05/12/2017

REPORT FOR THE FIRST QUARTER 2017

Financial and operating highlights 1Q 2017 (1Q 2016 in brackets): 

    • Operating revenues were NOK 2 353 million (NOK 3 289 million)
    • EBITDA was NOK 689 million (NOK 1 286 million)
    • EBIT (operating result) was NOK 7 million (NOK 400 million
    • Net finance was NOK -122      million (NOK -157 million). 
    • Net result after tax was NOK -148 million (NOK 211 million)

Offshore drilling

  • EBITDA NOK 345 mill. (NOK 1 205 mill.)
  • New 50 days drilling contract for Bideford Dolphin
  • Borgholm Dolphin to be decommissioned

Renewable energy

  • EBITDA NOK 248 mill. (NOK 202 mill.)
  • Like-for-like generation up13%
  • 16% weakening of NOK/GBP

Shipping / Offshore wind

  • EBITDA NOK 96 mill. (NOK -97 mill.)
  • Utilization for installation vessels 100% (40%).
  • Contract pipeline to year end 2019 covered 41% by firm contracts

Cruise

  • EBITDA NOK 19 mill. (NOK 30 mill.)
  • 16% weakening of NOK/GBP
  • 13% weakening of GBP/USD
  • Net ticket income per diems up 7.5%

Financial information

The unaudited Group accounts for 1 quarter 2017 comprise Bonheur ASA (“the Company”) and its subsidiaries (“the Group”) and the Group’s ownership of associates.

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

The Group‘s operating revenues amounted to NOK 2 353 million (NOK 3 289 million). Offshore drilling had operating revenues of NOK 831 million (NOK 2 035 million), Renewable energy NOK 342 million (NOK 300 million), Shipping / Offshore wind NOK 364 million (NOK 142 million) and Cruise NOK 480 million (NOK 497 million). Within Other investments NHST Media Group had operating revenues of NOK 322 million (NOK 308 million).

EBITDA was NOK 689 million (NOK 1 286 million). Offshore drilling achieved EBITDA of NOK 345 million (NOK 1 205 million), Renewable energy NOK 248 million (NOK 202 million), Shipping/Offshore wind NOK 96 million (NOK -97 million), while Cruise achieved EBITDA of NOK 19 million (NOK 30 million). Within Other investments EBITDA were NOK -18 million (NOK -55 million).

Depreciation in the quarter was NOK 682 million (NOK 886 million).

EBIT was NOK 7 million (NOK 400 million).

Net financial items in the quarter were NOK - 122 million (NOK - 157 million). Net interest expenses were NOK 109 million (NOK 187 million) and net currency gain amounted to NOK 11 million (NOK 26 million) Net unrealized gains related to fair value adjustment of financial instruments were NOK 11 million
(NOK 26 million). Other financial items amounted to NOK - 35 million (NOK - 23 million).

Net result in the quarter was NOK -148 million (NOK 211 million), of which NOK -105 million are attributable to the shareholders of the parent company (NOK 98 million). The non-controlling interests´ share of net result in the quarter was thus NOK -43 million (NOK 113 million).  

Annual General meeting / Dividend

The Board will at the Annual General Meeting Wednesday 24 May 2017, propose a dividend of NOK 2.00 per share. This corresponds to a total payment for the Company of NOK 85.1 million.