Report for the fourth quarter 2021 and preliminary year-end accounts

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Financial and operating highlights 4Q21 (4Q20 in brackets):

  • Operating revenues were NOK 2 713 million (NOK 1 574 million)
  • EBITDA was NOK 1 108 million (NOK 206 million)
  • EBIT was NOK 896 million (NOK -146 million)
  • Net result after tax was NOK 647 million (NOK -289 million)
  • Dividend proposal of NOK 4.30 per share, for the Company NOK 183 million
  • Equity in the parent company post dividend NOK 6 843 million (NOK 7 007)

Post quarter event:

  • The impact from the war in Ukraine on the various business segments is difficult to assess at present, and it’s monitored closely.   

Segment highlights 4Q21 (4Q20 in brackets):

Renewable Energy

  • EBITDA NOK 1 060 mill. (NOK 247 mill.)
  • High power prices in the quarter
  • Högaliden project completed in quarter adding 19% expected production going forward
  • Offshore wind activities progressing in Fred. Olsen Seawind
    • JV with Vattenfall, awarded rights to develop a Scottish floating offshore wind project with a capacity of up to 798 MW (ScotWind)
    • Codling offshore wind project progressing towards energy auction expected in 4Q 2022

Wind Service

  • EBITDA NOK 147 mill. (NOK 102 mill.)
  • Two vessels at yard in the quarter
  • Bold Tern conversion program ongoing in Singapore
  • Blue Tern class renewal and crane upgrade completed in Denmark in February
  • Strengthened order backlog to EUR 355 million as of now
  • Planning activities for a potential new build in progress
  • FOWIC IPO put on hold mainly due to geopolitical tensions impacting the market for primary capital raise


  • EBITDA NOK -85 mill. (NOK -113 mill.)
  • Cruising with two ships in the quarter
  • Third ship is planned commencing cruising 2Q 2022 and the fourth ship in 2Q 2023
  • Good demand for cruises in 2022 and 2023
  • Q1 sailings impacted by Omicron

Other Investments

  • EBITDA NOK -14 mill. (NOK -29 mill.)
  • EBITDA for NHST NOK 21 mill. (NOK 27 mill.)
    • Subscription revenue growth of 4% in the quarter YOY in the NHST media business
    • Investments in NHST SaaS business

Financial information

The unaudited Group accounts for 4Q21 comprise Bonheur ASA (the “Company”) and its subsidiaries (together the “Group of companies”) and the Group of companies’ ownerships in associates.

The main business segments of the Group of companies are Renewable Energy, Wind Service, Cruise and Other investments.

The Group of companies’ operating revenues in the quarter amounted to NOK 2 713 million (NOK 1 574 million). Renewable Energy had operating revenues of NOK 1 268 million (NOK 415 million), Wind Service NOK 844 million (NOK 866 million), Cruise NOK 310 million (NOK 19 million). Other investments had operating revenues of NOK 292 million (NOK 275 million).

EBITDA in the quarter was NOK 1 108 million (NOK 206 million). Renewable Energy achieved EBITDA of NOK 1 060 million (NOK 247 million), Wind Service NOK 147 million (NOK 102 million), Cruise NOK -85 million (NOK -113 million). Within Other investments EBITDA was NOK -14 million (NOK -29 million).

Depreciation in the quarter was NOK -212 million (NOK -256 million). No impairment was booked in the quarter (NOK -97 million).

EBIT in the quarter was NOK 896 million (NOK -146 million).

Net financial items in the quarter were NOK 66 million (NOK -115 million). Net interest expenses in the quarter were NOK -94 million (NOK -98 million). Received dividends amounted to NOK 126 million (NOK 0 million). In addition, there were net unrealized financial gains of NOK 25 million (NOK 3 million) in the quarter, which mainly consist of exchange rate differences of NOK -25 million (NOK -77 million), unrealized hedging effects of NOK 66 million (NOK 49 million) and unrealized loss on investments of NOK -16 million (NOK 31 million). Other financial items amounted to NOK 8 million (NOK -21 million).

Net Result in the quarter was NOK 647 million (NOK -289 million) of which NOK 308 million (NOK -333 million) is attributable to the shareholders of the parent company. The non-controlling interests’ share of the net result in the quarter was NOK 339 million (NOK 44 million).

Annual General meeting / Dividend

With regard to the Annual General Meeting 2021 the board will, subject to no diverging position taken by the Shareholders’ Committee, propose a dividend of NOK 4.30 per share. For the company NOK 183 million.

The annual general meeting is scheduled for Thursday 25 May 2022.