HÖEGH AUTOLINERS ASA Quarterly Report
Q3 2022
Contents
Highlights Q3 2022 | 3 | |
Financial performance | 4 | |
Cash flow and financing | 4 | |
Operational performance | 6 | |
Outlook | 9 | |
Consolidated interim financial statements | 10 | |
Interim consolidated statement of comprehensive income | 11 | |
Interim consolidated statement of financial position | 12 | |
Interim consolidated statement of changes in equity | 14 | |
Interim consolidated statement of cash flows | 15 | |
Notes | 16 | |
Note 1 | Basis of preparation and accounting policies | 17 |
Note 2 | Total revenues | 18 |
Note 3 | Vessels, newbuildings, equipment and leased assets | 19 |
Note 4 | Financial income and expenses | 21 |
Note 5 | Interest bearing debt | 22 |
Note 6 | Segment reporting | 24 |
Note 7 | Share information and earnings per share | 24 |
Note 8 | Transactions and balances with related parties | 24 |
Note 9 | Contingent liabilities | 25 |
Note 10 | Events after the balance sheet date | 25 |
Alternative Performance Measures | 26 | |
© 2022 Höegh Autoliners ASA hoeghautoliners@hoegh.com | Photos: Höegh Autoliners |
Höegh Autoliners Quarterly Report Q3 2022 | 3 |
Highlights Q3 2022
- Financially another strong quarter for Höegh Autoliners. Operating profit (EBITDA) of USD 114 million and Net profit after tax of USD 92 million.
- Gross freight rate increased with 7.3% to USD 80.7 per cbm compared to Q2 mainly as a result of increasing BAF compensation.
- Profit of USD 21 million from profit sharing agreement related to sale of two vessels.
- Option to purchase Höegh Tracer exercised.
- Awarded ECOVADIS Gold medal for corporate sustainability, and joined First Mover Coalition with commitment to running at least 5% of our deep sea shipping on net zero-emission fuels by 2030.
- Q3 dividend of USD 20 million has been declared and will be paid in November.
Consolidated results and key figures
(USD million) | Q3 2022 | Q2 2022 | Q3 2021 | YTD 2022 | YTD 2021 |
Total revenue | 329 | 318 | 229 | 914 | 676 |
EBITDA | 114 | 99 | 45 | 291 | 124 |
Profit/(loss) for the period | 92 | 53 | (9) | 181 | (15) |
EBITDA adjusted | 115 | 99 | 51 | 292 | 131 |
Earnings per share, basic | 0.48 | 0.28 | (0.35) | 0.95 | (0.58) |
Cash and cash equivalents | 130 | 61 | 77 | 130 | 77 |
Cash flow from operations | 100 | 80 | 46 | 259 | 110 |
Net interest bearing debt | 449 | 514 | 646 | 449 | 646 |
Equity ratio | 57% | 55% | 38% | 57% | 38% |
Höegh Autoliners Quarterly Report Q3 2022 | 4 |
Financial performance
Freight revenues were USD 329 million in Q3 2022, compared to USD 318 million in Q2 2022 and USD 229 million in Q3 2021. Volumes in Q3 2022 were 4% (0.2m cbm) lower than in Q2 2022 mainly due to the sale of two vessels in the quarter and some repositioning of tonnage in order to optimise the systems and meet customer demands. Compared with Q2 2022, net freight rates increased with 1% due to good cargo mix and continuous repricing in several markets.
Running expenses per day in Q3 2022 was USD 7 047 (excl. U.S. Flag vessels), a small reduction from Q2 2022.
EBITDA was USD 114 million in Q3 2022 (Adjusted EBITDA USD 115 million) compared to USD 99 million in Q2 2022 (Adjusted EBITDA USD 99 million) and USD 45 million in Q3 2021 (Adjusted EBITDA USD 51 million).
Net profit after tax in Q3 2022 was USD 91.9 million compared to USD 53.2 million in Q2 2022 and a net loss of
USD 9.1 million in Q3 2021. The net profit after tax in
Q3 2022 includes a total of USD 20.8 million in gain related to the sale of the vessels Höegh Maputo and Höegh Singapore and USD 8.9 million in gain from remeasured lease liability for Höegh Tracer.
Freight revenues for YTD September 2022 were USD 914 million compared to USD 676 million YTD September 2021.
EBITDA for YTD September 2022 was USD 291 million compared to USD 124 million YTD September 2021. Adjusted EBITDA for YTD September 2022 was USD 292 million compared to USD 131 million YTD September 2021.
Net profit after tax for YTD September 2022 was 181 million compared with a net loss after tax of USD 15 million YTD September 2021.
Cash flow and financing
Cash flow from operations was USD 100 million for Q3 2022 compared to USD 80 million for Q2 2022 and USD 46 million for the same quarter last year. Cash flow from investing activities for Q3 2022 was positive with USD 23 million mainly due to proceeds from sale of two vessels.
Cash and cash equivalents were USD 130 million at the end of Q3 2022, compared to USD 61 at the end of the previous quarter, and USD 77 million at the end of Q3 2021. A dividend payment of USD 15 million was paid in September.
The Company has currently not drawn on the Revolving Credit Facility of USD 96 million.
Höegh Autoliners Quarterly Report Q3 2022 | 5 |
Financial performance - graphs
Total revenue (USD million) | EBITDA adjusted (USD million) |
350 | 120 | ||||||||
300 | 100 | ||||||||
250 | 80 | ||||||||
200 | |||||||||
60 | |||||||||
150 | |||||||||
100 | 40 | ||||||||
50 | 20 | ||||||||
0 | 0 | ||||||||
Q3 | Q4 | Q1 | Q2 | Q3 | Q3 | Q4 | Q1 | Q2 | Q3 |
2021 | 2021 | 2022 | 2022 | 2022 | 2021 | 2021 | 2022 | 2022 | 2022 |
Volumes (cbm in million) | Net freight rate (per cbm) |
5 | 70 | ||||||||
4 | 60 | ||||||||
50 | |||||||||
3 | 40 | ||||||||
2 | 30 | ||||||||
20 | |||||||||
1 | 10 | ||||||||
0 | 0 | ||||||||
Q3 | Q4 | Q1 | Q2 | Q3 | Q3 | Q4 | Q1 | Q2 | Q3 |
2021 | 2021 | 2022 | 2022 | 2022 | 2021 | 2021 | 2022 | 2022 | 2022 |
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Hoegh Autoliners ASA published this content on 27 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2022 06:03:05 UTC.
