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Report for the second quarter 2021

Operating revenues were NOK 1 611 million. EBITDA was NOK 313 million. EBIT was NOK 80 million. Net result after tax was NOK -11 million.

Financial and operating highlights 2Q21 (2Q20 in brackets)

  • Operating revenues were NOK 1 611 million (NOK 1 263 million)
  • EBITDA was NOK 313 million (NOK -57 million)
  • EBIT was NOK 80 million (NOK -329 million)
  • Net result after tax was NOK -11 million (NOK -632 million)

Segment highlights 2Q21 (2Q20 in brackets)

Renewable Energy

EBITDA NOK 197 mill. (NOK 60 mill.)

High power prices in 2Q partly offset by lower generation

Establishment of a separate business unit for offshore wind with a strong project pipeline:

  • Codling
  • Scotwind – New partnership with Vattenfall
  • Norway – New partnership with Ørsted in addition to Hafslund Eco
  • Icebreaker


Wind Service

EBITDA NOK 271 mill. (NOK 50 mill.)

New partnership with Shimizu

New contracts of EUR 124 mill.

T&I utilisation of 96% (68%) in 2Q

Established fleet upgrade and growth program in FOWIC

Good performance in GWS



EBITDA NOK -179 mill. (NOK -172 mill.)

Borealis resumed cruising successfully 5 July from Liverpool

Substantial demand for future cruises, which is expected to improve annual EBITDA above pre Covid-19 levels

Remaining cruise ships planned to be phased into operations through to 2Q 2022, with Bolette planned to start mid-August


Other investments

EBITDA NOK 25 mill. (NOK 6 mill.)

NHST continued development of new digital products and services

New media division in NHST

Successful placement of a new NOK 700 mill. green bond

Financial information

The unaudited Group accounts for 1st half year 2021 comprise Bonheur ASA (the “Company”) and its subsidiaries (together the “Group of companies”) and the Group of companies’ ownerships in associates.The main business segments of the Group of companies are Renewable Energy, Wind Service, Cruise and Other investments.The Group of companies’ operating revenues in the quarter amounted to NOK 1 611 million (NOK 1 263 million). Renewable Energy had operating revenues of NOK 330 million (NOK 202 million), Wind Service NOK 1 008 million (NOK 798 million) and Cruise NOK 0 million (NOK -2 million). Other investments had operating revenues of NOK 273 million (NOK 265 million).

EBITDA in the quarter was NOK 313 million (NOK -57 million). Renewable Energy achieved EBITDA of NOK 197 million (NOK 60 million), Wind Service NOK 271 million (NOK 50 million) and Cruise NOK -179 million (NOK -172 million). Within Other investments EBITDA was NOK 25 million (NOK 6 million).

Depreciation in the quarter was NOK -234 million (NOK -272 million). No impairment was booked in the quarter (NOK -93 million).

EBIT in the quarter was NOK 80 million (NOK -329 million).

Net financial items in the quarter were NOK -43 million (NOK -265 million). Net interest expenses in the quarter were NOK -90 million (NOK -107 million). Other financial items amounted to NOK -9 million (NOK -17 million). In addition, there were net unrealized financial gains of NOK 57 million (NOK -142 million) in the quarter, which consist mainly of unrealized gain on foreign currency of NOK 27 million (NOK -115 million), unrealized hedging effects of NOK 17 million (NOK -32 million) and unrealized gain on investments of NOK 13 million (NOK 5 million).

Net Result in the quarter was NOK -11 million (NOK -632 million) of which NOK -54 million (NOK -576 million) is attributable to the shareholders of the parent company. The non-controlling interests’ share of the net result in the quarter was NOK 43 million (NOK -56 million).

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