REPORT FOR THE 4th QUARTER 2011 AND PRELIMINARY RESULT FOR 2011

2/23/2012 2:40 AM EST

REPORT FOR THE 4th QUARTER 2011 AND PRELIMINARY RESULT FOR 2011

 

Highlights 4Q 11:

  · Net result after tax was negative NOK 40 million (NOK 146 million)
  · Earnings per share were negative NOK 1.20 (NOK 4.30)
  · 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 6.00 per share.

 

Financial information

The operating result (EBIT) which mainly reflects the holding company
costs was negative NOK 14 million (negative NOK 9 million). All
significant share holdings have been consolidated as associates.
Consequently, the parent company is a pure holding company.

Net result from associates accounted for using the equity method was NOK
109 million (NOK 171 million) in the quarter. The net result comprises
share of results from Fred. Olsen Energy ASA (FOE) of NOK 147 million
(NOK 109 million), Fred. Olsen Production ASA (FOP) of negative NOK 69
million (NOK 2 million) and the cross ownership contribution from
Bonheur ASA of negative NOK 4 million (positive NOK 29 million). The
cruise activities reported a net loss of NOK 27 million (loss of NOK 3
million). First Olsen Ltd (ex FOP) had a net result of NOK 41 million
(NOK 38 million) and Fred. Olsen Renewables with subsidiaries had a net
result of NOK 6 million (NOK 34 million).

Net financial items in the quarter were negative NOK 22 million
(negative NOK 13 million).

Net result before tax in the quarter was NOK 72 million (NOK 149
million). Net result after estimated tax in the quarter was negative NOK
40 million (positive NOK 146 million).

EBIT at year end were negative NOK 76 million (negative NOK 33 million).
Net result from associates accounted for using the equity method was NOK
499 million (NOK 396 million). Net financial items at year end were
negative NOK 78 million (negative NOK 36 million), and net result after
tax at year end was NOK 254 million (NOK 333 million).

 

Dividend / Annual General Meeting in Ganger Rolf ASA

With regard to the Annual General Meeting in 2012, the board will
propose the payment of a dividend of NOK 6.00 per share.

The Annual General Meeting is scheduled for Wednesday 30 May 2012.

Events after 31 December 2011

On 25thJanuary Bonheur ASA completed a NOK 700 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 corporate pu