07/20/2012

REPORT FOR THE SECOND QUARTER 2012 AND THE FIRST HALF YEAR 2012

Highlights 2Q 12:

  • Operating revenues were NOK 2 561 million (NOK 2 425 million)
  • Operating result before depreciation (EBITDA) was NOK 1 032 million (NOK 1 127 million)
  • Operating profit (EBIT) was NOK 532 million (NOK 682 million)
  • Net result after tax was NOK 489 million (NOK 541 million)
  • Majority’s share of net result was NOK 167 million (NOK 237 million)
  • Earnings per share were NOK 5.2 (NOK 7.3)
  • Sale of the Suezmax tanker Knock Sheen

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 / Offshore wind and Other Investments

The Group of companies´ operating revenues amounted to NOK 2 561 million (NOK 2 425 million) in the quarter. The increase in revenues compared with the 2nd quarter last year is mainly related to the Offshore Drilling and Shipping/Offshore wind segments. In addition higher USD exchange rate against NOK positively impacted the revenues. The other segments had decrease in revenues, mainly related to lower wind speed within the Renewable energy segment and lower passenger yields in the cruise segment.

Earnings before interest, tax, depreciation and amortization (EBITDA) were NOK 1 032 million

(NOK 1 127 million) in the quarter. Compared with the corresponding period last year EBITDA within Offshore Drilling improved by NOK 13 million. EBITDA decreased by NOK 49 million within the Renewable energy segment and by NOK 27 million within Cruise. Depreciation and impairment in the quarter were NOK 500 million, of which NOK 22 million were impairment on the tanker vessel Knock Sheen.

Operating result (EBIT) for the quarter was NOK 532 million (NOK 682 million).

Net financial items were negative NOK 43 million (negative NOK 133 million). The improvement compared to the same period last year is mainly due to lower unrealized currency losses.

The Group of companies´ result after estimated tax in the quarter was NOK 489 million (NOK 541 million), of which NOK 167 million relates to the majority interests (NOK 237 million). The minority interests´ share of net result in the quarter was NOK 322 million (NOK 304 million). Minority interests´ share of the results is higher than the share of majorities, as a consequence of the minorities’ share of the result in Fred. Olsen Energy.

Revenues year to date were NOK 5 104 million (NOK 4 743 million) while EBITDA year to date were

NOK 2 064 million (NOK 2 057 million). Net financial items were negative NOK 257 million (negative

NOK 249 million), while net result after estimated tax was NOK 716 million (NOK 875 million), of which NOK 213 million (NOK 357 million) relate to the majority interests.

Other information

Capital and financing
As per second quarter, investments are mainly related to Offshore drilling (FOE), Renewable energy (FOR) and Fred. Olsen Windcarrier AS.

Within FOE, capital expenditures for the first half year amounted to NOK 1 501 million, related to class renewal surveys and general upgrades.

FOR had capital expenditures of NOK 204 million year to date, mainly related to the contruction of Lista windfarm.

Fred. Olsen Windcarrier had capital expenditures of NOK 284 million related to the two new build contracts and the crew boat contracts.

During the first half year FOP had capital expenditures of NOK 22 million.

In total the Group of companies’ investments net of intra-group eliminations, amounted to NOK 2 009 million in the first half year 2012.

In January 2012 Bonheur ASA completed a NOK 700 million unsecured bond issue with maturity in 2017 and a NOK 300 million bond issue with maturity in 2019. Ganger Rolf is guarantor for both issues.

Gross interest bearing debt of the Group of companies as per end of the quarter was NOK 13 541 million, an increase of NOK 821 million since year end 2011. Cash and cash equivalents amounted to NOK 4 646 million, a decrease of NOK 15 million from the beginning of the year. Net interest bearing debt of the Group of companies at the end of the quarter was NOK 8 944 million, a decrease of NOK 836 million since year end 2011. Equity to asset ratio was 42 % at the end of the quarter, compared with 44% at the year-end 2011. 

Risks
The main risk items which may affect the results negatively for the remainder of the year comprise adverse market developments, energy prices, operational issues related to income, operating costs and HSE incidents within the various business segments, negative foreign exchange developments and increased interest rates.

Annual General Meeting / Dividend
At the Annual General Meeting in Bonheur ASA on 30th May 2012, the proposed dividend payment of NOK 5.00 per share was approved. The dividend was paid on 22 June, amounting to NOK 204 million in total.