Report for the second quarter 2018 and the first half year 2018

Financial and operating highlights 2Q 2018 (2Q 2017 in brackets):

        •  Operating revenues were NOK 1 800 million (NOK 2 036 million)
        • EBITDA (operating result before depreciation, impairment, result from associates, finance and tax) was NOK - 64 million (NOK 695 million)
        • Depreciation was NOK 684 million (NOK 713 million)
        • Impairment within Offshore drilling was NOK 785 million (NOK 635 million)
        • EBIT (operating result) was NOK - 1 533 million (NOK - 652 million)
        • Net finance was NOK -160 million (NOK - 61 million)
        • Net result after tax was NOK - 1 701 million (NOK - 812 million)

Renewable energy

  • EBITDA NOK 165 mill. (NOK 164 mill.)
  • Total generation down 1%
  • Like-for-like generation down 15%
  • Increasing electricity prices in all markets
  • Transaction with Aviva and corresponding finance agreements closed in 2Q, total proceeds of NOK 1 966 million

Shipping / Offshore wind

  • EBITDA NOK 64 mill. (NOK 139 mill.)
  • Utilization for installation vessels 69% (100%).
  • Contract pipeline to end 2Q 2020 covered 27% by firm contracts
  • Brave tern with crane extension in 2Q18
  • GWS aquired the Offshore wind activities from Total Wind

Offshore drilling

  • EBITDA NOK - 414 mill. (NOK 240 mill.)
  • Blackford Dolphin successfully reactivated
  • Waiver period with creditors has expired
  • The company has resolved to stop its service of interest and amortizations to its financial creditors

Cruise

  • EBITDA NOK 123 mill. (NOK 139 mill.)
  • Net ticket income per diems unchanged
  • Passenger days increased 4%
  • 6% strengthening of GBP/USD
  • River Cruise vessel Brabant in operation from April

Financial information

The unaudited Group accounts for 2 quarter 2018 comprise Bonheur ASA (“the Company”) and its subsidiaries (“the Group of companies”) and the Group of companies’ ownership of associates.

The main business segments of the Group of companies are Renewable energy, Shipping / Offshore wind, Offshore drilling, Cruise and Other investments.

The Group of companies’ operating revenues in the quarter amounted to NOK 1 800 million (NOK 2 036 million). Renewable energy had operating revenues of NOK 291 million (NOK 253 million), Shipping / Offshore wind NOK 411 million (NOK 401 million), Offshore drilling NOK 138 million (NOK 466 million) and Cruise NOK 617 million (NOK 574 million). Within Other investments NHST Media Group had operating revenues of NOK 333 million (NOK 335 million).

EBITDA in the quarter was NOK - 64 million (NOK 695 million). Renewable energy achieved EBITDA of NOK 165 million (NOK 164 million), Shipping/Offshore wind NOK 64 million (NOK 139 million), Offshore drilling NOK - 414 million (NOK 240 million), while Cruise achieved EBITDA of NOK 123 million (NOK 139 million). Within Other investments EBITDA were NOK - 2 million (NOK 12 million).

Depreciation in the quarter was NOK 684 million (NOK 713 million). Impairment within Offshore drilling was NOK 785 million (635 million).

EBIT in the quarter was NOK - 1 533 million (NOK - 652 million).

Net financial items in the quarter were NOK -160 million (NOK - 61 million). Net interest expenses were NOK 146 million (NOK 148 million) and net currency gain amounted to NOK 33 million (NOK 45 million). Net unrealized gain related to fair value adjustment of financial instruments were NOK 8 million (NOK -4 million). Other financial expenses amounted to NOK 54 million (NOK 15 million).

Net result in the quarter was NOK - 1 701 million (NOK - 812 million), of which NOK - 859 million are attributable to the shareholders of the parent company (NOK - 325 million). The non-controlling interests´ share of net result in the quarter was thus NOK - 842 million (NOK - 487 million).

Revenues for the first half year were NOK 3 768 million (NOK 4 389 million) while EBITDA year to date were NOK 375 million (NOK 1 384 million). Operating result (EBIT) year to date was NOK – 1 782 million (NOK - 652 million). Net financial items were
NOK - 394 million (NOK - 183 million), and net result after estimated tax was NOK - 2 204 million (NOK - 960 million), of which NOK – 1 266 million (NOK - 430 million) are attributable to the shareholders of the parent company.

For full report, see attached

About Us

Bonheur ASA SelskapsinformasjonBonheur ASA ble stiftet i 1897 og er sammen med datterselskaper og tilknyttede selskaper engasjert i en rekke virksomheter i Norge og internasjonalt. Konsernets aktiviteter er tuftet på engasjementer innen shipping, offshore-tjenester og fornybar energi. Investeringene, som normalt foretas i samarbeid med datterselskapet Ganger Rolf ASA, omfatter i dag følgende hovedelementer: Energitjenester, Offshore boring, Fornybar Energi, Shipping og Andre Investeringer.

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