11/04/2011

REPORT FOR THE THIRD QUARTER 2011

Highlights 3Q 11:

  • Operating revenues were NOK 2 522 million (NOK 2 539 million)
  • Operating result before depreciation (EBITDA) was NOK 1 075 million (NOK 1 331 million)
  • Operating profit (EBIT) was NOK 530 million (NOK 802 million)
  • Net result after tax was NOK 341 million (NOK 651 million)
  • Majority’s share of net result was NOK 56 million (NOK 240 million)
  • Earnings per share were NOK 1.70 (NOK 7.40)
  • Fred. Olsen United AS secured its first contract in October

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 significant 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 2 522 million (NOK 2 539 million) in the quarter. Compared with the same period last year operating revenues within all segments have been negatively impacted by lower USD and GBP rates against NOK. The average USD rate against NOK was approximately 11% lower in third quarter 2011 than in third quarter 2010. The corresponding decrease in the average GBP rate was approximately 7%.  

Earnings before interest, tax, depreciation and amortization (EBITDA) were NOK 1 075 million

(NOK 1 331 million).

Depreciation and impairment were NOK 545 million (NOK 528 million).

Operating result (EBIT) in the quarter was NOK 530 million (NOK 802 million).

Net financial items were negative NOK 169 million (negative NOK 102 million).

The Group of companies´ result after estimated tax in the quarter was NOK 341 million (NOK 651 million), of which NOK 56 million relates to the majority interests (NOK 240 million). The minority interests´ share of net result in the quarter was NOK 284 million (NOK 411 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 7 264 million (NOK 6 862 million) while EBITDA year to date were

NOK 3 132 million (NOK 3 201 million). Net financial items were negative NOK 418 million (negative

NOK 528 million), while net result after estimated tax was NOK 1 215 million (NOK 1 058 million), of which NOK 414 million (NOK 312 million) relate to the majority interests.