02/12/2019

Report for the fourth quarter 2018 and preliminary year end accounts

Financial and operating highlights 4Q 2018 (4Q 2017 in brackets)

    • Operating revenues were NOK 1 854 million (NOK 1 660 million)
    • EBITDA (operating result before depreciation, impairment, result from associates, finance and tax) was NOK 470 million (NOK 399 million)
    • Depreciation was NOK 267 million (NOK 221 million)
    • EBIT (operating result) was NOK 202 million (NOK 163 million)    
    • Deconsolidation of Dolphin Drilling ASA, segment Offshore drilling derecognized,
      Re-presentation of the income statement
    • Net result after tax from continuing operations was NOK 68 million (NOK 30 million 

Post quarter event:

Dividend proposal NOK 4.00 per share 

Renewable energy

  • EBITDA NOK 433 mill. (NOK 336 mill.)
  • Total generation up 7%
  • Like-for-like generation down 5.5%
  • Increasing electricity prices in all markets
  • Investment decision on Högaliden wind farm in Sweden, approx. SEK 1.2 billion.
  • Verkanliden in Sweden consented and expanded, pipeline development

Shipping / Offshore wind

  • EBITDA NOK 40 mill. (NOK 32 mill.)
  • Utilization for installation vessels 79% (59%).
  • Contract pipeline to 4Q 2019 covered 52% by firm contracts
  • High activity in Global Wind Service
  • Acquisition of an indirect 51% shareholding in a company owning the Offshore Transport & Installation vessel Blue Tern (ex.Seafox 5). Total investment of USD 73.6 million

Cruise

  • EBITDA NOK 9 mill. (NOK 29 mill.)
  • Net ticket income per diems unchanged
  • Passenger days increased 6%
  • Higher share of revenues from fly cruises
  • Increase in fuel costs
Financial information

The unaudited Group accounts for 4 quarter 2018 comprise Bonheur ASA (the “Company”) and its subsidiaries (together the “Group of companies”) and the Group of companies’ ownership in associates.

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

The investment in Dolphin Drilling ASA (DD) is deconsolidated from November 2018. From the same date the investment will be reported as a separate line item in the consolidated income statement and derecognized from the Group of companies’ statement of financial position. From the same date, the investment in DD is assessed as a financial investment. For further details see note 10 Discontinued operations.

The Group of companies’ operating revenues in the quarter amounted to NOK 1 854 million (NOK 1 660 million). Renewable energy had operating revenues of NOK 570 million (NOK 467 million), Shipping / Offshore wind NOK 413 million (NOK 364 million), Cruise NOK 527 million (NOK 476 million). Within Other investments NHST Media Group had operating revenues of NOK 331 million (NOK 349 million).

EBITDA in the quarter was NOK 470 million (NOK 399 million). Renewable energy achieved EBITDA of NOK 433 million (NOK 336 million), Shipping/Offshore wind NOK 40 million (NOK 32 million), while Cruise achieved EBITDA of NOK 9 million (NOK 29 million). Within Other investments EBITDA was NOK - 12 million (NOK 2 million), of which NHST was NOK 10 million (NOK 21 million).

Depreciation in the quarter was NOK 267 million (NOK 221 million). No impairment was recognized in the quarter (NOK 16 million).

EBIT in the quarter was NOK 202 million (NOK 163 million).

Net financial items in the quarter were NOK - 94 million (NOK - 14 million). Net interest expenses were NOK 74 million (NOK 74 million) and net currency gain amounted to NOK 118 million (NOK 74 million). Net unrealized loss related to fair value adjustment of financial instruments were NOK 57 million (gain NOK 9 million), whereof the major part was related to forward fuel hedging within Cruise. In the quarter, an unrealized loss of NOK - 101 million was recognized on financial assets. Other financial expenses amounted to NOK - 6 million (NOK 14 million).

Net result in the quarter from continuing operations was NOK 68 million (NOK 30 million), while net result from discontinued operations (Dolphin Drilling) was NOK 181 million (NOK - 509 million). This includes the net result from Dolphin Drilling for a period of 1 month (NOK -128 million), net balance sheet effect from deconsolidation (NOK 260 million) and fair value of the Company’s shares in DD (NOK 48 million).

Net Result in the quarter was NOK 249 million (NOK - 479 million), of which NOK 236 million (NOK - 271 million) are attributable to the shareholders of the parent company. The non-controlling interests´ share of the net result from continuing operations in the quarter was NOK 13 million (NOK - 208 million).

Revenues for the year were NOK 6 787 million (NOK 6 325 million) while EBITDA year to date was NOK 1 484 million (NOK 1 570 million). Operating result (EBIT) year to date was NOK 438 million (658 million). Net financial items were NOK - 362 million (NOK - 120 million). Net result after estimated tax from continuing operations was NOK - 23 million (NOK 367 million), while net result from discontinued operations was NOK - 2 675 million (NOK -2 144 million). For further information see note 10. Net result for the year was NOK - 2 698 (NOK - 1 777 million), of which NOK - 1 381 million (NOK - 864 million) are attributable to the shareholders of the parent company. The non-controlling interests´ share of net result from continuing operations was NOK - 1 318 million (NOK - 913 million).

Annual General meeting / Dividend

With regard to the Annual General Meeting 2018 the board will, subject to no diverging position taken by the Shareholders’ Committee, propose a dividend of NOK 4.00 per share. For the company NOK 170 million.

The annual general meeting is scheduled for Wednesday 29 May 2019.