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Bonheur ASA Earnings Release 2015

Jul 15, 2015

3560_rns_2015-07-15_199a5eac-a7a8-4d5c-b71c-3c090ffa3488.pdf

Earnings Release

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2 quarter 2015 and first half year 2015

15 July 2015

Bonheur ASA - Group of companies - Summary 2Q 2015

(2Q 14 in brackets)

  • Operating revenues were NOK 3 918 million (NOK 2 771 million)
  • Operating result before depreciation (EBITDA) was NOK 1 884 million (NOK 845 million)
  • Operating result (EBIT) was NOK -2 316 million (NOK 158 million)
  • Net result NOK -2 390 million (NOK 130 million)
  • Earnings per share were NOK -31.1 (NOK 1.9)

Bonheur ASA - Group of companies - Consolidated summary

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

*) The non-controlling interests 2015 mainly consist of 47.74% of Fred.Olsen Energy ASA, 37.01% of Ganger Rolf ASA, 44.06% of NHST Media Group AS and indirectly 49% in Fred. Olsen Wind Limited (UK).

4

Bonheur ASA - Group of Companies - Segment analysis EBITDA

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

Bonheur ASA - Group of Companies - Segment analysis EBITDA

6

Bonheur ASA - Group of companies - Segment analysis EBITDA

O
(
N
K
i
l
l
i
)
m
o
n		 1
h
l
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2
6
1		 1
5
7
7
R
b
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4
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1
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9
O
h
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5
-		 3
8
T
l
E
B
I
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D
A
t
o
a		 3
1
9
5		 1
2
0
7		 1
9
9
7

Bonheur ASA - Group of companies - Segment analysis EBITDA

8

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

(
N
O
K m
i
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l
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)		 P
3
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De
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i
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by
ha
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ty
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rs
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0
Pr
lan
d e
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ty,
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9
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8		 3
0
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8
8		 No
l
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ing
in
*)
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te
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2
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be
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9
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Tr
de
d o
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les
t
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ce		 2
9
2
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5
8
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in
be
ing
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b
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ies
t
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res
ar		 3
3
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0		 1
1
4
8
C
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d c
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as
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3
5
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t
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9
8
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2
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2
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2
9
8
7		 9
2
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1		 To
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ia
b
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n
s		 1
0
4
6
8		 7
4
0
9
To
l a
ta
ts
s
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e		 4
4
6
9
8		 4
1
4
1
6		 To
l e
i
d
l
ia
b
i
l
i
ie
ta
ty
t
q
u
a
n
s		 4
4
6
9
8		 4
1
4
1
6

*) The non-controlling interests mainly consist of 47.74% of Fred.Olsen Energy ASA, 37.01% of Ganger Rolf ASA, 44.06% of NHST Media Group AS and indirectly 49% in Fred. Olsen Wind Limited (UK).

Bonheur ASA - Group of companies - Cash flow statement

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

Ganger Rolf ASA - Group of companies - Consolidated summary

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

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

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

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

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

Offshore drilling

Offshore drilling - Financial summary 2Q 2015

(2Q 2014 in brackets)

  • Revenues were USD 326 million (USD 273 million)
  • EBITDA were USD 209 million (USD 107 million)
  • Impairment of USD 419 million
  • Operating profit (EBIT) was USD -305 million (USD 19 million)
  • Profit before tax was USD -323 million (USD 16 million)
  • Earnings per share were USD 4.9 (USD 0.10)
  • Contract extension for Borgsten Dolphin
  • Received insurance settlement for Blackford Dolphin of USD 26 million

Offshore drilling – Operating worldwide

Offshore drilling - Contract overview as per 15 July 2015

Average contract length ca. 19 months

Offshore drilling - Key financials

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

Renewable energy

Renewable energy - Overview

  • Total production capacity of 504.1 MW
  • Six operating wind farms in Scotland (432.8MW)
  • One operating wind farm in Norway (71.3 MW)
  • Construction:
  • Fäbodliden (78 MW) in Sweden is under construction with expected completion in 1Q16
  • Consented and development:
  • 1 023 MW consented onshore in Scotland, Sweden and Norway
  • Approx. 500 MW consented offshore Ireland
  • Development pipeline of 490 870 MW onshore in Norway, Sweden and UK
  • Approx. 500 MW under development offshore Ireland
  • Sale of 49% interest in a defined portfolio of UK wind farms with gross proceeds of GBP 246 million (NOK 3 040 million)

Business Model and Project Portfolio

S
i
Inv
ig
io
te
t
t
es
a
n		 De
lo
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ve
p
me
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Projects in Scandinavia

Renewable energy - Key financials

A
f
i
t
s
p
e
r
r
s		 h
l
f
a
y
e
a
r
(
O
)
N
K
i
l
l
io
m
n		 5
2
0
1		 2
0
1
4
R
e
v
e
n
u
e
s		 6
2
5		 3
9
6
E
B
I
T
D
A		 4
4
4		 2
8
8		 450
E
B
I
T		 2
4
5		 1
4
4		 400
E
B
T		 1
9
3		 6
5		 350
N
t
t
o
n-
c
u
r
r
e
n
a
s
s
e
s		 4
8
5
5		 4
0
3
3		 300
C
t
t
u
r
r
e
n
a
s
s
e
s		 0
6
3
5		 1
3
2
5		 250
T
l
t
t
o
a
a
s
s
e
s		 9
9
1
8		 6
5
5
5
E
i
t
q
u
y		 3
2
7
2		 1
0
5
0		 200
I
b
i
d
b
t
t
t
n
e
r
e
s
e
a
r
n
g
e		 9
9
5
7		 3
8
4
3		 150
N
i
b
i
d
b
t
t
t
o
n
n
e
r
e
s
e
a
r
n
g
e		 6
4
9		 6
7
2		 100
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		 9
9
1
8		 5
5
6
5		 50
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		 4
0
1		 1
7
1
N
h
f
i
i
i
i
i
t
t
t
t
e
c
a
s
r
o
m
n
e
s
n
g
a
c
e
s
v
v		 1
2
9
-		 4
1
4
-		 ‐50
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
e
s
v		 2
9
0
9		 1
2
6		 ‐10
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		 3
1
8
1		 1
1
7
-
C
h
d
h
i
l
d
f
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d
t
a
s
a
n
c
a
s
e
q
u
v
a
e
n
s
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n
o
p
e
r
o		 4
4
6
7		 1
0
3
7

Renewable energy - Wind farms

Shipping / Offshore wind

Shipping / Offshore wind - Overview

Fred. Olsen Windcarrier

  • Two transport and installation jack-up vessels for offshore wind turbines; "Brave Tern" (2012) and "Bold Tern" (2013)
  • Contracts:
    • Commissioning support contract for Brave Tern at the «Global Tech I» wind farm for Areva in the German exclusive economic zone (EEZ) commenced in February 2015 and were completed in April 2015.
    • Maintenance contract for Brave Tern at the "Global Tech I" and "Borkum West" wind farms for Adwen (former Areva) commenced May 2015 and is expected to be completed in July 2015.
    • Transport & Installation contract for 80 (3.6 MW) turbines at the "Butendiek" offshore wind park off Germany's North Sea coast for Siemens AG. Bold Tern commenced the work in September 2014 – completed in June 2015.
    • Installation contract for 5 (6 MW) Alstom Haliade wind turbines at «Block Island» offshore of Rhode Island, United Stated for Deep Water Wind Llc. Commencing 3Q 2016.
    • Transport & Installation contract for 67 (6 MW) turbines at the «Veja Mate» offshore wind park in the German Bight for Siemens AG. Commencing 1Q 2017.
  • 76% ownership in Fred. Olsen Windcarrier A/S, Denmark with a fleet of eight crew transfer vessels (CTVs). Currently all boats are employed on a T/C basis in the UK, Germany and Denmark, respectively.
  • 51% ownership of Global Wind Service A/S, Denmark, a leading international provider of qualified and skilled personnel to the global wind turbine industry onshore and offshore. Currently employing a staff of more than 580 people operating world-wide.

Universal Foundation

82% ownership of Universal Foundation A/S, Denmark, which has developed the design of a foundation ("The Mono Bucket Foundation") for offshore wind turbines. Successfully completed a «Trial Installation Project» in the UK North Sea supported by Statoil, Statkraft, E.ON and Dong with 28 installations and retrievals of sample foundations. Recently signed an agreement with LEEDCO in USA for design and engineering of Mono Bucket Foundations for their offshore wind demo-site in Lake Erie. Currently working on several leads and tenders for commercial developments.

Shipping / Offshore wind – Key financials

A
f
i
t
s
p
e
r
r
s		 h
l
f
a
y
e
a
r
(
N
O
K
i
l
l
io
)
m
n		 2
0
1
5		 2
0
1
4
R
e
e
n
e
s
v
u		 8
5
7		 0
7
5		 NO
K m
ill.
E
B
I
T
D
A		 1
3
3		 2
1
5		 50
0
E
B
I
T		 6
7		 1
4
7
E
B
T		 4
-		 1
1
6		 45
0
N
t
t
o
n-
c
r
r
e
n
a
s
s
e
s
u		 2
4
1
0		 2
4
4
8		 40
0
C
t
t
r
r
e
n
a
s
s
e
s
u		 7
5
8		 9
1
1		 35
0
T
l
t
t
o
a
a
s
s
e
s		 3
1
6
9		 3
3
6
0		 30
0
E
i
t
q
u
y		 1
5
4
9		 1
4
6
4
I
b
i
d
b
t
t
t
n
e
r
e
s
e
a
r
n
g
e		 1
1
3
6		 1
2
0
1		 25
0
N
i
b
i
d
b
t
t
t
o
n
n
e
r
e
s
e
a
r
n
g
e		 4
8
4		 6
9
5		 20
0
T
l
i
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l
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b
i
l
i
i
t
t
t
o
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e
q
a
n
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s
u
y		 3
1
6
9		 3
3
6
0		 0
15
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
v
e
s		 9
4		 6
2
2		 10
0
f
N
h
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		 5
-		 2
6
6		 50
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		 4
7
-		 7
4
3
-
N
h
i
h
d
h
i
l
t
t
e
c
a
n
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e
n
c
a
s
a
n
c
a
s
e
q
u
v
a
e
n
s		 4
2		 1
4
5		 0 2Q
14		 3Q
14		 4Q
14		 1Q
15
Re
ve
nu
es		 2Q
15
EB
ITD
A
EB
IT
C
h
d
h
i
l
d
f
i
d
t
a
s
a
n
c
a
s
e
q
a
e
n
s
e
n
o
p
e
r
o
u
v		 4
3
5		 9
8
5

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: 3 700

Cruise - Key financials

A
f
i
h
l
f
t
s
p
e
r
r
s
a
y
e
a
r
(
N
O
K
i
l
l
io
)
m
n		 2
0
1
5		 2
0
1
4
R
e
v
e
n
u
e
s		 1
0
1
3		 9
7
5		 N
O
K		 i
l
l.
m
E
B
I
T
D
A		 1
1
6		 7
E
B
I
T		 3 8
2
-		 60
0
E
B
T		 1
8		 1
0
2
-		 50
0
N
t
t
o
n-
c
u
r
r
e
n
a
s
s
e
s		 1
6
0
6		 1
4
2
6
C
t
t
u
r
r
e
n
a
s
s
e
s		 4
3
1		 3
8
9		 40
0
T
l
t
t
o
a
a
s
s
e
s		 2
0
3
7		 1
8
1
5
E
i
t
q
u
y		 1
1
3
7		 2
9
2		 30
0
I
b
i
d
b
t
t
t
n
e
r
e
s
e
a
r
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g
e		 0 9
0
7
N
i
b
i
d
b
t
t
t
o
n
n
e
r
e
s
e
a
r
n
g
e		 9
0
0		 7
3
3		 20
0
T
l
i
d
l
i
b
i
l
i
i
t
t
t
o
a
e
q
u
y
a
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e
s		 2
0
3
7		 1
8
1
5
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
v
e
s		 1
9
1		 4
4		 10
0
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		 2
-		 1
-
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		 0 3
-		 0
N
h
i
h
d
h
i
l
t
t
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c
a
n
g
e
n
c
a
s
a
n
c
a
s
e
q
u
v
a
e
n
s		 1
8
9		 4
1		 ‐10
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
8
9		 2
6
5		 2Q
14		 3Q
14		 4Q
14		 1Q
15
Re
ve
nu
es		 2Q
15
EB
ITD
A
EB
IT

Cruise – Ships

33

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
  • Fully consolidated in BON as from second quarter 2014.
  • Operating revenues in 2 quarter 2015 were NOK 324 million.
  • EBITDA in 2 quarter 2015 were NOK 30 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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