REPORT FOR THE THIRD QUARTER 2016

Financial and operating highlights 3Q 2016 (3Q 2015 in brackets): 

  •  Operating revenues were NOK 3 345 million (NOK 3 402 million)
  •  EBITDA (operating result before depreciation, impairment and finance) was NOK 1 342 million (NOK 1 305 million)
  •  Impairment within the offshore drilling segment was NOK 503 million (NOK 257 million)
  •  EBIT (operating result) was NOK 38 million (NOK 153 million)
  •  Net result after tax was NOK - 251 million (NOK 70 million)

Offshore drilling

  • Settlement with HHI with net proceeds of USD 176 million
  • Still weak market

Renewable energy

  • Like-for-like generation up 1%
  • Including Fäboliden, up 17%
  • Constructions in UK progressing

Shipping / Offshore wind

  • Successful installation of the Block Island project (US)
  • Both installation vessels now upgraded for deeper waters and heavier turbines
  • Contract backlog visibility into 2019

Cruise

  • Strong bookings
  • Net ticket income per diems up 10%
  • 14% weakening of GBP/NOK

The Group‘s operating revenues amounted to NOK 3 345 million (NOK 3 402 million). Offshore drilling had operating revenues of NOK 1 778 million (NOK 1 985 million), Renewable energy NOK 202 million (NOK 199 million), Shipping / Offshore wind NOK 428 million (NOK 254 million) and Cruise NOK 662 million (NOK 647 million). Within Other investments NHST Media Group had operating revenues of NOK 316 million (NOK 296 million).

EBITDA (operating result before depreciation, impairment, result from associates, financial items and tax) was NOK 1 342 million (NOK 1 305 million). Offshore drilling achieved EBITDA of NOK 993 million (NOK 1 066 million), Renewable energy NOK 120 million (NOK 106 million), Shipping/Offshore wind NOK 112 million (NOK -17 million), while Cruise achieved EBITDA of NOK 170 million (NOK 186 million). Within Other investments EBITDA were NOK -52 million (NOK -36 million. Depreciation in the quarter was NOK 802 million (NOK 895 million) and impairment of offshore drilling units amounted to NOK 503 million (NOK 257 million).

EBIT (operating result after depreciation and impairment before result from associates, financial items and tax) was NOK 38 million (NOK 153 million).

Net financial items in the quarter were NOK - 230 million (NOK - 49 million). Net interest expenses were NOK 171 million (NOK 189 million) and net currency loss amounted to NOK 88 million (gain NOK 248 million). Net unrealized gains related to fair value adjustment of financial instruments were NOK 52 million (NOK - 76 million). Other financial items amounted to NOK - 26 million (NOK - 33 million).

Net result in the quarter was NOK - 251 million (NOK 70 million), of which NOK - 114 million are attributable to the shareholders of the parent company (NOK 33 million). The non-controlling interests´ share of net result in the quarter was thus NOK -136 million (NOK 37 million).

Revenues YTD (year to date) per 30 September 2016 were NOK 9 785 million (NOK 11 027 million), EBITDA was NOK 4 007 million (NOK 4 824 million) and EBIT was NOK - 386 million (NOK - 1 439 million). Net financial items were NOK - 396 million (NOK - 234 million). Net result after estimated tax was NOK – 1 052 million (NOK - 1 706 million), of which NOK - 510 million (NOK - 689 million) are attributable to the shareholders of the parent company.

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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