Bonheur ASA — Earnings Release 2019

Oct 25, 2019

Report for the third quarter 2019

Report for the third quarter 2019

Financial and operating highlights 3Q19 (3Q18 in brackets):

· Operating revenues were NOK 2 233 million (NOK 1 861 million)

· EBITDA was NOK 525 million (NOK 473 million)

· EBIT was NOK 267 million (NOK 195 million)

· Net result after tax from continuing operations was NOK 30 million (NOK 102

million)

Segment highlights 3Q19 (3Q18 in brackets):

Renewable energy

· EBITDA NOK 124 mill. (NOK 221 mill.)

· Total generation stable

· Year on year decreasing electricity prices in all markets

Shipping / Offshore wind

· EBITDA NOK 289 mill. (NOK 128 mill.)

· Utilization for T&I and O&M vessels 74% (100%)

· Build-up of sound long term global backlog, although installation activity

in 2020 will be low

· GWS with continued growth and high activity in Europe, US and Australia

Cruise

· EBITDA NOK 157 mill. (NOK 171 mill.)

· Net ticket income per diems unchanged

· Passenger days at same level as last year

· Higher operating costs due to fuel and sales and marketing

Financial information

The unaudited Group accounts for 3Q19 comprise Bonheur ASA (the "Company") and

its subsidiaries (together the "Group of companies") and the Group of companies'

ownership in associates.

The main business segments of the Group of companies are Renewable energy,

Shipping / Offshore wind, Cruise and Other investments.

Financial information

The unaudited Group accounts for 3Q19 comprise Bonheur ASA (the "Company") and

its subsidiaries (together the "Group of companies") and the Group of companies'

ownership in associates.

The main business segments of the Group of companies are Renewable energy,

Shipping / Offshore wind, Cruise and Other investments.

The Group of companies' operating revenues in the quarter amounted to NOK 2 233

million (NOK 1 861 million). Renewable energy had operating revenues of NOK 248

million (NOK 344 million), Shipping / Offshore wind NOK 957 million (NOK 512

million), Cruise NOK 715 million (NOK 679 million). Other investments had

operating revenues of NOK 313 million (NOK 326 million), of which NHST Media

Group comprised NOK 288 million (NOK 318 million).

EBITDA in the quarter was NOK 525 million (NOK 473 million). Renewable energy

achieved EBITDA of NOK 124 million (NOK 221 million), Shipping/Offshore wind NOK

289 million (NOK 128 million), while Cruise had EBITDA of NOK 157 million (NOK

171 million). Within Other investments EBITDA was NOK -45 million

(NOK -47 million), of which NHST contributed with NOK 8 million (NOK 1 million).

Depreciation in the quarter was NOK 240 million (NOK 258 million). Compared with

last year, Renewable energy has reduced depreciation of NOK 58 million, while

Shipping / Offshore wind had NOK 37 million higher depreciation. An impairment

of NOK 18 million was in 3Q19 recognized within Shipping / Offshore wind

applying to the Crew Transport Vessels, while NOK 20 million in 3Q 18 was

related to write down of development portfolio within Renewable energy.

EBIT in the quarter was NOK 267 million (NOK 195 million).

Net financial items in the quarter were NOK -177 million (NOK - 68 million). Net

interest expenses were NOK 87 million (NOK 81 million). Other financial expenses

amounted to NOK -10 million (NOK -13 million).  In addition there were

unrealized losses of NOK 80 million (gain NOK 27 million) in the quarter, which

consist of (1) unrealized net gain on foreign currency of NOK 75 million (NOK -

11 million), (2) unrealized losses related to interest and bunkers hedging of

NOK 110 million (gain NOK 38 million) and (3) unrealized loss on financial

assets NOK 45 million.

Net Result in the quarter from continuing operations was NOK 30 million (NOK 102

million).  Net result from discontinued operations in the quarter was 0 million

(NOK -845 million).  Net result for the period was thus

NOK 30 million (NOK -743 million), of which NOK 41 million (NOK - 351 million)

is attributable to the shareholders of the parent company. The non-controlling

interests´ share of the net result in the quarter was NOK -11 million (NOK - 393

million).

For the first nine months of the year, revenues were NOK 5 943 million (NOK 4

934 million) while EBITDA was NOK 1 286 million (NOK 1 015 million). Operating

result (EBIT) was NOK 559 million (NOK 236 million). Net financial items were

NOK - 648 million (NOK - 269 million). Net result after estimated tax from

continuing operations was NOK - 181 million (NOK -91 million), while net result

from discontinued operations was NOK 0 million (NOK -2 856 million). For further

information see note 8.

Net result year to date was NOK - 181 million (NOK - 2 947 million), of which

NOK - 170 million (NOK -1 616 million) are attributable to the shareholders of

the parent company.  The non-controlling interests´ share of net result from

continuing operations was NOK - 11 million (NOK - 1 331 million)