SEARCHPAGE 1 EXPLORE
Annual Report 2023
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 2 EXPLORE
Contents
At a Glance 3
Key Figures 4
Letter from the CEO 5
Overview 6
Director’s Report 9
The Board of Directors 15
Sustainability Statement 17
Consolidated Accounts 84
NGAAP accounts 130
Auditor's report 147
Directors’ responsibility statement 150
Statement by the Shareholders’ Committee 151
Major Asset List as per 31 December 2023 152
Definitions 153
Addresses 154
Moray East Offshore Wind Farm – Global Wind Service
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 3 EXPLORE
At a Glance
Total emplyoees
world wide
2,717
Total revenue in NOK
12 billion
Install capacity
805 MW
Revenue
per segment
Wind service
NOK 3,315 million
Renewable energy
NOK 2,994 million
Cruise
NOK 5,136 million
SEARCHPAGE 4 EXPLORE
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
Key Figures
Group of companies – Bonheur ASA 2023 2022 2021
Amounts in NOK million
Income statement
Operating income 12,559.7 11,435.1 7,541.0
Operating profit before depreciation and impairment losses
(EBITDA)
3,557.0 3,854.4 1,937.0
EBITDA-margin 28% 34% 26%
Operating profit/loss (-) (EBIT) 2,442.1 2,314.3 1,004.0
Share of result in associates -20.4 -14.2 -6.3
Net finance income / expense (-) -384.7 159.5 -82.2
Profit / loss (-) before tax 2,037.0 2,459.6 915.8
Tax income / expense (-) -457.8 -757.5 -482.2
Net result from continuing operations 1,579.3 1,702.0 433.6
Profit for the year 1,579.3 1,702.0 433.6
Non-controlling interests 541.5 1,304.7 540.2
Profit / loss (-) for the year (shareholders of the parent) 1,037.8 397.3 -106.6
Statement of financial position
Non-current assets 14,048.0 13,020.8 12,645.2
Current assets 9,456.7 8,695.4 6,464.5
Equity ex non-controlling interests 6,677.5 5,719.1 4,622.1
Non-controlling interests 1,230.4 1,237.1 -197.7
Non-current interest-bearing liabilities 7,717.4 8,788.1 8,780.1
Other non-current liabilities 1,853.8 1,592.8 1,652.9
Current interest-bearing liabilities 2,362.8 1,389.0 1,644.6
Other current liabilities 3,662.8 3,026.6 2,607.7
Total assets / total equity and liabilities 23,504.8 21,752.6 19,109.7
Liquidity
Cash and cash equivalents as at 31 December
1)
5,460.2 5,458.5 4,039.2
Net change in cash and cash equivalents
1)
-144.3 1,380.2 -282.0
Net cash from operating activities
1)
2,417.9 2,529.9 1,462.1
Capital
Share capital 53.1 53.2 53.2
Total number of shares outstanding as at 31 December 42,531,893 42,531,893 42,531,893
Parent Company – Bonheur ASA 2023 2022 2021
Amounts in NOK million
Parent Company - Bonheur ASA
Equity-to-assets ratio 70% 73% 66%
Booked equity
2)
8,565 8,066 6,843
Total assets / total equity and liabilities 12,182 11,001 10,333
Key figures per share
Market price 31 December 242 287 355
Dividend per share 6.0 5.0 4.3
1)
In accordance with cash flow statement.
2)
Equity as per cent of total assets.
The non-controlling interests in the Bonheur Group of companies are included in the Consolidated Income
Statement. The non-controlling interests consist of 43.28% of NHST Media Group AS (adjusted for own
shares), 49% of Fred. Olsen Wind Limited (UK), 49% of Fred. Olsen CBH Limited (UK), 49% of Hvitsten II JV AS,
49% of Hvitsten II JV AB, 49% of Blue Tern Limited, 50% of United Wind Logistics GmbH and 7.84% of Global
Wind Service A/S.
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 5 EXPLORE
Dear Shareholders,
2023 turned out as a year of economic resilience amid
challenges by way of particularly increasing interest
rates, high inflation and global political unrest. Despite
these hurdles, Bonheur continued on a positive
trajectory, marked by good overall financial results and
strategic advancements.
The Renewable Energy segment navigated through
declining electricity prices, but nevertheless maintained
strong financial and operational performance. The Wind
Service segment also thrived, with improved perfor-
mance within Fred. Olsen Windcarrier. Furthermore, the
Cruise segment achieved a return to normalcy, contri-
buting with a positive EBITDA of NOK 483 million.
Looking ahead, Bonheur has reason to be optimistic
about its position in the renewable energy ecosystem.
Still, the prevailing macroeconomic and geopolitical
environment presents concerns, particularly with
ongoing conflicts in the Middle East and in Ukraine
together with failing predictability on energy prices
and global trade. Uncertainties about new taxes on
wind energy in Norway and the UK have however to
some extend been resolved allowing for subsidiaries of
Bonheur to pursue new renewable energy projects in
both markets.
The reshaping of the global energy market together
with the call for an urgent green energy transition
have accelerated offshore wind market developments.
Global demand for new renewable energy projects
remains strong, and Bonheur is through its investments
in operating subsidiaries well positioned to capitalize
on expected growth in demand for both operation
and maintenance services within the wind renewable
energy segment.
In order to prepare for the coming 2024 reporting
requirements from the EU, Bonheur has developed a
sustainability statement with a view to align with the
Corporate Sustainability Reporting Directive (CSRD) and
the corresponding European Sustainability Reporting
Standards (ESRS).
Bonheur and its operating subsidiaries have cooperated
closely during 2023 with a view to being ready to report
in line with the coming requirements. The sustainability
statement is now presented as an integral part of
the Annual Report. Various development milestones
achieved by operating subsidiaries of Bonheur were
marked during 2023, and some of these are highlighted
below.
Fred. Olsen Renewables completed the construction
of Fäboliden 2 in Sweden, increasing the onshore wind
operations to 805MW with a development portfolio
of 4075 MW. Fred. Olsen Seawind progressed their
development on major projects in Ireland and Scotland,
including becoming successful in the Irish CFD auction
allowing for future production of 1300 MW out of the
Codling wind park project, representing one of the
largest infrastructure investments in Ireland. Global
Wind Service stood out as one of the world’s leading
wind turbine installation companies, completing
large-scale projects globally, including significant
contributions to offshore installations in Asia and the
US. Fred. Olsen Windcarrier continued their crane
upgrading program for their specialized vessels, and at
the same time had a 95 % utilisation of these vessels.
Fred. Olsen 1848 continued developing innovating
floating wind and solar technologies. Fred. Olsen Cruise
Lines successfully resumed normal operations, with
solid booking numbers and strong customer feedback
throughout the year.
In conclusion, Bonheur stands on a robust foundation,
with a solid balance sheet and well-established
strategic directions and remains thankful to its
shareholders and other stakeholders, including
employees and partners of its operating subsidiaries,
for continued support also during 2024.
Sincerely,
Anette S. Olsen
CEO
Bonheur ASA
Letter from the CEO
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 6 EXPLORE
Overview
is listed on the Oslo Stock Exchange. The
Company was established in 1897 and has
been stock listed since 1920.
Today, the Company is invested in several business
areas through distinct operating subsidiaries. Initially
Bonheur ASA’s interests were only within the shipping
industry. This included both cargo and passenger
services before expanding into ship building and
aviation and later contributing to the development
of the offshore energy sector in Norway, e.g., through
ownership in both the yard industry and within
offshore drilling. Since before the turn of the last
century , Bonheur ASA has focused its energy sector
investments on renewable energy and has developed
a strong eco-system of renewable energy related
companies including industrial and financial partners
to drive profitable growth and sustainability. Bonheur’s
first renewable energy investment was made in
1996 and today, through operating subsidiaries, it
owns a substantial portfolio of both wind farms and
development projects mainly located in Scandinavia,
Ireland, Italy and the United Kingdom. Capitalizing on
its vast experience from diversified investments and
interests in marine operation and renewable energy,
Bonheur’s investments and interests have expanded
further into the offshore wind service industry where it
comprises transportation, installation and maintenance
services related to offshore wind turbines. The latest
business development is within floating offshore wind.
Bonheur reports its results under four distinct
segments: Renewable Energy, Wind Service, Cruise and
Other Investments.
Private Fred. Olsen related interests hold a total of
51.6% of the Company’s shares. The management of
Bonheur ASA is performed by Fred. Olsen & Co. AS.
Moray East Offshore Wind Farm – Fred. Olsen Windcarrier
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 7 EXPLORE
RENEWABLE ENERGY SEGMENT
The Renewable Energy segment consists of Fred. Olsen
Renewables AS (FOR) and Fred. Olsen Seawind ASA (FOS).
FOR is primarily engaged in development, construction
and operation of wind farms. By the end of the year
the installed capacity in operation was 804.9 MW. In
addition, FOR has an onshore development portfolio of
4 075 MW of which 530 MW is consented.
FOS is engaged in development, construction and
operation of offshore wind farms. In 2022 FOS was
awarded an option agreement for a Scottish floating
offshore wind farm with capacity up to 798 MW in a
joint venture with Vattenfall. In 2023 Codling Wind Park
Ltd.(a 50/50 JV with EDF and FOS), was awarded 1 300
MW in a CfD auction in Ireland (ORESS 1).
WIND SERVICE SEGMENT
The Wind Service segment contains Fred. Olsen Ocean
Ltd. (FOO) which main operating entities are:
• Fred. Olsen Windcarrier AS (FOWIC)
• Global Wind Service A/S (GWS)
• United Wind Logistic GmbH (UWL)
Subsidiaries of FOWIC own and operate three modern
self-propelled jack-up vessels specially designed for
transportation, installation and service of offshore wind
turbines.
GWS (owned 92.2% by FOO) is an inter-national
supplier of installation services, blade repair services
and expertise to the global onshore and offshore wind
turbine industry with a global footprint with operations
in Europe, Asia, US and Australia.
UWL (owned 50% by FOO) provides marine
transportation for offshore wind turbine components
from manufacturing sites to pre-assembly ports with
three owned vessels.
CRUISE SEGMENT
The Cruise segment’s principal trading entity is Fred.
Olsen Cruise Lines Ltd (FOCL), operating from the
UK. FOCL and its fellow subsidiaries operate three
ocean cruise ships with an overall berth capacity of
approximately 4 100 passengers.
It offers cruise holidays ranging from 2-night mini
cruises in Europe, to more than 100-nights on a World
cruise.
FOCL’s strategy is to develop unique itineraries and
onboard experiences which allow passengers to get
closer to the destinations, offering authentic and
Borealis – Fred. Olsen Cruise LinesLista Wind Farm – Fred. Olsen Renewables Brave Tern – Fred. Olsen Windcarrier
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 8 EXPLORE
OTHER INVESTMENTS
Other investments include:
• Fred. Olsen 1848 (FO 1848), a technology and
innovation company. The main technologies of FO
1848 are aimed at solving some of the industry key
challenges within floating wind and floating solar.
• Fred. Olsen Investments (FOI), is a company with
an investment team which executes and manages
investment opportunities to strengthen existing
business and expand into new, but still related,
business areas.
• NHST Media Group AS (owned 55.0 % by Bonheur)
comprises both publications and software-as-a-
services. The main publications which are organized
under DN Media Group are Dagens Næringsliv,
Tradewinds, Recharge Intrafish and Upstream. The
main software-as-a-services which are organized
under NHST Marketing Technology are MyNewsDesk
and Mention Solutions.
Other investments also include 100% ownership of
the Fred. Olsen Head office buildings in Oslo, service
companies Fred. Olsen Insurance Services AS and Fred.
Olsen Travel AS. The segment also includes investments
NHST HoldingFred. Olsen Investments
BRIZO in Risør – Fred. Olsen 1848
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 9 EXPLORE
The consolidated financial statements for
the year ended 31 December 2023 are for
Bonheur ASA, its subsidiaries and associates
(for accounting purposes only in the following
referred to as the “Group of companies”). The
Company’s head office is in Oslo, Norway.
Numbers in (brackets) relates to 2022.
2023 turned out to be a year with continued economic
recovery post the pandemic. Global GDP growth in
2023, according to IMF was 3.0% (3.5%).
The Renewable Energy segment experienced declining
electricity prices throughout 2023 due to lower natural
gas prices during the year impacting the electricity
price. EBITDA in 2023 was NOK 1,921 million (NOK 3,486
million). The Wind Service segment performed well in
2023, mainly due to continued improved and strong
performance for Fred. Olsen Windcarrier, resulting in
an EBITDA of NOK 1,327 million (NOK 921 million).
Cruise operations had three ships in operation for the
full year and the normalisation process of the cruise
market continued, resulting in a positive EBITDA of NOK
483 million (NOK -424 million). Overall, the Group of
companies achieved an EBITDA of NOK 3,557 million
(NOK 3,854 million).
In addition to the financial results, the Group of
Companies have made strategic progress in the
following areas:
• Fred. Olsen Renewables (FOR) continued the
growth of the onshore wind development portfolio,
adding net 375 MW of quality sites to the pipeline
projects in UK, Sweden, Italy and Norway, summing up
to a total onshore development portfolio of 4,075 MW.
• Construction of Fäbodliden 2 windfarm project.
The construction work for Fäbodliden 2 (17.2 MW)
was completed in 4Q 2023. The project was an
extension of Fäbodliden (79.2 MW) with shared
infrastructure.
• Fred. Olsen Seawind (FOS) has made good progress
in Ireland, Scotland and Norway:
· Advancing the Codling wind park project
together with EDF. FOS is progressing the
development of Codling Wind Park project in
the Irish Sea, which represents one of the largest
energy infrastructure investments in Ireland
this decade and would become Ireland’s largest
offshore windfarm. In 2023 Codling Wind Park
Ltd. (Ireland) was awarded 1,300 MW in the
offshore wind CfD auction in Ireland (ORESS 1).
The submission of the consent application for the
Codling Wind Park project is scheduled in 2Q 2024.
· Advancing the Muir Mhòr site in the Scotwind
lease round in a joint venture with Vattenfall. The
offshore floating wind site northeast of Aberdeen
has a capacity when built of up to 798 MW. The
submission of the consent application for Muir
Mhòr is scheduled by year-end 2024.
· Advancing the Blåvinge partnership. FOS is also
a partner in the Blåvinge JV with Hafslund for the
development of offshore wind in Norway. The
Norwegian Government announced in March
2024 that the Utsira Nord Projects is now likely to
be awarded in 2025, and that such delay is due to
notification to ESA (EFTA surveillance authority)
regarding approval of state subsidies for floating
offshore wind.
• Continued the fleet upgrade program for FOWIC.
With the following key events:
· Increased the backlog to EUR 535 million for the
Tern vessels and EUR 131 million for the Blue
Wind Vessel.
· The conversion of the Brave Tern. The conversion
commenced at the end of 2023 at the Navantia
shipyard in Spain. The conversion includes crane
replacement and upgrades of the vessel and is
expected to be completed in the third quarter of
2024. Brave Tern will after the completion of the
upgrade have the same capabilities as Bold Tern
and will be well suited for the installation of the
next generation turbines.
· Strategic alliance for Blue Wind. In 2023 FOWIC
signed a MOU (Memorandum of Understanding)
for exclusive sales and marketing for the vessel
Blue Wind, owned 100% by Shimizu Corporation,
outside Japan. FOWIC enter into contracts with the
clients, and contracts with Shimizu for the rental of
the vessel and crew.
• Global Wind Service segmenting it’s position of the
leading global offshore wind turbine installation
company taking on all offshore wind projects in the
US so far and continue to contribute successfully to
offshore installations in Taiwan.
• Fred. Olsen 1848 progressing several technologies
and innovations within floating wind and floating
solar, like the floating PV power production system,
Brizo, the Brunel floating foundation and floating
maintenance solutions for offshore wind turbines.
• Cruise back to normalised operation. Fred. Olsen
Cruise Lines’ three ships are back cruising with
improved booking numbers and strong customer
feedback in 2023.
Bonheur ASA has a strong balance sheet and a solid
financial position. At year end, the Company had book
equity of NOK 8.6 billion (NOK 8.1 billion) and a cash
position of NOK 3.5 billion (NOK 3.0 billion).
Director’s Report
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 10 EXPLORE
THE GROUP OF COMPANIES’ RESULTS
(2022 in brackets)
Operating revenues for the year amounted to NOK
12,560 million (NOK 11,435 million). Operating
expenses amounted to NOK 9,003 million (NOK 7,581)
million.
Operating result before depreciation, amortization and
impairment charges (EBITDA) was NOK 3,557 million
(NOK 3,854 million). Depreciation amounted to NOK
1,070 million (NOK 1,088 million). Impairment related
to property, plant and equipment and intangible assets
were NOK 45 million (NOK 452 million). Operating result
(EBIT) was NOK 2,442 million (NOK 2,314 million).
Net financial items were NOK -385 million (NOK 160
million). Profit for the year was NOK 1,579 million (NOK
1,702 million), After non-controlling interests of NOK
542 million (NOK 1,305 million), controlling interests’
share of result after estimated tax amounted to NOK
1,038 million (NOK 397 million). The main reason for
the difference between controlling and non-controlling
interests is the financial results in the Cruise segment
where Bonheur holds 100%, while the non-controlling
interests own indirectly 49% of 11 of the 12 onshore
wind farms which generated less profit in 2023. At
year-end, the non-controlling interests of the Group of
companies mainly consisted of 43.28% of NHST Holding
AS (adjusted for own shares), 49% of Fred. Olsen Wind
Limited (UK), 49% of Fred. Olsen CBH Limited (UK), 49%
of Hvitsten II JV AS, 49% of Hvitsten II JV AB, 49% of Blue
Tern Limited, 50% of United Wind Logistics GmbH and
7.84% of Global Wind Service A/S.
Net cash from operating activities was NOK 2,418
million (NOK 2,530 million). Net cash from investing
activities was NOK -878 million (NOK -1,356 million). Net
cash from financing activities was NOK -1,684 million
(NOK 207 million). Cash and cash equivalents at 31
December 2023 were NOK 5,460 million (NOK 5,458
million).
RESULTS FROM THE MAIN BUSINESS SEGMENTS
WITHIN WHICH BONHEUR ASA IS INVESTED
The financial results below are presented on 100% basis
and net of intra-group eliminations.
RENEWABLE ENERGY
The Renewable Energy segment consists of Fred. Olsen
Renewables AS (“FOR”) with subsidiaries and Fred.
Olsen Seawind (“FOS”).
Fred. Olsen Renewables
FOR owns and operates onshore wind farms. Currently,
these onshore wind farms have a total capacity of 804.9
MW.
Fred. Olsen Wind Ltd (FOWL) is a subsidiary of FOR, of
which FOR holds 51%. FOWL owns 432.8 MW. The UK
listed infra-structure fund The Renewable Infrastructure
Group Limited (TRIG) owns the remaining 49% of FOWL.
Fred. Olsen CBH Ltd (FOCBH) is a subsidiary of FOR,
of which FOR holds 51%. FOCBH owns 75.3 MW.
Aviva Investors Global Services Ltd. (Aviva) owns the
remaining 49% of FOCBH.
Three Scandinavian windfarms (Högaliden and
Fäbodliden in Sweden, and Lista in Norway), with
total installed capacity of 275.2 MW is owned 51% by
FOR and 49% of Wind Fund 1. Wind Fund 1 is owned
with 1/3 each by Kommunal Landspensjonskasse
(KLP), MEAG Munich ERGO AssetManagement GmbH,
and Keppel Infrastructure Trust/Keppel Corporation
Limited. The fund has an exclusive right and obligation
to invest 49% in all onshore windfarm projects in
the UK and Sweden that FOR takes forward to final
investment decision until the current outstanding
commitment of Euro 291 million is fully utilized or a
period of five years from establishment has lapsed.
Wind Fund 1 is managed by Hvitsten AS, which is
licensed as an infrastructure fund manager owned by
Fred.Olsen&Co.
The remaining 21.6 MW installed capacity is held by
wholly owned subsidiaries of FOR.
FOR completed the construction work for Fäbodliden 2
(17.2 MW) in 4Q 2023, an extension of Fäbodliden (79.2
MW) with shared infrastructure.
In addition, FOR has a portfolio of development
projects onshore in the UK, Norway, Sweden and Italy.
The UK power market in 2023 was similar to that of
the rest of Europe, affected by high commodity prices
and variable renewable generation with particularly
low renewable generation during the summer. Wind
generation increased back towards normal levels after
the summer which coupled with falling gas prices, lead
to significantly lower power prices during the year.
The Norwegian Government in its national budget for
2024 approved changes to tax legislation for onshore
wind. The new resource rent tax (RRT) is 25% effective
tax rate (32% nominal tax rate). For existing windfarms,
the tax balance value of the assets can be adjusted
up with a factor of 1.4 and depreciated on linear basis
over 5 years. For Lista wind farm this will adjust the tax
value of the assets with only NOK 29.8 million, which is
insignificant relative to the new tax, which represents a
transfer of value from Lista wind farm to the Norwegian
government of approximately 25% of the value of the
wind farm.
In the UK, the Corporation Tax rate increased from 19%
to 25% from April 2023. A temporary 45% electricity
generator levy (EGL) on extraordinary profits (defined as
electricity sold at an average price above GBP 75 MWh)
is valid from January 2023 to March 2028. The EGL is
estimated based on a full year forecast and is booked as
an Opex fee impacting the EBITDA result on a quarterly
basis. For 2023 the EGL was NOK 21 million.
Fred. Olsen Seawind
FOS develops wind farms offshore, and currently
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 11 EXPLORE
has three major ongoing projects as well as early
phase projects and site investigation activities. FOS is
progressing the development of Codling Wind Park
project in the Irish Sea, which represents one of the
largest energy infrastructure investments in Ireland this
decade and would become Ireland’s largest offshore
windfarm. In 2023 Codling Wind Park Ltd. (Ireland)
was awarded 1,300 MW in the offshore wind CfD
auction in Ireland (ORESS 1). The submission of the
consent application for the Codling Wind Park project
is scheduled in 2Q 2024. The Codling Wind Park is a
planned bottom fixed offshore wind farm, and it is
expected to be a major contributor to Ireland's target
of 5 GW offshore wind by 2030. Furthermore, In January
2022, FOS was granted an option lease on the ScotWind
project for the development of a floating wind farm
off the coast of Scotland together with their JV partner
Vattenfall. The project has a planned capacity of 798
MW, and the project will be managed through the
JV-company Muir Mhòr Offshore Wind Farm Limited. In
addition, FOS is working on preparations for the bid on
the projects in Utsira Nord in Norway. The projects are
managed by “Blåvinge”, a joint venture partnership with
Hafslund ECO. The Norwegian Government announced
in March 2024 that the Utsira Nord Projects is now likely
to be awarded in 2025. The delay seems to be primarily
due to notification to ESA (EFTA surveillance authority)
regarding approval of state subsidies for floating
offshore wind.
Operating revenues were NOK 2,994 million (NOK 4,392
million) and the annual production was 1,774 GWh
(2,097 GWh). EBITDA was NOK 1,921 million (NOK 3,486
million). Operating result (EBIT) amounted to NOK 1,593
million (NOK 3,164 million), while net result was NOK
770 million (NOK 2,753 million).
WIND SERVICE
The Wind Service segment comprises the holding
company FOO with the main operating subsidiaries
including Fred. Olsen Windcarrier (FOWIC), Global Wind
Service (GWS) and United Wind Logistics (UWL).
Subsidiaries of FOWIC provide services for trans-
portation, installation and service of offshore wind
turbines deploying the jack-up vessels Brave Tern, Bold
Tern and Blue Tern.
GWS, owned 92.2% by FOO, is an international supplier
of skilled technicians and expertise to the global wind
turbine industry. GWS provides a range of installation
and maintenance services, both onshore and offshore.
UWL owned 50% by FOO, is offering services within
marine transportation of offshore wind turbine
components.
The reshaping of the global energy market and
the call for an urgent green energy transition has
accelerated offshore wind market developments. The
global demand (excl. China) remains strong and with
a promising outlook of estimated 153 GW of new
offshore wind capacity expected to be added during
this decade and were also a substantial growth in
demand for operation and maintenance services is
expected. FOWIC is well positioned to continue to
play an important role in servicing the global market
through this phase of accelerated growth.
The installation of a new crane and upgrade of Brave
Tern has commenced at the Navantia shipyard in Spain
with estimated completion in third quarter 2024. The
new cranes for Brave Tern and Bold Tern (upgraded
in 2022), bring the vessels on par with announced
newbuilds and will install the 13-15 MW turbines, but
also bigger turbines coming to market.
During 2023 the company has secured several new
projects and been able to expand existing contracts,
resulting in a strong backlog of EUR 535 million (EUR
553 million) for the Tern vessels in addition to EUR 131
million for the Blue Wind vessel. The utilisation for the
vessels in 2023 was 95%, compared to 67% 2022. The
lower utilisation in 2022 was mainly due to Bold Tern
being in yard for the upgrade for until June 2022.
GWS continued to grow within offshore wind, taking
on new scopes within preassembly and installations
as well as in service and blade repair. GWS works
closely with Fred Olsen Windcarrier on large offshore
turbine installation scopes on all relevant continents.
The company has experienced strong growth over
the last years and had 1,579 employees in 2023 (1 788
employees in 2022). GWS has established a training
centre in Poland to educate and train their own
technicians, to partly meet the strong demand for
skilled people.
UWL operated two vessels on long term charters and
one vessel in the spot market.
Operating revenues were NOK 5,136 million (NOK 4,091
million). Operating result before depreciation (EBITDA)
was NOK 1,327 million (NOK 921 million). Operating
result (EBIT) amounted to NOK 829 million (NOK 432
million) and net result was NOK 676 million (NOK 302
million).
CRUISE
The Cruise segment consists of the Company’s 100%
ownership of First Olsen Holding AS with subsidiaries
(“FOHAS”), i.a. First Olsen (Holdings) Ltd (“FOHL”) and
Fred. Olsen Cruise Lines Ltd (“FOCL”), which own and
operate the cruise vessels MS Balmoral, MS Bolette and
MS Borealis. During the COVID-19 pandemic period
from March 2020, cruise operations remained severely
disrupted; all ships remained out of service until
Borealis commenced cruises in July 2021. During 2022
and 2023 the cruise industry has started to normalise
back to the pre-pandemic level of operation with a
positive market, improved booking numbers and
increased customer satisfaction.
Braemar was sold during the fourth quarter at a sales
value of USD 13 million and the ship was delivered in
February 2024. The gain on sale of the vessel was NOK
86 million.
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 12 EXPLORE
Operating revenues were NOK 3,315 million (NOK 1,893
million). Operating result before depreciation (EBITDA)
was NOK 483 million (NOK -424 million). Operating
result (EBIT) amounted to NOK 335 million (NOK -1,055
million) and net result was NOK 205 million (NOK -1,097
million).
OTHER INVESTMENTS
The Other Investments of Bonheur ASA mainly consist
of the 100% owned entities Fred. Olsen 1848 AS (FO
1848), Fred. Olsen Investments AS (FO Investments),
Fred. Olsen Insurance Services AS (FOIS) and Fred.
Olsen Travel AS (FOT), and ownership of 55.1% in NHST
Media Group AS. In addition, the segment has various
investments in real estate, bonds and shares.
FO 1848 is a wholly owned innovation company that
focuses on development and commercialization of
new technologies and solutions related to renewable
energy. On the back of decades-long experience within
renewables, a portfolio of innovative technical solutions
has been developed. The solutions are aimed at solving
some of the industry key challenges within floating
wind and floating solar.
FO 1848 has developed the Mobile Port Solution, which
is an offshore installation interface concept that uses
jack-up installation vessels in sheltered waters for the
integration of the turbine to the floating foundation
structure. This solution formed an integral part of
FOS and Vattenfall’s Muir Mohr Lease Bid. FO 1848 is
developing Brunel, a concept for floating wind turbines
with strong technical and commercial capabilities. It is
designed for the next generation of wind turbines, with
a modular approach, suitable for serial and automized
production in the existing global supply chain allowing
for instant scale-up. For floating solar PV, FO 1848 has
developed Brizo an innovative solution for floating
solar, which is currently piloted outside Risør in Norway.
FO Investments is a wholly owned subsidiary. FO
Investments invests in and manage new opportunities
with a view to strengthen existing business segments
of the Company and also to expand into new business
areas. Facilitated by FO Investments the Company is
seeking investments in innovative companies within
renewables, energy storage, travel and leisure, circular
economy, maritime and shipping, and others. So far
four investments have been made, i.e.:
• NPP Renewables, a renewable energy consulting
company
• Cenate, a battery materials company
• Measurable Energy, a technology company within
energy efficiency
• Tepeo, a company within renewable energy storage
for heating
• Celsia, a technology company with an EU Taxonomy
scoring solution
NHST Media Group AS (NHST) has two business
segments, DN Media Group and NHST Marketing
Technology. DN Media Group consists of the
publications Dagens Næringsliv, Recharge, Tradewinds,
Upstream, Intrafish.no, Intrafish.com, Fiskeribladet and
Europower. NHST Marketing Technology include the
software-as-a-Service (SaaS) companies MyNewsdesk
and Mention Solutions. Revenues for the media
segment were 4.7% higher in 2023 than in 2022. The
growth was partly driven by the currency impact. In the
fourth quarter DN Media Group successfully completed
its cost program aiming at reducing the cost base with
up to NOK 60 million with effect for 2024. The SaaS
segment showed a growth in recognized revenues of
10% versus 2022 mainly due to currency. NHST has
agreed a new loan agreement with its bank to comply
with the covenants in the credit facility agreement. A
temporary waiver was granted in 4Q 2023, and the loan
was classified as short-term debt in the balance sheet
for 2023. The number of employees in 2023 was 619
employees (593). Operating revenues were NOK 1,134
million (NOK 1,082 million) and EBITDA was positive
with NOK 37 million (NOK 49 million). Operating result
(EBIT) amounted to NOK -97 million (NOK -44 million).
INVESTMENT ACTIVITIES
FOR had capital expenditure of NOK 204 million
(NOK 172 million) in the year mainly related to
the completion of the wind farm Högaliden and
construction of the wind farm Fäbodliden 2 in Sweden.
FOO had capital expenditure of NOK 459 million
(NOK 572 million) mainly related to a new crane and
upgrades of the vessel Bold Tern and class renewal work
on the vessel Brave Tern.
FOCL had capital expenditure of NOK 126 million (NOK
156 million) mainly related to mobilisation of Balmoral
and dry-docking of Borealis.
In total, investments (capex) in property, plant and
equipment (PPE) during the year amounted to NOK 792
million (NOK 912 million). In addition, NOK 73 million
(NOK 114 million) was capitalized, relating to IFRS 16,
leasing – right-to-use assets. The Group of companies’
net investments paid, amounted to NOK 946 million
(NOK 1,040 million), mainly financed with cash and
financing activities.
FOS does not own a controlling share of the Codling
and Muir Mhòr JVs and are therefore booking the JVs
according to the equity method. For Codling FOS has
issued loans reflected in the balance sheet as “Other
financial fixed assets”, In 2023 this amounted to NOK
177 million (NOK 96 million). For Muir Mhòr FOS
has issued equity reflected in the balance sheet as
“Investment in associates”. In 2023 this amounted to
NOK 99 million (NOK 170 million).
Dividend payments to external shareholders of the
Group of companies in total amounted to NOK 1,005
million (NOK 1,054 million), of which NOK 213 million
(NOK 183 million) was to the shareholders of Bonheur
ASA. See cash flow statement page 91.
RESEARCH AND DEVELOPMENT ACTIVITIES
Research and development activities are carried out
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 13 EXPLORE
constantly within all main business segments. A close
relationship exists with suppliers and customers
in order to optimize operations and minimize
environmental consequences. In 2023 NOK 218 million
(NOK 68 million) was booked as cost and NOK 82
million (NOK 57 million) booked on the balance sheet
for development activities.
FINANCING
The Group of companies’ overriding financial objectives
target to secure long-term visibility and flexibility
through business cycles and are structured around
three key principles:
i. The financial position of Bonheur ASA shall be
strong and built on conservative leverage with a
solid liquidity position.
ii. Each company within the Group of companies
must optimize its own non-recourse debt financing
taking into account underlying market fundamen-
tals and outlook for the respective business and
relative cost of capital.
iii. With the aim to accelerate growth, subsidiaries
within the Company’s high growth and capital-in-
tensive business segments, must actively be inves-
tigating and considering various means of sourcing
external capital, hereunder a broad set of equity
options including potential listing.
Further, to position the Group of companies for the
upcoming implementation of the EU taxonomy
directive and to formalize the Company’s commitment
to sustainable financing, green financing frameworks
were established during 2020 under which the Group of
companies first green bond and green bank financing
was raised, and in 2021 another green bond was raised.
In 2022, the green financing frameworks were updated
to also take into account EU Taxonomy assessment rating.
At year-end 2023, Bonheur ASA’s interest-bearing debt
relates to NOK 2,789 million (2,190 million) in unsecured
bonds maturing between 2024 and 2028. With a cash
position of NOK 3,455 million (3,037 million), net
interest-bearing debt on parent level was positive with
NOK 666 million (NOK 816 million). Similarly, debt in the
Group of companies excluding the Company amounted
to NOK 7,291 million (7,987 million). All the financings
in subsidiaries are on a non-recourse basis to the
Company. The split of such Group of companies’ debt
on the respective business segments are NOK 5,186
million (5,180 million) related to Renewable Energy,
NOK 1,445 million (2 147 million) related to Wind
Service, NOK 290 million (267 million) related to Cruise
and NOK 365 million (393 million) related to Other
Investments.
For further details see note 18 – Interest bearing loans
and borrowings.
In the opinion of the Board of Directors, both the
financial situation and the cash position of Bonheur
ASA are satisfactory and sufficient to meet the
Company’s current commitments.
FINANCIAL MARKET RISK
The international profile of Bonheur ASA and its
operating subsidiaries results in exposure to financial
market risks.
The financial market risks to which the Group of
companies is exposed, are predominantly currency
risks, interest rate risks, risks related to oil/fuel price and
electricity prices. These financial risks are continuously
monitored, and financial instruments are from time
to time used to hedge economic effects of such and
related exposures. There is also a credit risk related
to customers within the individual companies, and
risks associated with the general development of
international financial markets.
CURRENCY RISK
The Group of companies’ financial statements are
presented in NOK. Revenues consist primarily of EUR,
GBP and NOK. The expenses are primarily in GBP,
EUR, USD and NOK. As such, earnings are exposed
to fluctuations in the currency market. Parts of the
currency exposure are neutralized due to the majority
of the debt and a large part of expenses being
denominated in the same currencies as the main
revenues. Forward exchange contracts are from time
to time entered into in order to reduce future currency
exposures.
INTEREST RATE RISK
The Group of companies is exposed to interest rate
fluctuations, as loans are frequently based on floating
interest rates. By the turn of the year, parts of the
outstanding loans in Renewable energy had been
hedged against interest fluctuations through interest
rate swap agreement, the external loans in Cruise had a
fixed interest rate and part of the det in UWL has a fixed
interest rate. See note 3.
OIL / FUEL PRICE
The Group of companies is exposed to fluctuations in
bunker prices, which move in line to the price of crude
oil. By the turn of the year, parts of the expected fuel
consumption for Cruise had been hedged against
fluctuations through fuel swap agreements.
ELECTRICITY PRICE
Electricity sales for the windfarms are on floating
contracts and are subject to change in electricity prices.
apart from Paul’s Hill and Rothes. 75% of the electricity
sales for Paul’s Hill wind farm was fixed for the first
quarter of 2023 at GBP 363.93 per MWh and 75% of
production Rothes wind farm for the first quarter of
2023 at GBP 351.45 per MWh. The electricity sales for
the other ten windfarms were on variable contracts.
CREDIT RISK
There is a governing principle within the Group of
companies to continuously evaluate credit risks
associated with customers and, when considered
necessary, to require appropriate guarantees.
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 14 EXPLORE
ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG)
AND SUSTAINABILITY REPORTING
Sustainability reporting for 2023 is inspired by the new
Corporate Sustainability Reporting Directive (CSRD)
and the European Sustainability Standard (ESRS) and is
included as a separate chapter in the annual report. The
Sustainability report includes the Governance section,
including related party transactions, which in previous
years was a separate chapter in the annual report. The
Board of Directors report must be read in conjunction
with the Sustainability report and vice versa.
SUBSEQUENT EVENTS
There have been no material subsequent events post
year-end 2023.
OUTLOOK 2024
The Company is well positioned in several high growth
segments and especially in the renewable energy
eco-system. This includes interests within development
and production of renewable energy, wind industry
services, and renewable energy technology. This
unique combination also positions the Company for
new strategic opportunities. The recovery of the cruise
industry is expected to continue.
The macroeconomic and geopolitical environment
in 2024 remains uncertain with significant downside
risks related to wars and geopolitical events. The IMF
estimates growth in the world economy of 2.9% for
2024. This geopolitical uncertainty, high inflation and
higher interest rates, have significantly reduced the risk
appetite of European capital markets and it is uncertain
when these markets will return to normal.
A significant acceleration of new investments
into green energy solutions to decarbonize the
economy are needed to avoid uncontrolled changes
in the environment. Political support for increased
investments in green energy solutions from all the
major economies (EU, USA and China) is expected
to continue to build. Chinese companies are already
dominating the global supply chain for solar energy
technologies and are now emerging as a significant
force also in the global supply chain for wind energy
technologies. The Bonheur group of companies aim to
both understand and position themselves towards the
impacts from these trends.
The long-term impact from the current geopolitical
events is uncertain, both regarding our companies and
the world economy. From an accounting perspective,
such risks increase the risk of impairments and may
also affect accounting estimates. Nevertheless, the
Company is well capitalized and has demonstrated the
ability to attract investments required for its substantial
renewable energy investments opportunities and has
options to manage its business through the current
uncertainty.
PARENT COMPANY INFORMATION
Bonheur ASA’s annual result was NOK 810 million,
compared to NOK 1,368 million in 2022. NOK 679
million was received of dividend in 2023 compared to
NOK 2,150 million in 2022. The Net result of NOK 810
million is proposed to be allocated as follows:
For dividends NOK 255 million
To other equity NOK 555 million
Total allocated NOK 810 million
GOING CONCERN
In accordance with §3-3a of the Norwegian Accounting
Act, the Board of Directors confirms that the
going concern assumption, on which the financial
statements have been prepared, is considered to be
appropriate. The accounts are prepared in accordance
with International Financial Reporting Standards
(IFRS) for the Group of companies and NGAAP for
the parent company. Bonheur ASA’s total capital as
per 31 December 2023 was NOK 12,181 million. The
Company’s cash, cash equivalents, short-term securities
and current receivables amounted to NOK 4,095 million.
DIVIDEND/ANNUAL GENERAL MEETING
With regard to the Annual General Meeting in 2024, the
Board of Directors is proposing a dividend payment of
NOK 6.0 per share subject no deviating views expressed
by the Shareholders’ Committee prior to the Annual
General Meeting. The Annual General Meeting is
scheduled for Wednesday 23 May 2024.
Oslo, 8 April 2024
Bonheur ASA – The Board of Directors
Fred. Olsen
Chairman
Carol Bell
Director
Bente Hagem
Director
Jannicke Hilland
Director
Andreas Mellbye
Director
Nick Emery
Director
Anette Sofie Olsen
Managing Director
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 15 EXPLORE
Mr Fred. Olsen was the proprietor of Fred. Olsen &
Co. from 1955 to 1994 and has been chairman of the
Board since 1955. Since 1994 he has assisted Bonheur
on transition into renewable energy activities. He is
an Honorary Doctor of the University of Heriot Watt,
also of the Queen’s University Belfast, a Fellow of
the Royal Institution of Naval Architects and further
holds the titles of Industry Pioneer from the Offshore
Energy Center Hall of Fame in Galveston, Texas and the
Institutium Canarium’s Dominik Wölfel Medal, Vienna.
He was chairman of the Aker Group from 1957 to 1975
and from 1977 to 1981, chairman of Timex Corporation
from 1980 to 2002 and of Harland & Wolff, Belfast from
1989 to 2001. He co- founded and was later chairman of
the Norwegian Oil Consortium AS (NOCO), 1965-1983,
and was a board member of SAGA Petroleum AS from
1972 to 1983. He was further chairman of Widerøe’s
Flyveselskap AS, 1970-1983. Mr Fred. Olsen pioneered
within tanker developments, rig developments (Aker H3
drilling design), watch developments and he headed
the transition of the Aker yards from shipbuilding into
construction of semi-submersible drilling rigs. Mr Olsen
is a Norwegian citizen and resides in Oslo, Norway.
Carol Bell joined the board in 2014. She holds an MA in
Natural Sciences from the University of Cambridge and
a PhD in Archaeology from University College London.
Since 2000, after having worked within the oil and gas
industry and investment banking (with JP Morgan and
Chase Manhattan), she has divided her time between
a range of activities, notably being non-executive
director in the energy sector, conducting academic
research and as a charity trustee. She currently sits on
the boards of Tharisa plc and BlackRock Energy and
Resources Income Trust plc. She has also served on the
boards of TransGlobe Energy, Ophir Energy plc, PGS
ASA, Salamander Energy plc., Hardy Oil & Gas plc., Revus
Energy ASA, Det norske oljeselskap ASA and Caracal
Energy Inc. She is also a Director of the Development
Bank of Wales and the Football Association of Wales and
a founder Director of Chapter Zero, which engages with
non-executive directors on climate risk. She is a Trustee
of the National Museum of Wales, Museum of London
Archaeology, a Council Member of Research England
and a Director of the National Physical Laboratory. Dr
Bell is a British citizen and resides in London and Cardiff.
Bente Hagem joined the board in 2020. She holds a
master’s degree in Economics and Agriculture from the
University of Life Sciences in Norway. In the nineties she
held different positions as a vice president in Equinor. In
2001 she started working as an executive vice president
in Statnett, the Norwegian system operator (TSO),
responsible for European/Nordic market design, trading
agreements for cables, tariffication, and settlement of
the wholesale market. She was also a CFO of Statnett
for a period. From 2013-2019 she was a chair and vice
chair of the board of ENTSO-E (an association for 43
TSOs in Brussels) and chair and member of the Board
of Nord Pool Spot from 2008-2014. She was a co-chair
of the Market Coupling project delivering one daily
auction for electricity in Europe. She has also served on
several boards in the energy industry. Bente Hagem is a
Norwegian citizen and resides in Oslo.
FRED. OLSEN
(b. 1929 )
Chairman of the board
CAROL BELL
(b. 1958 )
Board member and member
of audit committee
BENTE HAGEM
(b. 1953 )
Board member
The Board of Directors
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 16 EXPLORE
Andreas Mellbye has been a member of the Board
since 2001 and before that served as alternate. Mr
Mellbye was trained as an officer in the Norwegian
Navy (1975-1977) and later became a candidate in
jurisprudence from the University of Oslo in 1983. He
became a partner of Wiersholm in 1989. Before joining
Wiersholm he worked in the legal department of Norsk
Hydro, including one year on secondment to Legal &
Acquisition dep. in Conoco, London. Mr Mellbye was
admitted to the Norwegian Supreme Court in 1995.
Besides litigation within company law, Mr Mellbye
specializes in corporate transactions, mergers &
acquisitions, securities/stock exchange law. He holds
various board and committee positions, including
chairman of Martina Hansens Hospital and Lorentzens
Skibs AS. Previously Mr Mellbye was chairman of
Pareto Wealth Management and was also member of
the previous Securities Law Forum of the Oslo Stock
Exchange. Mr Mellbye is a Norwegian citizen and
resides in Bærum, Norway.
ANDREAS MELLBYE
(b. 1955 )
Board member
Nick Emery was appointed to the board in 2014. He is
a qualified Management Accountant. He has worked
in various Fred. Olsen- related companies for over 35
years and until April 2013 was the CEO of Fred. Olsen
Renewables AS. From April 2013 he holds the position
of CEO of the privately owned Fred. Olsen Ltd. (UK).
He is Chairman of the following Fred. Olsen Limited
subsidiaries: The Natural Power Consultants Limited and
Zephir Limited. In addition, he is a director of a number
of other companies including Fred. Olsen Travel Limited.
Mr Emery is a British Citizen and resides in London and
Cornwall, England.
NICK EMERY
(b. 1961 )
Board member and member
of audit committee
Jannicke Hilland joined the board in 2020. She holds
a PhD in Physics from the University of Bergen, a BSc
Honours in Electrical and Electronic Engineering from
the University of Manchester Institute of Science and
Technology and a study in Strategic Leadership from
the Norwegian Business School. She is at present
EVP of digital Infrastructure in Telenor. In the period
2015 – 2022 she was the CEO of Eviny, one of the
larger renewable energy companies in Norway. In
the period 2008 - 2015 she held different positions
in Statoil, among other Head of Gullfaks operations,
Vice President of Joint Operations on the Norwegian
Continental Shelf and Senior Vice President for Safety,
Security and Emergency Preparedness in the Corporate
Executive Committee. In the last position responsible
for the Statoil BoD Safety, Security, Sustainability and
Ethics Committee. In the period 1998 - 2008 she held
different positions in Hydro, amongst others as platform
manager on the Troll Field. She is deputy Head of
Board in Yara International, member of the Yara Board
Audit and Sustainability Committee and member of
Board in the Confederation of Norwegian Enterprise
(NHO). She was a member of the board of Nysnø
Klimainvesteringer in the period 2018–2023. Jannicke
Hilland is a Norwegian citizen and resides in Bergen.
JANNICKE HILLAND
(b. 1967 )
Board member
The Board of Directors (continued)
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 17 EXPLORE
Sustainability Statement
Illustration of Muir Mhòr Offshore Wind Farm – Fred. Olsen Seawind & Vattenfall
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 18 EXPLORE
Bonheur is committed to integrating sustainability and
social responsibility into its businesses, recognizing
them as fundamental pillars of the robust long-term
business model. This commitment not only underpins
the business ethos but also contributes significantly to
the decarbonization of society and the reduction of any
environmental footprint across all activities.
The Bonheur group of companies have for this annual
report started the preparations for reporting in
accordance with the Corporate Sustainability Reporting
Directive (CSRD) and its corresponding European
Sustainability Reporting Standards (ESRS), but this
year’s sustainability statement is a step along the way
to ready for the requirements coming into force for
the fiscal year 2024. In this context double materiality
assessments have been performed to identify and
prioritize sustainability topics crucial to operations in
the Bonheur group of companies
As an early adopter, Bonheur has been at the fore-
front of renewable energy development for over a
generation, operating in different segments and part of
the value chain within the sector. Covering the entire
value chain from development to construction and
operation of onshore wind farms, as well as installation
and service of both onshore and offshore facilities,
Bonheur’s operating subsidiaries continue to drive
progress and innovation in the renewable energy
sector.
Through the improvement of existing operations within
Bonheur’s subsidiary companies, development of new
technologies, and strategic investments with a long-
term focus on sustainability, Bonheur actively seeks
sustainable solutions. At the same time, it is recognized
that subsidiaries of Bonheur are operating ships with
a carbon footprint, and there is an aim to pursue new
Introduction
ways to reduce fuel consumption and emissions from
the ships and other operations.
Integrity and ethical standards are paramount
within the organizations, reflected in the respective
companies’ Code of Conduct. Employees and suppliers
are responsible for conducting business in accordance
with these principles. An active and sound corporate
governance environment is essential to delivering a
sustainable investment strategy aligned with the best
interests of shareholders, employees, and society. Social
awareness and engagement with local stakeholders
and communities are integral to investments.
The sustainability report outlines Bonheur’s
commitment to environmentally friendly initiatives,
such as renewable energy production and ongoing
efforts to reduce green house gases (GHG) emissions in
operations. The subsidiary companies have identified
sustainability topics through a materiality analysis
involving internal interviews, market analyses, and
consideration of relevant standards and business
contexts.
Crystal Rig Wind Farm – Fred. Olsen Renewables
SEARCHPAGE 19 EXPLORE
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
Contents
I. GENERAL 21
General disclosures 22
BP-1 General basis for preparation of the sustainability statement 22
BP-2 Disclosures in relation to specific circumstances 22
G1-GOV-1 Disclosure requirement related to ESRS 2 GOV-1 The role of the
administrative, management and supervisory bodies 26
GOV-2 Sustainability matters addressed by the undertaking 26
GOV-3 Integration of sustainability-related performance
in incentive schemes 28
GOV-4 Statement on due diligence 28
GOV-5 Risk management and internal controls over
sustainability reporting 28
SBM-1 Strategy, business model and value chain 28
SBM-2 Interests and views of stakeholders 32
SBM-3 Material impacts, risks and opportunities and their interaction with
strategy and business model 33
IRO-1 Description of the processes to identify and assess
material impacts, risks and opportunities 35
IRO-2 Disclosure requirements in ESRS covered by the undertaking's
sustainability statement 38
II. ENVIRONMENT 45
Disclosures pursuant to Article 8 of Regulation (EU) 2020/852
(Taxonomy Regulation) 46
About the EU Taxonomy 50
E1 Climate change 53
E1-1 Transition plan for climate change mitigation 53
E1–SBM-3 Description of the processes to identify and assess material
climate-related impacts, risks and opportunities 54
E1-2 Policies related to climate change mitigation and adaptation 55
E1-3 Actions and Resources in Relation to Climate Change Policies 55
E1-4 Targets related to climate change mitigation and adaptation 56
E1-5 Energy consumption and mix 60
E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions 61
E4 Biodiversity and ecosystems 63
E4-SBM-3 Description of the processes to identify and assess material
biodiversity and ecosystem-related impacts, risks and opportunities 63
E4-2 Policies related to biodiversity and ecosystems 65
E4-3 Actions and Resources Related to Biodiversity and Ecosystems 65
E4-4 Targets related to biodiversity and ecosystems 67
SEARCHPAGE 20 EXPLORE
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
II. SOCIAL 68
S1 Own workforce 69
S1–SBM-3 Material impacts, risks and opportunities and their
interaction with strategy and business model 69
S1-1 Policies related to own workforce 70
S1-2 Processes for engaging with own workers and
workers’ representatives 70
S1-3 Processes to remediate negative impacts and channels
for own workers to raise concerns 70
S1-4 Taking action on material impacts on own workforce, and
approaches to managing material risks related to own workforce 71
S1-5 Targets related to material topics 71
S1-6 Characteristics of the undertaking's employees 73
S1-7 Characteristics of non-employees in the undertaking’s
own workforce 74
S1-9 Diversity metrics 74
S1-14 Health and safety metrics 74
S1-15 Work-life balance 75
S1-16 Compensation metrics (pay gap and total compensation) 75
S1-17 Incidents, complaints and severe human rights impacts 75
S2 Workers in the value chain 76
S2–SBM-3 Material impacts, risks and opportunities affecting value
chain workers 76
S2-1 Policies related to value chain workers 76
S2-2 Processes for engaging with value chain workers about impacts 77
S2-3 Processes to remediate negative impacts and channels for
value chain workers to raise concerns 77
S2-4 Taking action on material impacts on value chain workers 78
S2-5 Targets related to value chain workers 78
S3 Affected communities 79
S3–SBM-3 Material impacts, risks and opportunities regarding
affected communities 79
S3-1 Policies related to affected communitites 79
S3-2 Processes for engaging with affected communities 79
S3-3 Processes to remediate negative impacts for affected communities 80
S3-4 Taking action on material impacts on affected communities, and
approaches to managing material risks 80
S3-5 Targets related to affected communities 80
III. GOVERNANCE 81
IV. Governance 82
G1 Business conduct 82
G1-1 Business conduct policies and corporate culture 82
G1-3 Prevention and detection of corruption and bribery 83
G1-4 Incidents of corruption or bribery 83
Contents continued
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 21 EXPLORE
I. General
Brave Tern – Fred. Olsen Windcarrier
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 22 EXPLORE
BP-1 General basis for preparation of the
sustainability statement
Bonheur's sustainability statement is a consolidated
statement based on the individual statements and data
from subsidiaries.
The scope of consolidation is the same as for the
financial statement, but some of the subsidiaries of
Bonheur do not yet have individual sustainability
statements or systems to gather all sustainability data.
The Bonheur group of companies aim to collect and
report the same data across all the major operating
subsidiaries in the coming reporting period.
The sustainability statement is inspired by the
disclosure and application requirements in the ESRS
and guidance from the European Financial Reporting
Advisory Group (EFRAG). The structure of the report and
the data gathering follow the recommendations from
these.
Both the narrative and quantitative data points
included in the report are results of Bonheur’s double
materiality assessment (DMA). The process for this
assessment, input and limitation of scope is described
under the disclosure requirement on impacts, risks and
opportunities (IRO).
As part of the Bonheur group of companies, none of
the operating subsidiaries are exempted from the
consolidated reporting, but not all of the subsidiaries
make separate individual statements or gather all the
data reported on consolidated level.
The sustainability statement covers the upstream and
downstream value chain as described in SBM-1, where
there are relevant and good quality data.
General disclosures
Högaliden Wind Farm – Fred. Olsen Renewables
Illustration of Muir Mhòr Offshore Wind Farm –
Fred. Olsen Seawind & Vattenfall
Global Wind Service
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 23 EXPLORE
Bonheur has decided to omit the following information
from the report:
• Description of future business opportunities: While
general descriptions can be provided, details
regarding investment plans, CAPEX and OPEX
estimates are commercially confidential information
and not reported on.
• Incentive schemes and compensation packages:
Details, KPIs and thresholds are confidential and not
published.
BP-2 Disclosures in relation to specific
circumstances
Bonheur has for the 2023 annual report changed the
format and restructured the sustainability statement
inspired by the CSRD and the applicable reporting
standards. This is the first time Bonheur use this format
and prepare to report in accordance with the new
regulations. This report is one step towards fulfilling the
coming requirements for the 2024 report.
Not all financially consolidated subsidiaries of Bonheur
have gone through the process of double materiality
assessment and setting up reporting systems in
accordance with the coming new regulations.
Therefore, not all subsidiaries are included in reporting
of all the topical standards of the ESRS.
Data and sustainability information from Fred. Olsen
1848, Fred. Olsen Investments, NHST Holding and Fred.
Olsen Travel are only reported on an aggregated level
where available data is collected. Going forward, all
financially material subsidiaries of Bonheur will collect
data on the metrics needed for Bonheur.
Time horizons
Bonheur and its operating subsidiaries use the same
time horizons as defined by ESRS 1 when assessing
risk, impact and opportunities with the different
sustainability matters material to our group of
companies:
• Short-term time horizon: 1 year
• Medium-term time horizon: 1-5 years
• Long-term time horizon: more than 5 years
Value chain estimation
The methodology for estimated metrics, including
whether indirect sources have been used, is described
in the text describing the respective metrics. Where
relevant, the source of information is listed in the
document, e.g. for conversion factors.
Any assumptions, estimations or approximations
are described in the respective metric disclosure
information.
Where Bonheur or any of the operating subsidiaries
have planned to improve the accuracy and verifiability
of the data and information on a metric, through for
examples a specific carbon accounting system or other
measures, this is described in the metric or the general
information on the topical standard. The Company
will use this report to engage with key stakeholders to
further improve the double materiality assessment and
corresponding data collection for the coming year’s
report.
Brave Tern – Fred. Olsen Windcarrier
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 24 EXPLORE
Sources of estimation and outcome uncertainty
Scope 3 GHG emissions
Scope 3 emissions are not yet fully mapped across
the value chains of all the different subsidiaries.
The subsidiaries have different systems and levels
of accuracy for capturing and calculating scope 3
emissions. For more information, see the chapter on
ESRS E1 Climate change.
Anticipated financial effects
Bonheur does not disclose the anticipated financial
effects of different material sustainability matters due
to lack of information and data, see explanation under
SBMs the relevant and IROs. Bonheur are in the process
of developing models and assumptions for calculating
potential financial effects from sustainability matters on
investments.
Avoided emissions
Fred. Olsen Renewables have estimated that production
from their wind farms in 2023 resulted in approximately
450,000 tCO2eq avoided emissions. The calculation of
avoided CO2 emissions is based on the assumption
that our onshore wind production is replaced by either
imported power or domestically produced power
from fossil or nuclear sources. The production for each
wind farm is multiplied with the European average
electrical mix factor, currently 0,251 (source: EEA). This is
considered a conservative estimate.
It is important to note that the calculation of avoided
CO2 uses a simplified approach. The resulting figure
is a rough estimate and should be considered as an
indication of the contribution towards the green
transition only.
The indirectly avoided emissions from installation
activities of both onshore and offshore wind performed
by Global Wind Service (GWS) and Fred. Olsen
Windcarrier (FOWIC) have yet not been calculated.
Disclosures in relation to each quantitative metric and
monetary amount identified
The disclosure of quantitative metrics and monetary
amounts acknowledges a notable level of measurement
uncertainty, primarily attributed to current limitations
in carbon accounting software, particularly concerning
Scope 3 emissions.
Bonheur has not yet developed a model for calculating
the financial implications of various sustainability risks
and impacts, and this may contribute to uncertainty
in disclosed figures associated with these factors. The
financial figures in this sustainability statement are
mainly from the EU taxonomy assessment and the
calculation of GHG intensity. The remuneration figures
are from the operating subsidiaries of Bonheur as there
are no employees in Bonheur .
Changes in preparation or presentation of
sustainability information
This report marks the change of reporting format and
corresponding processes towards the requirements of
CSRD. This is a substantial change from the preceding
reports based on the World Economic Forum's "People
- Planet - Prosperity" framework and the Bonheur group
of companies are still in the process of adapting its
systems and data collection to the new regulations.
This change and process includes the double
materiality assessment, integration as a sustainability
statement into the annual report and further
integration of sustainability governance into the
supervisory bodies of Bonheur.
Reporting errors in prior periods
Bonheur have not identified any material errors
in previous sustainability reports, but changes in
methodologies and access to new software for carbon
accounting in GWS has increased the accounted scope
3 emissions significantly. This is because of better
accuracy and improved data capture. Comparison of
GHG emission numbers for 2023 compared to 2022 is
therefore of limited value.
Disclosures stemming from other legislation
or generally accepted sustainability reporting
pronouncements
Bonheur and its operating subsidiaries have used the
GHG protocol for measuring and reporting of GHG. For
the climate risk assessments some of the subsidiaries
have used the framework and recommendations from
the Task Force on Climate Related Financial Disclosures
(TCFD).
Disclosure of European standards approved by
European Standardisation System (ISO/IEC or CEN/
CENELEC standards) have been relied on
The different safety management system (SMS) and
integrated company management systems (quality,
health, safety and environment management system)
(QMS) for the different subsidiaries of Bonheur are
certified in accordance with the IMO’s International
Safety Management (ISM) Code as well as ISO 9001, ISO
14001 and ISO 45001.
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 25 EXPLORE
Percentage of independent
board members
Board's gender
diversity ratio
GOV-1
Information about composition and diversity of
members of supervisory bodies
Executive and non-executive members
Executive members 0
Non-executive members 6
Information about the board members’ experience
The board members of Bonheur have long and varied
experience from the business segments and countries
where the subsidiaries have activities.
Information about roles and responsibilities of and
within supervisory bodies
The Board has overall responsibility for Bonheur's
activities, including the handling of sustainability
matters. The Board's Audit Committee. has a special
focus on sustainability matters. This work is conducted
in compliance with applicable Norwegian law and
regulations and the sustainability statement is reviewed
and approved by the Board of Directors.)
The management of Bonheur has been contracted to
Fred. Olsen & Co. AS (Fred. Olsen & Co.). The conduct
of both the Board and of Fred. Olsen & Co. is subject to
supervision by by the Shareholders' Committee which
is composed by five independent members include its
chairman and vice -chairman elected by the General
Meeting Senior management of Fred. Olsen & Co. is also
represented on the boards of subsidiaries of Bonheur.
Fred. Olsen & Co.’s sustainability team performs regular
updates to Bonheur’s Audit Committee, which in turn
convey the status on sustainability related matters to
the Board of Directors.
THE BOARD OF DIRECTORS
Name Position Served since
Thomas Fredrik Olsen (Fred. Olsen) Chairman of the board 1955
Carol Bell Board member and member of audit committee 2014
Bente Hagem Board member 2020
Jannicke Hilland Board member 2020
Nick Emery Board member and member of audit committee 2014
Andreas C. Mellbye Board member 2001
Independent
Non-Independent
67%
Men
Women
50%
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 26 EXPLORE
BONHEUR ASA’S GOVERNANCE STRUCTURE
The governance and decision process for setting
sustainability targets and the tracking of such targets
for the operating subsidiaries of Bonheur are being
developed, and when in operation will be aggregated
to Bonheur as a bottom up-process.
The sustainability-related goals for Bonheur relate to
the sum of the goals set by the subsidiaries. It will for
example have a larger impact for Bonheur if Fred. Olsen
Cruise Lines reduce their emissions than if Fred. Olsen
Renewables does, but the sum of all emission reduction
targets in the companies will inform Bonheur's
emissions reduction target.
Skills and expertise
For over a quarter of a century, Bonheur has solidified
its position as a significant player within the renewable
energy sector, encompassing the entire value chain
from windfarm development to construction, operation
and maintenance, both onshore and offshore.
The commitment to advancing renewable energy
sources is driven by a dual purpose: as a sustainable
business model and as a catalyst for the transition
towards a decarbonized society. While acknowledging
the presence of high-emission businesses within
the portfolio, such as cruise lines, the strategic
focus remains on mitigating the carbon footprint
associated with ship transport. Bonheur believe this is
an appealing opportunity for talented professionals
seeking to engage in renewable energy initiatives
or contribute to emissions reduction within the
transportation sector.
Board members, management team, and employees in
the operating subsidiaries possess a wealth of expertise
in sustainability matters, underscoring the dedication
to fostering a culture of environmental stewardship and
innovation. All of Bonheur's main operating subsidiaries
have hired a Sustainability Manager responsible for
coordinating and developing sustainability related
Shareholders in Bonheur ASA
General meeting
Shareholders’ Committee
Board of Directors
Bonheur ASA
Fred. Olsen & Co
Private Fred Olsen
related shareholders
51.8%
Other related
shareholders
48.2%
Subsidiaries of Bonheur ASA
Ownership Election Management / provision of services Supervisory function
Governance Model – overview
initiatives and across the businesses.
Sustainability-related skills and expertise
Reference is made to the biographies of the individuals
in the Board of Directors. Both Fred. Olsen & Co. and
the major operating subsidiaries have dedicated
sustainability managers responsible for the follow-
up and reporting of material impacts, risks and
opportunities of sustainability matters.
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 27 EXPLORE
G1-GOV-1 The role of the administrative,
management and supervisory bodies
Good corporate governance are fundamental to ensure
high standards of business conduct. Governance
structures are put in place to oversee decision making,
maintain transparency, and uphold ethical practices
throughout the Bonheur group of companies.
Established governance mechanisms are designed
to promote accountability, fairness, and integrity at
all levels of operation. Fred. Olsen & Co. is supporting
Bonheur in connection with Bonheur’s business
conduct- , and risk assessments and the further
following-up on these are addressed by the legal
department of Fred. Olsen & Co. Bonheur's handling
of business conduct practices is subject to supervision
by both the Shareholder's Committee and the Audit
Committee.
Fred. Olsen & Co’s legal department has extensive
experience and competence on how to handle business
conduct matters.
Relevant liability insurance policies have been taken out
across the board of the Bonheur group of companies.
GOV-2 Sustainability matters addressed by
the undertaking
SUSTAINABILITY GOVERNANCE INTHE BONHEUR
GROUP OF COMPANIES
1. Continuous Updates for Management
Frequency: Ongoing
Recipient: Fred. Olsen & Co
Acting sections: Sustainability Manager and Fred. Olsen
& Co.’s CFO Office
Scope: Regular updates are provided to management
team on a continuous basis. This ensures that key
decision-makers are well-informed about the day-to-
day aspects of sustainability initiatives, ongoing due
diligence, and any emerging material impacts.
2. Quarterly Updates for Audit Committee and Board
Frequency: Quarterly
Recipients: Audit Committee/ Board of Directors
Acting sections: Sustainability Manager and Fred. Olsen
& Co.’s CFO Office
Scope: A status report, summarizing the material
impacts, risks, opportunities, due diligence, and the
results of sustainability actions, is presented to the
Audit Committee /the Board on a quarterly basis. This
allows for a deeper understanding of the sustainability
performance and plans, aligning with Bonheur’s and
the operating subsidiaries’ overall governance structure.
3. Subsidiaries' Yearly Strategy Meeting
Frequency: Yearly
Recipients: The individual management
Acting sections: Subsidiaries' senior management
Scope: Sustainability is integrated into the agenda
of subsidiary strategy meetings. This ensures that
sustainability considerations are considered in the
strategic discussions at the subsidiary level, aligning
business objectives with sustainability goals.
4. Bonheur's subsidiaries Board Meetings
Frequency: Quarterly
Recipients: Subsidiaries’ board of directors
Acting sections: Subsidiaries senior management
Scope: Sustainability is a recurring agenda item in
the quarterly board meetings. This emphasizes the
importance of sustainability at the highest levels
of corporate governance, allowing for strategic
discussions and decision making.
How impacts, risks and opportunities are considered
when overseeing strategy, decisions on major
transactions and risk management process
1. Daily oversight
The continuous updates to the Fred. Olsen & Co.
management team ensure that day-to-day impacts,
risks, and opportunities are communicated. This allows
for decision making and adjustments to the overall
corporate strategy based on evolving sustainability
factors.
2. Decision-making on transactions and investments
The quarterly updates to the Audit Committee/ Board
provide an understanding of material impacts, risks,
and opportunities. This information is used when
evaluating major transactions, as it allows companies
to assess the potential sustainability implications and
align them with the company's strategic objectives.
3. Risk management process
The quarterly reporting to the Audit Committee and in
turn to the Board includes updates on the effectiveness
of the risk management process. This describes
how sustainability risks are identified, assessed, and
managed.
4. Subsidiaries strategy seminar
Sustainability is included with subsidiary strategy
meetings thereby underscoring the importance of
considering sustainability. This approach helps the
process of integrating sustainability factors into
subsidiary level decision makings and aligns subsidiary
strategies with Bonheur's sustainability goals.
5. Quarterly board meetings
Sustainability should be a recurring agenda item in
quarterly board meetings to highlights the strategic
importance of sustainability considerations in major
decisions. This ensures that impacts, risks, and
opportunities related to sustainability are discussed at
the highest levels of governance, guiding the overall
direction of the company.
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 28 EXPLORE
How Bonheur’s governance bodies ensure
performance monitoring
Bonheur remains focused on continuously adhering
to principles on good corporate governance and
performance monitoring.
Private Fred. Olsen-related companies hold a total of
51.6% of Bonheur ASA’s shares. The management of the
Company is contracted to and performed Fred. Olsen &
Co.
To ensure integrity within this structure, various
measures and systems have over time been
implemented, including such as procedures for
monitoring and handling related party transactions.
Four Directors out of six, i.e., the majority of the Board
of Directors of the Company, are independent of both
the Company’s main shareholders and of Fred. Olsen &
Co.. The guidelines to the Board of Directors addresses
questions on potential conflict of interest, and policies
for reporting on and handling potential conflict of
interests are in place.
The Shareholders’ Committee has placed special
emphasis on and has guidelines particularly addressing
issues on potential conflicts of interest. All members of
the Shareholder’s Committee are independent of both
the Company’s main shareholder and of Fred. Olsen &
Co.
The Company’s Audit Committee meets on a quarterly
basis with the Company’s auditor (KPMG) addressing
systems for internal control and risk management and
address as appropriate related party transactions. The
Audit Committee is following-up of the implementation
of reporting in accordance with CSRD and the
corresponding processes.
The Company’s corporate governance practice is
adapted to the recommendations and principles set
out in the Norwegian Code of Practice for Corporate
Governance, latest version (“NUES”).
The Board of Directors continuously monitors and
evaluates the performance of the management services
provided by Fred. Olsen & Co.
LIST OF MATERIAL TOPICS ADDRESSED BY BONHEUR ASA
Standard Topic Sub-topic Sub sub-topic
ESRS E1 Climate change Climate change mitigation
ESRS E1 Climate change Energy use
ESRS E4 Biodiversity and ecosystems Direct impact drivers of biodiversity loss (i) Climate change
ESRS E4 Biodiversity and ecosystems Direct impact drivers of biodiversity loss (ii) Land-use change, freshwater-use change and sea-use change
ESRS E4 Biodiversity and ecosystems Impacts on the extent and condition of ecosystems
ESRS S1 Own workforce Working conditions (vii) Work-life balance
ESRS S1 Own workforce Working conditions (viii) Health and safety
ESRS S1 Own workforce Equal treatment and opportunities for all (iv) Measures against violence and harassment in the workplace
ESRS S2 Workers in the value chain Working conditions (i) Secure employment
ESRS S2 Workers in the value chain Working conditions (vii) Work-life balance
ESRS S2 Workers in the value chain Working conditions (viii) Health and safety
ESRS S3 Local communities Communities’ economic, social and cultural rights (iv) Land-related impacts
ESRS G1 Business conduct Corporate structure and business conduct policies
ESRS G1 Business conduct Corruption and bribery
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 29 EXPLORE
GOV-3 Integration of sustainability-related
performance in incentive schemes
Incentive schemes and remuneration policies linked
to sustainability matters
Incentive schemes are considered confidential,
personal and competition sensitive and detailed
information about their content is hence omitted.
Incentive schemes for management groups are not
directly linked to sustainability matters, but are based
on an overall review of performance accounting also
for sustainability matters. None of the various boards of
directors have incentive schemes.
GOV-4 Statement on due diligence
Mapping of the information provided in the
sustainability statement about the due diligence
process
See table below.
GOV-5
Risk management and internal
controls over sustainability reporting
The internal controls and risk management process for
sustainability reporting in Bonheur are performed at
different levels and parts of the undertaking.
Extensive risk management systems are established
and implemented in the operating subsidiaries. The
main features of the subsidiaries' risk management and
internal control system in relation to the sustainability
reporting process are the following:
• Corporate risk management database for the
enterprise risks
• Climate risk assessment based on the EU Taxonomy
and TCFD
• HSE handbook for all employees
• Risk registers for construction projects
• Risk registers for wind farm operations, vessels and
maritime transport
• Operational risk assessments for hazardous work
The risk assessments and prioritization of mitigating
measures follow a standard risk matrix based on
likelihood of an event occurring and the severity of the
consequence of an event.
With a very diverse portfolio of operating subsidiaries,
Bonheur is exposed to risks related to potentially
inconsistent and differing reporting on sustainability
topics. More information on the entity specific risks
identified are found under the chapters SBM-3 and
IRO-1.
As some of the metrics are subject to manual data
collection, there are inherent risks related to data
input and accuracy. It is a data quality risk that much
of the data collection and aggregation are being done
through spreadsheets and email correspondence.
To reduce the risk of inaccuracies in some of the
sustainability related data Bonheur have initiated the
following mitigation processes:
• Roll-out of common carbon accounting system
linked to accounting and forecasting numbers will be
commenced in 2024
• Input of data and control of sustainability data in
centralized software system will commence in 2024
SBM-1
Strategy, business model and value
chain
Bonheur’s general strategy related to sustainability
matters
Bonheur is an investment company domiciled in
Norway with its head office in Oslo and is listed on the
Oslo Stock Exchange. The Company was established in
1897 and has been stock listed since 1920. Today, the
Company is invested in several business areas. Initially
the Company’s activities were predominantly within the
shipping industry.
This included both cargo and passenger services before
expanding into ship building and aviation and later
contributing to the development of the offshore energy
sector in Norway, e.g., through activities in both the
yard industry and within offshore drilling.
Since the end of last century, the Company has focused
its energy sector investments on renewable energy and
has developed a strong ecosystem of renewable energy
related companies. Bonheur’s first renewable energy
investment was made in 1996 and today, through
subsidiaries, it owns a substantial portfolio of both
operating wind farms and development projects mainly
located in Scandinavia, Ireland, Italy and the United
Kingdom.
Capitalizing on its vast experience from diversified
marine operation and renewable energy, Bonheur’s
investments have expanded further into the offshore
STATEMENT ON DUE DILIGENCE
Core elements of due diligence Paragraphs in the sustainability statement
(a) Embedding due diligence in governance, strategy and business model GOV-5 and SBM-1
(b) Engaging with affected stakeholders SBM-2 and under E1-IRO-1, E4-IRO, S1-2, S2-2 and S3-2
(c ) Identifying and assessing negative impacts on people and the
environment
SBM-3 and IRO-1. In addition you find more information under the
sub-chapters for each topical standard.
(d) Taking action to address negative impacts on people and the
environment
E1-3, E4-3, S1-4, S2-4, S3-4
(e) tracking the effectiveness of those efforts and communicating See the different subchapters on MDR-T for the material topics
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 30 EXPLORE
wind service industry where it provides transportation-,
installation-, technician-, consultancy- and maintenance
services related to offshore wind turbines.
Bonheur is also invested in media and information
services through its ownership in NHST Holding AS.
Bonheur's operational subsidiaries serve customers in
many different countries across several continents, but
their major operations are in Europe. The subsidiaries
serve a very diverse group of customers from grid
operators, renewable energy producers and operators,
cruise customers and newspaper subscribers.
Illustration of Brunel floating foundation – Fred. Olsen 1848
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 31 EXPLORE
Onshore wind
and other
renewables
developer and
owner
Renewable Energy Wind Service Other Investments
805 MW
In operation
4GW pipeline
Managing
further
investment
opportunities
Investments
made within
renewable
energy related
companies
A world
waiting to be
explored
Cruise
Operate
3 ships
Bolette,
Borealis and
Balmoral
Technology &
innovation
Floating
foundation,
Mobile Port
and other
floating
solutions
Turbine
installation
services
20%
Of all offshore
wind turbines
globally
Business
publications
and marketing
technology
DN Media
Group
and NHST
Marketing
Technology
Installation,
service
providerand
blade
expertise
2,000+
Projects
delivered
across 40
geographies
Solution for
wind
transpor tation
2,350
Clients served
across 60
geographies
Pure-play
offshore wind
developer and
owner
2+ GW
Gross pipeline
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 32 EXPLORE
Revenue by ESRS sectors
NOK billions
Total number of employees
In addition to Norway, the Bonheur group of companies
have employees in many countries. Among them are:
• Sweden
• Denmark
• Poland
• The Philippines
• United Kingdom
• Ireland
• Italy
• Turkey
• United States
• Romania
• Germany
ESRS sectors significant for Bonheur
Using the descriptions in EFRAG's European
Sustainability Reporting Standard - SEC 1 Sector
Classification from January 2024, the following sectors
are deemed significant for Bonheur
These are subject to potential change as both the
EFRAG and the underlying NACE classifications are
being reviewed.
Business activities in the Bonheur group of companies
are divided into the following segments:
Wind Service
The wind service segment comprises Fred. Olsen Ocean
Ltd. (FOO) which main operating entities are:
• Fred. Olsen Windcarrier AS (FOWIC)
• Global Wind Service A/S (GWS)
• United Wind Logistic GmbH (UWL)
Subsidiaries of FOWIC own and operate three modern
self-propelled jack-up vessels specially designed for
transportation, installation and service of offshore
wind turbines, and does also have management of
a fourth similar vessel which has external owners.
Avoided emissions
450,000 tCO2eq
1)
Revenue from GWS and FOWIC.
2)
Rrevenue from FORAS and FOS.
3)
Revenue from NHST.
4)
Revenue from FOCL.
5)
Revenue from other Bonheur related companies.
4,810
2,994
307
3,314
1,133
Construction and
engineering
1)
Other
revenue
Other
transportation
1)
Media and
communication
3)
Power production
and energy utilities
2)
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 33 EXPLORE
FOWIC provides efficient and cost-effective transport,
installation, and service solutions to support its clients
across all phases of a wind farm lifecycle.
GWS (owned 92.2% by FOO) is an international supplier
of installation services, blade repair services and
expertise to the global onshore and offshore wind
turbine industry with a global footprint with operations
in Europe, Asia, US and Australia.
UWL (owned 50% by FOO) provides marine transporta-
tion for offshore wind turbine components from
manufacturing sites to pre-assembly ports with three
owned vessels
Renewable Energy
The Renewable Energy segment consists of Fred. Olsen
Renewables AS (FOR) and Fred. Olsen Seawind ASA
(FOS). FOR is primarily engaged in the development,
construction and operation of wind farms. By the end
of the year the installed capacity in operation was 804.9
MW. In addition, FOR has an onshore development
portfolio of 4,075 MW.
FOS is engaged in development, construction and
operation of offshore wind farms. By the end of 2023
two projects were in the pre-construction phase, while
other projects were in the bid phase.
Cruise Segment
The Cruise segment’s main entity is Fred. Olsen Cruise
Lines Ltd (FOCL), operating from the UK. FOCL and its
fellow subsidiaries operate three ocean cruise ships
with an overall berth capacity of approximately 4,100
passengers.
FOCL offers cruise holidays ranging from two-night mini
cruises in Europe, to more than 100 nights on a World
cruise. FOCL’s strategy is to develop unique itineraries
and onboard experiences which allow passengers to
get closer to the destinations, offering authentic and
interesting experiences.
Other Investments
The segment of other investments includes Fred. Olsen
1848 (FO 1848), a technology and innovation company.
The main technologies of FO 1848 are aimed at solving
some of the industry key challenges within floating
wind and floating solar.
Fred. Olsen Investments (FOI), is a company with
an investment team which executes and manages
investment opportunities to strengthen existing
business and expand into new business areas.
Bonheur holds an ownership of 55.1% in NHST Media
Group AS, which comprises both publications and PR
software services. The main publications from DN Media
Group are Dagens Næringsliv, Tradewinds, Recharge,
Intrafish and Upstream. The main PR software services
which are organized under NHST Marketing Technology
are MyNewsDesk and Mention Solutions.
Other investments also include 100% ownership of
the Fred. Olsen Head office buildings in Oslo, service
companies Fred. Olsen Insurance Services AS and Fred.
Olsen Travel AS. The segment also includes investments
within real estate, bonds and shares.
Bonheur’s business model and value chain
With a very diverse portfolio of investments and
operating subsidiaries, Bonheur has a complex and
varying value chain. Some of the companies are part
of the value chain for other companies within the
Bonheur group of companies, making them both a part
of the value chain and distinct operators. For example,
as GWS upstream value chain includes tools and
equipment providers, crane companies, transportation
companies and manpower companies who provide
either specialized resources or local contractors. The
downstream value chain consists of wind turbine
manufacturers or energy companies, who are the
wind farm owners and operators, such as Fred. Olsen
Renewables.
FOWIC is a part of the same ecosystem but has other
value chains and plays a different part. For FOWIC,
goods and services to maintain and operate FOWIC
vessels and mobilizing for commercial projects are a
key part of the upstream value chain. The suppliers are
spread globally to serve the geographical presence
of the vessels. Crewing agencies, and outsourced
engineering activities are two other significant parts of
FOWIC’s upstream value chain. The end product is the
service of installed wind turbines offshore for our clients
who either are Original Equipment Manufacturers
(OEM) of the wind turbine components or wind park
owners.
The Bonheur group of companies has activities and
operations across the whole world, but the major
operations are based in Europe.
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 34 EXPLORE
SBM-2 Interests and views of stakeholders
Description of stakeholder engagement
Bonheur ASA's key stakeholders are divided into
two groups: internal and external stakeholders. In
the stakeholder engagement at Bonheur and the
subsidiaries the companies differ between affected
stakeholders and stakeholders are users of the
sustainability statement.
Bonheur's operating subsidiaries have a separate
process for identifying and engaging with their
stakeholders.
Bonheur is committed to creating value for its
stakeholders by addressing the most relevant
economic, environmental and social impacts of its
diverse businesses. Bonheur has identified its key
stakeholder groups based on their interest and
influence on Bonheur’s operations as well as their
potential to benefit from or be affected by Bonheur’s
activities. The extended group, including stakeholders
identified by the operating subsidiaries, includes
employees, investors, analysts, suppliers, partners,
customers, regulators and society at large. Bonheur
engages with its stakeholders through various
channels and methods. Bonheur listens to the views
and expectations of its stakeholders and relate to their
concerns and suggestions.
Stakeholder engagement is organized and done
at both the Bonheur level and within the different
business segments in which Bonheur subsidiaries
operate. This includes meetings with one-to-one
discussions with investors, regulators and local
communities. Subsidiaries of Bonheur also participate
in dialogue through industry associations. Additionally,
the business segments maintain platforms for
dialogue between management, HR and employee
representatives.
Bonheur ensures that the views and interests of
affected stakeholders regarding material sustainability-
related impacts, risks and opportunities are
Stakeholder How Bonheur engage Purpose of engagement
Bonheur’s subsidiaries (affected stakeholder) • Board meetings and day-to-day dialogue through the advisory
services performed by Fred. Olsen & Co.
• Optimizing the financial, operational and sustainability performance
of the subsidiaries.
• Realizing any synergies and business opportunities across the
Bonheur group of companies.
Employees (affected stakeholder) • Employee satisfaction surveys
• Work environment committee (onshore and offshore)
• Daily, weekly, monthly, and quarterly meetings
• Appraisal conversations
• Digital communication
• Whistleblower procedure/ Complaint procedure
• Assess and develop satisfaction with job content.
• Find and solve any challenges such as social, psychological, physical,
safety, information security, health at the workplace.
Board of directors and other supervisory bodies
(affected stakeholder and user of the sustainability statement)
• Regular quarterly meetings and any other meetings • Ensure alignment with Bonheur’s strategy and targets.
• Understand the Board’s expectations related to sustainability
performance.
Investors and bondholders (affected stakeholder and user of the
sustainability statement)
• Quarterly and annual reports
• Investor meetings
• ESG ratings agencies
• Communicating our impacts, risks and opportunities to the financial
market and understanding the markets sustainability expectations.
• Attracting and maintaining investors focusing on sustainability.
National authorities and other regulators (user of the sustainability
statement)
• Dialogue with politicians, both directly and through industry
organizations
• Ongoing dialogue and reports to regulators
• Bonheur engage with regulators and policymakers to ensure that the
business is in compliance with existing and coming regulations
Internal
stakeholders
External
stakeholders
• Bonheur's subsidiaries
• Employees
• Bonheur's Board of Directors
• Bonheur’s Shareholders’ Committee
• Investors
• Bondholders
• National authorities and other regulators
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 35 EXPLORE
communicated to the Audit Committee through the
quarterly meetings.
Stakeholder engagement on sustainability matters
is fundamental for the Bonheur group of companies
to stay informed on the most important issues for
our stakeholders. Bonheur and its subsidiaries are
committed to transparency, accountability, and
collaboration with stakeholders on different levels of
our operations.
By engaging with local communities, individual
stakeholders, national and international regulators, and
industry associations, the Bonheur group of companies
ensure that the companies align with sustainability
goals while addressing the concerns and needs of all
relevant parties.
Feedback and input from different stakeholders are
considered when Bonheur and its subsidiaries identify
impacts, risks and opportunities. Although Bonheur
appreciate the dialogue, collaboration, perspectives,
and feedback are exchanged, Bonheur reserve the right
to determine which topics are considered material to
the Bonheur group of companies.
Information on and the content of the dialogue with
Bonheur’s stakeholders are not disclosed as this
is considered business sensitive and confidential
information.
Bonheur and its operating subsidiaries update the
respective supervisory bodies on material stakeholder
engagement activities or outcomes quarterly through
regular board meetings and other channels.
SBM-3 Material impacts, risks and opportunities and their interaction with strategy and
business model
Standard Topic Sub-topic Impact Risk Opportunity
ESRS E1 Climate change Climate change mitigation
ESRS E1 Climate change Energy use
ESRS E4 Biodiversity and ecosystems Direct impact drivers of biodiversity loss
ESRS E4 Biodiversity and ecosystems Impacts on the extent and condition of ecosystems
ESRS S1 Own workforce Working conditions
ESRS S1 Own workforce Equal treatment and opportunities for all
ESRS S2 Workers in the value chain Working conditions
ESRS S3 Local communities Communities’ economic, social and cultural rights
ESRS G1 Business conduct Corporate structure and business conduct policies
ESRS G1 Business conduct Corruption and bribery
Högaliden Wind Farm – Fred. Olsen Renewables
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 36 EXPLORE
ENVIRONMENTAL SOCIAL GOVERNANCE
Material impacts
ESRS E1 Climate change
Climate change is considered a material issue by Bonheur. Emissions from
ship traffic and renewable energy installation activities are considered
to potentially have a negative impact on climate change. Bonheur’s
subsidiaries have scope 3 emissions yet to be fully mapped and calculated.
The combined energy use from the daily operations across operating
subsidiaries also contributes to GHG emissions through electricity
generation from different fossil fuels.
Developing and producing renewable energy are one of the most
important activities in the green transition and a critical component needed
to reach the goals of the Paris agreement. Bonheur’s activities within the
whole ecosystem of wind energy and renewa-ble energy production are
a significant contributor to mitigation of climate change and reduction of
greenhouse gas emissions.
ESRS E4 Biodiversity and ecosystems
Activities withinin the Bonheur group companies may potentially impact
the nature and species at both land and sea, through land use, loss of
habitat and land degradation. Potential biodiversity risks and impacts
are included in our environmental impact assessments and important in
dialogue with local communities and civil society and to minimize any
impact.
Development and construction of renewable energy may have a nature
footprint in the value chain all the way back to mining of minerals and
metals needed, and to the changes of local habitats in the construction and
operational phases.
ESRS S1 Own workforce
Through the daily operations the Bonheur group of companies have
an impact on their own workforce. Some of the subsidiaries have
employees working under high-risk environments where health and
safety is of the highest importance.
The Bonheur group of companies has a positive impact on the
workforce through offering secure employment with career
development and equal opportunities for all.
ESRS S2 Workers in the value chain
Higher risk of workplace accidents and injuries, and illnesses in our
value chain can lead to increased costs, reduced productivity, and
reputational damage. These impacts can affect the long-term value
of both the Boneur group of companies andtheir suppliers.
ESRS S3 Affected communities
Renewable energy projects could potentially affect the economic,
social and cultural rights of the communities where they are located.
Bonheur recognizes these concerns and is committed to respecting
human rights with emphasis on projects being built in a way that
balances the interests of different stakeholders.
At the same time building renewable energy projects create jobs,
industry related business activities and tax revenue for the local
community.
ESRS G1 Business conduct
Good corporate governance and good business conduct are
prerequisites for Bonheur and its operating subsidiaries to operate.
The Bonheur group of companies operate in different industries
and geographies, and it is of high importance to uphold business
ethics standards and continue to work against corruption and other
financial crimes. Bonheur’s operating subsidiaries expect the same
good governance in the different regions where they operate and
towards all suppliers.
Material risks and opportunities
ESRS E1 Climate change
From a financial materiality viewpoint climate change is both a risk
and an opportunity to Bonheur. Increased investments in renewable
energy solutions are positive but costs related to emissions, supply chain
constraints and more extreme weather may result in increased costs and/or
reduced revenue.
ESRS E4 Biodiversity and ecosystems
Changes in policy, regulation, technology or consumer sentiment can
create transition risks such as increased costs and/or reduced revenues,
or reputational damage. On the other side can investing in biodiversity
and ecosystem conservation create new business opportunities, such as
developing wind farms, accessing new markets, and improving stakeholder
relations.
ESRS S1 Own workforce
The profile of subsidiaries, working conditions, wages and skills
development are important to attract and retain talent. Investing
in employee development can create new business opportunities,
such as improving productivity, innovation, and reduced employee
turnover.
ESRS S2 Workers in the value chain
The suppliers and business partners of the Bonheur group of
companies are based in many different countries in different regions,
and it is recognized the responsibility in advancing and upholding
human rights throughout our value chain. The risk of unfavorable
working conditions is higher than in our domestic, and the
operating subsidiaries must put measures in place to reduce this.
ESRS S3 Affected communities
If the Bonheur group of companies and their suppliers, do not
properly engage with the communities in which they operate,
Bonheur’s subsidiaries may face challenges such as project
cancellations, permitting and construction delays, or reputational
damage. These could have significant financial implications for the
business and affect our long-term value creation.
ESRS G1 Business conduct
Non-compliance with laws and regulations related to business
conduct can lead to large fines, legal costs, and loss of contracts,
affecting the long-term value of the Bonheur group of companies.
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 37 EXPLORE
SPECIFICATION OF IMPACTS, RISKS AND
OPPORTUNITIES
All impacts, risks and opportunities covered in
this sustainability statement are described in the
corresponding ESRS disclosure requirements and not
entity-specific topics.
Bonheur and its operating subsidiaries have changed
the methodology of assessing material impacts, risks
and opportunities to the concept of double materiality.
This materiality assessment, and the corresponding
sustainability matters, are not directly comparable to
previous sustainability reports issued by Bonheur.
MATERIAL IMPACTS, RISKS AND OPPORTUNITIES
AND HOW THEY INTERACT WITH BONHEUR’S
STRATEGY AND BUSINESS MODEL
The material impacts, risks and opportunities identified
across the topics and sub-topics from the ESRS are
directly linked to Bonheur’s strategy as an investment
company and the strategies of Bonheur’s major
operating subsidiaries. Several of Bonheur subsidiaries’
core business activity is to contribute to installing or
operating renewable energy to provide clean energy
and reduce global GHG emissions for everyone.
The strategic priorities within Bonheur’s subsidiaries are
anchored in the respective boards and management
teams to ensure the necessary resources and attention.
The strategic priorities include sustainability topics as
assessed in the double materiality assessments and
include specific actions for working conditions, health
and safety related to workforce, but also for value chain
workers and governance.
FOCL and FOWIC’s business models include the use
of and operation of vessels. Operating vessels at sea
like these comes with inherent potential impacts such
as emitting CO2 to the atmosphere, pollution to air,
pollution to oceans and health and safety risks related to
working onboard a vessel. These issues are considered
material to FOCL and FOWIC, but not to Bonheur.
Fred. Olsen WindcarrierGlobal Wind Service
Global Wind Service
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 38 EXPLORE
Bonheur’s strategy includes investments in companies
operating globally, and as a result of that, and the needs
in the value chain, the suppliers are spread globally.
Bonheur’s indirect impact on workers in the value chain
are therefore connected to the strategy of the operating
subsidiaries.
IRO-1 Description of the processes to
identify and assess material impacts, risks
and opportunities
Methodologies and assumptions used to identify
impacts, risks and opportunities
Bonheur has undertaken a double-materiality
assessment inspired by the European Union’s Corporate
Sustainability Reporting Directive (EU CSRD) and the
associated European Sustainability Reporting Standards
(ESRS). The assessment encompassed a qualitative
review across Bonheur’s operating subsidiaries,
complemented by a strategic prioritization at a high
level.
Bonheur’s double materiality assessment seeks
to identify which sustainability impacts, risks and
opportunities are material for the company to report
on. The process of conducting such a materiality
assessment is therefore the groundwork to ensure that
the right kind and amount of information is disclosed.
The assessment is also an important foundation for
the company’s resource allocation and contributes to
the strategic work of the company. This is the first time
that Bonheur and its operating subsidiaries perform a
double materiality assessment, and both the outcome
of the assessment and the process will be subject to
continuous input and changes over the coming years.
The assessment considers the level of materiality of a
topic against two parameters as described in ESRS 1
DR37-38:
1. Bonheur and its operating subsidiaries impact on
the environment, people and society (impact mate-
riality)
2. Financially material impact on company’s value
creation, and on affected stakeholders
Impact materiality and financial materiality assessments
are interrelated and the interdependencies between
these two dimensions are considered.
A sustainability matter is material from an impact
perspective when Bonheur’s actual or potential,
positive or negative impact on people or the
environment is material over the short-, medium- or
long-term. A sustainability matter is material from a
financial perspective if it triggers or could be expected
to trigger material financial effects on Bonheur. This is
the case when a sustainability matter generates risks
or opportunities that have a material influence on
Bonheur’s development, financial position, financial
performance, cash flows, access to finance or cost of
capital over the short-, medium- or long-term.
Limitations and conditions for assessment
According to the CSRD and ESRS Bonheur must take
into account the sustainability impacts of activities over
different time horizons. Bonheur is yet to fully quantify
both the impact and financial effects over the short,
medium and long term as defined in the ESRS. For
sustainability matters where this information is ready,
Bonheur will report in the sustainability statement, and
for the others,will analyze the different impacts and set
relevant targets. The operating subsidiaries ensure that
set targets are aligned with the ESRS requirements and
reflect sustainability ambitions.
Process to identify, assess, prioritize and monitor
potential and actual impacts
The purpose of the materiality assessment is to identify,
handle and mitigate key environmental, social and
governance impacts, risks and opportunities and use
this information in strategic processes and business
Rothes Wind Farm – Fred. Olsen Renewables
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 39 EXPLORE
development. Bonheur will also use the outcome of the
materiality assessment to strengthen positive impacts
identified.
Analysis of Bonheur’s operating subsidiaries’ activities,
business models, stakeholders and value chain
have been conducted by the main subsidiaries and
the results are presented in their individual double
materiality assessments. These assessments are
approved by senior management and presented to
the respective boards before being published in the
subsidiaries’ sustainability statement. Some of the
information is business sensitive and therefore omitted
in the published statement.
Bonheur and its operating subsidiaries have a
continuous process to identify, assess, prioritize, and
monitor our material sustainability impacts, risks and
opportunities on people and the environment. These
processes consider both own operations, business
relationships and the value chain, and aim to focus
on the specific factors that pose a heightened risk of
adverse impacts.
The process of identifying and assessing material topics
has been conducted in parallel for Bonheur and its
operating subsidiaries.
Bonheur is in the process of developing a stakeholder
engagement process. The process and strategy will be a
systematic way of identifying, analyzing, and discussing
actions with the stakeholders of Bonheur and its
operating subsidiaries. Based on input from key internal
stakeholders and input from the double materiality
assessments in Bonheur’s subsidiaries, the company
can identify external stakeholders and initiate dialogue
with them. Feedback on sustainability matters and
other issues from our stakeholders is taken into account
when Bonheur considers and decides which topics are
material.
Bonheur values the input from stakeholders as a key
element of materiality analyses, which helpto identify
and prioritize the impacts, risks and opportunities
of Bonheur’s business interests. Bonheur and its
subsidiaries’ main stakeholders are customers,
investors, employees, authorities, the general public
and suppliers. Engagements are carried out with them
through direct dialogue and other channels, and the
aim is to increase the stakeholder engagement process
going forward. The list of key stakeholders relative to
Bonheur will differ from the key stakeholders relative
to the operating subsidiaries, but the subsidiaries
stakeholders’ views on material matters for Bonheur are
nevertheless indirectly being heard through Bonheur’s
dialogue with each subsidiary with Fred. Olsen & Coo as
an intermedia.
A sustainability matter is material from an impact
perspective when it relates to Bonheur’s significant
actual or potential, positive or negative impacts on
people or the environment over different time horizons.
Based on existing processes and stakeholder input,
Bonheur has identified and disclosed a list of material
sustainability impacts, risks and opportunities, as well
as the actions taken to prevent, mitigate, or remediate
them, where these are available.
Bonheur has assessed and prioritized the topics
based on the severity of the impact (scale, scope and
irremediability) and the likelihood of the impact to
occur. As there is no operational activity in Bonheur,
only in its operating subsidiaries, the threshold for
materiality is in general higher for a sustainability
matter to be material for the whole Bonheur group
of companies as such than for any of the individual
operating subsidiaries.
For actual negative impacts, materiality is based on
the severity of the impact, while for potential negative
impacts it is based on the severity and likelihood of the
impact. Severity is based on the following factors:
• Scale (1-5)
• Scope (1-5)
• Irremediable character of the impact (1-5)
In the case of a potential negative human rights impact,
the severity of the impact takes precedence over its
likelihood.
For positive impacts, materiality is based on:
• Scale and scope of the impact for actual impacts
• Scale, scope and likelihood of the impact for
potential impacts.
Process used to identify, assess, prioritize and monitor
risks and opportunities with financial effects
A sustainability matter is material from a financial
perspective if it triggers or could reasonably be
expected to influence a decision or trigger material
financial effects. This is the case when a sustainability
matter generates or may generate risks or opportunities
that have a material influence or could reasonably be
expected to have a material influence, on Bonheur’s
development, financial position, financial performance,
cash flows, access to finance or cost of capital over the
short-, medium- or long-term. Risks and opportunities
may derive from past events or future events.
Bonheur used the initial list of potential and actual
material impacts as a starting point for assessing
financial risks and opportunities. Bonheur’s operating
subsidiaries have separately assessed the financial
materiality of different sustainability matters based
on both qualitative discussions and quantitative
thresholds. The quantitative thresholds may differ
between the subsidiaries as they are of different
size and for Bonheur. Assessing financial impact and
likelihood of occurrence across the different time
horizons for the material sustainability matters will be
done during the coming reporting period.
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 40 EXPLORE
Severity is based on an evaluation of scale, scope and
irremediability together, calculated as an average
of the three. Then, for potential impacts, risks and
opportunities also assess the likelihood (1-5). The final
score is based on multiplying severity and likelihood.
Material matters with a score of 10 and above are
considered material to Bonheur. Based on the above
criteria’s Bonheur’s significant material impact risks and
opportunities have been identified
The processes for risks assessments and prioritization
are the same for different types of risks, including
sustainability risks identified during the materiality
assessment. Risk mitigation and actions are prioritized
in light of their risk combined factors, but not seen
as absolute values. Prioritization of risks are context
specific and will vary between the subsidiaries and
between the different countries where they operate.
Description of the decision-making process
The assessment is performed by Fred. Olsen & Co. on
behalf of Bonheur and is reviewed by Bonheur’s CEO,
audit committee and Chairman of the Board. Bonheur's
materiality assessment was performed through an
initial desktop study, dialogue with different stake-
holders and workshops with Fred. Olsen & Co.’s senior
management.
Description of input parameters
Bonheur has used previously performed materiality
assessments and other relevant processes as a starting
point for identification of potential material impacts,
risks and opportunities. These included:
• 2022 Bonheur annual report
• 2022 Sustainability reports from operating
subsidiaries
• Previous materiality assessments (not done with the
Double Materiality Assessment framework)
• Stakeholder dialogue
How the process to identify, assess and manage
impacts, risks and opportunities has changed
Bonheur's 2023 sustainability statement, and the
corresponding process for performing a double
materiality assessment, has several changes compared
to previous sustainability reporting for both the
Bonheur group of companies as a whole and for the
subsidiaries. To prepare for the regulatory changes as of
01.01.2024 Bonheur's materiality assessment is inspired
by the EFRAG guidelines for performing a double
materiality assessment. The materiality assessment
decided which of the topical standards under the ESRS
that Bonheur reports on, including policies, metrics and
targets, where applicable.
Fred. Olsen & Co. head office in Oslo, Norway
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 41 EXPLORE
II. Environment
Paul's Hill Wind Farm – Fred. Olsen Renewables
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 42 EXPLORE
Disclosures pursuant to Article 8 of Regulation (EU) 2020/852 (Taxonomy Regulation)
The EU Taxonomy Regulation (Regulation 2020/852)
entered into force on 12 July 2020. Since then, the EU
has implemented Delegated Acts to further expand on
the taxonomy framework. The Delegated Acts currently
in force include the Climate Delegated Act (Regulation
2021/2139), the Disclosures Delegated Act (Regulation
2021/2178), and the Complementary Climate Delegated
Act (Regulation 2022/1214).
Turnover
11,012,763k
NOK
CapEx
782,105k
NOK
OpEx
2,872,123k
NOK
In addition, another delegated act, the Environmental
Delegated Act (Regulation 2023/2486), and
amendments to the Climate Delegated Act (Regulation
2023/2485) were adopted in June 2023 and entered
into force on the 1st of January 2024. As of now, large,
public-interest undertakings such as Bonheur are
required to report under the EU Taxonomy Regulation.
Aggregated EU Taxonomy key performance
indicators, company level
Please note that all relative numbers in the table below
refer to the company total.
Aligned (69.8%)
Eligble (94.6%)
Not aligned (24.8%)
Not eligible (5.4%)
94.6%
Eligible
Aligned (80.2%)
Eligble (98.6%)
Not aligned (18.4%)
Not eligible (1.4%)
98.6%
Eligible
Aligned (87.1%)
Eligble (100%)
Not aligned (12.9%)
Not eligible (0%)
100%
Eligible
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 43 EXPLORE
RESULTS PER ACTIVITY
Turnover
2023 Substantial Contribution Criteria DNSH criteria (‘Does Not Significantly Harm’)
Economic Activities (1)
NOK Percent
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
4.3. Electricity generation from wind power CCM 4.3 7,679,011,906 69.73% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 80.41%
7.7. Acquisition and ownership of buildings CCM 7.7 4,792,647 0.04% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.04%
Turnover of environmentally sustainable activities
(Taxonomy-aligned) (A.1)
7,683,804,553 69.77% 69.77% 0.00% 0.00% 0.00% 0.00% 0.00% Y Y Y Y Y Y Y 80.45%
Of which enabling 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Y Y Y Y Y Y Y 0.00% E
Of which transitional 0 0.00% 0.00% Y Y Y Y Y Y Y 0.00% T
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
6.11. Sea and coastal passenger water transport CCM 6.11 2,730,435,954 24.79% EL N/EL N/EL N/EL N/EL N/EL 0.00%
Turnover of Taxonomy-eligible but not environ-
mentally sustainable activities (not Taxonomy-aligned
activities) (A.2)
2,730,435,954 24.79% 0.00%
Turnover of Taxonomy-eligible activities (A.1+A.2) 10,414,240,507 94.57% 80.45%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible activities 598,522,658 5.43%
TOTAL (A+B) 11,012,763,165 100.00% 100%
Proportion of Taxon-omy-aligned (A.1.)
or -eligible (A.2.) turnover, year N-1 (18)
Minimum Safeguards (17)
Code (2)
Water (7)
Turnover (3)
Pollution (8)
Water (13)
Proportion of Turnover year N (4)
Circular Economy (9)
Pollution (14)
Climate Change Mitigation (5)
Biodiversity and ecosystems (10)
Circular Economy (15)
Category (enabling activity) (19)
Climate Change Adaptation (6)
Climate Change Mitigation (11)
Biodiversity (10)
Climate Change Adaptation (12)
Category (transitional activity) (20)
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 44 EXPLORE
CapEx
2023 Substantial Contribution Criteria DNSH criteria (‘Does Not Significantly Harm’)
Economic Activities (1)
NOK Percent
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
4.3. Electricity generation from wind power CCM 4.3,
CCA 4.3
626,970,313 80.16% Y N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 92.38%
CapEx of environmentally sustainable activities
(Taxonomy-aligned) (A.1)
626,970,313 80.16% 80.16% 0.00% 0.00% 0.00% 0.00% 0.00% Y Y Y Y Y Y Y 92.38%
Of which enabling 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Y Y Y Y Y Y Y E
Of which transitional 0 0.00% 0.00% Y Y Y Y Y Y Y T
Of which transitional 0 0.00% 0.00% Y Y Y Y Y Y Y 0.00% T
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
6.11. Sea and coastal passenger water
transport
CCM 6.11,
CCA 6.11
144,062,486 18.42% EL EL N/EL N/EL N/EL N/EL 7.31%
CapEx of Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned
activities) (A.2)
144,062,486 18.42% 7.31%
CapEx of Taxonomy-eligible activities (A.1+A.2) 771,032,799 98.58% 99.69%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-eligible activities 11,072,636 1.42% 0.31%
TOTAL (A+B) 782,105,435 100.00% 100%
As a conservative approach, activities which can contribute both to climate change mitigation and climate change adaptation, but which do not have any adaptation financials allocated to them are marked with N for
the climate change adaptation objective. This conservative approach follows the Commission Notice on the interpretation of certain legal provisions of the Disclosures Delegated Act under Article 8 of EU Taxonomy
Regulation on the reporting of eligible eco-nomic activities and assets (2022/C 385/01) which states that activities contributing to adaptation and are not enabling should only count CapEx and OpEx associated with
climate change adaptation measures as eligible (and potentially aligned).
Proportion of Taxon-omy-aligned (A.1.)
or -eligible (A.2.) turnover, year N-1 (18)
Minimum Safeguards (17)
Code (2)
Water (7)
Turnover (3)
Pollution (8)
Water (13)
Proportion of Turnover year N (4)
Circular Economy (9)
Pollution (14)
Climate Change Mitigation (5)
Biodiversity and ecosystems (10)
Circular Economy (15)
Category (enabling activity) (19)
Climate Change Adaptation (6)
Climate Change Mitigation (11)
Biodiversity (10)
Climate Change Adaptation (12)
Category (transitional activity) (20)
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 45 EXPLORE
OpEx
2023 Substantial Contribution Criteria DNSH criteria (‘Does Not Significantly Harm’)
Economic Activities (1)
NOK Percent
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
4.3. Electricity generation from wind power CCM 4.3,
CCA 4.3
2,499,455,082 87.02% Y N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 87.54%
7.7. Acquisition and ownership of buildings CCM 7.7,
CCA 7.7
3,393,583 0.12% Y N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.13%
OpEx of environmentally sustainable activities
(Taxonomy-aligned) (A.1)
2,502,848,665 87.14% 87.14% 0.00% 0.00% 0.00% 0.00% 0.00% Y Y Y Y Y Y Y 87.67%
Of which enabling 0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Y Y Y Y Y Y Y E
Of which transitional 0 0.00% 0.00% Y Y Y Y Y Y Y T
A.2 Taxonomy-Eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
4.3. Electricity generation from wind power CCM 4.3,
CCA 4.3 123,220,547 4.29% EL EL N/EL N/EL N/EL N/EL 2.06%
6.11. Sea and coastal passenger water
transport
CCM 6.11,
CCA 6.11 246,054,208 8.57% EL EL N/EL N/EL N/EL N/EL 7.42%
OpEx of Taxonomy-eligible but not environmental-
ly sustainable activities (not Taxonomy-aligned
activities) (A.2) 369,274,755 12.86% 9.48%
OpEx of Taxonomy-eligible activities (A.1+A.2) 2,872,123,420 100.00% 97.15%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible activities 0 0.00% 2.85%
TOTAL (A+B) 2,872,123,420 100.00% 100%
As a conservative approach, activities which can contribute both to climate change mitigation and climate change adaptation, but which do not have any adaptation financials allocated to them are marked with N for
the climate change adaptation objective. This conservative approach follows the Commission Notice on the interpretation of certain legal provisions of the Disclosures Delegated Act under Article 8 of EU Taxonomy
Regulation on the reporting of eli-gible economic activities and assets (2022/C 385/01) which states that activities contributing to adaptation and are not enabling should only count CapEx and OpEx associated with
climate change adaptation measures as eligible (and potentially aligned).
Proportion of Taxon-omy-aligned (A.1.)
or -eligible (A.2.) turnover, year N-1 (18)
Minimum Safeguards (17)
Code (2)
Water (7)
Turnover (3)
Pollution (8)
Water (13)
Proportion of Turnover year N (4)
Circular Economy (9)
Pollution (14)
Climate Change Mitigation (5)
Biodiversity and ecosystems (10)
Circular Economy (15)
Category (enabling activity) (19)
Climate Change Adaptation (6)
Climate Change Mitigation (11)
Biodiversity (10)
Climate Change Adaptation (12)
Category (transitional activity) (20)
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 46 EXPLORE
The EU taxonomy is a classification system that sets
out a list of environmentally sustainable economic
activities. It forms part of the EU’s plan to scale up
sustainable investment and implement the European
Green Deal.
The taxonomy was developed in order to provide
well-defined, harmonized criteria for when economic
activities can be considered to be sustainable. It sets
out robust, science-based technical screening criteria
that activities need to comply with to be seen as
green. By providing this standard, the taxonomy aims
to increase transparency, create security for investors,
prevent greenwashing, help companies become more
climate-friendly, mitigate market fragmentation,
and help investors compare investments across all
reporting companies. By directing investments towards
sustainable projects and activities across the EU, the
taxonomy should help to meet the EU’s 2030 and 2050
climate and energy targets. Bonheur is mindful about
these targets and this is the second year Bonheur
reports on taxonomy scoring.
The Climate Delegated Act, the Complementary Climate
Delegated Act, and the Environmental Delegated Act
set out a list of eligible activities along with technical
screening criteria for when the activities can be
considered sustainable. A taxonomy-eligible economic
activity is an economic activity that is described and has
technical screening criteria set out in the taxonomy.
The six objectives of the EU Taxonomy
Climate change
migation
Pollution
prevention
Climate change
adaption
Sustainable use
of water and
marine resources
Sircular
economy
$
Healthy
Ecosystems
About the EU Taxonomy
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 47 EXPLORE
For an eligible activity to be considered aligned, it has
to satisfy the following conditions:
1. The activity must make a substantial contribution
to one or more of the climate and environmental
objectives relevant to that activity.
2. The activity should not do significant harm to the
other remaining objectives.
3. Bonheur will relate to the minimum social safe-
guard standards based on OECD and UN guide-
lines.
REPORTING REQUIREMENTS FOR BONHEUR
According to the non-financial reporting directive
(NFRD) article 19(a) and 29(a) non-financial under-
takings which are public-interest entities (i.e. listed)
with more than 500 employees, in the case of a group
on a consolidated basis, are required to report on the
taxonomy. As of 2023 the undertakings are required to
report on the proportion of their taxonomy-eligible and
taxonomy-aligned activities.
Bonheur is covered by the taxonomy regulation, being
a listed company with more than 500 employees within
its operating subsidiaries.
TAXONOMY ASSESSMENT METHODOLOGY
Bonheur has performed the taxonomy assessment
using Celsia Taxonomy software solution. The
methodology of taxonomy assessment has included
the following steps:
1. Defining scope of assessment
Bonheur performed a taxonomy assessment for
activities from its major operating subsidiaries. This is
done from a bottom-up approach, assessing the lowest
level of reporting units and aggregated to the top
company level, enabling a taxonomy assessment for the
company total, per activity and per business division.
2. Defining eligibility and relevant activities
A taxonomy-eligible activity means an economic
activity included in the taxonomy regulation. Bonheur’s
activities have been mapped out according to the
activities defined in the Climate Delegated Act and
categorized as either eligible or non-eligible following
the description stated in the regulation. The eligible and
non-eligible activities are listed in the table below:
3. Defining relevant reporting units
In order to conduct the assessment as accurately as
possible, Bonheur’s related operations were split into
reporting units corresponding to the above-mentioned
scope (see point 1). The major operating subsidiaries
reporting their taxonomy-eligible activities during 2023
were Fred. Olsen Renewables, Fred. Olsen Windcarrier,
Fred. Olsen Seawind, Fred. Olsen Cruise Lines and
Global Wind Service. NHST Holding’s revenue of 1,33 bn.
NOK, approximately 9% of Bonheur’s total in 2023, is
however not included in the assessment. This, together
with currency effects, explains the main differences
between the total revenue of 11,012,763,000 NOK
reported in the taxonomy assessment and the total
revenue of 12,559,742,650 NOK in the financial
statements.
4. Assessment of criteria and defining alignment
Each of the activities under each of Bonheur’s operating
subsidiaries has been assessed against the technical
screening criteria for the respective activities defined in
the Climate Delegated Act. As the taxonomy regulation
is still in an early phase of adoption, the focus has
been on transparency, best intention, and providing
explanation for choices made when interpreting the
criteria. The interpretation of the criteria is based
on both the explicit information available and the
understanding of the purpose of the requirement.
The taxonomy regulation has not yet adopted explicit
criteria for the minimum social safeguards beyond
the references to OECD guidelines and UN Guiding
Principles. Still, it is believed that defined requirements
on minimum social safeguards need to be placed on
the company and the activities in question in order
to assess activity alignment. Bonheur has therefore
based compliance with minimum social safeguards
on an assessment of several requirements derived
from the process of due diligence on responsible
business conduct as described in OECD’s Guidelines for
Multinational Companies and the UN Guiding Principles
for Business and Human Rights. Please see the section
"Criteria related to minimum social safeguards" for the
actual criteria.
ELIGIBLE AND NON-ELIGIBLE ACTIVITIES
Activity Comments
6.11. Sea and coastal passenger water transport The sea transport offered by Fred. Olsen Cruise Lines fits under the taxonomy
definition of 6.11 “purchase, financing, chartering (with or without crew) and
operation of vessels designed and equipped for performing passenger transport,
on sea or coastal waters, whether scheduled or not. The economic activities in this
category include operation of ferries, water taxis and excursions, cruise or sightseeing
boats”.
4.3. Electricity generation from wind power The FOR wind farms fulfill the substantial contribution criteria to climate change
mitigation under 4.3 as they generate electricity using wind power, and as they
construct, maintain and repair wind farms both on land and offshore. This is also
valid for the ac-tivities performed by FOWIC’s installation vessels and GWS.
7.7. Acquisition and ownership of buildings This is related to rent and expenditure related to GWS’s office building in Federica
as this were constructed before December 31, 2020, and has been assigned energy
efficiency class A (or better).
Taxonomy-non-eligible activities
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 48 EXPLORE
5. Adding financial data and calculating the three KPIs
Finally, by adding financial data to each activity
in the reporting unit, the proportion of Bonheur’s
taxonomy-eligible and taxonomy-aligned activities
were calculated. This is done by calculating the three
key performance indicators (KPIs): turnover, capital
expenditures (CapEx), and operational expenditures
(OpEx). The results were calculated for each reporting
unit and activity and then aggregated for the company
level. The definitions of the turnover, CapEx, and
OpEx KPIs are set out in Annex I to the Disclosures
Delegated Act. The proportion of taxonomy-eligible
and taxonomy-aligned turnover, CapEx, and OpEx are
calculated by dividing a numerator by a denominator.
Subsidiary-specific reporting is available in their
respective sustainability statements.
GENERAL COMMENTS
This taxonomy assessment is completed with the best
intention, focused on transparency, and explaining
for choices made when interpreting the criteria. The
interpretation of the criteria is based on the explicit
information available at the time of the assessment and
the understanding of the purpose of the requirement.
The taxonomy regulation is still in a phase of early
adoption and Bonheur is following any clarifications
from the EU Commission or any changes in industry
best-practice when it comes to interpreting the activity
descriptions or technical screening criteria.
DISCLOSURES ON NUCLEAR AND FOSSIL GAS RELATED ACTIVITIES
Row Nuclear energy related activities
1. The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative
electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle
NO
2. The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce
electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production,
as well as their safety upgrades, using best available technologies
NO
3. The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity
or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from
nuclear energy, as well as their safety upgrades.
NO
Fossil gas related activities
4. The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that
produce electricity using fossil gaseous fuels.
NO
5. The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and
power generation facilities using fossil gaseous fuels.
NO
6. The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities
that produce heat/cool using fossil gaseous fuels.
NO
Global Wind Service
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 49 EXPLORE
Reducing greenhouse gas emissions and stopping
climate change is probably the most important task the
international community is working towards. The 1.5°C
target of the Paris Agreement indicates that global
emissions need to be reduced with 50% by 2030 and
become net-zero in 2050. To reach that goal, substantial
amounts of green energy is needed.
Bonheur aims to remain a significant player in the
transition towards a sustainable future powered
by renewable energy sources. It is considered that
although the operating subsidiaries clearly have direct
positive impacts on climate change they may also have
some negative impacts GHG emissions from cruise
vessels and offshore wind installation vessels is a fact,
as well as unmapped GHG emissions from
therenewable energy supply chain.
Bonheur undoubtedly positively contributes to the
green transition through the subsidiaries building and
operating windfarms and producing renewable energy.
How different impacts, risks and opportunities
related to climate change identified in the materiality
assessment potentially affects both Bonheur and the
environment are described in this chapter. Both climate
related risks and opportunities in the portfolio going
forward are considered. Some of the assets are exposed
to direct physical risks due to climate change, and the
transition to new technologies, new tariffs and changed
preferences pose a risk to others. At the same time,
Bonheur has different subsidiaries well positioned to
participate in the development and business activities
related to an expected increase in demand and need for
renewable energy.
E1 Climate change
E1-1 Transition plan for climate change
mitigation
Bonheur continues to support and develop targets
relating to the goals of the Paris Agreement to
reach net-zero emissions by 2050. Bonheur and its
subsidiaries will consider concrete emission reduction
targets during FY2024 based on FY2023 baselines for
future reporting.
Investments and funding supporting climate change
mitigation
Bonheur’s Green Finance Framework enables Bonheur,
as well as its subsidiaries, to issue Green Bonds and
Green Loans (collectively referred to as Green Finance
Instruments) to finance projects aligned with the ICMA
Green Bond Principles, the LMA Green Loan Principles
and projects that are EU taxonomy eligible.
The following projects may be financed by Bonheur’
Green Finance Instruments:
• Investments in renewable energy projects
• Investments in, or upgrading of, offshore wind
turbine transportation and installation vessels and
related equipment
• Investments in and operating expenses related to
activities within onshore and offshore wind turbine
installation, repair, upgrading and maintenance of
renewable energy production
• Financing and refinancing of ongoing projects and
assets that are aligned with the green project criteria
• Other projects seen as eligible with the EU Taxonomy
classifications
GREEN PROJECT
Green project ICMA principles EU taxonomy
Development and operation of renewable energy assets Renewable energy Electricity generation from wind power
Development and operation of renewable energy assets Renewable energy Electricity generation using solar photovoltaic technology
Activities within installation, improvement, operation, repair,
and maintenance of wind power, both offshore and onshore
Renewable energy Installation, maintenance and repair of renewable energy
Investments in new, or upgrading of existing, offshore wind turbine
transportation and installation vessels and related equipment
Renewable energy Installation, maintenance and repair of renewable energy
Bonheur has obtained an Eligibility Assessment from DNV GL to confirm the transparency and quality of the Green Finance Framework and its
alignment with the ICMA Green Bond Principles and the LMA Green Loan Principles.
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 50 EXPLORE
Financial resources supporting climate change
mitigation
Metric NOK
Taxonomy-aligned CapEx 626,970,313
Taxonomy-aligned OpEx 2,502,848,665
Any significant CapEx amounts related to coal, oil and
gas-related economic activities
Bonheur and its subsidiaries have no CapEx invested
related to coal, oil and gas-related economic activities.
Timeline for development of a transition plan
Bonheur and its subsidiaries have not yet developed
a transition plan. The aim is to develop this during
the coming reporting periods, but the complexity of
the issue and the need for better data capture and
comparable baselines before finalizing a transition plan
are recognized. The transition plan for Bonheur will be
a bottom-up process based on targets and action plans
from the subsidiaries, supported by Bonheur's Board as
appropriate.
E1–SBM-3 Description of the processes to
identify and assess material climate-related
impacts, risks and opportunities
The operating subsidiaries of Bonheur have performed
materiality assessments and done specific climate-
related assessments. These are published in their
respective sustainability statements, and Bonheur's
CapEx amounts
Related to coal, oil and gas-related
economic activities
NOK 0
indirect climate related impacts, risks and opportunities
are based on these.
As a renewable energy producer with 804.9 MW
installed capacity and 1.8 TWh production in 2023
the total impact on climate change is positive. It is
estimated that the CO2 avoided to be approximately
450,000 tCO2eq in 2023, compared with the CO2
footprint of 367,336 tCO2eq. Hopefully this gap will
widen further as decarbonizing of the operations and
value chain while continue while the renewable energy
production increases.
Some of the operating subsidiaries have assessed the
physical risks in their operations and value chains.
The assessments performed are in accordance with
recommendations from the Task Force on Climate-
related Financial Disclosure (TCFD) and EU Taxonomy.
Some of the subsidiaries, such as Fred. Olsen Cruise
Lines and Fred. Olsen Windcarrier have performed
climate risk assessment considering the likelihood and
consequences for five different scenarios, known as
Shared Socio-economic Pathways (SSP).
Please see the segment specific sustainability
statements for more information on their climate
related physical risks.
When disclosing the information on the processes to
identify and assess physical risks as required under
paragraph 20 (b), the undertaking shall explain
whether and how
To address climate-related physical risks across the
Bonheur group of companies, certain subsidiaries have
conducted climate risk assessments. These companies
have to a differing degree utilized climate models and
scenarios from the IPCC to assess potential impacts on
their wind farms and other operating assets.
See the following table on identified physical risks for
the Bonheur group of companies.
Acute physical risks Chronic physical risks
• Cold wave/frost
• Wildfires
• Storm (including blizzards,
dust and sandstorms
• Heavy precipitation
• Flood (coastal, fluvial, pluvial,
ground water)
• Landslide
• Change in wind patterns
• Heat stress
• Changing temperatures
Bonheur will continue to evaluate potential
consequences and risk mitigation measures.
The subsidiaries are integrating their climate risk
assessments and corresponding into their risk
management system. These assessments will be used to
develop adaptation and transition plans.
The above assessment uses the time horizons described
in the different IPCC scenarios for near-term, mid-
term and long-term. These time-horizons differ from
the other time-horizons used in this report following
ESRS1.
Identification of climate-related hazards and
assessment of exposure and sensitivity are informed
by high emissions climate scenarios
In 2023, Fred. Olsen Renewables updated its physical
climate risk assessment, using the RCP 2.6, RCP 4.5, RCP
6.0 and RCP 8.5 pathways, while Fred. Olsen Windcarrier
uses the Shared Socioeconomic Pathways (SSP) 1-5 as
defined by the IPCC.
When considering how the RCPs influence Bonheur’s
risk picture, it is necessary to take the characteristics of
our assets into account. It is assessed that the climate
change will have limited direct consequences for wind
turbines, cruise ships and jack-up vessels:
• The wind turbines are designed to withstand wind
forces of >60 m/s and have low risk of suffering
significant material damage due to extreme weather
• All our wind farms are located on elevated grounds
and will not be directly influenced by sea level
At a Glance
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increase
• Wind turbines will not be directly affected by
wildfires as they are made of non-combustible
material
• Sea-level change will have limited impact on ships
• Global warming introduces some risk to the vessel in
the form of increased frequency of extreme weather
Vessels operated by Bonheur’s subsidiaries are not
geographically stationed, but working on a global scale,
while the renewable energy sites are location specific.
How transition events have been identified over
short-, medium- and long-term time horizons
Because of the diversity in Bonheur's portfolio, climate
change adaption is both a risk and an opportunity to
us. With some segments are large CO2 emitters, others
are key enablers and deliver solutions to reduce GHG
emissions in accordance with the Paris agreement.
The transition risk identified are listed in the table
below.
Scope and result of Bonheur’s resilience analysis
Bonheur’s investment strategy and business model
is considered very robust due to the high portion of
business related to renewable energy. The demand
for this is expected to increase globally in the short
term, medium term, and long -term perspective. At the
same time, the different subsidiaries of Bonheur may
have differing climate-related risks, both physical and
transition risk. The risks and impacts presented in this
statement and how they reflect the business model are
addressed in different chapters of this statement.
A full resilience analysis of how the transition to
a lower-carbon and resilient economy will affect
Bonheur surrounding macroeconomic trends,
energy consumption and mix, and other technology
assumptions have not yet been formalized.
E1-2 Policies related to climate change
mitigation and adaptation
The sustainability policy of the major operating
subsidiaries explains the strong commitment to the
society and to external and internal stakeholders
to pursue business sustainably. The policy turns on
means related to different environmental, social and
governance issues.
The sustainability policies cover the operations of
each individual operating subsidiary. Bonheur does
not, per 31.12.2023, have a separate and overarching
sustainability policy covering all subsidiaries. Any
subcontractors and suppliers are also expected to
follow these policies.
The CEO of each subsidiary is in charge of
implementation and follow-up of the policy.
Bonheur's commitment to both internal and external
stakeholders are referenced in the policy. The current
version of the subsidiaries' sustainability policies are
publicly available at their websites. Bonheur does not
have an individual sustainability policy covering ESRS
E1. Such a policy is expected to be developed during
2024.
E1-3
Actions and Resources in Relation to
Climate Change Policies
A detailed description of actions and allocated
resources related to climate change is not provided in
Bonheur’s sustainability statement for 2023. Such action
plans will be developed based on the target setting
and baselines projects commenced during 2024, and
implemented in the sustainability statement covering
2024.
Key actions taken to achieve climate related policies
and targets across the different subsidiaries of Bonheur
include:
• FOWIC installed 171 wind turbine generators (WTGs)
in 2023 with the capacity of 1438 MW
• GWS installed more than 260 wind turbines offshore
and onshore in 2023
• GWS repair and maintenance teams performed work
on more than 1000 WTGs
• Shore power connections installed on two out of
three FOWIC vessels. This can reduce GHG emissions
when used in port with shore power available
• FORAS reduced their CO2 footprint with 748 tCO2eq
through initiatives such as new power agreements
to “green tariffs” for all wind farms, switching to
biodiesel, using “green concrete” and replacing diesel
vehicles with electric vehicles. CO2 avoided: 474
tCO2eq.
• Planting of 214,450 trees in Poland
Expected CO2 avoided indirectly from FOWIC’s
and GWS’s installation activities have not yet been
calculated.
TCFD FRAMEWORK
Policy and legal risks Technology risk Market risk Reputational risk
Increased pricing of GHG emissions Unsuccessful investment in new
technologies
Uncertainty in market signals Stigmatization of sector
Enhanced emissions-reporting
obligations
Lower emission technology on
vessels from competitors
Increased cost of raw materials Increased stakeholder concern or
negative stakeholder feedback
Mandates on and regulation of
existing products and services
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Overview
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E1-4 Targets related to climate change
mitigation and adaptation
Bonheur is in the process of setting group level targets
based on input from the operating subsidiaries. The
target setting process and the resulting targets will be
a bottom-up process led by the operating subsidiaries.
We expect this to continue during 2024.
All operating subsidiaries of Bonheur will develop
targets measured against 2023 as the baseline year.
Minimum Disclosure Requirement – Targets MDR-T –
Tracking effectiveness of policies and actions through
targets
The different operating subsidiaries of Bonheur have set
company specific targets related to climate change and
GHG emissions reductions.
To track the effectiveness of our actions to pursue our
opportunities, FOWIC has a target against the eligible
and aligned EU Taxonomy score that will measure how
many percent of our turnover, CapEx and OpEx are
related to an activity that has a substantial contribution
to climate change mitigation.
GHG emissions are relative to the operation, such
as utilization of vessels, size of the fleet, number of
turbines installed, operational modes of the vessels,
etc. To set and reach a realistic and sustainable target
it is therefore important that the baseline is relative to
the operation. FOWIC have historic values for absolute
values, but not relative. FOWIC’s targets cover both
Scope 1 emissions (own operation – direct emissions)
and Scope 3 emissions (emission in the value chain).
The general and most important environmental
objective concerning the emission reductions for GWS
own operation is the transition to more environmentally
friendly vehicles. The biggest part of the vehicle fleet
is used by site personnel on the wind farms. The
current review is to update the requirements related
to site vehicles and define deadlines for electrifying
the vehicle fleet. The company vehicle policy was
changed and updated in 2023 for office/warehouse and
company provided cars, so all new vehicles purchased
FRED. OLSEN WINDCARRIER TARGETS
Short term (2024) Medium term (2-5 years) Long Term (> 5 years)
Maintain or increase EU Taxonomy score
(Target: > 98%)
Not yet developed target Maintain or grow market position within T&I
GHG emission baseline and target established Reduce scope 3 emission relative to baseline CO2 neutral by 2050
Brave Tern – Fred. Olsen Windcarrier
GLOBAL WIND SERVICE TARGETS
Objective Target for 2024
Split Reduction of electricity consumption in BU’s 2% reduction
CO2 reduction target for fuel in total (CO2 amount per employee) 2% reduction
Install electrical charging stations in additional two business units 2 additional chargers to be installed
Setup a measure for the total number of vehicles by type, so a long-term target can be defined for
electrification of the fleet of vehicles used on the wind turbine sites.
Overview to be available in 2024
Create policies for climate change adaptation and a policy for climate impact that set CO2 requirements
as part of the procurement of goods.
Document implemented in IMS and
training rolled out
Planting of trees equal to 100% of scope 1 emission from fuel compared to 2021. 100%
Transition electricity consumption to renewable sources. 100% electricity consumption from
renewable energy sources in 2030
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or leased must be minimum hybrid or electrical. The
next milestone in the policy is January 2026, when all
purchased or leased office/warehouse and company
provided cars must be electrical, if possible.
For the scope 3 reporting, GWS’ procurement
department will review scope 3 emission together
with the spend groups for future purchase. One of
the objectives set in GWS is to increase the level of
detail in our sustainability reporting and collection of
information. This applies to Scope 3 as some categories
are currently not covered in the report.
Fred. Olsen Renewables
It should be noted that the list of targets for Fred. Olsen
Renewables (FORAS) below is not complete as the
process of updating the targets to reflect the transition
to ESRS topics is work in progress. Updated targets for
FORAS will be developed during 2024. Consequently,
FORAS has not yet defined milestones and targets for
FRED. OLSEN CRUISE LINES TARGETS
Short term (2024) Medium term (2-5 years) Long Term (> 5 years)
Decision to reduce GHG emissions 2% annually Reduce and monitor GHG emissions to ensure
2% annual decrease
CO2 neutral by 2050, subject to available
technology
2025, 2030, and 2050.
Increase renewable energy production:
• Increase onshore wind capacity through realization
of consented projects, subject to final investment
decision
• Develop hybrid solar/wind farms
Reduce GHG emissions:
• For new construction projects, implement GHG
emission as key evaluation criteria when selecting
civil works contractor and turbine supplier
• Improve collection of Scope 3 GHG emission data
• All new company vehicles to be electrical, if possible
• All power agreements to be with renewable
electricity deals (“green tariffs”), if possible
Reduce waste:
• Reduce general waste (non-recyclable) at the wind
farms with 10% in 2024
Fred. Olsen Cruise Lines
All FOCL vessels have implemented ‘Ship Energy
Efficiency Management Plans’ (‘SEEMP’), in line with the
Marine Environment Protection Committee (‘MEPC’)
63/23 Annex 9. These SEEMP include several emissions
reduction targets and corresponding actions. In 2023,
FOCL implemented a refined Data Collection System to
track fuel consumption and establish a GHG emissions
baseline as part of EU & UK MRV. This baseline provides
the reference point from which future targets relating
to climate change mitigation can be effectively set and
measured. The table below defines FOCL’s initial targets
related to climate change.
FOCL will during the coming year work on setting
specific targets related to climate change mitigation.
Fred. Olsen Seawind
Fred. Olsen Seawind will during the coming year work
on setting specific targets related to climate change
mitigation and potentially climate change adaptation.
Fred. Olsen Cruise Lines
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E1-5 Energy consumption and mix
Methodologies and significant assumptions behind
the metric
Direct energy consumption (GHG, scope 1) includes
all accounted energy consumption, including energy
consumption that leads to scope 1 GHG emissions. 2023
was the first year of measuring energy consumption
based on the ESRS framework. Hence, comparison
with previous years is not described. The energy
consumption from fuel usage has been calculated with
number of liters of fuel multiplied with conversion
factor for diesel 0.24 kWh/liter (source: DEFRA 2023).
Energy consumption related to offices, administration
buildings and other processes are calculated directly on
the basis of data from electricity and heating providers.
The electricity energy consumption from fossil and
renewable sources is based on each country's grid
mix for 2023. Share of nuclear sources is calculated as
a separate category where there is available data. The
source of energy varies from location to location and
reporting is based on what is available in the specific
country/location.
Energy intensity
The calculated energy intensity for Bonheur is the
sum of all energy consumption reported by the major
operating subsidiaries divided by the total revenue for
Bonheur in 2023. The major contributor to Bonheur’s
total energy consumption is the fuel consumption from
petroleum products on FOCL’s and FOWIC’s vessels,
representing respectively 83% and 16% of Bonheur’s
total.
TOTAL ENERGY CONSUMPTION RELATED TO OWN OPERATIONS
Energy consumption and mix 2023
1 Fuel consumption from coal and coal products (MWh) -
2 Fuel consumption from crude oil and petroleum products (MWh) 855,379
3 Fuel consumption from natural gas (MWh) 637
4 Fuel consumption from other fossil sources (MWh) -
5 Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources (MWh) 2,495
6 Total fossil energy consumption (MWh) (calculated as the sum of lines 1 to 5) 858,511
Share of fossil sources in total energy consumption (%) 99%
7 Consumption from nuclear sources (MWh) 930
Share of consumption from nuclear sources in total energy consumption (%) 0%
8 Fuel consumption for renewable sources, including biomass (also comprising industrial and municipal waste of biologic origin,
biogas, renewable hydrogen, etc.) (MWh)
36
9 Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (MWh) 4,283
10 The consumption of self-generated non-fuel renewable energy (MWh) 70
11 Total renewable energy consumption (MWh) (calculated as the sum of lines 8 to 10) 4,389
Share of renewable sources in total energy consumption (%) 1%
Total energy consumption (MWh) (calculated as the sum of lines 6, 7 and 11) 863,830
Renewable energy
production
1,788,871
MWh
Energy
intensity
68.8
863,830 MWh / 12,560 MNOK
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E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions
Disclosure Requirement and related data-point 2021 2022 2023 Change from 2022
Scope 1 GHG emissions
Gross Scope 1 GHG emissions (tCO2eq) 95,797 215,109 237,422 22,313
Percentage of Scope 1 GHG emissions from regulated emission trading schemes (%) -
Scope 2 GHG emissions
Gross location-based Scope 2 GHG emissions (tCO2eq) 1,783 978 1,386 408
Gross market-based Scope 2 GHG emissions (tCO2eq) 0 0 2 2
Significant scope 3 GHG emissions
Total Gross indirect (Scope 3) GHG emissions (tCO2eq) 1,900 26,481 128,526 102,045
1. Purchased goods and services 44,514
2. Capital goods 4,350
3. Fuel-and-energy-related activities (not included in Scope 1 or Scope 2) 15,973
4. Upstream transportation and distribution 26,806
5. Waste generated in operations 1,325
6. Business traveling 35,558
Total GHG emissions 99,480 242,568 367,336 124,768
Scope 3 GHG emissions categories included
• Total Gross indirect (Scope 3) GHG emissions
• Purchased goods and services
• Capital goods
• Fuel and energy-related activities
• Upstream transportation and distribution
• Waste generated in operations
• Business travel
Methodologies, assumptions and emissions factors
used to calculate GHG emissions, and any changes in
Bonheur and the value chain, and explanation of their
effect on year-to-year comparability of reported GHG
emissions
Calculation of GHG emissions is done in accordance
with GHG Protocol Corporate Standard.
Scope 1 emissions are different for the operating
subsidiaries, but for FOWIC and FOCL the major
component is calculated from the fuel consumption
onboard the vessels. Fuel use is monitored continuously
and consumption reported. The emission factor used
is collected from the EU regulation 2023/1805 FuelEU
Maritime Annex II Default emission factors and DEFRA.
The wind turbines do not generate direct emissions
in the electricity production process, but in order
to operate the wind farms, vehicles are needed for
the service crews. Some of these vehicles use diesel
that generates GHG emissions. Fuel consumption for
emergency generators is also included in Scope 1.
Scope 2 emissions are calculated based on consumed
kWh in the offices using default emission values
and conversion factors from NVE and Celsio. For the
wind farms we also include “import power”. This is
power needed to energize the wind turbine in case
of low winds or downtime due to technical faults or
maintenance. Also, the import power includes utility
power for site offices, storages, and other general needs
at the sites.
Bonheur and its subsidiaries are still developing its
Scope 3 reporting. It is expected that the reported
Scope 3 will continue to increase next year as more
data becomes available. Current reporting is based on
available activity data.
2023 was the first year of measuring energy
consumption based on the ESRS framework. Hence,
comparison with previous years is not described and
both the scope of what has been measured, and the
level of detail have changed. The different operating
subsidiaries of Bonheur have differing maturity in
collection and reporting of GHG emissions data, and
the company is harmonizing this.
GWS and FOWIC have tested GHG emissions accounting
software for 2023. This has led to changes in what has
been included in the totals, especially scope 3. The
major operating subsidiaries of Bonheur will implement
the same GHG accounting system during 2024 for
increased data quality and comparability.
FORAS had significant increase in GHG emissions 2023
due to construction of Fäbodliden II (FAB2) wind farm in
Sweden which generated 4,350 tCO2eq.
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Percentage of market-based Scope 2 GHG emissions
linked to purchased electricity bundled with
instruments
Metric Total
Percentage of market-based Scope 2 GHG emissions linked
to purchased electricity bundled with instruments
0.1%
Percentage of energy consumption covered by
contractual instruments
Metric Total
Percentage of energy consumption covered by contractual
instruments
0.1%
GHG emissions intensity
GHG intensity per net revenue 2022 2023 2023/2022
Total GHG emissions 19.31 29.25 51.4%
1)
Location-based per net revenue (tCO2eq/MNOK).
The introduction of GHG emissions accounting
software for some of the subsidiaries during 2023
makes comparability between 2023 and 2022 difficult.
The changes in what has been included in the totals,
especially scope 3 skews the picture significantly.
As Bonheur plans to introduce the same GHG
accounting software to all major operating subsidiaries
during 2024, Bonheur will make an effort to also
recalculate 2023 for increased data quality and
comparability going forward.
Balmoral – Fred. Olsen Cruise Lines
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E4 Biodiversity and ecosystems
Nature, biodiversity and ecosystems have not received
the same amount of attention as climate change
over the previous decade. Human activity is putting
pressure on land, sea and species, and it is crucial that
this is taken into account when planning new sites and
operations on existing ones.
Activities withinin the Bonheur group of companies
may have an impact on nature and species at both
land and sea, through land use, loss of habitat and land
degradation. Potential biodiversity risks and impacts are
included in our environmental impact assessments and
important in dialogue with local communities and civil
society. These assessments are deployed to increase
the understanding of impacts and to mitigate potential
consequences.
Changes in policy, regulation, technology or consumer
sentiment can create transition risks such as increased
costs and/or reduced revenues, or reputational
damage. On the other side investing in biodiversity
and ecosystem conservation can create new business
opportunities, such as developing wind farms,
accessing new markets, and improving stakeholder
relations.
Bonheur subsidiaries have potential renewable energy
projects both on land and offshore in the pipeline, an
as it continue to mature, it must ensure be the building
of new renewable energy do not impact the nature and
biodiversity more than necessary.
Therefore, a process will be commenced to develop
a biodiversity policy which will cover all major
subsidiaries in the Bonheur group of companies.
As recognized standards for measuring biodiversity
and impact on nature are developed and maturing,
Wildlife at Crystal Rig Wind Farm – Fred. Olsen Renewables
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Bonheur will use these and the 2022 Global Biodiversity
Framework to develop this, as well as targets and
action plans for how to handle impacts, risks and
opportunities related to biodiversity and ecosystems.
E4-SBM-3 Description of the processes
to identify and assess material biodiversity
and ecosystem-related impacts, risks and
opportunities
Disclosure of whether and how actual and potential
impacts on biodiversity and ecosystems at own site
locations and in value chain have been identified and
assessed
The wind farms operated by Fred. Olsen Renewables
are as of now Bonheur’s material impact on biodiversity
and ecosystems. As part of the consent application
for any new wind farm, and in accordance with
requirements in national regulations, FOR will develop
a thorough Environmental Impact Assessment (EIA).
Such EIAs use experts from several disciplines to map
out any potential risks and impacts on biodiversity and
ecosystems. A non-exhaustive list of topics related to
these topics covered by our EIA follows below:
• Site selection and site design development
• Landscape and visual assessment
• Noise assessment
• Ecological and hydrological assessment, including:
· Objectives
· Site description
· Baseline conditions – conservation areas
· Baseline study – vegetation and habitat
· Baseline study – hydrology
· Baseline study – ornithology
· Baseline study – fauna
· Assessment of effects: Type and significance
· Assessment of the effects on vegetation
communities
· Assessment of the effects on hydrology
· Assessment of the effects on bird populations
· Assessment of the effects on fauna
• Shadow flicker/reflectivity
• Forest design
Each EIA follows the specifications of the applicable
national regulation, and also takes input from the
public consultation of the draft EIA program into
account. Thus, the structure and content of the EIA
is mostly identical from project to project, but some
topics will be relevant only for some projects.
National requirements may change over time as new
knowledge is taken into consideration, but the purpose
of the EIA remains the same: To analyse and evaluate all
relevant environmental impacts before consent to build
a new wind farm is given. It typically takes 1-2 years to
complete an EIA. An important part of the EIA work is
thorough field surveys and analyses performed by 3rd
party expertise, e.g., biologists or ornithologists.
Based on the EIA and its recommendations, the
national regulatory authority will define corrective
environmental actions to be taken, such as preservation
of waterways, restoration of peat or marshes, detailed
adjustments of road layout, requirements related to tree
felling, need for post-construction multi-year follow-up
studies for certain topics.
The corrective actions are followed up in the pre-
construction and construction phases through audits
and inspections by the environmental authorities to
ensure that the corrective actions required by the
consent is complied with. Follow-up by the authorities
is also conducted in the operations phase.
The building of wind farms, including site roads, other
related infrastructure and the general use of land may
have a negative impact on the conditions of species
and the local ecosystems. This further described in
chapter E4 Biodiversity and Ecosystems.
Bonheur is yet to assess any potential material impact
on biodiversity in the value chain, but it is reasonable
Wildlife at Crystal Rig Wind Farm - Fred. Olsen Renewables
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to expect that mining operations related to rare earth
minerals and other metals used in different parts of
operations could have a negative impact on ecosystems
and biodiversity.
Activities negatively affecting biodiversity sensitive
areas
Building wind farms, both onshore and offshore, may
potentially impact wildlife due to land usage and
erecting wind turbines in their natural habitat.
Industrial activity and infrastructure such as site roads
and other structures results in land usage that may
potentially impact ecosystems.
Breakdown of sites according to the impacts and
dependencies identified, and to the ecological status
of the areas where they are located
The Bonheur group of companies consider all
operational wind farms as material sites from an impact
viewpoint. Prospective sites are not included as we
have not started any construction or operations.
Fred. Olsen Renewable currently operates 12 wind
farms in Norway, Sweden and the UK.
As part of the consent application for any new wind
farm, and in accordance with requirements in national
regulations, a thorough Environmental Impact
Assessment (EIA) is developed. Each EIA follows the
specifications of national regulations, and also takes
input from the public consultation of the draft EIA
program into account. Thus, the structure and content
of the EIA is mostly identical from project to project, but
some topics will be relevant only for some projects.
All sites are subject to thorough ecological and
hydrological assessment, including site description
and studies of potential conservation areas, existing
vegetation and different habitats and the potential
effects of the wind farms on the above mentioned
areas.
Locations of wind farms in Norway, Sweden and the UK
Lista
Fäbodliden
Högaliden
Rothes I
Rothes II
Paul's Hill
Mid Hill
Crystal Rig I
Crystal Rig II
Crystal Rig III
Brockloch Rig I
Brockloch Rig
Wind Farm
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Based on the EIA and its recommendations, the
national regulatory authority will define if there are
any special environmental consideration actions to be
taken, e.g., preservation of waterways, restoration of
peat or marshes, detailed adjustments of road layout,
requirements related to tree felling, and the need for
post-construction multi-year follow-up studies for
certain topics.
Biodiversity-sensitive areas impacted
Information on the vicinity of the wind farms to
biodiversity sensitive areas are listed in corresponding
EIAs developed before the wind farms are planned and
built. As a general rule, wind farms will not be built
inside or close to national parks or areas protected
or classified by the environmental authorities as
biodiversity sensitive.
Any material negative impacts related to land
degradation, desertification or soil sealing
It is expected that the Bonheur group of companies
may impact biodiversity and ecosystem services
through land-use change resulting from the
development and operating wind farms, but also
through greenhouse gas emissions potentially
contributing to climate change. These potential impacts
are yet to be mapped.
Land/water-use change
Wind farms and other renewable energy production
use land and nature areas, and may result in land
degradation and potentially have a negative impact on
habitats for both plants and wildlife. Bonheur and its
operating subsidiaries strive not to materially impact
any threatened species.
Climate change
Cruise traffic and installation vessels for offshore
wind both have GHG emissions but at the same time
Bonheur-related activities do have positive impact on
slowing climate change through producing renewable
energy.
Disclosure of whether own operations affect
threatened species
For any potential risks and impacts, both positive and
negative, this is described in the EIA’s. There are specific
regulations and corresponding mitigating actions
to ensure that activities where there are threatened
species take this into account.
E4-2 Policies related to biodiversity and
ecosystems
Bonheur does not have a specific biodiversity policy
implemented.This topic is covered by environmental
concerns in the general sustainability policy.
Bonheur expects to develop t new policies covering
the different material sustainability matters from the
double materiality assessment during the coming
reporting periods.
E4-3 Actions and Resources Related to
Biodiversity and Ecosystems
Any planned actions related to biodiversity and
ecosystem are subject to each Environmental
Impact Assessment performed by FORAS and the
corresponding consent requirements.
Measures to reduce impact on biodiversity and
ecosystems are often implemented, for example by
restoring other nearby land areas as compensation for
nature loss for building the wind farm. These measures
are based on the EIA and subject to agreement with the
regulatory authority in the consent process.
Negative impacts on ecosystems services may be
avoided or the impact being reduced by several
measures. Measures may also be implemented on
our behalf to improve the biodiversity and ecosystem
services beyond the consent requirements.
E4-4
Targets related to biodiversity and
ecosystems
Bonheur will continue the efforts to establish specific
biodiversity targets. Fred. Olsen Renewables has
developed the following targets related to biodiversity
and ecosystems.
Reduce environmental impacts:
• Seek to achieve biodiversity neutrality for new sites
where possible
• Zero environmental spills to ground
Reduce area usage:
• For new sites, road layouts to be planned with
minimum use of area and avoiding impact on
peatland where possible
• For new construction projects, reduce or eliminate
the need for temporary blade storage areas
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 61 EXPLORE
Examples of measures taken on our wind farms
Measures to conserve
hen harrier and bird
populations
(Paul’s Hill wind farm)
• Biodiversity measures
include heather
management where
appropriate, drain
blocking, and annual
ecological monitoring
of the success of these
prescriptions.
Broadleaf planting and
barn owl boxes
(Crystal Rig wind farm)
• Broadleaf planting has
been conducted along
riparian corridors to
increase biodiversity.
• Barn owl boxes have
also been installed
on the site and have
been successfully used
by the local barn owl
population.
Planning road layout
together with biologists
(Lista wind farm)
• When building Lista
windfarm we worked
closely with biologists
to reduce the impact
of the site roads and
crane pads.
• This included routing
roads around areas
with peat and ponds,
taking care not to
impede the natural
flow of water in the
area.
Bog restauration and
heather management
to benefit nesting
raptors and other bird
populations
(Rothes I wind farm)
• These measures are
designed to provide
suitable nesting areas
for raptors and to
promote red grouse,
golden plover and
other birds.
• Ecological monitoring
is undertaken to
monitor the success.
Biodiversity corridor to
benefit black grouse
(Rothes II wind farm)
• The overall aim is to
restore open moorland
habitat with native
broadleaf woodland.
• Includes peatland
restorations, broadleaf
planting, and deer
fence to protect
planting.
• Ecological monitoring
is undertaken to
monitor success.
Biodiversity measures
(Mid Hill wind farm)
The following measures
have been undertaken
to promote black grouse
habitat and general
biodiversity at this site:
• Forestry clearance
• Furrow and drain
blocking to restore
bog habitats
• Broadleaf planting
• (Conifer) tree control
• Ecological monitoring
Lista Wind Farm – Fred. Olsen Renwables
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 62 EXPLORE
III. Social
Global Wind Service
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 63 EXPLORE
Bonheur’s impact on employees' workdays and well-
being are through the daily operations of our operating
subsidiaries. Some of our subsidiaries have employees
working under high-risk environments, so health
and safety is of the highest importance. Bonheur has
a responsibility to provide a safe and secure work
environment for our employees, and through this and
other measures we contribute with a positive impact.
Employees are the important resource of Bonheur’s
operating subsidiaries, and these companies are is
highly dependent on their efficiency, innovation
and well-being to be successful. The profile of the
subsidiaries, working conditions, wages and skills
development are also important to attract and retain
talent. Investing in employee development can
create new business opportunities, such as improving
productivity, innovation, and reduced employee
turnover. Therefore, our subsidiaries continue to
prepare for and make sure that they understand future
competency requirements.
Materiality
Through our daily operations the impact the Bonheur
group of companies has on our employees is high.
Some of our subsidiaries have employees working
under high-risk environments, so health and safety is of
the highest importance.
Employees are Bonheur’s most important resource, and
we are highly dependent on their efficiency, innovation
and well-being to be a successful company. The profile
of our subsidiaries, working conditions, wages and
skills development are also important to attract and
retain talent. Investing in employee development can
create new business opportunities, such as improving
productivity, innovation, and reduced employee
turnover.
S1 Own workforce
Fred. Olsen 1848
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 64 EXPLORE
S1–SBM-3 Material impacts, risks and
opportunities and their interaction with
strategy and business model
All employees described in the general disclosures
in ESRS 2 are included in the materiality assessment.
In addition to this, there are company-specific risks
and impacts for the different operating subsidiaries
of Bonheur. These are reported on separately by the
different companies.
The categorization of employees, non-employees and
other personnel in the workforce is described and
reported under ESRS 2. These include, among others,
seafarers onboard Fred. Olsen Cruise Lines and Fred.
Olsen Windcarrier vessels.
Bonheur has not identified any negative impacts such
as child labor, forced labor or systematic discrimination
in the workforce or the workforce of the operating
subsidiaries’ value chain.
Various subsidiaries of Bonheur have inherent health
and safety risks due to the work performed, for example
construction, installation or maintenance of large
industrial machinery, seafaring and working in engine
rooms.Emphasis is on reducing the risk of incidents
and the goal is no incidents, but there are individual
incidents of differing degree of severity registered.
Some employees of Bonheur’s operating subsidiaries
are also involved in projects with short and time-critical
deadlines. In these instances, there is a high workload,
time pressure, increasing the risk of stress, burn-out and
a negative impact on work-life balance. The number
and severity of incidents are reported under S1-17.
In addition to the impacts described above, the
workforce of the operating subsidiaries could be
exposed to risks and opportunities regarding health
and safety, working time and risk of fatigue, and there
could potentially be increased risk of harassment at
the workplace for seafarers spending extended periods
offshore compared to regular office work.
It is important that the Bonheur group of companies
attract talented employees and this is pursued through
offering secure jobs, career development in an
interesting ecosystem of companies, adequate wages
and equal treatment for employees.
The full list of material risks and opportunities for our
workforce is described under ESRS 2 SBM-3.
Bonheur’s investments in the renewable energy sector
will be important in the transition to a green economy.
Increased activity and demand for renewable energy
solutions is expected in the coming years and the
impact towards a just transition can include secure
employment and career development in a growing
industry.
The Bonheur group of companies does not have
operations in geographic regions or sectors with
significant risk of forced labor or child labor.
Any employees or value chain workers with particular
characteristics, working in particular contexts, or with
particular activities at greater risk of harm
Given the inherent risks of construction, operations
and maintenance of wind farms, it is believed that
technicians and seafarers are at heightened risk for job
related injuries. These are therefore subject to rigorous
training regimes, safety standards in operations and
other risk mitigating measures.
S1-1 Policies related to own workforce
Policies to manage impacts, risks and opportunities
related to the workforce of Bonheur’s operating
subsidiaries,are described in the different policy
documents of these subsidiaries. These policies include
the personnel handbook, HSE manual, HSEQ policies
and the subsidiaries’ sustainability policy.
The policies and procedures are available for employees
in the different subsidiaries and are also applicable
for any non-employees in the subsidiaries’ workforce.
Furthermore, the policies cover information about
working conditions, training and development, health
and safety, working time, parental leave, minimum
wage and equal opportunities.
The respective CEOs of the operating subsidiaries are in
charge of the implementation and general compliance
with policies regarding our own workforce.
Human rights policy commitments regarding own
workforce
Bonheur’s commitment to respect and uphold human
rights is specified in the company Code of Conduct.
The process for engaging with employees and workers’
representatives is done in each subsidiary. The process
and dialogue are continuous throughout the year.
Workplace accident prevention policy and
management system
Accident prevention in the Bonheur group of
companies consists of a wide and differing range of
routines and actions for the different subsidiaries.
The health and safety of employees are of the highest
importance, so the operating subsidiaries have based
on different risk assessments implemented safety
management systems, conduct regular risk assessments
for different tasks, hold safety campaigns, daily/weekly
HSE coordination meetings and perform HSE incident
reporting and investigations if needed.
The different safety management systems (SMS) and
integrated company management systems (quality,
health, safety and environment management system)
(QMS) for the different operating subsidiaries of
Bonheur are certified in accordance with the IMO’s
International Safety Management (ISM) Code as well as
ISO 9001, ISO 14001 and ISO 45001.
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 65 EXPLORE
Elimination of discrimination and promotion of equal
opportunities
Bonheur supports an inclusive and diverse work
environment within the operating subsidiaries.
Personnel handbooks address the issue of
discrimination, including harassment, and promotes
equal opportunities for all employees. The operating
subsidiaries have specific policies in place aimed
at eliminating discrimination and harassment, and
promote diversity and inclusion throughout the
relevant workforce. These policies are available and
communicated to all employees.
The policy explicitly covers discrimination or
harassment based on racial and ethnic origin, color,
gender identity, disability, family situation, age, religion,
political opinion, or nationality.
Commitments on reporting and improving the
status of diversity and inclusion in the Bonheur
group of companies are done in accordance with the
requirements in the Norwegian Equality and Anti-
Discrimination Act. Reporting on this act is done
annually and will be published on Bonheur’s website.
S1-2
Processes for engaging with own
workers and workers’ representatives
The procedure for engaging with employees and
workers’ representatives is done in each subsidiary
and with the HR function in Fred. Olsen & Co. The
subsidiaries of Bonheur have various ways of interacting
with their employees. This is done both directly with
individual employees, through workers’ representatives,
work environment committees and a joint forum on
employee representation.
Interaction with the workforce is considered a crucial
part of preventing any negative impact and reducing
risk towards employees in the Bonheur group of
companies. Bonheur supports an open culture
encouraging discussion between the employees and
their respective line managers as part of the day-to-
day business and the yearly employee review, but also
in dialogues between the subsidiaries and any local
unions, as the case may be. Companies with active work
environment committees meet quarterly.
S1-3
Processes to remediate negative
impacts and channels for own workers to
raise concerns
The normal channel for raising any concerns in the
Bonheur group of companies is through the line
manager and then to the HR function or other relevant
parties.
Bonheur and its operating subsidiaries have several
channels to report any concerns or needs directly,
depending on the company, context and type of
concern.
This include a whistleblower channel, and the
purpose of the channel is to promote a good working
environment through transparency and an open
climate for expression.
All concerns reported through the whistleblower
channel are treated independently and if needed,
with the help of third-party competences. Notification
and information about any report are confidential.
This means that the identity of the whistleblower and
Fred. Olsen Seawind
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 66 EXPLORE
information in the case must not be known to more
people than is strictly necessary for fair treatment and
handling of the concern.
Some of the subsidiaries of Bonheur also have
entity specific channels, such as onboard complaint
procedures for these companies
The whistleblower channel for reporting of any
concerns or grievances is also used for employee
related matters. The operating subsidiaries of Bonheur
also conduct a yearly employee dialogue process
covering different aspects of the employment including
assessment, personal development, salary review and
regulation and general feedback and dialogue with the
line manager.
All employees conduct an e-learning course on the
availability, content and process for raising concerns
through the whistleblower channel as part of the
obligatory training.
The personnel handbook for the respective operating
subsidiaries of Bonheur clearly states and describes
how whistleblowers or concerned employees are
protected against both formal and informal retaliation.
It is considered important that all employees feel that
it is safe to raise concerns without the threat of any
negative consequences.
S1-4 Taking action on material impacts
on own workforce, and approaches to
managing material risks related to own
workforce
The various operating Bonheur subsidiaries
continuously assesses the material impact they have on
their respective workforces. For each topic identified,
measures are identified, and additional actions are
taken to address any deficiencies.
Disclosure of key actions
The operating subsidiaries conduct several actions
every year to reduce the risk of material negative
impact on their own workforce. Amongst them are:
• HR awareness training
• HSE inspections
• HSE reporting
• Safety campaigns
• Bullying and harassment workshops
• Emergency response exercise
• Safety management system updates
• Site visits
Time horizon under which key action is to be
completed
Risk mitigation and reducing the negative material
impact on the workforces are continuous processes that
Bonheur expects to continue improving and working
on. There is therefore no expected completion date for
these actions.
Planned action to prevent or mitigate negative
impacts on own workforce
Bonheur is in the process of procuring and
implementing an enhanced whistleblower
arrangement software for handling concerns.
S1-5
Targets related to material topics
Bonheur is in the process of setting group level targets
based on input from the operating subsidiaries. The
target setting process and the resulting targets will be a
bottom-up process led by the operating subsidiaries.
All major subsidiaries will develop targets measured
against 2023 as the baseline year.
The different operating subsidiaries of Bonheur have
set company specific targets related to their own
workforce.
Fred. Olsen Windcarrier
Targets have been established in the form of a series
working meeting with the FOWIC’s management,
Safety Delegate and DPA. There are targets to track
mitigation of negative impact related to own workforce
health and wellbeing and targets to maximize
opportunities to increase female seafarers share and
ensure a diverse workplace. Targets have also been set
to verify if measures against violence in harassment in
the workplace have been effective and to avoid any
non-compliance related to the workforce in the areas
of operation. The targets are directly linked with the
belonging policies.
Global Wind Service
GWS highlights the importance that everyone can
speak up and express their feelings and concerns for
people, procedures or systems in the company. Even as
the ambition in regard to whistleblower cases would
be a target of zero reports, GWS desires to have a
company culture where people raise their voice. Focus
on resolving the issue as soon as possible and learning
from the cases to prevent similar observations. For the
whistleblower system, the target defined is that the
reporter of an issue, should receive an initial response
within 1 week of sending the information through the
channel. Based on the nature and severity of the case,
the case may require additional investigation which
may take more time, but the person raising the concern
must receive feedback on the process and the status.
When a case has been investigated and a decision
has been made to resolve the case, the team involved
in the case conduct small lessons learned which are
shared with the Head of the legal team who is overall
responsible for the whistleblower channel.
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 67 EXPLORE
FRED. OLSEN WINDCARRIER TARGETS
Short term (2024) Medium term (2-5 years) Long Term (>5 years)
• Total recordable frequency rate (TRIF) < 2
• Work related sick leave < 0.01%
• Short term sick leave (office) < 1%
• Total recordable frequency rate (TRIF) < 2
• Work related sick leave < 0.01%
• Short term sick leave (office) < 1%
• Total recordable frequency rate (TRIF) < 2
• Work related sick leave < 0.01%
• Short term sick leave (office) < 1%
• Zero operation down time in projects due to non-compliance (local
content)
• Zero fees due to non-compliance
• Zero operation down time in projects due to non-compliance (local
content)
• Zero fees due to non-compliance
• Zero operation down time in projects due to non-compliance
(local content)
• Zero fees due to non-compliance
• Retention rate > 95% Marine crew
• Retention rate > 95% office employees
• TBD • TBD
• Zero bullying and harassment incidents
• All whistleblowing cases handled in accordance with procedure
• Zero bullying and harassment incidents
• All whistleblowing cases handled in accordance with procedure
• Zero bullying and harassment incidents
• All whistleblowing cases handled in accordance with procedure
• N/A • Minimum two females officers on all vessels at all times • TBD
• 80% completed diversity and inclusion training
• Female share > 40% FOWIC total
• 40% women in leading positions by 2030 (“40 by 30”)
• TBD
• 40% women in leading positions by 2030 (“40 by 30”)
• TBD
• Zero human rights violations. • Zero human rights violations. • Zero human rights violations.
GWS short term targets are the following:
S1: Own Workforce
Fatalities 0
Lost time injury rate (LTIR) (per 1 mio working hours) < 2.2
Total recordable injury rate (TRIR) (per mio working hours) < 8
Employee survey completion rate > 75%
Suggestion for improvements > 50
Fred. Olsen Renewables
Fred. Olsen Renewables report that the following list of
targets is not complete as the process of updating the
targets to reflect the transition to ESRS topics is work
in progress. Where relevant, the existing targets have
been listed in the document. Updated targets will be
developed this year.
Safety:
• Zero personnel injuries
• Zero material damages
• Implement quarterly safety campaigns and
emergency response exercises
• Conduct HSE inspections and audits in accordance
with annual audit plan
Occupational health:
• Zero work related sick leave cases
Equality and discrimination:
• Implement actions to ensure equality related to
gender, age, ethnic origin, nationality, disability,
sexual orientation, religion, political opinion
• Zero cases of discrimination
Human rights:
• Zero labor rights cases
Fred. Olsen Seawind
FOS is in the process of developing specific targets
related to managing material negative impacts,
advancing positive impacts, and managing material
risks and opportunities regarding its workforce.
Fred. Olsen Cruise Lines
The following targets related to FOCL’s own workforce
are in place. FOCL are in the process of establishing
new targets approved by the Shoreside Leadership
Team with the DPA taking the lead role. Targets will be
directly links to relevant SQM/Company policies.
FRED. OLSEN CRUISE LINES TARGETS
Short term (2024) Medium term (2-5 years) Long Term (>5 years)
• Agreed accident rates to be determined by Qtr. 32024
• Retention rate >85% Marine crew
• Zero bullying and harassment incidents
• All whistleblowing cases handled in accordance with procedure
• Zero bullying and harassment incidents
• All whistleblowing cases handled in accordance with procedure
• Zero bullying and harassment incidents
• All whistleblowing cases handled in accordance with procedure
• Zero human rights violations. • Zero human rights violations. • Zero human rights violations.
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 68 EXPLORE
Male
Female
2,717
Total
Norway
Other
2,717
Total
Men Women
618
1,856
77
22
1,944
111
579
35
Permanent employees Part-time employees Full-time employees Temporary employees
The total number of permanent employees
1)
Total number of employees
1)
The employee numbers are calculated based on head count and counted at the end of the reporting period 31.12.2023.
S1-6 Characteristics of the undertaking's
employees
Rate of employee turnover
The total number of employees who have left during
the reporting period, and the rate of employee turnover
in the reporting period
Total number of employees who
have left (average, head count)
Rate of employee turnover in the
reporting period
376 13.84%
How Bonheur have counted employees
These numbers include fixed terms contract and project
assignments where some of the contracts are open
ended with no clear end date for the assignment. Some
of the temporary employees are on non-guaranteed
hours contract, resulting in a higher number of counted
employees under some of the sub-metrics than the
actual number of total employees in the Bonheur group
of companies.
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 69 EXPLORE
S1-7 Characteristics of non-employees in
the undertaking’s own workforce
Total number of non-employees in own workforce
Metric Total
Total number of non-employees in own workforce 2,661
People provided by undertakings primarily engaged in
employment activities (NACE Code N78)
2,661
Self-employed people 0
How we have counted the number of non-employees
is calculated by headcount and the number is based on
the end of the reporting period; 31.12.2023
Changes from previous years affecting comparability
Previous reports on employees in the Bonheur group
of companies have counted employees of the crewing
company Bahia as employees. This is changed in the
current report due to Bahia’s status as a related-party
company of Bonheur, and the ESRS definition of “non-
employees in the workforce”. Crew from Bahia working
exclusively for subsidiaries of Bonheur was in total 2,488
in 2023.
The most common types of non-employees
Type of contract
• Consultants: 132
• Seconded from another Fred. Olsen Company: 5
• Bahia seafarers: 2,488 (61 in FOO and 2,427 in FOCL)
• Other agency seafarers: 36
• Total: 2,661
Fred. Olsen Windcarrier
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 70 EXPLORE
Bonheur’s subsidiary Global Wind Service had one
fatal accident during 2023. The accident is still under
investigation and further information cannot be
published at this stage.
Number and rate of recordable work-related injuries
Metric Total
Work-related injuries 33
Work related ill health of employees and non-employees
in operating subsidiaries
2
105 days was lost to work-related injuries and fatalities
amongst employees in operating subsidiaries
Standards for internal audit or external certification
of health and safety management system
The different safety management system (SMS) and
integrated company management systems (quality,
health, safety and environment management system)
(QMS) for the different subsidiaries of Bonheur are
certified in accordance with the IMO’s International
Safety Management (ISM) Code as well as ISO 9001, ISO
14001 and ISO 45001.
S1-15 Work-life balance
Percentage of employees entitled to take family-
related leave
Metric Total
Percentage of employees entitled to take family-related leave 100%
All employees in the subsidiaries of the Bonheur group
of companies have the right to family-related leave.
Percentage of entitled employees that took family-
related leave, broken down by gender
Female Male Overall
0.05% 0.01% 0.02%
This does not include data from GWS as their
registration of parental leave is in a separate system, but
they report that both male and female employees took
S1-9
Diversity metrics
Gender distribution in number and percentage at top
management level
Gender Top management level Distribution
Male 72 73.47%
Female 26 26.53%
Total 98 100%
In preparing the disclosure on gender at top
management, Bonheur has used the definition of
top management as one and two levels below the
administrative and supervisory bodies in the operating
subsidiaries of Bonheur.
Distribution of employees by age groups
Age groups Employees Percentage
< 30 years 505 18.59%
30–50 years 1,807 66.51%
> 50 years 405 14.91%
S1-14 Health and safety metrics
Percentage of employees in own workforce covered
by a health and safety management system
Metric Total
Percentage of employees in workforce covered by a
health and safety management system
73.61%
This is calculated as a number of total employees, not
total employees required to be covered by a safety
management system. The latter number is 100%.
Number of fatalities as result of work-related injuries
and work-related ill health
Metric Total
Number of fatalities as result of work-related injuries
and work-related ill health
1
Number of fatalities amongst employees in workforce 1
Number of fatalities amongst other workers on
Bonheur’s sites
0
parental leave during 2023.
The data is presented as aggregated for the whole
Bonheur group of companies due to limited sample size
for some of the subsidiaries.
S1-16 Compensation metrics (pay gap and
total compensation)
Compensation metrics deriving from S1-16 and
corresponding disclosure requirements
Metric Total
Annual total remuneration ratio 880%
Unadjusted gender pay gap 68.3%
When compiling the information required to report
the annual total remuneration ratio, Bonheur has
used the ratio between the highest paid individual in
the Group of companies to the median annual total
remuneration for all employees (excluding the highest-
paid individual), such as described in ESRS S1, AR 103.
The unadjusted gender pay gap is defined as the
difference of average pay levels between all female
and male employees, expressed as percentage of the
average pay level of male employees. The pay gap is
not adjusted for level of position, experience, tenure,
responsibilities, or geography. Such data will be
published in accordance with the Norwegian Equality
and Anti-Discrimination Act before June 30th 2024 and
succeeding sustainability statements.
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
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S1-17 Incidents, complaints and severe
human rights impacts
Metric Total
Incidents of discrimination reported 5
Complaints filed through channels for people in the
undertaking's workforce to raise concerns 8
Complaints filed to the National Contact Points for
OECD Multinational Enterprises 0
Metric Total
Amount of material fines, penalties, and compensation
for damages as result of violations regarding social and
human rights factors
NOK 0
Global Wind Service
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
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Suppliers and business partners of Bonheur’s operating
subsidiaries are based in many different countries in
different regions, and it is a recognized responsibility
in advancing and upholding human rights throughout
the value chain is . With a global supply chain, the risk
of unfavorable working conditions is higher than in
domestic operations, and the operating subsidiaries
continue to develop and assess measures in place to
reduce this. Business activities have an indirect positive
effect on workers in the value chain by creating and
sustaining jobs, and demands set towards suppliers can
contribute to better working conditions.
At the same time, Bonheur recognize that parts of
the operating subsidiaries’ value chain may have
activities in geographies and industries with lower
workplace safety and respect for workers’ rights.
Workplace accidents and injuries, and illnesses can
lead to increased costs, reduced productivity, and
reputational damage, affecting the long-term value of
our companies.
Materiality
Bonheur’s suppliers and business partners are based
in many different countries in different regions,
and we recognize the responsibility in advancing
and upholding human rights throughout our value
chain. The risk of unfavorable working conditions is
higher than in our own operations, and our operating
subsidiaries must put measures in place to reduce this.
Workplace accidents and injuries, and illnesses can
lead to increased costs, reduced productivity, and
reputational damage, affecting the long-term value of
companies.
S2 Workers in the value chain
S2–SBM-3 Material impacts, risks and
opportunities affecting value chain workers
The Bonheur group of companies operate globally and
have a global network of suppliers with a wide range of
suppliers to maintain and operate vessels, wind farms,
media business and other investments.
A large part of suppliers, contractors and sub-
contractors are companies based in the EU, UK and
Norway, countries which are subject to strict and
mature labor laws. Hence, impacts related to human
and labor rights, including adequate wages, social
dialogue, freedom of association, including the
existence of work councils, collective bargaining, work-
life balance, human trafficking, child labor are of low
risk for these workers. However, without conducting
proper due diligence there may be risks of breaches
of human and labor rights in the value chains of
the operating subsidiaries as we look beyond tier 1
suppliers.
Activities resulting in positive impacts
Business activity created by the Bonheur group of
companies also has a positive impact on workers in
the value chain through creating and sustaining jobs,
demanding proper working conditions and working to
promote human and labor rights with suppliers.
S2-1
Policies related to value chain
workers
The sustainability policies implemented by operating
subsidiaries under Bonheur state theexpectations of
the same standards to be implemented and valid for
workers in the value chain as for their own workforce.
The policies are shared with contractual partners and are
available upon request to other affected stakeholders.
Bonheur and its subsidiaries respect the rights defined
in the UN's Universal Declaration of Human Rights
and have zero tolerance for human rights violations.
It is therefore important to assess actual and potential
adverse impacts and implement measures to cease,
prevent or mitigate them for workers in the value chain.
This includes respect for the rights defined in the ILO
Declaration on Fundamental Principles and Rights at
Work. Furthermore, Bonheur is committed to equal
opportunities for all. The operating subsidiaries does
not accept any form of undue discrimination on the
basis of gender, age, ethnic origin, nationality, disability,
sexual orientation, religion, political opinion, or
otherwise
Bonheur does not accept the use of child labour
modern slavery in the value chain, and expect that
employees in the value chain are not prevented from
associating freely with any lawful workers’ association
or collective bargaining association of their choice.
Bonheur aim to be transparent and open in
communication with stakeholders and comply with the
Transparency Act. The operating subsidiaries carry out
due diligence in accordance with the OECD Guidelines
for Multinational Enterprises.
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
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S2-2 Processes for engaging with value
chain workers about impacts
How perspectives of value chain workers inform
decisions
The processes of engaging with value chain workers
involve communication on various levels in the
organizations. Discussions are held between the
management of their employer and the contractual
partner in the Bonheur group of companies for more
top-level topics. The operating subsidiaries also
encourage workers in the value chain to directly report
observations or inquiries that they might have in the
company report systems for input and review of actual
and potential material impacts. For sites and suppliers
where unions are active, discussions regarding working
hours, training requirements, scope of work and specific
tasks are part of discussions with them.
Engagement with suppliers and subcontractors are
an important part of the due diligence process both
before entering into an agreement and during the
contractual period. Bonheur and its subsidiaries will
therefore follow-up on any concerns and cooperate
with suppliers along the way.
Steps taken to gain insight into perspectives of value
chain workers
Bonheur has over several years working in a global
context gained significant experience on the risks
and opportunities for workers in the value chain.
The operating subsidiaries continue to improve their
processes on due diligence and risk assessment for
workers in the value chain, and use both internal and
external resources to achieve this.
Fred. Olsen Windcarrier use indexes and information
from both the European Bank of Reconstruction and
Development's (EBRD) and the ITUC's index for working
conditions to assess the initial risk of adverse impact
associated with an industry and country towards
workers in the value chain. This can be used as a filter
before doing further supplier due diligence, supplier
visits and audits or more thorough reviews of suppliers
with a high inherent sustainability risk.
S2-3 Processes to remediate negative
impacts and channels for value chain
workers to raise concerns
Processes for providing remedy connected to material
negative impacts on value chain workers
If any of the suppliers or subcontractors to the Bonheur
group of companies were involved in activities leading
to material negative impacts to their employees, the
respective operating subsidiary will initiate a dialogue
to ensure that the negative impact is reduced or
stopped and that remedial actions are taken. This
can be done through training, knowledge-sharing,
economic compensation, or other means depending on
the situation and type of negative impact.
Channels for value chain workers to raise concerns
In line with the Norwegian Transparency Act, external
stakeholders, including workers in the value chain,
can contact Bonheur or the subsidiaries' head office
for further information on the work towards human
rights or report any actual or suspected violations
and breaches directly to site manager or via an email
available on the company website.
All reported concerns are treated confidentially and on
Global Wind Service Training Academy
At a Glance
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Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
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NGAAP accounts
Auditor's report
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statement
Statement by the
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a strictly need-to-know basis to reduce the number of
people involved in the process and to respect the right
to privacy.
S2-4 Taking action on material impacts on
value chain workers
Bonheur has during 2023 taken steps to further
strengthen the due diligence process related to to
potential negative impact on breaches of human
rights in the value chain. FOWIC has piloted a platform
to conduct the initial assessment and to carry out
follow-up gathering information from the suppliers. All
suppliers and subcontractors are required to follow the
principles as described the Code of Conduct.
For the actual negative impact some of Bonheur’s
subsidiaries have on value chain workers working
onboard vessels the following actions have been
implemented: All work onboard FOWIC vessels shall be
conducted using FOWIC’s four basic safety tools:
• Risk assessment
• Permit to work (for hazardous work)
• Toolbox talk (Review of risk assessment with all
involved personnel)
• Take2 (Last minute risk assessment conducted before
the work starts)
FOWIC provide training to value chain workers onboard
the vessel as illustrated in the excerpt to the right.
S2-5 Targets related to value chain workers
Fred. Olsen Windcarrier has set the following targets
related to their value chain workers.
FRED. OLSEN WINDCARRIER TARGETS
Short term (2024) Medium term (2-5 years) Long Term (>5 years)
Total recordable frequency rate (TRIF) < 2 Total recordable frequency rate (TRIF) < 2 Total recordable frequency rate (TRIF) < 2
Zero actual adverse impact on workers in the value chain that are
caused or contributed to by FOWIC or directly linked to our operation.
Zero actual adverse impact on workers in the value chain that are
caused or contributed to by FOWIC or directly linked to our operation.
Zero actual adverse impact on workers in the value chain that are
caused or contributed to by FOWIC or directly linked to our operation.
Training: Remarks:
Vessel induction HSE-593-P Vessel induction
Hot works induction TM-01 Hot works induction
Risk Assessments TM-02 Risk assessments
Permit to Work TM-03 Permit to Work
HSE Manual (incl. HSE bridging doc.) TM-04 HSE Manual
HSEQ Reporting TM-05 HSE Reporting
Safety Management System (SMS) TM-06 SMS
Think first (Obs techniques/Take2) TM-08 Think first
Dropped objects TM-09 Dropped objects
Hand safety TM-10 Hand safety
SharePoint TM-12 SharePoint
Noise and vibration TM-16 Noise and vibration
Enclosed space TM-18 Enclosed space
Mandatory Reccommended
1)
Client personnel conduct training subject to agreement in HSE bridging document.
2)
Subcontractor supervisor shall not fill the role as Person in Charge before ‘TM-03 Permit to Work’ has been conducted
OCM (or equivalent)
Installation Lead
1)
All other SPS Crew
Lift Supervisor
1)
Client Reps
1)
Subcontractor supervisor
2)
Subcont. doing hot work
Offshore Safety Advisor
At a Glance
Key Figures
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Overview
Director’s Report
The Board of Directors
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NGAAP accounts
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statement
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Definitions
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S3 Affected communities
Renewable energy projects could, as all economic and
industrial activity, potentially affect the economic,
social and cultural rights of the communities where
they are located. Bonheur recognizes these concerns
and is committed to respecting human rights and
ensuring that projects are built in a way that balances
the interests of different stakeholders. Bonheur is also
proud of the positive impact from renewable energy
projects, such as local job creation, increased industry
related business activities and tax revenues for the local
community.
If the operating subsidiaries do not properly engage
with the communities in which they operate, Bonheur’s
subsidiaries may face challenges such as project
cancellations, permitting and construction delays, or
reputational damage. These could have significant
financial implications for the business and affect
long-term value creation. Reducing the risk for and
managing any negative impacts on the affected
communities are therefore of the highest importance to
Bonheur and subsidiaries.
S3–SBM-3 Material impacts, risks
and opportunities regarding affected
communities
Bonheur’s commitment to uphold human rights and
engage with all affected communities from activities in
the operating subsidiaries is stated in the subsidiaries
sustainability policies.
The renewable energy segment of Bonheur is
dependent on cooperating with local communities,
and in some instances also indigenous people, when
planning, constructing and operating wind farms.
Communities subject to material impacts, risks and
opportunities
Wind farms and other large industrial activity use land
and nature. Bonheur also recognize that noise, and
visual pollution from turbines and nav lights may lead
to impacts for affected communities. The operating
subsidaries therefore seek to minimize both the use of
land and to design the wind farms in such a way that
they affect as few people and little as financially viable.
Activities from Bonheur’s operating subsidiaries
contribute with material positive impact in both the
construction and operational phase with job creation,
increased local business activity, increased local tax
revenue and other economic ripple effects such as
improved infrastructure.
Developing and operating wind farms are dependent
on acceptance from a number of key stakeholders. The
views of the affected communities are important factors
in achieving consent and a license to operate. Hence,
there is a strong relationship between material risks and
opportunities arising from affected communities and
the strategy and business model.
S3-1 Policies related to affected
communitites
Policy provisions for preventing and addressing
impacts on indigenous peoples
Where relevant, it is important for Bonheur to address
any risks for or impact on indigenous people. Fred.
Olsen Renewables have operations and in northern
Sweden and ongoing project development in northern
Norway, where this is relevant and an an important part
of the consent process in both countries. Managing
the potential impacts on indigenous people properly
is a prerequisite for gaining consent for a new wind
farm and the Bonheur group of companies will seek
consultation and consent from any indigenous people
impacted by operations or directly by the value chain.
Alignment with relevant internationally recognised
instruments
Norway has ratified the UN Declaration of Rights
for Indigenous People (UNDRIP). In Sweden, the
indigenous Sámi people are today recognized as a
people with a right to self-determination, and Sweden
voted for the UNDRIP in 2007, but is yet to ratify it.
The Bonheur group of companies follow practices as
described in the UNDRIP.
S3-2 Processes for engaging with affected
communities
The engagement with affected communities in
question are directly with the local community and
local legislatures. As part of the development process,
open information meetings and other means of
communication is held with the affected communities.
Engagement occurs most often with representatives
for interest groups and with the administration and
political leadership in the municipalities.
The Bonheur group of companies is actively
engaging with affected communities throughout the
development, construction, and operations phases of
different projects and operations. The frequency and
nature of the engagement depends on the situation
and the needs of the local community.
Throughout the development and due diligence
process, Bonheur will seek to identify any human right
or other material negative impact we may have on
affected communities. Means to mitigate and handle
At a Glance
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Overview
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NGAAP accounts
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statement
Statement by the
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such risks or impacts will be developed as they are
identified.
S3-3 Processes to remediate negative
impacts for affected communities
All potential cases where Bonheur and its subsidiaries
have any material negative impact on affected
communities are taken seriously and handled
professionally. Depending on the type of negative
impact the operations have had the subsidiaries’ will
engage and cooperate with the community to remedy
the negative impact.
S3-4 Taking action on material impacts on
affected communities, and approaches to
managing material risks
Any action taken regarding material impact on affected
communities varies from project to project. In most
cases, actions to be taken and/or any preventive
measures are thoroughly described and specified in the
consent requirements.
S3-5 Targets related to affected
communities
The following targets relating affected communities are
developed by Fred. Olsen Renewables.
Increase renewable energy production
• Increase onshore wind capacity through realization
of consented projects, subject to final investment
decision
Reduce environmental impacts
• Seek to achieve biodiversity neutrality for new sites
where possible
• Zero environmental spills to ground
Reduce area usage
• Road layouts to be planned with minimum use
of area and avoiding impact on peatland where
possible
• For construction projects, reduce or eliminate the
need for temporary blade storage areas
Reduce visual pollution
• Subject to national civil aviation authority approval
and technical/economic feasibility, implement
solutions that activate lights only when aircraft are
approaching and/or use active air navigation lights
only at the outer perimeter of the wind farms
Fred. Olsen Renewables
At a Glance
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Overview
Director’s Report
The Board of Directors
Sustainability Statement
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NGAAP accounts
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statement
Statement by the
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IV. Governance
Mid Hill Wind Farm – Fred. Olsen Renewables
At a Glance
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Overview
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NGAAP accounts
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statement
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Good corporate governance and good business
conduct are prerequisites for Bonheur and its operating
subsidiaries to operate. The group of companies
operates in different industries and geographies, and
it is of high importance touphold business ethics
standards and continue to work against corruption and
other financial crimes.
In all business activity there is an inherent risk of
indirectly contributing to corruption or other forms
of financial crimes, but especially when reliant on
government consents and the acceptance of local
communities. This is also true for Bonheur’s subsidiaries
and an issue the company has a strong focus on.
Bonheur will work to ensure all employees in the group
of companies are trained on anti-corruption and good
governance, and that they follow the code of conduct
and other ethical guidelines.
Non-compliance with laws and regulations related to
business conduct does not only negatively affect the
communities involved, it can lead to large fines, legal
costs, and loss of contracts, affecting the long-term
value of the group of companies. Bonheur can also
contribute to responsible business conduct and have
a positive impact by demanding high standards both
from employees and business partners.
G1-1 Business conduct policies and
corporate culture
The code of conduct policy includes various topics such
as setting out common standards for business ethics,
conflicts of interest, confidentiality, rules regarding gifts
and representation and internal control in the Bonheur
group of companies.
The purpose of this procedure is to ensure common
commitments on rules, regulations and behavior within
the subsidiaries of Bonheur. This includes a common
standard for ethics and anti-corruption which is further
expanded and regulated in the Code of Conducts for
the main subsidiaries.
The code of conduct is communicated to both suppliers
and customers. Everyone employed in the Bonheur
group of companies or Fred. Olsen & Co. are to follow
the applicable policies.
The legal director of Fred. Olsen & Co. is handling the
day-to-day implementation and compliance with the
policy. The CEOs of the operating subsidiaries are in
charge for implementing corresponding policies in their
organization.
As a trusted partner for wind turbine installation
and service in the green electricity sector, the key
stakeholders which were considered for this policy
were, clients, subcontractors, local communities, the
employees and the board of directors.
Bonheur and its operating subsidiaries have through
policy documents at different levels in the organization
committed to respect the United Nations Declaration of
Human Rights.
The policy is on the intranet and made available on
Bonheur website for all external stakeholders.
G1 Business conduct
Fred. Olsen Windcarrier
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
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Mechanisms for identifying, reporting and
investigating concerns
Suspected or reported unlawful behavior is investigated
by the subsidiary reported to be involved in any
potential misconduct.
Bonheur's whistleblower channel ensure that anyone
that wants to share concerns or report illegal or
unethical conduct are able to do so.
Reports filed through the whistleblower channel
are currently received by the head of HR and legal
department who ensure that the correct personnel
are involved in handling the case. Any case is
then thoroughly investigated to ensure that the
conclusion is based on objective facts. Cases are
handled confidentially to ensure the protection of the
whistleblower.
Operating subsidiaries under Bonheur have policies
covering anti-corruption and anti-bribery consistent
with the UN convention against corruption.
Protection of whistleblowers
Employees in the Bonheur group of companies
conduct training on whistleblowing and access to
the whistleblower channel as part of their induction
training upon employment. This training includes
information on protection of whistleblowers and how
this should be handled.
The personnel handbook covering the different
operating subsidiaries of Bonheur clearly states that any
whistleblower is protected against retaliation and what
constitutes retaliation.
Information about the policy for training within the
organisation on business conduct
Employees in the Bonheur group of companies have
obligatory training on different business conduct issues
as part of their induction. This include among others
whistleblowing, anti-corruption and bribery awareness,
code of conduct. Personnel exposed to higher risk of
business conduct issues have more frequent and in-
dept business conduct training.
Functions that are most at risk in respect of corruption
and bribery:
• Procurement
• Business development in new geographies
G1-3 Prevention and detection of
corruption and bribery
The operating subsidiaries of Bonheur are responsible
for making sure that prevention and detection
systems to address potential allegations or incidents
of corruption or bribery are in place. How the different
subsidiaries work to prevent and detect corruption
cases are integrated in their overall risk management
systems.
Reporting a violation or raising concerns about
possible violation of the anti-bribery or Code of
Conduct shall be conducted in accordance with internal
procedures as described in the HSE Handbook. Further
a “Hot line” for addressing complaints specifically on
anti-corruption is available for some of the subsidiaries.
The current procedures do not describe the criteria for
selection of the investigation committee and their level
of objectivity.
Bonheur is in the process of procuring a whistleblower
complaint handling system. The company expects this
to be implemented during 2024.
Policies and employee handbooks are available on the
operating subsidiaries intranet site.
G1-4 Incidents of corruption or bribery
During the financial year 2023 Bonheur had no
reported cases of corruption and bribery.
Convictions for violations of anti-
corruption and anti-bribery laws
0
Amount of fines for violation
of anti-corruption and
anti-bribery laws
0
Confirmed incidents
of corruption or bribery
0
Confirmed incidents relating to
contracts with business partners
that were terminated or not
renewed due to violations related
to corruption or bribery
0
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
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IRO-2 Disclosure requirements in ESRS covered by the undertaking's sustainability statement
DISCLOSURE OF LIST OF DATA POINTS THAT DERIVE FROM OTHER EU LEGISLATION
Disclosure Requirement and
related datapoint SFDR reference Pillar 3 reference
Benchmark
Regulation reference
EU Climate
Law reference
Page and link to
disclosure, if material
ESRS 2 GOV-1 Board's gender diversity
paragraph 21 (d)
Indicator number 13 of Table
#1 of Annex 1
Commission Delegated Regulation (EU)
2020/1816 , Annex II
Page 25
ESRS 2 GOV-1 Percentage of board members
who are independent paragraph 21 (e)
Delegated Regulation (EU) 2020/1816,
Annex II
Page 25
ESRS 2 GOV-4 Statement on due diligence
paragraph 30
Indicator number 10 Table #3
of Annex 1
Page 29
ESRS 2 SBM-1 Involvement in activities related to
fossil fuel activities paragraph 40 (d) i
Indicators number 4 Table #1
of Annex 1
Article 449a Regulation (EU) No 575/2013;
Commission Implementing Regulation
(EU) 2022/245313Table 1: Qualitative
information on Environmental risk and Table
2: Qualitative information on Social risk
Not involved
ESRS 2 SBM-1 Involvement in activities related to
chemical production paragraph 40 (d) ii
Indicator number 9 Table #2 of
Annex 1
Delegated Regulation (EU) 2020/1816,
Annex II
Not involved
ESRS 2 SBM-1 Involvement in activities related to
controversial weapons paragraph 40 (d) iii
Indicator number 14 Table #1
of Annex 1
Delegated Regulation (EU)
2020/181814, Article 12(1) Delegated
Regulation (EU) 2020/1816, Annex II
Not involved
ESRS 2 SBM-1 Involvement in activities related
to cultivation and production of tobacco
paragraph 40 (d) iv
Delegated Regulation (EU) 2020/1818,
Article 12(1) Delegated Regulation (EU)
2020/1816, Annex II
Not involved
ESRS E1-1 Transition plan to reach climate
neutrality by 2050 paragraph 14
Regulation (EU) 2021/1119,
Article 2(1)
Page 49
ESRS E1-1 Brand Units excluded from Paris-
aligned Benchmarks paragraph 16 (g)
Article 449a Regulation (EU) No 575/2013;
Commission Implementing Regulation
(EU) 2022/2453 Template 1: Banking
bookClimate Change transition risk: Credit
quality of exposures by sector, emissions
and residual maturity
Delegated Regulation (EU) 2020/1818,
Article 12.1 (d) to (g), and Article 12.2
Not material
ESRS E1-4 GHG emission reduction targets
paragraph 34
Indicator number 4 Table #2 of
Annex 1
Article 449a Regulation (EU) No 575/2013;
Commission Implementing Regulation
(EU) 2022/2453 Template 3: Banking book
– Climate change transition risk: alignment
metrics
Delegated Regulation (EU) 2020/1818,
Article 6
Page 52-53
ESRS E1-5 Energy consumption from fossil
sources disaggregated by sources (only high
climate impact sectors) paragraph 38
Indicator number 5 Table #1
and Indicator n. 5 Table #2 of
Annex 1
Page 54
ESRS E1-5 Energy consumption and mix
paragraph 37
Indicator number 5 Table #1 of
Annex 1
Page 54
ESRS E1-5 Energy intensity associated with
activities in high climate impact sectors
paragraphs 40 to 43
Indicator number 6 Table #1 of
Annex 1
Page 54
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 81 EXPLORE
Disclosure Requirement and
related datapoint SFDR reference Pillar 3 reference
Benchmark
Regulation reference
EU Climate
Law reference
Page and link to
disclosure, if material
ESRS E1-6 Gross Scope 1, 2, 3 and Total GHG
emissions paragraph 44
Indicators number 1 and 2
Table #1 of Annex 1
Article 449a; Regulation (EU) No 575/2013;
Commission Implementing Regulation (EU)
2022/2453 Template 1: Banking book –
Climate change transition risk: Credit quality
of exposures by sector, emissions and
residual maturity
Delegated Regulation (EU) 2020/1818,
Article 5(1), 6 and 8(1)
Page 55
ESRS E1-6 Gross GHG emissions intensity
paragraphs 53 to 55
Indicators number 3 Table #1
of Annex 1
Article 449a Regulation (EU) No 575/2013;
Commission Implementing Regulation
(EU) 2022/2453 Template 3: Banking book
– Climate change transition risk: alignment
metrics
Delegated Regulation (EU) 2020/1818,
Article 8(1)
Page 56
ESRS E1-7 GHG removals and carbon credits
paragraph 56
Regulation (EU) 2021/1119,
Article 2(1)
Not material
ESRS E1-9 Exposure of the benchmark portfolio
to climate-related physical risks paragraph 66
Article 449a Regulation (EU) No 575/2013;
Commission Implementing Regulation (EU)
2022/2453 paragraphs 46 and 47; Template
5: Banking book - Climate change physical
risk: Exposures subject to physical risk.
Not material
ESRS E1-9 Breakdown of the carrying value of
its real estate assets by energy efficiency classes
paragraph 67 (c).
Article 449a Regulation (EU) No 575/2013; Not material
ESRS E1-9 Degree of exposure of the portfolio to
climate related opportunities paragraph 69
Delegated Regulation (EU)
2020/1818, Annex II
Not material
ESRS E2-4 Amount of each pollutant listed in
Annex II of the EPRTR Regulation (European
Pollutant Release and Transfer Register) emitted
to air, water and soil, paragraph 28
Indicator number 8 Table #1 of
Annex 1 Indicator number 2
Table #2 of Annex 1 Indicator
number 1 Table #2 of Annex 1
Indicator number 3 Table #2 of
Annex 1
Not material
ESRS E3-1 Water and marine resources
paragraph 9
Indicator number 7 Table #2 of
Annex 1
Not material
ESRS E3-1 Dedicated policy paragraph 13 Indicator number 8 Table 2 of
Annex 1
Not material
ESRS E3-1 Sustainable oceans and seas
paragraph 14
Indicator number 12 Table #2
of Annex 1
Not material
ESRS E3-4 Total water recycled and reused
paragraph 28 (c)
Indicator number 6.2 Table #2
of Annex 1
Not material
ESRS E3-4 Total water consumption in m3 per
net revenue on own operations paragraph 29
Indicator number 6.1 Table #2
of Annex 1
Not material
ESRS 2- IRO 1 - E4 paragraph 16 (a) i Indicator number 7 Table #1 of
Annex 1
Page 58-60
ESRS 2- IRO 1 - E4 paragraph 16 (b) Indicator number 10 Table #2
of Annex 1
Page 58-60
ESRS 2- IRO 1 - E4 paragraph 16 (c) Indicator number 14 Table #2
of Annex 1
Page 58-60
ESRS E4-2 Sustainable land / agriculture
practices or policies paragraph 24 (b)
Indicator number 11 Table #2
of Annex 1
Page 60
ESRS E4-2 Sustainable oceans / seas practices or
policies paragraph 24 (c)
Indicator number 12 Table #2
of Annex 1
Page 60
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 82 EXPLORE
Disclosure Requirement and
related datapoint SFDR reference Pillar 3 reference
Benchmark
Regulation reference
EU Climate
Law reference
Page and link to
disclosure, if material
ESRS E4-2 Policies to address deforestation
paragraph 24 (d)
Indicator number 15 Table #2
of Annex 1
Page 60
ESRS E5-5 Non-recycled waste paragraph 37 (d) Indicator number 13 Table #2
of Annex 1
Not material
ESRS E5-5 Hazardous waste and radioactive
waste paragraph 39
Indicator number 9 Table #1 of
Annex 1
Not material
ESRS 2- SBM3 - S1 Risk of incidents of forced
labor paragraph 14 (f)
Indicator number 13 Table #3
of Annex I
Page 64
ESRS 2- SBM3 - S1 Risk of incidents of child
labour paragraph 14 (g)
Indicator number 12 Table #3
of Annex I
Page 64
ESRS S1-1 Human rights policy commitments
paragraph 20
Indicator number 9 Table #3
and Indicator number 11 Table
#1 of Annex I
Delegated Regulation (EU)
2020/1816, Annex II
Page 64
ESRS S1-1 Due diligence policies on issues
addressed by the fundamental International
Labor Organisation Conventions 1 to 8,
paragraph 21
Page 64-65
ESRS S1-1 processes and measures for
preventing trafficking in human beings
paragraph 22
Indicator number 11 Table #3
of Annex I
Not material
ESRS S1-1 workplace accident prevention policy
or management system paragraph 23
Indicator number 1 Table #3 of
Annex I
Page 64
ESRS S1-3 grievance/complaints handling
mechanisms paragraph 32 (c)
Indicator number 5 Table #3 of
Annex I
Page 65-66
ESRS S1-14 Number of fatalities and number and
rate of work-related accidents paragraph 88 (b)
and (c)
Indicator number 2 Table #3 of
Annex I
Page 70
ESRS S1-14 Number of days lost to injuries,
accidents, fatalities or illness paragraph 88 (e)
Indicator number 3 Table #3 of
Annex I
Page 70
ESRS S1-16 Unadjusted gender pay gap
paragraph 97 (a)
Indicator number 12 Table #1
of Annex I
Delegated Regulation (EU) 2020/1816,
Annex II
Page 70
ESRS S1-16 Excessive CEO pay ratio paragraph
97 (b)
Indicator number 8 Table #3 of
Annex I
Page 70
ESRS S1-17 Incidents of discrimination
paragraph 103 (a)
Indicator number 7 Table #3 of
Annex I
Delegated Regulation (EU) 2020/1816,
Annex II Delegated Regulation (EU)
2020/1818 Art 12 (1)
Page 71
ESRS S1-17 Non-respect of UNGPs on Business
and Human Rights and OECD paragraph 104 (a)
Indicator number 10 Table #1
and Indicator n. 14 Table #3 of
Annex I
Page 71
ESRS G1-1 United Nations Convention against
Corruption paragraph 10 (b)
Indicator number 15 Table #3
of Annex 1
Page 78-79
ESRS G1-1 Protection of whistle- blowers
paragraph 10 (d)
Indicator number 6 Table #3 of
Annex 1
Page 79
ESRS G1-4 Fines for violation of anti-corruption
and anti-bribery laws paragraph 24 (a)
Indicator number 17 Table #3
of Annex 1
Delegated Regulation (EU) 2020/1816,
Annex II)
Page 79
ESRS G1-4 Standards of anticorruption and anti-
bribery paragraph 24 (b)
Indicator number 16 Table #3
of Annex 1
Page 79
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 83 EXPLORE
EXPLANATION OF NEGATIVE MATERIALITY ASSESSMENT FOR TOPICAL ESRS
Topical standard Status
E1 Climate Change Material
E2 Pollution Although pollution is considered a material topic to some of Bonheur's subsidiaries, it is not deemed
to be material from a Bonheur point of view. This is because the threshold for materiality is set higher
from a Bonheur group of companies perspective than for each subsidiary.
E3 Water and marine resources Bonheur and its operating subsidiaries have little impact or risks related to water and marine
resources.
E4 Biodiversity and ecosystems Material
E5 Circular economy Although waste and circular economy is a material topic to some of Bonheur's operating subsidiaries,
it is not deemed to be material from a Bonheur point of view. This is because the threshold for
materiality is set higher from a Bonheur group of companies perspective than for each subsidiary.
S1 Own workforce Material
S2 Workers in the value chain Material
S3 Affected communities Material
S4 Consumers and end-users Bonheur's activities do not meet the materiality threshold for either impacts, risks and opportunities
regarding activities related to products or services for consumers and end-users.
G1 Business conduct Material
Explanation of how material information to be disclosed has been determined
For more information on the process of identifying, assessing and determining which sustainability matters are
material to Bonheur, please see the descriptions under IRO-1.
List of ESRS Disclosure Requirements complied with in preparing the sustainability statement, following the
outcome of the materiality assessment
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
SEARCHPAGE 84 EXPLORE
Consolidated Accounts
Balmoral, Borealis, Bolette – Fred. Olsen Cruise Lines
SEARCHPAGE 85 EXPLORE
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
For the period 1 January - 31 December Note 2023 2022
Amounts in NOK 1,000
| Revenues | 5 | ||
| Gain on sale of property, plant and equipment | |||
| Total operating income | |||
| Cost of sales | - | - | |
| Salaries and other personnel expenses | 7,19 | - | - |
| Other operating expenses | 6,19 | - | - |
| Loss on sale of property, plant and equipment | - | - | |
| Total operating expenses | - | - | |
| Operating profit / loss (-) before depreciation and impairment losses | |||
| Depreciation and amortisation | 10,11 | - | - |
| Impairment of property, plant and equipment and intangible assets | 10,11 | - | - |
| Total depreciation and impairment losses | - | - | |
| Operating profit / loss (-) | |||
| Share of profit / (loss-) in associates | 12 | - | - |
| Interest income | |||
| Other finance income | |||
| Finance income | 8 | ||
| Interest expenses | - | - | |
| Other finance expenses | - | - | |
| Finance expenses | 8 | - | - |
| Net finance income / expense (-) | - | ||
| Profit / (-loss) before tax | |||
| Tax income / expense (-) | 9 | - | - |
| Profit / (loss-) for the year | |||
Allocated to: | |||
| Shareholders of the parent | |||
| Non-controlling interests | |||
| Profit / (loss-) for the year |
| Basic and diluted earnings per share (NOK) | 17 |
The non-controlling interests in the Bonheur Group of companies are included in the Consolidated Income Statement. The non-controlling interests consist of 43.28% of NHST Holding AS (adjusted for own shares), 49% of
Fred. Olsen Wind Limited (UK), 49% of Fred. Olsen CBH Limited (UK), 49% of Hvitsten II JV AS, 49% of Hvitsten II JV AB, 49% of Blue Tern Limited, 50% of United Wind Logistics GmbH and 7.84% of Global Wind Service A/S.
Consolidated Income Statement
SEARCHPAGE 86 EXPLORE
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
| For the period 1 January - 31 December | Note | 2023 | 2022 |
Amounts in NOK 1,000 | |||
| Profit/Loss for the period | |||
Other comprehensive income | |||
Items that will not be reclassified to profit or loss | |||
| Actuarial gains/(losses) on pension plans | 19 | - | |
| Other comprehensive income for the period | - | - | |
| Income tax on other comprehensive income | - | ||
| Total items that will not be reclassified to profit or loss | - | ||
Items that may be reclassified subsequently to profit or loss | |||
Foreign exchange translation effects: | |||
| - Foreign currency translation differences from foreign operations | |||
| - Foreign currency translation difference from foreign operations transferred to profit or loss | |||
Fair value effects related to financial instruments: | |||
| - Financial assets at fair value over OCI | - | ||
| Income tax on other comprehensive income | 9 | - | |
| Total items that are or may be reclassified subsequently to profit or loss | |||
| Other comprehensive result for the period, net of income tax | |||
| Total comprehensive income for the period | |||
Allocated to: | |||
| Shareholders of the parent | |||
| Non-controlling interest | |||
| Total comprehensive income / loss for the period |
As at 31 December 2023 non-controlling interests consist of 43.28% of NHST Media Group AS (adjusted for own shares), 49% of Fred. Olsen Wind Limited (UK), 49% of Fred. Olsen CBH Limited (FOCBH) (UK), 49% of Hvitsten
II JV AS, 49% of Hvitsten II JV AB, 49% of Blue Tern Limited, 50% of United Wind Logistics GmbH and 7.84% of Global Wind Service A/S.
Consolidated Statement of Comprehensive Income
SEARCHPAGE 87 EXPLORE
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
| Note | 2023 | 2022 | |
Amounts in NOK 1,000 | |||
ASSETS | |||
Non-current assets | |||
| Development costs | |||
| Publishing rights | |||
| Customer relationships, technology, patents, other | |||
| Goodwill | |||
| Intangible assets | 11 | ||
| Deferred tax assets | 9 | ||
| Windfarms | |||
| Ships | |||
| Other fixed assets | |||
| Property, plant and equipment | 10 | ||
| Investments in associates | 12 | ||
| Investments in other shares | 13 | ||
| Bonds and other receivables | 13 | ||
| Pension funds | 19 | ||
| Financial fixed assets | |||
| Total non-current assets | |||
Current assets | |||
| Inventories | 14 | ||
| Trade receivables and contract assets | 15 | ||
| Other receivables and shares | 15 | ||
| Restricted cash | 16 | ||
| Other cash and bank deposits | 16 | ||
| Total current assets | |||
| Assets held for sale | 10 | ||
| Total assets |
The non-controlling interests in the Bonheur Group of companies are included in the Consolidated Statement of Financial Position. The non-controlling interests consist of 43.28% of NHST Media Group AS (adjusted for
own shares), 49.00% of Fred. Olsen Wind Limited (UK), 49% of Fred. Olsen CBH Limited (UK), 49% of Hvitsten II JV AS, 49% of Hvitsten II JV AB, 49% of Blue Tern Limited, 50% of United Wind Logistics GmbH and 7.84% of
Global Wind Service A/S.
Consolidated Statement of Financial Position
SEARCHPAGE 88 EXPLORE
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
| Note | 2023 | 2022 | |
Amounts in NOK 1,000 | |||
EQUITY AND LIABILITIES | |||
Equity | |||
| Share capital | |||
| Additional paid in capital | |||
| Total paid in capital | |||
| Retained earnings | |||
| Share of equity attributable to shareholders of the parent | |||
| Non-controlling interests | |||
| Total equity | |||
Liabilities | |||
| Employee benefits | 19 | ||
| Deferred tax liabilities | 9 | ||
| Interest bearing loans and borrowings | 18 | ||
| Other non-current liabilities | 20 | ||
| Total non-current liabilities | |||
| Current tax | 9 | ||
| Investment in associates | 12 | ||
| Interest bearing loans and borrowings | 18 | ||
| Other accruals and deferred income | 20 | ||
| Trade and other payables | 21 | ||
| Total current liabilities | |||
| Total liabilities | |||
| Total equity and liabilities |
The non-controlling interests in the Bonheur Group of companies are included in the Consolidated Statement of Financial Position. The non-controlling interests consist of 43.28% of NHST Media Group AS (adjusted for
own shares), 49% of Fred. Olsen Wind Limited (UK), 49% of Fred. Olsen CBH Limited (UK), 49% of Hvitsten II JV AS, 49% of Hvitsten II JV AB, 49% of Blue Tern Limited, 50% of United Wind Logistics GmbH and 7.84% of Global
Wind Service A/S.
Oslo, 8 April 2024
Bonheur ASA – The Board of Directors
Fred. Olsen
Chairman
Carol Bell
Director
Bente Hagem
Director
Jannicke Hilland
Director
Andreas Mellbye
Director
Nick Emery
Director
Anette Sofie Olsen
Managing Director
SEARCHPAGE 89 EXPLORE
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
Share
capital
Share
premium
Translation
reserve
Fair value
reserve
Retained
earnings Total
Non-controlling
interests
Total
equity
Amounts in NOK 1,000
| Balance at 1 January 2022 | - | - | ||||||
| Total comprehensive income for the period | - | |||||||
| Effect from transactions with non-controlling interests | ||||||||
| Transaction costs | - | - | - | |||||
| Dividends to shareholders in parent company | - | - | - | |||||
| Dividends to non-controlling interests in subsidiaries | - | - | ||||||
| Balance at 31 December 2022 | - | - |
| Balance at 1 January 2023 | - | - | ||||||
| Total comprehensive income for the period | ||||||||
Effect from transactions with non-controlling interests 1) | ||||||||
| Dividends to shareholders in parent company | - | - | - | |||||
| Dividends to non-controlling interests in subsidiaries | - | - | ||||||
| Balance at 31 December 2023 | - |
Share capital
Par value per share NOK 1.25
Number of shares issued 42,531,893
Shares outstanding and dividends Note 2023 2022
Number of shares outstanding at 1 January 42,531,893 42,531,893
New shares issued 0 0
Number of shares outstanding at 31 December 17 42,531,893 42,531,893
Total dividends per share 6.00 5.00
1)
Transaction related to drop-down of Fäbodliden 2 to Wind Fund 1 with a cash contribution of EUR 14,3 million.
Statement of Changes in Equity
The board will propose to the Annual General Meeting on 23 May 2024 to approve a dividend of NOK 6.0
per share.
Translation reserve
The reserve represents exchange rate differences resulting from the consolidation of associates and
subsidiaries having functional currencies other than NOK.
Fair value reserve
The reserve includes the cumulative net change from investments at fair value through other
comprehensive income until the investment is derecognized.
Non-controlling interests
As at 31 December 2023 the non-controlling interests consist of 43.28% of NHST Media Group AS (adjusted
for own shares), 49% of Fred. Olsen Wind Limited (UK), 49% of Fred. Olsen CBH Limited (UK), 49% of Hvitsten
II JV AS, 49% of Hvitsten II JV AB, 49% of Blue Tern Limited, 50% of United Wind Logistics GmbH and 7.84%
of Global Wind Service A/S.
SEARCHPAGE 90 EXPLORE
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
| Note | 2023 | 2022 | |
Amounts in NOK 1,000 | |||
Cash flow from operating activities | |||
| Net result after tax | |||
Adjustments for: | |||
| Depreciation / amortisation / impairment | 10,11 | ||
| Impairment of financial investments / net change in fair value of financial assets | 8 | - | |
| Pension costs | 7 | ||
| Net unrealized foreign exchange gain (-) / loss | 8 | - | - |
| Interest income and dividends | 8 | - | - |
| Interest expenses | 8 | ||
| Share of result in associates | 12 | ||
| Net gain (-) / loss on sale of property, plant and equipment | 10 | - | - |
| Net gain (-) / loss on sale of investments | 8,13 | - | |
| Tax income (-) / expense | 9 | ||
| Cash generated before changes in working capital and provisions | |||
| Increase (-) / decrease in trade and other receivables | - | - | |
| Increase / decrease (-) in current liabilities | |||
| Cash generated from operations | |||
| Interest paid | - | - | |
| Tax paid | 9 | - | - |
| Net cash from operating activities | |||
Cash flow from investing activities | |||
| Proceeds from sale of property, plant and equipment | 10 | ||
| Proceeds from sale of investments | 13 | ||
| Interest received | |||
| Dividends received | |||
| Acquisitions of property, plant and equipment | 10,11 | - | - |
| Acquisitions of other investments | 13 | - | - |
| Net cash from investing activities | - | - | |
Cash flow from financing activities | |||
| Net proceed from issue of share capital in subsidiary | |||
| Proceed from sale of shares in subsidiaries as part of financing | |||
| Increase in borrowings | 18 | ||
| Repayment of borrowings | 18 | - | - |
| Dividends paid | - | - | |
| Net cash from financing activities | - | ||
| Net increase in cash and cash equivalents | - | ||
| Cash and cash equivalents at 1 January | |||
| Effect of exchange rate fluctuations on cash held | |||
| Cash and cash equivalents at 31 December | 16 |
Consolidated Cash Flow Statement
SEARCHPAGE 91 EXPLORE
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
NOTE 1
Bonheur ASA is domiciled in Norway . The address of the Company’s registered office is Fred Olsens gate 2, Oslo.
The consolidated financial statements of Bonheur ASA
comprise Bonheur ASA
individually as “Group entities”) and the Group of companies’ interests in associates.
The Group of companies is primarily involved in Renewable Energy, Wind Service and Cruise.
The annual accounts together with the appurtenant financial statements were addressed by the Board of
Directors on 8 April 2024. In a meeting 15 April 2024, the Shareholders’ Committee recommended to the
Annual General Meeting that the proposal to the annual accounts for 2023 together with the appurtenant
financial statements as addressed and resolved upon by the Board in the said meeting on 8 April 2024, is
approved. Eventual approval of the annual accounts together with the appurtenant financial statements
Basis of accounting
The consolidated financial statements have been prepared in accordance with IFRS Accounting Standards (R)
and its interpretations, as adopted by the European Union and the disclosure requirements following from
Basis of preparation
These consolidated financial statements are presented in Norwegian Kroner (NOK), the functional currency
of Bonheur ASA. All financial information presented in NOK has been rounded to the nearest thousand.
The preparation of financial statements in conformity with IFRSs requires management to make judgments,
estimates and assumptions that affect the application of accounting policies and the reported amounts
of assets, liabilities, income and expenses. Estimates and judgments are continually evaluated and are
based on historical experience and other factors, including expectations of future events that are believed
to be reasonable under the circumstances. Actual results may differ from these estimates. Reassessment
of accounting estimates are recognised in the period in which the estimates are revised and in any future
periods affected.
Judgements and estimates made by management in the application of IFRSs that have significant effect on
the financial statements and estimates that have a significant risk of material adjustment in the next year
are discussed in the specific notes.
The accounting policies have been applied consistently to all periods presented in these consolidated
financial statements by all Group entities. The Group of companies’ accounting policies are described in the
individual notes to the Consolidated Financial Statements.
Principal accounting policies
The Group of companies’ accounting policies are described in the individual notes to the Consolidated
Financial Statements. Considering all the accounting policies applied, Management regards the notes listed
below as the most significant notes for the recognition and measurement of reported amounts.
Accounting estimates and judgments
Estimates and judgments are continually evaluated and are based on historical experience and other
factors, including expectations of future events that Management considers reasonable and appropriate
under the circumstances. The resulting accounting estimates may differ from the eventual outcome, but
the Group of companies’ regards this as the best estimate at the balance sheet date. The notes in this report
provide further information on the specific topics including key accounting estimates and judgments.
Effects from new accounting standards
The amended standards and interpretations had no significant impact on the Group of companies
consolidated financial statements in 2023.
Forthcoming requirements
The amended standards and interpretations are not expected to have a significant impact on the Group of
Basis of measurement
The consolidated financial statements have been prepared on the historical cost basis except for the
following:
• Derivative financial instruments are measured at fair value
• Financial assets measured at fair value through profit or loss or through other comprehensive income
• Employee benefits are measured at fair value
SEARCHPAGE 92 EXPLORE
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
A number of the Group of companies’ accounting policies and disclosures require the determination of
fair value, for both financial and non-financial assets and liabilities. Fair values have been determined for
measurement and / or disclosure purposes based on the following methods. When applicable, further
information about the assumptions made in determining fair values is disclosed in the notes specific to that
asset or liability.
(i) Property, plant and equipment (PPE)
The fair value of PPE is estimated when impairment tests are performed. The market value of items of
vessels is based on broker valuations, for other items it is based on quoted market prices for similar items.
Fair value may also be based on value in use for the purpose of impairment testing. Value in use is the
present value of the future net cash flows from continuing use and ultimate disposal of the asset.
(ii) Intangible assets
The fair value of other intangible assets, including goodwill, is based on the discounted net cash flows
expected to be derived from the use and potential sale of the assets. However, the value of Mynewsdesk AS
and Mention Solutions SAS (inclusive intangible assets), subsidiaries of NHST, is based on fair value less cost
(iii) Investments in equity and debt securities
The fair value of financial assets at fair value through profit or loss and through other comprehensive
income is determined by reference to their quoted bid price at the reporting date.
If such a quoted bid price does not exist at the statement of financial position date, the following items are
considered when estimating the fair value:
• the latest known trading price
• average price from transactions
• transactions with high volume
(iv) Trade and other receivables
The fair value of trade and other receivables is estimated as the present value of expected future cash flows.
(v) Derivatives
The fair value of forward exchange contracts is based on available market information. The fair value is
estimated by discounting the difference between the contractual forward price and the current forward
price for the residual maturity of the contract using a risk-free interest rate (based on government bonds).
The fair value of interest rate swaps is the estimated amount that the Group of companies would receive or
pay to terminate the swap at the statement of financial position date, taking into account current interest
NOTE 3 Financial risk management
The Group of companies is exposed to certain financial risks related to its activities. The financial risks
are continuously monitored and from time-to-time financial derivatives are used to economically hedge
such exposures. The monitoring within the various business segments is carried out by the respective
companies, in accordance with their policies and procedures, through internal reporting and online based
information of movements and market values of relevant financial instruments. Reports on the companies’
financial risk exposure are regularly submitted to the respective entities’ Board of directors.
For more information – see notes 18 and note 22.
Financial market risk
Currency risk
The Group of companies’ financial statements are presented in NOK. The Group of companies’ revenues
consist primarily of EUR, GBP and NOK. The revenues within the Wind Service segment in 2023 were in EUR.
The GBP revenues in 2023 are within the Renewable Energy and Cruise segments. Consequently, out of the
group’s gross income of NOK 12,560 million in 2023, approximately 46% were in GBP, approximately 41%
were in EUR and approximately 2% were in SEK. The remaining 11% were in NOK. The Group of companies’
expenses are primarily in EUR, GBP, USD and NOK. As such, the Group of companies’ earnings are exposed
to fluctuations in the currency market. However, in the longer-term parts of the currency exposure
are neutralized due to the majority of the Group of companies’ debts being denominated in the same
currencies as the main revenues.
Interest rate risk
The Group of companies is exposed to interest rate fluctuations, as loans are frequently based on floating
interest rates. By the turn of the year, 75% of the outstanding loans in Renewable energy had been hedged
against interest fluctuations through interest rate swap agreement, the external loans in Cruise had a fixed
interest rate and part of the debt in UWL has a fixed interest rate. At year-end 34% (2022: 36%) of total loans
were swapped into fixed rate obligations by use of interest rate swap agreements.
Fuel / bunker price
The Group of companies is exposed to fluctuations in bunker prices, which are fluctuating with the oil
price. By the turn of the year, about 46% of the expected fuel consumption in 2024 for Cruise had been
hedged against fluctuations through fuel swap agreements. In 2023 approximately 5.5% (2022: 8%) of total
operating expenses within the Group of companies were bunker expenses within the Cruise segment, while
approximately 1.6% (2022: 1.5%) were bunkers expenses within Wind Service.
Electricity price
Electricity sales for the windfarms are on floating contracts and are subject to change in electricity prices
apart from Paul’s Hill and Rothes. 75% of the electricity sales for Paul’s Hill wind farm was fixed for the winter
of 2022 (4Q 2022 and 1Q 2023) at GBP 363.93 per MWh and 75% of production Rothes wind farm for winter
of 2022 at GBP 351.45 per MWh. The electricity sales for the other ten windfarms are on variable contracts.
In 2023 3% (2022: 3%) of the generation was based on fixed prices which expired at the end of 1Q 2023.
Credit risk
The Group of companies continuously evaluates the credit risk associated with customers and, when
considered necessary, seeks to obtain certain guarantees. The credit risk within the Group of companies
is in general considered to be moderate without significant changes from the previous year. Customers
within Renewable Energy, which in 2023 provided 24% (2022: 38%) of total revenues, are large electricity
distributors. Customers within Wind Service are large and well reputed entities from the Wind Service
industry, although the turbine manufacturers are going through a period with negative profitability.
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risk within cruise 26% of total revenues in 2023 (2022: 17%) is also regarded to be moderate, due to cruise
tickets being paid in advance. Within the segment Other 9% (2022: 9%) of total revenues, credit risk is
regarded moderate due to prepayment of subscriptions being a major part of the revenues.
Liquidity risk
Gross interest-bearing debt of the Group of companies at year end was NOK 10,080 million (2022: NOK
10,177 million). Cash and cash equivalents amounted to NOK 5,460 million (2022: NOK 5,458 million). Net
interest-bearing debt of the Group of companies was NOK 4,620 million (2022: 4,719 million). Equity to
assets ratio for the parent company was 70.3% (2022: 73.3%).
The Group of companies’ interest-bearing debt consists of several loans. Some of the main business
segments have arranged separate loans to cover their investments. In 2023 investments were financed by
cash from operations, bank credit facilities and bond loans. Dividend payments from Bonheur ASA in 2023
amounted to NOK 212 million (2022: 183 million).
The Group of companies’ short-term cash investments are mainly limited to cash deposits in the Group of
companies’ relationship banks and bonds. Derivative financial instruments are normally entered into with
the Group of companies’ main relationship banks.
A Minimum of NOK 500 million of other restricted cash reflects deposits required according to covenants in
Bonheur ASAs bond loans.
Taking into account estimated revenues, proposed dividend payments and planned capital investments,
the Group of companies views the liquidity risk to be moderate.
Capital Management
The Group of companies’ overriding financial objectives target to secure long-term visibility and flexibility
through business cycles in order to sustain future development of the separate business and the group as a
whole and maintain market and stakeholder confidence.
The Fred. Olsen & Co. AS on behalf of Bonheur ASA performs capital management for the Company’s
operations and oversees activity on an overall level for the Group of companies. Capital management is
carried out within the various business segments, based on their respective policies and procedures.
The majority of the Group of companies’ free available cash and cash equivalents have traditionally
been held as bank deposits, however, investments in short- and long-term securities are also made. As a
governing principle the wholly owned subsidiaries distribute free available excess cash to the Company.
To position the Group of companies for the upcoming implementation of the EU taxonomy directive and
to formalize Bonheur’s commitment to sustainable financing, Bonheur during 2020 established a green
finance framework with an eligibility assessment from DNV and in 2022, the green financing frameworks
were updated to also take into account EU Taxonomy assessment rating. Since 2020, three green bond
loans of in total NOK 2 billion, have been issued to be used for eligible green investments as defined in the
framework, in addition to two external green loans in Wind Services of EUR 50 million and in Blue Tern of
Accounting policies
A segment is a distinguishable component of the Group of companies that is engaged in
providing related products or services (business segment), which is subject to risks and returns
that are different from those of other segments. Segment information is presented in respect of
the Group of companies' business segments. The business segments are determined based on
the Group of companies' management and internal reporting structure. Inter-segment pricing is
determined on an arm’s length basis. Segment results, assets and liabilities include items directly
attributable to a segment as well as those that can be allocated on a reasonable basis. Segment
capital expenditure is the total cost incurred during the period to acquire property, plant and
equipment other than capital expenditure according to IFRS 16, and intangible assets other than
goodwill.
The Group of companies has four reportable segments, as described below, which are the Group
of companies' strategic business areas. The strategic business areas offer different products and
services and are managed separately because they require different technology and marketing
strategies. For each of the strategic business areas, the Group of companies' chief operating
decision maker (CODM) reviews internal management reports on at least a quarterly basis.
Information regarding the results of each reportable segments is included below. Performance
is measured based on segment operating profit and profit after tax, as included in the internal
management reports that are reviewed by the Group of companies' CODM. Segment profit
is used to measure performance as management believes that such information is the most
relevant in evaluating the results of certain segments relative to other entities that operate
The Group of companies comprise the following business segments:
1. Renewable Energy
The companies included in the segment are Fred. Olsen Renewables and Fred. Olsen Seawind. The
companies are engaged in development, construction and operation of wind farms in Scotland,
Norway, Sweden, Ireland, Italy and USA.
2. Wind Service
The companies included in the segment are mainly Fred. Olsen Windcarrier, Global Wind Service and
United Wind Logistics. The companies are engaged in logistics and services within the offshore wind
industry.
3. Cruise
Cruise Lines operates three cruise ships and provides a diverse range of cruises.
4. Other Investments
The segment includes entities Fred. Olsen 1848 AS, Fred. Olsen Investments AS, Fred. Olsen Insurance
Services AS, Fred. Olsen Travel AS, the Company’s ownership of 55% in NHST Media Group AS and the
parent company, Bonheur ASA. In addition, the segment has various investments in real estate, bonds
and shares.
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Renewable Energy
1)
Wind Service
2)
Cruise
3)
Fully consolidated companies 2023 2022 2023 2022 2023 2022
Amounts in NOK 1,000
Operating income - External 2,981,085 4,391,711 5,108,838 4,048,912 3,314,505 1,893,168
Operating income - Internal 12,951 0 27,034 41,843 0 0
Operating cost -1,072,848 -906,093 -3,808,871 -3,170,227 -2,831,830 -2,316,768
Depreciation -316,482 -307,525 -497,880 -507,144 -147,659 -175,098
Impairment -11,974 -13,714 0 18,243 0 -456,573
Operating profit/loss 1,592,732 3,164,378 829,121 431,627 335,017 -1,055,271
Interest income 77,305 20,318 42,419 3,618 10,598 752
Interest expenses -323,389 -203,057 -135,715 -79,472 -102,340 -39,820
Tax income / expense (-) -411,289 -697,519 -52,301 -54,406 6,042 -553
Profit / (loss) for the year 770,052 2,752,708 675,597 302,014 205,239 -1,097,398
Total assets 9,103,933 8,848,864 7,746,078 6,945,228 1,394,613 1,056,123
Total liabilities 7,145,736 7,024,623 3,111,650 3,223,478 2,922,404 2,638,764
Total equity 1,958,198 1,824,242 4,634,428 3,721,750 -1,527,791 -1,582,641
Capital expenditures 285,775 955,070 459,243 613,930 125,653 156,569
Other investments
4)
Eliminations Group, total
Fully consolidated companies 2023 2022 2023 2022 2023 2022
Amounts in NOK 1,000
Operating income - External 1,156,232 1,101,273 -918 0 12,559,742 11,435,064
Operating income - Internal 51,473 41,494 -91,458 -83,337 0 0
Operating cost -1,381,557 -1,253,245 92,408 65,657 -9,002,698 -7,580,676
Depreciation -107,985 -98,295 0 0 -1,070,006 -1,088,063
Impairment -33,000 0 0 0 -44,974 -452,045
Operating profit/loss -314,837 -208,772 32 -17,681 2,442,065 2,314,281
Interest income 288,023 76,335 -154,514 -28,597 263,832 72,426
Interest expenses -185,166 -124,023 154,476 5,988 -592,134 -440,385
Tax income / expense (-) -240 -5,052 0 0 -457,788 -757,529
Profit / (loss) for the year 578,370 1,282,844 -650,000 -1,538,120 1,579,258 1,702,047
Total assets 12,962,642 11,177,618 -7,702,502 -6,275,194 23,504,764 21,752,639
Total liabilities 4,457,431 2,858,490 -2,040,296 -948,901 15,596,925 14,796,453
Total equity 8,505,211 8,319,127 -5,662,206 -5,326,292 7,907,840 6,956,186
Capital expenditures 3,093 69,997 0 0 873,763 1,795,565
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Renewable Energy Wind Service Other Investments Group of companies total
Associates 2023 2022 2023 2022 2023 2022 2023 2022
Amounts in NOK 1,000
Operating income 0 0 3,958 33,643 77,589 50,667 4,036 84,310
Operating costs -4,305 -3,601 -3,727 -34,724 -74,388 -46,658 -8,107 -84,983
Depreciation / Impairment -3,995 -700 0 0 -3,834 -3,171 -3,999 -3,871
Operating result -8,301 -4,301 231 -1,081 -634 838 -8,070 -4,544
Share of profit in associates -20,069 -12,079 2,399 -1,592 -2,693 -572 -20,363 -14,243
Share of equity 256,451 140,603 193 123 27,199 32,142 283,843 172,868
Europe Asia Americas
Fully consolidated companies 2023 2022 2023 2022 2023 2022
Amounts in NOK 1,000
Operating income 10,517,375 9,422,660 1,487,103 1,442,137 541,984 525,591
Capital expenditure 945,735 1,792,693 391 576 0 2,296
Africa Other regions Group of companies total
Fully consolidated companies 2023 2022 2023 2022 2023 2022
Amounts in NOK 1,000
Operating income 527 0 12,752 44,676 12,559,742 11,435,064
Capital expenditure 0 0 0 0 946,126 1,795,565
The distribution of the operating revenue reported above is based on the geographical location of the customers. The Group of companies' operating income is primarily originating in Europe from ownership and
operation of windfarms, Wind Service activities, cruise activities and from NHST Media Group. The capital expenditures are based on the location of the company that is actually doing the investment.
Major customer
Of the total revenue in 2023 within the Group of companies, UK, Germany, Asia, Netherlands and Norway contributed 35%, 15%, 12%, 11% and 8% respectively (2022: 24%, 23%, 13%, 12% and 11% respectively). Revenues
from four major customers within the Renewable Energy segment, constituted 24% (2022: 37%) of the total revenue in the Group of companies. In the Wind Service segment four major customer constituted 37% (2022:
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NOTE 5
Accounting policies
Revenue from the Renewable Energy segment
Revenue from sale of electric power is recognized in the period the power is generated and
supplied to the customers, at rates in the relevant contracts, as there is a right to bill the customer
for each MWh produced. Payment is due the month after.
The Green Certificates are classified as other operating revenues. The Green Certificates are to be
considered as a government assistance. The grants are issued when the electricity is generated and
are therefore considered as a subsidy linked to production. The Green Certificates are recognized
under the income approach and accrued in the Profit or Loss on a monthly basis based on the
monthly generation of the windfarms.
Revenue from the Wind Service segment
Revenue from Transport & Installation
Operating revenue from charter rate contracts is split into two elements, income from rentals,
which is accounted for in accordance with IFRS 16, and services, which is accounted for under
IFRS 15.
Revenue on long term contracts is recognized during the operational phase of the contract (from
the delivery of the vessel at the designated port and to the end of demobilization). During the
mobilization phase no goods or services are transferred to the customer. Costs incurred to fulfil the
contract during the mobilization phase is capitalized and amortized over the contract term if they
meet the criteria in the standard. Mobilization fees paid up front by the customers are recognized
as a contract liability until services are delivered.
Variable consideration that specifically relates to a distinct good or service is allocated specifically
to this good or service. Variable consideration that does not relate specifically to a distinct good or
service is included within the transaction price and recognized in line with progress. Time elapsed,
i.e., voyage days, is used to measure progress.
Revenue from Wind services
Revenue derived from hourly service contracts is recognized in the period that the services are
rendered at rates established in the relevant contracts. Global Wind Services has installation and
services to wind farm projects around the world. The payment terms are usually 60 days or more.
Revenue derived from fixed price contracts is normally recognized over time. A cost-based measure
is used for measuring progress during the operational phase of the contract.
Revenue from the Cruise segment
Cruise fares are recognized evenly over number of nights of the cruise together with revenue
from drink packages. Flight revenue is recognized evenly over the duration of the cruise contract
(from the flight occurs to the end of the cruise) as the fly/cruise holiday is sold as one item and
is considered as one performance obligation. Prepayments from sale of cruises are classified as
contract liabilities until the cruise commences.
Prebooked shore excursions are recognized as revenue when the tour is completed.
Revenue from the Other investments segment
Revenue from subscriptions is recognised over the subscription period, normally on a straight-line
basis. Prepayments from sale of subscriptions are classified as contract liabilities. The advertising
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2023 2022
Amounts in NOK 1,000
Sales of electricity 1,668,247 3,371,603
Sales of other goods 124,180 75,226
Service revenue 8,209,638 5,951,575
Other operating revenue 69,359 87,130
Total revenue from goods and services 10,071,423 9,485,536
Lease revenue 1,170,544 922,424
Green Certificate revenue 977,772 762,623
Government grants 8,046 0
Other operating revenue 241,123 262,412
Other operating revenue 2,397,485 1,947,460
Other operating income 90,834 2,069
Total operating income 12,559,743 11,435,064
Service revenue arises mainly from the business segments Wind Service, Cruise and the subsidiary NHST
Media Group AS. Lease revenue arises mainly from the business segment Wind Service and consists of Bare
Boat Charter hire to the vessel owners.
Contract balances
The following table provides information about receivables, contract assets and contract liabilities from
contract with customers:
Note 2023 2022
Amounts in NOK 1,000
Receivables, which are included in "trade and
other receivables"
15 1,840,450 1,047,643
Contract assets 15 348,180 466,007
Contract liabilities 20 1,544,022 1,343,539
Contract assets are mainly related to work performed in the Wind Service segment. No impairment losses
on contract assets have been recognized during 2023.
Contract liabilities are mainly related to subscriptions in NHST, prepayment of tickets and tours in the Cruise
segment and deferred revenue and mobilization fees from external customers in the Wind Service segment.
At 31.12.22 the value of contract liabilities amounted to NOK 1,344 million of which NOK 1,191 million
has been recognized as income in 2023. The change in contract assets and liabilities relates to natural
progression of the project portfolio, as well as the current project mix.
Order backlog
Contracts with duration of more than 12 months are included as order backlog.
2024 2025 2026
Amounts in NOK 1,000
Order backlog per year (NOK million) 3,388 2,010 832
Capitalized project costs
The following table shows costs directly attributable to the projects:
31 December 2023 31 December 2022
Amounts in NOK 1,000
Costs to fulfill contracts 271,687 73,144
Cost to fulfil contracts is related to capitalized project costs in note 14 and are mainly related to projects
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Major Asset List as per
31 December 2023
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NOTE 6
Operating expenses
Operating expenses
2023 2022
Amounts in NOK 1,000
Administrative expenses
1)
599,294 565,587
Other operating expenses
2)
4,959,340 4,052,491
Total 5,558,634 4,618,077
1)
Inclusive administration costs and fee to Fred. Olsen & Co of NOK 90.4 million (2022: NOK 92.2 million). See note 26.
2)
Other operating expenses are mainly related to operation of the cruise vessels (Fred. Olsen Cruise Lines Ltd.), Wind
Service (Global Wind Service AS and United Wind Logistics GmbH). In 2023 cruise vessels operation amounts to NOK
2,391.6 million (2022: NOK 2,012.3 million) which are mainly onboard expenses, vessel operations expenses and Selling
& Marketing expenses. Operation of Wind Service amounts to NOK 2,290.2 million (2022: NOK 1,878.0 million). Research
and development expenditures of NOK 79 million are recognised in profit or loss in 2023 (2022: NOK 68 million).
Professional fees to the auditors
2023 2022
Amounts in NOK 1,000
Statutory audit 33,848 24,358
Other attestation services 300 3,954
Tax services 4 091 868
Other non-audit services 891 4,801
Total (VAT exclusive) 39 130 33,981
Research and development
2023 2022
Amounts in NOK 1,000
Research and development expenditures included in "Other
79,079 67,991
NOTE 7 Personnel expenses
Bonheur ASA has no employees. The position as managing director is held by Anette S. Olsen as part of the
day-to-day operation of the Company provided by FOCO. See note 26.
Personnel expenses for the Group of companies were:
Salaries etc. Note 2023 2022
Amounts in NOK 1,000
Salaries 1,998,462 1,674,477
Social security cost 230,901 166,180
Pension costs 19 142,335 107,295
Other 49,596 58,290
Total 2,421,294 2,006,242
Loan to employees in the Group of companies 536 1,213
Subsidiaries within the Group of companies have established bonus systems. In 2023, the total bonuses
paid within the Group of companies amounted to NOK 51.5 million (2022: NOK 39.2 million).
Remuneration to the Board of Directors:
2023 2022
Amounts in NOK 1,000
Fred. Olsen, Chairman of the Board 1,643 1,550
Andreas Mellbye 465 405
Carol Bell
1)
491 459
Nick Emery
1)
511 446
Bente Hagem 473 405
Jannicke Hilland 443 405
Total compensations 4,025 3,670
1)
Includes compensation for the audit committee fee.
Anette S. Olsen received in 2023 a remuneration of NOK 240,000 as chairman of the Board in NHST Media
Group AS (2022: NOK 230,000).
Remuneration to the Shareholders’ Committee:
2023 2022
Amounts in NOK 1,000
Christian Fr. Michelet 225 205
Synne Homble 190 0
Jørgen G. Heje 190 175
Gaute Gjelsten 190 0
Ole Kristian Aabø-Evensen 190 175
Bård Mikkelsen 0 175
Einar Harboe 0 175
Total compensations 985 905
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Definitions
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NOTE 8
Accounting policies
Finance income comprises interest income on funds invested in financial assets, dividend
income, gains on the disposal of financial assets, positive changes in the fair value of financial
assets at fair value through profit or loss, exchange gain/loss and gains on hedging instruments
that are recognised in profit or loss. Interest income is recognised as it accrues in profit or loss.
Dividend income is recognised in profit or loss on the date that the Group of companies’ right
to receive payment is established, which in the case of quoted securities is the ex-dividend date.
Dividends from non-listed securities are recognised in profit or loss at the date the Group of
companies receives the dividends.
Finance expenses comprise interest expense on borrowings, losses on the disposal of financial
assets, negative changes in the fair value of financial assets at fair value through profit or
loss, impairment losses recognised on financial assets, currency losses and losses on hedging
Salaries etc. 2023 2022
Amounts in NOK 1,000
Interest income on bonds 15,409 8,883
Interest income on receivables 22,910 11,840
Interest income on bank deposits 225,513 51,703
Interest income 263,832 72,426
Dividend income on financial assets 9 25,563
Net gain on disposal of financial assets recognised directly in
profit or loss
109 162
Foreign exchange gain 510,658 352,513
Net change in fair value of financial assets at fair value through
profit or loss
134 402,907
Various finance income 9,577 1,946
Total other finance income 520,487 783,091
Interest expenses on financial liabilities measured at amortised
cost
-592,134 -440,385
Interest expense -592,134 -440,385
Foreign exchange loss -332,652 -226,697
Net loss on disposal of financial assets recognised directly in
profit or loss
-2 -257
Net change in fair value of financial assets at fair value through
profit or loss
-152,780 0
Impairment of financial assets -20,009 5,213
Various finance expenses -71,398 -33,853
Total other finance expenses -576,842 -255,594
Net finance expenses recognised in profit or loss -384,656 159,538
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NOTE 9
Accounting principles
Income tax
Income tax expense comprises current and deferred tax. The Group of companies is subject to
income taxes in numerous jurisdictions. Significant judgement is required in determining the
provisions for income tax.
Current tax
Current tax is the expected tax payable on the taxable income for the year, using enacted tax
rates or substantively enacted at the reporting date, and any adjustment to tax payable in
respect of previous years.
Deferred tax
Deferred tax is recognized from temporary differences between the carrying amounts of assets
and liabilities for financial reporting purposes and the amounts used for taxation purposes.
Deferred tax is measured using the tax rates that are based on the laws that have been enacted
or substantively enacted by the reporting date.
Deferred tax assets and liabilities are recognized with the net amount if:
1. there is a legally enforceable right to offset current tax liabilities and assets,
2. they relate to income taxes levied by the same tax authority on the same taxable entity,
3. on different tax entities if the intend to settle current tax liabilities and assets on a net basis
2023 2022
Amounts in NOK 1,000
Profit/loss (-) before tax:
Norway 614,046 1,144,943
Other countries 1,423,000 1,314,633
Total 2,037,046 2,459,575
Taxes paid (-) / received:
Norway -90,505 -2,034
Other countries -345,412 -712,339
Total paid taxes -435,917 -714,373
1) Current tax expense (-) / income:
Norway -47,120 -119,768
Other countries -445,443 -515,294
Total current tax expenses -492,563 -635,062
2) Deferred tax expense (-) / income:
Norway -13,688 -19,405
Other countries 48,463 -103,062
Total deferred tax expenses 34,775 -122,467
Total income tax expenses 1) + 2) -457,788 -757,529
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Major Asset List as per
31 December 2023
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The income tax expense differs from the amounts computed when applying the Norwegian statutory tax
rate to income before income taxes as a result of the following:
2023 2022
Amounts in NOK 1,000
Income/(-)loss before tax 2,037,046 2,459,576
Norwegian statutory tax rate 22% 22%
Income tax using the Company's domestic tax rate -448,150 -541,107
Increase (-reduction) in income taxes from:
Effect of tax rates other than statutory tax rate in Norway -11,683 105,339
Effects on change in tax rates -26,512 -4,142
Effects on tax incentives / tonnage tax 100,616 -240,360
Prior period adjustments 1,303 -30,927
Change in recognized deductible temporary differences -21,337 12
Change in unrecognized deferred tax assets -29,570 -39,622
Non-deductible and non-taxable expenses/income -24,744 -14,202
Currency effects
1)
6,192 19,646
Income/expenses recognized directly in equity -3,904 -12,166
Tax expenses % 22% 31%
Tax expenses -457,788 -757,529
1)
Payable tax as presented in the Statement of Financial Position
2023 2022
Amounts in NOK 1,000
Current tax payable Norway 41,697 98,807
Current tax payable other countries 82,356 34,833
Current tax payable 124,053 133,640
Deferred tax
The tax effects of temporary differences and tax loss carryforwards giving rise to deferred tax assets and
liabilities were as follows as of 31 December 2023, and 31 December 2022:
Assets
2023
Liabilities
2023
Assets
2022
Liabilities
2022
Amounts in NOK 1,000
Property, plant and equipment 4,363 -599,041 4,806 -566,059
Intangible assets 1,638 -26,215 1,605 -28,098
Gain and loss accounts 499 -10,036 3,689 -3,842
Loans and borrowings 207 -59,083 5,867 -11,771
Shares and bonds 0 -2,376 10,859 2,604
Other 20,280 -81,919 8,491 -95,265
Tax loss carryforwards 304,428 -3,262 237,675 -726
Subtotal 331,414 -781,931 272,992 -703,157
Set off of tax -143,660 143,660 -143,990 143,990
Net tax assets / (-) liabilities 187,754 -638,271 129,002 -559,167
Deferred tax assets have not been recognized in respect of the following items
2023 2022
Amounts in NOK 1,000
Deductible temporary differences 163,634 162,894
Tax losses 428,886 483,337
Total 592,520 646,231
As at 31 December 2023, approximately NOK 1.8 billion of tax losses carried forward for subsidiaries in
Norway and NOK 220 million in subsidiaries in UK. These losses are not recorded as a deferred tax asset due
to uncertainty of the level of the future suitable taxable profits in taxable jurisdictions. The tax losses carried
forward have no expiry date.
Tax disputes
In December 2022 a subsidiary, Fred. Olsen Ocean Ltd was notified by the tax authorities of a possible
change in taxable income for 2017. The amount involved is a taxable loss of NOK 313 million. However,
this will not lead to any payable tax, since the group of companies have significantly amount in loss carry
forward. The company has contradicted the correctness of the tax office's opinion.
OECD Pillar II
The Pillar Two rules apply to multinational enterprises that have consolidated revenues of EUR 750
million in at least two of the last four years. The Bonheur group of companies is in scope of these rules.
Multinational enterprises within the scope of the rules are required to calculate their Global Anti-Base
Erosion Rules (GloBE) effective tax rate for each jurisdiction where they operate. They will be liable to pay
a top-up tax for the difference between their GloBE effective tax rate for each jurisdiction and the 15%
minimum rate. If the GloBE effective tax rate domestically is 15% or more, no GloBE top-up tax will be
payable.
The assessment of the potential exposure to Pillar Two income taxes is based on the most recent tax filings,
and financial statements for the entities in the Group of companies. Based on our preliminary assessment,
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Major Asset List as per
31 December 2023
Definitions
Addresses
tax in its jurisdiction’s territory. The Bonheur group of companies will from 2024 calculate and report any
tax based on the OECD’s Pillar II in addition to the original company income tax. The group has started the
process to assess whether Pillar II will have any payable tax effect for the group. First time to report this will
be 1st quarter 2024.
IFRS has introduced a mandatory temporary exception to the requirements of IAS 12 under which a
company does not recognize or disclose information about deferred tax assets and liabilities related to the
Accounting policies
(i) Recognition and measurement
Items of property, plant and equipment are measured at cost less accumulated depreciation and
impairment losses.
Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost
of self-constructed assets includes the cost of materials and direct labour, other costs directly
attributable to bringing the asset to a working condition for its intended use and costs related
to decommissioning of windfarms, including restoration of the site on which they are located.
Cost may also include transfers from equity of any gain or loss on qualifying cash flow hedges of
foreign currency purchases of property, plant and equipment.
Costs for special periodic surveys/renewal surveys (SPS/RS) on ships and offshore units required
by classification societies, are capitalised and depreciated over the antici¬pated period between
surveys, generally five years. Extensive upgrading and repairs after termination of contracts, are
depreciated either over the assumed period to next survey or over the same profile as the unit
if the unit's remaining useful life is shorter. Other maintenance and repair costs are expensed as
incurred.
Development costs for wind farm projects are booked as operating expenses until a project is
defined and firm. Thereafter development costs are capitalized, and when the projects are in the
construction phase these costs are transferred to property, plant and equipment. Auction/lease
fees will be capitalized in the balance sheet. The asset will be depreciated over the estimated
Borrowing costs are capitalised as part of cost of certain qualifying assets in accordance with IAS
23, “Borrowing cost”. A qualifying asset is one which necessarily takes a substantial period of time
to be made ready for its intended use, generally items that are subject to major development or
construction projects.
When parts of an item of property, plant and equipment have different useful lives, they are
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Major Asset List as per
31 December 2023
Definitions
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Gains and losses on disposal of an item of property, plant and equipment are determined
by comparing the proceeds from disposal with the carrying amount of property, plant and
equipment and are recognised in profit or loss.
(ii) Residual values / decommissioning provision
Residual values are assessed at the beginning of each accounting year and constitute the basis
of the depreciation for the year. Residual values for ships are estimated based on recoverable
material reduced by other demobilisation costs related to the unit. Recoverable material for ships
are calculated as market steel price multiplied by the recoverable lightweight of the unit. Any
Decommissioning provisions within the Renewable segment are made for the costs of removing
the windfarms from the time at which a commitment arises. The decommissioning provision
is calculated on the basis of current technology and regulations. When a removal commitment
is expensed as a liability a corresponding amount is capitalised as an operating asset which is
depreciated over the useful life of the windfarms. Any changes in the estimates concerning the
decommissioning provision are adjusted against book value and is recognised in the Income
Statement over the remaining useful life. The decommissioning provision has been calculated
using the cost levels, and where applicable this has been adjusted for inflation. The increase in
the liability as a consequence of adjustment for inflation is classified as a financial expense. The
estimated useful lives, residual values and decommissioning costs are reviewed on yearly basis.
Any change is accounted for prospectively as a change in accounting estimate.
(iii) Subsequent costs
The cost of replacing part of an item of property, plant and equipment is recognised in the
carrying amount of the item if it is probable that the future economic benefits embodied within
the part will flow to the Group of companies and its cost can be measured reliably. The carrying
amount of the replaced part is derecognised. The costs of the day-to-day servicing of property,
plant and equipment are recognised in profit or loss as incurred.
(iv) Depreciation
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful
lives of each part of an item of property, plant and equipment. Financially leased assets are
depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain
that the Group of companies will obtain ownership by the end of the lease term. Land is not
The estimated useful lives for the current and comparative periods are as follows:
Windfarms 24 years
Vessels 10 to 42 years
Wind installation vessels 20 years
Plant and Buildings 5 to 50 years
Machinery and Equipment 3 to 10 years
Cars 7 years
IT Equipment 5 years
Furniture and fixtures 5 to10 years
The estimated useful lives, residual values and decommissioning costs are reviewed on a yearly
(v) Impairment
The carrying amounts of the Group of companies' property, plant and equipment are reviewed
at each reporting date to determine whether there is any indication of impairment. If any such
indication exists, then the asset’s recoverable amount is estimated.
When considering impairment indicators, the Group of companies considers both internal (e.g.,
adverse changes in performance) and external sources (e.g., adverse changes in the business
environment). For vessels these are analysed as cash generating units (CGU) by reviewing day
rates and broker valuations. If an indicator of impairment is identified, management estimates
the amount, if any, of impairment. In order to measure potential impairment, the carrying
amount is compared to the recoverable amount, which is the higher of its fair value less costs to
sell and value in use. The value in use is calculated as the present value of the expected future
cash flows for the individual units, requiring significant management estimates of assumptions
including discount rates as well as the timing and amounts of cash flows.
An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit
exceeds its estimated recoverable amount. Impairment losses are recognised in the income
statement. Impairment losses recognised in respect of cash-generating units are allocated first
to reduce the carrying amount of any goodwill allocated to the units and then to reduce the
carrying amount of the other assets in the unit (group of units) on a pro rata basis.
Impairment losses recognised in prior periods are assessed at each reporting date for any
indications that the loss has decreased or no longer exists. An impairment loss is reversed if there
has been a positive change in the estimates used to determine the recoverable amount. An
impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed
the carrying amount that would have been determined, net of depreciation or amortisation, if
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Shareholders’ Committee
Major Asset List as per
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Definitions
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Windfarms Vessels
Other
fixed assets Total
Amounts in NOK 1,000
Costs
Balance at 1 January 2022 9,848,243 9,947,875 1,031,201 20,827,319
Acquisitions 167,457 494,707 249,666 911,830
Right to use asset (leasing IFRS 16) 36,859 0 76,983 113,842
Disposals -74,462 -359,312 -7,368 -441,142
Other 0 0 0 0
Reclassifications 0 -1,621,394 0 -1,621,394
Currency translation -57,901 248,042 60,913 251,054
Balance at 31 December 2022 9,920,196 8,709,918 1,411,395 20,041,509
Balance at 1 January 2023 9,920,196 8,709,918 1,411,395 20,041,509
Acquisitions 195,784 489,835 101,625 787,244
Right to use asset (leasing IFRS 16) 38,470 0 34,553 73,023
Disposals -7,930 -32,284 -31,735 -71,949
Other 6,537 0 -655 5,882
Reclassifications -111 0 0 -111
Currency translation 814,495 673,311 61,983 1,549,789
Balance at 31 December 2023 10,967,441 9,840,780 1,577,166 22,385,387
Depreciation and impairment losses
Balance at 1 January 2022 4,609,617 4,937,308 558,155 10,105,080
Depreciation 293,740 605,524 117,914 1,017,178
Impairments 0 456,573 0 456,573
Disposals 0 -359,312 -1,299 -360,611
Reclassifications 0 -1,585,483 0 -1,585,483
Other 0 0 0 0
Currency translation -22,208 121,582 -41,777 57,598
Balance at 31 December 2022 4,881,149 4,176,192 632,993 9,690,335
Balance at 1 January 2023 4,881,149 4,176,192 632,993 9,690,335
Depreciation 301,269 551,752 137,217 990,238
Impairments 0 0 0 0
Disposals -2,674 -32,284 -19,688 -54,646
Reclassifications 0 0 -44 -44
Other 0 0 -57 -57
Currency translation 409,916 337,075 18,715 765,705
Balance at 31 December 2023 5,589,660 5,032,735 769,136 11,391,531
Carrying amounts
At 1 January 2022 5,238,626 5,010,567 473,046 10,722,239
At 31 December 2022 5,039,047 4,533,725 778,403 10,351,175
At 1 January 2023 5,039,047 4,533,725 778,403 10,351,175
At 31 December 2023 5,377,781 4,808,045 808,030 10,993,856
Impairment
The Group of companies continuously evaluates its assets on an individual basis at each reporting date to
determine whether there is objective evidence of impairment within the various business segments.
The carrying amounts of the Group of companies' property, plant and equipment has been reviewed up
against falling power prices, new tax legislation in the onshore wind industry and a normalised cruise
business at 31. December 2023, but no indications of impairment have been identified.
In 2022 the challenging market for the cruise business was an impairment indicator. The impairment testing
resulted in an impairment of GBP 39 million (NOK 457 million).
Within the Group of companies, an impairment NOK 0 million (NOK 457 million) was recognized on
property, plant and equipment in 2023:
2023 2022
Amounts in NOK million
Cruise 0 457
Total impairment 0 457
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statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
NOTE 11
Intangible assets
Accounting policies
(i) Goodwill
Goodwill arises on the acquisition of subsidiaries, associates and joint ventures. In respect of
acquisitions goodwill is recognised initially at cost. Goodwill represents the excess of the cost of the
acquisition over the Group of companies’ interests in the net fair value of the net identifiable assets.
When the excess is negative (negative goodwill), it is recognised immediately in profit or loss.
Subsequent measurement
Goodwill is measured at cost less any accumulated impairment losses. Goodwill is allocated to
cash-generating units and is tested annually for impairment. The carrying amount of goodwill
for associates is included in the carrying amount of the investment in the associates.
(ii) Research and development
Expenses for research activities with the prospect of gaining new technical knowledge, are
recognised in profit and loss when incurred.
Development expenditures are capitalised only if the development costs can be measured
reliably, and the product or process is both technically and commercially feasible with
probable future economic benefits. The capitalised expenditures include the cost of materials,
direct labour, overhead costs that are directly attributable and borrowing costs related to the
development. When a project is ready for intended use, it is reclassified from intangible assets to
the respective groups of property, plant and equipment.
Capitalised development expenditures are measured at cost less accumulated impairment losses.
(iii) Technology, customer relationships and publishing rights
Technology and customer relationships are measured at cost less accumulated depreciation and
impairment losses. Technology relates to computer software, patented or unpatented technology
or databases.
Customer relationships represent the value of the existing customers and are recognised as a
The estimated useful lives for the current and comparative periods are as follows:
Technology 5 years
Customer relationships 9 years
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives
of each part of an item. The estimated useful lives are reviewed on a yearly basis. Any changes
are accounted for prospectively as a change in accounting estimate.
Publishing rights/brand names comprise trade name, mastheads, domain name and content rights
which contribute significantly to future expected economic benefit. Publishing rights and brand
names are assumed to have indefinite remaining lives and are impairment tested on a regular basis.
(iv) Impairment
The carrying amounts of the Group of companies' intangible assets are reviewed at each
reporting date to determine whether there is any indication of impairment. If any such indication
exists, then the asset’s recoverable amount is estimated.
When considering impairment indicators, the Group of companies considers both internal (e.g.,
adverse changes in performance) and external sources (e.g., adverse changes in the business
environment). If an indicator of impairment is noted, further management estimate is required to
determine the amount, if any, of impairment. In order to measure for potential impairment, the
carrying amount is compared to the recoverable amount, which is the higher of its fair value less
costs to sell and value in use. The cash flow model is tested for changes in forecasted revenues
and discount rate. The recoverable amount for the CGUs Mynewsdesk and Mention is based on
a fair value using a market value approach. The reason for using a market value approach is that
both companies are set to undergo an extensive investment phase with negative cash flows
for a few years, where a value in use approach would possess high uncertainty. A market value
approach is believed to lower the uncertainty, as observed market transactions will give a better
indication of value. The market value approach is based on budgeted revenue for Mynewsdesk
and Mention multiplied with EV/Revenue multiples from relevant observed M&A transactions.
The goodwill acquired in a business combination, for the purpose of impairment testing,
is allocated to cash-generating units that are expected to benefit from the synergies of the
combination.
An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit
exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss.
Impairment losses recognised in respect of cash-generating units are allocated first to reduce the
carrying amount of any goodwill allocated to the units and then to reduce the carrying amount
of the other assets in the unit (group of units) on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment
losses recognised in prior periods are assessed at each reporting date for any indications that the
loss has decreased or no longer exists. An impairment loss is reversed if there has been a change
in the estimates used to determine the recoverable amount. An impairment loss is reversed only
to the extent that the asset’s carrying amount does not exceed the carrying amount that would
have been determined, net of depreciation or amortisation, if no impairment loss had
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Shareholders’ Committee
Major Asset List as per
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Definitions
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Development
costs
Publishing
rights
1)
Goodwill
Customer
relationships,
technology,
patents, other Total
Amounts in NOK 1,000
Cost
Balance at 1 January 2022 578,957 162,000 537,730 626,463 1,905,151
Acquisitions 56,549 0 0 75,534 132,083
Disposals -112,112 0 0 -158,018 -270,130
Reclassifications -17,420 0 3 -166 -17,583
Currency translation -1,544 0 5,685 9,811 13,953
Balance at 31 December 2022 504,430 162,000 543,418 553,624 1,763,473
Cost
Balance at 1 January 2023 504,430 162,000 543,418 553,624 1,763,473
Acquisitions
2)
84,564 0 1,306 77,851 163,722
Reclassifications -2 0 -4,300 -35,409 -39,711
Currency translation 45,464 0 7,516 1,000 53,980
Balance at 31 December 2023 634,457 162,000 547,939 597,066 1,941,462
Depreciation and impairment losses
Balance at 1 January 2022 193,072 0 112,888 525,676 831,636
Depreciation 13,171 0 0 57,713 70,884
Impairments 13,714 0 0 -18,243 -4,529
Disposals -112,108 0 0 -158,018 -270,126
Reclassifications -10,521 0 0 22,197 11,676
Currency translation -6,685 0 -2,053 4,494 -4,244
Balance at 31 December 2022 90,643 0 110,835 433,819 635,297
Balance at 1 January 2023 90,643 0 110,835 433,819 635,297
Depreciation 13,321 0 0 66,447 79,768
Impairments 11,974 0 33,000 0 44,974
Reclassifications 0 0 -4,300 -35,516 -39,816
Currency translation 7,773 0 -3,141 -6,335 -1,703
Balance at 31 December 2023 123,712 0 136,394 458,414 718,520
Carrying amounts
At 1 January 2022 385,885 162,000 424,842 100,787 1,073,514
At 31 December 2022 413,787 162,000 432,583 119,805 1,128,175
At 1 January 2023 413,787 162,000 432,583 119,805 1,128,175
At 31 December 2023 510,745 162,000 411,545 138,652 1,222,942
1)
Publishing rights are mainly connected to the newspaper Dagens Næringsliv within NHST Media Group AS.
2)
Acquisition of development costs, NOK 85 million (NOK 57 million), are mainly expenditures arising from own
development of potential onshore wind farms projects. For offshore wind farms development costs is booked in
associates and not included in the balance sheet of Bonheur. NOK 65 million (NOK 58 million) relates to various IT
development project within NHST and NOK 13 million (NOK 17) relates to various patents within renewable energy
Impairment
Within the group of companies all intangible assets have been impairment tested as per 31 December
2023, and impairment of NOK 45 million (2022 NOK -5 million) was recognized in 2023:
2023 2022
Amounts in NOK million
Renewable Energy 12 14
Wind Service 0 -18
Other Investments 33 0
Total Impairment 45 -5
Renewable Energy
Development costs:
FOR has intangible assets with a book value of NOK 510 million, which are development costs related to
onshore wind farms. The projects are evaluated regularly. Some development projects may not come
through to fruition, in which case, previously capitalized costs will be impaired. In 2023 NOK 12 million
(NOK 14 million) was impaired. For FOS, the offshore wind farms intangible assets are included in cost from
associates.
Wind Service
In 2022 a reversal of an impairment of NOK -18 million was recorded related to the exclusive rights of use of
the vessel Jill in offshore wind projects in the US.
Other Investments
NHST Media Group AS
The carrying amount of goodwill and intangible assets with indefinite useful lives allocated to NHST is NOK
289 million and NOK 162 million, respectively. The recoverable amount for the cash generating units (CGU)
within the media business area are based on a value in use approach (discounted cashflows). The value in
use approach is based on NHST’s strategic plans for the respective business areas and budget and forecast
figures for the period 2024-2028.
In the media business area, the key assumption is the revenue growth rates of in average 4% for the period
2024-2028. The growth rate in the terminal value in the cash flow model is 2%. If the growth rate is reduced
by 1 percentage point each year, inclusive the growth in the terminal value, the average enterprise value
decrease by 22%. The weighted average cost of capital (WACC) used in the calculation of discounted cash
flows is 11.1%. The cash flow model has been tested for changes in forecasted revenues and discount rate.
A growth rate below 2,4% in 2024 may trigger an impairment for the CGU with the highest sensitivity,
keeping all other assumptions unchanged. The sensitivity analysis provides sufficient headroom and
comfort for the value in use compared to book values in the Bonheur Group of companies.
In the software business area, the recoverable amount for the CGUs Mynewsdesk and Mention is based
on a fair value using a market value approach. The reason for using a market value approach is that the
marketing service business is currently in an investment phase with negative cash flows for a few years,
where a value in use approach would possess high uncertainty. A market value approach is believed to
lower the uncertainty, as observed market transactions will give a better indication of value. The market
value approach is based on budgeted revenue for Mynewsdesk and Mention multiplied with EV/Revenue
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Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
NOTE 12
Accounting policies
Associates are those entities, typically joint ventures with equal ownership between the joint
venture parties, in which the Group of companies has significant influence, but not control, over
the financial and operating policies. Associates are accounted for using the equity method and
are initially recognized at cost. The Group of companies' investments includes goodwill identified
on acquisition, net of any accumulated impairment losses. The consolidated financial statements
include the Group of companies' shares of the income and expenses and equity movements
of equity accounted investees, after adjustments to align the accounting policies with those of
the Group of companies, from the date that significant influence commences until the date that
significant influence ceases. When the Group of companies' shares of losses exceeds its interest
in an equity accounted investee, the carrying amount of that interest (including any long-term
investments) is reduced to nil and the recognition of further losses is discontinued except to the
extent that the Group of companies has an obligation or has made payments on behalf of the
Consolidated
Codling
Holding Ltd
1)
Muir
Mhor Ltd
Other
associates
2)
Total
Amounts in NOK 1,000
Business office Ireland Scotland
Bonheur Group's ownership
per 31 December 2022
50.00% 50.00%
Bonheur Group's percentage of votes
per 31 December 2022
50.00% 50.00%
Bonheur Group's ownership
per 31 December 2023
50.00% 50.00%
Bonheur Group's percentage of votes
per 31 December 2023
50.00% 50.00%
Share of equity per 31.12.2022 -29,329 169,930 32,266 172,868
Adjustment opening balance 0 0 0 0
Profit from the company accounts -21,166 1,097 -294 -20,363
Net profit included in Bonheur
Group of companies
-21,166 1,097 -294 -20,363
Share issue / Capital increase 0 98,599 0 98,599
Acquisition / disposal 0 0 -2,317 -2,317
Currency translation differences -1,384 15,495 -2,264 11,847
Other 23,209 0 0 23,209
Share of equity per 31.12.2023 -28,671 285,122 27,392 283,843
The presentation shows the accounts for the most significant associates as of 31 December 2023.
1)
The Codling Project is financed by a shareholder’s loan to Codling Holding Ltd (Codling) from the joint venture partners.
Originally the entire shareholder’s loan was treated as part of the investment in Codling. In December 2020, a new loan
agreement was signed between Codling Holdings Ltd and the joint venture partners. Based on the new loan agreement
a reassessment of the accounting treatment was performed and the loan was reclassified from part of the investment to
loan granted to associates in the statement of financial position.
2)
Mainly Norkon Computing systems AS and New Power Partners ApS.
The Group of companies continuously evaluates its assets in associates on an individual basis at each
reporting date to determine whether there is objective evidence of impairment. As per 31 December 2023
no indications on need for impairment were found.
Summary of financial information for significant equity accounted investees, not adjusted for the
percentage ownership held by the Group of companies.
Codling Holding Ltd
2023 2022
Amounts in NOK 1,000
Profit for the year -42,332 -23,670
Total assets 1,120,834 706,229
Total liabilities 1,178,176 764,887
Total equity -57,342 -58,658
Fred. Olsen Seawind is progressing the development of Codling Wind Park project in the Irish Sea, which
represents one of the largest energy infrastructure investments in Ireland this decade and would become
Ireland’s largest offshore windfarm. In 2023 Codling Wind Park Ltd. (Ireland) was awarded 1,300 MW in the
offshore wind CfD auction in Ireland (ORESS 1). The submission of the consent application for the Codling
Wind Park project is scheduled in 2Q 2024.
Muir Mhor Ltd
2023 2022
Amounts in NOK 1,000
Profit for the year 2,194 -175
Total assets 618,025 392,576
Total liabilities 47,781 52,717
Total equity 570,244 339,859
Fred. Olsen Seawind was, in 1Q 2022, awarded the Muir Mohr project in Scotland together with its Joint
Venture partner, Vattenfall. The Muir Mohr project is an offshore floating wind site northeast of Aberdeen
with a capacity of up to 798 MW. The submission of the consent application for Muir Mhòr is scheduled by
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statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
NOTE 13
Accounting policies
Financial assets
The Group of companies' short-term investments in equity securities and certain debt securities
are measured at fair value through profit or loss (FVTPL). Long-term investments are measured at
fair value through other comprehensive income (FVTOCI).
Other
Other non-derivative financial instruments, including financial liabilities, are recognized initially
at fair value and any directly attributable transaction costs. Subsequent to initial recognition,
assets and liabilities are measured at amortised cost when the objective is to hold assets in order
to collect contractual cash flows and the contractual terms of the financial asset give rise on
specified dates to cash flows that are solely payments of principal and interest on the principal
amount outstanding.
Impairment
IFRS 9 applies an expected credit loss model. This model applies to contract assets, financial
assets at amortised costs and bonds measured at FVTOCI, but not to investments in shares.
Shares classified as financial investments
Fair value as per
31.12.23
Fair value as per
31.12.22
Amounts in NOK 1,000
Total short-term liquid share portfolio 94,826 72,574
Total long-term liquid share portfolio 117,883 148,812
Total liquid share portfolio 212,710 221,386
Bonds and other receivables (non-current assets)
The fair value of stock listed shares is determined by using the listed prices of the companies at year end.
For non-listed companies the latest transactions are assessed used as an approximation of the fair value if
the transaction is considered a fair value transaction.
Fair value as per
31.12.23
Fair value as per
31.12.22
Amounts in NOK 1,000
Bonds and securities (specification below) 244,160 267,754
Loans granted to associates 539,982 338,823
Financial instruments 226,785 327,820
Other interest-bearing loans 4,149 4,162
Other non-interest-bearing receivables 76,304 74,113
Total Bonds and other receivables (long-term assets) 1,091,381 1,012,672
Bonds classified as long-term investments
1)
Long-term assets: Cost price
Average
interest rate
2023
Fair value
as per
31.12.23
Fair value
as per
31.12.22
Amounts in NOK 1,000
Utility companies 21,000 4.7% 20,968 40,732
Real Estate companies 35,963 5.0% 35,587 40,259
Industrial companies 109,726 5.7% 109,788 104,998
Financial and investment companies 78,200 6.7% 77,817 66,776
Municipalities and public administration 0 3.9% 0 14,990
Total 244,889 5.7% 244,160 267,754
1)
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statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
NOTE 14
Inventory
Accounting policies
Inventories and bunkers are recorded at the lower of cost and net realisable value. The Group of
companies categorizes spare parts into two groups, spare parts and spare assets. Spare parts are
consumables that are not depreciated but expensed when used against repair and maintenance
cost. Consumables are measured at cost less a reserve for overstocked items. Spare assets are
Inventory Note 2023 2022
Amounts in NOK 1,000
Inventories and consumable spare parts 171,145 101,838
Bunkers 61,412 78,012
Articles of consumption onboard 44,791 38,215
Work in Progress 5 271,687 73,144
Total 549,035 291,209
Per year end the Group of companies had inventories and consumable spare parts related to windfarms,
installation vessels for offshore wind turbines and cruise vessels. In addition, there were bunkers and
articles of consumption onboard. The book value of inventories is cost price. In 2023 inventories and
consumable spare parts recognised as cost of sales amounted to NOK 1,022 million (2022: NOK 955 million),
i.e., expensed. In 2023 there have been no write downs of inventories or reversals of write downs. Work in
progress is mainly related to capitalized project costs in the Wind Service segment.
NOTE 15 Trade and other receivables and contract assets
Accounting policies
Trade receivables that do not have a significant financing component are measured on initial
recognition at their transaction price, which is the amount of consideration to which the entity
expects to be entitled for transferring the promised goods or services to the customer.
Trade receivables with a significant financing component are measured on initial recognition
at their transaction price if the entity has chosen not to adjust the promised amount of
consideration for the effects of a significant financing component. In other cases, the receivables
are measured at fair value on initial recognition.
The impairment model applicable to financial assets, measured at amortized cost, is based
on an “expected credit loss” (ECL) model, which require forward looking judgements of two
classifications:
• 12-month ECLs resulting from possible default events within the 12 months after the
reporting date.
• Lifetime ECLs resulting from possible default events over the expected life of a financial
Trade and other receivables (current assets)
Note 2023 2022
Amounts in NOK 1,000
Other trade receivables 3,004,508 2,407,631
Contract assets 5, 22 348,180 466,007
Total trade receivables and contract assets 3,352,688 2,873,638
Other receivables and prepayments 0 0
Short-term liquid share portfolio 13 94,826 72,574
Fair value derivatives 0 0
Total other receivables 94,826 72,575
Total trade receivables and other receivables 3,447,514 2,946,212
Contract assets relate to consideration for work completed, but not yet invoiced at the reporting date. The
contract assets are transferred to customer receivables when the right to payment become unconditional,
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NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
NOTE 16
Cash and cash equivalents
Accounting policies
Cash and cash equivalents include cash, bank deposits and other short-term highly liquid assets
that are readily convertible to known amounts of cash and which are subject to insignificant
Cash and cash equivalents
2023 2022
Amounts in NOK 1,000
Cash related to payroll tax withholdings 31,504 27,534
Other restricted cash
1)
638,540 585,072
Total restricted cash 670,044 612,606
Unrestricted cash
2)
4,790,156 4,845,866
Total cash & cash equivalents 5,460,200 5,458,472
Unused credit facilities 0 0
1)
NOK 500 million of other restricted cash reflects deposits required according to covenants in the Company's bond loans.
NOK 34 million of the restricted cash relates to the windfarms in FORAS, NOK 37 million Cruise and NOK 67 million
relates to guarantees required by customers in FOO during operations.
2)
In 2020 the Company established a green finance framework with an eligibility assessment from DNV and have since
issued three green bond loans to be used for eligible green investments as defined in the framework of totally NOK
2,000 million. Separate green bank deposits have been established and are included in unrestricted cash.
As part of establishing the Green Finance Framework, Bonheur established an internal Green Finance
Accounting policies
The Group of companies presents basic earnings per share (EPS) data for its shares. Basic EPS
is calculated by dividing the profit or loss attributable to shareholders of the Company by
the weighted average number of shares outstanding during the period. Average number of
outstanding shares during the period are based on number of outstanding shares per year end.
Profit attributable to ordinary shareholders
2023 2022
Amounts in NOK 1,000
Net result for the year (Majority share) 1,037,794 397,307
Average number of outstanding shares during the year
1)
42,531,893 42,531,893
Basic and diluted earnings per share 24.4 9.3
Within the Group of companies there are no financial instruments with possible dilutive effects.
1) Weighted average number of ordinary shares
2023 2022
Amounts in NOK 1,000
Issued ordinary shares at 1 January 42,531,893 42,531,893
Weighted average number of ordinary shares at 31 December 42,531,893 42,531,893
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Statement by the
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Major Asset List as per
31 December 2023
Definitions
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NOTE 18
Interest bearing loans and borrowings
2023 2022
Amounts in NOK 1,000
Non-current interest-bearing liabilities
Secured bank loans 4,148,784 5,297,562
Unsecured loans 1,989,973 2,225,216
Lease liability, IFRS 16 464,358 435,558
Other loans 1,114,327 829,765
Total 7,717,441 8,788,101
Current interest-bearing liabilities
Current portion of secured bank loans 920,408 667,618
Current portion of unsecured loans 799,280 146,257
Current portion of lease liability, IFRS 16 89,513 86,486
Other loans 553,638 488,650
Total 2,362,839 1,389,011
Fred. Olsen Renewables Ltd. had as at 31 December 2023, through its 51% owned subsidiary Fred. Olsen
Wind Ltd., drawn a total of GBP 400 million under a bank loan facility and leases, with current loan balance
at year end 2023 was GBP 254 million (GBP 290 million). The interest rates of the bank loan facility are fixed
3.17% for 75% and GBP Libor plus a margin of 1.40% for 25% of the facility. The bank loan facility matures in
2032.
Fred. Olsen Renewables Ltd. had through its 100% owned subsidiary Fred. Olsen CB Ltd. per year end 2023
drawn GBP 57 million from a secured credit facility agreement, with current loan balance at year end 2023
was GBP 50 million (GBP 53 million). The interest rates of the loan are fixed 3.55% for 75% of the loan and
GBP Libor plus a margin of 1.80% for the rest of the loan. The bank loan facility matures in 2036. In addition,
Fred. Olsen CB Ltd. had through its 51% owned subsidiary Fred. Olsen CBH Ltd, per year end 2023 drawn
GBP 67 million (GBP 66 million) from an unsecured shareholder loan from Aviva Investors Global Services
Limited, which holds 49% of the shares in the company. The interest rate of this loan is GBP LIBOR plus a
margin of 6%, and the loan matures in 2036. Fred. Olsen CBH Ltd. has also drawn a shareholder loan with
corresponding terms of GBP 70 million from Fred. Olsen CB Ltd., which is eliminated in the consolidated
accounts.
Fred. Olsen Ocean group, through its subsidiary Fred. Olsen Windcarrier has two long-term non-recourse
debt financing arrangements related to the three offshore wind turbine transportation and installation
jack-up vessels under its indirect ownership (Brave Tern, Bold Tern and Blue Tern). In conjunction with the
financing, a green loan framework was established with an eligibility assessment from DNV, which enables
new investments to be financed with green loans. For Brave Tern and Bold Tern, the arrangement is a EUR
75 million 6-years facility with DNB Bank ASA and SpareBank 1 SR-Bank ASA. On 24 January 2022, FOWIC
entered into an agreement for an increase of the available amount under the Fleet Financing Facility
Agreement by a EUR 35 million revolving facility tranche (RCF) with a margin of 3.20%. The current balance
per 31 December 2023 is EUR 40.3 million, where the drawdown on the EUR 35 mill RCF amounts to zero.
On 19 December 2022, Blue Tern (51% owned), entered into a senior secured green term loan facility
agreement with Clifford Capital Pte. Ltd, replacing the previous debt financing with NIBC and Clifford. The
arrangement is a EUR 35 million facility with a margin of 2,15%, of which EUR 28.3 million is outstanding per
31 December 2023. Blue Tern AS has repaid the shareholder loan as per 31 December 2023.
GWS has a credit facility (net of interest-bearing debt and cash and cash equivalents) of EUR 35 million, of
which approximately EUR 34.8 million is outstanding as per 31 December 2023.
Fred. Olsen Ocean group, through its subsidiary United Wind Logistics (UWL), has two long-term loan
arrangements of total EUR 28 million with Sparkasse related to two newbuilds delivered in 2020 of which
EUR 11,7 million was outstanding as per 31 December 2023. In addition, UWL has a shareholder loan of EUR
6.75 million where Fred. Olsen Ocean Ltd holds 50% of the loan. The current loan balance to the external
shareholder is EUR 3.375 million. The interest rate is fixed 5%.
Bonheur ASA bond loans
Bond issue ticker, terms Issued Maturity 2023 2022
Amounts in NOK 1,000
BON09 3 month NIBOR + 2.50% 4-Sep-19 4-Sep-24 799,280 797,840
BON10 ESG 3 month NIBOR + 2.75% 22-Sep-20 22-Sep-25 697,909 696,714
BONHR01 ESG 3 month NIBOR + 2.90% 13-Jul-21 13-Jul-26 696,909 695,672
BONHR02 ESG 3 month NIBOR + 3.00% 15-Sep-23 15-Sep-28 595,155
Total 2,789,253 2,190,226
Terms and debt repayment schedule
Terms and conditions of outstanding loans were as follows:
Currency
Nominal
interest rate
Year of
maturity
31.12.2023
Carrying
amount
31.12.2022
Carrying
amount
Amounts in NOK 1,000
Renewable Energy:
Secured bank loan
1)
GBP 75% fixed 3.17%, 25% LIBOR
+ 1,40%
2032 3,286,262 3,436,145
Secured bank loan
2)
GBP 75% fixed 3,55%, 25% LIBOR
+ 1.80%
2036 650,006 622,873
Shareholder loan
3)
GBP LIBOR + 6.0% 2036 870,576 784,806
Lease liability, IFRS 16 GBP 332,796 291,432
Other GBP 47,277 44,959
5,186,917 5,180,215
Wind Service:
Secured green bank loan
4)
EUR 3 month EURIBOR + 3.10% 2026 439,965 519,581
Secured bank loan
4)
EUR 3 month EURIBOR + 3.20% 2026 0 367,983
Secured green bank loan
5)
EUR 3 month EURIBOR + 2.15% 2025 318,481 367,983
Shareholder loan
6)
USD Fixed 7,50% 2023 0 134,314
Secured bank loan
7)
EUR Fixed 3,33% 2027 60,209 71,336
Secured bank loan
7)
EUR 3 month EURIBOR + 2.65% 2023 0 4,206
Secured bank loan
7)
EUR Fixed 3,33% 2028 68,246 78,854
Secured bank loan
7)
EUR 3 month EURIBOR + 2.65% 2024 3,747 17,527
Shareholder loan
8)
EUR Fixed 5,00% 2028 37,937 37,850
Lease liability, IFRS 16 EUR 46,707 45,493
Other
9)
DKK/EUR 469,790 501,740
1,445,082 2,146,865
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statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
Currency
Nominal
interest rate
Year of
maturity
31.12.2023
Carrying
amount
31.12.2022
Carrying
amount
Amounts in NOK 1,000
Cruise:
Sellers credit
10)
GBP Fixed 2,50% 2025 288,795 264,678
Lease liability, IFRS 16 GBP 867 2,357
289,662 267,035
Other:
Unsecured Bonheur ASA
bond loans
11)
NOK NIBOR / 2.50% / 2.75% /
2.90% / 3.00%
2024/ -25/
-26/ -28
2,789,253 2,190,226
Lease liability, IFRS 16 NOK 174,367 182,772
Other
12)
NOK 195,000 210,000
3,158,620 2,582,998
Total interest-bearing debt 10,080,280 10,177,112
1)
Financing facility for Fred. Olsen Wind 2 Ltd.
2)
Financing facility for Fred. Olsen CB Ltd.
3)
A total of GBP 67.3 million has been drawn by Fred. Olsen CBH Ltd. on a shareholder loan from Aviva Investors Global
Services Limited. Remaining balance includes accrued interest.
4)
Financing facility for Fred. Olsen Windcarrier of the jack-up vessels Brave Tern, Bold Tern and Blue Tern.
5)
Financing facility for Blue Tern Ltd. for the jack-up vessel Blue Tern.
6)
Two shareholder loans from a wholly owned subsidiary of Keppel Offshore and Marine Ltd. to Blue Tern AS of USD 12.8
million.
7)
Financing facilities for UWL regarding 2 newbuilds.
8)
A shareholder loan from Lars Rolner, who is a 50% owner of the shares in UWL, EUR 3.60 million.
9)
As per 31 December 2022 a bank overdraft of EUR 46.4 regarding GWS, is included.
10)
Sellers credit from HAL Nederland NV in connection with the acquisition of two cruise vessels, GBP 22.3 million.
11)
The market value of the four outstanding Bonheur bond loans maturing in 2024, 2025 and 2026 were per year end
99.38, 98.81 and 98.81, respectively.
12)
Financing facility for NHST. NHST has agreed a new loan agreement with its bank to comply with the covenants in the
credit facility agreement.
Lease liabilities
Lease liabilities are payable as follows:
2023 2022
Future
minimum
lease
payment Interest
Present
value of
minimum
lease
payments
Future
minimum
lease
payment Interest
Present
value of
minimum
lease
payments
Amounts in NOK 1,000
Less than one year 53,260 7,393 45,867 55,293 1,449 53,844
Between one and five years 167,551 20,058 147,493 145,369 16,001 129,368
More than five years 237,667 54,140 183,527 209,771 55,761 154,010
Total 458,478 81,591 376,887 410,433 73,211 337,222
Booked value of collateral
Book value 31.12.2023 31.12.2022
Amounts in NOK 1,000
Windfarms 2,864,889 2,967,643
Vessels 4,096,970 3,526,507
Other fixed assets 306,442 273,622
Total book value of collateral 7,268,301 6,767,772
Guarantees
31.12.2023 31.12.2022
Amounts in NOK 1,000
Guarantees granted to associates
1)
576,031
Guarantees granted to Group companies' entities 665,944 654,186
Total 1,241,975 654,186
Guarantees are granted in connection with the following investments
31.12.2023 31.12.2022
Amounts in NOK 1,000
Cruise ships 514,781 471,793
Windfarms 720,894 176,093
Wind vessels 0 0
Other
2)
6,300 6,300
Total 1,241,975 654,186
1)
The global credit insurance company Atradius has issued a guarantee of EUR 102 million to Irish authorities on behalf of
codling Wind Park Ltd. As 50% indirect owner of the company, Fred. Olsen Seawind ASA is obliged to issue a guarantee
to Atradius for half of this amount. Fred. Olsen Renewables AS has issued this guarantee on behalf of Fred. Olsen
Seawind ASA. Fred. Olsen Seawind ASA has then provided counter-guarantee to Fred. Olsen Renewables AS for the
same amount.
2)
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statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
Reconciliation of movements of liabilities to cash flows arising from financing activities
Liabilities Equity
Lease
liabilities
Other
interest
bearing
loans
Equity
holders of
the parent
Non-
controlling
interest Total
Amounts in NOK 1,000
Balance as per 1 January 2022 448,701 9,975,941 4,622,125 -197,697 14,849,070
Changes from financing cash flows
Proceeds from long-term loans and
borrowings
0 957,338 0 0 957,338
Repayment of long-term loans and
borrowings
0 -1,445,143 0 0 -1,445,143
Dividend paid 0 0 -182,887 -870,859 -1,053,746
Total changes from financing cash flows 0 -487,805 -182,887 -870,859 -1,541,551
Change lease liabilities (IFRS 16) 77,173 0 0 0 77,173
Effect on liabilities of changes in foreign
exchange rates
-3,830 86,216 0 0 82,386
Effects from transactions with non-
controlling interests
0 0 776,703 971,395 1,748,098
Other 0 80,716 -57,162 0 23,554
Comprehensive income for the period
1)
0 0 560,313 1,334,255 1,894,568
Balance as per 31 December 2022 522,044 9,655,068 5,719,092 1,237,094 17,133,298
Balance as per 1 January 2023 522,044 9,655,068 5,719,092 1,237,094 17,133,298
Changes from financing cash flows
Proceeds from long-term loans and
borrowings
0 595,206 0 0 595,206
Repayment of long-term loans and
borrowings
0 -1,444,643 0 0 -1,444,643
Dividend paid 0 0 -212,659 -792,136 -1,004,795
Total changes from financing cash flows 0 -849,437 -212,659 -792,136 -1,854,232
Change lease liabilities (IFRS 16) 31,827 0 0 0 31,827
Effect on liabilities of changes in foreign
exchange rates
0 720,778 0 0 720,778
Effects from transactions with non-
controlling interests
0 0 28,500 141,306 169,806
Other 0 0 0 0 0
Comprehensive income for the period
1)
0 0 1,142,518 644,124 1,786,642
Balance as per 31 December 2023 553,871 9,526,409 6,677,452 1,230,388 17,988,120
1)
According to statement of changes in equity.
Accounting policies
Defined benefit plans
The Company and certain of its subsidiaries have pension plans for employees which provide for
a defined pension benefit upon retirement (Defined benefit plans). These pension schemes are
accounted for in accordance with IAS19
The calculation of the liability is made on a linear basis, taking into account assumptions
regarding the number of years of employment, discount rate, future return on plan assets,
future changes in salaries and pensions, the size of defined national contributions and actuarial
assumptions regarding mortality, voluntary retirement etc. Plan assets are stated at fair values.
Net pension liability comprises the gross pension liability less the fair value of plan assets. Net
pension liabilities from under-funded pension schemes are included in the balance sheet as
long-term interest free debt, while over-funded schemes are included as long-term interest
free receivables, if it is likely that the over-funding can be utilized. The effect of retroactive plan
amendments without future benefits, are recognized in the income statement with immediate
effect. Remeasurements of the net defined benefit liability, which comprise actuarial gains
and losses, the return on plan assets (excluding interest) are recognized immediately in other
comprehensive income.
Net pension cost, which consists of gross pension cost, less estimated return on plan assets
adjusted for the impact of changes in estimates and pension plans, are classified as an operating
cost, and is included in the line item “operating expenses”.
Pension schemes base the discount rate on the yield of long term covered bonds (OMF) at
the statement of financial position date, adjusted to reflect the terms of the obligations. The
calculation is performed by a qualified actuary using the projected unit credit method.
When the calculation results in a benefit to the Group of companies, the recognised asset is
limited to the net total of any unrecognised past service costs and the present value of any
future refunds from the plan or reductions in future contributions to the plan.
When benefits of a plan are improved, the portion of the increased benefit relating to past
service is recognised as an expense in the income statement on a straight-line basis until
the benefits become vested. To the extent that the benefits vest immediately, the expense is
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31 December 2023
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Short-term benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the
related service is provided. A liability is recognised for the amount expected to be paid under short-term
cash bonus if the Group of companies has a present legal or constructive obligation to pay this amount as a
result of past service provided by the employee and the obligation can be estimated reliably.
Accounting estimate – pension obligation
The present value of the pension obligations depends on a number of factors that are determined on
an actuarial basis using a number of assumptions. The assumptions used in determining the net cost for
pensions include the discount rate. Any changes in these assumptions will impact the calculated pension
obligations. The Group of companies determines the appropriate discount rate at the end of each year. This
rate is used to determine the present value of estimated future cash outflows expected to be required to
settle the pension obligations. The rate used for Norwegian subsidiaries is based on 10-year government
bonds or the OMF rate. Beyond 10 years the rate has been based on an extrapolation of the government
bond rate and long-term swap rates for the relevant period. Other key assumptions for pension obligation
are based on current market conditions.
Pension plans
Employees within of the Group of companies have the right to future pension benefits (defined benefit
plans) based upon the number of contribution years and the salary level at retirement. The scheme of each
entity is administered by individual pension funds or by separate insurance companies. Some subsidiaries
have defined contribution schemes for all or some of their employees. In 2023, total costs incurred for
defined contribution schemes were NOK 68 million (NOK 66 million). The pension plans in the Norwegian
companies meet the Norwegian requirements for a Mandatory Company Pension (OTP).
In total, the number of members in the funded defined benefit plans by the end of 2023 were 347, of
which 201 were pensioners (358 of which 206 pensioners). FOCO related individuals are members of Fred.
Olsen & Co.’s Pension Fund. Individuals employed in FOCO after 1 June 2012 are covered by contribution
plans. Other FOCO related individuals have rights to future pension benefits (defined benefit plan) based
on the number of contribution years and compensation level at retirement age. The Group of companies
has unfunded (unsecured) pension arrangements for some executives with salaries in excess of 12 G.
Those executives are also entitled to early retirement upon reaching 65 years of age. The early pension
arrangement will represent 66% of the salary at the time of retirement until ordinary retirement. Executives
agreements by the end of 2023 were 23, of which 12 were pensioners (23 of which 12 pensioners).
The status of the defined benefit obligations is as follows:
2023 2022
Amounts in NOK 1,000
Present value of unfunded obligations -628,630 -551,964
Present value of funded obligations -800,600 -776,927
Total present value of obligations -1,429,230 -1,328,891
Fair value of plan assets 922,285 856,609
Net liability for defined benefit obligations -506,945 -472,282
Financial fixed assets / pension funds -121,686 -78,130
Liabilities / Employee benefits 628,630 550,412
Net liability as at 31. December 506,945 472,282
Plan assets:
At the balance sheet date, plan assets are valued using market prices. This value is updated yearly in
accordance with statements from the Pension Fund. There are no investments in the Company or in
property occupied by the Group of companies.
Major categories of plan assets: 2023 2022
Amounts in NOK 1,000
Equity instruments 36% 37%
Corporate bonds 46% 42%
Government bonds 7% 12%
Other assets 11% 9%
Total plan assets 100% 100%
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Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
Movement in defined benefit obligations:
Funded obligation Unfunded obligation Net obligation
2023 2022 2023 2022 2023 2022
Amounts in NOK 1,000
Balance at 1. January 78,130 72,231 -550,412 -605,829 -472,282 -533,598
Correction previous year 0 0 -1,553 0 -1,553 0
78,130 72,231 -551,965 -605,829 -473,835 -533,598
Pension contribution 41,641 19,014 0 0 41,641 19,014
Benefits paid by the plan
1)
0 0 11,918 11,975 11,918 11,975
41,641 19,014 11,918 11,975 53,559 30,989
Included in profit and loss:
Interest on obligation / Interest
on plan assets 2,603 976 -18,012 -11,997 -15,409 -11,021
Current service cost -24,123 -28,382 -12,823 -13,966 -36,946 -42,348
Past service cost 0 0 0 0 0 0
Currency effects / Corrections 0 0 0 0 0 0
Net pension cost -21,520 -27,406 -30,835 -25,963 -52,355 -53,369
Included in other
comprehensive income:
Actuarial gain/(loss) arising from:
Financial assumptions 7,543 79,377 -1,205 58,516 6,338 137,893
Experience adjustments -6,789 464 -56,543 9,337 -63,332 9,801
Transferred value 2,086 1,003 0 0 2,086 1,003
Return on plan assets 20,596 -65,003 0 0 20,596 -65,003
23,435 15,841 -57,748 67,853 -34,313 83,694
Foreign currency translation 0 0 0 0 0 0
Balance as at 31. December 121,686 79,680 -628,630 -551,964 -506,944 -472,284
1)
Payment of benefits from the funded defined benefit plans were in 2023 NOK 26,0 million (2022: NOK 25,0 million).
Figure netted out in the table above
Principal actuarial assumptions at the balance sheet expressed as weighted averages:
2023 2022
Amounts in NOK 1,000
Discount rate / Expected return on plan assets at 31. December 3,70% 3,30%
Future salary increase 3,50% 3,50%
Yearly regulation in official pension index (G) 3,50% 3,50%
Future pension increases 1,50% 2,00%
Social security costs 14,10% 14,10%
Mortality table K2013 K2013
Disability table KU KU
Discount rate in Defined Benefit Plans
The discount rate was determined by reference to high quality corporate bonds, where a deep enough
market for such bonds exists. Covered bonds are in this context considered to be corporate bonds. In
Norway the discount rate is determined with reference to covered bonds.
Sensitivity:
Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding
other assumptions constant, would have affected the defined benefit obligation by the amounts below:
Increase in PBO
1)
2023
Amounts in NOK 1,000
Future salary increase with 0.25% 14,915
Future pension increase with 0.25% 55,158
Discount rate decreases with 0.25% 7,284
Future mortality assumption, increased lifetime by 1 year 40,088
1)
Projected Benefit Obligation (PBO)
• Expected contributions to funded defined benefit plans in 2024 are NOK 17 million.
• Expected payment of benefits in connection with unfunded plans are in 2024 estimated to be
NOK 11 million.
Risks:
The major risks for the defined benefit plans are interest rate risk, investment risks, inflation risk and
longevity risk.
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31 December 2023
Definitions
Addresses
NOTE 20
Current items
2023 2022
Amounts in NOK 1,000
Accrued interest other 120,499 137,166
Other accruals 682,480 696,341
Contract liabilities 1,544,022 1,343,539
Other accruals and deferred income 2,347,001 2,177,046
The Group of companies had short-term contract liabilities of NOK 1,544 million per 31 December 2023
(NOK 1,344 million). NOK 951 million is due to prepayments from sale of cruises (NOK 899 million), NOK 247
million (NOK 135 million) is prepayment from customers within Wind Service and NOK 346 million (NOK 310
Non-current items
Decommissioning costs related to windfarms of NOK 498 million (NOK 440 million) is included under
NOTE 21 Trade and other payables
Trade and other Payables
2023 2022
Amounts in NOK 1,000
Other trade payables 1,145,896 715,904
Total trade payables 1,145,896 715,904
Fair value of derivatives 17,177 0
Total other payables 17,177 0
Total trade and other payables 1,163,072 715,904
Accounting policies
Classification of financial assets and liabilities
Non-derivative financial instruments comprise investments in equity and debt securities, trade
and other receivables, cash and cash equivalents, loans and borrowings, and trade and other
payables. The Group of companies holds derivative financial instruments to hedge its foreign
currency and interest rate risk exposures. Since the profiles, maturities and other terms of the
swaps do not match the underlying liabilities perfectly, the swaps are not accounted for using
hedge accounting.
All equity instruments are measured at fair value with gains and losses either through profit
or loss (FVTPL) or in other comprehensive income (FVOCI). All financial debt instruments
are classified based on the entity’s business model for managing the asset and the asset’s
contractual cash flow characteristics, as follows:
• Amortised cost - a financial asset is measured at amortised cost if both of the following
conditions are met:
· the asset is held within a business model whose objective is to hold assets in order to
collect contractual cash flows; and
· the contractual terms of the financial asset give rise on specified dates to cash flows that
are solely payments of principal and interest on the principal amount outstanding.
• Fair value through other comprehensive income (FVOCI) - financial assets are classified and
measured at FVTOCI if they are held in a business model whose objective is achieved by
both collecting contractual cash flows and selling financial assets.
• Fair value through profit or loss (FVTPL) - any financial assets that are not held in one of the
two business models mentioned are measured at FVTPL.
All financial liabilities are measured at amortized cost, except for financial liabilities at FVTPL.
Such liabilities include derivatives, and liabilities that an entity designates to be measured at fair
value through profit or loss.
Impairment
The impairment model applicable to financial assets, measured at amortized cost or FVOCI, is a
forward-looking "expected credit loss" (ECL) model. This requires forward looking judgements of
two classifications:
• 12-month ECLs resulting from possible default events within the 12 months after the
reporting date.
• Lifetime ECLs resulting from possible default events over the expected life of a financial
instrument.
For impairment losses on financial assets measured at FVOCI, impairment losses shall be
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Accounting classifications and fair values
Financial assets and liabilities in the Group of companies consist of investments in other
companies, trade and other receivables, cash and cash equivalents, interest rate instruments,
forward foreign exchange contracts, trade and other payables, right-of-use liabilities, and
borrowings.
The following table below shows the carrying amounts and fair values of the financial assets and
financial liabilities, including their levels in the fair value hierarchy. Fair value disclosure of lease
liabilities is not included.
For financial instruments measured at fair value, the levels in the fair value hierarchy are:
• Level 1: Fair values are based on prices quoted in an active market for identical assets and
liabilities.
• Level 2: Fair values are based on price input other than quoted prices. Such prices are
derived from observable market transactions in an active market for identical assets or
liabilities. Level 2 includes currency or interest derivatives, typically when the Group of
companies uses forward prices on foreign exchange rates or interest rates as inputs to
valuation models.
• Level 3: Fair values are based on unobservable input, mainly based on internal assumptions
used in absence of quoted prices from an active market or other observable price inputs.
In 2023 NHST has agreed a new loan agreement with its bank to comply with the covenants
in the credit facility agreement. A temporary waiver was granted in 4Q 2023, and the loan was
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Financial Instruments as of 31 December 2023
Carrying value Fair value
Equity investments
1)
Hedging
instruments at FVTPL at FVOCI
Amortized
cost Total Level 1 Level 2 Level 3 Total
Amounts in NOK 1,000
Other Shares
2)
0 94,826 117,883 0 212,710 95,445 0 117,265 212,710
Bonds
2)
0 244,160 0 0 244,160 244,160 0 0 244,160
Interest rate swaps 226,785 0 0 0 226,785 0 226,785 0 226,785
Loans granted to associates 0 0 0 539,982 539,982 0 0 0 0
Other interest-bearing loans 0 0 0 4,149 4,149 0 0 0 0
Other non interest-bearing receivables 0 0 0 76,145 76,145 0 0 0 0
Trade and other receivables 0 0 0 3,352,688 3,352,688 0 0 0 0
Cash and cash equivalents 0 0 0 5,460,200 5,460,200 0 0 0 0
Financial assets 226,785 338,987 117,883 9,433,164 10,116,819 339,605 226,785 117,265 683,655
Bunker swaps 17,177 0 0 0 17,177 0 17,177 0 17,177
Bank overdrafts 0 0 0 439,404 439,404 0 0 0 0
Interest bearing bond loans 0 0 0 2,789,253 2,789,253 0 0 0 0
Secured bank loans 0 0 0 5,069,192 5,069,192 0 0 0 0
Unsecured loans 0 0 0 1,228,561 1,228,561 0 0 0 0
Right-of-use liabili-ties 0 0 0 553,870 553,870 0 0 0 0
Trade and other payables 0 0 0 1,163,072 1,163,072 0 0 0 0
Financial liabilities 17,177 0 0 11,243,352 11,260,529 0 17,177 0 17,177
1)
FVTPL is short for value through Profit and loss. FVOCI is short for value through other comprehensive income.
2)
Investments in level 1 consist of listed shares and bonds with quoted market prices, investments in level 2 includes model inputs that are observable either directly or indirectly and investments in level 3 are shares where fair value cannot be
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Financial Instruments as of 31 December 2022
Carrying value Fair value
Equity investments
1)
Hedging
instruments at FVTPL at FVOCI
Amortized
cost Total Level 1 Level 2 Level 3 Total
Amounts in NOK 1,000
Other Shares
2)
0 72,574 117,979 30,833 221,386 73,220 0 148,167 221,386
Bonds
2)
0 267,754 0 0 267,754 267,754 0 0 267,754
Interest rate swaps 327,820 0 0 0 327,820 0 327,820 0 327,820
Loans granted to associates 0 0 0 338,823 338,823 0 0 0 0
Other interest-bearing loans 0 0 0 4,162 4,162 0 0 0 0
Other non interest-bearing receivables 0 0 0 74,113 74,113 0 0 0 0
Trade and other receivables 0 0 0 2,873,638 2,873,638 0 0 0 0
Cash and cash equivalents 0 0 0 5,458,472 5,458,472 0 0 0 0
Financial assets 327,820 340,329 117,979 8,780,040 9,566,168 340,974 327,820 148,167 816,961
Bank overdrafts 0 0 0 488,645 488,645 0 0 0 0
Interest bearing bond loans 0 0 0 2,190,226 2,190,226 0 0 0 0
Secured bank loans 0 0 0 5,964,930 5,964,930 0 0 0 0
Unsecured loans 0 0 0 1,011,024 1,011,024 0 0 0 0
Finance lease liabilities 0 0 0 2,357 2,357 0 0 0 0
Right-of-use liabilities 0 0 0 519,931 519,931 0 0 0 0
Trade and other payables 0 0 0 715,904 715,904 0 0 0 0
Financial liabilities 0 0 0 10,893,016 10,893,016 0 0 0 0
1)
FVTPL is short for value through Profit and loss. FVOCI is short for value through other comprehensive income.
2)
Investments in level 1 consist of listed shares and bonds with quoted market prices, and investments in level 3 are
shares where fair value cannot be measured reliably as the financial instrument is not traded in an active market. The
best estimate of fair value is initial purchase price.
General
The Group of companies is exposed to various financial risk factors through its operating activities. The
factors include market risks (currency risk, interest rate risk and commodity price risk), credit risk and
liquidity risk. The management seeks to minimize the risks and monitors the financial markets closely.
Fair values versus carrying amounts
Unless otherwise stated, the net book values are presumed to reflect the fair value of financial assets and
liabilities.
Credit risk
The Group of companies continually evaluates the credit risks associated with customers and
counterparties and, when necessary, requires guarantees or collaterals. The Group of companies' short-
term investments are mainly limited to cash deposits with its relationship banks. The credit risk related
to trade receivables is mainly within the business segments Renewable Energy and Wind Service from
customers located in the EURO zone and United Kingdom. For further information, see note 3 - Financial
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The Group of companies' financial assets were considered to have low credit risk per 1 January 2023.
Historically, losses on receivables have been insignificant in the Group of companies. A large proportion of
the Group of companies’ receivables are advance payments from customers in the business segment Cruise
and in NHST Media Group AS in the Other investments segment. The Group of companies has considered
that the credit risk has not increased significantly during 2023. Based on the group’s assessment, no
significant changes in loss allowance are deemed necessary per 31 December 2023.
The carrying amounts of financial assets represent the maximum credit exposures. The maximum exposure
to credit risk at the reporting date was:
Carrying amount
2023 2022
Amounts in NOK 1,000
Financial assets, shares 212,710 221,386
Financial assets, bonds 244,160 267,754
Loans granted to associates 539,982 338,823
Other interest-bearing loans 4,149 4,162
Other non interest-bearing receivables 76,145 74,113
Trade and other receivables
1)
3,004,508 2,407,631
Contract assets
1)
348,180 466,007
Cash and cash equivalents 5,460,200 5,458,472
Derivatives 226,785 327,820
Total 10,116,819 9,566,168
1)
Trade receivables (which also includes i.a. prepayments) and contract assets are to be collected from the following
business segments:
Carrying amount
2023 2022
Amounts in NOK 1,000
Renewable Energy 1,190,756 1,243,990
Wind Service 1,810,415 1,399,151
Cruise 210,543 99,326
Other Investments 140,974 131,172
Total 3,352,688 2,873,638
The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was:
Carrying amount
2023 2022
Amounts in NOK 1,000
UK 1,241,128 1,320,371
EURO-zone incl. Norway 1,183,970 893,410
Carrying amount
2023 2022
America 232,344 172,903
Africa 13 32
Asia 693,229 470,358
Other 2,004 16,564
Total 3,352,688 2,873,638
Impairment losses
Loss allowances have been measured on the following bases:
• 12-month ECLs that result from possible default events within the 12 months after the reporting date;
and
• Lifetime ECLs that result from all possible default events over the expected life of a financial instrument.
The aging of trade and other receivables at the reporting date was:
Gross Provisions Balance Gross
Impair-
ment Balance
2023 2022
Amounts in NOK 1,000
Not past due 2,855,407 -117 2,855,290 2,728,909 -27 2,728,882
Past due 0-30 days 302,417 -263 302,154 114,035 -61 113,974
Past due 31-180 days 184,348 -1,090 183,257 14,910 -606 14,304
Past due 181-360 days 5,763 -512 5,250 2,705 -403 2,302
More than one year 19,621 -12,884 6,737 23,530 -9,354 14,176
Total 3,367,555 -14,867 3,352,688 2,884,089 -10,451 2,873,638
Based on historic default rates, the Group of companies believes that limited impairment allowance is
necessary in respect of trade receivables not past due or past due by up to 30 days. Due to conditions
related to specific customers in NHST Media Group AS and Transport & Installation in the Wind Service
segment, a provision for losses has been made to certain receivables past due 31-180 days and 181-360
days respectively. Lifetime expected credit losses has been assessed and a provision for losses has been
made to certain receivables related to specific customers in Global Wind Service in the Wind Service
Segment.
Liquidity risk
The Group of companies is exposed to liquidity risk when payments of financial liabilities do not
correspond to the cash flow from operations and/or financing. In order to effectively mitigate liquidity risk,
the Group of companies’ risk management strategy focuses on maintaining sufficient cash, marketable
securities and/or committed credit facilities and targets a long-term funding profile. Moreover, the liquidity
risk management strategy focuses on maximising the return on surplus cash as well as minimising the cost
of short-term borrowing and other transaction costs. In order to uncover future liquidity risk, the Group
of companies forecasts both short-term and long-term cash flows. Cash flow forecasts include cash flows
stemming from operations, investments and financing activities.
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The following are the contractual maturities of financial liabilities, including estimated interest payments:
Due in
31 December 2023
Carrying
amount
Contractual
cash flows 2024 2025 2026 2027
2027 and
thereafter
Amounts in NOK 1,000
Non-derivative financial liabilities 10,080,280 8,442,814 1,627,699 2,142,454 1,595,444 462,512 2,614,705
Derivative financial liabilities 17,177 17,177 17,177 0 0 0 0
Due in
31 December 2022
Carrying
amount
Contractual
cash flows 2024 2025 2026 2027
2027 and
thereafter
Amounts in NOK 1,000
Non-derivative financial liabilities 10,177,112 9,803,791 771,532 1,798,998 2,290,825 1,654,380 3,288,056
Derivative financial liabilities 327,820 272,686 53,059 46,799 40,255 33,925 98,648
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Currency Risk
The Group of companies’ financial statements are presented in Norwegian kroner (NOK). Most of the
subsidiaries use Euro (EUR) or British Pound (GBP) as their functional currencies. The revenues mainly
consist of GBP, EUR and NOK. The operating expenses mainly consist of USD, GBP, EUR and NOK.
The Group of companies is exposed to foreign currency risks related to its operations and debt instruments.
As such, the earnings are exposed to fluctuations in the currency markets. The future foreign currency
exposure depends on the currency denomination of future operating revenues and expenses. In the longer
term, parts of the currency exposures are neutralised due to the majority of the Group of companies’ debt is
denominated in the same currencies as the revenues.
The management monitors the currency markets closely. In order to reduce the impact of currency rate
fluctuations on the net income and the
statement of financial position, currency contracts are entered into when considered appropriate.
The Group of companies’ exposure to foreign currency risk was as follows based on notional amounts:
The figures are not directly comparable to the figures in the statement of financial position, as the
statement of financial position shows the figures in actual currencies, net of intra group eliminations.
31 December 2023 31 December 2022
Amounts in NOK 1,000 USD GBP EUR USD GBP EUR
Gross statement of financial
position exposure
32,260 54,533 372,434 3,820 -257,054 44,846
Forward exchange contract 0 -1 328 0 0 0 0
Net exposure 32,260 53 205 372,434 3,820 -257,054 44,846
Currency sensitivity analysis
A 10 percent strengthening of the NOK against the following currencies at 31 December would have
affected the measurement of financial instruments denominated in a foreign currency and increased
(decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other
variables, in particular interest rates, remain constant. The analysis is performed on the same basis for the
previous year.
Equity Profit or loss
Effect in NOK 1,000
31 December 2023
USD -32 816 0
GBP -70 533 1 744
EUR -418 635 0
31 December 2022
USD -3,766 0
GBP 304,714 0
EUR -47,150 0
The following significant exchange rates applied during the year:
Average rate Reporting date spot rate
2023 2022 2023 2022
1 USD 10.5647 9.6245 10.1724 9.8573
1 GBP 13.1348 11.8464 12.9342 11.8541
1 EUR 11.4206 10.104 11.2405 10.5138
Interest rate risk
When the Group of companies borrows funds externally, the interest rate payable is in most cases based
on a floating interest rate. In order to reduce the fluctuations of interests payable, interest rate swap
agreements are entered into. The Group of companies is exposed to fluctuations in interest rates for GBP,
EUR, USD and NOK.
All the interest rate swaps that are entered into are used for economical hedging. Therefore, the changes in
the valuation of the interest rate swaps are taken over the profit or loss statement. The quarterly update of
the valuations of the interest rate swaps may result in substantial financial gains and losses, depending on
the changes in the interest rate levels.
The management monitors the interest rate markets closely and enters into interest rate swap agreements
when this is considered appropriate. At the reporting date approximately 34% of the financial liabilities
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At the reporting date the interest rate profile of the Group of companies’ interest-bearing financial
instruments was:
2023 2022
Amounts in NOK 1,000
Fixed rate instruments 1,900 8,000
Financial liabilities (interest-hedged portion of interest-bearing
debt) -3,411,024
-3,110,399
Total -3,409,124 -3,102,399
Variable rate instruments
Financial assets (cash and cash equivalents) 5,460,200 5,458,472
Financial liabilities (non-interest-hedged portion of
interest-bearing debt) -6,669,276
-7,066,713
Total -1,209,076 -1,608,241
Interest rate sensitivity
A change of 100 basis points in interest rates at the reporting date would have increased (decreased)
equity and profit or loss by the amounts indicated below. This analysis is on a pre-tax basis and assumes
that all other variables, in particular foreign currency rates, remain constant. Changes in the market value
of interest rate swap agreements are not included. The analysis is performed on the same basis as for the
previous year.
Profit or loss Equity
100 bp
increase
100 bp
decrease
100 bp
increase
100 bp
decrease
Amounts in NOK 1,000
31 December 2023
Net interest costs -12,091 12,091 -12,091 12,091
31 December 2022
Net interest costs -16,082 16,082 -16,082 16,082
Leases as lessee
Accounting principles
At inception of a contract, the Group of companies assesses whether a contract is, or contains, a
lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an
identified asset for a period of time in exchange for consideration. To assess whether a contract
conveys the right to control the use of an identified asset, the Group of companies uses the
definition of a lease in IFRS 16.
At commencement or on modification of a contract that contains a lease component, the Group
of companies allocates the consideration in the contract to each lease component on the basis
of its relative stand-alone prices.
Right-of-use assets
Right-of-use assets related to leased properties that do not meet the definition of investment
property are presented as property, plant and equipment (see note 10). See also note 18 for
Vessels
Land and
Buildings
Other
fixed assets Total
Amounts in NOK 1,000
2023
Balance at 1 January 3,959 483,474 20,270 507,703
Depreciation charge for the year -522 -63,382 -7,742 -71,647
Additions to right-of-use assets 0 55,404 17,694 73,098
Derecognition of right-of-use assets 0 -1,288 -7,942 -9,230
Reclassification 0 -111 0 -111
Currency differences - Cost 420 37,045 3,181 40,646
Currency differences - Depreciation -45 -8,141 -1,039 -9,225
Balance at 31 December 3,812 503,000 24,421 531,234
2022
Balance at 1 January 4,434 427,936 14,876 447,246
Depreciation charge for the year -462 -54,879 -6,162 -61,504
Additions to right-of-use assets 0 116,746 15,876 132,622
Derecognition of right-of-use assets 0 -4,696 -4,842 -9,538
Currency differences - Cost -13 -1,633 522 -1,124
Balance at 31 December 3,959 483,474 20,270 507,703
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Amounts recognized in profit or loss
Leases under IFRS 16 2023 2022
Amounts in NOK 1,000
Depreciation charge for the year 71,647 61,504
Interest on lease liabilities 18 720 21,352
Expenses related to short-term leases 137,579 348,838
Expenses related to leases of low-value assets 2,298 0
Amounts recognized in statement of cash flows
Leases under IFRS 16 2023 2022
Amounts in NOK 1,000
Total cash outflow for leases 83,965 71,943
Most of the lease rentals in the Group of companies are related to office rental contacts in several countries,
land leases regarding wind farms. The additions to right-of-use assets in 2022 are mainly related to new
office rental contracts and new land lease contract in the Renewable Energy segment. Expenses included
in profit or loss from short-term leases are mainly related to lease of cranes and various equipment in the
Global Wind Service Group.
The office rental contracts are mainly within the subsidiary NHST Media Group AS. The most significant
leases are related to the main offices in the Europe and has a duration of 5-10 years, some which contain
renewal options. The renewal period is a significant proportion of the leasing liability. It is assessed that it is
most likely to exercise the options to extend the lease period and the calculation of the liability and right-
of-use asset is based on this assumption.
Also included are land leases, with fixed payments, regarding wind farms within Renewable Energy.
These contracts are mainly compensation for road access, use of a compound or a minimum rent to the
landowners. The land rent contracts normally have variable lease terms based on turnover or usage. These
lease payments depending on turnover or usage will continue to be recognized in profit or loss when the
use occurs. These payments are not included in the lease liability that is recognized under IFRS 16, due
to their variable nature. The total expense relating to variable lease payments which is not included in
the measurement of lease liabilities is NOK 110 million in 2023 (NOK 132 million). The cash outflow from
variable leases is estimated to NOK 116 million in 2024.
The Group of companies has some short-term office rental contracts and leases of low-value items which
the Group of companies has elected not to recognize as right-of-use assets and lease liabilities.
Leases as lessor
Accounting principles
At inception or on modification of a contract that contains a lease component, the Group of
companies allocates the consideration in the contract to each lease component based on their
relative stand-alone prices.
When the Group of companies act as a lessor, it determines at lease inception whether each
lease is a lease liability or an operating lease. To classify each lease, the Group of companies
makes an overall assessment of whether the lease transfers substantially all of the risks and
rewards incidental to ownership of the underlying asset. If this is the case, then the lease is
a lease liability; if not, then it is an operating lease. As part of this assessment, The Group of
companies consider certain indicators such as whether the lease is for a major part of the
economic life of the asset.
If an arrangement contains lease and non-lease components, then the Group of companies
applies IFRS 15, Revenue from contracts with customers, to allocate the consideration in the
contract. The Group of companies applies the derecognition and impairment requirements in
IFRS 9, Financial instruments, to the net investment in the lease.
For further details, see note 5.
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NOTE 24
Capital commitments
Per year end 2023 Per year end 2022
Project Committed Capitalised Remaining Committed Capitalised Remaining
Amounts in NOK 1,000
Renewable Energy
Högaliden 0 0 0 13,896 0 13,896
Fäboliden 2 24,044 0 24,044 304,142 100,802 203,340
Total 24,044 217,236
Wind Service
New crane and upgrade of Bold Tern 0 0 0 0 0 0
New crane Brave Tern 942,078 410,967 531,099 384,805 56,853 327,952
Total 531,099 327,952
Cruise
Bolette 8,074 0 8,074 0 0 0
Borealis 20,168 0 20,168 0 0 0
Balmoral 3,020 0 3,020 2,371 0 2,371
Misc. 0 0 0 608 0 608
Total 31,262 2,979
Remaining capital commitments 586,405 548,167
NOTE 25 Contingencies
The Group of companies is subject to various legal and tax claims arising in the normal course of business
which the Group of companies assesses on a regular basis.
Outstanding receivables from customers
Universal Foundation is a company that was involved in the design and installation support for two Mono
Bucket foundations at the Deutsche Bucht project. UF received a notification of liability from Van Oord in
late 2019 under the Foundation Design Agreement and the associated Installation Services Agreement.
The company has reported on the issue in previous reports and reference is generally made to those. There
are no significant new developments in 2023. No formal proceedings have been initiated and the dialog
between the involved parties, including the insurance companies providing the professional indemnity
insurance, is ongoing.
Outstanding issues from suppliers
No significant outstanding issues recognized as per year end 2023.
Tax disputes
In December 2022 a subsidiary, Fred. Olsen Ocean Ltd, was notified by the tax authorities of a possible
change in taxable income for 2017. The amount involved is a taxable loss of NOK 331 million. This is not
expected to result in any payable tax, since the group of companies have significantly amount in loss carry
forward. The company has contradicted the correctness of the tax office's opinion. So far, no responds have
been received on the contradiction.
In January 2024 Fred. Olsen Ocean Ltd sent a summons to the district court (Tingretten), where the
company opposes the tax authorities view on penalty tax in the Adoon case (from 2007). This is due to the
claim being outdated and due to incorrect assumptions. The penalty tax including interest is amounted to
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Major Asset List as per
31 December 2023
Definitions
Addresses
NOTE 26
Related party information
In the ordinary course of business, the Group of companies recognizes certain business transactions
with accounting wise related parties. This note addresses the background, the services included the
compensation principles as well as the governance principles applied to such main arrangements.
Fred. Olsen & Co.
The origin of the Fred. Olsen & Co. AS (Fred. Olsen & Co.) dates back to 1848. The sole shareholder of
Fred. Olsen & Co., Anette Sofie Olsen, identifies the fifth generation Olsen and Fred. Olsen & Co. can
draw an uninterrupted line of business conduct back to 1848. Whilst some Fred. Olsen-related activities
are investments by the Company, others are and remain private - but they all stem from the private
entrepreneurship back in 1848.
A good example is the Renewable Energy business segment, which in the early nineties of the last century
evolved out of private Fred. Olsen-related green energy activities in the moorlands of Scotland. At the
time this was far from what the maritime oriented Company were focusing on. However, on the back of
these activities an opportunity was made available for The Company to expand its business interests into
investing in constructing, owning and operating windfarms, initially primarily in the UK.
Fred. Olsen & Co. has for generations managed, the day-to-day operation of the Company. The public
sphere of the Fred. Olsen-related activities was in earlier years centred around five shipping companies, all
listed on the Oslo Stock Exchange, and each engaged in distinct business activities and operated by Fred.
Olsen & Co.. Following various mergers, the latest in May 2016, The Company became the sole surviving
entity out of these five companies, but now with investments in a variety of diversified business segments,
each subject to autonomous corporate structures and accordingly with distinct managements.
Over the years Fred. Olsen & Co. has in addition also been engaged in day-to-day operation or provision of
professional services to other companies and investment funds.
In addition to being in charge of the day-to-day operation of The Company, Fred. Olsen & Co. today also
provides a variety of professional services market terms to predominantly subsidiaries of the Company
engaged in the various business segments within which the Company is invested. Fred. Olsen & Co. only to
a very limited degree provides services to private Fred. Olsen-related companies, and then at rates equal to
those applied to subsidiaries of the Company.
The Board of Bonheur is satisfied that the arrangement with Fred. Olsen & Co. in charge of the day-to-day
operation of the Company, which for decades has proved successful, also today is very suitable.
The Board is of the view that the business segments within which the Company at any one point in time
is invested through subsidiaries, must be operated on an autonomous basis. At the same time, and partly
for the same reason, it is of significant value to the Company that Fred. Olsen & Co. with its experience and
knowledge on a professional basis assist each of these business segments in achieving their respective
goals. That in turn provides a unique platform for Fred. Olsen & Co. to be able to efficiently provide such
day-to-day operation of the Company that is needed. By Fred. Olsen & Co. being in charge of both the day-
to-day operation of the Company and the provision of a variety of services to subsidiaries of Bonheur, the
Company and Fred. Olsen & Co. achieve cost and competence synergies. Such benefits are realized without
any interests being compromised.
For its services to the Company, Fred. Olsen & Co. is compensated through a cost-plus model. A profit
margin commensurable with margins used in comparable uncontrolled transactions is applied on top of a
cost base consisting of documented expenses mainly related to personnel, external consultancy services,
rent and IT expenses (see below table). Defined contribution pension relative to Fred. Olsen & Co. is
included in the above cost base, while defined benefit pension costs relative to Fred. Olsen & Co., hereunder
pension to Mr. Fred. Olsen do not form part of this cost base but are charged directly to the Company. The
profit margin on the ordinary services by Fred. Olsen & Co. has in recent years been set at 12%.
The compensation model is monitored by the Shareholders’ Committee who applies it in connection with
its annual recommendation to the Board on compensation and possible bonus to FO Fred. Olsen & Co.
The five members of the Shareholders’ Committee are all independent of the majority shareholders of the
Company. When dealing with these recommendations, the Board will be constituted by its, in this regard
non-conflicted Directors. The Board of the Company consists of six Directors out of which four Directors are
independent of the majority shareholders of the Company and of Fred. Olsen & Co..
The aforementioned compensation - together with a possible bonus - is the only compensation Fred. Olsen
& Co. receives for its services to the Company. The profit margin and the maximum obtainable bonus is
subject to regular third-party benchmarking and review, performed every 3 years, last time in 2022, also
monitored by the Shareholders’ Committee.
2023 2022
Amounts in NOK 1,000
Costs together with profit margin and bonus to
Fred. Olsen & Co., charged to the Company
90,421 92,211
Costs and fees charged to subsidiaries 92,819 81,416
Amount outstanding between Fred. Olsen & Co. and the Company
1)
-2,357 -15,824
Amount outstanding between Fred. Olsen & Co. and subsidiaries of the
Company
1)
-12,585 -5,635
1)
Short term outstanding in connection with current operations.
In 2022 Hvitsten AS was established as a subsidiary of Fred. Olsen & Co. as an alternative investment fund
manager, as well as naturally associated activities. Hvitsten AS's operations are subject to the Act on the
Management of Alternative Investment Funds of 20 June 2014 No. 28. On 22 June 2022, the company
received permission to manage funds from the Norwegian Financial Supervisory Authority. The permit
is limited to management of funds with an investment strategy within private equity and infrastructure
investments, ref. § 2-4 fifth paragraph.
Hvitsten AS has a management assignment with Wind Fund I AS which invested EUR 189 million to
indirectly acquire 49% of three Scandinavian wind farms. In addition, EUR 291 million is committed for
future wind farm developments. Hvitsten AS is not exposed to significant credit, interest rate and currency
risks. The company has a long-term management agreement with Wind Fund I AS but may also manage
other alternative investment funds in the future.
Hvitsten AS charge a fixed administration fee to Wind Fund I AS with a stairstep fee-model for each new
wind farm, in addition to a one-time investment fee for each new wind farm investment.
Renewable Energy
The Natural Power Consultants Ltd. (Natural Power) are an international renewable energy consultancy
providing high level analytics and advice across multiple technologies to FOR, FOS and many unrelated 3rd
parties. They operate across all areas of the project life cycle from consenting, environmental studies, site
design, construction management and operations.
Zephir Ltd. (ZX Lidar) provide high technology laser powered wind measurement tools (Wind Lidars) used
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31 December 2023
Definitions
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applications.
ZX Measurement Services Ltd. (ZX MS) provide wind measurement services such as Wind Lidar rental,
campaign design and optimisation.
Natural Power, ZX Lidar, ZX MS are owned by Fred. Olsen Ltd. (FOL) which is owned by the private Fred.
Olsen-related companies AS Quatro and Invento AS; both major shareholders in the Company.
Bonheur and Natural Power own 25.5% each of the Danish consultancy company New Power Partners
(NPP). Transactions between NPP and Bonheur group of companies have therefore been reported as related
party transactions in 2023.
Scope of services:
Natural Power and NPP provides both consultancy services and operations-related services for FOR’s wind
farms and FOS projects in the UK. FOR has contracted Natural Power to provide site and asset management
services for its wind farms in the UK and also to provide specific consultancy services mainly related to
planning, environmental, technical, construction, and geotechnical services within renewable energy.
The increase in cost from Natural Power Consultants in 2023 mainly relates to high inflation and currency
compared to 2022.
2023 2022
Amounts in NOK 1,000
Natural Power Consultants Ltd. (asset management services) 138,185 104,093
Natural Power Consultants Ltd. (other consultancy services) 38,536 33,699
Fred. Olsen Travel Ltd. 179 419
Fred. Olsen Ltd. 11,592 5,747
Fred. Olsen & Co. 36,360 30,513
ZX Measurement Services Ltd. 2,445 2,854
New Power Partners ApS 35,173 16,294
Zephir Ltd. 3,219 1,159
Total paid to related parties 265,689 194,778
FOR hires and shares office locations and other administrative services such as HR and IT support from FOL
in London.
Governance
All contracts between the related parties are based on the arm’s length principle. The contracts are at
regular intervals, and with advice from independent experts, benchmarked and tested against comparable
contracts tendered in the market to ensure they are at terms comparable to those available in the market.
In July 2022, FORAS entered into agreements providing Euro 480 million equity financing for onshore
windfarms in Norway, the UK and Sweden. FORAS will remain the 51% shareholder in such windfarms,
while the other 49% will be acquired by the newly established investment fund, Wind Fund 1. Kommunal
Landspensjonskasse ("KLP"), MEAG Munich ERGO AssetManagement GmbH ("MEAG") acting on behalf
of various entities of Munich Re Group including ERGO, and Keppel Infrastructure Trust ("KIT") / Keppel
Corporation Limited ("Keppel") all own 1/3 of the fund. On 8th September, the fund acquired an indirect
ownership of 49% in three operative windfarms with a combined capacity of 258 MW (Lista Vindkraftverk
AS, Fäbodliden Vindkraft AB and Högaliden Vindkraft AB) for net cash proceeds (adjusted for NIBD and
leakage) of EUR 174 million. Furthermore, the fund has an exclusive right and obligation to invest 49% in
all onshore windfarm projects in the UK and Sweden that FORAS takes forward to final investment decision
until the current outstanding commitment of Euro 291 million is fully utilized or a period of five years has
lapsed.
Cruise
FOCL has its commercial operation located in Ipswich (UK) while its technical operation is located in Oslo.
The segment is subject to the following related party interests:
Shared Services with Fred. Olsen Ltd.
FOCL has for many years been part of and has benefited from a wide range of shared services, such as HR,
IT and administration, under an office community with FOL in an office building at White House Road,
Ipswich. The rents are at market terms and subject to annual review. The other services from FOL are paid
for at cost.
For further enhancement of the office situation in Ipswich, it has been decided to extend and improve the
office building at White House Road, Ipswich. Together with FOL, FOCL have established a joint venture
company (Fred. Olsen House (JV) Ltd. (FOHJV)) for the purpose of having the building transferred and for
funding of the necessary extension and improvement works. FOCL has made a cash investment of GBP 2.6
million as its 50% share in FOHJV. The investment is included under Financial fixed assets.
Travel agency services from Fred. Olsen Travel Ltd. FOTL is a subsidiary of FOL.
FOTL (UK) facilitates relevant flight bookings for the crew employed by FOCL and some passengers and also
acts as an ordinary sales agent for cruise holidays operated by FOCL. These services, however, only amount
to a minor share of FOTL’s total revenues. The crew flights services are based on cost plus a service fee per
booking. The sales agency is paid a commission on similar terms to other commercial agreements in place
between FOCL and independent agents.
Crewing services from Bahia Shipping Services Inc.
FOCL deploy crew partly from the Philippines with Bahia Shipping Services Inc. based in Manila (Bahia).
Bahia came about in 1987 out of a need for a professional crewing company to provide qualified personnel
and secure fair treatment of the crew. The majority of the crewing companies in the Philippines at that
time did not meet FOCL’s HSEQ requirements in this respect, which was the key reason for Bahia coming
into existence. Fred. Olsen jnr. owns 25% of Bahia Shipping Services, while the remaining 75% is owned by
non-related Philippine third parties. Fred. Olsen Jnr. resigned from the board of FOCL in July 2022, but due
his role as part of the majority shareholder of Bonheur Bahia will be reported as a related party for 2023 and
forward.
Bahia is delivering a complete set of crewing services for crew out of the Philippines, including recruitment,
interviewing, testing, training, legal matters, travel arrangements etc. Bahia also facilitates flight bookings
for crew travelling from the Philippines to the cruise vessels. A major part of what is paid to Bahia is a pass-
through service of wages to crew members (allotment) being funds transferred via Bahia for payment to
the crew in the Philippines. Bahia provides crewing services also to other, non-Fred. Olsen-related shipping
companies. Cost of crew flights are based on actual cost. Recruitment fees are based on market rates and
subject to market testing. Bahia’s agency fee is a flat fee negotiated between FOCL and Bahia and based
both on market rate and assessment of hours effort required. The numbers in the first table below reflect
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Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
2023 2022
Amounts in NOK 1,000
Fred. Olsen Ltd (commission/ mark-up paid on head office/
establishment services)
1,210 1,080
Fred. Olsen Travel Ltd (commission paid on crew flights etc) 2,164 1,819
Fred. Olsen Travel Ltd (commission earned on sale of cruise tickets) 14,486 6,676
Bahia Shipping Services Inc. (agency fee for crewing services) 11,098 8,955
Fred. Olsen & Co. (invoiced for admin fee for Group services) 3,040 2,527
Commissions and fees paid to related parties 31,998 21,057
The table below reflects gross numbers and thus also pass-through expenses.
Invoiced from related parties 2023 2022
Amounts in NOK 1,000
Fred. Olsen Ltd. (Infrastructure and establishment services) 10,557 8,606
Fred. Olsen Ltd. (Office management and personnel services) 19,712 24,200
Cost for office premises, Infrastructure and office management
paid to Fred. Olsen Ltd.
30,269 32,807
Other transactions with related parties
The Wind Service segment of the Company was invoiced NOK 34 million (2022: NOK 20 million) for services
from Fred. Olsen & Co. Bahia has provided certain crewing services to the Wind Service segment of which a
commission of NOK 1.3 million (2022: NOK 1.1 million) was paid. Furthermore, NOK 4,4 million was paid to
NPP for engineering and project management services.
In 2023, Fred. Olsen & Co. paid NOK 5.4 million (2022: 5.4 million) to the Group of companies for rent of
office space. The rent is market based and on similar terms as for other tenants in the quarter in Fred. Olsens
gate 2 in Oslo.
The Company rents an office building in Hvitsten from a private Fred. Olsen-related company. Rent paid in
2023 as well as in 2022 was NOK 0.4 million.
Mr. Fred. Olsen is party to a consultancy agreement with Fred. Olsen & Co.. In 2023, NOK 5.2 million was
paid under this consultancy agreement (2022: NOK 5.2 million). Such payment is part of the costs charged
to Bonheur.
Members of the Board of Directors, the managing director and other related parties hold per year end 2023
in total NOK 6 million of BON09 bond loan (2022: NOK 6 million).
As per 31 December 2023 the members of the Board, members of the Shareholders' Committee and the
Managing Director owned and/or controlled directly and/or indirectly, the following number of shares in
the Company:
Board of directors: Shareholders' committee: Managing Director:
Number of shares
Fred. Olsen 40,586 Jørgen G. Heje 2,180 Anette S. Olsen 2,942
Bente Hagem 1,505 Christian F. Michelet 0
Carol Bell 1,200 Ole Kristian Aabø-Evensen 0
Nick Emery 325 Synne Homble 0
Andreas Mellbye 0 Gaute Gjelsten 0
Jannicke Hilland 0
Private Fred. Olsen related interests directly and/or indirectly owned or controlled 21,958,380 shares in the
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statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
NOTE 27
Group of companies
Accounting policies
The consolidated financial statements include the Company and its subsidiaries. A company
within the Group of companies controls an entity when it is exposed to, or has rights to, variable
returns from its involvement with the entity and has the ability to affect those returns through its
power over the entity. The financial statements of subsidiaries are included in the consolidated
financial statements from the date on which control commences until the date on which control
Bonheur ASA is the parent in the Group of companies with the following subsidiaries:
Country of
incorporation
Ownership
interest
Votes,
percentage
2023 2022
Fred. Olsen Seawind ASA Oslo, Norway 100,00% 100,00% 100,00%
Fred. Olsen Renewables AS Oslo, Norway 100,00% 100,00% 100,00%
- Fred. Olsen Wind Ltd. UK 51,00% 51,00% 51,00%
- Fred. Olsen CBH Ltd. UK 51,00% 51,00% 51,00%
- Hvitsten II JV AS Oslo, Norway 51,00% 51,00% 51,00%
- Hvitsten II JV AB Sweden 51,00% 51,00% 51,00%
Fred. Olsen Ocean Ltd. Hamilton,
Bermuda
100,00% 100,00% 100,00%
- Fred. Olsen Windcarrier ASA Oslo, Norway 100,00% 100,00% 100,00%
- Global Wind Services A/S Fredericia,
Denmark
92,16% 92,16% 92,16%
First Olsen Holding AS Oslo, Norway 100,00% 100,00% 100,00%
NHST Media Group AS Oslo, Norway 55,00% 55,00% 55,13%
Fred. Olsen Travel AS Oslo, Norway 100,00% 100,00% 100,00%
Fred. Olsen Insurance Services AS Oslo, Norway 100,00% 100,00% 100,00%
AS Stavnes Byggeselskap Oslo, Norway 100,00% 100,00% 100,00%
Fred. Olsen Spedisjon AS Oslo, Norway 100,00% 100,00% 100,00%
Fred. Olsen 1848 AS Oslo, Norway 100,00% 100,00% 100,00%
Fred. Olsen Investments AS Oslo, Norway 100,00% 100,00% 100,00%
Fred. Olsen Cruise Lines Pte Ltd Singapore 100,00% 100,00% 100,00%
Ganger Rolf AS
1)
Oslo, Norway 100,00% 100,00% 100,00%
Fred. Olsen Canary Lines S.L.
1)
Spain 100,00% 100,00% 100,00%
Felixstowe Ship Management Ltd.
1)
UK 99,85% 99,85% 99,85%
Number of
shares
Book value
shares
Result
for the year Equity
Amounts in NOK 1,000
Fred. Olsen Seawind ASA 10,000,000 546,683 -130,562 491,049
2)
Fred. Olsen Renewables AS 30,000 1,779,107 900,613 1,467,149
2)
- Fred. Olsen Wind Ltd. 400,002 1,859,627 829,884 531,014
2)
- Fred. Olsen CBH Ltd. 153 490,818 36,458 110,187
2)
- Hvitsten II JV AS 57,607,438 423,978 75,460 208,357
- Hvitsten II JV AB 12,750 1,454,085 22,692 2,048,445
Fred. Olsen Ocean Ltd. 39,993,796 2,749,285 675,597 4,634,428
2)
- Fred. Olsen Windcarrier ASA 5,000,000 477,307 609,158 3,772,500
2)
- Global Wind Services A/S 940,000 476,391 15,267 244,308
2)
First Olsen Holding AS 1,000,100 587,131 205,239 -1,527,791
2)
NHST Media Group AS 882,371 271,622 -122,229 -239,630
2)
Fred. Olsen Travel AS 4,482 7,914 7,363 23,088
Fred. Olsen Insurance Services AS 1,500 0 -1,041 3,812
AS Stavnes Byggeselskap 11,000 28,533 -1,879 24,545
Fred. Olsen Spedisjon AS 700 7,771 -2,219 4,471
Fred. Olsen 1848 AS 30 180,780 -70,058 79,162
2)
Fred. Olsen Investments AS 1,000 10,000 1,013 11,013
Fred. Olsen Cruise Lines Pte Ltd 1,000,000 6,230 385 21,470
Ganger Rolf AS
1)
30,000 31 0 15
Fred. Olsen Canary Lines S.L.
1)
100 96 0 0
Felixstowe Ship Management Ltd.
1)
15,151 965 0 0
Voting rights in the companies equal the ownership interest.
1)
Based on the Company’s ownership interest the companies are classified as subsidiaries, but due to no or insignificant
activity the companies are not consolidated in the Group of companies.
2)
NOTE 28 Subsequent events
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Floating PV technology BRIZO – Fred. Olsen 1848
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Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
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Note 2023 2022
Amounts in NOK 1,000
Other income 12 20,225 18,081
Total income 20,225 18,081
Operating expenses 1 -156,438 -149,294
Depreciation 3 -3,303 -4,638
Total operating expenses -159,741 -153,932
OPERATING RESULT -139,516 -135,851
Interest income 7 284,404 114,025
Dividends 15 679,369 2,149,656
Foreign exchange gains 190,907 41,265
Gain on sale of bonds and securities 5 109 162
Other financial income 9,141 3,499
Total financial income 1,163,930 2,308,607
Other interest expenses 9 -162,710 -111,471
Foreign exchange losses -26,243 -13,745
Loss on sale of bonds and securities 5, 6 -2 -257
Other financial expenses 16 -25,667 -679,014
Total financial expenses -214,622 -804,487
Net financial items 949,308 1,504,120
RESULT BEFORE TAX 809,792 1,368,269
Current tax 11 0 0
Deferred taxes 11 0 0
RESULT FOR THE YEAR 809,792 1,368,269
Proposed allocations:
Dividends 8 255,191 212,659
Other equity 8 554,600 1,155,610
Total allocations 809,792 1,368,269
Income Statement (NGAAP)
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Major Asset List as per
31 December 2023
Definitions
Addresses
Note 2023 2022
Amounts in NOK 1,000
ASSETS
Non-current assets
Real estate 3 34,956 36,285
Other property, plant and equipment 3 32,099 31,101
Total property, plant and equipment 67,055 67,386
Investments in subsidiaries 4 6,175,056 5,553,719
Investments in associates 5 16,747 16,747
Investments in other shares 5 79,738 117,084
Bonds 6 243,268 267,451
Other receivables 7 1,469,583 1,293,460
Pension funds 2 33,856 25,679
Financial fixed assets 8,018,247 7,274,140
Total non-current assets 8,085,303 7,341,526
Current assets
Short-term securities 5 90,265 67,977
Current receivables 7 549,862 554,516
Restricted cash 14 502,693 502,135
Cash and cash equivalents 14 2,952,363 2,535,074
Total current assets 4,095,183 3,659,702
TOTAL ASSETS 12,180,486 11,001,228
Balance Sheet (NGAAP)
Note 2023 2022
Amounts in NOK 1,000
EQUITY AND LIABILITIES
Equity
Share capital 8 53,165 53,165
Additional paid in capital 143,270 143,270
Total paid in capital 196,435 196,435
Other equity 8,368,428 7,869,840
Total equity 8 8,564,863 8,066,275
Liabilities
Pension liabilities 2 523,419 446,742
Total provisions 523,419 446,742
Bond loans non-current 1,989,973 2,190,226
Other non-current loans 15,405 12,555
Total non-current liabilities 9 2,005,378 2,202,781
Bond loans current 799,280 0
Other current liabilities 287,546 285,431
Total current liabilities 9 1,086,826 285,431
Total liabilities 3,615,623 2,934,953
TOTAL EQUITY AND LIABILITIES 12,180,486 11,001,228
Guarantees 10 665,944 654,186
Oslo, 8 April 2024
Bonheur ASA – The Board of Directors
Fred. Olsen
Chairman
Carol Bell
Director
Bente Hagem
Director
Jannicke Hilland
Director
Andreas Mellbye
Director
Nick Emery
Director
Anette Sofie Olsen
Managing Director
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Major Asset List as per
31 December 2023
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Note 2023 2022
Amounts in NOK 1,000
Cash flow from operating activities:
Net result after tax 8 809,792 1,368,269
Adjustments for:
Depreciation 3 3,303 4,638
Impairment of investments 16 17,717 661,693
Pension costs 29,248 26,601
Amortisation of borrowing costs 4,126 3,996
Unrealized currency gains (-) / losses -116,605 -12,125
Interest income -284,404 -114,025
Dividends -679,369 -2,149,656
Interest expenses 162,710 111,470
Gains (-) / losses on sale property, plant and equipment 3 -255 0
Gains (-) / losses on sale of shares and bonds -107 95
Taxes 11 0 0
Cash generated before changes in working capital and provisions -53,844 -99,044
Increase (-) / decrease in trade and other receivables 95 -16,265
Increase / decrease (-) in current liabilities -30,031 -3,159
Net cash generated from operations -83,780 -118,468
Interest paid -156,685 -107,999
Tax paid 11 0 0
Net cash from operating activities -240,465 -226,467
Cash flow from investing activities:
Proceeds from sale of property, plant and equipment 3 330 0
Proceeds from sale of shares and bonds 81,615 61,000
Interest received 158,859 76,977
Dividends received 654,369 2,038,746
Acquisitions of property, plant and equipment -3,047 -5,743
Acquisitions of shares in subsidiaries, other shares and bonds 4 -104,749 -98,417
Net change in long term receivables 7 -511,306 -444,365
Net cash flow from investing activities 276,071 1,628,198
Cash flow from financing activities:
Increase in borrowings 9 594,900 2,043,631
Repayment of borrowings 9 0 -2,513,183
Dividends paid 8 -212,659 -182,887
Net cash flow from financing activities 382,241 -652,439
Net change in cash and cash equivalents 417,847 749,292
Cash and cash equivalents at 1 January 14 3,037,209 2,287,917
Cash and cash equivalents at 31 December 14 3,455,056 3,037,209
Cash Flow Statement (NGAAP)
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31 December 2023
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General Information and summary of significant Accounting Principles
Bonheur ASA is an investment company performing Group Management, Corporate Functions, and the
Group’s internal bank (Group Treasury).
The accounts have been prepared in accordance with the Norwegian accounting act and generally
accepted accounting principles in Norway. The annual accounts give a true and fair view of assets and
liabilities, financial status and result.
All figures presented are in NOK unless otherwise stated.
The annual accounts are based on basic policies related to historical cost, comparability, going concern,
congruence and prudence. Specific transactions are recognized at fair value of the date of the transactions.
Revenues from house rental, which is invoiced monthly, is recognized in the income statement once
invoiced.
Assets related to receivables payable within one year are classified as current assets. Other assets are
classified as non-current assets. An equivalent principle is applied to liabilities. Instalments related to long
term debt payable within one year are classified as short-term liabilities.
Bonheur ASA’s significant accounting principles are consistent with the accounting principles for the
Group, as described in note 1 and in the separate notes of the consolidated financial statements. Where the
principles for the parent company are substantially different from the principles for the Group, these are
explained below. Otherwise, refer to the notes to the consolidated financial statements.
Foreign currency items and derivatives
Short and long-term assets and liabilities are valued at currency rates prevailing at year end. Unrealized
losses are expensed, and unrealized gains are accounted for as financial income.
Shares and other securities
Long term investments in subsidiaries and associated companies are classified as financial fixed assets in
the balance sheet and measured at the lower of cost and fair value. Subsidiaries are entities controlled by
the Group. The Group controls an entity when it is exposed to, or have rights to, variable returns from its
involvement with the entity and has the ability to affect those returns through its power over the entity.
Long term and short-term investments in other shares and bonds held to maturity date, are classified as
financial fixed assets or current assets in the balance sheet and measured at the lower of cost and fair value.
Average cost is used when gains/losses on sale of shares and bonds are calculated. Gains/losses on sale of
securities are recognized in the income statement as financial income/losses.
At the reporting dates, the carrying amounts of fixed assets are reviewed to determine whether there is an
indication of impairment. Fixed assets are written down to their recoverable amount if this is lower than
the carrying amount, and the decline is expected to be permanent. The recoverable amount is the higher
of an asset or cash generating unit’s fair value less cost of disposal and its value in use. For investments that
are not actively traded in the market, fair value is determined using valuation techniques such as e.g. using
recent arm’s length market transactions. Value in use is the present value of future cash flows expected to
be derived from an asset or cash generating unit.
Cash and cash equivalents
Cash and cash equivalents include cash and bank deposits held with financial institutions, both unrestricted
and restricted, and other current, liquid investments.
Management expenses
The Company’s relative share of Fred. Olsen & Co.'s management expenses are charged to «operating
expenses» in the income statement.
Pension cost/-commitments
The Company has chosen to follow IAS 19 also for the parent company’s presentation of the pension costs,
as optionally granted in NRS 6.
Net pension cost, which consists of gross pension cost, less estimated return on plan assets adjusted for the
impact of changes in estimates and pension plans, are classified as an operating cost, and is presented in
the line item “operating expenses” whereas the changes in estimates are recognized in equity.
Dividends received
Dividend income is recognised in profit or loss on the date that the company’s right to receive payment
is established, which in the case of quoted securities is the ex-dividend date. Dividends from non-listed
securities are recognised in profit or loss at the date the company receives the dividends.
Transactions with related parties
Purchase and sale transactions with related parties in Norway, in line with the Norwegian Companies Act §
3-9, are carried out to the general business terms and principles. The same applies to the purchase from and
sale to foreign related parties. Recognition, classification etc follow the Act’s general principles. There are
written agreements for significant transactions. Transactions with related parties are specified in note 12.
Bonheur ASA’s share of revenues, expenses (e.g., administration fee and IT fee), gains and losses not
attributable to a particular company in the same group is based on allocation keys in accordance with good
business practice.
SEARCHPAGE 135 EXPLORE
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
NOTE 1
Personnel expenses, professional fees to the auditors and
other operating expenses
The Company has no employees. The position as managing director is held by Anette S. Olsen as part of the
day-to-day operation of the Company provided by FOCO. See note 12.
FOCO has for the same period charged subsidiaries and other company related parties for comparable
services under separate agreements
Note 2023 2022
Amounts in NOK 1,000
Remuneration etc.
Admin. costs together with profit
margin and bonus to FOCO, charged the
Company
12 61,172 65,610
Admin. cost to subsidiary 10,440 9,820
Employee benefits/pension costs related
to FOCO, charged the Company
2, 12 29,248 26,601
Fees to the Board of Directors and
Shareholders' Committee
5,010 4,575
Other operating expenses 50,567 42,689
Total Operating expenses 156,438 149,295
2023 2022
Amounts in NOK 1,000
Hereof professional fees to the auditors
Statutory audit 6,377 5,941
Other services outside the audit scope 33 260
Total (VAT included) 6,411 6,201
Remuneration to the Board of Directors and the Shareholders Committee
In 2022, the members of the Board received the following directors’ fees:
2023 2022
Amounts in NOK 1,000
Fred. Olsen, Chairman of the Board 1,643 1,550
Andreas Mellbye 465 405
Carol Bell
1)
491 459
Nick Emery
1)
511 446
Bente Hagem 473 405
Jannicke Hilland 443 405
Total Compensations 4,025 3,670
1)
Includes compensation for overnight stops in connection with Board Meetings.
Remuneration to the Shareholders’ Committee:
2023 2022
Amounts in NOK 1,000
Christian Fr. Michelet 225 205
Synne Homble 190 175
Jørgen G. Heje 190 175
Gaute Gjelsten 190 175
Ole Kristian Aabø-Evensen 190 175
Total Compensations 985 905
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At a Glance
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Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
NOTE 2
Pensions / Employee benefits
The Company has no employees, although the position of managing director is held by Anette S. Olsen
as part of the overall managerial services under an agreement with FOCO, comprising also financial,
accounting and legal services. The Company is charged for the execution of these services and is liable for
the pension obligations related to the employees of FOCO. See note 12.
Employees of FOCO, who were employed before 1 June 2012, are members of FOCO’s Pension Fund.
Members of the pension fund have the right to future pension benefits (defined benefit plan) based upon
the number of contribution years and salary level at retirement. The pension scheme is administered
by FOCO’s Pension Fund, which is a separate legal entity, mainly investing its funds in interest bearing
securities and shares in Norwegian listed companies. As per 31 December 2023, 82 employees in FOCO
were members of the defined benefit scheme in the pension fund (2022: 89), whereof 64 pensioners (2022: 69).
All persons employed after 1 June 2012 are offered a Defined Contribution Scheme. All employees
as at June 2012 decided to keep their defined benefit plans. The pension schemes are accounted for
in accordance with IAS19. The pension plans are in compliance with the Norwegian requirements for
Mandatory Service Pension (OTP).
The Company has unfunded (unsecured) pension obligations towards 23 of FOCO’s directors and senior
managers with a salary exceeding 12 G (of whom 12 pensioners). The directors have the right to an early
pension upon reaching 65 years of age, while other managers have a retirement age of 70 years. The
pension obligations represent 66% of the relevant salary at the time of retirement.
2023 2022
Amounts in NOK 1,000
Present value of unfunded obligations -523,419 -446,742
Present value of funded obligations -225,697 -221,451
Total present value of obligations -749,116 -668,193
Fair value of plan assets 259,553 247,129
Net liability for defined benefit obligations -489,563 -421,064
Hereof unfunded pension plans -523,419 -446,742
Hereof funded pension plans 33,855 25,678
Recognized net defined benefit obligations -489,564 -421,064
• Expected payment of benefits from the funded plans are in 2024 estimated to be 11.3 million.
• Expected contributions to funded defined benefit plans in 2024 are NOK 7.5 million.
• Expected payment of benefits from the unfunded plans are in 2024 estimated to be 9.4 million.
Movement in net liability of defined benefit obligations:
Funded obligation Unfunded obligation Total obligation
2023 2022 2023 2022 2023 2022
Amounts in NOK 1,000
Balance at 1. January 25,678 12,996 -446,742 -493,101 -421,064 -480,105
Pension contribution 7,511 8,491 0 0 7,511 8,491
Benefits paid by the plan
1)
0 0 9,249 9,771 9,249 9,771
7,511 8,491 9,249 9,771 16,760 18,262
Included in profit and loss:
Interest 847 260 -14,590 -9,764 -13,742 -9,504
Current Service cost -5,579 -6,425 -9,927 -10,672 -15,506 -17,097
Net pension cost -4,731 -6,165 -24,517 -20,436 -29,248 -26,601
Included in equity
Actuarial gain/(loss) arising
from:
Financial assumptions -3,085 20,532 -61,409 57,024 -64,494 77,556
Return on plan assets 8,482 -10,176 0 0 8,482 -10,176
5,397 10,356 -61,409 57,024 -56,012 67,380
Balance as at 31. December 33,855 25,678 -523,419 -446,742 -489,564 -421,064
1)
Payment of benefits from the funded defined benefit plans were in 2023 NOK 11.5 million (2022: NOK 11.0 million).
Payments are covered by funds from the pension trust and are netted out in the table above.
The principal actuarial assumptions at the balance sheet date are the same as used for the Group of
companies, please see note 19 in the consolidated accounts. Assumptions are based on the guidance from
The Norwegian Accounting Standards Board (NASB), and other relevant sources.
Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding
other assumptions constant, would have affected the defined benefit obligation by the amounts below:
Increase in PBO
1)
2023
Amounts in NOK 1,000
Future salary increase with 0.25%-points -5,038
Future pension increase with 0.25%-points 31,286
Discount rate decreases with 0.25%-points -27,798
Future mortality, increased by 1 year longevity -33,333
1)
Projected Benefit Obligation
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NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
NOTE 3
Property, plant and equipment
Real estate Other assets Total
Amounts in NOK 1,000
Cost price as per 01.01.22 114,904 62,992 177,896
Purchases 1,737 4,006 5,743
Disposals -3 2 -1
Other 0 0 0
Cost price as per 31.12.22 116,638 67,000 183,638
Cost price as per 01.01.23 116,638 67,000 183,638
Purchases 0 3,048 3,048
Disposals 0 -535 -535
Other 0 0 0
Cost price as per 31.12.23 116,638 69,512 186,150
Accumulated depreciation as per 01.01.22 -77,051 -34,564 -111,615
Depreciation current year -3,305 -1,333 -4,638
Accumulated depreciation assets sold 3 -2 1
Other 0 0 0
Accumulated depreciation as per 31.12.22 -80,353 -35,899 -116,252
Accumulated depreciation as per 01.01.23 -80,353 -35,899 -116,252
Depreciation current year -1,329 -1,974 -3,303
Accumulated depreciation assets sold 0 460 460
Other 0 0 0
Accumulated depreciation as per 31.12.23 -81,682 -37,413 -119,095
Carrying amount as per 01.01.23 36,285 31,101 67,386
Carrying amount as per 31.12.23 34,956 32,099 67,055
Expected economic life 25 years Cars: 7 years
Depreciation schedule is linear for all categories
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At a Glance
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Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
NOTE 4
Subsidiaries
Business office Ownership
Votes,
percentage
Number of
shares
Book value of
shares
Result for
the year Equity
Amounts in NOK 1,000
Fred Olsen Seawind ASA Oslo 100% 100% 10,000,000 546,683 -130,562 491,049
1) 4)
Fred Olsen Renewables AS Oslo 100% 100% 30,000 1,779,107 900,613 1,467,149
1)
Fred Olsen Ocean Ltd Oslo 100% 100% 39,993,796 2,749,285 675,597 4,634,428
1)
First Olsen Holding AS Oslo 100% 100% 1,000,100 587,131 205,239 -1,527,791
1) 2)
NHST Media Group AS Oslo 55% 55% 882,371 271,622 -122,229 -239,630
1) 3)
Fred. Olsen Insurance Service AS Oslo 100% 100% 1,500 0 -1,041 3,812
Fred. Olsen Travel AS Oslo 100% 100% 4,482 7,914 7,363 23,088
AS Stavnes Byggeselskap Oslo 100% 100% 11,000 28,533 -1,879 24,545
Fred. Olsen Spedisjon AS Oslo 100% 100% 700 7,771 -2,219 4,471
Fred. Olsen 1848 AS Oslo 100% 100% 30 180,780 -70,058 79,162
1) 5)
Fred. Olsen Investments AS Oslo 100% 100% 1,000 10,000 1,013 11,013
Fred. Olsen Cruise Lines Pte Ltd Singapore 100% 100% 1,000,000 6,230 385 21,470
Ganger Rolf AS Oslo 100% 100% 30,000 - 0 15
6)
Fred. Olsen Canary Lines S.L. Spain 100% 100% 100 - 0 0
6)
6,175,056
1)
Group Company Equity based on IFRS.
2)
The Group of companies continuously evaluates its assets on an individual basis at each reporting date to determine whether there is objective evidence of impairment within the various business segments (for more information see note 10 for the
Group of companies).
3)
An impairment assessment was made by year end with the conclusion that no impairment is required for the Company's investment in NHST. The assessment is based on Bonheur’s continuous ownership in NHST, and the underlying values of the
assets in NHST. The impairment assessment is based on the principles and assumptions made when the impairment testing was performed for the underlying CGUs. See further information in note 11 for the Group Financial statement. The Company
performed sensitivity analysis to the changes in revenue and WACC to test the impairment estimates.
4)
In 2023 there was an increase of the paid in capital of NOK 476 million.
5)
In 2023 there was an increase of paid in capital of NOK 146 million (2022: NOK 32 million).
6)
Based on the Company's ownership interest the companies are classified as subsidiaries, but due to no or insignificant activity the companies are not consolidated in the Group of companies. The book values from these companies are included in the
book value in note 5 – Shares in associated companies and other investments and in “Other investments” in the balance sheet.
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NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
NOTE 5
Shares in associated companies and other investments
Cost price
Book value
as per
31.12.23
Market
value as per
31.12.23
Book value
as per
31.12.22
Market
value as per
31.12.22
Amounts in NOK 1,000
Total short-term liquid share portfolio 233,965 90,265 94,826 67,977 72,574
Shares in associated companies and other
long-term investment portfolio 222,286 96,484 96,979 133,831 134,352
Total liquid share portfolio 456,251 186,750 191,805 201,808 206,927
The market value of listed shares is determined by using the listed prices of the companies at year end.
Market value of non-listed companies is based on cost (book value) if no reliable measure of fair value
exists. See note 16 for impairment of financial assets.
NOTE 6 Bonds
Fixed assets Cost price Currency
Book
value
as per
31.12.23
Market
value
as per
31.12.23
Average
interest
rate 2023
Book
value
as per
31.12.22
Market
value
as per
31.12.22
Amounts in NOK 1,000
Energy Services companies 21,000 NOK 20,910 20,968 4.7% 40,715 40,731
Real Estate companies 35,963 NOK 35,547 35,587 5.0% 40,259 40,258
Industry companies 109,726 NOK 109,216 109,788 5.7% 104,808 104,997
Finance companies 68,000 NOK 67,407 67,571 6.7% 64,721 64,817
Insurance companies 9,000 NOK 8,989 9,038 7.0% 1,958 1,957
Investments companies 1,200 NOK 1,200 1,209 9.6% 0 0
Public administration 0 NOK 0 0 3.9% 14,990 14,990
Total 244,889 NOK 243,268 244,160 5.7% 267,451 267,749
NOTE 7 Receivables
2023 2022
Amounts in NOK 1,000
Current assets - interest bearing
Subsidiaries
4)
381,011 463,390
Current assets - non-interest bearing
Accounts receivable
1)
3,440 1,309
Accrued interest income
2)
157,576 55,520
Other
3)
7,835 34,298
Total short-term receivables 549,862 554,516
Financial fixed assets - interest bearing
Fred. Olsen Ocean Ltd 281,013 262,845
Fred. Olsen Cruise Lines Ltd 1,177,012 1,019,453
First Olsen Holding AS 6,467 5,927
AS Stavnes Byggeselskap 1,591 1,735
Total subsidiaries
5)
1,466,083 1,289,960
Other 3,500 3,500
Total long-term receivables 1,469,583 1,293,460
Interest income group companies 158,776 68,718
1)
Hereof subsidiaries and other related parties 2,482 889
2)
Hereof subsidiaries and other related parties 155,915 54,058
3)
Hereof subsidiaries and other related parties 2,192 17,528
4)
Fred. Olsen Seawind ASA NOK 344 million (2022: NOK 455 million), Fred. Olsen Ocean Ltd NOK 34 million, AS Stavnes
Byggeselskap NOK 2 million, Fred. Olsen Spedisjon AS NOK 1,7 million and Fred. Olsen 1848 AS (2022: NOK 8 million).
5)
For further information see note 13 - Financial instruments.
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At a Glance
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Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
NOTE 8
Share capital and shareholders
Major shareholders as of 31.12.2023: Number Percent
Invento A/S (private Fred. Olsen related company) 12,328,547 28,99%
A/S Quatro (private Fred. Olsen related company) 8,736,550 20,54%
Folketrygdfondet 3,628,949 8,51%
Fløtemarken AS 1,407,000 3,31%
Skagen Vekst Verdipapirfond 1,273,000 3,19%
MP Pensjon PK 880,615 2,07%
The Bank of New York Mellon SA/NV 807,997 1,92%
Trassey Shipping Limited (private Fred. Olsen related company) 793,740 1,87%
Pareto Askje Norge Verdipapirfond 656,887 1,58%
JPMorgan Chase Bank, N.A., London 404,380 0,87%
Verdipapirfondet DNB Norge 367,951 0,84%
Salt Values AS 358,940 0,80%
Verdipapirfondet KLP AksjeNorge 338,194 0,74%
Verdipapirfondet DNB Grønt Norden 316,316 0,70%
Verdipapirfondet Alfred Berg Norge 296,532 0,60%
Verdipapirfondet Alfred Berg Gambak 255,000 0,56%
Verdipapirfondet Alfred Berg Norge 234,827 0,55%
Verdipapirfondet KLP AksjeNorge indeks 228,879 0,53%
State Street Bank and Trust Company 214,544 0,52%
Pareto Invest Norge AS 212,870 0,50%
Other 8,790,175 20,81%
Total 42,531,893 100,00%
As of 31 December 2023 the share capital of Bonheur ASA amounted to NOK 53,164,866.25 divided into
42,531,893 shares at nominal value of NOK 1.25 each. As of 31 December 2023 total number of shareholders
were 5,437. The Company has only one class of shares and each share equals one vote.
AS per 31 December 2023 the members of the board, members of the shareholders' committee and the
managing director owned and/or controlled directly and indirectly, the following number of shares in the
Company:
2022
Number of shares
Board of directors:
Fred. Olsen 40,586
Bente Hagem 1,505
Carol Bell 1,200
Nick Emery 325
Jannicke Hilland 0
Andreas Mellbye 0
Shareholders' committee:
Jørgen G. Heje 2,180
Synne Homble 0
Gaute Gjelsten 0
Ole Kristian Aabø-Evensen 0
Christian F. Michelet 0
Managing Director:
Anette S. Olsen (indirectly owned and controlled) 2,942
Private Fred. Olsen related interests directly and/or indirectly owned or controlled 21,958,380 shares in the
Company.
Equity
Note
Paid in
share
capital
Additional
paid in
capital
Other
equity Total
Amounts in NOK 1,000
Equity 01.01.2022 53,165 143,270 6,646,850 6,843,285
Actuarial gain / loss (-) 2 0 0 67,380 67,380
Result for the year 0 0 1,368,269 1,368,269
Proposed dividends 0 0 -212,659 -212,659
Equity 31.12.2022 53,165 143,270 7,869,840 8,066,275
Equity 01.01.2023 53,165 143,270 7,869,840 8,066,275
Actuarial gain / loss (-) 2 0 0 -56,012 -56,012
Result for the year 0 0 809,792 809,792
Proposed dividends 0 0 -255,191 -255,191
Equity 31.12.2023 53,165 143,270 8,368,428 8,564,863
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Overview
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Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
NOTE 9
Liabilities
2023 2022
Amounts in NOK 1,000
Current liabilities:
Dividends 255,191 212,659
Accounts payable
1)
19,090 2,070
Bond-loans
3)
799,280 0
Other short term liabilities
2)
13,265 70,702
Total current liabilities 1,086,826 285,431
Non-current liabilities:
Bond-loans
3)
1,989,973 2,190,226
Other non-current liabilities 15,405 12,555
Total non-current liabilities 2,005,378 2,202,781
Interest paid to subsidiaries 0 3,318
1)
Hereof subsidiaries and other related companies 15,990 1,222
2)
Hereof subsidiaries, associates and other related companies -9,388 53,939
3)
Bond-loans
Ticker Terms Issued Maturity 2023 2022
BON09 3 month NIBOR + 2.50% 4 Sep 19 4 Sep 24 799,280 797,840
BON10 ESG 3 month NIBOR + 2.75% 22 Sep 20 22 Sep 25 697,909 696,714
BONHR01 ESG 3 month NIBOR + 2.90% 13 Jul 21 13 Jul 26 696,909 695,672
BONHR02 ESG 3 month NIBOR + 3.00% 15 Sep 23 15 Sep 28 595,155
Total 2,789,253 2,190,226
According to the covenants in the bond agreements the Company, including companies owned 100%,
has to maintain cash and cash equivalents of minimum NOK 500 million. In addition, the Company must
maintain a book equity of minimum NOK 2,280 million and a book equity ratio of minimum 35%. As per 31
December 2023 the Company is not in breach with the covenants.
NOTE 10 Guarantees
Guarantee in favour of subsidiaries: 2023 2022
Amounts in NOK 1,000
ABTA bonds, Fred. Olsen Cruise Lines
1)
514,781 471,793
Offshore Windfarm development project
1)
51,737
Offshore Windfarm development project
2)
93,126 176,093
Total guarantee commitments subsidiaries 659,644 647,886
Koksa Eiendom AS
2)
6,300 6,300
Total guarantee commitments 31.12 665,944 654,186
1)
Bonheur ASA is severally liable for the guarantees as per 31 December 2023.
2)
Bonheur ASA is pro rata liable for the guarantees as per 31 December 2023. NOK 6.3 million is Bonheur share of the
guarantees
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Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
NOTE 11
Tax
2023 2022
Amounts in NOK 1,000
Result before tax 809,792 1,368,269
+/- permanent differences, tax exempt dividends, impairment
of shares
-651,912 -1,479,223
+/- Changes in temporary differences 65,467 -55,693
+/- Income / expenses recognised directly in equity -56,012 67,380
- Application of loss carried forward -302,042 0
+/- Adjustment from previous year 135,436 0
+/- Adjustment of interest deductible carried forward from
previous year
-729 0
Basis for tax payable 0 -99,268
Tax payable, 22% 0 0
Total payable tax - Balance sheet 0 0
Tax cost estimated as follows
Tax payable, 22% 0 0
Tax income / (-) cost 0 0
Reconciliation of tax income / (-) cost
Result before tax 809,792 1,368,269
Income tax using the domestic corporation tax rate -178,154 -301,019
Permanent differences 143,001 326,089
Income / expenses recognised directly in equity 12,323 -14,824
Tax on group contribution received 22,831 -10,246
Change in limitation of deferred tax assets related to tax loss
carryforward
0 0
Tax income / (-) cost 0 0
Basis for deferred tax
2023 2022 Change
Amounts in NOK 1,000
Fixed assets 18,265 16,672 -1,592
Deferred taxable gain/loss account -1,867 -2,334 -467
Receivables / financial instruments -4,182 -4,182 0
Pension premium funds -489,562 -421,062 68,500
Miscellaneous differences 10,747 9,774 -974
Net temporary differences -466,599 -401,132 65,467
Shares, bonds and partnerships -8,386 -10,283 -1,909
Loss carried forward / deferred allowance -1,352,245 -1,654,287 -167,335
Interest deductible carried forward -212,292 -213,022 0
Allowances for deferred tax assets 2,039,522 2,278,724 103,777
Deferred tax basis 0 0 0
Deferred tax benefit (-) / deferred tax liabilities 0 0 0
The Company evaluates the criteria for recognizing deferred tax assets at the end of each reporting
period. The Company recognizes deferred tax assets when they are "more likely than not" of being realized
based on available evidence at the end of the reporting period, hereunder forecasted taxable profit and
consolidated budgets. As of 31.12.23 there is no other evidence that future taxable profit may be available
against which the unused tax losses or unused tax credits can be utilized by the Company.
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Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
NOTE 12
Related party information
In the ordinary course of business, the Group of companies recognizes certain business transactions
with accounting wise related parties. This note describes the background, the services included the
compensation principles as well as the governance principles applied to such main arrangements.
Transactions within the Group of companies and with related parties
Internal short and long-term Group loans and commitments carry market interest rates according to
agreement as at the date of issue. Depending on the terms of the loan agreement, the interest rates set are
based on an arm’s length principle and follow the market interest rates taking into account the relevant
risks involved. The risk involved includes type of business, geographical affiliation, security, duration etc.
2023 2022
Amounts in NOK 1,000
Revenues
Subsidiaries 9,457 8,176
Other related parties 601 566
Fred. Olsen & Co. AS 7,156 6,782
Total 17,214 15,524
Operating expenses
Subsidiaries 10,667 9,869
Other related parties 1,025 1,176
Fred. Olsen & Co. AS 90,421 92,211
Total 102,112 103,256
Financial income
Interest income from subsidiaries 158,776 68,718
Group contribution 2,742
Guarantee income from subsidiaries: 6,151 3,426
Total 167,668 72,144
Accounts receivable
Subsidiaries 2,597 889
Other related parties 86 5
Fred. Olsen & Co. AS 199 169
Total 2,883 1,063
Accounts payable
Subsidiaries 3,523 9,820
Other related parties 125 29
Fred. Olsen & Co. AS -2,267 14,768
Total 1,381 24,617
Non-current Interest-bearing receivables
Subsidiaries 1,466,083 1,289,960
Total 1,466,083 1,289,960
Current Interest-bearing receivables
Subsidiaries 381,011 463,390
Total 381,011 463,390
Current Interest-bearing payables
Subsidiaries 4,790 30,448
Total 4,790 30,448
SEARCHPAGE 144 EXPLORE
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
Fred. Olsen & Co. AS
The origin of the firm Fred. Olsen & Co. AS (Fred. Olsen & Co.) dates back to 1848. The current proprietor of
Fred. Olsen & Co, Anette Sofie Olsen, identifies the fifth generation Olsen and can draw an uninterrupted
line of business conduct back to 1848. Whilst some Fred. Olsen-related activities are investments by the
Company, others remain private - but they all stem from the private entrepreneurship back in 1848.
A good example is the Renewable Energy business segment, which in the early nineties of the last century
evolved out of private Fred. Olsen-related green energy activities in the moorlands of Scotland. At the time
this was not a business segment in which the maritime focused the Company was invested and which in
turn brought a new line of focus to the Company. However, on the back of these activities an opportunity
was made available for the Company to expand its business interests into investing in constructing, owning
and operating windfarms, initially primarily in the UK.
Fred. Olsen & Co. has for generations managed, the day-to-day operation of the Company. The public side
of the Fred. Olsen-related activities was in earlier years centered around five shipping companies, all listed
on the Oslo Stock Exchange, and each engaged in distinct business activities and operated by Fred. Olsen &
Co. Following various mergers, the latest in May 2016, the Company became the sole surviving entity out of
these five companies, but now with investments in a variety of diversified business segments, each subject
to autonomous corporate structures and accordingly with distinct managements.
Over the years Fred. Olsen & Co. have in addition also been engaged in day-to-day operation or provision of
professional services to other companies and investment funds.
In addition to overseeing the day-to-day operation of the Company, Fred. Olsen & Co. today also provides
a variety of professional services at market rates to predominantly subsidiaries of the Company engaged
in the various business segments within which the Company is invested. Fred. Olsen & Co. only to a very
limited degree provides services to private Fred. Olsen-related companies, and then at rates equal to those
applied to subsidiaries of the Company.
The Board of Bonheur is satisfied that the arrangement with Fred. Olsen & Co. in charge of the day-to-day
operation of the Company, which has proved successful for decades, also today is very suitable.
The Board is of the view that the business segments within which Bonheur at any one point in time is
invested through subsidiaries, must be operated on an autonomous basis. At the same time, and partly
for the same reason, it is of significant value to Bonheur that Fred. Olsen & Co. with its experience and
knowledge on a professional basis assist each of these business segments in achieving their respective
goals. That in turn provides a unique platform for Fred. Olsen & Co. to be able to efficiently provide such
day-to-day operation of the Company that it needs. By Fred. Olsen & Co. both being in charge of the day-
to-day operation of the Company and also providing a variety of services to subsidiaries of Bonheur, the
Company and Fred. Olsen & Co. achieve cost and competence synergies. Such benefits to both parties are
then realized without any interests being compromised.
For its services to the Company, Fred. Olsen & Co. is compensated through a cost-plus model. A profit
margin commensurable with margins used in comparable uncontrolled transactions is applied on top of a
cost base consisting of documented expenses mainly related to personnel, external consultancy services,
rent and IT expenses (see below table). Defined contribution pension relative to Fred. Olsen & Co. is
included in the above cost base, while defined benefit pension costs relative to Fred. Olsen & Co. hereunder
pension to Mr. Fred. Olsen, do not form part of this cost base but are charged directly to the Company. The
profit margin on the ordinary services by Fred. Olsen & Co. has in recent years been set at 12%.
The compensation model is monitored by the Shareholders’ Committee who applies it in connection
with its annual recommendation to the Board on compensation and possible bonus to Fred. Olsen & Co.
The five members of the Shareholders’ Committee are all independent of the majority shareholders of
Bonheur. When dealing with these recommendations, the Board will be constituted by its, in this regard
non-conflicted Directors. The Board of Bonheur consists of six Directors out of which the majority, i.e. four
Directors, are independent of the majority shareholders of Bonheur.
The aforementioned compensation, together with a possible bonus, is the only compensation Fred. Olsen
& Co. receives. The profit margin and the maximum obtainable bonus is subject to regular third-party
benchmarking and review, performed every 3 years, last time in 2022, also monitored by the Shareholders’
Committee.
2023 2022
Amounts in NOK 1,000
Costs together with profit margin and bonus to Fred. Olsen &
Co., charged to the Company
90,421 92,211
Amount outstanding between Fred. Olsen & Co. and the
Company
1)
2,267 -14,768
1)
Short term outstanding in connection with current operations.
Mr. Fred. Olsen is party to a consultancy agreement with Fred. Olsen & Co. In 2023, NOK 5.2 million was paid
under this consultancy agreement (2022: NOK 5.2 million). Such payment is part of the costs charged to
Bonheur.
Members of the Board of Directors, the managing director and other related parties holds in total NOK 6
million of BON09 bond loan (2022: NOK 6 million).
In 2022 Hvitsten AS was established as a subsidiary of Fred. Olsen & Co. as an alternative investment fund
manager, as well as naturally associated activities. Hvitsten AS's operations are subject to the Act on the
Management of Alternative Investment Funds of 20 June 2014 No. 28. On 22 June 2022, the company
received permission to manage funds from the Norwegian Financial Supervisory Authority. The permit
is limited to management of funds with an investment strategy within private equity and infrastructure
investments, ref. § 2-4 fifth paragraph.
Hvitsten AS has a management assignment with Wind Fund I AS which invested EUR 189 million to
indirectly acquire three Scandinavian wind farms. In addition, EUR 291 million is committed for future
wind farm developments. Hvitsten AS is not exposed to significant credit, interest rate and currency risks.
The company has a long-term management agreement with Wind Fund I AS but may also manage other
alternative investment funds in the future.
Hvitsten AS charge a fixed administration fee to Wind Fund I AS with a stairstep fee-model for each new
wind farm, in addition to a one-time investment fee for each new wind farm investment.
SEARCHPAGE 145 EXPLORE
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
NOTE 13
Financial instruments
The Company’s ordinary operations involve exposure to credit-, interest-, currency- and liquidity risks.
Credit risk
Transactions with financial derivatives are carried out with counterparties with good credit ratings. The
counterparty risk is therefore considered to be low. The maximum exposure of the credit risk is reflected in
the balance sheet value of each financial asset, including financial derivatives. No financial derivatives were
entered into during 2023. There is a credit risk related to loans to subsidiaries.
Interest rate risk
The Company is exposed to fluctuations in interest rates, as the debt is partly based on floating interest
rates, primarily in NOK. From time to time, the Company enters into interest rate swap agreements in order
to reduce the interest rate risk. Per 31 December 2023 there are no interest rate swap agreements. Please
refer to note 9 for an overview of Company loan commitments.
Currency risk
The Company is exposed to currency risk by purchases, sales, assets and liabilities in other currencies than
NOK, primarily the currencies GBP, EUR and USD.
The Company accounts are presented in NOK. The Company is closely monitoring the currency markets and
may enter into forward exchange contracts if this seems appropriate. No currency contracts were entered
into during 2023.
From the beginning to the end of 2023 the GBP strengthened against NOK by 9.1% from 11.8541 to
12.9342, the EUR strengthened against NOK by 6.9% from 10.5138 to 11.2405 and the USD strengthened
against NOK by 3.2% from 9,8573 to 10.1724.
Total cash and cash equivalents as per 31 December 2023 were NOK 3,455 million, of which GBP represents
4.4%, EUR 12.1% and USD 0,3%.
As per 31 December 2023 the company had granted loans to subsidiaries of NOK 2,003 million. The
distribution of the loans was as follows: Renewable Energy NOK 383 million, Wind Service NOK 352 million
(EUR 31.3 million), Cruise NOK 1,263 million (GBP 97.7 million) and other minor loans of NOK 5 million.
Liquidity risk
A conservative handling of liquidity risk involves having sufficient cash, securities and available financing,
as well as the possibility of closing market positions. Bonheur ASA is exposed to the risk of not being able to
sell unlisted shares at prices close to fair value. The management is of the opinion that this risk is low, as the
investments in unlisted shares are long term investments.
Solidity
The Company had an equity ratio of 70% per 31 December 2023.
Assessment of fair value
The most important methods and assumptions applied when evaluating the fair value of financial
instruments are summarized below.
Shares and bonds
Fair value is based on listed market prices on the balance sheet date without deduction for transaction
costs. Where no listed market price is available, the fair value is estimated based on information received
from the Group of companies.
Accounts receivable and accounts payable
The carrying amount is considered to reflect the fair value of accounts receivable/payable with duration of
less than one year. Other accounts receivable/payable are discounted in order to assess the fair value.
Fair value of financial instruments
Fair values and carrying amounts are as follows:
Carrying
amount 2023
Fair value
2023
Carrying
amount 2022
Fair value
2022
Amounts in NOK 1,000
Cash and cash equivalents 3,455,056 3,455,056 3,037,209 3,037,209
Trade debtors and other short term
receivables
640,128 644,689 623,559 628,156
Shares and bonds 6,514,808 6,516,298 5,955,002 5,955,827
Unsecured bond-loans -1,989,973 -2,000,000 -2,190,226 -2,200,000
Trade creditors and other short term
liabilities
1)
-1,086,826 -1,087,546 -285,431 -285,431
7,533,193 7,528,497 7,140,113 7,135,761
Unrealized gains / (losses) 0 -4,696 0 -4,352
1)
Inclusive short-term portion of unsecured bond-loans in 2023.
SEARCHPAGE 146 EXPLORE
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
NOTE 14
Cash and cash equivalents
2023 2022
Amounts in NOK 1,000
Cash related to payroll tax withholdings 2,693 2,135
Other restricted cash
1)
500,000 500,000
Total restricted cash 502,693 502,135
Unrestricted cash
2)
2,952,363 2,535,075
Total cash & cash equivalents 3,455,056 3,037,210
Unused credit facilities 0 0
1)
According to covenants in bond agreements the Company, including subsidiaries owned 100%, has to maintain cash
and cash equivalents of minimum NOK 500 mill.
2)
In 2020 the Company established a green finance framework with an eligibility assessment from DNV and have since
issued three green bond loans to be used for eligible green investments as defined in the framework of totally NOK
2,000 million. Separate green bank deposits have been established and are included in unrestricted cash.
As part of establishing the Green Finance Framework, the Company established an internal Green Finance
Committee who approves eligible green investments in the green investment portfolio.
NOTE 15 Dividends
2023 2022
Amounts in NOK 1,000
Subsidiaries:
Fred. Olsen Renewables AS
1)
650,000 2,013,183
Fred. Olsen Insurance Services AS 25,000 95,155
Fred. Olsen Ocean Ltd. 15,756
New Power Partners ApS 4,359
Other:
Otello corporation ASA 25,550
Other investments 10 13
Total 679,369 2,149,657
1)
Dividend from Fred. Olsen Renewables in 2022 was due to sale of 49% of the Scandinavian windfarms to external
investors and profit in the segment.
NOTE 16 Other financial expenses
Note 2023 2022
Amounts in NOK 1,000
Impairment of shares in subsidiaries
1)
0 686,960
Impairment of other shares
2)
19,519 -28,267
Various financial expenses 6,148 20,322
Total 25,667 679,015
1) Subsidiaries:
First Olsen Holding AS
1)
0 686,960
Various subsidiaries 0 0
Sum 0 686,960
2) Other shares:
Short-term liquid shares -22,288 -28,267
Long-term liquid shares 41,807 0
Sum 19,519 -28,267
1)
See also note 4
SEARCHPAGE 147 EXPLORE
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
Auditor's report
KPMG AS
Sørkedalsveien 6
P.O. Box 7000 Majorstuen
N
-0306 Oslo
Telephone +47 45 40 40 63
Internet www.kpmg.no
Enterprise 935 174
627 MVA
To the General Meeting of Bonheur ASA
Independent Auditor’s Report
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Bonheur ASA, which comprise:
• the financial statements of the parent company Bonheur ASA (the Company), which comprise
the balance sheet as at 31 December 2023, the income statement and cash flow statement for
the year then ended, and notes to the financial statements, including a summary of significant
accounting policies, and
• the consolidated financial statements of Bonheur ASA and its subsidiaries (the Group), which
comprise the consolidated statement of financial position as at 31 December 2023, the
consolidated income statement, consolidated statement of comprehensive income, statement
of changes in equity and consolidated statement of cash flows for the year then ended, and
notes to the financial statements, including material accounting policy information.
In our opinion
• the financial statements comply with applicable statutory requirements,
• the financial statements give a true and fair view of the financial position of the Company as at
31 December 2023, and its financial performance and its cash flows for the year then ended in
accordance with the Norwegian Accounting Act and accounting standards and practices
generally accepted in Norway, and
• the consolidated financial statements give a true and fair view of the financial position of the
Group as at 31 December 2023, and its financial performance and its cash flows for the year
then ended in accordance with IFRS Accounting Standards as adopted by the EU.
Our opinion is consistent with our additional report to the Audit Committee.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the
Audit of the Financial Statements section of our report. We are independent of the Company and the
Group as required by relevant laws and regulations in Norway and the International Ethics Standards
Board for Accountants’ International Code of Ethics for Professional Accountants (including
International Independence Standards) (IESBA Code), and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
2
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit
Regulation (537/2014) Article 5.1 have been provided.
We have been the auditor of the Company for 36 years from the election by the general meeting of the
shareholders on 9 June 1987 for the accounting year 1987.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the financial statements of the current period. These matters were addressed in the
context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we
do not provide a separate opinion on these matters.
Impairment assessment
Reference is made to Note 10 Property, plant and equipment and Note 11 Intangible assets for the
Group, and Note 4 Subsidiaries for the parent company.
The Key Audit Matter
How the matter was addressed in our audit
The impairment assessment of intangible assets
is considered to be a risk area in the Bonheur
Group of Companies. Specifically, the risk is
related to certain intangible assets and goodwill
in the “Other” segment and the NHST Media
Group.
The current market conditions have affected the
media business negatively, resulting in
restructuring of the businesses.
Assessing and measuring the fair value of the
underlying cash generating units containing
goodwill and other assets requires estimates of
future cash flows. Most of the inputs used to
estimate the future cash flows are unobservable
inputs with high estimation uncertainty.
For Bonheur ASA these risks have led to a risk
of impairment of shares in the subsidiary.
Management has performed impairment tests of
the investment in the subsidiary where
impairment indicators listed above have been
identified.
Due to the significant judgement required by
Management to determine these values, we
have considered impairment assessment to be a
key audit matter.
Audit procedures performed in this area
included:
• assessing the mathematical and
methodological integrity of
management's impairment models, with
assistance from our valuation specialists
• evaluating the historical accuracy of
management's budgets and forecasts in
order to challenge management on cash
flow forecasts used in the estimates this
year;
• evaluating and challenging management
on the appropriateness of the key
assumptions, such as revenue growth,
and cost developments;
• comparing the carrying value of the
investment in the subsidiary with the
value in use calculation considering the
net interest bearing debt.
• assessing management’s calculation of
net interest-bearing debt.
• evaluating the adequacy and
appropriateness of the disclosures in the
financial statements.
Other Information
The Board of Directors and the Managing Director (management) are responsible for the information
in the Board of Directors’ report and the other information accompanying the financial statements. The
other information comprises information in the annual report, but does not include the financial
statements and our auditor’s report thereon. Our opinion on the financial statements does not cover
the information in the Board of Directors’ report nor the other information accompanying the financial
statements.
SEARCHPAGE 148 EXPLORE
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
3
In connection with our audit of the financial statements, our responsibility is to read the Board of
Directors’ report and the other information accompanying the financial statements. The purpose is to
consider if there is material inconsistency between the Board of Directors’ report and the other
information accompanying the financial statements and the financial statements or our knowledge
obtained in the audit, or whether the Board of Directors’ report and the other information
accompanying the financial statements otherwise appears to be materially misstated. We are required
to report if there is a material misstatement in the Board of Directors’ report or the other information
accompanying the financial statements. We have nothing to report in this regard.
Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report
• is consistent with the financial statements and
• contains the information required by applicable statutory requirements.
Our opinion on the Board of Director’s report applies correspondingly to the statements on Corporate
Governance and Corporate Social Responsibility, as included in the Sustainability Statement.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation of financial statements for the Company that give a
true and fair view in accordance with the Norwegian Accounting Act and accounting standards and
practices generally accepted in Norway, and for the preparation of the consolidated financial
statements of the Group that give a true and fair view in accordance with IFRS Accounting Standards
as adopted by the EU. Management is responsible for such internal control as management
determines is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s and
the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going
concern. The financial statements of the Company use the going concern basis of accounting insofar
as it is not likely that the enterprise will cease operations. The consolidated financial statements of the
Group use the going concern basis of accounting unless management either intends to liquidate the
Group or to cease operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that
an audit conducted in accordance with ISAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain
professional scepticism throughout the audit. We also:
• identify and assess the risks of material misstatement of the financial statements, whether due
to fraud or error. We design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The
risk of not detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company's and the Group's internal control.
• evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.
• conclude on the appropriateness of management’s use of the going concern basis of
4
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company's and the
Group's ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s report.
However, future events or conditions may cause the Company and the Group to cease to
continue as a going concern.
• evaluate the overall presentation, structure and content of the financial statements, including
the disclosures, and whether the financial statements represent the underlying transactions
and events in a manner that achieves a true and fair view.
• obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial
statements. We are responsible for the direction, supervision and performance of the group
audit. We remain solely responsible for our audit opinion.
We communicate with the Board of Directors regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide the Audit Committee with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
From the matters communicated with the Board of Directors, we determine those matters that were of
most significance in the audit of the financial statements of the current period and are therefore the
key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes
public disclosure about the matter or when, in extremely rare circumstances, we determine that a
matter should not be communicated in our report because the adverse consequences of doing so
would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
Report on Compliance with Requirement on European Single Electronic Format (ESEF)
Opinion
As part of the audit of the financial statements of Bonheur ASA, we have performed an assurance
engagement to obtain reasonable assurance about whether the financial statements included in the
annual report, with the file name 213800HOQE1B34SUA323-2023-12-31-en, have been prepared, in
all material respects, in compliance with the requirements of the Commission Delegated Regulation
(EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) and regulation pursuant
to Section 5-5 of the Norwegian Securities Trading Act, which includes requirements related to the
preparation of the annual report in XHTML format, and iXBRL tagging of the consolidated financial
statements.
In our opinion, the financial statements, included in the annual report, have been prepared, in all
material respects, in compliance with the ESEF regulation.
Management’s Responsibilities
Management is responsible for the preparation of the annual report in compliance with the ESEF
regulation. This responsibility comprises an adequate process and such internal control as
management determines is necessary.
SEARCHPAGE 149 EXPLORE
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
5
Auditor’s Responsibilities
Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all
material respects, the financial statements included in the annual report have been prepared in
compliance with ESEF. We conduct our work in compliance with the International Standard for
Assurance Engagements (ISAE) 3000 – “Assurance engagements other than audits or reviews of
historical financial information”. The standard requires us to plan and perform procedures to obtain
reasonable assurance about whether the financial statements included in the annual report have been
prepared in compliance with the ESEF Regulation.
As part of our work, we have performed procedures to obtain an understanding of the Company’s
processes for preparing the financial statements in compliance with the ESEF Regulation. We
examine whether the financial statements are presented in XHTML-format. We evaluate the
completeness and accuracy of the iXBRL tagging of the consolidated financial statements and assess
management’s use of judgement. Our procedures include reconciliation of the iXBRL tagged data with
the audited financial statements in human-readable format. We believe that the evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Oslo, 26 April 2024
KPMG AS
Øyvind Skorgevik
State Authorised Public Accountant
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At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
Directors’ responsibility statement
The Board of Directors of Bonheur ASA (the Company) and Fred. Olsen & Co. together
with the Managing Director of the Company have in a board meeting 8 April 2024
reviewed and in their respective capacities approved the Board of Directors’ Report
and the consolidated and separate annual financial statements for the Company for
the year ending 31 December 2023 (Annual Report 2023) subject to corresponding
recommendation from the Shareholders’ Committee on the following basis:
To the best of our knowledge:
The consolidated and separate annual financial statements for 2023 have been
prepared in accordance with applicable accounting standards.
The consolidated and separate annual financial statements give a true and fair view
of the assets, liabilities and financial position and profit as a whole as of 31 December
2023 for the Group of companies (i.e., the Company including subsidiaries and
associated companies) and the Company.
The Board of Directors’ report for the Group of companies and the Company includes
a true and fair review of
• the development and performance of the business and the position of the Group
of companies and the Company, and
• the principal risks and uncertainties which the Group of companies and the
Company face.
Oslo, 8 April 2024
Bonheur ASA – The Board of Directors
Fred. Olsen
Chairman
Carol Bell
Director
Bente Hagem
Director
Jannicke Hilland
Director
Andreas Mellbye
Director
Nick Emery
Director
Anette Sofie Olsen
Managing Director
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At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
Statement by the Shareholders’ Committee
The annual report and accounts for 2023 were addressed by the Shareholders’
Committee on 15 April 2024. The Shareholders’ Committee resolved to recommend to
the Annual General Meeting that the Board’s proposal to the annual accounts for 2023
is approved. The Shareholders’ Committee hereunder resolved to recommend to the
Annual General Meeting that the Board’s proposal on an ordinary dividend equal to
NOK 6.0 per share, in total for the company NOK 255 million, is approved.
Oslo, 15 April 2024
Christian Fredrik Michelet,
Chairman of the Shareholders’ Committee
SEARCHPAGE 152 EXPLORE
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
Major Asset List as per 31 December 2023
Bonheur group of companies
Segment / Asset Built year Type Capacity/ length/ water depth/ tonnage Ownership
Renewable Energy: Capacity
Crystal Rig 2004/-07 25 Nordex 2.5 MW 62.5 MW 51.0%
Rothes 2005 22 Siemens 2.3 MW 50.6 MW 51.0%
Paul's Hill 2006 28 Siemens 2.3 MW 64.4 MW 51.0%
Crystal Rig II 2010 60 Siemens 2.3 MW 138.0 MW 51.0%
Rothes II 2013 18 Siemens 2.3 MW 41.4 MW 51.0%
Mid Hill 2014 33 Siemens 2.3 MW 75.9 MW 51.0%
Brockloch Rig Windfarm 2017 30 Senvion 2.05 MW 61.5 MW 51.0%
Brockloch Rig 1 1996 36 Nordtank 0.6 MW 21.6 MW 100.0%
Crystal Rig III 2016 6 Siemens 2.3 MW 13.8 MW 51.0%
Lista 2012 31 Siemens 2.3 MW 71.3 MW 51.0%
Fäbodliden 2015 24 Vestas 3.3 MW 96.4 MW 51.0%
Högaliden 2021 25 Vestas V150 4.3 MW 107.5 MW 51.0%
Wind Service: Length
Brave Tern 2012 Offshore wind turbine installation vessel 132 metres 100.0%
Bold Tern 2013 Offshore wind turbine installation vessel 132 metres 100.0%
Blue Tern 2012 Offshore wind turbine installation vessel 151 metres 51.0%
VestVind 2016 Module Deck Carrier 130 metres 50.0%
BoldWind 2020 Module Deck Carrier 148.5 metres 50.0%
BraveWind 2020 Module Deck Carrier 148.5 metres 50.0%
Cruise: Tonnage
Braemar 1993/-01/-08 Cruise 24,344 grt 100.0%
Balmoral 1998/-08 Cruise 43,537 grt 100.0%
Borealis 1996 Cruise 61.849 grt 100.0%
Bolette 2000 Cruise 62.735 grt 100.0%
SEARCHPAGE 153 EXPLORE
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
Definitions
List of Alternative Performance Measures (APM):
Bonheur ASA discloses alternative performance measures as a supplement to the
financial statements prepared in accordance with IFRS.
In the quarterly report the following alternative performance measures are most
frequently used. Below is a list followed by a definition of each APM.
General financial Alternative Performance Measures:
EBITDA: Earnings before Depreciation, Impairment, Result from
associates, Net financial expense and Tax
EBIT: Operating result after depreciation (EBITDA less depreciation
and impairments)
EBT: Earnings before tax
EBITDA margin: The ratio of EBITDA divided by operating revenues
NIBD: Net Interest-Bearing Debt is the sum of non-current interest-
bearing debt and current interest-bearing debt, less the sum
of cash and cash equivalents. Financial leasing contracts are
included.
Capital employed: NIBD + Total equity
Equity ratio: The ratio of total equity divided by total capital
Abbreviations – Company Names per segment
Renewable Energy:
FORAS: Fred. Olsen Renewables AS
FOR: Fred. Olsen Renewables group
FOS: Fred. Olsen Seawind ASA
FOWL: Fred. Olsen Wind Limited
FOCB: Fred. Olsen CB Limited
FOCBH: Fred. Olsen CBH Limited
AVIVA investors: Aviva Investors Global Services Ltd
TRIG: The Renewables Infrastructure Group Limited
Wind Service:
FOO: Fred. Olsen Ocean Ltd
GWS: Global Wind Service A/S
FOWIC: Fred. Olsen WindCarrier AS
UWL: United Wind Logistics GmbH
UF: Universal Foundation A/S
Cruise:
FOCL: Fred. Olsen Cruise Lines Ltd
Other Investments:
NHST: NHST Media Group AS
FO 1848: Fred. Olsen 1848 AS
FO Investments: Fred. Olsen Investments AS
Abbreviations –
Related party names:
FOCO Fred. Olsen & Co. AS
FOIS: Fred. Olsen Insurance Services AS
FOL Fred. Olsen Ltd
FOTL Fred. Olsen Travel Ltd
Natural Power Natural Power Consultants Ltd
SEARCHPAGE 154 EXPLORE
At a Glance
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per
31 December 2023
Definitions
Addresses
Addresses
Bonheur ASA
Enterprise no: 830357432
P.O. Box 1159 Sentrum
0107 Oslo , Norway
Telephone: +47 22 34 10 00
www.bonheur.no
Fred. Olsen & Co. AS
Enterprise no: 970942319
Fred. Olsens gate 2
P.O. Box 1159 Sentrum
0107 Oslo, Norway
Telephone: +47 22 34 10 00
www.fredolsen.com
Renewable Energy
Fred. Olsen Renewables AS
Enterprise no: 983462014
Fred. Olsens gate 2
0152 Oslo, Norway
Telephone: +47 22 34 10 00
www.fredolsenrenewables.
com
Fred. Olsen Seawind AS
Enterprise no: 983462014
Fred. Olsens gate 2
0152 Oslo, Norway
Telephone: +47 22 34 10 00
www.fredolsenseawind.com
Fred. Olsen Renewables Ltd.
Enterprise no: 2672436
36 Broadway
London, SW1H 0BH, England
Telephone: +442079638904
www.fredolsenrenewables.com
Fred. Olsen Seawind Ltd.
Enterprise no: 2672436
36 Broadway
London, SW1H 0BH, England
Telephone: +442079638904
www.fredolsenseawind.com
Wind Service
Fred. Olsen Ocean Ltd.
c/o Fred. Olsen Ocean AS
Enterprise no: 970897356
Fred. Olsens gate 2
P.O.Box 581 Sentrum
0106 Oslo, Norway
Telephone: +47 22 34 10 00
www.fredolsen-ocean.com
Fred. Olsen Windcarrier AS
Enterprise no: 988598976
Fred. Olsens gate 2
P.O. Box 581 Sentrum
0106 Oslo, Norway
Telephone: +47 22 34 10 00
www.windcarrier.com
Global Wind Service A/S
Enterprise no: 31166047
Strevelinsvej 28
7000 Fredericia
Denmark
Telephone: +45 76203660
www.globalwindservice.com
United Wind Logistics GmbH
Enterprise no: HRB 139861
Am Kaiserkai 69
20457 Hamburg
Germany
Telephone: +49 40308 542470
wind@unitedwindlogistics.de
Cruise
Fred. Olsen Cruise Lines Ltd.
Enterprise no: 2672435
Fred. Olsen House, 42 White
House Rd, Ipswich,
Suffolk, IP1 5LL
England
www.fredolsencruises.com
Other Investments
NHST Media Group AS
Enterprise no: 914744121
Christian Kroghs gate 16
PO Box 1182 Sentrum
0107 Oslo, Norway
Telephone: +47 22 00 10 00
www.nhst.no
Fred. Olsen Travel AS
Enterprise no: 925619655
Prinsensgate 2B
0152 Oslo, Norway
Telephone: +47 22 34 11 11
www.fredolsentravel.no
