Slide 1: 1 quarter 2016
1 quarter 2016 13 May 2016
Slide 2: Business segments as of 13 May 2016
Business segments as of 13 May 2016 Bonheur ASA 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 (listed OSE) Renewables AS Lines Ltd. Group AS (54.0%) Koksa
Slide 3: Bonheur ASA Group - Highlights 1Q 2016
Bonheur ASA Group - Highlights 1Q 2016 (1Q 15 in brackets) Operating revenues were NOK 3 289 million (NOK 3 707 million) Operating result before depreciation (EBITDA) was NOK 1 286 million (NOK 1 635 million) Depreciation was NOK 886 million (NOK 911 million) Operating result (EBIT) was NOK 400 mill
Slide 4: Bonheur ASA Group - Consolidated summary
Bonheur ASA Group - Consolidated summary (NOK million) 1Q 16 1Q 15 Revenues 3 289 3 707 EBITDA 1 286 1 635 Depreciation -886 -911 EBIT 400 724 Share of result from associates 0 0 Net finance -157 -63 EBT 243 661 Net result 211 614 Non-controlling interests *) 113 331 Shareholders of the parent compa
Slide 5: Bonheur ASA Group - Segment analysis EBITDA
Bonheur ASA Group - Segment analysis EBITDA 1Q 16 1Q 15 Change Offshore drilling 1 205 1 224 -19 Renewable energy 202 310 -107 Shipping/Offshore wind -97 70 -166 Cruise 30 49 -20 Other -55 -17 -37 Total EBITDA 1 286 1 635 -349 5
Slide 6: Bonheur ASA Group - Condensed statement of financial position
Bonheur ASA Group - Condensed statement of financial position (NOK million) Per 31.03.16 Per 31.12.15 Per 31.03.16 Per 31.12.15 Intangible fixed assets 1 078 1 100 Deferred tax asset 368 379 Equity owned by shareholders in parent co. 10 588 9 101 Property, plant and equipment 23 790 26 085 Non-contr
Slide 7: Bonheur ASA Group - Cash flow statement
Bonheur ASA Group - Cash flow statement Per 31.03 2015 (NOK million) 2016 Net cash flow from operating activities 1 167 5 240 Net cash flow from investing activities -214 -4 823 Net cash flow from financing activities -1 125 1 620 Foreign currency effects -521 629 Net change in cash and cash equival
Slide 8: Offshore drilling
Offshore drilling Fred. Olsen Energy ASA
Slide 9: Offshore drilling - Financial summary 1Q 2016
Offshore drilling - Financial summary 1Q 2016 (1Q 2015 in brackets) Revenues were USD 235 million (USD 284 million) EBITDA were USD 139 million (USD 157 million) Operating profit (EBIT) was USD 64 million (USD 66 million) Profit before tax was USD 39 million (USD 75 million) Earnings per share were
Slide 10: Fred. Olsen Energy – Operating worldwide
Fred. Olsen Energy – Operating worldwide Byford Bideford Dolphin Dolphin Greenland Borgsten Borgland Dolphin Dolphin Borgholm Bredford Dolphin Iceland Dolphin Sweden Finnland Russia Norway Canada Estonia Blackford United Kingdom Denmark Lithuania Latvia Dolphin Ireland Belgium Netherlands Germany Po
Slide 11: Fred. Olsen Energy - Contract overview
Fred. Olsen Energy - Contract overview Average contract length approximately 9 months 11
Slide 12: Offshore drilling - Key financials
Offshore drilling - Key financials As per Q1 (NOK million) 2016 2015 Revenues 2 035 2 207 EBITDA 1 205 1 224 EBIT 551 517 NOK mill. EBT 333 587 Non-current assets 15 074 24 533 Current assets 5 404 3 911 Total assets 20 478 28 444 Equity 8 272 11 135 Interest bearing debt 10 158 11 519 Non interest
Slide 13: Renewable energy
Renewable energy
Slide 14: Renewable energy - Overview
Renewable energy - Overview Total production capacity of 582.1 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
Slide 15: Business Model and Project Portfolio
Business Model and Project Portfolio Site Investigation Development Consented Construction Operation Scotland Scotland – 100-180 MW Ireland Scotland Scotland Crystal Rig extension Codling Bank – 500 MW Crystal Rig III – 14 MW Crystal Rig – 62.5 MW Norway Rothes extension offshore (50% owned; total W
Slide 16: Projects in the UK and Ireland
Projects in the UK and Ireland 16
Slide 17: Projects in Scandinavia
Projects in Scandinavia Mosjoen ~ x Ky * Perkanliden Kalwatnan me Fabodliden I Operational Site y© Hogaliden Construction Site Fig 7 4 FORSCA Development Site ge oe “Ns er 7 S ad \ + fei Gismarvik a 5) Gilja oP “e and Nad OAs pe |, aS 17
Slide 18: Renewable energy - Key financials
Renewable energy - Key financials As per Q1 (NOK million) 2016 2015 Revenues 299 392 EBITDA 202 310 EBIT 81 209 EBT 150 155 NOK mill. Non-current assets 5 336 4 745 Current assets 4 416 1 866 Total assets 9 751 6 611 Equity 3 828 1 462 Interest bearing debt 5 348 4 389 Non interest bearing debt 575
Slide 19: Renewable energy - Wind farms
Renewable energy - Wind farms 19
Slide 20: Shipping / Offshore wind
Shipping / Offshore wind
Slide 21: Shipping / Offshore wind - Overview
Shipping / Offshore wind - Overview Fred. Olsen Windcarrier • Two transport and installation jack‐up vessels for offshore wind turbines; “Brave Tern” and “Bold Tern” . • «Brave Tern» has undergone vessel upgrades (legs and crane boom extensions) completed end February 2016 while «Bold Tern» entered
Slide 22: Shipping / Offshore wind – Key financials
Shipping / Offshore wind – Key financials As per Q1 (NOK million) 2016 2015 Revenues 142 264 EBITDA -97 70 EBIT -133 36 NOK mill. EBT -141 -46 Non-current assets 2 654 2 418 Current assets 504 681 Total assets 3 157 3 099 Equity 1 399 1 518 Interest bearing debt 1 432 1 079 Non interest bearing debt
Slide 23: Shipping / Offshore wind - Vessels
Shipping / Offshore wind - Vessels 23 23
Slide 24: Cruise
Cruise Fred. Olsen Cruise Lines Ltd.
Slide 25: 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 25
Slide 26: Cruise - Key financials
Cruise - Key financials As per Q1 (NOK million) 2016 2015 Revenues 497 511 EBITDA 30 49 EBIT -30 -7 EBT -4 -6 NOK mill. Non-current assets 1 441 1 610 Current assets 520 288 Total assets 1 961 1 899 Equity 1 141 1 077 Interest bearing debt 0 0 Non interest bearing debt 820 822 Total equity and liabi
Slide 27: Cruise – Ships
Cruise – Ships Boudicca Braemar Balmoral Black Watch 27 27
Slide 28: Other Investments
Other Investments NHST Media Group AS - Koksa Eiendom AS - Various
Slide 29: Other investments - Overview
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. Operating revenues in 1Q 2016 were NOK 308 million (NOK 319 million)
Slide 30: www.bonheur.net
www.bonheur.net