Bonheur ASA — Earnings Release 2019

Jul 12, 2019

Report and presentation for the second quarter 2019

Report and presentation for the second quarter 2019

Financial and operating highlights 2Q19 (2Q18 in brackets):

· Operating revenues were NOK 2 023 million (NOK 1 662 million)

· EBITDA was NOK 511 million (NOK 350 million)

· EBIT was NOK 271 million (NOK 95 million)

· Net result after tax from continuing operations was NOK -11 million (NOK -26

million)

Segment highlights 2Q19 (2Q18 in brackets):

Renewable energy

· EBITDA NOK 111 mill. (NOK 165 mill.)

· Total generation down 3%

· Year on year decreasing electricity prices in all markets

Shipping / Offshore wind

· EBITDA NOK 255 mill. (NOK 64 mill.)

· Utilization for T&I and O&M vessels 99% (69%)

· Contract pipeline for T&I and O&M in 2H 2019 covered by 34% firm contracts

· GWS with growth and high activity, extra costs associated with entering new

markets

Cruise

· EBITDA NOK 137 mill. (NOK 123 mill.)

· Net ticket income per diems increased by 4%

· Passenger days increased 3%

· Higher operating costs due to fuel and sales incentives

Financial information

The Group of companies' operating revenues in the quarter amounted to NOK 2 023

million (NOK 1 662 million). Renewable energy had operating revenues of NOK 234

million (NOK 291 million), Shipping / Offshore wind NOK 806 million (NOK 411

million), Cruise NOK 671 million (NOK 617 million). Other investments had

operating revenues of NOK 311 million (NOK 343 million), of which NHST Media

Group comprised NOK 301 million (NOK 332 million).

EBITDA in the quarter was NOK 511 million (NOK 350 million). Renewable energy

achieved EBITDA of NOK 111 million (NOK 165 million), Shipping/Offshore wind NOK

255 million (NOK 64 million), while Cruise had EBITDA of NOK 137 million (NOK

123 million). Within Other investments EBITDA was NOK 9 million

(NOK -2 million), of which NHST contributed with NOK 33 million (NOK 24

million).

Depreciation in the quarter was NOK 240 million (NOK 256 million). Renewable

energy has reassessed the estimated lifetime for wind farms and thereby

increased lifetime from 15 years to 20 years. This causes a reduced depreciation

of NOK 59 million in the quarter, while Shipping / Offshore wind had NOK 40

million higher depreciation in this quarter compared to last year, mainly

because of the acquisition of Blue Tern in 4Q18 and the charter of jack-up O&M

vessel Jill. No impairment was recognized neither in 2Q19 nor 2Q18.

EBIT in the quarter was NOK 271 million (NOK 95 million).

Net financial items in the quarter were NOK - 256 million (NOK - 109 million).

Net interest expenses were NOK 91 million (NOK 80 million). The increase is a

consequence of new financing in FOCB Ltd. entered into in 2Q18 and the Blue Tern

Ltd. acquisition in 4Q18. Net loss on foreign currency in the quarter was NOK

-10 million (NOK -27 million). NOK 26 million was recognized as unrealized loss

related to fair value adjustment of financial instruments (NOK 6 million),

whereof the major part being interest hedging within Renewable energy. In the

quarter a loss of NOK 120 million was recognized on financial assets. Other

financial expenses amounted to NOK - 9 million (NOK -8 million).

Net Result in the quarter from continuing operations was NOK -11 million (NOK -

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

million (NOK -1 674 million). Net result for the period was thus

NOK - 11 million (NOK -1 701 million), of which NOK - 9 million (NOK - 859

million) is attributable to the shareholders of the parent company. The non

-controlling interests´ share of the net result in the quarter was NOK -2

million (NOK - 842 million).

For the first half year, revenues were NOK 3 710 million (NOK 3 073 million)

while EBITDA was NOK 762 million (NOK 542 million). Operating result (EBIT) was

NOK 292 million (NOK 40 million). Net financial items were NOK - 471 million

(NOK - 200 million). Net result after estimated tax from continuing operations

was NOK - 211 million (NOK - 193 million), while net result from discontinued

operations was NOK 0 million (NOK -2 011 million). For further information see

note 8.

Net result for the first half year was NOK - 211 million (NOK - 2 204 million),

of which NOK - 210 million (NOK - 1 266 million) are attributable to the

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

result from continuing operations was NOK - 1 million (NOK - 938 million).