Bonheur ASA : REPORT FOR THE FIRST QUARTER 2016

Highlights 1Q 2016:

• 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 million (NOK 724 million)
• Net result after tax was NOK 211 million (NOK 614 million)
• Earnings per share were NOK 2.4 (NOK 8.8)
• Proposed dividend for 2015: NOK 2.00 per share
  

Post quarter event:
Merger between Bonheur ASA and Ganger Rolf ASA completed on 4 May 2016

Financial information

As previously announced, an Extraordinary General Meeting on 16 March 2016 approved the merger between Bonheur ASA and Ganger Rolf ASA. After the expiry of the 6 weeks creditors' notification period, the merger was notified to the Register of Business Enterprises ('Foretaksregisteret') after end of opening hours at Oslo Stock Exchange on 4 May 2016. The merger then became effective, with first trading date on Oslo Stock Exchange for Bonheur ASA alone as from Friday 6 May 2016.

For accounting purposes, for the Group and the Parent company, the merger will be carried out as if the two entities always had been one merged entity and are presented accordingly from 1 January 2015.

For Bonheur ASA, the merger will be carried out with effect from 1 January 2016. The merger has no effect on the Consolidated Financial Statements of Bonheur ASA, except for changes in equity composition.

The main business segments of Bonheur ASA's Group accounts is unchanged after the merger and comprise Offshore drilling, Renewable energy, Shipping / Offshore wind, Cruise and Other investments.

Operating revenues were impacted by higher USD, GBP and EUR against NOK compared with the corresponding quarter last year. USD was on average approximately 12% higher in 1 quarter 2016 compared to 1 quarter 2015 while GBP and EUR was 5% and 9% higher, respectively.

The Group's operating revenues amounted to NOK 3 289 million (NOK 3 707 million) in the quarter. Offshore drilling had operating revenues of NOK 2 035 million (NOK 2 207 million), Renewable energy NOK 300 million (NOK 392 million), Shipping / Offshore wind NOK 142 million (NOK 264 million), Cruise NOK 497 million (NOK 511 million) and Other investments NOK 316 million (NOK 334 million). The latter includes operating revenues in NHST Media Group of NOK 308 million (NOK 319 million).

Operating result before depreciation (EBITDA) in the quarter was NOK 1 286 million (NOK 1 635 million). Offshore drilling achieved EBITDA of NOK 1 205 million (NOK 1　224 million), Renewable energy achieved NOK 202 million (NOK 310 million), Shipping/Offshore wind had negative EBITDA of NOK - 97 million (NOK 70 million), while Cruise achieved EBITDA of NOK 30 million (NOK 49 million). Other investments had EBITDA of NOK - 55 million (NOK - 17 million) of which NHST comprise NOK - 9 million (NOK 16 million)

Depreciation in the quarter was NOK 886 million (NOK 911 million.

Operating result (EBIT) was NOK 400 million (NOK 724 million).

Net financial items were NOK - 157 million (NOK - 63 million). Net interest expenses in the quarter were NOK 187 million (NOK 156 million) and net currency gain was NOK 26 million (NOK 167 million). Net unrealized gain related to fair value adjustment of financial instruments was NOK 26 million (NOK - 54 million). Other financial items amounted to NOK - 22 million (NOK - 30 million).

Net result in the quarter was NOK 211 million (NOK 614 million), of which NOK 98 million are attributable to the shareholders of the parent company (NOK 283 million). The non-controlling interests´ share of net result in the quarter was NOK 113 million (NOK 331 million).

Other information

Capital and financing

During the first quarter of 2016 investments were NOK 232 million, hereof NOK 110 within Offshore drilling, NOK 60 million within Renewable energy and NOK 52 million within Shipping / offshore wind.

Gross interest bearing debt of the Group of companies as per end of 1Q 2016 was NOK 18 759 million, a decrease of NOK 2 254 million since year end 2015. Cash and cash equivalents amounted to NOK 7 647 million, a decrease of NOK 694 million since year end 2015. Net interest bearing debt of the Group of companies per 1 quarter 2016 was NOK 11 112 million, a decrease of NOK 1 560 million since year end 2015. As per 31 March 2015, the equity to asset ratio was 39% compared with 37% at year-end 2015.　

The debt attributable to FOR fully relates to project financing within the corporate structure of its 51% owned subsidiary FOWL.

Subsequent event

On 8 February 2016, the boards of directors of Bonheur ASA and Ganger Rolf ASA, respectively, constituted by their competent board members, announced that they had resolved to propose a merger of the two companies.

On 16 March 2016 the merger between the two companies was approved in an Extraordinary General Meeting.

After the expiry of the 6 weeks creditors' notification period, the merger was notified to the Register of Business Enterprises ('Foretaksregisteret') after end of opening hours at Oslo Stock Exchange on the 4 May 2016. The merger then became effective, with first trading date on Oslo Stock Exchange for Bonheur ASA alone as from Friday 6 May 2016.

For accounting purposes, for the Group and the Parent company, the merger will be carried out as if the two entities always had been one merged entity and are presented accordingly from 1 January 2015.

For Bonheur ASA, the merger will be carried out from 1 January 2016

Following the completion of the merger between Ganger Rolf ASA and Bonheur ASA, the new share capital of Bonheur ASA is NOK 53　164　866.25 divided on 42　531　893 shares each with a nominal value of NOK 1.25.

Annual General Meeting / Dividend

With regard to the Annual General Meeting in 2016, the board has proposed a dividend of NOK 2.00 per share for the merged company.

The Annual General Meeting is scheduled for Thursday 26 May 2016.