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REPORT FOR THE FOURTH QUARTER 2010 AND PRELIMINARY RESULT FOR 2010

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Comments to the accounts for Bonheur ASA

The Group accounts for the fourth quarter 2010 and for the year 2010 comprise Bonheur ASA and its subsidiaries (“The Group of companies”) and the Group of companies´ ownership of associates.

Comparable figures for the same period in 2009 in brackets.

Highlights 4Q 10:

  • Operating revenues were NOK 2 480 million (NOK 1 933 million)
  • Operating result before depreciation (EBITDA) was NOK 954 million (NOK 629 million) 
  • Operating profit (EBIT) was NOK 446 million (NOK 114 million)
  • Net result after tax was NOK 391 million (NOK 190 million)
  • Majority’s share of net result was NOK 181 million (NOK 84 million)
  • Earnings per share were NOK 5.60  (NOK 2.60)
  • Bonheur ASA successfully completed a NOK 600 million unsecured bond issue
  • Fred. Olsen Windcarrier AS entered into a 6 months contract for the specialized transport and

        installation vessel for offshore wind turbines ”Brave Tern”

  • Proposed dividend payment of NOK 7.00 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 of their most important investments, the ownership structure entails full consolidation for accounting purposes of a number of companies. The main business segments comprise Offshore Drilling, Floating Production, Renewable Energy, Cruise, Shipping and Other Investments.

The Group of companies´ operating revenues amounted to NOK 2 480 million (NOK 1 933 million) in the quarter.  The increase in revenues compared with the 4th quarter last year is mainly related to higher income in the Offshore Drilling segment.  Offshore Drilling generated operating revenues of

NOK 1 531 million (NOK 1 128 million), Renewable Energy generated operating revenue of NOK 142 million (NOK 69 million), Cruise generated operating revenues of NOK 399 million (NOK 363 million), and the Shipping segment generated operating revenue of NOK 227 million (NOK 119 million). Compared to the 4th quarter 2009, revenues in the quarter were positively impacted by higher USD exchange rates against NOK in the Offshore Drilling- and Floating Production segments and higher GBP exchange rates against NOK in the Renewable Energy- and the Cruise segments.

Earnings before interest, tax, depreciation and amortization (EBITDA) were NOK 954 million (NOK 629 million) in the quarter. The increase in EBITDA compared with the 4th quarter 2009 of NOK 325 million is mainly due to an increase in EBITDA within Offshore Drilling of NOK 214 million, Renewable Energy of NOK 65 million, Cruise of NOK 14 million and Shipping of NOK 89 million. EBITDA within Floating Production decreased by NOK 31 million.  Depreciation and impairment in the quarter were NOK 508 million (NOK 515 million, including NOK 127 million in impairment).

Operating result (EBIT) for the quarter was NOK 445 million (NOK 114 million).

Net financial items were negative NOK 12 million (negative NOK 49 million). 

The Group of companies´ result after estimated tax in the quarter was NOK 391 million (NOK 190 million), of which NOK 181 million relate to the majority interests (NOK 84 million).  The minority interests´ share of net result in the quarter was NOK 210 million (NOK 106 million).  Minority interests´ share of the results are higher than the share of majorities, as a consequence of the minorities’ share of the result in Fred. Olsen Energy.

Revenues for the year were NOK 9 342 million (NOK 9 845 million) while EBITDA for the year were NOK 4 154 million (NOK 4 581 million). Net financial items were negative NOK 540 million (negative

NOK 509 million), while net result after estimated tax was NOK 1 448 million (NOK 2 352 million), of which NOK 493 million (NOK 897 million) relate to the majority interests.

Dividend / Annual General Meeting
With regard to the Annual General Meeting in 2011, the board will propose the payment of a dividend of NOK 7.00 per share.
The Annual General Meeting is scheduled for Thursday 26 May 2011.

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