4 quarter 2015 and preliminary year end result. 17 February 2016
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1 4 quarter 2015 and preliminary year end result 17 February 2016
2 Business segments as of 17 February 2016 Bonheur ASA (listed OSE) 62.7% 20.7% Ganger Rolf ASA (listed OSE) Offshore drilling Renewable energy Shipping/Offshore wind Cruise Other investments 51,9% 100% 100% 100% Fred. Olsen Energy ASA (listed OSE) Fred. Olsen Renewables AS Fred. Olsen Ocean Ltd. Fred. Olsen Cruise Lines Ltd. NHST Media Group AS (54.0%) Koksa Eiendom AS (12.6%) Various 2
3 Bonheur ASA - Group of companies - Highlights 4Q 2015 (4Q 14 in brackets) Operating revenues were NOK million (NOK million) Operating result before depreciation (EBITDA) was NOK million (NOK million) Depreciation was NOK 966 million (NOK 779 million) Impairment was NOK million (NOK 1 million) Operating result (EBIT) was NOK million (NOK 610 million) Net result NOK million (NOK 273 million) Earnings per share were NOK (NOK - 0.6) Post quarter event: Proposed merger between Bonheur ASA and Ganger Rolf ASA Proposed dividend for the merged company: NOK 2.00 per share 3
4 Bonheur ASA - Group of companies - Consolidated summary (NOK million) 4Q 15 4Q Revenues EBITDA Depreciation Impairment EBIT Share of result from associates Net finance EBT Net result Non-controlling interests *) Shareholders of the parent company *) The non-controlling interests 2015 mainly consist of 47.74% of Fred.Olsen Energy ASA, 37.01% of Ganger Rolf ASA, 44.06% of NHST Media Group AS and indirectly 49% in Fred. Olsen Wind Limited (UK). 4
5 Bonheur ASA - Group of companies - Segment analysis EBITDA (NOK million) 4Q 15 4Q 14 Change Offshore drilling Renewable energy Shipping /Offshore wind Cruise Other Total EBITDA
6 Bonheur ASA - Group of companies - Segment analysis EBITDA (NOK million) Change Offshore drilling Renewable energy Shipping/Offshore wind Cruise Other Total EBITDA
7 Bonheur ASA - Group of companies - Condensed statement of Financial position (NOK million) Per Per Per Per Intangible fixed assets Deferred tax asset Equity owned by shareholders in parent co Property, plant and equipment Non-controlling interests *) Investments in associates 6 6 Total equity Other financial fixed assets Non-current interest bearing liabilities Total non-current assets Other non-current liabilities Inventories and consumable spare parts Total non-current liabilities Trade and other receivables Current interest bearing liabilities Cash and cash equivalents Other current liabilities Total current assets Total current liabilities Total assets Total equity and liabilities *) The non-controlling interests mainly consist of 47.74% of Fred.Olsen Energy ASA, 37.01% of Ganger Rolf ASA, 44.06% of NHST Media Group AS and indirectly 49% in Fred. Olsen Wind Limited (UK). 7
8 Bonheur ASA - Group of companies - Cash flow statement (NOK million) Per Per Net cash flow from operating activities Net cash flow from investing activities Net cash flow from financing activities Foreign currency effects Net change in cash and cash equivalents Cash balance beginning of period Cash balance at end of period
9 Ganger Rolf ASA - Group of companies - Consolidated summary (NOK million) 4Q 15 4Q Revenues EBITDA EBIT Share of result from associates Net finance EBT Net result
10 Ganger Rolf ASA - Group of companies - Condensed statement of Financial Position (NOK million) Per Per Deferred tax asset 0 0 Property, plant and equipment Investments in associates Other financial fixed assets Total non-current assets Trade and other receivables Cash and cash equivalents Total current assets Total assets Total equity Total non-current liabilities Total current liabilities Total equity and liabilities
11 Offshore drilling Fred. Olsen Energy ASA
12 Offshore drilling - Financial summary 4Q 2015 (4Q 2014 in brackets) Revenues were USD 265 million (USD 298 million) EBITDA were USD 142 million (USD 157 million) Operating profit (EBIT) was USD -103 million (USD 71 million) Profit before tax was USD -123 million (USD 104 million) Earnings per share were USD (USD 1.4) 12
13 Fred. Olsen Energy Operating worldwide Bideford Dolphin Byford Dolphin Greenland Borgland Dolphin Borgsten Dolphin Borgholm Dolphin Bredford Dolphin Iceland Russia Sweden Finnland Norway Canada Estonia Blackford Dolphin Latvia United Kingdom Denmark Lithuania Belarus Ireland Netherlands Poland Germany Belgium Luxemburg Czech Republic Slovakia Ukraine Kazakhstan Austria Hungaria France Moldawia Switzerland Slovenia Italy Mongolia Romania Croatia Bosnia Herzegovina Serbia Montenegro Bulgaria Usbekistan Georgia Macedonia Portugal Kirgistan Albania Armenia Azerbaijan Spain North Korea USA Turkmenistan Turkey Tadschikistan Greece South Korea Tunesia Cyprus Syria Japan China Lebanon Afghanistan Iraq Marocco Iran Israel Jordan Kuwait Algeria Nepal Pakistan Libya Bhutan Egypt Qatar West Sahara Mexico Bangladesh United Arab Emirates Taiwan India Cuba Saudi A Arabia rabia Haiti Dominican Republic Jamaica Belize Guatemala Oman Mauretania Mali Puerto Rico Yemen Chad El Salvador Nicaragua Trinidad Costa Rica Venezuela Panama Guyana French Guayana French Columbia Surinam Bolette Dolphin Thailand Eritrea Senegal Gambia Vietnam Sudan Burkina Faso Guinea Bissau Guinea Guinea Dschibuti Cambodia Benin Philippines Somalia Nigeria Sierra Leone Ivory Coast Sri Lanka Ethiopia Ghana Belford Dolphin Central Africa Liberia Togo Cameroon Uganda Congo Kenya Gabun Ecuador Laos Myanmar Niger Honduras Rwanda Zaire Brunei Malaysia Indonesia Burundi Papua N Papua ew Guinea New Guinea Tanzania Angola Peru Malawi Sambia Brazil Mozambique Bolivia Madagascar Zimbabwe Namibia Botswana Paraguay Australia Swaziland South Africa Lesotho Uruguay Argentina Chile New Zealand Borgny Dolphin (cold stacked)
14 Offshore drilling - Contract overview Average contract length ca. 11 months
15 Offshore drilling - Key financials (NOK million) Revenues EBITDA EBIT EBT Non-current assets Current assets Total assets Equity Interest bearing debt Non interest bearing debt Total equity and liabilities Net cash from operating activities Net cash from investing activities Net cash from financing activities NOK mill. Net change in cash and cash equivalents Cash and cash equivalents end of period
16 Renewable energy Fred. Olsen Renewables AS
17 Renewable energy - Overview Total production capacity of MW Six operating wind farms in Scotland (432.8 MW) *) One operating wind farm in Norway (71.3 MW) One operating wind farm in Sweden (78 MW) *) FOWL, 51% ownership Construction: Crystal Rig III (14 MW) in Scotland with expected completion in 4Q 2016 Windy Standard II (61.5 MW) in Scotland with expected completion in 1Q 2017 Consented and development: 914 MW consented onshore in Scotland, Sweden and Norway Approx. 500 MW consented offshore Ireland Development pipeline of MW onshore in Norway, Sweden and UK Approx. 500 MW under development offshore Ireland 17
18 Business Model and Project Portfolio Site Investigation Development Consented Construction Operation Scotland Norway Sweden Scotland MW Crystal Rig extension Rothes extension Paul s Hill extension Windy Standard III Norway MW Portfolio Ireland 500 MW Codling II 500 MW offshore (50% owned; total 1000 MW) Sweden ~90 MW Verkanliden Ireland Codling Bank 500 MW offshore (50% owned; total 1000 MW) Norway Gravdal 90 MW Gilja 135 MW Gismarvik 9 MW (60% owned of total 15 MW) Kalvvatnan 225 MW Sweden Högaliden 82,5 MW FORSCA-projects 373 MW Scotland Crystal Rig III 14 MW Windy Standard II 61,5 MW Scotland Crystal Rig 62.5 MW Crystal Rig II MW Rothes 50.6 MW Rothes II 41.4 MW Paul s Hill 64.4 MW Mid Hill 75,9 MW Norway Lista 71.3 MW Sweden Fäbodliden - 78 MW Total portfolio MW MW 75,5 MW 582,1 MW Onshore portfolio MW 914 MW 75,5 MW 582,1 MW
19 Projects in the UK and Ireland
20 Projects in Scandinavia
21 Renewable energy - Key financials (NOK million) Revenues EBITDA EBIT EBT Non-current assets Current assets Total assets Equity Interest bearing debt Non interest bearing debt Total equity and liabilities Net cash from operating activities Net cash from investing activities Net cash from financing activities NOK mill. Net change in cash and cash equivalents Cash and cash equivalents end of period
22 Renewable energy - Wind farms 22
23 Shipping / Offshore wind Fred. Olsen Ocean Ltd. - Fred. Olsen Windcarrier AS - Universal Foundation Norway AS
24 Shipping / Offshore wind - Overview Fred. Olsen Windcarrier Universal Foundation Two transport and installation jack up vessels for offshore wind turbines; Brave Tern (2012) and Bold Tern (2013) Contracts ongoing or completed during the 4 quarter 2015: O&M work performed for several clients during the quarter (Senvion, GT1, Codan) 75 blade shifts for Vestas (in Netherland) started in December 2015, to be continued during 1 quarter 2016 Contracts secured but vessel work not yet commenced : «Block Island» Installation contract for 5 Alstom Haliade (6 MW) wind turbines at offshore Rhode Island, United States for Deep Water Wind Llc. Commencing 3 quarter «Wikinger/Adwen» Transport & Installation contract for 70 units of Adwen 5 MW wind turbine generators within the German exclusive economic zone of the Baltic Sea for Adwen Bremerhaven GmbH. The contract will commence during 1 quarter «Veja Mate» Transport & Installation contract for 67 Siemens (6 MW) turbines at the offshore wind park in the German Bight for Siemens AG. Commencing 1 quarter % direct and indirect ownership of Fred. Olsen Windcarrier A/S, Denmark with a fleet of eight crew transfer vessels (CTVs). Currently 3 of the 8 boats are employed on a longer term T/C contract to DONG Energy in the Irish Sea. 75.5% ownership of Global Wind Service A/S, Denmark, a leading international provider of qualified and skilled personnel to the global wind turbine industry onshore and offshore. Currently employing a staff of more than 580 people operating world wide. 82% ownership of Universal Foundation A/S, Denmark, which has developed the design of a foundation ( The Mono Bucket Foundation ) for offshore wind turbines. Successfully completed a «Trial Installation Project» in the UK North Sea supported by Statoil, Statkraft, E.ON and Dong with 28 installations and retrievals of sample foundations. Agreement with LEEDCo in the US for design and engineering of Mono Bucket Foundations for a offshore wind demo site in Lake Erie.
25 Shipping / Offshore wind Key financials (NOK million) Revenues EBITDA EBIT EBT Non-current assets Current assets Total assets Equity Interest bearing debt Non interest bearing debt Total equity and liabilities Net cash from operating activities Net cash from investing activities Net cash from financing activities NOK mill. Net change in cash and cash equivalents Cash and cash equivalents end of period
26 Shipping / Offshore wind - Vessels 26
27 Cruise Fred. Olsen Cruise Lines Ltd.
28 Cruise - Overview Owns and operates four cruise ships; MV Black Watch MV Braemar MV Boudicca MV Balmoral Offers a diverse range of cruise holidays from long round the world trips to ex UK cruises to Scandinavia, Mediterranean and Canary Island Total passenger capacity:
29 Cruise - Key financials (NOK million) Revenues EBITDA EBIT EBT Non-current assets Current assets Total assets Equity Interest bearing debt Non interest bearing debt Total equity and liabilities Net cash from operating activities Net cash from investing activities Net cash from financing activities NOK mill. Net change in cash and cash equivalents Cash and cash equivalents end of period
30 Cruise Ships Boudicca Braemar Balmoral 30 Black Watch 30
31 Other Investments NHST Media Group AS - Koksa Eiendom AS - Various
32 Other investments - Overview NHST Media Group AS (54.0%) Comprising five main business segments; DN (Dagens Næringsliv), Direct Relations, Global (Tradewinds, Upstream, Intrafish, Europower and Recharge), Nautical Charts and Other. Fully consolidated in BON as from second quarter Operating revenues in 4Q 2015 were NOK 332 million (NOK 327 million) EBITDA in 4Q 2015 were NOK 7 million (NOK 9 million). Koksa Eiendom AS (previously IT Fornebu Properties AS) (12.6%) Development of office property (mainly) at Fornebu. Occupancy to customers within information technology/hightech/telecom 32
33 33
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