The Group operating result (EBIT) for the
qtr was negative with 15.4 mill (negative
3.9 mill). The assoc companies have been
consolidated with an aggregate quarterly result
of 584.4 mill (404.1 mill). Net financial items
were negative with 0.4 mill (38.3 mill). The
consolidated result before tax was 568.6 mill
(399.6 mill).
The Board will recommend to the annual general
meeting, that dividends are not
declared for 2005.
attachment: www.newsweb.noReport fourth quarter 2005 and preliminary
annual report 2005

New accounting standards - IFRS
As from 1 January 2005 Bonheur ASA has prepared
Group accounts according to the new
international accounting standards (IFRS). The
2005 interim reports have been prepared
according to IAS 34, based upon accounting
standards, statements and interpretations
applicable at the time of reporting. The effects
of the transition to IFRS, as well as the
corresponding figures for 2004 have been
specified in an updated memorandum appended to
this stock exchange report.

The figures are expressed in NOK unless
otherwise stated. The figures for the fourth
quarter 2004 and for the full year 2004 adjusted
according to IFRS, have been given in

The Group operating result (EBIT) for the
quarter was negative with 15.4 million (negative
3.9 million). The increase is primarily due to
non-recurrent effects in connection with bonus
payments and upward adjustments of pension
plans. All important companies and investments
have been consolidated as associated companies,
so that the parent company presents itself as
quite close to being purely a holding company.

The associated companies have been consolidated
with an aggregate quarterly result of 584.4
million (404.1 million). In the quarter, the
positive contributors were First Olsen Ltd.
(FOL) with a result of 340.8 million (229.0
million), Fred. Olsen Energy ASA (FOE) with 17.5
million (55.3 million), the cruise segment with
23.6 million (20.8 million) and Ganger Rolf with
228.5 million (134.8 million). Fred. Olsen
Renewables AS (FORAS) contributed negatively
with 6.0 million (positive 8.0 million), Comarit
negatively with 8.3 million (negative 6.9
million) and Tusenfryd negatively with 4.1
million (not consolidated in 2004).

For the year as a total, the associated
companies have been consolidated with an
aggregate result of 765.3 million (849.7
million), of which FOL and FOE contributed with
370.5 million (423.8 million) and 31.5 million
(151.7 million), respectively. The cruise
segment contributed with 32.6 million (57.2
million) and Tusenfryd with 4.5 million (not
consolidated in 2004). Ganger Rolf was
consolidated with 342.1 million (293.5 million).
FORAS and Comarit were consolidated with
negative contributions of 9.8 million (13.2
million) and 2.3 million (positive 0.1 million).

In the quarter, net financial items were
negative with 0.4 million (38.3 million).
Forward exchange contracts and interest swaps
have been entered at fair value.

Net financial items for the full year were
positive with 22.0 million (61.7 million).
Dividends received amounted to 4.6 million (3.9

The consolidated result before tax in the
quarter was 568.6 million, an increase of 169.0
million from the corresponding quarter in 2004
(399.6 million).

The result before tax for 2005 (including the
result from discontinued operations, i.e.
Sterling sold in the second quarter of 2005),
amounted to 899.6 million (829.7 million), an
improvement of 69.9 million. After deferred tax
costs of 5.4 million, the result after tax was
894.2 million (833.7 million).

Other information
The Annual General Meeting is scheduled for
Wednesday 31 May 2006 at 14.00 hours at the
company`s premises, Fred. Olsens gate 2, Oslo.

Recent legislation introduced in Norway which
will affect private Norwegian shareholders,
implies that dividends received will reduce the
shareholders risk adjusted cost price of share
for tax purposes. This has the effect of
increasing the tax burden of future dividends
and/or of future capital gains. In practice,
this means that a tax cost is imposed in three
stages, first through the general company tax
rate (28%), then as a tax on dividends received
for private Norwegian shareholders (28%) and
finally, as an increased capital gain on the
disposal of shares (28%). The result of this is
that the accumulated effective tax cost for the
company and private Norwegian shareholders will
be close to 70%. The general wealth tax imposed
in Norway obviously comes on top of this.

On this background, the Board will recommend to
the annual general meeting that dividends are
not declared for 2005. However, the Board will
consider recommending payments to the
shareholders at a later stage.

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.