Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

Sign up Log in

Bonheur ASA Earnings Release 2014

May 15, 2014

3560_rns_2014-05-15_768568fc-9ce3-4bc8-82bc-82e8063919a4.pdf

Earnings Release

Open in viewer

Opens in your device viewer

1 quarter 2014

15 May 2014

Bonheur ASA - Group of Companies - Highlights 1Q 2014

(1Q 13 in brackets)

  • Operating revenues were NOK 2 700 million (NOK 2 263 million)
  • Operating result before depreciation (EBITDA) was NOK 875 million (NOK 840 million)
  • Operating result (EBIT) was NOK 346 million (NOK 369 million)
  • Net result after tax from continuing operations was NOK 132 million (NOK 299 million)
  • Earnings per share were NOK 1.50 (NOK 2.40)
  • Proposed dividend payment for 2013 is NOK 7.00 per share

Post quarter events:

  • Sale of suezmax tanker Knock Clune
  • Bonheur and Ganger Rolf each purchased 180 000 shares in Ganger Rolf
  • Bonheur and Ganger Rolf increased their shareholding in NHST Media Group. Combined shareholding after the purchase is 54.0%.

Bonheur ASA - Group of companies - Consolidated summary

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

*) Restated, discontinued operations

**) The non-controlling interests 2014 mainly consist of 47.74% of Fred.Olsen Energy ASA and 37.87% of Ganger Rolf ASA

Bonheur ASA - Group of Companies - Segment analysis EBITDA

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

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

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

*) The non-controlling interests mainly consist of 47.74% of Fred.Olsen Energy ASA and 37.87% of Ganger Rolf ASA

Bonheur ASA - Group of companies - Cash flow statement

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

Ganger Rolf ASA - Group of Companies - Highlights 1Q 2014

(1Q 2013 in brackets)

  • Net result was NOK 39 million (NOK 65 million)
  • Earnings per share were NOK 1.1 (NOK 1.9)
  • Proposed dividend payment for 2013 is NOK 8.40 per share

Post quarter events:

  • Sale of suezmax tanker Knock Clune
  • Bonheur and Ganger Rolf each purchased 180 000 shares in Ganger Rolf
  • Bonheur and Ganger Rolf increased their shareholdings in NHST Media Group. Combined shareholding after the purchase is 54.0%, of which Ganger Rolf's share is 27.0%.

Ganger Rolf ASA - Group of companies - Consolidated summary

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

*) Restated, discontinued operations

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

(NOK million)

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

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

NO
(
K m
illio
n)		 P
3
1.
0
3.
1
4
e
r		 P
3
1.
1
2.
1
3
e
r
D
f
d
t
t
e
e
r
r
e
a
x
a
s
s
e		 1 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
h
f
i
i
l
f
i
d
t
t
e
r
n
a
n
c
a
e
a
s
s
e
s
x		 3
4
6		 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
4
0
1		 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		 2
8		 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		 1
3
5		 1
1
7
T
l
t
t
t
o
a
c
u
r
r
e
n
a
s
s
e
s		 1
6
3		 2
8
7
T
l
t
t
o
a
a
s
s
e
s		 6
5
6
4		 6
6
8
7
T
l
i
t
t
o
a
e
q
u
y		 4
9
8
7		 4
9
9
1
T
l
l
i
b
i
l
i
i
t
t
t
o
a
n
o
n-
c
u
r
r
e
n
a
e
s		 9
0
1		 8
9
3
T
l
l
i
b
i
l
i
i
t
t
t
o
a
c
u
r
r
e
n
a
e
s		 6
7
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		 6
5
6
4		 6
7
6
8

Offshore drilling

Fred. Olsen Energy ASA

Offshore drilling - Financial summary 1 Q 2014

(1Q 2013 in brackets)

  • Revenues were USD 278 million (USD 283 million)
  • EBITDA were USD 102 million (USD 141 million)
  • Operating profit (EBIT) was USD 39 million (USD 79 million)
  • Profit before tax was USD 25 million (USD 78 million)
  • Earnings per share were USD 0.35 (USD 1.11)
  • Proposed ordinary dividend of NOK 10 plus extraordinary dividend of NOK 10 per share

Offshore drilling - Operating worldwide

Offshore drilling - Contract overview

15

Offshore drilling - Key financials

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

Revenues

EBITDA

EBIT

NOK mill.

16

Renewable energy

Fred. Olsen Renewables AS

Renewable energy - Overview

  • Five windfarms in Scotland (356.9 MW) and one in Norway (71.3 MW) in full operation.
  • Mid Hill (57.5 MW): The construction is ongoing and the project is expected to be ready for operation in 2Q14
  • Mid Hill II (18 MW): The construction is ongoing and the project is expected to be ready for operation in 4Q14
  • Kalvvatnan (225 MW) in Norway received consent on 31 March 2014
  • Project portfolio:
  • 75.5 MW under construction in Scotland
  • 816 MW consented onshore in Scotland, Sweden and Norway
  • Approx 500 MW consented offshore Ireland
  • Approx 500 MW under development offshore Ireland
  • Development pipeline of 640 1 150 MW onshore in Norway, Sweden and UK.

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
io
tru
t
ns
c
n		 Op
io
t
er
a
n
Sc
lan
d
t
o
No
rw
ay
Sw
de
e
n		 Sc
t
lan
d –
4
0-
5
0
M
W
o
Cr
l
R
ig
I
I
I
ta
y
s
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
6
0
%
d
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
t
lan
d
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 –
0
0
M
W
5
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
M
W
1
3
5
a –
F
á
les
á
š
ša
9
0
M
W
(
5
0
%
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
M
W
tna
2
2
5
a
n
Sw
de
e
n
F
ä
bo
d
l
i
de
9
0
M
W
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 –
5
7.
5
M
W
M
i
d
H
i
l
l
I
I –
1
8.
4
M
W		 Sc
t
lan
d
o
Cr
l
R
ig
6
2.
M
W
ta
5
y
s
–
Cr
l
R
ig
I
I -
M
W
ta
1
3
8.
0
y
s
Ro
he
5
0.
6
M
W
t
s –
Ro
he
I
I –
4
1.
4
M
W
t
s
Pa
l
's
H
i
l
l –
6
4.
4
M
W
u
No
rw
ay
L
is
7
1.
3
M
W
ta
–
To
l p
fo
l
io
ta
t
or
On
fo
ho
l
io
t
s
re
p
or		 M
W
1
1
4
0 -
1
6
5
0
M
W
6
4
0 -
1
1
5
0		 M
W
1
3
1
6
M
W
8
1
6		 9
M
W
7
5.
9
M
W
7
5.		 M
W
4
2
8.
2
M
W
4
2
8.
2

Renewable energy - Projects in the UK and Ireland

Renewable energy - Projects in Scandinavia

Renewable energy - Key financials

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

Shipping / Offshore wind

Fred. Olsen Ocean Ltd. - Fred. Olsen Windcarrier AS - Universal Foundation Norway AS

Shipping / Offshore wind - Overview

Fred. Olsen Windcarrier

  • Two transport and installation vessel for offshore wind turbines; "Brave Tern" (2012) and "Bold Tern" (2013)
  • Contracts:
    • Ongoing installation work at the Global Tech I wind farm for Global Tech I Offshore Wind GmbH in the German exclusive economic zone (EEZ). Commenced in December 2013. Estimated duration 170 days. Contract for Bold Tern commenced in March 2014 with estimated duration 120 days.
    • 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, commencing September 2014.
    • Installation work of 5 large 6MW Alstom wind turbines offshore of Rhode Island, United Stated. Duration firm period of 65 days, plus extensions for up to 48 days. Commencing 3Q 2016.
  • Fleet of eight crew vessels. Currently employed in the UK, Germany and Denmark, respectively.
  • 51% ownership of Global Wind Service A/S, Denmark, an international supplier of qualified and skilled personnel to the global wind turbine industry.

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 first two of three complete meteorological masts including foundations offshore UK.

Shipping / Offshore wind – Key financials

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

25

Cruise

Fred. Olsen Cruise Lines Ltd.

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

Other Investments

NHST Media Group AS - Koksa Eiendom AS - Various

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 299 million (NOK 292 million). EBITDA was NOK - 7 million (NOK 2 million).
  • In May 2014, Bonheur ASA and Ganger Rolf ASA increased their combined shareholding to 54.0%

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

More from Bonheur ASA

Notice of Dividend Amount 2026
May 28
Declaration of Voting Results & Voting Rights Announcements 2026
May 27
Declaration of Voting Results & Voting Rights Announcements 2026
May 27
Board/Management Information 2026
May 27
Investor Presentation 2026
May 12
Interim / Quarterly Report 2026
May 12
Interim / Quarterly Report 2026
May 12
AGM Information 2026
May 6
AGM Information 2026
May 6
Annual Report 2026
Apr 28
View all filings →