02/14/2020

Report for the fourth quarter 2019 and preliminary year end accounts

Financial and operating highlights 4Q19 (4Q18 in brackets):

  • Operating revenues were NOK 1 893 million (NOK 1 854 million)
  • EBITDA was NOK 188 million (NOK 466 million)
  • Impairment in the quarter NOK 225 million (NOK 0 million)
  • EBIT was NOK -289 million (NOK 199 million)
  • Net result after tax from continuing operations was NOK -162 million (NOK 62 million)
     
    Post quarter event:
  • Dividend proposal of NOK 4.30 per share, for the Company NOK 183 million
  • Equity in the parent company post dividend NOK 7 519 million (NOK 7 017 million)

Segment highlights 4Q19 (4Q18 in brackets):

Renewable energy

  • EBITDA NOK 276 mill. (NOK 433 mill.)
  • Total generation down 15%
  • Year on year decreasing electricity prices in all markets, mainly due to decreased gas prices in Europe
     

Shipping / Offshore wind

  • EBITDA NOK - 73 mill. (NOK 36 mill.)
  • Utilization for T&I and O&M vessels 46% (79%)
  • Start up and project expenses related to new business areas for the vessels
  • Two new T&I contracts in 4Q
      

Cruise

  • EBITDA NOK 23 mill. (NOK 9 mill.)
  • Net ticket income per diems increased 10%
  • Passenger days decreased with 9.5% due to three dry dockings
  • Lower operating costs due to reduced portion of fly-cruises, partly offset by higher fuel costs
     

    Financial information

    The unaudited Group accounts for 4Q19 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 Group of companies’ operating revenues in the quarter amounted to NOK 1 893 million (NOK 1 854 million). Renewable energy had operating revenues of NOK 448 million (NOK 570 million), Shipping / Offshore wind NOK 624 million (NOK 413 million), Cruise NOK 529 million (NOK 527 million). Other investments had operating revenues of NOK 292 million (NOK 343 million), of which NHST Media Group comprised NOK 318 million (NOK 331 million).

  • EBITDA in the quarter was NOK 188 million (NOK 466 million). Renewable energy achieved EBITDA of NOK 276 million (NOK 433 million), Shipping/Offshore wind NOK -73 million (NOK 36 million), while Cruise had EBITDA of NOK 23 million (NOK 9 million). Within Other investments EBITDA was NOK -37 million
    (NOK -12 million), of which NHST contributed with NOK 11 million (NOK 10 million).

    Depreciation in the quarter was NOK 252 million (NOK 267 million). Compared with last year, Renewable energy has reduced depreciation of NOK 53 million, while Shipping / Offshore wind had NOK 39 million higher depreciation. In the quarter total impairment was recognized with NOK 225 million.  NOK 112 million was related to write down of the development portfolio within Renewable energy and NOK 113 million within Shipping/Offshore wind, mainly related to the jack-up O&M vessel Jill.

    EBIT in the quarter was NOK -289 million (NOK 199 million).

    Net financial items in the quarter were NOK 106 million (NOK - 94 million). Net interest expenses were NOK 87 million (NOK 74 million). Other financial expenses amounted to NOK -17 million (NOK -6 million).  In addition there were unrealized gains of NOK 209 million (loss 40 million) in the quarter, which consist of (1) unrealized net gain on foreign currency of NOK 37 million (NOK 119 million), (2) unrealized gain mainly related to interest hedging of NOK 114 million (loss NOK 57 million) and (3) unrealized gain on financial assets NOK 57 million (loss NOK 101 million).

    Net Result in the quarter from continuing operations was NOK -162 million (NOK 62 million).  Net result from discontinued operations in the quarter was 0 million (NOK 181 million).  Net result for the period was thus
    NOK -162 million (NOK 242 million), of which NOK -219 million (NOK 229 million) is attributable to the shareholders of the parent company. The non-controlling interests´ share of the net result in the quarter was NOK 57 million (NOK 13 million).

    For the full year, revenues were NOK 7 836 million (NOK 6 787 million) while EBITDA was NOK 1 475 million (NOK 1 481 million). Operating result (EBIT) was NOK 270 million (NOK 434 million). Net financial items were NOK - 543 million (NOK - 362 million). Net result after estimated tax from continuing operations was NOK -343 million (NOK -29 million), while net result from discontinued operations was NOK 0 million (NOK -2 675 million). For further information see note 8. 

    Net result year to date was NOK - 343 million (NOK -2 705 million), of which NOK -389 million (NOK -1 387 million) are attributable to the shareholders of the parent company.  The non-controlling interests´ share of net result from continuing operations was NOK 46 million (NOK -1 318 million).

    Annual General meeting / Dividend

    With regard to the Annual General Meeting 2019 the board will, subject to no diverging position taken by the Shareholders’ Committee, propose a dividend of NOK 4.30 per share.  For the company NOK 183 million.

    The annual general meeting is scheduled for Wednesday 27 May 2020