Report for the first quarter 2021

Financial and operating highlights 1Q21 (1Q20 in brackets):

  • Operating revenues were NOK 1 338 million (NOK 1 967 million)
  • EBITDA was NOK 236 million (NOK 250 million)
  • EBIT was NOK 9 million (NOK -101 million)
  • Net result after tax was NOK -35 million (NOK 118 million)

Post quarter event:

  • Dividend proposal of NOK 4.00 per share, for the Company NOK 170 million

Segment highlights 1Q21 (1Q20 in brackets):

Renewable Energy

  • EBITDA NOK 333 mill. (NOK 419 mill.)
  • Power generation was lower than normal in Q1 partly offset by higher power prices
  • Högaliden project estimated completion by end of July 2021
  • Additional 148 MW consented onshore wind in Scotland
  • Commenced construction preparations for Fäboliden 2
  • Continued progress on Codling Wind Park offshore projects toward auction in 2022
  • In preparation for Scottish offshore wind lease round in 2021

Wind Service

  • EBITDA NOK 70 mill. (NOK -29 mill.)
  • T&I utilisation of 74% (75%) in Q1
  • Going forward:
    • Brave Tern on contract in Taiwan
    • Bold Tern crane replacement and contract in Taiwan
    • Blue Tern on contract at Moray East
  • Established fleet upgrade and growth program in FOWIC
  • Good performance in GWS
  • Good performance in UWL


  • EBITDA NOK -141 mill. (NOK -105 mill.)
  • Substantial demand for cruises for second half of 2021 and 2022
  • In UK all people of 50+ age (32 mill. People) have been offered vaccine by mid-April
  • Mobilising one cruise ship for UK cruise only in July, others to follow pending other countries opening up for cruising

Other Investments

  • NHST continued development of new digital products and services
  • Creating a new media division

Financial information

The unaudited Group accounts for 1Q21 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 1 338 million (NOK 1 967 million). Renewable Energy had operating revenues of NOK 477 million (NOK 559 million), Wind Service    NOK 607 million (NOK 630 million), Cruise NOK 0 million (NOK 499 million). Other investments had operating revenues of NOK 254 million (NOK 280 million), of which NHST Media Group comprised of NOK 256 million (NOK 281 million).

EBITDA in the quarter was NOK 236 million (NOK 250 million). Renewable Energy achieved EBITDA of       NOK 333 million (NOK 419 million), Wind Service NOK 70 million (NOK -29 million), Cruise NOK -141 million (NOK -105 million). Within Other investments EBITDA was NOK -26 million (NOK -34 million), of which NHST contributed with NOK 7 million (NOK 12 million).

Depreciation in the quarter was NOK -227 million (NOK -258 million). No impairment was booked in the quarter (NOK -93 million).

EBIT in the quarter was NOK 9 million (NOK -101 million).

Net financial items in the quarter were NOK 18 million (NOK 230 million). In Q1 2020 the sale of GWP France within Renewable energy resulted in a financial gain of NOK 359 million. Net interest expenses in the quarter were NOK -91 million (NOK -101 million). Other financial items amounted to NOK -3 million (NOK -8 million). In addition, there were net unrealized financial gain of NOK 112 million (NOK -20 million) in the quarter, which consist mainly of unrealized net loss on foreign currency of NOK -15 million (NOK 221 million), unrealized hedging effects of NOK 112 million (NOK -152 million) and unrealized gain on investments of NOK 14 million (NOK -89 million).

Net Result in the quarter was NOK -35 million (NOK 118 million) of which NOK -138 million (NOK 98 million) is attributable to the shareholders of the parent company. The non-controlling interests’ share of the net result in the quarter was NOK 103 million (NOK 20 million).