Slide 1: 4 quarter 2015 and preliminary year end result
4 quarter 2015 and preliminary year end result 17 February 2016
Slide 2: Business segments as of 17 February 2016
Business segments as of 17 February 2016 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 (
Slide 3: Bonheur ASA - Group of companies - Highlights 4Q 2015
Bonheur ASA - Group of companies - Highlights 4Q 2015 (4Q 14 in brackets) Operating revenues were NOK 3 626 million (NOK 3 466 million) Operating result before depreciation (EBITDA) was NOK 1 428 million (NOK 1 389 million) Depreciation was NOK 966 million (NOK 779 million) Impairment was NOK 1 376
Slide 4: Bonheur ASA - Group of companies - Consolidated summary
Bonheur ASA - Group of companies - Consolidated summary (NOK million) 4Q 15 4Q 14 2015 2014 Revenues 3 626 3 466 14 653 12 347 EBITDA 1 428 1 389 6 252 4 322 Depreciation -966 -779 -3 701 -2 749 Impairment -1 376 -1 -4 904 -270 EBIT -914 610 -2 353 1 304 Share of result from associates 0 0 -2 108 Ne
Slide 5: Segment analysis EBITDA 4Q 2015
Bonheur ASA - Group of companies - Segment analysis EBITDA 4Q 15 4Q 14 Change (NOK million) Offshore drilling 1 227 1 084 143 Renewable energy 261 209 52 Shipping /Offshore wind -27 77 -104 Cruise -10 38 -48 Other -23 -18 -6 Total EBITDA 1 428 1 389 39 5
Slide 6: Segment analysis EBITDA 2015
Bonheur ASA - Group of companies - Segment analysis EBITDA 2015 2014 Change (NOK million) Offshore drilling 5 131 3 284 1 847 Renewable energy 811 548 262 Shipping/Offshore wind 89 459 -369 Cruise 292 146 146 Other -71 -116 44 Total EBITDA 6 252 4 322 1 930 6
Slide 7: Condensed statement of Financial position
Bonheur ASA - Group of companies - Condensed statement of Financial position (NOK million) Per 31.12.15 Per 31.12.14 Per 31.12.15 Per 31.12.14 Intangible fixed assets 1 098 1 060 Deferred tax asset 377 275 Equity owned by shareholders in parent co. 9 137 7 930 Property, plant and equipment 26 085 30
Slide 8: Cash flow statement
Bonheur ASA - Group of companies - Cash flow statement Per 31.12 Per 31.12 (NOK million) 2015 2014 Net cash flow from operating activities 5 160 3 109 Net cash flow from investing activities -4 836 -6 483 Net cash flow from financing activities 1 715 3 231 Foreign currency effects 629 438 Net change
Slide 9: Ganger Rolf ASA - Consolidated summary
Ganger Rolf ASA - Group of companies - Consolidated summary (NOK million) 4Q 15 4Q 14 2015 2014 Revenues 0 0 0 0 EBITDA -16 -13 -64 -63 EBIT -16 -13 -66 -64 Share of result from associates -340 30 -804 139 Net finance -32 -39 -47 -66 EBT -388 -21 -918 10 Net result -388 -25 -864 5 9
Slide 10: Ganger Rolf ASA - Condensed statement of Financial Position
Ganger Rolf ASA - Group of companies - Condensed statement of Financial Position (NOK million) Per 31.12.15 Per 31.12.14 Deferred tax asset 0 0 Property, plant and equipment 33 34 Investments in associates 8 480 6 848 Other financial fixed assets 508 574 Total non-current assets 9 021 7 456 Trade an
Slide 11: Offshore drilling
Offshore drilling Fred. Olsen Energy ASA
Slide 12: Offshore drilling - Financial summary 4Q 2015
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
Slide 13: 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 14: Offshore drilling - Contract overview
Offshore drilling - Contract overview Average contract length ca. 11 months
Slide 15: Offshore drilling - Key financials
Offshore drilling - Key financials (NOK million) 2015 2014 Revenues 8 976 7 475 EBITDA 5 131 3 284 EBIT -2 627 933 NOK mill. EBT -2 808 985 Non-current assets 16 706 21 900 Current assets 5 963 3 883 Total assets 22 669 25 783 Equity 8 505 9 722 Interest bearing debt 11 696 10 818 Non interest beari
Slide 16: Renewable energy
Renewable energy Fred. Olsen Renewables AS
Slide 17: 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 18: 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 19: Projects in the UK and Ireland
Projects in the UK and Ireland
Slide 20: Projects in Scandinavia
Projects in Scandinavia Laksefjorden “i> Digermulen 4 =” ‘se ~ ‘ é Mosjeen ra] hs x % co ferkanliden eae nas 2 Fabodliden I Operational Site : « Ps 1ogdliden
Slide 21: Renewable energy - Key financials
Renewable energy - Key financials (NOK million) 2015 2014 Revenues 1 196 812 EBITDA 811 548 NOK mill. EBIT 389 237 EBT 192 -74 Non-current assets 5 807 4 665 Current assets 4 876 1 715 Total assets 10 683 6 381 Equity 3 946 1 310 Interest bearing debt 5 983 4 535 Non interest bearing debt 754 535 To
Slide 22: Renewable energy - Wind farms
Renewable energy - Wind farms 22
Slide 23: Shipping / Offshore wind
Shipping / Offshore wind Fred. Olsen Ocean Ltd. - Fred. Olsen Windcarrier AS - Universal Foundation Norway AS
Slide 24: 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 ongoing or completed during the 4 quarter 2015: O&M work performed for several clients during the quarter (Senvi
Slide 25: Shipping / Offshore wind – Key financials
Shipping / Offshore wind – Key financials (NOK million) 2015 2014 Revenues 1 050 1 527 EBITDA 89 459 NOK mill. EBIT -48 326 EBT -142 222 Non-current assets 2 672 2 533 Current assets 587 783 Total assets 3 259 3 316 Equity 1 601 1 553 Interest bearing debt 1 387 1 273 Non interest bearing debt 272 4
Slide 26: Shipping / Offshore wind - Vessels
Shipping / Offshore wind - Vessels 26
Slide 27: Cruise
Cruise Fred. Olsen Cruise Lines Ltd.
Slide 28: 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 28
Slide 29: Cruise - Key financials
Cruise - Key financials (NOK million) 2015 2014 Revenues 2 092 1 655 EBITDA 292 146 NOK mill. EBIT 58 -39 EBT 72 -119 Non-current assets 1 650 1 608 Current assets 477 219 Total assets 2 127 1 827 Equity 1 263 408 Interest bearing debt 0 636 Non interest bearing debt 864 782 Total equity and liabili
Slide 30: Cruise – Ships
Cruise – Ships Boudicca Braemar Balmoral Black Watch 30 30
Slide 31: Other Investments
Other Investments NHST Media Group AS - Koksa Eiendom AS - Various
Slide 32: 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. Fully consolidated in BON as from second quarter 2014. Operating rev
Slide 33: www.bonheur.net www.ganger-rolf.com
www.bonheur.net www.ganger-rolf.com 33