Bonheur ASA — Earnings Release 2014

Oct 31, 2014

3 quarter 2014

31 October 2014

Bonheur ASA - Group of Companies - Highlights 3Q 2014

(3Q 13 in brackets)

• Operating revenues were NOK 3 411 million (NOK 2 648 million)
• Operating result before depreciation (EBITDA) was NOK 1 213 million (NOK 1 155 million)
• Operating result (EBIT) was NOK 190 million (NOK 597 million)
• Net result after tax was NOK 38 million (NOK 494 million)
• Earnings per share were NOK 0.8 (NOK 6.5)

Bonheur ASA - Group of companies - Consolidated summary

	3 Q 1 4	3 Q 1 3	P 3 Q e r 2 0 1 4	P 3 Q e r 2 0 1 3
R e e n e s v u	3 4 1 1	2 6 4 8	8 8 8 2	1 8 7 5
E B I T D A	1 2 1 3	1 1 5 5	2 9 3 3	3 1 3 3
E B I T	1 9 0	5 9 8	6 9 3	1 6 0 8
S f f h l i t t a r e o r e s u r o m a s s o c a e s	0	1 -	1 0 8	4
N f i t e n a n c e	1 7 0 -	8 8 -	4 1 5 -	3 8
E B T	2 0	5 0 9	3 8 6	1 6 4 9
f f N l i i i t t t t t t e r e s u a e r a x r o m c o n n u n g o p e r a o n s	3 8 -	4 9 4	2 2 4	1 5 8 8
f N l d i i d i t t t t e r e s u r o m s c o n n u e o p e r a o n s	0	0	0	2 2 4 -
N l t t e r e s u	3 8 -	4 9 4	2 2 4	1 3 6 3
N l l i i *) t t t o n- c o n r o n g n e r e s s	6 5 -	2 8 5	8 6	8 0 3
S h h l d f h t t a r e o e r s o e p a r e n c o m p a n y	2 7	2 0 9	1 3 8	5 6 1

*) The non-controlling interests 2014 mainly consist of 47.74% of Fred.Olsen Energy ASA ,37.87% of Ganger Rolf ASA and 44.06% of NHST Media Group AS

4

Bonheur ASA - Group of Companies - Segment analysis EBITDA

( N O K i l l i ) m o n	Q 3 1 4	Q 3 1 3	C h a n g e
O f f h d i l l i s o r e r n g	9 4 0	9 2 8	1 1
R b l e n e w a e e n e r g y	5 2	9 0	3 8 -
S / O f f h i i h i d p p n g s o r e n w	1 6 7	1 0 3	6 5
C i r u s e	1 0 2	6 4	3 8
O h t e r	4 8 -	3 0 -	1 8 -
T l E B I T D A t o a	1 2 1 3	1 1 5 5	8 5

Bonheur ASA - Group of Companies - Segment analysis EBITDA

	P Q 3 1 4 e r	P Q 3 1 3 e r	C h a n g e
( O ) N K i l l i m o n
O f f h d i l l i s o r e r n g	2 2 0 1	2 6 5 4	4 5 4 -
R b l e n e a e e n e r g w y	3 4 0	2 9 6	4 3
S h i i / O f f h i d p p n g s o r e w n	3 8 2	1 9 6	1 8 6
C i r s e u	1 0 8	4 7	3 4
O h t e r	9 8 -	8 9 -	9 -
T l E B I T D A t o a	2 9 3 3	3 1 3 3	2 0 0 -

Bonheur ASA - Group of companies - Condensed statement of Financial position

( NO K m illio n)	Pe 3 0. 0 9. 1 4 r	Pe 3 1. 1 2. 1 3 r		Pe 3 0. 0 9. 1 4 r	Pe 3 1. 1 2. 1 3 r
Int i b le f ixe d a ts an g ss e	9 2 6	4 1 7
De fe d tax t rre a ss e	2 4 1	2 2 8	Eq ity d by ha ho l de in t c ow ne s re rs p ar en o. u	7 2 1 8	7 0 9 4
Pr lan d e ip ty, t a nt op er p n q u me	2 1 5 5 7	2 2 5 7 7	No l l ing int **) tro ts n-c on er es	6 8 5 7	8 9 5 5
Inv in ia tm ts tes es en as so c	6	8 5	To l e i ta ty q u	1 2 8 9 7	5 1 2 9 3
O f f he ina ia l ixe d a t ts r nc ss e	8 8 2	7 5 1	No int be ing l ia b i l it ies nt t n-c ur re er es ar	1 6 5 6 8	1 0 2 5 1
To l n ta t a ts on -c ur re n ss e	2 7 6 2 5	2 4 0 5 9	O he l ia b i l it ies t nt r n on -cu rre	1 4 8 9	1 2 9 0
Inv ies d c b le to ts en r a n on su ma sp ar e p ar	8 7 2	7 1 4	To l n l ia b i l i ies ta t t on -c ur re n	5 1 8 0 7	5 1 1 4 1
Tr de d o he iva b les t a a n r r ec e	2 4 6 7	2 1 4 5	Cu int be ing l ia b i l it ies nt t rre er es ar	1 8 8 6	2 2 9 1
Ca h a d c h e iva len ts s n as q u	6 4 1 7	3 9 5 7	O he l ia b i l it ies t nt r c ur re	4 8 6 5	1 2 5 5
To l c ta t a ts ur re n ss e	1 0 0 7 9	8 2 3 8	To l c l ia b i l i ies ta t t ur re n	5 6 7 0	7 8 0 3
To ta l a ts ss e	3 7 7 0 4	3 2 2 9 7	i ia i i ies To ta l e ty d l b l t q u a n	3 7 7 0 4	3 2 2 9 7

*) The non-controlling interests mainly consist of 47.74% of Fred.Olsen Energy ASA , 37.87% of Ganger Rolf ASA and 44.06% of NHST Media Group AS

Bonheur ASA - Group of companies - Cash flow statement

( N O K i l l i ) m o n	P Q 3 e r 2 0 1 4	P Q 3 e r 2 0 1 3
N h f l f i i i i t t t t e c a s o w r o m o p e r a n g a c v e s	1 9 0 7	2 4 2 7
f f N h l i i i i i t t t t e c a s o r o m n e s n g a c e s w v v	3 9 6 5 -	1 2 7 7 -
N h f l f f i i i i i t t t e c a s o w r o m n a n c n g a c v e s	4 7 7 2	3 1 4
F i f f t o r e g n c r r e n c e e c s u y	9 7	1 0 1
N h i h d h i l t t e c a n g e n c a s a n c a s e q a e n s u v	1 3 6 1	1 0 1 7
C h b l b i i f i d a s a a n c e e g n n n g o p e r o	5 3 7 9	4 0 2 7
C f h b l d i d t a s a a n c e a e n o p e r o	6 4 1 7	0 9 8 5

Ganger Rolf ASA - Group of companies - Consolidated summary

( N O K i l l ion ) m	3 Q 2 0 1 4	3 Q 2 0 1 3	P 3 Q e r 2 0 1 4	P 3 Q e r 2 0 1 3
R e v e n u e s	0	0	0	0
E B I T D A	1 6 -	9 -	4 9 -	2 8 -
E B I T	1 7 -	1 0 -	5 1 -	2 9 -
S h f l f i t t a r e o r e s r o m a s s o c a e s u	7	1 9 2	1 0 9	6 5 7
N f i t e n a n c e	5 -	2 1 -	2 7 -	3 4 -
E B T	1 4 -	1 6 1	3 1	5 0 4
f f N l i i i t t t t t t e r e s a e r a r o m c o n n n g o p e r a o n s u x u	1 4 -	1 4 5	3 0	4 9 7
f N l d i i d i t t t t e r e s r o m s c o n n e o p e r a o n s u u	0	0	0	1 1 2 -
N l t t e r e s u	1 4 -	1 4 5	3 0	3 8 5

Ganger Rolf ASA - Group of companies - Segment analysis - Net result

(NOK million)

N l t t t e r e s u p e r s e g m e n	Q 3 2 0 1 4	Q 3 2 0 1 3	C h a n g e
O f f h d i l l i s o r e r n g	1 3 -	1 2 5	1 3 8 -
R b l e n e a e e n e r g w y	4 3 -	1 1	5 4 -
S / O f f h i i h i d p p n g s o r e w n	3 9	2 6	1 3
C i r s e u	2 2	6 -	2 8
O h t e r	2 0 -	2 -	1 7 -
D i i d i t t s c o n n e o p e r a o n s u	0	0	0
T l l t t t o a n e r e s u	1 4 -	1 4 5	1 6 8 -

N l t t t e r e s u p e r s e g m e n	Q P 3 2 0 1 4 e r	Q P 3 2 0 1 3 e r	C h a n g e
O f f h d i l l i s o r e r n g	3 5	3 8 5	3 5 0 -
R b l e n e a e e n e r g w y	2 1 -	4 7	6 9 -
S / O f f h i i h i d p p n g s o r e w n	9 3	8 8	5
C i r s e u	2 9 -	5 0 -	2 2
O h t e r	4 8 -	2 7	7 5 -
D i i d i t t s c o n n e o p e r a o n s u	0	1 1 2 -	1 1 2
T l l t t t o a n e r e s u	3 0	3 8 5	3 5 5 -

Ganger Rolf ASA - Group of companies - Condensed statement of Financial Position

( N O K i l l ion ) m	Pe 3 0. 0 9. 1 4 r	Pe 3 1. 1 2. 1 3 r
D f d t t e e r r e a x a s s e	0	1
P l d i t t t r o p e r y, p a n a n e q u p m e n	3 5	3 5
I i i t t t n e s m e n s n a s s o c a e s v	6 0 2 0	6 0 9 8
O f f h i i l i d t t e r n a n c a e a s s e s x	2 6 5	3 4 7
T l t t t o a n o n- c u r r e n a s s e s	6 3 1 9	6 4 8 1
I i d b l t t n e n o r e s a n c o n s m a e s p a r e p a r s v u
T d d h i b l t r a e a n o e r r e c e a e s v	1 7	1 1 6
C h d h i l t a s a n c a s e q u v a e n s	8 4 9	1 1 7
T l t t t o a c u r r e n a s s e s	8 6 6	2 8 7
T l t t o a a s s e s	7 1 8 6	6 7 6 8

i T l t t o a e q u y	4 7 9 6	4 9 9 1
i i i i T l l b l t t t o a n o n- c r r e n a e s u	1 8 3 4	8 9 3
i i i i T l l b l t t t o a c u r r e n a e s	5 5 6	8 8 4
T l i d l i b i l i i t t t o a e q a n a e s u y	7 1 8 6	6 7 6 8

Offshore drilling

Offshore drilling - Financial summary 3Q 2014

(3Q 2013 in brackets)

• Revenues were USD 335 million (USD 307 million)
• EBITDA were USD 151 million (USD 155 million)
• Operating profit (EBIT) was USD 15 million (USD 95 million)
• Profit before tax was USD 4 million (USD 88 million)
• Earnings per share were USD 0.12 (USD 1.28)
• Impairment of Borgny Dolphin of USD 43 million

Fred. Olsen Energy – Operating worldwide

Contract overview

15

Offshore drilling - Key financials

Renewable energy

Renewable energy - Overview

• Total production capacity of 485.7 MW
• Six operating wind farms in Scotland (414.4 MW)
• One operating wind farm in Norway (71.3 MW)

Construction:

• Mid Hill II (18.4 MW) in Scotland. The construction is ongoing and is expected to be ready for operation 4Q14
• Fäbodliden (78 MW) in Sweden. The construction has commenced with expected completion in 1Q16

Consented and development:

• 726 MW consented onshore in Scotland, Sweden and Norway
• Approx. 500 MW consented offshore Ireland
• Development pipeline of 700 1 280 MW onshore in Norway, Sweden and UK
• Approx. 500 MW under development offshore Ireland

Business Model and Project Portfolio

S i Inv ig io te t t es a n	De lo t ve p me n	Co d te ns en	Co tru t io ns c n	Op io t er a n
Sc lan d t o No rw ay Sw de e n	Sc lan d – 1 0 0- 1 8 0 M W t o Cr l R ig ion ta te y s ex ns Ro he ion t xte s e ns Pa l 's H i l l e ion xte ns u W in dy S da d I I I ta n r No 3 0 0- 6 0 0 M W rw ay – Dø l da he ia ( d ) 6 0 % r ow ne Mo j s øe n Po fo l io rt Ire lan d – 5 0 0 M W Co d l ing I I – M W f fs ho 5 0 0 o re ( ) 5 0 % d; l 1 0 0 0 M W to ta ow ne Sw de 3 0 0- 5 0 0 M W e n – F O R S C A- j ts p ro ec Ve ka l i de r n n	Sc lan d t o W in dy S da d I I – M W ta 7 5 n r Ire lan d Co d l ing Ba k – M W 5 0 0 n ( f fs ho 5 0 % d; l to ta o re ow ne 1 0 0 0 M W ) No rw ay Gr da l – 9 0 M W av G i l j 1 3 5 M W a – F á les á š ša 9 0 M W ( 0 % 5 r – d o f t l M W ) ta 1 8 0 ow ne o G ( ism i k 9 M W 6 0 % arv d o f to l 1 M W ) ta 5 ow ne Ka lvv 2 2 5 M W tna a n Sw de e n H ög l i de 1 0 2 M W a n	Sc lan d t o M i d H i l l I I – 1 8. 4 M W Sw de e n F ä bo d l i de 8 M W 7 n	Sc lan d t o Cr l R ig 6 2. M W ta 5 y s – Cr l R ig I I - 1 3 8. 0 M W ta y s Ro he 5 0. 6 M W t s – Ro he I I – M W t 4 1. 4 s Pa l 's H i l l – 6 4. 4 M W u M i d H i l l – M W 5 7. 5 No rw ay L is 1. 3 M W ta 7 –
To l p fo l io ta t or On ho fo l io t s re p or	1 2 0 0– 1 7 8 0 M W M W 7 0 0 – 1 2 8 0	1 2 2 6 M W M W 7 2 6	M W 9 6. 4 9 6. 4 M W	4 8 5. 7 M W M W 4 8 5. 7

Renewable energy - Projects in Scandinavia

21

Renewable energy - Key financials

Renewable energy - Wind farms

Shipping / Offshore wind

Shipping / Offshore wind - Overview

Fred. Olsen Windcarrier

• Two transport and installation vessel for offshore wind turbines; "Brave Tern" (2012) and "Bold Tern" (2013)
• Contracts:
  • Trial Installation Project for Universal Foundation commenced end August and was completed early October 2014 with Brave Tern.
  • Commissioning support work at the Global Tech I wind farm for Global Tech I Offshore Wind GmbH in the German exclusive economic zone (EEZ) commencing October 2014 with Brave Tern. Estimated completion end 2014.
  • Installation work of 80 turbines at the "Butendiek" offshore wind power plant off Germany's North Sea coast for Siemens AG. Estimated duration 250 days, commenced in September 2014 with Bold Tern.
  • Installation work of 5 large 6MW Alstom wind turbines offshore of Rhode Island, United States. Commencing 2Q 2016.
• Fleet of eight crew vessels. Currently employed in the UK, Germany and Denmark.
• 51% ownership of Global Wind Service A/S, Denmark, an international supplier of qualified and skilled technicians to the global wind turbine industry with approximately 500 employees working world-wide.

Universal Foundation

• 82% ownership of Universal Foundation A/S, Denmark, which has developed the design of the foundation ("The Bucket Foundation") for offshore wind turbines. Installed two complete meteorological masts including foundations offshore UK.
• In October 2014 completed the Carbon Trust Trial Installation Project on Dogger Bank, Dudgeon and Horn Sea in the UK North Sea sector proving the installation and retrieval ability of the Universal Foundation. Project sponsored by Statoil, Statkraft, Dong, Eon, Carbon Trust and Universal Foundation .

Shipping / Offshore wind - Key financials

	As h ir d t te p e r q u a r r
( N O K i l l ion ) m	2 0 1 4	2 0 1 3
Re ve nu e s	1 1 3 5	1 8 7
E B I T D A	3 8 2	1 9 6
E B I T	2 8 2	1 7
E B T	1 9 9	1 2 0
No t a ts n- cu rre n s s e	2 3 3 4	2 6 6 2
C t a ts u rre n s s e	9 4 8	8 2 9
To l a ta ts s s e	3 2 8 3	3 4 9 2
Eq i ty u	1 5 4 2	1 1 7 0
In b in d b te t t re s e a r g e	1 1 0 4	2 1 0 9
No in b in d b te t t n re s e a r g e	6 3 6	2 1 2
To l e i d l ia b i l i ie ta ty t q a n s u	3 2 8 3	3 4 9 2
Ne h fro in iv i ie t c t t t a s m o p e ra g a c s	8 7 5	1 6 4
Ne h fro in in iv i ie t c t t t a s m ve s g a c s	2 9 3	1 4 7 -
Ne h fro f in in iv i ie t c t t a s m a nc g a c s	8 1 0 -	2 8 2
Ne ha in h d h iva le t c ts ng e c a s a n c a s e q n u	2 4 1	2 9 9
C h d h iva le d f p io d ts a s a n c a s e q u n e n o e r	6 6 0	4 4 8

Shipping / Offshore wind - Vessels

Cruise

Cruise - Overview

• Owns and operates four cruise ships;
• MV Black Watch
• MV Braemar
• MV Boudicca
• MV Balmoral
• Offers a diverse range of cruise holidays from long round the world trips to ex UK cruises to Scandinavia, Mediterranean and Canary Island
• Total passenger capacity: 4 000

Cruise - Key financials

	As h t p e r	ir d te q u a r r	N O K	i l l. m
( O ) N K i l l ion m	2 0 1 4	2 0 1 3	6 0 0
Re ve nu e s	1 2 6 9	1 1 2 1
E B I T D A	1 0 8	7 4
E B I T	2 7 -	8 0 -	4 0 0
E B T	5 7 -	1 0 0 -
No t a ts n- cu rre n s s e	1 3 8 3	1 8 8 5	2 0 0
C t a ts u rre n s s e	3 7 2	3 4 3
To l a ta ts s s e	1 7 5 5	2 2 2 8	0
Eq i ty u	4 1 9	7 9 6
In b in d b te t t re s e a r g e	6 8 1	8 2 6
No in b in d b te t t n re s e a r g e	6 4 5	6 0 7	‐2 0 0
To l e i d l ia b i l i ie ta ty t q u a n s	1 7 5 5	2 2 2 8
Ne h fro in iv i ie t c t t t a s m o p e ra g a c s	4 7	9 0	‐4 0 0
Ne h fro in in iv i ie t c t t t a s m ve s g a c s	1 0 -	1 6 -
Ne h fro f in in iv i ie t c t t a s m a nc g a c s	2 9 -	6 2 -
Ne ha in h d h iva le t c ts ng e c a s a n c a s e q u n	8	1 2	‐6 0 0	3 Q 1 3	4 Q 1 3	1 Q 1 4	2 Q 1 4	3 Q 1 4
C h d h iva le d f p io d ts a s a n c a s e q n e n o e r u	2 3 2	2 1 8					Re ve nu es	E B I T D A E B I T

Cruise - Ships

Other Investments

Other investments - Overview

NHST Media Group AS (54.0%)

• Comprising four main business segments; Dagens Næringsliv, Digital & Nordic (New Media, Europower, TDN), Global (Tradewinds, Upstream, Intrafish and Recharge) and Nautical Charts
• Operating revenues for the quarter were NOK 286 million (NOK 289 million). EBITDA were NOK - 7 million (NOK 11 million).

Koksa Eiendom AS (previously IT Fornebu Properties AS) (12.6%)

• Development of office property (mainly) at Fornebu.
• Occupancy to customers within information technology/hightech/telecom

www.bonheur.net www.ganger-rolf.com