REPORT FOR 1 QUARTER 2015

Highlights 1Q 2015:

• Operating revenues were NOK 3 707 million (NOK 2 700 million)

• Operating result before depreciation (EBITDA) was NOK 1 635 million (NOK 875 million)

• Operating result (EBIT) was NOK 724 million (NOK 346 million)

• Net result after tax was NOK 614 million (NOK 132 million)

• Earnings per share were NOK 8.8 (NOK 1.50)

• Proposed dividend for 2014 is NOK 2.50 per share

Financial information

As a consequence of Bonheur ASA holding more than 50% of the shares of Ganger Rolf ASA, Ganger Rolf ASA is fully consolidated for accounting purposes as a subsidiary of Bonheur ASA. As Bonheur ASA and Ganger Rolf ASA have a joint ownership (50% / 50%) of their major investments, the ownership structure entails full consolidation for accounting purposes of a number of companies. The main business segments comprise Offshore drilling, Renewable energy, Shipping / Offshore wind, Cruise and Other investments.

Revenues have been impacted positively by higher USD, GBP and EUR against NOK compared with the corresponding quarter last year. USD was on average approximately 27% higher in 1 quarter 2015 compared to 1 quarter 2014, while EUR and GBP was 16% and 5% higher, respectively

The Group of companies´ operating revenues increased by NOK 1 007 from 1 quarter 2014 to NOK 3 707 million in the 1 quarter 2015. Approximately 57 % of the increase in revenues are due to currency effects.

Offshore drilling had operating revenues of NOK 2 207 million (NOK 1 692 million), Renewable energy NOK 392 million (NOK 281 million), Shipping / Offshore wind NOK 264 million (NOK 300 million) and Cruise NOK 511 million (NOK 419 million). Operating revenues within Other investments were NOK 334 million (NOK 8 million) including operating revenues in NHST Media Group of NOK 319 million.

Operating result before depreciation (EBITDA) in the quarter was NOK 1 635 million (NOK 875 million).

The increase of NOK 760 million from the corresponding period last year is mainly due to higher EBITDA within Offshore drilling which achieved EBITDA in the quarter of NOK 1 224 million (622 million). In addition Renewable energy reports an EBITDA of NOK 310 million (NOK 220 million), Shipping / Offshore wind NOK 70 million (NOK 57 million), Cruise NOK 49 million (NOK 14 million). EBITDA within Other investments were NOK - 17 million in the quarter (NOK - 38 million), including NHST Media Group of NOK 16 million.

Depreciation in the quarter was NOK 911 million which was NOK 382 million higher than in the same quarter last year, of which depreciation within Offshore drilling increased by NOK 326 million, mainly due to commencement of depreciation on the new build drillship Bolette Dolphin, which was delivered in February 2014.

Operating result (EBIT) was NOK 724 million (NOK 346 million).

Net financial items in the quarter were NOK - 63 million (NOK - 173 million). Net interest expenses were NOK 156 million (NOK 117 million) and net currency gain was NOK 167 million (NOK - 34 million). Net unrealized loss related to fair value adjustment of financial instruments was NOK 54 million (NOK 0 million), of which Offshore drilling had net unrealized losses related to financial instruments of NOK 57 million while Cruise reported a gain of NOK 3 million. Other financial items in the quarter amounted to NOK - 19 million (NOK -22 million), inclusive dividends received of NOK 11 million (NOK 0 million).

Net result in the quarter was NOK 614 million (NOK 132 million), of which NOK 283 million are attributable to shareholders of the parent (NOK 49 million). The non-controlling interests´ share of net result in the quarter was NOK 331 million (NOK 83 million).

Other information

Capital and financing

During the quarter, investments were mainly related to Offshore drilling (FOE) and Renewable energy (FOR).

Within FOE, capital expenditures amounted to NOK 1 229 million, related to new build, class renewal surveys and general upgrades.

FOR had capital expenditures of NOK 53 million, mainly related to the construction of Fäbodliden wind farm in Sweden and Windy Standard II in Scotland.

In total the Group of companies’ investments in Property, plant and equipment amounted to NOK 1 294 million during first quarter 2015.

Gross interest bearing debt of the Group of companies at 31 March 2015 was NOK 19 526 million, an increase of NOK 776 million since year end 2014. Cash and cash equivalents amounted to NOK 5 501 million, a decrease of NOK 172 million since year end 2014. Net interest bearing debt of the Group of companies at 31 March 2015 was NOK 14 025 million, an increase of NOK 948 million since year end 2014. The equity to asset ratio was 36% compared with 35% at year-end 2014. 

Dividend / Annual General Meeting in Bonheur ASA

With regard to the Annual General Meeting in 2015, the board has proposed a dividend of NOK 2.50 per share.

The Annual General Meeting is scheduled for Thursday 28 May 2015.