REPORT FOR SECOND QUARTER 2016 AND THE FIRST HALF YEAR 2016
Highlights 2Q 2016:
- Operating revenues were NOK 3 151 million (NOK 3 918 million)
- Operating result before depreciation, impairment and finance (EBITDA) was NOK 1 379 million (NOK 1 884 million)
- Depreciation was NOK 882 million (NOK 929 million)
- Impairment of offshore units was NOK 1 321 million (NOK 3 271 million)
- Operating result (EBIT) was NOK - 824 million (NOK - 2 316 million)
- Net result after tax was NOK - 1 012 million (NOK - 2 390 million)
- Earnings per share were NOK -11.8 (NOK - 31.1)
- Merger between Bonheur ASA and Ganger Rolf ASA was successfully completed on 4 May 2016
As previously announced, on 16 March 2016 an Extraordinary General Meeting of the Company approved the merger between Bonheur ASA and Ganger Rolf ASA. After the expiry of the 6 weeks creditors’ notification period, the merger was notified to the Register of Business Enterprises (“Foretaksregisteret”) after end of opening hours at Oslo Stock Exchange on 4 May 2016. The merger then became effective, with first trading date on Oslo Stock Exchange for Bonheur ASA alone as from Friday 6 May 2016.
For accounting purposes, for the Group and the Parent company, the merger will be carried out as if the two entities always had been one merged entity and are presented accordingly from 1 January 2015.
For Bonheur ASA, the merger will be carried out with effect from 1 January 2016. The merger has no effect on the Consolidated Financial Statements of Bonheur ASA, except for changes in equity composition.
The main business segments of Bonheur ASA’s Group accounts are unchanged after the merger and comprise Offshore drilling, Renewable energy, Shipping / Offshore wind, Cruise and Other investments
Operating revenues were impacted by higher USD and EUR against NOK compared with the corresponding quarter last year. USD was on average approximately 7% higher in 2 quarter 2016 compared to 2 quarter 2015 and EUR was 9% higher.
The Group‘s operating revenues amounted to NOK 3 151 million (NOK 3 918 million) in the quarter. Offshore drilling had operating revenues of NOK 1 809 million (NOK 2 523 million), Renewable energy NOK 171 million (NOK 234 million), Shipping / Offshore wind NOK 241 million (NOK 314 million), Cruise NOK 550 million (NOK 502 million) and Other investments NOK 379 million (NOK 346 million). Other investments includes operating revenues within NHST Media Group of NOK 365 million (NOK 324 million).
Operating result before depreciation, impairment, result from associates, financial items and tax (EBITDA) in the quarter was NOK 1 379 million (NOK 1 884 million). Offshore drilling achieved EBITDA of NOK 1 178 million (NOK 1614 million), Renewable energy NOK 84 million (NOK 134 million), Shipping/Offshore wind NOK 5 million (NOK 63 million), while Cruise achieved EBITDA of NOK 102 million (NOK 66 million). Within Other investments EBITDA were NOK 11 million (NOK 6 million) of which NHST achieved NOK 36 million (NOK 30 million)
Depreciation in the quarter was NOK 882 million (NOK 929 million) and impairment of offshore drilling units amounted to NOK 1 321 million (NOK 3 271 million).
Operating result after depreciation and impairment before result from associates, financial items and tax (EBIT) was NOK - 824 million (NOK - 2 316 million).
Net financial items in the quarter were NOK - 9 million (NOK - 122 million). Net interest expenses were NOK 176 million (NOK 164 million) and net currency gain amounted to NOK 21 million (loss NOK 103 million). In the quarter dividend of NOK 33 million was received (NOK 11 million). Net unrealized gains related to fair value adjustment of financial instruments were NOK 36 million (NOK 163 million). Other financial items amounted to NOK - 14 million (NOK - 27 million).
Net result in the quarter was NOK - 1 012 million (NOK - 2 390 million), of which NOK - 494 million are attributable to the shareholders of the parent company (NOK - 1 005 million). The non-controlling interests´ share of net result in the quarter was NOK - 519 million (NOK -1 385 million).
Revenues year to date were NOK 6 440 million (NOK 7 625 million) while EBITDA year to date were NOK 2 665 million (NOK 3 519 million). Operating result (EBIT) year to date was NOK - 424 million
(NOK - 1 592 million). Net financial items were NOK - 166 million (NOK - 185 million) and net result after estimated tax was NOK - 802 million (NOK - 1 776 million), of which NOK - 395 million (NOK - 722 million) are attributable to the shareholders of the parent company.
Capital and financing
During the first half year of 2016 investments were NOK 455 million, of which NOK 158 million within Offshore drilling, NOK 143 million within Renewable energy and NOK 128 million within Shipping / offshore wind.
Gross interest bearing debt of the Group of companies as per end of first half year 2016 was NOK 17 468 million, a decrease of NOK 3 544 million since year end 2015. Cash and cash equivalents amounted to NOK 6 878 million, a decrease of NOK 1 462 million since year end 2015. Net interest bearing debt (Gross interest bearing debt less Cash and cash equivalents (NIBD)) of the Group of companies per 2 quarter 2016 was NOK 10 590 million, a decrease of NOK 2 085 million since year end 2015. As per 30 June 2016, the equity to asset ratio was 38% compared with 37% at year-end 2015.
The debt attributable to FOR fully relates to project financing within the corporate structure of its 51% owned subsidiary FOWL.
Annual General Meeting / Dividend
At the Annual General Meeting in Bonheur ASA on 26 May 2016, the proposed dividend payment of NOK 2.00 per share was approved. The dividend was paid on 9 June 2016, amounting to NOK 85 million in total.