REPORT FOR THE 4 QUARTER 2011 AND PRELIMINARY RESULT FOR 2011
2/23/2012 2:40 AM EST
REPORT FOR THE 4 QUARTER 2011 AND PRELIMINARY RESULT FOR 2011
Highlights 4Q 11:
· Operating revenues were NOK 2 620 million (NOK 2 480 million)
· Operating result before depreciation (EBITDA) was NOK 1 186 million
(NOK 954 million)
· Operating profit (EBIT) was NOK 544 million (NOK 446 million)
· Net result after tax was NOK 176 million (NOK 399 million)
· Majority's share of net result was NOK 3 million (NOK 187 million)
· Earnings per share were NOK 0.10 (NOK 5.80)
· Bonheur ASA successfully completed NOK 1.000 million unsecured bond
issues with Ganger Rolf ASA as guarantor in January 2012
· Proposed dividend payment of NOK 5.00 per share.
Financial information
As a consequence of Bonheur ASA holding more than 50% of the shares of
Ganger Rolf ASA, Ganger Rolf ASA is fully consolidated for accounting
purposes as a subsidiary of Bonheur ASA. As Bonheur ASA and Ganger Rolf
ASA have a joint ownership of their major investments, the ownership
structure entails full consolidation for accounting purposes of a number
of companies. The main business segments comprise Offshore Drilling,
Floating Production, Renewable Energy, Cruise, Shipping / Offshore wind
and Other Investments.
The Group of companies´ operating revenues amounted to NOK 2 620 million
(NOK 2 479 million) in the quarter. The increase in revenues compared
with the 4thquarter last year is related to higher income in the
Offshore Drilling and Renewable Energy segments. Offshore Drilling
generated operating revenues of NOK 1 682 million (NOK 1 531 million)
and Renewable Energy generated operating revenues of NOK 199 million
(NOK 142 million). Segments with decreased revenues compared to the 4th
quarter 2010 include Floating Production with revenues of NOK 160
million (NOK 170 million), Cruise with revenues of NOK 375 million (NOK
399 million), and the Shipping/Offshore wind segment with revenues of
NOK 195 million (NOK 227 million). Compared to the 4th quarter last
year, revenues in the quarter were negatively impacted by lower USD and
GBP exchange rates against NOK.
Earnings before interest, tax, depreciation and amortization (EBITDA)
were NOK 1 186 million (NOK 954 million) in the quarter. The increase in
EBITDA compared with the 4th quarter 2010 of NOK 232 million is mainly
due to increased EBITDA within Offshore Drilling of NOK 145 million,
Renewable Energy of NOK 55 million and Floating production of NOK 12
million. EBITDA within the Cruise segment decreased by NOK 3 million.
Depreciation and impairment in the quarter were NOK 642 million (NOK 508
million), including NOK 161 million in impairment. Within Offshore
drilling an impairment of NOK 15 million was made on stored equipment,
while Floating Production made an impairment of NOK 144 million /USD 25
million related to FPSO Knock Allan.
Operating result (EBIT) for the quarter was NOK 544 million (NOK 446
million).
Net financial items were negative NOK 146 million (negative NOK 12
million). Net interest costs in the quarter were NOK 135 million and net
currency gains were NOK 15 million. Net unrealised losses related to
revaluation of financial instruments amounted to NOK 17 million. The
Group of companies´ result after estimated tax in the quarter was NOK
176 million (NOK 399 million), of which NOK 3 million relate to the
majority interests (NOK 187 million). The minority interests´ share of
net result in the quarter was NOK 174 million (NOK 212 million).
Minority interests´ share of the results are higher than the share of
majorities, as a consequence of the minorities' share of the result in
Fred. Olsen Energy.
Revenues for the year were NOK 9 884 million (NOK 9 341 million) while
EBITDA for the year were NOK 4 317 million (NOK 4 154 million). Net
financial items were negative NOK 564 million (negative
NOK 540 million), while net result after estimated tax was NOK 1 391
million (NOK 1 457 million), of which NOK 416 million (NOK 500 million)
relate to the majority interests.
Dividend / Annual General Meeting in Bonheur ASA
With regard to the Annual General Meeting in 2012, the board will
propose the payment of a dividend of NOK 5.00 per share.
The Annual General Meeting is scheduled for Wednesday 30 May 2012.
Events after 31 December 2011
On 25thJanuary Bonheur ASA completed aNOK700 million unsecured bond
issue with maturity in 2017 and a NOK 300 million bond issue with
maturity in 2019. Ganger Rolf ASA is guarantor for both issues.
Settlement dates were 10thFebruary 2012. Net proceeds from the bond
issues are to be used for general corpo