 Cash and cash equivalents
NOK 1000
2023 2022
Cash and cash equivalents consist of: Kontanter og kontantekvivalenter består av:
Bank deposits Bankinnskudd 13 328 30 609
Total Totalt 13 328 30 609
Of this restricted bank deposits Av dette bundne bankinnskudd 9 593 4 254
114
2023 Number / Antall Par value / Pålydende Book value / Balanseført verdi
Ordinary shares / Ordinære aksjer 23 776 300 1,00 23 776 300
Total/Totalt 23 776 300 1,00 23 776 300
Shareholders/Aksjonærer Country/Land Shares/Aksjer Interest/Andel
HAVILA HOLDING AS NOR 12 116 566 51,0 %
MORTEN SKAGE NOR 500 000 2,1 %
NORDNET LIVSFORSIKRING AS NOR 284 338 1,2 %
JOHNY GIANG NOR 250 000 1,1 %
RUDY PATRICK SANDANGER NOR 238 000 1,0 %
SIX SIS AG CHF 228 640 1,0 %
NORDNET BANK AB SWE 208 646 0,9 %
MORGAN STANLEY & CO INT. PLC. GBR 185 937 0,8 %
FRANK IVAR AARNES NOR 182 525 0,8 %
RUNE HELLEBERG NOR 170 164 0,7 %
KNUT ANDERSEN NOR 128 598 0,5 %
GÅSØ NÆRINGSUTVIKLING AS NOR 121 438 0,5 %
SHOG AS NOR 100 510 0,4 %
KIM ALEXANDER ESBJUG NOR 96 582 0,4 %
J.P. MORGAN SECURITIES PLC GBR 96 517 0,4 %
ERIK NERGAARD NOR 94 804 0,4 %
TOR OLAV TORSET VIK NOR 93 409 0,4 %
INTERACTIVE BROKERS LLC GBR 91 793 0,4 %
ALF OLAV SÆTRE NOR 90 663 0,4 %
AVANZA BANK AB SWE 86 315 0,4 %
LARGEST/ STØRSTE 15 365 445 64,6 %
OTHER/ØVRIG 8 410 855 35,4 %
Total number of shares/Totalt antall aksjer 23 776 300 100,0 %
14 Share capital and shareholders’ information
The share capital consists of:
Overview of the largest shareholders - 2023:
Indirect ownership of Havila Shipping ASA in Havila Holding AS;
Board member owns 30%, and Managing Director owns 30%.
At 31/12/2023 and 31/12/2022 the company has no own shares.
14 Aksjekapital og aksjonærinformasjon
Aksjekapitalen består av:
Oversikt over de største aksjonærene - 2023:
Indirekte eierskap i Havila Shipping ASA i Havila Holding AS;
Styremedlem eier 30%, og Administrende Direktør eier 30%.
Pr. 31.12.2023 og 31.12.2022 har selskapet ingen egne aksjer.
NOTES - PARENT COMPANY / NOTER MORSELSKAP
115
NOTES - PARENT COMPANY / NOTER MORSELSKAP
2022 Number / Antall Face value / Pålydende Book value / Balanseført verdi
Ordinary shares / Ordinære aksjer 23 776 300 1,00 23 776 300
Total/Totalt 23 776 300 1,00 23 776 300
Shareholders/Aksjonærer Country/Land Shares/Aksjer Interest/Andel
HAVILA HOLDING AS NOR 12 116 566 51,0 %
NORDNET LIVSFORSIKRING AS NOR 566 944 2,4 %
MORTEN SKAGE NOR 311 000 1,3 %
NORDNET BANK AB SWE 274 093 1,2 %
RUDY PATRICK SANDANGER NOR 238 000 1,0 %
FRANK IVAR AARNES NOR 172 525 0,7 %
MØLLER HOLDING AS NOR 165 790 0,7 %
ANDREAS MØLLER NOR 147 787 0,6 %
ARNE LØVLID NOR 130 653 0,5 %
MANOLI AS NOR 127 979 0,5 %
GÅSØ NÆRINGSUTVIKLING AS NOR 121 438 0,5 %
AVANZA BANK AB SWE 105 154 0,4 %
OTTO RONGEVÆR NOR 100 722 0,4 %
CLEARSTREAM BANKING S.A. LUX 98 558 0,4 %
KIM ALEXANDER ESBJUG NOR 93 482 0,4 %
BARCLAYS CAPITAL SEC. LTD FIRM GBR 93 000 0,4 %
ALF OLAV SÆTRE NOR 90 598 0,4 %
SHOG AS NOR 86 400 0,4 %
KNUT ANDERSEN NOR 82 753 0,3 %
ROLF TORE HELLE NOR 75 000 0,3 %
LARGEST/ STØRSTE 15 198 442 63,9 %
OTHER/ØVRIG 8 577 858 36,1 %
Total number of shares/Totalt antall aksjer 23 776 300 100,0 %
Aksjekapitalen består av:
Oversikt over de største aksjonærene - 2022:
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 - 2022:
The company’s financing
The financial restructuring of the group was executed on 30 June 2020.
See group note 13 Loans for details and effects of the restructuring, and in stock
exchange releases available at the company home page:
www.havilashipping.no.
116
NOK 1000
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
NOK 1000
2022 Share capital /
Aksjekapital *)
Share
premium /
Overkurs
Annen
innskutt
egenkapital
Uncovered
loss/Udekket
tap
Total/Sum
Equity per 01/01/22 Egenkapital pr. 01.01.22 23 776 933 704 843 018 -2 490 835 -690 337
Profit for the year Årets resultat 293 168 293 168
Group Contribution Konsernbidrag
582 582
Equity per 31/12/2022 Egenkapital pr 31.12.2022 23 776 933 704 843 018 -2 197 085 -396 587
*) Share capital:
Number of shares 23776300
Par value per share 1.00
*) Aksjekapital:
Antall aksjer 23776300
Pålydende verdi pr. aksje NOK 1,00
15 Egenkapital
*) Aksjekapital:
Antall aksjer 23776300
Pålydende verdi pr. aksje NOK 1,00
15 Equity
*) Share capital:
Number of shares 23776300
Par value per share 1.00
NOTES - PARENT COMPANY / NOTER MORSELSKAP
117
16 Close associates
Transactions with close associates.
See note 10 Receivables and payables to companies in the same group and
associated companies, note 5 Specification of items in the accounts and Group
note 25 Related parties.
Havila Shipping ASA has been involved in various transactions with close
associates.
All the transactions are made as a part of the ordinary business and is made on
market terms.
The most important transactions are as follows:
a) Lease of premises from Siva Sunnmøre AS
b) Lease of premises from Havila Holding AS / Havilahuset AS
c) Purchase of administration services from Havila Service AS
d) Purchase of administration services from Havila AS
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 31/12/22, there is one lease agreement
related to this tenancy. This agreement expires on 31 December 2031. The
agreement has been made on market terms.
c) Havila Shipping ASA has entered into an agreement to purchase administration
services from Havila Service AS, a wholly owned subsidiary of Havila Holding AS.
This agreement is valid from 01.11.20 and applies to the purchase of services within
accounting, crewing, purchasing and IT. The agreement has a notice period of 6
months, and is made on market terms.
d) Havila Shipping ASA has entered into an agreement to purchase administration
services from Havila AS, a wholly owned subsidiary of Havila Holding AS.
This agreement is valid from 19/04/21 and applies to services delivered by the
Financial Director.
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 25 Nærstående
parter.
Havila Shipping ASA har foretatt flere ulike transaksjoner med nærstående
selskaper.
Alle transaksjoner er foretatt som del av den ordinære virksomheten og til
markedsmessige vilkår.
De vesentligste transaksjonene som er foretatt er som følger;
a) Leige av lokaler med Siva Sunnmøre AS
b) Leige av lokaler med Havila Holding AS / Havilahuset AS
c) Kjøp av administrasjonstjenester fra Havila Service AS
d) Kjøp av administrasjonstjenester fra Havila AS
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 31.12.22
en leieavtale knyttet til dette leieforholdet. Denne avtalen utløper 31.12.2031.
Avtalen er gjort på markedsmessige vilkår.
c) Havila Shipping ASA har inngått avtale om kjøp av administrasjonstjenester fra
Havila Service AS, et heleid datterselskap av Havila Holding AS. Denne avtalen
er gjeldende fra 01.11.20 og gjelder kjøp av tenester innenfor regnskap, mannskap,
innkjøp og IT. Avtalen har en oppsigelsesfrist på 6 måneder, og er gjort på
markedsmessige vilkår.
d) Havila Shipping ASA har inngått avtale om kjøp av administrasjonstjenester
fra Havila AS, et heleid datterselskap av Havila Holding AS. Denne avtalen er
gjeldende fra 19.04.21 og gjelder tjenester levert av Finansdirektør.
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
31/12/2023 / Uteståen-
de pr. 31.12.2023
Rent/Leie Loan/Lån
Administrative
services /
Administrative
tjenester
Outstanding per
31/12/2022 / Uteståen-
de pr. 31.12.2022
Rent/Leie Loan/Lån
Administrative
services /
Administrative
tjenester
Havila Holding AS 99 697 0 100 000 0 99 704 457 100 000 0
Havila AS 156 0 0 998 -4 0 0 1 176
Siva Sunnmøre AS 0 328 0 0 0 309 0 0
Havila Kystruten AS -61 0 0 0 -59 0 0 0
Havila Service AS 1 299 0 0 14 842 1 283 0 0 14 304
Havilahuset AS 6 1 298 0 0 0 935 0 0
Havila Skipsinvest 1 AS -42 542 0 0 -5 261 0 0 0 0
Totalt 58 555 1 626 100 000 10 578 100 925 1 702 100 000 15 480
118
NOTES - PARENT COMPANY / NOTER MORSELSKAP
NOK 1000
Other current receivables group companies Andre kortsiktige fordringer på konsernselskap 2023 2022
Havila Ships AS Havila Ships AS 43 588 0
Havila Shipping UK LTD Havila Shipping UK LTD 0 2 905
Havila Charisma AS Havila Charisma AS 2 932 5 580
Havila Marine Guernsey LTD Havila Marine Guernsey LTD 19 0
Havila Subcon AS Havila Subcon AS
9 711 0
Havila Management AS Havila Management AS
582 582
Havila Offshore Labuan LTD Havila Offshore Labuan LTD 0 25
Total Totalt 56 832 9 092
Other current debt group companies Annen kortsiktig gjeld til konsernselskap
Havila Chartering AS Havila Chartering AS 9 153 0
Havila Offshore AS Havila Offshore AS 1 0
Havila Management AS Havila Management AS 12 679 3 485
Havila Shipping UK LTD Havila Shipping UK LTD 1 415 0
Havila Marine Guernsey LTD Havila Marine Guernsey LTD 0 67
Havila Offshore Labuan LTD Havila Offshore Labuan LTD 19 504 19 554
Havila Phoenix AS Havila Phoenix AS 6 155 0
Havila Venus AS Havila Venus AS 5 407 0
Total Totalt 54 314 23 106
Loans to companies in the same group Lån til foretak i samme konsern
Havila Subcon AS Havila Subcon AS 268 790 256 355
Havila Ships AS Havila Ships AS 248 464 69 582
Havila Management Sdn Bhd Havila Management Sdn Bhd 509 493
Havila Jupiter AS Havila Jupiter AS 48 941 36 801
Havila Offshore AS Havila Offshore AS 1 260
Havila Venus AS Havila Venus AS 49 786 0
Total Totalt 616 492 363 491
Non-current liabilities from group company Lån fra foretak i samme konsern
Havila Management Sdn Bhd Havila Management Sdn Bhd 1 361 1 347
Havila Phoenix AS Havila Phoenix AS 67 414 67 414
Total Totalt 68 775 68 761
Management fees to Havila Management AS Administrasjonshonorar til Havila Management AS 20 864 19 576
Management fees to Havila Shipping UK Ltd Administrasjonshonorar til Havila Shipping UK Ltd 2 075 1 767
Total Totalt 22 939 21 343
Interest income from group companies Renteinntekter fra foretak i samme konsern 23 819 19 251
119
17 Financial instruments and market risk
Havila Shipping ASA is the management company for the Havila Shipping Group.
The group runs international business activities that are exposed to significant
interest and currency risks. The group uses its respective ship-owning companies
to enter interest and currency contracts, where cash flows for the ships are the
basis for the contracts.
Credit risk
The company has no significant credit risks where management services that
are invoiced for its subsidiary companies are concerned. Settlements for such
services are billed concurrently.
Interest rate risk
The company has bond loans (see note 6 Receivables and liabilities). The loan
interest on these bond loans was originally floating, associated with NIBOR.
See Group Note 3.1 Market Risk, section Interest Rate Risk.
Financial restructuring of the company was executed on 30 June 2020. The
agreement period runs until 31/12/2024. Each lender can extend the period with
one year until 31/12/2025. The company’s liquidity was strengthened by Havila
Holding AS paid a convertible liquidity loan of NOK 100 million. Havila Holding AS
has the right and obligation to convert all or part of the loan into shares in order
to maintain an ownership position in the company in connection with lenders’
conversion rights. Payment of interest and instalments will, for each vessel, be
limited by the respective vessels profit and will be paid quarterly. If a vessels’
income is insufficient to serve the interest-bearing tranche, the calculated interest
and missing instalment will be transferred to the non-interest-bearing tranche.
Vessel profit above accrued interest will serve the interest-bearing tranche
according to a predefined payment profile. Any surplus cash beyond this will be
swept by the non interest-bearing tranche.
An 1% increase in NIBOR will during the period of one year lead to an increase in
interest expenses of NOK 2,5 million.
17 Finansielle instrumenter og markedsrisiko
Havila Shipping ASA er managementselskap for Havila Shipping konsernet.
Konsernet driver internasjonal virksomhet som er utsatt for betydelig renterisiko
og valutarisiko. Konsernet inngår sine rente og valutakontrakter i respektive
skipseiende selskaper knyttet opp mot kontanstrømmer til fartøyene.
Kredittrisiko
Selskapet har ingen vesentlig kredittrisiko knyttet til fakturerte management
tjenester for sine datterselskap. Oppgjør av slike tjenester blir fortløpende
avregnet.
Renterisiko
Selskapet har obligasjonslån (se note 6 fordring og gjeld). Lånerenten på
obligasjonslånene var opprinnelig flytende rente og knyttet opp mot NIBOR.
Se konsernnote 3.1 Markedsrisiko, avsnitt om Renterisiko.
Finansiell restrukturering av selskapet ble gjennomført 30. juni 2020.
Avtaleperioden løper fram til 31.12.2024. Den enkelte långiver har mulighet til å
forlenge løpetiden med ett år til 31.12.2025. Selskapets likviditet ble styrket ved
at Havila Holding AS innbetalte et konvertibelt likviditetslån på NOK 100 million.
Havila Holding AS har rett og plikt til å konvertere hele eller deler av lånet til
aksjer for å opprettholde eierposisjon i selskapet i forbindelse med långiveres
konverteringsrett. Rente- og avdragsbetaling er for det enkelte fartøy begrenset til
fartøyets inntjening. Renter og avdrag betales kvartalsvis for alle fartøy. Dersom et
fartøy ikke har tilstrekkelig inntjening til å betjene rentebærende transje, overføres
renter og manglende avdrag fra rentebærende transje til ikke rentebærende
transje. Et fartøys inntjening utover påløpte renter betjener rentebærende transje
i henhold til fastsatt nedbetalingsprofil. Eventuelt overskytende beløp benyttes til
nedbetaling på ikke rentebærende transje.
1% økning i NIBOR vil i løpet av et år medføre økt rentekostnad på NOK 2,5
million.
NOTES - PARENT COMPANY / NOTER MORSELSKAP
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 2023 2022
Havila Ships AS Havila Ships AS 187 806 173 609
Havila Jupiter AS Havila Jupiter AS 28 712 30 250
Havila Venus AS Havila Venus AS 30 479 29 993
Havila Subcon AS Havila Subcon AS 120 120
Havila Harmony AS Havila Harmony AS 712 635
Havila Chartering AS Havila Chartering AS 39 554 73 455
Havila Offshore Labuan LTD Havila Offshore Labuan LTD 20 20
Havila Charisma AS Havila Charisma AS 26 696 25 371
Havila Phoenix AS Havila Phoenix AS 120 120
Total Totalt 314 219 333 574
120
Lividitetsrisiko
Selskapets løpende likviditet er basert på løpende viderefakturering av sine
managementtjenester inkludert påslag. Konsernets strategi er å ha tilstrekkelig
kontanter, kontantekvivalenter eller kredittmuligheter til enhver tid å kunne
finansiere løpende drift og egenfinansiering av investeringer.
Valutarisiko
Havila Shipping ASA er i mindre grad direkte utsatt for valutarisiko.
18 Garantier
Pr. 31.12.23 har Havila Shipping ASA stillt morselskapsgaranti for gjeld i datter og
datterdatterselskapene på til sammen NOK 1 278 million, mot NOK 2 791 million pr.
31.12.22.
Pr. 31.12.23 utgjør avsatt garantiforpliktelse NOK 83 million mot NOK 254 million i
2022. Morselskapsgarantien gjelder ikke obligasjonslånene.
Som følge av at enkelte datter- og datterdatter selskaper har negativ egenkapital, og
det fortsatt er underdekning etter man har skrevet ned verdi på aksjer og fordringer,
er det gjort garantiavsetning tilknyttet morselskapsgarantien.
I vurderingen av avsetning for garantiforpliktelser har vi lagt til grunn at morselskapet
har stilt en forpliktende garanti til bankene, og at bankene kan kreve at morselskapet
gjør opp gjeld i den grad skyldner ikke er i stand til å gjøre opp.
For å estimere størrelsen på garantiansvaret har ledelsen basert seg på regnskapene
til underliggende datterselskap. Da skipene i all hovedsak er regnskapsført til gjenvin-
nbart beløp, anses underdekning i egenkapitalen etter man har korrigert for usikrede
lån fra morselskapet som en god tilnærming på reell underdekning. Denne forutsetter
imidlertid at skipene blir realisert gjennom fortsatt bruk eller en ordnet transaksjon
mellom villig kjøper og villig selger, og ikke gjennom forserte salg.
I tabellen nedenfor finnes oversikt over hvilke konkrete lånefasiliteter som er omfattet
av garantiavsetningen.
Liquidity risk
The company’s current liquidity is based on current through-invoicing of com-
pany management services, including mark-ups for its respective subsidiaries
and external companies. The group’s strategy is to have sufficient cash, cash
equivalents or opportunity for credit at all times, to be able to finance ongoing
operations and own financing of investments.
Currency risk
Havila Shipping ASA are less exposed to current risk.
18 Guarantees
As of 31/12/23, Havila Shipping ASA has furnished guarantee for debt amounted
to NOK 1,278 million in subsidiaries and tier-subsidiaries, compared to NOK 2,791
million as of 31/12/22.
As of 31/12/23, the provision for guarantee obligation amounts to NOK 83 million,
compared to NOK 254 million in 2022. The parent company guarantee does not
apply to the bond loans.
As a result of some subsidiary and tier-subsidiaries having negative equity, and
there is still under-coverage after the value of shares and receivables has been
written down, a guarantee provision has been made in connection with the parent
company guarantee.
In the assessment of provisions for guarantee obligations, we have assumed that
the parent company has provided a binding guarantee to the banks, and that the
banks can demand that the parent company settle debts to the extent that the
debtor is unable to settle.
In order to estimate the size of the guarantee liability, the management has relied
on the accounts of the underlying subsidiaries. As the vessels are mainly ac-
counted for at the recoverable amount, under-coverage in equity after adjusting
for unsecured loans from the parent company is considered a good approach
to real under-coverage. However, this presupposes that the vessels are realized
through continued use or an orderly transaction between a willing buyer and a
willing seller, and not through forced sales.
The table below provides an overview of which specific loan facilities are covered
by the guarantee provision.
NOTES - PARENT COMPANY / NOTER MORSELSKAP
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
obligation /
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
121
Havila Shipping ASA har stilt morselskapsgaranti for bareboat leien som Havila
Ships AS plikter å betale til Sydvestor Troll AS. Samlet forpliktelse pr. 31.12.23 er
NOK 56 million mot NOK 46 million pr. 31.12.22.
Se note 9 fordringer og gjeld og konsernnote 21 Eiendeler under finansiell leasing
avtale.
19 Miljøforhold
Selskapet har ikke forpliktet seg til noen miljøtiltak utover det som er vanlig i
næringen.
Selskapet har etterlevd miljøkravene.
20 Betinget utfall
Havila Shipping ASA er ikke kjent med juridiske tvisteforhold av vesentlig
betydning for bedømmelse av selskapet.
21 Fortsatt drift
Regnskapet er avlagt under forutsetning om fortsatt drift. Styret har lagt til grunn at
denne forutsetningen er til stede.
Se konsernnote 4.7 Fortsatt drift.
22 Hendelse etter balansedagen
Det har ikke vært hendelser etter balansedagen av betydning for vurdering av
selskapets finansielle stilling.
Se konsernnote 28 Hendelser etter balansedagen.
Havila Shipping ASA has furnished a guarantee for the bareboat hire that Havila
Ships AS is liable to pay to the Sydvestor Troll AS. Total liability per 31/12/23 is
NOK 56 million compared to NOK 46 million as of 31/12/22.
See Note 9 Receivables and liabilities and Group Note 21 Assets under financial
lease agreement.
19 Environmental conditions
The company is not committed to any environmental conditions beyond what is
normal in this business.
The company has complied with the environmental requirements.
20 Contingent results
Havila Shipping ASA is not aware of any legal disputes of essentital meaning for
assessment of the company.
21 Going Concern
The financial statements are made under the assumption of going concern.The
Board of Directors consider the requriements for going concern are in place.
See Group note 4.7 Going concern.
22 Event after the balance sheet date
No events after the balance sheet date have been of significance for the
Company’s financial position.
See Group note 28 Events after the balance sheet date.
2022 NOK 1000
Company /
Selskap
Nominal value
receivable /
Pålydende verdi
fordring
Accumulated
impairment
receivables /
Akkumulert
nedskrivning
fordringer
Net receivable /
Netto fordring
Booked value
shares in subsidi-
aries /
Bokført verdi
aksjer i datter-
selskap
Equity in subsidi-
aries /
Egenkapital i
datterselskap
Provosion for
guarantee obliga-
tion / Avsetning
for garantiforplik-
telser
Havla Venus AS 50 133 -50 133 0 ia -109 504 59 371
Havila Harmony AS 89 165 -89 165 0 0 -168 326 79 161
Havila Subcon AS 498 975 -256 355 242 620 ia -242 950 0
Havila Ships AS 751 663 -751 663 0 ia -927 689 22 529
Havila Ships AS - (backtoback) bond loan / obligasjonslån 153 497 -153 497 0 0 0 0
Havila Chartering AS 41 826 -41 826 0 0 -134 321 92 495
Havila Phoenix AS -67 414 0 -67 414 0 -30 750 0
Havila Jupiter AS 74 123 -37 322 36 801 0 -37 322 0
Total / Sum 1 591 968 -1 379 960 212 008 0 -1 650 862 253 556
NOTES - PARENT COMPANY / NOTER MORSELSKAP
122
REVISJONSBERETNING
PricewaterhouseCoopers AS, Sandviksbodene 2A, Postboks 3984 - Sandviken, NO-5835 Bergen
T: 02316, org. no.: 987 009 713 MVA, www.pwc.no
Statsautoriserte revisorer, medlemmer av Den norske Revisorforening og autorisert regnskapsførerselskap
Til generalforsamlingen i Havila Shipping ASA
Uavhengig revisors beretning
Uttalelse om årsregnskapet
Konklusjon
Vi har revidert årsregnskapet for Havila Shipping ASA, som består av:
x selskapsregnskapet, som består av balanse per 31. desember 2023, resultatregnskap og
kontantstrømoppstilling for regnskapsåret avsluttet per denne datoen og noter til årsregnskapet,
herunder et sammendrag av viktige regnskapsprinsipper, og
x konsernregnskapet, som består av balanse per 31. desember 2023, resultatregnskap, utvidet
resultat, egenkapitaloppstilling og kontantstrømoppstilling for regnskapsåret avsluttet per denne
datoen og noter til årsregnskapet, herunder vesentlige opplysninger om regnskapsprinsipper.
Etter vår mening
x oppfyller årsregnskapet gjeldende lovkrav,
x gir selskapsregnskapet et rettvisende bilde av selskapets finansielle stilling per 31. desember 2023
og av dets resultater og kontantstrømmer for regnskapsåret avsluttet per denne datoen i samsvar
med regnskapslovens regler og god regnskapsskikk i Norge, og
x gir konsernregnskapet et rettvisende bilde av konsernets finansielle stilling per 31. desember 2023
og av dets resultater og kontantstrømmer for regnskapsåret avsluttet per denne datoen i samsvar
med IFRS Accounting Standards som godkjent av EU.
Vår konklusjon er konsistent med vår tilleggsrapport til revisjonsutvalget.
Grunnlag for konklusjonen
Vi har gjennomført revisjonen i samsvar med International Standards on Auditing (ISA-ene). Våre oppgaver
og plikter i henhold til disse standardene er beskrevet nedenfor under Revisors oppgaver og plikter ved
revisjonen av årsregnskapet. Vi er uavhengige av selskapet og konsernet i samsvar med kravene i
relevante lover og forskrifter i Norge og International Code of Ethics for Professional Accountants (inkludert
internasjonale uavhengighetsstandarder) utstedt av International Ethics Standards Board for Accountants
(IESBA-reglene), og vi har overholdt våre øvrige etiske forpliktelser i samsvar med disse kravene. Innhentet
revisjonsbevis er etter vår vurdering tilstrekkelig og hensiktsmessig som grunnlag for vår konklusjon.
Vi er ikke kjent med at vi har levert tjenester som er i strid med forbudet i revisjonsforordningen (EU) No
537/2014 artikkel 5 nr. 1.
Vi har vært revisor for Havila Shipping ASA sammenhengende i 6 år fra valget på generalforsamlingen den
30. mai 2018 for regnskapsåret 2018.
Sentrale forhold ved revisjonen
Sentrale forhold ved revisjonen er de forhold vi mener var av størst betydning ved revisjonen av
årsregnskapet for 2023. Disse forholdene ble håndtert ved revisjonens utførelse og da vi dannet oss vår
mening om årsregnskapet som helhet, og vi konkluderer ikke særskilt på disse forholdene.
Selskapets og konsernets virksomhet har i hovedsak vært uendret sammenlignet med fjoråret. Verdsettelse
av skip og Verdsettelse av gjeld har omtrent samme nivå av risiko og kompleksitet som tidligere, og har
følgelig vært fokusområder også i årets revisjon.
123
REVISJONSBERETNING
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Sentrale forhold ved revisjonen
Hvordan vi i vår revisjon håndterte sentrale
forhold ved revisjonen
Verdsettelse av skip
Konsernet har en flåte bestående av 7 egeneide
skip med samlet bokført verdi på 1 076 670 NOK
tusen. Bokført verdi på skipene utgjør 75 % av
konsernets totale eiendeler.
Ledelsen har identifisert nedskrivnings
- og
reverseringsindikatorer for flere av konsernets skip
og har følgelig foretatt en vurdering av skipenes
gjenvinnbare beløp. Basert på ledelsens vurdering
er det fo
retatt netto reverseringer av tidligere
perioders nedskrivninger på totalt 865 020 NOK
tusen i 2023, hvorav
deler av beløpet
knytter seg til
skip som er solgt i løpet av året.
Utarbeidelse av bruksverdier krever at ledelsen
utøver skjønn
ved fastsettelse av sentrale
forutsetninger som fremtidige rater,
utnyttelsesgrad, driftskostnader, investeringer og
diskonteringsrente.
Ledelsen har i tillegg til egne beregninger av
bruksverdier, innhentet megleranslag for alle
skipene i konsernet fra en skipsmegler. Innhentede
megleranslag er primært benytte
t til å
rimelighetsvurdere bruksverdiberegninger.
Vi fokuserte på v
erdsettelse av skip
på grunn av
den skjønnsbruk som er iboende i
verdsettelsesprosessen og
betydning
skjønnsbruk
kan ha på årsregnskapet.
Vi viser til note 4.5 og 6 i konsernregnskapet hvor
ledelsen forklarer sine nedskrivningsvurderinger.
Vi innhentet ledelsens vurderinger av identifiserte
nedskrivnings
- og reverseringsindikatorer og
tilhørende bruksverdiberegninger.
Våre revisjonshandlinger omfattet en vurdering av
hvorvidt beregningsmetodene anvendt av ledelsen
var i tråd med kravene i IFRS.
For å vurdere ledelsens forutsetninger om fremtidig
ratenivå, utnyttelsesgr
ad, driftskostnader,
investeringer og diskonteringsrente, gjennomførte
vi,
blant annet, følgende revisjonshandlinger:
x
Vi sammenlignet historisk informasjon med
ledelsens prognoser for kommende år.
x Vi vurderte ledelsens
forutsetninger mot
offentlig tilgjengelig informasjon, herunder
eksterne markedsrapporter for
offshoremarkedet.
x
Vi vurderte anvendt diskonteringsrente ved
å sammenligne med relevant intern og
ekstern informasjon. For eksempel
sammenlignet vi benyttet
diskonteringsrente mot
diskonteringsrente
benyttet av andre selskaper innenfor
samme bransje.
Videre innhentet vi OHGHOVHQVmegleranslag for alle
skip og sammenlignet takstene mot beregnet
bruksverdi for å ytterligere utfordre ledelsens bruk
av skjønn.
Vi fant at ledelsens forutsetninger samlet sett var
innenfor et rimelig intervall. Alle skip i konsernet er
nedskrevet i tidligere perioder. Vurderingen vil
derfor være sensitiv for endringer i
nøkkelforutsetninger som er benyttet i
kontantstrømprognosene. Vedvarende prispress på
selskapets tjenester og en ustabil markedssituasjon
bidrar til betydelig usikkerhet i forutsetningene som
er benyttet.
For skip som ble solgt iløpet av året, innhentet vi
signerte salgskontrakter og kontrollerte at bokførte
verdier ikke var større enn avtalt salgsverderlag
eller opprinnelig avskrivningsplan. Videre
kontrollerte vi om klassifisering mellom avskrivning
og reversering av nedskrinving var korrekt.
Vi vurderte også opplysningene i note 4.5 og 6
vedrørende verdsettelse av skip og fant at disse
var hensiktsmessige.
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REVISJONSBERETNING
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Verdsettelse av gjeld
Rentebærende gjeld inkludert
konverteringsforpliktelser i konsernet er bokført til
1 233 989 NOK tusen per 31. desember 2023 og
utgjør
86 % av konsernets totalbalanse.
Konsernets gjeld omfatter innebygde derivater og
regnskapsføres til virkelig verdi over resultatet.
Verdimåling av gjelden var et sentralt forhold i vår
revisjon som følge av at avtaleverket som ligger til
grunn for selskapets finansiering er komplekst, og
fordi avtalen er grunnleggende for
ledelsens
og vår
vurdering av forutsetning om fortsatt drift. Disse
forholdene sammen med kompleksiteten og den
nødvendige bruken av skjønn knyttet til
verdsettelse av gjeld til vi
rkelig verdi øker den
iboende risikoen for feil.
Vi viser til note 4.4 og note 13 for detaljer om
ledelsens verdsettelse av gjeld.
Vi innhentet ledelsens modeller for beregning av
gjelden
s virkelige verdi. Vi kontrollerte
beregningenes
matematiske nøyaktighet, satte oss
inn i hvordan sentrale forutsetninger var innarbeidet
i modellen, og sammenlignet modellen mot kravene
i det relevante rammeverket for finansiell
rapportering.
Vi kontrollerte om beregningene la til grunn de
samme inntj
eningsestimater for gjenværende
avtaleperiode som er lagt til grunn ved beregning
av gjenvinnbart beløp av konsernets fartøy; se
Verdsettelse av skip
ovenfor. Vi utfordret ledelsens
beregninger ytterligere gjennom diskusjoner med
ledelsen og andre relevante personer i foretaket.
Disse kontrollene avdekket ikke avvik av betydning
for balanseført verdi.
Vi innhentet
og vurderte
ledelsens rapportering
knyttet til overholdelse av finansielle
lånebetingelser, herunder compliance sertifikater
per 31. desember 2023, samt likviditetsprognoser
for de neste 12 månedene som viser at konsernet
overholder kravet om minimum fri likviditet.
Videre vurderte vi også opplysningene i note 4.4 og
note 13 vedrørende verdsettelse av gjeld og fant at
disse var hensiktsmessige.
Øvrig informasjon
Styret og daglig leder (ledelsen) er ansvarlige for informasjonen i årsberetningen og annen øvrig
informasjon som er publisert sammen med årsregnskapet. Øvrig informasjon omfatter informasjon i
årsrapporten bortsett fra årsregnskapet og den tilhørende revisjonsberetningen. Vår konklusjon om
årsregnskapet ovenfor dekker verken informasjonen i årsberetningen eller annen øvrig informasjon.
I forbindelse med revisjonen av årsregnskapet er det vår oppgave å lese årsberetningen og annen øvrig
informasjon. Formålet er å vurdere hvorvidt det foreligger vesentlig inkonsistens mellom årsberetningen,
annen øvrig informasjon og årsregnskapet og den kunnskap vi har opparbeidet oss under revisjonen av
årsregnskapet, eller hvorvidt informasjon i årsberetningen og annen øvrig informasjon ellers fremstår som
vesentlig feil. Vi har plikt til å rapportere dersom årsberetningen eller annen øvrig informasjon fremstår som
vesentlig feil. Vi har ingenting å rapportere i så henseende.
Basert på kunnskapen vi har opparbeidet oss i revisjonen, mener vi at årsberetningen
x er konsistent med årsregnskapet og
x inneholder de opplysninger som skal gis i henhold til gjeldende lovkrav.
Vår uttalelse om årsberetningen gjelder tilsvarende for redegjørelser om foretaksstyring og
samfunnsansvar.
Ledelsens ansvar for årsregnskapet
Ledelsen er ansvarlig for å utarbeide årsregnskapet og for at det gir et rettvisende bilde, i samsvar med
regnskapslovens regler og god regnskapsskikk i Norge for selskapsregnskapet, og i samsvar med IFRS
Accounting Standards som godkjent av EU for konsernregnskapet. Ledelsen er også ansvarlig for slik intern
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REVISJONSBERETNING
4 / 5
kontroll som den finner nødvendig for å kunne utarbeide et årsregnskap som ikke inneholder vesentlig
feilinformasjon, verken som følge av misligheter eller utilsiktede feil.
Ved utarbeidelsen av årsregnskapet må ledelsen ta standpunkt til selskapets og konsernets evne til fortsatt
drift og opplyse om forhold av betydning for fortsatt drift. Forutsetningen om fortsatt drift skal legges til
grunn for selskapsregnskapet så lenge det ikke er sannsynlig at virksomheten vil bli avviklet.
Forutsetningen om fortsatt drift skal legges til grunn for konsernregnskapet med mindre ledelsen enten har
til hensikt å avvikle konsernet eller legge ned virksomheten, eller ikke har noe realistisk alternativ til dette.
Revisors oppgaver og plikter ved revisjonen av årsregnskapet
Vårt mål er å oppnå betryggende sikkerhet for at årsregnskapet som helhet ikke inneholder vesentlig
feilinformasjon, verken som følge av misligheter eller utilsiktede feil, og å avgi en revisjonsberetning som
inneholder vår konklusjon. Betryggende sikkerhet er en høy grad av sikkerhet, men ingen garanti for at en
revisjon utført i samsvar med ISA-ene, alltid vil avdekke vesentlig feilinformasjon. Feilinformasjon kan
oppstå som følge av misligheter eller utilsiktede feil. Feilinformasjon er å anse som vesentlig dersom den
enkeltvis eller samlet med rimelighet kan forventes å påvirke de økonomiske beslutningene som brukerne
foretar på grunnlag av årsregnskapet.
Som del av en revisjon i samsvar med ISA-ene, utøver vi profesjonelt skjønn og utviser profesjonell skepsis
gjennom hele revisjonen. I tillegg:
x identifiserer og vurderer vi risikoen for vesentlig feilinformasjon i regnskapet, enten det skyldes
misligheter eller utilsiktede feil. Vi utformer og gjennomfører revisjonshandlinger for å håndtere
slike risikoer, og innhenter revisjonsbevis som er tilstrekkelig og hensiktsmessig som grunnlag for
vår konklusjon. Risikoen for at vesentlig feilinformasjon som følge av misligheter ikke blir avdekket,
er høyere enn for feilinformasjon som skyldes utilsiktede feil, siden misligheter kan innebære
samarbeid, forfalskning, bevisste utelatelser, uriktige fremstillinger eller overstyring av
internkontroll.
x opparbeider vi oss en forståelse av intern kontroll som er relevant for revisjonen, for å utforme
revisjonshandlinger som er hensiktsmessige etter omstendighetene, men ikke for å gi uttrykk for en
mening om effektiviteten av selskapets og konsernets interne kontroll.
x evaluerer vi om de anvendte regnskapsprinsippene er hensiktsmessige og om
regnskapsestimatene og tilhørende noteopplysninger utarbeidet av ledelsen er rimelige.
x konkluderer vi på om ledelsens bruk av fortsatt drift-forutsetningen er hensiktsmessig, og, basert
på innhentede revisjonsbevis, hvorvidt det foreligger vesentlig usikkerhet knyttet til hendelser eller
forhold som kan skape tvil av betydning om selskapets og konsernets evne til fortsatt drift. Dersom
vi konkluderer med at det eksisterer vesentlig usikkerhet, kreves det at vi i revisjonsberetningen
henleder oppmerksomheten på tilleggsopplysningene i årsregnskapet, eller, dersom slike
tilleggsopplysninger ikke er tilstrekkelige, at vi modifiserer vår konklusjon. Våre konklusjoner er
basert på revisjonsbevis innhentet frem til datoen for revisjonsberetningen. Etterfølgende hendelser
eller forhold kan imidlertid medføre at selskapet og konsernet ikke kan fortsette driften.
x evaluerer vi den samlede presentasjonen, strukturen og innholdet i årsregnskapet, inkludert
tilleggsopplysningene, og hvorvidt årsregnskapet gir uttrykk for de underliggende transaksjonene
og hendelsene på en måte som gir et rettvisende bilde.
x innhenter vi tilstrekkelig og hensiktsmessig revisjonsbevis vedrørende den finansielle
informasjonen til enhetene eller forretningsområdene i konsernet for å kunne gi uttrykk for en
mening om konsernregnskapet. Vi er ansvarlige for å lede, følge opp og gjennomføre
konsernrevisjonen. Vi har eneansvar for vår konklusjon om konsernregnskapet.
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REVISJONSBERETNING
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Vi kommuniserer med styret blant annet om det planlagte innholdet i og tidspunkt for revisjonsarbeidet og
eventuelle vesentlige funn i revisjonen, herunder vesentlige svakheter i intern kontroll som vi avdekker
gjennom revisjonen.
Vi avgir en uttalelse til revisjonsutvalget om at vi har etterlevd relevante etiske krav til uavhengighet, og
kommuniserer med dem alle relasjoner og andre forhold som med rimelighet kan tenkes å kunne påvirke
vår uavhengighet, og, der det er relevant, om iverksatte tiltak for å eliminere trusler eller iverksatte
forholdsregler.
Av de forholdene vi har kommunisert med styret, tar vi standpunkt til hvilke som var av størst betydning for
revisjonen av årsregnskapet for den aktuelle perioden, og som derfor er sentrale forhold ved revisjonen. Vi
beskriver disse forholdene i revisjonsberetningen med mindre lov eller forskrift hindrer offentliggjøring av
forholdet, eller dersom vi, i ekstremt sjeldne tilfeller, beslutter at forholdet ikke skal omtales i
revisjonsberetningen siden de negative konsekvensene ved å gjøre dette med rimelighet må forventes å
oppveie allmennhetens interesse av at forholdet blir omtalt.
Uttalelse om andre lovmessige krav
Uttalelse om etterlevelse av krav om felles elektronisk rapporteringsformat (ESEF)
Konklusjon
Som en del av revisjonen av årsregnskapet for Havila Shipping ASA har vi utført et attestasjonsoppdrag for
å oppnå betryggende sikkerhet for at årsregnskapet som inngår i årsrapporten med filnavn
5967007LIEEXZXFJ8876-2023-12-31-no.zip
i det alt vesentlige er utarbeidet i overensstemmelse med
kravene i delegert kommisjonsforordning (EU) 2019/815 om et felles elektronisk rapporteringsformat
(ESEF-regelverket) etter forskrift gitt med hjemmel i verdipapirhandelloven § 5-5, som inneholder krav til
utarbeidelse av årsrapporten i XHTML-format og iXBRL-markering av konsernregnskapet.
Etter vår mening er årsregnskapet som inngår i årsrapporten i det alt vesentlige utarbeidet i
overensstemmelse med kravene i ESEF-regelverket.
Ledelsens ansvar
Ledelsen er ansvarlig for å utarbeide årsrapporten i overensstemmelse med ESEF-regelverket. Ansvaret
omfatter en hensiktsmessig prosess, og slik intern kontroll ledelsen finner nødvendig.
Revisors oppgaver og plikter
For beskrivelse av revisors oppgaver og plikter ved attestasjonen av ESEF-rapporteringen, vises det til:
https://revisorforeningen.no/revisjonsberetninger
Bergen, 19. april 2024
PricewaterhouseCoopers AS
Fredrik Gabrielsen
Statsautorisert revisor
(elektronisk signert)
127
REVISJONSBERETNING
4JHOFST
/BNF
This document package contains:
- $MPTJOHQBHF (this page)
- The original document(s)
- The electronic signatures. These are not visible in the
document, but are electronically integrated.
This le is sealed with a digital signature.
The seal is a guarantee for the authenticity
of the document.
.FUIPE
%BUF
2024-04-19 14:12
BANKID
Gabrielsen, Fredrik
Revisjonsberetning Havila Shipping ASA, 2023
128
AUDITORS REPORT
PricewaterhouseCoopers AS, Sandviksbodene 2A, Postboks 3984 - Sandviken, NO-5835 Bergen
T: 02316, org. no.: 987 009 713 MVA, www.pwc.no
Statsautoriserte revisorer, medlemmer av Den norske Revisorforening og autorisert regnskapsførerselskap
To the General Meeting of Havila Shipping ASA
Independent Auditor’s Report
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Havila Shipping ASA, which comprise:
x the financial statements of the parent company Havila Shipping ASA (the Company), which
comprise the balance sheet as at 31 December 2023, 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
x the consolidated financial statements of Havila Shipping ASA and its subsidiaries (the Group),
which comprise the balance sheet as at 31 December 2023, the profit and loss account,
comprehensive income, equity statement and cash flow statement for the year then ended, and
notes to the financial statements, including material accounting policy information.
In our opinion
x the financial statements comply with applicable statutory requirements,
x the financial statements give a true and fair view of the financial position of the Company as at 31
December 2023, 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
x the consolidated financial statements give a true and fair view of the financial position of the Group
as at 31 December 2023, 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 the Company for 6 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.
The Company and the Group’s business activities are largely unchanged compared to last year. Valuation
of vessels and Valuation of debt have approximately the same level of risk and complexity as in the prior
year, and consequently continue to be areas of focus for this year’s audit.
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AUDITORS REPORT
2 / 5
Key Audit Matters
How our audit addressed the Key Audit Matter
Valuation of vessels
The G
ro
up has a fleet of 7 owned vessels with an
aggregate book value of 1 076 670 NOK thousand
per 31 December 2023. 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 865 020
NOK thousand was recognised in 2023, of w
hich
pa
rts of the amount relates to vessels
disposed
during the year.
The value
-in-use calculations require that
management exercise judgement
in determi
ning
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 v
aluation 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 4.5 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 appli
ed by
management were in accordance with IFRS
requirements.
To assess management’s assumptions related to
future rates, rate of utilisation, operating expenses,
investments
,
and discount rate we, among other,
performed the following audit procedures:
x We compared historical information with
management’s prognoses for the coming
years.
x
We assessed management’s assumptions
against publicly available information, such
as external market reports for the offshore
market.
x We assessed the applied
discount rate by
comparing it to relevant internal and external
data. For instance, we compared the
discount rate
to the rate applied by other
comparable companies within the industry.
Furthermore, we obtained management’s broker
estimates for all vessels
and compared the
valuations against the calculated value
-in-
use to
further challenge management’s use of judgement.
We found management’s assumptions overall to be
within a reasonable range. All of the Group’s
vessels have been written down
in previous
years.
The assessment 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.
For vessels sold during the year, we obtained
signed sales contracts and checked that the book
values were not greater than the agreed sales
value or original depreciation plan. Furthermore, we
checked
whether the classification between
depreciation and reversal of previous periods
impairment was correct.
We also assessed the information disclosed in
notes 4.5 and 6 regarding management’s valuation
of vessels and found it to be appropriate.
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AUDITORS REPORT
3 / 5
Valuation of debt
Interest
-bearing debt included conversion
obligations in the Group amounts to 1 233 989
NOK thousand
on 31 December 2023 and
constitutes
86
% 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.
See note 4.4 and note 13 for details about
management’s
valuation of debt.
We obtained the management model for calculating
the fair value of the debt. We tested the
mathematical accuracy of the calculation, obtained
an understanding of how key assumptions were
incorporated in the model, and compared the
mo
del to the requirements in the relevant
framework for financial reporting.
We checked whether the calculations used the
same earnings estimates for the refinancing period
as have been used as a basis for calculating the
recoverable amount in the impairment
assessment
for the vessels; see
Valuation of vessels
above. We
further challenged the calculation model through
discussions with management and other relevant
personnel in the company. Our assessment did not
reveal any discrepancies of significance for the
carrying amount.
We obtained
and reviewed management’s
reporting of compliance with financial loan
covenants, including compliance certificates per 31
December 2023, as well as liquidity forecast for the
next 12 months which show
that the Group
complies
with the requirement of minimum free
liquidity.
Furthermore, we assessed the information in notes
4.4 and 13 about valuation of debt and found it to
be appropriate.
Other Information
The Board of Directors and the Managing Director (management) are responsible for the information in the
Board of Directors’ report and the other information accompanying the financial statements. The other
information comprises information in the annual report, but does not include the financial statements and
our auditor’s report thereon. Our opinion on the financial statements does not cover the information in the
Board of Directors’ report nor the other information accompanying the financial statements.
In connection with our audit of the financial statements, our responsibility is to read the Board of Directors’
report and the other information accompanying the financial statements. The purpose is to consider if there
is material inconsistency between the Board of Directors’ report and the other information accompanying
the financial statements and the financial statements or our knowledge obtained in the audit, or whether the
Board of Directors’ report and the other information accompanying the financial statements otherwise
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
x is consistent with the financial statements and
x contains the information required by applicable statutory requirements.
Our opinion on the Board of Director’s report applies correspondingly to the statements on Corporate
Governance and Corporate Social Responsibility.
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AUDITORS REPORT
4 / 5
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:
x identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error. We design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
x obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company's and the Group's internal control.
x evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
x conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Company's and the Group's ability to continue
as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor's report. However, future events or conditions may
cause the Company and the Group to cease to continue as a going concern.
x evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events
in a manner that achieves a true and fair view.
132 132
AUDITORS REPORT
5 / 5
x obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial statements.
We are responsible for the direction, supervision and performance of the group audit. We remain
solely responsible for our audit opinion.
We communicate with the Board of Directors regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide the Audit Committee with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other 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
5967007LIEEXZXFJ8876-2023-12-31-no.zip
, have been prepared, in all material
respects, in compliance with the requirements of the Commission Delegated Regulation (EU) 2019/815 on
the European Single Electronic Format (ESEF Regulation) and regulation pursuant to Section 5-5 of the
Norwegian Securities Trading Act, which includes requirements related to the preparation of the annual
report in XHTML format, and iXBRL tagging of the consolidated financial statements.
In our opinion, the financial statements, included in the annual report, have been prepared, in all material
respects, in compliance with the ESEF regulation.
Management’s Responsibilities
Management is responsible for the preparation of the annual report in compliance with the ESEF regulation.
This responsibility comprises an adequate process and such internal control as management determines is
necessary.
Auditor’s Responsibilities
For a description of the auditor’s responsibilities when performing an assurance engagement of the ESEF
reporting, see: https://revisorforeningen.no/revisjonsberetninger
Bergen, 19 April 2024
PricewaterhouseCoopers AS
Fredrik Gabrielsen
State Authorised Public Accountant
Note: This translation from Norwegian has been prepared for information purposes only.
133
134
135
RESPONSIBILITY STATEMENT
We confirm, to the best of our knowledge, that the financial statements
for the period 1 January to 31 December 2023 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, 19 April 2024
ERKLÆRING FRA STYRET OG ADM DIREKTØR
Vi erklærer etter beste overbevisning at årsregnskapet for perioden 1.
januar til 31. desember 2023 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, 19. april 2024
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
6092 Fosnavåg
Norway / Nor ge
www.havilashipping.no