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REPORT FOR THE THIRD QUARTER 2012

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Highlights 3Q 12:

  • Operating revenues were NOK 2 761 million (NOK 2 522 million)

  • Operating result before depreciation (EBITDA) was NOK 1 197 million (NOK 1 075 million)

  • Operating profit (EBIT) was NOK 712 million (NOK 530 million)

  • Net result after tax was NOK  464  million (NOK 341 million)

  • Majority’s share of net result was NOK 133 million (NOK 56 million)

  • Earnings per share were NOK 4.10 (NOK 1.70)

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 significant 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 / Offshore wind and Other Investments.

The Group of companies´ operating revenues amounted to NOK 2 761 million (NOK 2 522 million) in the quarter. Compared with the same period last year operating revenues within all segments have been positively impacted by higher USD and GBP rates against NOK. The average USD rate against NOK was approximately 7% higher in third quarter 2012 than in third quarter 2011. The corresponding increase in the average GBP rate was approximately 6%.  

Earnings before interest, tax, depreciation and amortization (EBITDA) were NOK 1 197 million

(NOK 1 075 million). Depreciation and impairment were NOK 486 million (NOK 545 million).Operating result (EBIT) in the quarter was NOK 712 million (NOK 530 million). Net financial items were negative NOK 254 million (negative NOK 169 million).

The Group of companies´ result after estimated tax in the quarter was NOK 464 million (NOK 341 million), of which NOK 133 million relates to the majority interests (NOK 56 million). The minority interests´ share of net result in the quarter was NOK 331 million (NOK 284 million). Minority interests´ share of the result is higher than the share of majorities, as a consequence of the minorities’ share of the result in Fred. Olsen Energy.

Operating revenues year to date were NOK 7 865 million (NOK 7 264 million) while EBITDA year to date were NOK 3 269 million (NOK 3 132 million). Net financial items were negative NOK 511 million (negative

NOK 418 million), while net result after estimated tax was NOK 1 181 million (NOK 1 215 million), of which NOK 346 million (NOK 414 million) relates to the majority interests.

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