REPORT FOR SECOND QUARTER 2014 AND FIRST HALF YEAR 2014

Highlights 2Q 2014:

• Net result was NOK 6 million (NOK 166 million)

• Earnings per share were NOK 0.2 (NOK 4.9)
  

Post quarter:

• Bonheur ASA completed two unsecured senior bond issues of NOK 900 million and NOK 600 million, with maturities in 2019 and 2021 respectively. Ganger Rolf ASA is guarantor for both loans.
       

Financial information

Operating result (EBIT), which mainly reflects the holding company costs, was NOK - 17 million

(NOK - 9 million) in the quarter. All significant share holdings have been consolidated as associates. Consequently, the parent company is a pure holding company.

Following the acquisition of Fred. Olsen Production ASA on 20 December 2013 by Yinson Production Ltd., the business segment Floating Production is presented as discontinued operations in the comparable 2013 figures in the income statement.

Net result from associates accounted for using the equity method, was NOK 29 million (NOK 278 million) in the quarter. Net result comprises share of net result from Fred. Olsen Energy ASA with subsidiaries (FOE) of NOK 11 million (NOK 144 million), from Fred. Olsen Renewables AS with subsidiaries (FOR) of NOK -19 million (NOK 26 million), from Fred. Olsen Ocean Ltd. (FOO) of NOK 51 million (NOK 86 million), from the cruise segment NOK - 28 million (NOK - 21 million) and the cross ownership effect from Bonheur ASA of NOK 4 million (NOK 33 million).

NHST Media Group has from May 2014 been consolidated as an associate, following the increase in ownership from 17.6% to 27%. A net result of NOK 5 million is included in the segment Other investments. For further information see note 6.

Net financial items in the quarter were NOK - 4 million (NOK 19 million). The deviation compared to the corresponding quarter last year is mainly due to lower interest expenses, a revaluation gain of NOK 14 million on financial instruments (shares in NHTS Media Group), lower exchange gain and no dividend received during the quarter. A dividend of NOK 35 million from Koksa Eiendom AS (previously IT Fornebu Properties AS) was received in second quarter last year.

Net result from continuing operations in the quarter was NOK 6 million (NOK 289 million). Net result including discontinued operations was NOK 6 million (NOK 166 million).

EBITDA year to date were NOK -33 million (NOK -19 million). Operating result (EBIT) year to date was NOK -34 million (NOK -20 million). Share of result from associates were NOK 101 million (NOK 375 million), net financial items were NOK - 22 million (NOK - 12 million) and net result after estimated tax from continuing operations was NOK 44 million (NOK 343 million). Net result including discontinued operations was NOK 44 million (NOK 231 million).

Other information

Subsequent events

Bonheur ASA has successfully completed a NOK 900 million senior unsecured bond issue with maturity in 2019 and a NOK 600 million senior unsecured bond issue with maturity in 2021. Ganger Rolf ASA is guarantor for both issues. Settlement date was 9 July 2014. Applications will be made for listing of the bonds on Oslo Stock Exchange. Net proceeds from the bond issues will be used for refinancing of existing debt, including the NOK 1 000 million outstanding under the BON01 bond issue with ISIN NO 0010560683 and maturity on 15 December 2014, and for general corporate purposes. Ganger Rolf ASA has borrowed 50% of the proceeds from the bond issues from Bonheur ASA at identical terms.

Dividend / Annual General Meeting in Ganger Rolf ASA

At the Annual General Meeting in Ganger Rolf ASA on 28 May 2014, the proposed dividend payment of NOK 8.40 per share was approved. The dividend was paid on 25 June, amounting to NOK 284.4 million in total.