Slide 1: 2 quarter 2015 and first half year 2015
2 quarter 2015 and first half year 2015 15 July 2015
Slide 2: Business segments as of 15 July 2015
Business segments as of 15 July 2015 62.7% Bonheur ASA (listed OSE) Ganger Rolf ASA (listed OSE) 20.7% Offshore drilling Renewable energy Shipping/Offshore wind Cruise Other investments 51,9% 100% 100% 100% Fred. Olsen Energy ASA Fred. Olsen Fred. Olsen Ocean Ltd. Fred. Olsen Cruise NHST Media (list
Slide 3: Bonheur ASA - Group of companies - Summary 2Q 2015
Bonheur ASA - Group of companies - Summary 2Q 2015 (2Q 14 in brackets) Operating revenues were NOK 3 918 million (NOK 2 771 million) Operating result before depreciation (EBITDA) was NOK 1 884 million (NOK 845 million) Operating result (EBIT) was NOK -2 316 million (NOK 158 million) Net result NOK -
Slide 4: Bonheur ASA - Group of companies - Consolidated summary
Bonheur ASA - Group of companies - Consolidated summary 1 half year 1 half year 2Q 15 2Q 14 2015 2014 Revenues 3 918 2 771 7 625 5 471 EBITDA 1 884 845 3 519 1 720 EBIT -2 316 158 -1 592 504 Share of result from associates 0 114 0 108 Net finance -122 -73 -185 -245 EBT -2 438 199 -1 776 367 Net resu
Slide 5: Bonheur ASA - Group of Companies - Segment analysis EBITDA
Bonheur ASA - Group of Companies - Segment analysis EBITDA 2Q 15 2Q 14 Change (NOK million) Offshore drilling 1 614 639 975 Renewable energy 134 68 66 Shipping/Offshore wind 63 158 -94 Cruise 66 -8 74 Other 6 -11 17 Total EBITDA 1 884 845 1 039 5
Slide 6: Bonheur ASA - Group of Companies - Segment analysis EBITDA
Bonheur ASA - Group of Companies - Segment analysis EBITDA 6
Slide 7: Bonheur ASA - Group of companies - Segment analysis EBITDA
Bonheur ASA - Group of companies - Segment analysis EBITDA 1 half year 1 half year Change (NOK million) 2015 2014 Offshore drilling 2 838 1 261 1 577 Renewable energy 444 288 156 Shipping /Offshore wind 133 215 -82 Cruise 116 7 109 Other -12 -50 38 Total EBITDA 3 519 1 720 1 799 7
Slide 8: Bonheur ASA - Group of companies - Segment analysis EBITDA
Bonheur ASA - Group of companies - Segment analysis EBITDA 8
Slide 9: Bonheur ASA - Group of companies - Condensed statement of Financial position
Bonheur ASA - Group of companies - Condensed statement of Financial position (NOK million) Per 30.06.15 Per 31.12.14 Per 30.06.15 Per 31.12.14 Intangible fixed assets 1 126 1 060 Deferred tax asset 291 275 Equity owned by shareholders in parent co. 8 814 7 930 Property, plant and equipment 29 568 30
Slide 10: Bonheur ASA - Group of companies - Cash flow statement
Bonheur ASA - Group of companies - Cash flow statement 1 half year 2014 (NOK million) 2015 Net cash flow from operating activities 2 866 3 109 Net cash flow from investing activities -2 471 -6 483 Net cash flow from financing activities 2 746 3 231 Foreign currency effects 138 438 Net change in cash
Slide 11: Ganger Rolf ASA - Group of companies - Consolidated summary
Ganger Rolf ASA - Group of companies - Consolidated summary 1 half year 1 half year 2Q 15 2Q 14 2015 2014 Revenues 0 0 0 0 EBITDA -13 -17 -28 -33 EBIT -13 -17 -29 -34 Share of result from associates -743 29 -518 101 Net finance -4 -4 -6 -22 EBT -760 7 -553 45 Net result -707 6 -499 44 11
Slide 12: Ganger Rolf ASA - Group of companies - Segment analysis - Net result
Ganger Rolf ASA - Group of companies - Segment analysis - Net result Net result per segment 2Q 15 2Q 14 Change Offshore drilling -671 11 -682 Renewable energy 12 -19 31 Shipping/Offshore wind 19 51 -32 Cruise 12 -28 40 Other -78 -9 -69 Total net result -707 6 -713 1 half year 1 half year Net result
Slide 13: Ganger Rolf ASA - Group of companies - Condensed statement of Financial Position
Ganger Rolf ASA - Group of companies - Condensed statement of Financial Position (NOK million) Per 30.06.15 Per 31.12.14 Deferred tax asset 0 0 Property, plant and equipment 34 34 Investments in associates 7 964 6 848 Other financial fixed assets 562 574 Total non-current assets 8 560 7 456 Inventor
Slide 14: Offshore drilling
Offshore drilling Fred. Olsen Energy ASA
Slide 15: Offshore drilling - Financial summary 2Q 2015
Offshore drilling - Financial summary 2Q 2015 (2Q 2014 in brackets) Revenues were USD 326 million (USD 273 million) EBITDA were USD 209 million (USD 107 million) Impairment of USD 419 million Operating profit (EBIT) was USD -305 million (USD 19 million) Profit before tax was USD -323 million (USD 16
Slide 16: Offshore drilling – Operating worldwide
Offshore drilling – Operating worldwide Byford Dolphin Bideford Dolphin Greenland Borgsten Borgland Dolphin Dolphin Borgholm Bredford Dolphin Dolphin Iceland Russia Sweden Finnland Norway Canada Blackford United Kingdom Latvia Estonia Dolphin Denmark Lithuania Belarus Bollsta Ireland Netherlands Pol
Slide 17: Offshore drilling - Contract overview as per 15 July 2015
Offshore drilling - Contract overview as per 15 July 2015 2015 2016 2017 2018 2019 2020 Bolette Anadarko Bollsta Chevron Belford Anadarko1) Blackford Chevron Bideford Statoil Borgland RMN consortium Bredford AGR cons Byford BP Borgsten Total Borgholm BG Borgny Cold stacked 1) Terminated for convenie
Slide 18: Offshore drilling - Key financials
Offshore drilling - Key financials As per first half year (NOK million) 2015 2014 Revenues 4 730 3 331 EBITDA 2 838 1 261 NOK mill. EBIT -1 869 352 3 000 EBT -1 945 247 Non-current assets 21 416 17 633 2 000 Current assets 4 210 3 294 Total assets 25 626 20 927 1 000 Equity 8 244 7 646 Interest bear
Slide 19: Renewable energy
Renewable energy Fred. Olsen Renewables AS
Slide 20: Renewable energy - Overview
Renewable energy - Overview Total production capacity of 504.1 MW Six operating wind farms in Scotland (432.8MW) One operating wind farm in Norway (71.3 MW) Construction: Fäbodliden (78 MW) in Sweden is under construction with expected completion in 1Q16 Consented and development: 1 023 MW consented
Slide 21: Business Model and Project Portfolio
Business Model and Project Portfolio Site Investigation Development Consented Construction Operation Scotland Scotland – 100-180 MW Scotland Sweden Scotland Crystal Rig extension Crystal Rig III – 14 MW Fäbodliden - 78 MW Crystal Rig – 62.5 MW Norway Rothes extension Windy Standard II – 75 MW Crysta
Slide 22: Projects in the UK and Ireland
Projects in the UK and Ireland
Slide 23: Projects in Scandinavia
Projects in Scandinavia Laksefjorden => Wit a Digermulen , “y* pe ~¢ i? Mosjoen Kalwatnan a Gismarvik a 5 a Gilja a v ‘e Gravdal ~, as f a "4 Lista
Slide 24: Renewable energy - Key financials
Renewable energy - Key financials As per first half year (NOK million) 2015 2014 Revenues 625 396 NOK mill. EBITDA 444 288 450 EBIT 245 144 400 EBT 193 65 350 Non-current assets 4 855 4 033 300 Current assets 5 063 1 532 250 Total assets 9 918 5 565 200 Equity 3 272 1 050 150 Interest bearing debt 5
Slide 25: Renewable energy - Wind farms
Renewable energy - Wind farms 25
Slide 26: Shipping / Offshore wind
Shipping / Offshore wind Fred. Olsen Ocean Ltd. - Fred. Olsen Windcarrier AS - Universal Foundation Norway AS
Slide 27: Shipping / Offshore wind - Overview
Shipping / Offshore wind - Overview Fred. Olsen Windcarrier Two transport and installation jack-up vessels for offshore wind turbines; “Brave Tern” (2012) and “Bold Tern” (2013) Contracts: Commissioning support contract for Brave Tern at the «Global Tech I» wind farm for Areva in the German exclusiv
Slide 28: Shipping / Offshore wind – Key financials
Shipping / Offshore wind – Key financials As per first half year (NOK million) 2015 2014 Revenues 578 705 NOK mill. EBITDA 133 215 500 EBIT 67 147 450 EBT -4 116 400 Non-current assets 2 410 2 448 Current assets 758 911 350 Total assets 3 169 3 360 300 Equity 1 549 1 464 250 Interest bearing debt 1
Slide 29: Shipping / Offshore wind - Vessels
Shipping / Offshore wind - Vessels 29
Slide 30: Cruise
Cruise Fred. Olsen Cruise Lines Ltd.
Slide 31: Cruise - Overview
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: 3 700 31
Slide 32: Cruise - Key financials
Cruise - Key financials As per first half year (NOK million) 2015 2014 Revenues 1 013 795 NOK mill. EBITDA 116 7 600 EBIT 3 -82 EBT 18 -102 500 Non-current assets 1 606 1 426 Current assets 431 389 400 Total assets 2 037 1 815 Equity 1 137 292 300 Interest bearing debt 0 790 Non interest bearing deb
Slide 33: Cruise – Ships
Cruise – Ships Boudicca Braemar Balmoral Black Watch 33 33
Slide 34: Other Investments
Other Investments NHST Media Group AS - Koksa Eiendom AS - Various
Slide 35: Other investments - Overview
Other investments - Overview NHST Media Group AS (54.0%) Comprising four main business segments; Dagens Næringsliv, Digital & Nordic (New Media, Europower, TDN), Global (Tradewinds, Upstream, Intrafish and Recharge) and Nautical Charts Fully consolidated in BON as from second quarter 2014. Operating
Slide 36: www.bonheur.net www.ganger-rolf.com
www.bonheur.net www.ganger-rolf.com 36