REPORT FOURTH QUARTER 2006 AND PREL ANNUAL REPORT

The Group operating revenue amounted to 1,586
mill in the qtr
EBITDA was 513 mill in the quarter
Net financial items in the quarter were negative
39.6 mill
Associated companies were consolidated with a
total negative result in the qtr of 27.5 mill
The result after tax and minority interests
amounted to 162.9 mill in the qtr
The board will propose to the Annual General
Meeting to approve a dividend of NOK 8,90 per
share
Attachment on www.newsweb.noComments to the Bonheur ASA accounts

On 4 October 2006, Bonheur purchased a total of
584,800 shares in Ganger Rolf, thereby becoming
owner of more than 50% of the company`s share
capital (51.28%). The transaction was accounted
for as business integration under common control
of private Fred. Olsen related companies, see
comments under Note 1 and Note 3 below. The
effect of this was that Ganger Rolf as from the
fourth quarter 2006 became a fully consolidated
subsidiary of Bonheur.

Bonheur has historically consolidated its
investment in Ganger Rolf according to the
equity capital method (as an associated
company). As the method of consolidation
changed to full consolidation, this has a
substantial effect on Bonheur`s accounts and,
therefore, on comparisons with previous periods.

Accounting regulations require Bonheur to
present accounts as they were actually submitted
in previous periods (not proforma). This means,
that Bonheur`s official accounts for the fourth
quarter and for the full year 2006 are presented
as follows:

- Fourth quarter 2006 with full
consolidation of subsidiaries in the accounts
- Fourth quarter 2005 with consolidation
according to the equity capital method
- 2006 with subsidiaries fully
consolidated in the fourth quarter accounts and
included according to the equity capital method
in the first through third quarter accounts.
- 2005 as earlier reported according to
the equity capital method.

The corresponding figures in the official
accounts are thus based on different methods of
consolidation.

Bonheur has therefore emphasized to prepare
proforma accounts for corresponding periods in
order to present comparable figures( i.e. fourth
quarter 2005 and year 2005). These proforma
accounts are presented as Note 11. It is
expected that Bonheur`s interim reports as from
the fourth quarter 2007 will be wholly based
upon the accounting principles and the format
presented here, as this will be the first
quarter where the corresponding figures from
earlier periods have been based upon identical
consolidation methods.

Financial information
The figures are given in NOK unless otherwise
stated. Where the figures for the corresponding
period 2005 are comparable, they are entered in
parentheses (se explanation above).

The Group operating revenue amounted to 1,586
million in the quarter. This also represents
the operating revenue for the full year, as the
subsidiaries were not fully consolidated in the
first three quarters of the year.

For the same reason, the operating result before
depreciation (EBITDA) was 513 million in the
quarter and 495 million for 2006. The 18
million difference is due to net operating costs
of altogether 18 million during the first three
quarters of the year.

The result after tax and minority interests
amounted to 162.9 million in the quarter and
829.9 million for the full year. The minority
interests consist of a 45,89% ownership in
Fred.Olsen Energy ASA and 48,72% in Ganger Rolf
ASA.

The Group operating areas consist of Energy
services, Renewable energy, Shipping and Other
investments. The results for the individual
operating areas are shown in Note 6. The area
Energy services is subdivided into Offshore
drilling and Floating production, while Shipping
is subdivided into Tankers, Cruise, Ferry
activity and Other shipping. All operating
areas were consolidated according to the equity
capital method in 2005 and in the three first
quarters of 2006. The fourth quarter 2006 is
fully consolidated in the accounts. Any
comparison with earlier periods is therefore
`irrelevant` as the official accounts according
to regulations are presented. For a more
`relevant` comparison with corresponding periods
in 2005, please refer to Note 11.


Other information

Events after 31 December 2006

In January 2007, M/T Knock Stocks, a single hull
suezmax tanker built in 1993 was sold. The
sales price was USD 32.75 million and delivery
will take place in the period 15 March to 15 May
2007.

On 19th January 2007, Bonheur ASA reported that
the subsidiary First Olsen Ltd. had decided to
start a process aimed at separating and listing
its floating production activity organized in
Fred. Olsen Production AS (FOP) in the course of
the first half of 2007. In line with this
decision, FOP on 9 February 2007 carried out an
issue of a total of 44 million shares at a price
of 27 kroner per share. This issue produced
total proceeds of roughly 1.2 billion.

Dividend / Annual General Meeting

The board will propose to the Annual General
Meeting to approve a dividend of 8.90 NOK per
share. In view of the positive development of
the financial results and the generally strong
market situation within the company`s main
business areas, the board has found it
appropriate to recommend an unusually high level
of dividend at this juncture.

The Annual General Meeting is scheduled for
Thursday 31 May 2007.

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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