07/21/2011

REPORT FOR THE SECOND QUARTER 2011 AND THE FIRST HALF YEAR 2011

Highlights 2Q 11:

(Figures in NOK)
  • Operating revenues were NOK 2 425 million (NOK 2 397 million)
  • Operating result before depreciation (EBITDA) was NOK 1 127 million (NOK 1 123 million)
  • Operating profit (EBIT) was NOK 682 million (NOK 550 million)
  • Net result after tax was NOK 541 million (NOK 242 million)
  • Majority’s share of net result was NOK 237 million (NOK 38 million)
  • Earnings per share were NOK 7.3 (NOK 1.2)
  • Construction start for Lista Vindkraftpark
  • A subsidiary of Fred. Olsen Energy ASA was awarded a six well drilling contract for Bredford Dolphin in Norway

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 and Other Investments.

The Group of companies´ operating revenues amounted to NOK 2 425 million (NOK 2 397 million) in the quarter. The minor increase in revenues compared with the 2nd quarter last year is mainly related to higher capacity and better wind conditions within Renewable Energy and more cruise days and better yield within Cruise. The other segments had minor decreases in revenues, mainly related to negative impact by lower USD and GBP exchange rates against NOK.

Earnings before interest, tax, depreciation and amortization (EBITDA) were NOK 1 127 million

(NOK 1 123 million) in the quarter. Compared with the corresponding period last year EBITDA for the quarter include an increase of NOK 63 million within the Renewable Energy segment. Also the Cruise and Shipping segments showed increased EBITDA compared to the same quarter last year. Depreciation in the quarter was NOK 445 million.

Operating result (EBIT) for the quarter was NOK 682 million (NOK 550 million).

Net financial items were negative NOK 133 million (negative NOK 213 million). The improvement compared to last year is mainly due to lower unrealized losses from revaluation of financial instruments at fair value.

The Group of companies´ result after estimated tax in the quarter was NOK 541 million (NOK 242 million), of which NOK 237 million relates to the majority interests (NOK 38 million). The minority interests´ share of net result in the quarter was NOK 304 million (NOK 204 million). Minority interests´ share of the results are 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 4 743 million (NOK 4 323 million) while EBITDA year to date were NOK 2 057 million (NOK 1 870 million). Net financial items were negative NOK 249 million (negative NOK 426 million), while net result after estimated tax was NOK 875 million (NOK 407 million), of which NOK 357 million (NOK 73 million) relate to the majority interests.