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Report for the first quarter 2018

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Financial and operating highlights 1Q 2018 (1Q 2017 in brackets):

    • Operating revenues were NOK 1 968 million (NOK 2 353 million)
    • EBITDA (operating result before depreciation, impairment, result from associates, finance and tax) was NOK 439 million (NOK 689 million)
    • EBIT (operating result) was NOK - 249 million (NOK 7 million
    • Net finance was NOK - 234      million (NOK - 122 million). 
    • Net result after tax was NOK - 503 million (NOK - 148 million 

Post quarter event:

  • Fred. Olsen Renewables – divestment of 49% of two wind farms


Renewable energy

  • EBITDA NOK 283 mill. (NOK 248 mill.)
  • Total generation up 3%
  • Like-for-like generation down 9%
  • Brockloch Rig I (21.6MW) in full production from 1Q18
  • Increasing electricity prices in all markets

Shipping / Offshore wind

  • EBITDA NOK -77 mill. (NOK 96 mill.)
  • Utilization for installation vessels 7% (100%).
  • Contract pipeline to end 1Q 2020 covered 41% by firm contracts
  • Agreement with Falcon Global
    • Installation of turbines in USA
    • Charter of O&M vessel to Europe
  • Both vessels dry-docked in 4Q17 and 1Q18

Offshore drilling

  • EBITDA NOK 247 mill. (NOK 345 mill.)
  • The remaining part of termination fee for Bolette Dolphin was booked in the quarter

Cruise

  • EBITDA NOK 35 mill. (NOK 19 mill.)
  • Net ticket income per diems up 6.5%
  • Passenger days down 6%
  • 12% strengthening of GBP/USD
  • All cruise vessels are now upgraded

Financial information

The unaudited Group accounts for 1 quarter 2018 comprise Bonheur ASA (“the Company”) and its subsidiaries (“the Group of companies”) and the Group of companies’ ownership of associates.

The main business segments of the Group of companies are Renewable energy, Shipping / Offshore wind, Offshore drilling, Cruise and Other investments.

The Group of companies’ operating revenues in the quarter amounted to NOK 1 968 million (NOK 2 353 million). Renewable energy had operating revenues of NOK 425 million (NOK 342 million), Shipping / Offshore wind NOK 145 million (NOK 364 million), Offshore drilling NOK 557 million (NOK 831 million) and Cruise NOK 533 million (NOK 480 million). Within Other investments NHST Media Group had operating revenues of NOK 301 million (NOK 322 million).

EBITDA in the quarter was NOK 439 million (NOK 689 million). Renewable energy achieved EBITDA of NOK 283 million (NOK 248 million), Shipping/Offshore wind NOK -77 million (NOK 96 million), Offshore drilling NOK 247 million (NOK 345 million), while Cruise achieved EBITDA of NOK 35 million (NOK 19 million). Within Other investments EBITDA were NOK -49 million (NOK - 18 million).

Depreciation in the quarter was NOK 688 million (NOK 682 million).

EBIT was NOK - 249 million (NOK 7 million).

Net financial items in the quarter were NOK -234 million (NOK – 122 million). Net interest expenses were NOK 129 million (NOK 109 million) and net currency loss amounted to NOK 121 million (gain NOK 11 million). Net unrealized gain related to fair value adjustment of financial instruments were NOK 36 million (NOK 11 million). Other financial expenses amounted to NOK 20 million (NOK 35 million).

Net result in the quarter was NOK - 503 million (NOK -148 million), of which NOK – 407 million are attributable to the shareholders of the parent company (NOK -105 million). The non-controlling interests´ share of net result in the quarter was thus NOK – 96 million (NOK -43 million).

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