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Bonheur ASA Earnings Release 2015

Feb 17, 2016

3560_rns_2016-02-17_efc4f895-3c77-4beb-a737-905cf71f5cd9.pdf

Earnings Release

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4 quarter 2015 and preliminary year end result

17 February 2016

Bonheur ASA - Group of companies - Highlights 4Q 2015

(4Q 14 in brackets)

  • Operating revenues were NOK 3 626 million (NOK 3 466 million)
  • Operating result before depreciation (EBITDA) was NOK 1 428 million (NOK 1 389 million)
  • Depreciation was NOK 966 million (NOK 779 million) Impairment was NOK 1 376 million (NOK 1 million)
  • Operating result (EBIT) was NOK 913 million (NOK 610 million)
  • Net result NOK 1 043 million (NOK 273 million)
  • Earnings per share were NOK 16.5 (NOK 0.6)

Post quarter event:

  • Proposed merger between Bonheur ASA and Ganger Rolf ASA
  • Proposed dividend for the merged company: NOK 2.00 per share

Bonheur ASA - Group of companies - Consolidated summary

(
N
O
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m
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1
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1
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*) 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

(
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Bonheur ASA - Group of companies - Segment analysis EBITDA

(
N
O
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m
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9
3
0

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

(
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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

(
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2
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3
4
0		 6
3
5
7

Ganger Rolf ASA - Group of companies - Consolidated summary

(
N
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0
N
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8
8
-		 2
5
-		 8
6
4
-		 5

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

(
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1
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1
9
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7
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3
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s		 5
9
1
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7
3
2

Offshore drilling

Offshore drilling - Financial summary 4Q 2015

(4Q 2014 in brackets)

  • Revenues were USD 265 million (USD 298 million)
  • EBITDA were USD 142 million (USD 157 million)
  • Operating profit (EBIT) was USD -103 million (USD 71 million)
  • Profit before tax was USD -123 million (USD 104 million)
  • Earnings per share were USD 1.72 (USD 1.4)

Fred. Olsen Energy – Operating worldwide

Offshore drilling - Contract overview

Average contract length ca. 11 months

Offshore drilling - Key financials

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

NOK mill.

Renewable energy

Renewable energy - Overview

Total production capacity of 582.1 MW

  • Six operating wind farms in Scotland (432.8 MW) *)
  • One operating wind farm in Norway (71.3 MW)
  • One operating wind farm in Sweden (78 MW)

*) FOWL, 51% ownership

  • Construction:
  • Crystal Rig III (14 MW) in Scotland with expected completion in 4Q 2016
  • Windy Standard II (61.5 MW) in Scotland with expected completion in 1Q 2017

Consented and development:

  • 914 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

Business Model and Project Portfolio

S
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Projects in Scandinavia

Renewable energy - Key financials

(
O
)
N
K
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m
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4
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s		 6
5
4		 3
1
5
N
h
f
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s		 9
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-		 9
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-
N
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s		 2
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7
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-
C
h
d
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n
o
p
e
r
o		 4
3
4
6		 1
2
3
0

Renewable energy - Wind farms

Shipping / Offshore wind

Shipping / Offshore wind - Overview

Fred. OlsenWindcarrier

  • Twotransport and installation jack‐up vessels for offshore wind turbines; "Brave Tern" (2012) and "Bold Tern" (2013)
  • Contracts ongoing or completed during the 4 quarter 2015:
  • O&Mwork performed for several clients during the quarter (Senvion , GT1, Codan)
  • 75blade shifts for Vestas (in Netherland) started in December 2015, to be continued during 1 quarter 2016

Contracts securedbut vessel work not yet commenced :

  • «Block Island» ‐ Installation contract for 5 Alstom Haliade (6 MW) wind turbines at offshore Rhode Island, United States for Deep Water Wind Llc. Commencing 3quarter 2016.
  • «Wikinger/Adwen» ‐ Transport & Installation contract for 70 units of Adwen 5 MW wind turbine generators within the German exclusive economic zone of the Baltic Sea for Adwen Bremerhaven GmbH. The contract will commenceduring 1 quarter 2017.
  • «Veja Mate» ‐ Transport & Installation contract for 67 Siemens (6 MW) turbines at the offshore wind park in the GermanBight for Siemens AG. Commencing 1 quarter 2017
  • 87.5% direct and indirect ownership of Fred. Olsen Windcarrier A/S, Denmark with a fleet of eight crew transfer vessels (CTVs). Currently 3 of the 8boats are employed on a longer term T/C contract to DONG Energy in the Irish Sea.
  • 75.5% 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.

UniversalFoundation

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. Agreement with LEEDCo in the US fordesign and engineering of Mono Bucket Foundations for a offshore wind demo‐site in Lake Erie.

Shipping / Offshore wind – Key financials

(
N
O
K
i
l
l
io
)
m
n		 2
0
1
5		 2
0
1
4
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N
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8
N
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m
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v
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5
-		 3
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5
N
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f
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m
n
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9		 9
1
6
-
N
h
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d
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q
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s		 1
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6
-		 4
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C
h
d
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v
a
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s
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n
o
p
e
r
o		 3
1
3		 4
2
2

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

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

NOK mill.

Cruise – Ships

Other Investments

Other investments - Overview

NHST Media Group AS (54.0%)

  • Comprising five main business segments; DN (Dagens Næringsliv), Direct Relations, Global (Tradewinds, Upstream, Intrafish, Europower and Recharge), Nautical Charts and Other.
  • Fully consolidated in BON as from second quarter 2014.
  • Operating revenues in 4Q 2015 were NOK 332 million (NOK 327 million)
  • EBITDA in 4Q 2015 were NOK 7 million (NOK 9 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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