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Bonheur ASA Earnings Release 2013

Feb 27, 2014

3560_rns_2014-02-27_9c08b450-dd6e-48dc-a60e-9e17d905be95.pdf

Earnings Release

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4 quarter 2013 and preliminary result 2013

27 February 2014

Bonheur ASA - Highlights 4Q 13

(4Q 12 in brackets)

  • Operating revenues were NOK 2 740 million (NOK 2 234 million)
  • Operating result before depreciation (EBITDA) was NOK 880 million (NOK 799 million)
  • Impairment of cruise vessels by NOK 411 million
  • Operating result (EBIT) was NOK -51 million (NOK 294 million)
  • Net result after tax from continuing operations was NOK -113 million (NOK 194 million)
  • Completed sale of shares in Fred. Olsen Production ASA
  • Fred. Olsen Windcarrier:
  • Awarded a 170 days contract at the German Global Tech 1 wind farm
  • Post quarter: Awarded its first US Water Offshore Wind Installation contract
  • Proposed dividend payment for 2013:
  • Bonheur ASA: NOK 7.00 per share

Bonheur ASA - Group of companies Consolidated summary

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

*) Restated due to changes in employee benefits (IAS 19)

**) The minority interests consist of 47.74% of Fred.Olsen Energy ASA, 37.75% of Fred. Olsen Production ASA, 37.87% of Ganger Rolf ASA, 13.52% of GenoMar AS.

Bonheur ASA - Group of Companies - Segment analysis EBITDA

(NOK million)

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

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

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

*) Restated due to changes in employee benefits (IAS 19)

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

Ganger Rolf ASA - Highlights 4Q 13

(4Q 12 in brackets)

  • Net result was NOK 137 million (NOK 26 million)
  • Impairment of cruise vessels. Ganger Rolf's share is NOK 206 million
  • Completed sale of shares in Fred. Olsen Production ASA
  • Fred. Olsen Windcarrier:
  • Awarded a 170 days contract at the German Global Tech 1 wind farm
  • Post quarter: Awarded its first US Water Offshore Wind Installation contract
  • Proposed dividend payment for 2013:
  • Ganger Rolf ASA: NOK 8.40 per share

Ganger Rolf ASA - Group of companies - Consolidated summary

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

*) Restated due to changes in employee benefits (IAS 19)

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

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

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

(
*)
NO
(
K m
illio
n)		 Pe
3
1.
1
2.
1
3
r		 Pe
3
1.
1
2.
1
2
r
De
fe
d
ta
t
rre
x
a
s
s
e		 1 4
0
Pr
la
d
ip
ty
t a
t
o
p
e
r
p
n
n
e
q
u
m
e
n
,		 3
5		 3
7
In
in
ia
tm
ts
te
ve
s
e
n
a
s
s
o
c
s		 6
0
9
8		 6
1
3
2
O
he
f
in
ia
l
f
ixe
d
t
ts
r
a
nc
a
s
s
e		 3
4
7		 4
2
2
To
l n
t
t
t
a
o
n-
cu
rr
e
n
a
s
s
e
s		 6
4
8
1		 6
6
3
1
In
ie
d
b
le
to
ts
ve
n
r
s
a
n
c
o
ns
u
m
a
s
p
a
re
p
a
r
Tr
d
d
he
iva
b
le
t
a
e
a
n
o
r r
e
c
e
s		 1
1
6		 7
C
h
d
h
iva
le
ts
a
s
a
n
c
a
s
e
q
n
u		 1
1
7		 2
9
7
To
l c
t
t
t
a
u
rr
e
n
a
s
s
e
s		 2
8
7		 2
8
6
To
l a
t
t
a
s
s
e
s		 6
7
6
8		 6
9
1
7
To
l e
i
t
ty
a
q
u		 4
9
9
1		 4
8
2
7
To
l n
l
ia
b
i
l
i
ie
t
t
t
a
o
n-
cu
rr
e
n
s		 8
9
3		 1
5
0
5
ia
i
i
ie
To
l c
l
b
l
t
t
t
a
u
rr
e
n
s		 8
8
4		 5
8
5
i
ia
i
i
ie
To
l e
d
l
b
l
t
ty
t
a
q
u
a
n
s		 6
7
6
8		 6
9
1
7

*) Restated

Offshore Drilling

Fred. Olsen Energy ASA

Offshore Drilling - Highlights 4Q 13

(4Q 12 in brackets)

  • Revenues were NOK 1 804 million (NOK 1 628 million)
  • EBITDA were NOK 704 million (756 million)
  • Operating profit (EBIT) was NOK 340 million (NOK 400 million)
  • Profit before tax was NOK 299 million (NOK 318 million)
  • Earnings per share were NOK 4.0 (NOK 4.4)
  • 572 days drilling contract for Blackford Dolphin in the UK

Post quarter events:

  • Proposed dividend payment of NOK 10 in ordinary dividend and an extraordinary dividend of NOK 10 per share
  • 21 February: Delivery of Bolette Dolphin

Offshore Drilling - Operating worldwide

Offshore Drilling – Bolette Dolphin

Offshore Drilling - Contract overview per 27 February 2014

Offshore Drilling – Key Financials

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

NOK mill.

(*) restated

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) received final consent 25 Oct 13. Construction has commenced and the project is expected to be ready for operation in 4Q14.
  • Windy Standard II (75 MW): FOR acquired an additional 50% of Brockloch Rig Wind Limited increasing our ownership to 100%. This company has the rights to the Windy Standard II windfarm project. Due to the acquisition the assets were revaluated with an increase of 99 MNOK.
  • Project portfolio:
  • 75.9 MW under construction in Scotland
  • 591 MW consented onshore in Scotland, Sweden and Norway
  • Approx 500 MW consented offshore Ireland
  • Approx 500 MW under development offshore Ireland
  • Development pipeline of 900 1 450 MW onshore in Norway, Sweden and UK.

Renewable Energy - 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
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o
No
rw
ay
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n		 Sc
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d –
5
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t
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0-
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Cr
l
R
ig
I
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ta
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y
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in
dy
S
da
d
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ta
n
r
No
6
0
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9
0
0
M
W
rw
ay
–
Se
f
j
l
le
te
t
ne
s
e
(
)
Dø
l
da
he
ia
6
0
%
d
r
ow
ne
Ka
lvv
tna
a
n
Mo
j
s
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n
Po
fo
l
io
rt
Ire
lan
d –
5
0
0
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W
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l
ing
I
I –
0
0
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f
fs
ho
5
o
re
(
d;
l
M
W
)
5
0
%
to
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ow
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M
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p
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Ve
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5
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(
d;
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5
0
%
to
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)
1
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No
rw
ay
Gr
da
l –
9
0
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G
i
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j
M
W
1
3
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a –
á
á
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(
F
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9
0
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1
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)
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(
9
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1
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n		 Sc
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o
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i
l
l –
5
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5
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i
d
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i
l
l
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1
8.
4
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W		 Sc
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o
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ig
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y
–
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he
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he
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I –
4
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ay
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–
To
l p
fo
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p
or		 M
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1
4
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1
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W
1
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5		 9
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W
7
5.
7
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9
M
W		 M
W
4
2
8.
2
4
2
8.
2
M
W

Renewable Energy - Projects in the UK and Ireland

Renewable Energy - Projects in Scandinavia

Renewable Energy – Key Financials

(
O
)
N
K
i
l
l
io
m
n		 2
0
1
3		 (
*)
2
0
1
2		 N
O
K
i
l
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m
R
e
e
n
e
s
v
u		 7
2
6		 5
1
3
E
B
I
T
D
A		 2
2
5		 3
3
5
E
B
I
T		 2
8
0		 1
2
7
E
B
T		 3
9
3		 2
4
-		 3
5
0
N
t
t
o
n-
c
u
r
r
e
n
a
s
s
e
s		 3
6
3
0		 2
8
7
5
C
t
t
r
r
e
n
a
s
s
e
s
u		 1
5
5
4		 1
2
6
9		 3
0
0
T
l
t
t
o
a
a
s
s
e
s		 5
1
8
5		 4
0
2
6
E
i
t
q
u
y		 5
6
0		 1
6
1		 2
0
5
I
b
i
d
b
t
t
t
n
e
r
e
s
e
a
r
n
g
e		 4
1
9
8		 3
3
4
9		 2
0
0
N
i
b
i
d
b
t
t
t
o
n
n
e
r
e
s
e
a
r
n
g
e		 4
2
6		 5
1
6
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		 5
1
8
5		 4
0
2
6		 1
5
0
N
h
f
i
i
i
i
t
t
t
t
e
c
a
s
r
o
m
o
p
e
r
a
n
g
a
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s		 3
0
7		 2
9
7
N
h
f
i
i
i
i
i
t
t
t
t
e
c
a
s
r
o
m
n
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s
n
g
a
c
e
s
v
v		 7
5
8
-		 5
7
3
-		 1
0
0
N
h
f
f
i
i
i
i
i
t
t
t
e
c
a
s
r
o
m
n
a
n
c
n
g
a
c
v
e
s		 5
3
3		 1
7
7		 5
0
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
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e
n
s
u
v		 1
4
5		 9
8
-
C
f
h
d
h
i
l
d
i
d
t
a
s
a
n
c
a
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e
q
a
e
n
s
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o
p
e
r
o
u
v		 1
1
4
9		 9
0
9		 0 Q
4
1
2		 Q
1
1
3		 Q
2
1
3		 Q
3
1
3		 Q
4
1
3
Re ve
nu
es		 E
B
I
T
D
A		 E
B
I
T

(*) restated

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

O
N
K
i
l
l.
m
(
N
O
K
i
l
l
i
)
m
o
n		 2
0
1
3		 2
0
1
2		 6
0
0
R
e
e
n
e
s
v
u		 1
4
7
0		 1
6
2
8
E
B
I
T
D
A		 6
5		 1
9
3
E
B
I
T		 6
1
3
-		 1
9
-		 4
0
0
E
B
T		 6
3
6
-		 8
4
-
N
t
t
o
n-
c
u
r
r
e
n
a
s
s
e
s		 1
4
5
1		 1
8
8
0		 2
0
0
C
t
t
u
r
r
e
n
a
s
s
e
s		 3
4
0		 3
1
6
T
l
t
t
o
a
a
s
s
e
s		 1
9
1
7		 2
1
9
5
E
i
t
q
u
y		 3
9
7		 8
3
2		 0
I
b
i
d
b
t
t
t
n
e
r
e
s
e
a
r
n
g
e		 6
0
1		 8
2
3
N
i
b
i
d
b
t
t
t
o
n
n
e
r
e
s
e
a
r
n
g
e		 8
1
1		 5
4
1
T
l
i
d
l
i
b
i
l
i
i
t
t
t
o
a
e
q
u
y
a
n
a
e
s		 1
7
9
1		 2
1
9
5		 -2
0
0
N
h
f
i
i
i
i
t
t
t
t
e
c
a
s
r
o
m
o
p
e
r
a
n
g
a
c
e
s
v		 1
0
5		 1
3
3
N
h
f
i
i
i
i
i
t
t
t
t
e
c
a
s
r
o
m
n
v
e
s
n
g
a
c
v
e
s		 4
9
-		 5
4
-		 -4
0
0
N
h
f
f
i
i
i
i
i
t
t
t
e
c
a
s
r
o
m
n
a
n
c
n
g
a
c
v
e
s		 5
7
-		 1
2
7
-
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		 2
-		 4
8
-		 -6
0
0
C
h
d
h
i
l
d
f
i
d
t
a
s
a
n
c
a
s
e
q
u
v
a
e
n
s
e
n
o
p
e
r
o		 2
1
3		 1
9
1		 4
Q
1
2
1
Q
1
3
2
Q
1
3
3
Q
1
3
4
Q
1
3
Re
E
B
I
T
D
A
E
B
I
ve
nu
es

Shipping / Offshore Wind

First Olsen 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", delivered from yard in October 2012 and "Bold Tern", delivered from yard in February 2013.
  • Main contracts:
    • Installation of 30 wind turbines and associated equipment at the Riffgat offshore wind farm in the German territorial waters for the German utility EWE. Completed summer 2013.
    • Installation work of turbines and associated equipment at Bard Offshore 1 for BARD Engineering GmbH. Completed summer 2013.
    • 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.
    • 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, of which seven delivered in 2011-2013 from Båtservice Mandal. 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.
  • Tankers
  • Ownership of 1 suezmax tanker vessel (Knock Clune)

Shipping / Offshore wind – Key Financials

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

Other Investments

NHST Media Group AS - Koksa Eiendom AS - Various

Other Investments - Overview

NHST Media Group AS (35.6%)

  • 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 4Q 2013 were NOK 327 million (NOK 313 million) and EBITDA was NOK 1 million (NOK 20 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

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