Annual Report 2024
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Contents
At a glance 3
Financial highlights 4
Key figures 5
Letter from the CEO 6
Overview 7
Director’s Report 10
The Board of Directors 17
Sustainability statement 19
Taxonomy assessment methodology 48
Consolidated accounts 93
NGAAP accounts 139
Auditor's report 156
Auditor's limited assurance report 159
Directors’ responsibility statement 161
Statement by the shareholders’ committee 162
Major asset list as per 31 December 2024 163
Definitions 164
Addresses 165
Brave Tern – Fred. Olsen Windcarrier
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 2 EXPLORE
At a glance
Total emplyoees
world wide
2,543
Total revenue in NOK
14 billion
Revenue
per segment
Other
NOK 1,203 million
Renewable energy
NOK 2,659 million
Cruise
NOK 3,650 million
Wind service
NOK 6,484 million
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
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Financial highlights
Operating revenues
13,995
(12,560)
EBIT
2,324
(2,442)
EBITDA
3,537
(3,557)
Equity ratio
67%
(70%)
Net result after tax
1,647
(1,579)
Cash in parent company
3,456
(3,455)
GROUP PARENT COMPANY
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
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Key figures
Group of companies – Bonheur ASA 2024 2023 2022
Amounts in NOK million
Income statement
Operating income 13,995.4 12,559.7 11,435.1
Operating profit before depreciation and impairment losses
(EBITDA)
3,537.2 3,557.1 3,854.4
EBITDA-margin 25% 28% 34%
Operating profit/loss (-) (EBIT) 2,324.4 2,442.2 2,314.3
Share of result in associates -20.3 -20.4 -14.2
Net finance income / expense (-) -211.3 -384.8 159.5
Profit / loss (-) before tax 2,092.7 2,037.0 2,459.6
Tax income / expense (-) -445.4 -457.8 -757.5
Net result from continuing operations 1,647.3 1,579.3 1,702.0
Profit for the year 1,647.3 1,579.3 1,702.0
Non-controlling interests 506.7 541.5 1,304.7
Profit / loss (-) for the year (shareholders of the parent) 1,140.6 1,037.8 397.3
Statement of financial position
Non-current assets 15,474.5 14,048.0 13,020.8
Current assets 9,788.1 9,456.7 8,695.4
Equity ex non-controlling interests 7,771.7 6,677.5 5,719.1
Non-controlling interests 1,429.7 1,230.4 1,237.1
Non-current interest-bearing liabilities 7,463.2 7,717.4 8,788.1
Other non-current liabilities 2,103.4 1,853.8 1,592.8
Current interest-bearing liabilities 2,514.2 2,362.8 1,389.0
Other current liabilities 3,980.6 3,662.8 3,026.6
Total assets / total equity and liabilities 25,262.7 23,504.8 21,752.6
Liquidity
Cash and cash equivalents as at 31 December
1)
6,582.6 5,460.2 5,458.5
Net change in cash and cash equivalents
1)
930.8 -144.3 1,380.2
Net cash from operating activities
1)
3,497.2 2,417.9 2,529.9
Capital
Share capital 53.2 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 2024 2023 2022
Amounts in NOK million
Parent Company - Bonheur ASA
Equity-to-assets ratio
2)
67% 70% 73%
Booked equity 8,138 8,565 8,066
Total assets / total equity and liabilities 12,217 12,182 11,001
Key figures per share
Market price 31 December 261 242 287
Dividend per share 6.75 6.0 5.0
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 Holding AS, 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, 7.84% of Global Wind Services A/S and 18.32% of
Projective Ltd.
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At a Glance
Financial highlights
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Taxonomy assessment
methodology
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per 31
December 2024
Definitions
Addresses
Dear Shareholders,
Despite significant headwinds for renewables in
general, 2024 was a year of growth for Bonheur.
Our companies operate in an international
environment of accelerated geopolitical tension
and macro-economic uncertainty. Financial
robustness is paramount in such times, while at
the same time having the ability to seize attractive
opportunities.
Bonheur is, through its investments, well
positioned in several high growth segments
which secures our financial resilience, enables
development and growth of our present
businesses and induces new opportunities. The
development and production of renewable
energy, the wind industry services, and renewable
energy technology are good examples of this.
Our ecosystem of renewable energy-related
activities is a unique platform for further profitable
developments. Fred. Olsen Seawind continued
the investments in the Codling offshore wind
project in Ireland and in the Muir Mhòr offshore
wind project in Scotland. Both projects with clear
competitive advantages and strong industrial
partners. Fred. Olsen Renewables decided to
invest in Crystal Rig IV and Windy Standard III,
two onshore wind projects at our main clusters in
Scotland. Both projects have secured long term
power sales contract securing stable revenues and
backed financially by long term partners in Wind
Fund 1. Fred. Olsen Windcarrier completed the
strategic upgrades of Bold and Brave tern. Both
vessels are now suited for the installation of next
generation wind turbines. And, Fred. Olsen Cruise
Lines continued the recovery from the pandemic
with a upgraded fleet.
The financial foundation of Bonheur is good and
anchored in the financial and capital allocation
policies in our governing documents.
Our strategic and financial strength is a result of
long term and sustainable investments in people,
processes and equipment in our subsidiary
companies. We aim to reflect this way of work
in the sustainability reporting. The report for
2024 is our first to report under the Corporate
Sustainability Reporting Directive (CSRD).
In conclusion, Bonheur stands on a robust and
sustainable foundation, with a solid balance
sheet and well-established strategic positions.
Bonheur remains thankful to its shareholders and
other stakeholders, employees and partners of its
operating subsidiaries, for continued support in
2024 and the future.
2025 is now called out to be a year of great
change by a revision of global tariffs, interest rates,
currencies and energy prices which will set the
tone for our activities.
Sincerely,
Anette S. Olsen
CEO, Bonheur ASA
Letter from the CEO
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
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ESRS 2 SBM-1 Overview
Bonheur ASA (the “Company”) is domiciled
in Norway with its head office in Oslo and
is listed on the Oslo Stock Exchange.
Building on 175 years of experience with wind,
floating structures and various marine and
other operations, Bonheur is today invested in
a diversified set of business segments through
operating subsidiaries dedicated to innovation
and excellence in operation.
Bonheur has focused its energy-related
investments on renewable energy and has
developed a strong eco-system of renewable
energy related companies. Bonheur’s first
renewable energy investment was made in 1996
and today, through subsidiaries, it owns (partly or
in whole) a substantial portfolio of both operating
wind farms and development projects mainly
located in the United Kingdom, Scandinavia and
Ireland.
Capitalizing on its vast experience from diversified
marine operations and renewable energy,
Bonheur’s activities have in later years expanded
further into the offshore wind service industry
where they through operating subsidiaries provide
transportation, installation and maintenance
services related to offshore wind turbines.
The latest activities are developments within
technology and innovation in renewables aimed
at developing cost-saving and efficient solutions
to the industry’s challenges, as well as pursuing
investment opportunities to strengthen existing
businesses and expanding into new, but still
related, business areas.
The cruise segment is offering an award-winning
product with ships that are known as the
friendliest fleet afloat.
Other investments include media and marketing
covering publications and PR software services.
The total number of employees at the end of 2024
was 2,543 and the total revenue for the Group of
Windy Standard III Wind Farm – Fred. Olsen Renewables
companies NOK 13,995 million.
Bonheur reports its results under four 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 (Fred. Olsen & Co.).
At year-end 2024 the main investments are within
the following business segments:
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
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 in addition
to 137 MW is under construction with the Crystal
Rig IV (49 MW) and Windy Standard III (88 MW)
projects in Scotland, and 418 MW is consented.
FOS is engaged in development, construction and
operation of offshore wind farms. In 2022 FOS was
awarded an option agreement for the Scottish
floating offshore wind farm, Muir Mhòr, with
capacity up to 798 MW in a joint venture (JV) with
Vattenfall. The consent application was submitted
for Muir Mhòr in the fourth quarter of 2024. In
2023 Codling Wind Park Ltd. (Ireland) in a JV with
EDF, was awarded 1 300 MW in the offshore wind
CfD auction in Ireland (ORESS 1). The consent
application for the Codling Wind Park project was
submitted in the third quarter of 2024.
WIND SERVICE SEGMENT
The Wind Service segment contains Fred. Olsen
Ocean Ltd. (FOO) with the following entities:
• 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 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.
UWL (owned 50% by FOO, and sold in March 2025)
provides marine transportation for offshore wind
turbine components from manufacturing sites to
pre-assembly ports with three owned vessels.
CRUISE SEGMENT
Fred. Olsen Cruise Lines Ltd (FOCL) has its
operation from the UK. FOCL and its subsidiaries
operate three ocean cruise ships with an overall
berth capacity of approximately 4 100 passengers.
FOCL’s strategy is to develop unique itineraries and
onboard experiences allowing passengers to get
closer to the destinations, offering authentic and
interesting experiences.
Borealis – Fred. Olsen Cruise LinesPaul's Hill Wind Farm – Fred. Olsen Renewables Bold Tern – Fred. Olsen Windcarrier
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
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OTHER INVESTMENTS
Other investments include:
• Fred. Olsen 1848 (FO 1848), is a technology and
innovation company. The main technologies
aims 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 the existing business and expand
into new, but still related, business areas.
• NHST Holding AS (owned 55.0 % by Bonheur)
comprises both publications and software-as-
a-services companies. The main publications
which are organized under DN Media Group
are Dagens Næringsliv, Tradewinds, Recharge
Intrafish and Upstream. The main software-
as-a-service company organized under NHST
Marketing Technology with the company
MyNewsDesk.
Other investments 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.
NHST HoldingFred. Olsen Investments
BRIZO in Risør – Fred. Olsen 1848
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
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The consolidated financial statements
for the year ended 31 December 2024
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 2023.
2024 was a year with continued economic growth,
but with notable differences between regions.
The United States experienced solid growth while
European and Chinese growth rates slowed. Global
GDP growth in 2024 was, according to the IMF,
3.2% (3.0%).
The Renewable Energy segment was impacted by
declining electricity prices, resulting in an EBITDA
of NOK 1 584 million (NOK 1 921 million).
The Wind Service segment performed well with
good contract performance despite a lengthy yard
stay for Brave Tern. EBITDA in 2024 was NOK 1 552
million (NOK 1 327 million).
The Cruise segment had three ships in operation
for the full year and growth in the global cruise
market continued. This resulted in a positive
EBITDA for Cruise of NOK 501 million (NOK 483
million). Adjusting for the sale of the Braemar of
NOK 86 million in 2023, there were underlying
profitability improvements in 2024 for our Cruise
segment.
Overall, the Group of companies achieved an
EBITDA of NOK 3 537 million (NOK 3 557 million).
The Group of Companies made strategic progress
in the following areas:
Fred. Olsen Renewables (FOR):
• Investment decisions (FID) of windfarm
projects in Scotland.
· FOR took FID for the Crystal Rig IV project,
a 49 MW wind farm in Scotland. The
construction work commenced in 3Q with
estimated project completion in 1Q 2026 and
with an estimated total investment of GBP 81
million.
· FOR took FID for the Windy Standard
III, an 88MW wind farm in Scotland. The
construction work commenced in January
with estimated project completion in 4Q 2026
and with an estimated total investment of GBP
133 million.
· These projects will increase total installed
capacity with 17%.
Fred. Olsen Seawind (FOS):
• Good progress was made in Ireland and
Scotland:
· Advancing the Codling Wind Park project
together with EDF. The bottom fixed offshore
site east of Dublin has an estimated capacity
when built of approximately 1300 MW. The
consent application was submitted in the
third quarter of 2024.
· Advancing the Muir Mhòr site offshore
Scotland together with Vattenfall. The offshore
floating wind site northeast of Aberdeen has
a capacity when built of up to 798 MW. The
consent application was submitted in the
fourth quarter of 2024.
Fred. Olsen Windcarrier (FOWIC):
• Continued the fleet upgrade program
· The conversion of the Brave Tern was
completed in the fourth quarter. This included
crane replacement and upgrades of the vessel.
Brave Tern now has the same capabilities as
Bold Tern and they are both well suited for the
installation of the next generation turbines.
· Backlog of EUR 488 million for the Tern
vessels.
Other Investments:
• Fred. Olsen 1848 progressing several
technologies and innovations within floating
wind and floating solar, including the floating
PV power production system, Brizo, and the
Brunel floating foundation.
Bonheur ASA has a strong balance sheet and a
solid financial position.
Director’s Report
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 10 EXPLORE
THE GROUP OF COMPANIES’ RESULTS
(2023 in brackets)
Operating revenues for the year amounted to NOK
13 995 million (NOK 12 560 million). Operating
expenses amounted to NOK 10 458 million (NOK 9
003) million.
Operating result before depreciation, amortizing
and impairment charges (EBITDA) was NOK 3
537 million (NOK 3 557 million). Depreciation
amounted to NOK 1 137 million (NOK 1 070
million). Impairments related to property, plant
and equipment and intangible assets were NOK
76 million (NOK 45 million). Operating result (EBIT)
was NOK 2 324 million (NOK 2 442 million).
Net financial items were NOK -211 million (NOK
-385 million). Profit for the year was NOK 1 647
million (NOK 1 579 million).
After non-controlling interests of NOK 507 million
(NOK 541 million), controlling interests’ share of
result after estimated tax amounted to NOK 1
140 million (NOK 1 038 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 2024. 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 3
497 million (NOK 2 418 million). Net cash from
investing activities was NOK -1 200 million (NOK
-878 million). Net cash from financing activities
was NOK -1 366 million (NOK -1 684 million). Cash
and cash equivalents at 31 December 2024 were
NOK 6 583 million (NOK 5 460 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 twelve windfarms in operation and has
a portfolio of development projects onshore in the
UK, Norway, Sweden and Italy.
Nine windfarms are located in Scotland. Six
windfarms with installed capacity of 433 MW
(Crystal Rig, Crystal Rig II, Rothes, Rothes II,
Paul’s Hill and Mid Hill) are owned 51% by FOR.
The remaining 49% is owned by the UK listed
infrastructure fund The Renewables Infrastructure
Group Limited (TRIG).
Two Scottish windfarms (Crystal Rig III and
Brockloch Rig Windfarm with total installed
capacity of 75 MW) are owned 51% by FOR and
49% owned by CK William Energy 2 Limited,
an entity owned by a consortium of CK Group
companies (CK).
One Scottish windfarm, Brockloch Rig I, with total
installed capacity of 21.6 MW is owned 100% by
FOR.
Three windfarms in operation (Högaliden and
Fäbodliden in Sweden, and Lista in Norway), with
total installed capacity of 275.2 MW are 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 Asset Management 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 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 from establishment has
lapsed, whichever comes first. Wind Fund 1 is
managed by Hvitsten AS, which is licensed as an
infrastructure fund manager owned by Fred. Olsen
& Co.
FOR has an installed gross capacity of 804.9 MW.
Fred. Olsen Seawind
FOS is developing offshore wind projects and have
joint ventures (JVs) in Ireland with EDF, in Scotland
with Vattenfall and in Norway with Hafslund.
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 is Ireland’s
largest offshore windfarm project. In 2023 Codling
Wind Park Ltd. (Ireland) was awarded 1 300 MW
in the offshore wind CfD auction (ORESS 1). The
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 11 EXPLORE
consent application was submitted in the third
quarter of 2024.
FOS was together with Vattenfall successfully
awarded the Muir Mhòr floating offshore wind site
in the ScotWind leasing round in January 2022
with a capacity of up to 798 MW. The consent
application was submitted in the fourth quarter of
2024.
FOS is a partner with Hafslund for the develop-
ment of offshore wind in Norway. In the fourth
quarter FOS and Hafslund jointly decided not to
participate in the competition for floating offshore
wind on Utsira Nord but will both collectively and
individually monitor further developments of
offshore wind in Norway.
Operating revenues were NOK 2 659 million
(NOK 2 994 million) and the annual production
was 1 862 GWh (1 774 GWh). EBITDA was NOK 1
584 million (NOK 1 921 million). Operating result
(EBIT) amounted to NOK 1 204 million (NOK 1 593
million), while net result was NOK 538 million (NOK
770 million). The 2024 results include a revenue
provision of NOK 161 million for an insurance
claim for the Mid Hill windfarm down time. The
Mid Hill wind farm was back in full operation from
25th January 2025.
WIND SERVICE
The Wind Service segment comprises the holding
company FOO with subsidiaries including FOWIC,
Global Wind Service (GWS), United Wind Logistic
(UWL) and Universal Foundation (UF).
FOWIC is through subsidiaries providing Transport
& Installation services (T&I) as well as Operation &
Maintenance services (O&M) for the offshore wind
industry. FOWIC owns 100% of the two jack-up T&I
vessels Brave Tern and Bold Tern and 51% of the
Blue Tern vessel.
The crane upgrade program continued for the
wind turbine installation vessels, with installation
of a new crane for Brave Tern completed in 2024
at Navantia shipyard in Spain. The new cranes
bring the Brave Tern and the Bold Tern on par with
announced newbuilds and is well suited for the
installation of the next generation turbines.
During 2024 the company has secured several
new projects, resulting in a strong backlog of EUR
488 million (EUR 535 million) for the Tern vessels.
The utilisations for the vessels in 2024 was 66%,
compared to 95% 2023.
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.
GWS continued to grow both within offshore wind,
taking on new scopes within preassembly and
installation, 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, but
had somewhat lower activity in 2024, especially
related to large onshore crane and installation
projects and had 1 373 employees in 2024 (1 579
employees in 2023). GWS has a training centre in
Poland where they educate and train technicians
to meet the strong demand for skilled people.
UWL owned 50% by FOO, is offering services
within marine transportation of offshore wind
turbine components.
In a subsequent event Bonheur sold its 50% stake
in UWL in 2025.
UF is a company that was involved in the design
and installation support for two Mono Bucket
foundations at the Deutsche Bucht project. The
company's activities has been dismantled, and the
company is now dormant.
Operating revenues were NOK 6 484 million
(NOK 5 136 million). Operating result before
depreciation (EBITDA) was NOK 1 552 million (NOK
1 327 million). Operating result (EBIT) amounted to
NOK 1 073 million (NOK 829 million) and net result
was NOK 920 million (NOK 676 million).
CRUISE
The Cruise segment consists of the Company’s
100% ownership of First Olsen Holding AS with
subsidiaries (“FOHAS”), i.a. Fred. Olsen Cruise Lines
Ltd (“FOCL”), which own and operate the cruise
ships MS Balmoral, MS Bolette and MS Borealis.
In 2024 the average occupancy for the ships was
72% (73%) of full capacity, net ticket income per
passenger day (NTI) was GBP 185 (GBP 181), and
the total number of cruise days was 1 078 (1 078).
Operating revenues were NOK 3 650 million
(NOK 3 315 million). Operating result before
depreciation (EBITDA) was NOK 501 million (NOK
483 million). Operating result (EBIT) amounted to
NOK 321 million (NOK 335 million) and net result
was NOK 229 million (NOK 205 million). The 2023
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
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Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 12 EXPLORE
results include gain of the sale of the Braemar of
NOK 86 million.
OTHER INVESTMENTS
The Other Investments of Bonheur ASA mainly
consist of the 100% owned entities Fred. Olsen
1848 AS (FO1848), Fred. Olsen Investments AS (FO
Investments), Fred. Olsen Insurance Services AS
(FOIS) and Fred. Olsen Travel AS (FOT), and 55.1%
in NHST Holding AS. In addition, the segment
has various investments in real estate, bonds and
shares.
FO1848 focuses on development and
commercialization of new technologies and
solutions primarily 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.
• BRIZO, a pioneering floating PV technology
efficiently combines low system cost with the
ability to withstand wave and wind loads and
unlocks the potential of developing floating
solar on large lakes, large reservoirs and in
nearshore applications. The modular design
makes it suitable for a wide range of commercial
applications worldwide from utility scale down
to specialized applications and is currently
piloted through a 124 kWp system installed
outside Risør in Norway.
• THE MOBILE PORT SOLUTION 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.
• BRUNEL is 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 automised
production in the existing global supply chain
allowing for instant scale-up and low cost.
FO Investments invests in new opportunities to
strengthen existing business segments of the
Company and also to expand into new business
areas. The Company is seeking investments in
innovative companies within re newables, energy
storage, travel and leisure, circular economy, mari-
time and shipping, and others.
NHST Holding AS (NHST) has two business
segments, DN Media Group and NHST Marketing
Technology. DN Media Group consists of the
publications Dagens Næringsliv, Recharge,
Hydrogeninsight, Tradewinds, Upstream, Intrafish.
no, Intrafish.com, Fiskeribladet, Kystens Næringsliv
and Europower. NHST Marketing Technology
comprise of the software-as-a-Service (SaaS)
companies MyNewsdesk and Mention Solutions.
Revenues in NHST were 4.3% higher in 2024 than
in 2023. The improvement was mainly driven by
higher user market revenues in DN Media Group.
The operating expenses in NHST was reduced
with 3.5% compared to 2023 as a result of good
cost control across NHST during 2024. In the SaaS
segment a sales process was initiated for Mention
Solutions.
The number of employees in 2024 was 506 (608).
In summary, the Other segment had operating
revenues of NOK 1 203 million (NOK 1 116
million) and EBITDA was negative with NOK -100
million (NOK -174 million). Operating result (EBIT)
amounted to NOK -273 million (NOK -315 million).
INVESTMENT ACTIVITIES
FOR had capital expenditure of NOK 408 million
(NOK 204 million) in the year mainly related to
the completion of the wind farm Högaliden and
construction of the wind farm Fäbodliden 2 in
Sweden.
Fred. Olsen Ocean (FOO) had capital expenditure
of NOK 801 million (NOK 459 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 217 million
(NOK 126 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 1 275 million (NOK 792 million). In addition,
NOK 159 million (NOK 73 million) was capitalized,
relating to IFRS 16, leasing – right-to-use assets.
The Group of companies’ net investments was
mainly financed with cash and financing activities
and the paid amount was NOK 1 395 million (NOK
946 million).
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.
At a glance
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Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
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Consolidated accounts
NGAAP accounts
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SEARCHPAGE 13 EXPLORE
For Codling FOS has issued loans reflected in the
balance sheet as “Other financial fixed assets”,
In 2024 this amounted to NOK 144 million (NOK
177 million). For Muir Mhòr FOS has issued equity
reflected in the balance sheet as “Investment in
associates”. In 2024 this amounted to NOK 92
million (NOK 99 million). At year-end 2024, FOS
has provided loans to Codling of NOK 745 million
and FOS has provided equity to Muir Mhòr of NOK
406 million.
Dividend payments to external shareholders of
the Group of companies in total amounted to NOK
460 million (NOK 1 005 million), of which NOK 255
million (NOK 213 million) was to the shareholders
of Bonheur ASA. See consolidated cash flow
statement.
RESEARCH AND DEVELOPMENT ACTIVITIES
Research and development activities are carried
out within all main business segments. In 2024
NOK 61 million (NOK 218 million) was booked as
cost and an impairment of NOK -26 million (NOK
57 million) was booked on the balance sheet
for development activities. The reversal is due
to development projects not coming to fruition
during 2024.
As part of research and development activities the
group of companies capitalise immaterial assets to
the balance sheet related to development cost in
FOR and registered patents in Fred. Olsen 1848.
FINANCIAL POLICY AND CAPITAL ALLOCATION
FRAMEWORK
Bonheur ASA has the following Financial Policy
and Capital Allocation Framework.
Financial Policy:
• The Company and its financial and liquidity
position shall be strong
• The subsidiaries must optimize their own non-
recourse financing
• To accelerate growth within the capital-
intensive industries, various means of external
capital will be considered, including but not
limited to JVs, Hvitsten AS, public markets and
M&As
Capital Allocation Framework:
• The Company's Financial Policy is the
foundation for capital allocation
• The Company aims to generate competitive
long-term shareholder value through a
combination of share appreciation and
distributions to shareholders
• To drive share appreciation, the Company
will allocate capital to the areas where long-
term value creation on a risk-adjusted basis
is considered attractive, also considering
opportunities outside current ownership
holdings
• When considering dividend proposals, the
Company's Board of Directors takes into
account the Company's other capital allocation
opportunities and its Financial Policy
FINANCING AND INTERESTBEARING DEBT
The Group of companies' overriding financial
objectives target to secure long-term visibility and
flexibility through business cycles.
Further, to position the Group of companies for
the 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 2024, Bonheur ASA's interest-bearing
debt relates to NOK 3 090 million (NOK 2 789
million) in unsecured bonds maturing between
2025 and 2029. With a cash position of NOK 3 456
million (NOK 3 455 million), net interest-bearing
debt on parent level was positive with NOK 366
million (NOK 666 million). Similarly, debt in the
Group of companies excluding the Company
amounted to NOK 6 888 million (NOK 7 291
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 5 173 million (NOK 5
186 million) related to Renewable Energy, NOK 1
326 million (NOK 1 445 million) related to Wind
Service, NOK 106 million (NOK 290 million) related
to Cruise and NOK 285 million (NOK 365 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.
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
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SEARCHPAGE 14 EXPLORE
The financial market risks to which the Group
of companies are 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 are primarily in 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 exposures 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 debt
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 partly 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. Subsequent to the year-end the Pauls
Hill wind farm has entered into forward sales
contracts for 75% of volume at 79.20 GBP/mwh for
the summer of 2025 and 80.20 GBP/mwh for the
winter of 2025.
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.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE
ESG AND SUSTAINABILITY REPORTING
Sustainability reporting for 2024 is in accordance
with the Corporate Sustainability Reporting
Directive (CSRD) and the European Sustainability
Standard (ESRS) and is included as a separate
chapter of the board of director's report.
REMUNERATION REPORT
The remuneration report for the Company consists
of the remuneration to the individual members
of the board of directors and the shareholders
committee. The report is published on the
Company’s website.
SUBSEQUENT EVENTS
In March 2025, Fred. Olsen Ocean Ltd. entered into
an agreement for the sale of its 50% stake in UWL.
See note 28 for further information.
In March 2025, Wind Fund I acquired 49% indirect
ownership in Crystal Rig IV a project of 49,1 MW
according to the established procedures.
OUTLOOK 2025
The Company is well positioned in several growth
segments and especially in the renewable energy
eco-system. This includes 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 continues.
The macroeconomic and geopolitical environment
is challenging with significant risks related to wars,
hybrid wars and geopolitical events. Furthermore,
a more polarised political environment have
developed in many countries putting pressure on
democracies creating uncertainties. The revision
of global tariffs creates major uncertainties going
forward.
Political support for increased investments in
green energy solutions from major economies in
Europe and China is expected to continue over
the long-term. Chinese companies are already
dominating the global supply-chain for solar
energy technologies and are now emerging in the
global supply chain for wind energy technologies.
Strong focus on reducing cost and in addition
reduced European long-term interest rates will be
important for the renewable industry in general,
but also for the group of companies’ investments.
The ongoing geopolitical tensions, particularly
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
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SEARCHPAGE 15 EXPLORE
Russia's invasion of Ukraine, have further
highlighted the importance of energy security for
Europe. The dependency on external sources of
energy, particularly by the way of natural gas from
Russia and the US, exposes the EU to significant
geopolitical risks and vulnerabilities. By reducing
reliance on imported fossil fuels, and increased
the use of renewable energy, like wind, solar
and hydropower, Europe has the opportunity to
strengthen both its energy security and economic
resilience.
The long-term impact from the current
geopolitical events is highly uncertain. 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 negative with
NOK -96 million, compared to positive with NOK
810 million in 2023. NOK 11 million of dividend
was received in 2024 compared to NOK 679
million in 2023. The Net result of NOK -96 million is
proposed to be allocated as follows:
For dividends NOK 287 million
From other equity NOK -383 million
Total allocated NOK -96 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
2024 was NOK 12 217 million. The Company’s cash,
cash equivalents, short-term securities and current
receivables amounted to NOK 4 495 million.
DIVIDEND/ANNUAL GENERAL MEETING
The Board of Directors will propose a dividend
payment of NOK 6.75 per share subject no
deviating views expressed by the Shareholders’
Committee prior to the Annual General Meeting.
The Annual General Meeting is scheduled for 22
May 2025.
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 16 EXPLORE
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. Fred. 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 Windward
Energy Limited. She has also served on the boards
of the BlackRock Energy and Resources Income
Trust plc, 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 the Football
Association of Wales and a founder Director of
Chapter Zero, which engages with non-executive
directors on climate risk. She is a Chair of Heneb
– The Trust for Welsh Archaeology, a Council
Member of Research England and the Senior
Independent Director of the National Physical
Laboratory. Carol Bell is a British citizen and resides
in London and Cardiff.
Gaute Gjelsten joined the board in 2024.
He is a candidate in jurisprudence from the
University of Oslo in 1997. He joined the law firm
Wikborg Rein directly after law school and worked
there for almost 25 years, 18 years as a partner, and
headed the firm's shipping offshore department
for several years. In September 2022, Gjelsten co-
founded the shipping, offshore & insurance law
litigation firm boutique Gjelsten Herlofsen Law.
During his time at Wikborg Rein, Gjelsten worked
at the Oslo and London offices, and was for three
years the firm's Japan Representative whilst also
acting as Norwegian Consul-General for Kobe/
Osaka, Japan. Mr Gjelsten is recognised as a market
leading Norwegian shipping and offshore lawyer
and is top ranked in Legal 500 ("Recommended
Individual") and Chambers and Partners (ranked
in Band 1). He has extensive litigation experience
before the Norwegian courts and in arbitration
proceedings and is admitted to the Norwegian
Supreme Court. Gaute Gjelsten is a Norwegian
citizen and resides in Oslo, Norway.
FRED. OLSEN
(b. 1929 )
Chairman of the board
CAROL BELL
(b. 1958 )
Board member and
member of audit committee
GAUTE GJELSTEN
(b.1969)
Board member
ESRS 2 GOV-1 The Board of Directors
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 17 EXPLORE
Heidi Skaaret joined the board in 2025.
She holds a degree in Business Administration
(siviløkonom) from the University of Washington
in Seattle, USA. She started her career working
for Bank of America in San Francisco, then moved
on to holding a variety of positions at DNB from
1987 – 2000 and as a Senior Vice President. From
2001 she was the managing director of IKANO
Finans ASA, and from 2008 – 2012 executive
vice president at Lindorff AB (now Intrum)
responsible for Norway, Sweden and Denmark.
Heidi Skaaret has further been an executive vice
president and part of the Group Management
Team of Storebrand ASA from 2012 - 2023.
Her responsibilities included head of People &
Technology and head of Retail Market. She has
also held the following board positions; Chair
of Storebrand Bank ASA, Chair of Storebrand
Forsikring AS, Chair of Kron AS, and board member
of Storebrand ASA. Heidi Skaaret currently holds
the positions as board member and head of Audit
Committee of Coor Service Management AB
and Chair of the board of Noria Group AS. Heidi
Skaaret is a Norwegian citizen and resides in Asker,
Norway.
HEIDI SKAARET
(b. 1961 )
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, like 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 where
she was responsible for the Statoil BoD Safety,
Security, Sustainability and Ethics Committee. In
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 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
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 18 EXPLORE
Sustainability statement
Bold Tern – Fred. Olsen Windcarrier
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 19 EXPLORE
Contents
I. GENERAL INFORMATION 22
ESRS-2 General disclosures 23
BP-1 General basis for preparation of sustainability statement 23
BP-2 Disclosures in relation to specific circumstances 23
GOV-1 The role of the administrative, management and supervisory bodies 24
G1-GOV-1 The role of the administrative, management and supervisory bodies 28
GOV-2 Sustainability matters addressed by the administrative,
management and supervisory bodies 28
GOV-3 Integration of sustainability-related performance in incentive schemes 30
GOV-5 Risk management and internal controls over sustainability reporting 30
SBM-1 Strategy, business model and value chain 30
SBM-2 Interests and views of stakeholders 31
SBM-3 Material impacts, risks and opportunities and their interaction with
strategy and business model 32
E2-4 Total emissions to air with breakdown by pollutants 36
IRO-1 Processes to identify and assess material impacts, risks and
opportunities 37
E1-IRO-1 Processes to identify and assess material climate-related
impacts, risks and opportunities 39
E2-IRO-1 Processes to identify and assess material pollution-related IROs 40
E3-IRO-1 Processes to identify and assess material water and marine
resources-related IROs 40
E4-IRO-1 Processes to identify and assess material biodiversity and
ecosystem-related IROs 41
E5-IRO-1 Processes to identify and assess material resource use and circular
economy-related IROs 41
G1-IRO-1 Processes to identify and assess material IROs related to
business conduct 41
IRO-2 Disclosure requirements in ESRS covered by the sustainability
statement 42
II. ENVIRONMENTAL INFORMATION 43
EU Taxonomy (Disclosures pursuant to Article 8 of Regulation (EU) 2020/852) 44
ESRS E1 Climate change 51
E1-1 Transition plan for climate change mitigation 51
E1–SBM-3 Material impacts, risks and opportunities and their interaction with
strategy and business model 52
E1-2 Policies related to climate change mitigation and adaptation 53
E1-3 Actions and Resources in Relation to Climate Change Policies 54
E1-4 Targets related to climate change mitigation and adaptation 58
E1-5 Energy consumption and mix 59
E1-6 Gross Scopes 1, 2, 3 and Total GHG emissions 60
ESRS-E4 Biodiversity and ecosystems 62
E4-1 Transition plan and consideration of biodiversity and ecosystems in
strategy and business model 62
E4–SBM-3 Material impacts, risks and opportunities and their interaction with
strategy and business model 62
E4-2 Policies related to biodiversity and ecosystems 64
E4-3 Actions and Resources Related to Biodiversity and Ecosystems 65
E4-4 Targets related to biodiversity and ecosystems 67
E4-5 Impact metrics related to biodiversity and ecosystems change 67
SEARCHPAGE 20 EXPLORE
At a Glance
Financial highlights
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Taxonomy assessment
methodology
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per 31
December 2024
Definitions
Addresses
III. SOCIAL INFORMATION 68
ESRS-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 about impacts 71
S1-3 Processes to remediate negative impacts and channels for
own workers to raise concerns 71
S1-4 Taking action on material impacts on workforce 72
S1-5 Targets related to workforce 73
S1-6 Characteristics of the employees 73
S1-7 Characteristics of non-employees in the workforce 75
S1-9 Diversity metrics 75
S1-14 Health and safety metrics 75
S1-15 Work-life balance 76
S1-16 Compensation metrics 76
S1-17 Incidents, complaints and severe human rights impacts 76
ESRS-S2 Workers in the value chain 77
S2–SBM-3 Material impacts, risks and opportunities and their interaction with
strategy and business model 77
S2-1 Policies related to value chain workers 77
S2-2 Processes for engaging with value chain workers 78
S2-3 Processes to remediate negative impacts and channels for value chain
workers to raise concerns 79
S2-4 Taking action on material impacts on value chain workers 79
S2-5 Targets related to workers in the value chain 79
ESRS-S3 Affected communities 80
S3–SBM-3 Material impacts, risks and opportunities and their interaction with
strategy and business model 80
S3-1 Policies related to affected communities 81
S3-2 Processes for engaging with affected communities 81
S3-3 Processes to remediate negative impacts on affected communities 81
S3-4 Taking action on material impacts on affected communities 82
S3-5 Targets related to managing material impacts 83
IV. GOVERNANCE INFORMATION 84
ESRS-G1 Business conduct 85
G1-1 Business conduct policies and corporate culture 85
G1-3 Prevention and detection of corruption and bribery 86
G1-4 Incidents of corruption or bribery 87
Appendix 88
Contents continued
SEARCHPAGE 21 EXPLORE
At a Glance
Financial highlights
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Taxonomy assessment
methodology
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per 31
December 2024
Definitions
Addresses
I. General information
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 22 EXPLORE
BP1 General basis for preparation of
sustainability statement
Consolidation
This sustainability statement has been prepared
on a consolidated basis with the same scope as
the financial report. Hence, this is based on the
activities and data reported from the company's
subsidiaries.
Bonheur does not deploy a specific definition or
threshold for significant OPEX or CAPEX on group
level when assessing material risks opportunities
in a sustainability context. Such assessments are
therefore qualitative and include the relative size
of each subsidiary in terms of revenue, assets, and
contribution to the overall profitability of Bonheur.
As part of the Bonheur group of companies,
none of the operating subsidiaries are exempted
from the consolidated reporting, but certain
subsidiaries of Bonheur prepare distinct
sustainability reports, which are published on their
respective websites.
This sustainability statement covers the upstream
and downstream value chain as described in
SBM-1, where the subsidiaries have relevant and
good quality data. Bonheur and its operating
subsidiaries are in the process of establishing a
value chain mapping to improve the overview and
quality of information regarding impacts, risks and
opportunities in the value chain.
ESRS-2 General disclosures
BP2 Disclosures in relation to specific
circumstances
New regulations
Bonheur has in the FY2024 annual report reported
the sustainability statement in accordance with
the Corporate Sustainability Reporting Directive
(CSRD) and the applicable European Sustainability
Reporting Standards (ESRS).
Value chain estimation
The methodology for estimated metrics, including
whether indirect sources have been used, is
described in the description of the respective
metrics. Where relevant, the source for information
is listed in the document, e.g. for conversion
factors. Data related to emissions are based on a
combination of spend based and activity-based
calculations and may be subject to measurement
uncertainty.
Any assumptions, estimations or approximations
are described in the respective metric disclosure
information and subsidiary specific data.
Upstream value chain data use both sector and
geographical averages to estimate emissions.
Where Bonheur or any of its operating subsidiaries
have planned to improve the accuracy and
verifiability of the data and information on a
metric, through for examples enriching data in
the carbon accounting system or other measures,
this is described in the metric or the general
information on the topical standard.
Sources of estimation and outcome uncertainty
• Scope 3 GHG emissions
• Scope 3 emissions are reported using actual
data where available, but most of the reported
emissions are estimates either using the spend-
based methodology or activity data.
Quantitative metrics and monetary amount
subject to a high level of uncertainty
Bonheur has not completed its development of
a model for calculating the financial implications
of various IROs, which may contribute to some
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
intensities. Calculation of remuneration figures
are from the operating subsidiaries of Bonheur as
there are no employees in Bonheur ASA.
Changes in preparation or presentation of
sustainability information
The report includes restatements for previously
reported GHG emissions for 2023. The data
reported under E1-6 are revised as Bonheur and its
operating subsidiaries have implemented a new
carbon accounting software for improved scope
and accuracy of emissions accounting. See table in
E1-6 for revised comparative and original figures.
Restatements regarding 2023 EU Taxonomy are
described on page 50.
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 23 EXPLORE
Disclosures stemming from other legislation
As well as following the structure of ESRS, this
statement also covers disclosures required by the
EU Taxonomy.
Bonheur will make the report related to the criteria
set out in the Transparency Act available on the
Company's website by June 30th 2025.
Data and processes verified by and found to
conform to ISO/IEC or CEN/CENELEC standards
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.
Reporting on non-material disclosure
requirements and use of phase-in requirements
from appendix C of ESRS1
ESRS E2 Pollution are not material to Bonheur,
but considered material to some of the operating
subsidiaries. For transparency, data on pollutants
from DR E2-4 are disclosed on page 36.
Bonheur has used the phase-in requirements
described in ESRS 2 regarding calculation of
financial effects of material IROs.
GOV1 The role of the administrative,
management and supervisory bodies
Information about the composition and diversity
of members of the administrative, management
and supervisory bodies
The management of Bonheur is contracted to
Fred. Olsen & Co. AS. As part of these services
Anette S. Olsen holds the position of Managing
Director of Bonheur. The numbers below include
the Bonheur’s Board of Directors and Shareholder’s
Committee. As there are no employees in Bonheur,
there are no employee representative amongst
Bonheur ASA's board of directors. See board
member CVs further down.
Risk management and internal control
The Group of companies’ risk management, as
developed within each of the business segments,
are designed to ensure that risk evaluation is
a fundamental aspect of all business activities.
Continuous evaluation of exposure to risk is
essential to identifying and assessing risks at all
levels.
The Group of companies’ risk management
policies work to identify, evaluate and manage
risk factors that affect the performance of the
various business activities in which the Company
is invested. As such, continuous and systematic
processes are deployed to mitigate potential
damages and losses and to capitalize on business
opportunities. These policies contribute to the
success of both long and short-term strategies.
Risk management is based on the principle that
risk evaluation extends to all business activities.
The individual business segments within the
Group of companies have procedures for
identifying, assessing, managing and monitoring
primary risk exposures. As part of cash
management policy, the Group of companies may
individually deploy derivative instruments, such as
interest rate swaps and currency contracts in order
to reduce exposures.
The Group of companies’ risk management and
internal control procedures are reviewed by the
Audit Committee in accordance with its charter.
The operational risk management and internal
control are carried out within each business
segment in accordance with the nature of the
operations and the governing legislation in the
relevant jurisdictions. Financial risk management
related to foreign exchange, interest rate
management and short-term investments is
handled in accordance with established policies
and procedures.
As a result of representation at board level in
subsidiaries by managerial personnel of FOCO,
the Company is able to follow developments
appropriately within the operational subsidiaries,
focus on business performance, market conditions,
the competitive environment and identify
strategic issues. The appropriate information flow
from board meetings in such subsidiaries provide
a solid contributor for the Company’s assessment
of its overall financial and operational risks.
The board members of Bonheur collectively have
long and varied experience from the various
business segments and countries where Bonheur’s
operating subsidiaries have activities. The Board
has overall responsibility for Bonheur's activities,
including the handling of sustainability matters.
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 24 EXPLORE
Percentage of independent
board members
Board's gender
diversity ratio
MEMBERS OF BONHEUR’S ADMINISTRATIVE, MANAGEMENT AND SUPERVISORY BODIES
Metric Total
Number and percentage of members of the administrative, management and
supervisory bodies by gender (head count)
10
Female 4 (40%)
Male 6 (60%)
Number of executive members (head count) 0
Number of non-executive members (head count) 10
Independent
Non-Independent
67%
Men
Women
50%
The conduct of both the Board and of Fred.
Olsen & Co. AS is subject to supervision by the
Shareholders' Committee which is composed of
only independent members, elected by the Annual
General Meeting. Management of Fred. Olsen &
Co. AS is represented on the boards of subsidiaries
of Bonheur. Information on the members of the
Board is found on pages 17-18 under ESRS 2 GOV-
1.
Roles and responsibilities of administrative,
management and supervisory bodies
In addition to adhering to statutory requirements
and the Company’s Articles the conduct of the
Board and the Shareholders’ Committee are
subjected to bespoke guidelines. The composition
of these corporate bodies take account of an
adequate representation of professional expertise
and relevant experience and practice. The Audit
Committee is equally subjected to a bespoke
charter.
The Board's Audit Committee is charged with
preparing and following up on sustainability
matters. Consequently, the Company’s
sustainability statement is reviewed and approved
by the Board of Directors following initial review
and scrutiny conducted by the Audit Committee.
BONHEUR ASA SHAREHOLDER'S COMMITTEE
Christian Fredrik Michelet has been the chairman
of the Shareholders’ Committee since 2007. Mr
Michelet became a candidate in jurisprudence at
the University of Oslo in 1980, and holds an MBA
from INSEAD, France in 1981. He has served as
lieutenant in the Norwegian Army. He was partner
in the law firm Arntzen de Besche from 1985-2015.
In the period 1989 – 1992 Mr Michelet was Vice
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 25 EXPLORE
President in Total Norge AS. He was partner in
the law firm Michelet & Co 2015-2018 and is now
partner in the law firm Schjødt law from 2019. He
is specialized in the petroleum and energy sectors.
Mr Michelet is an advisor on legal and strategic
matters to various corporate actors in these
sectors, to Norwegian petroleum and energy
authorities and to petroleum authorities in
countries in several parts of the world on policies,
legislation and state contracts. In addition to
working with transactions and acting as a litigator,
he regularly serves as arbitrator. He is admitted to
the Norwegian Supreme Court. Mr Michelet is a
Norwegian citizen and resides in Oslo, Norway.
Synne Homble has been a member of the
Shareholder’s Committee since 2023. Ms Homble
became a candidate in jurisprudence at the
University of Oslo in 1997. After law school she
joined Wikborg Rein and served as attorney at law
for eight years, specializing in company law, M&A
and corporate governance. Ms Homble has 10
years of experience from the aquaculture industry,
as member of the global management team of
Cermaq Group and Chief Officer Legal and
Corporate Functions. After that she was for seven
years part of the top management of the Vy Group,
with responsibilities including digital customer
services, market services, new mobility solutions
and business in the tourism segment.
Currently Ms Homble is a partner of the law firm
Homble Solheim, a boutique law firm within
employment law and corporate governance. Ms
Homble has held various board positions, such as
deputy chair of the Board of Directors of Statnett
and member of the national OECD contact point
for responsible business conduct. Currently
she is Chair of the Board of Fjord Tours Group
and a director of the boards of Fjellinjen AS og
Flåmsbana AS. Ms Homble is a Norwegian citizen
and resides in Oslo, Norway.
Andreas Mellbye has been a member of the
Shareholder's Committee since 2024. 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 partner of Wiersholm 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. He has been a member of the Bonheur
Board of Directors since 2001 and before that
served as an alternate.
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.
Ole Kristian Aabø-Evensen has been a member of
the Shareholder's Committee since 2017. Mr Aabø-
Evensen was originally trained as a police officer
and became later a candidate in jurisprudence
from the University of Oslo in 1988. He also
received a scholarship from the British Council
(1992) and has studied English and International
Law at King’s College University of London (1992).
Mr Aabø-Evensen is founding partner of the M&A
and Capital Markets boutique law firm Aabø-
Evensen & Co (2002-). Before establishing Aabø-
Evensen, he was partner and head of M&A and
corporate legal services at KPMG in Norway (1995-
2002), an associated partner with the de Besche &
Co (now Arntzen de Besche) and has also worked
as a trainee in Sinclair Roche Temperleyand Essex
Court Chambers. As a leading transaction lawyer.
Mr Aabø-Evensen has specialized in corporate
transactions, public and private mergers &
acquisitions and securities/stock exchange law.
He holds various board and committee positions.
Mr Aabø-Evensen is the author of the leading
textbook on M&A in Norway in addition to
numerous international publications on mergers
and acquisitions. He’s a member of the Norwegian
Bar Association, the American Bar Association, the
International Bar Association and the International
Fiscal Association. Mr Aabø-Evensen is a
Norwegian citizen and resides in Oslo, Norway.
MANAGEMENT'S ROLE IN GOVERNANCE OF IROS
Fred. Olsen & Co. AS is as part of its management
of the Company overseeing due adherence
to applicable sustainability requirements,
while the respective managements of the
operating subsidiaries of Bonheur monitor the
corresponding day-to-day risks and impacts
material to them.
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 26 EXPLORE
The performance of these functions is ultimately
subjected to the supervision by the Shareholders'
committee.
Management of Fred. Olsen&Co. AS is also
represented in the Board of the different
subsidiaries of Bonheur.
Fred. Olsen & Co. AS' sustainability function is
organized within the Finance Department. The
sustainability team participates in regular updates
to the Audit Committee, which in turn convey
status on sustainability related matters to the
Board of Directors.
Dedicated controls and procedures of impacts,
risks and opportunities
Bonheur relate to the different IROs through the
management of its investments in the operating
subsidiaries and by virtue of the interaction
between these said subsidiaries and Bonheur.
Fred. Olsen & Co. AS oversee the risk management
process for Bonheur. The respective managements
of the subsidiaries are responsible for integrating
sustainability risk into their internal control
functions. The process for setting and following up
on any targets are managed within the respective
operating subsidiaries. Bonheur has no group
level sustainability targets, but this statement
also present subsidiary set targets where
relevant. These are followed up by the respective
subsidiaries.
The audit committee relates to the integrity of
both the financial and sustainability reporting.
Available 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 decarbonised society.
The company acknowledge the presence of
high-emission businesses within the portfolio,
such as cruise lines, and strategic focus remains
on mitigating carbon footprints associated with
ship transport. This is believed to be an appealing
opportunity for talented professionals seeking
to engage in renewable energy initiatives and
contribute to emissions reduction within the
transportation sector.
The board members, management team, and
employees possess a wide range of expertise in
sustainability matters, underscoring dedication to
fostering a culture of environmental stewardship
and innovation. Several of Bonheur's subsidiaries
and Fred. Olsen & Co. AS have dedicated
sustainability professionals responsible for
coordinating, developing and reporting on
initiatives across the Bonheur-related businesses.
These are guiding the relevant companies on how
to incorporate the material impacts, risks and
opportunities into strategies, investment decisions
and in stakeholder dialogue.
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 27 EXPLORE
Shareholders in Bonheur ASA
General meeting
Shareholders’ Committee
Board of Directors
Bonheur ASA
Fred. Olsen & Co
Private Fred Olsen
related shareholders
51.6%
Other related
shareholders
48.4%
Subsidiaries of Bonheur ASA
Ownership Election Management / provision of services Supervisory function
Governance model – overview
G1GOV1 The role of the administrative,
management and supervisory bodies
Bonheur's Board of Directors oversees the
overall business conduct performance and
alignment with applicable policies. Among
Bonheur's operating subsidiaries, each company
may develop distinct processes and policies to
address specifics risks and business requirements.
Bonheur's operating subsidiaries report to their
respective Boards on reported concerns or
developments related to business conduct.
The expertise and experience of the
administrative, management and supervisory
bodies on business conduct matters are described
in the bios of the Board.
The Company has support for identifying and
holding liability insurances also for directors and
officers.
GOV2 Sustainability matters addressed
by the administrative, management and
supervisory bodies
Administrative, management, and supervisory
bodies are informed through both regular and
ad-hoc updates and reports. Key channels include
regular updates to the Company by Fred. Olsen
& Co. AS through the Sustainability Manager
and reviews with the senior management of the
Company’s operating subsidiaries. This ensures
alignment regarding strategic decisions and
governance oversight.
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 28 EXPLORE
This equally ensures that key decision-makers
within the operating subsidiaries of Bonheur are
well-informed about the aspects of initiatives,
ongoing due diligence, and any emerging material
impacts.
Updates to the Audit Committee and Board of
Directors
Fred. Olsen & Co. AS prepare status reports,
summarizing material impacts, risks, opportunities,
due diligence, and results of sustainability actions
to the Audit Committee and thereby equally
to the Board. This update on the Company's
overall progress is prepared on an as needed
basis, but at least twice a year. This allows for
a deeper understanding of the sustainability
performance and plans, aligning with Bonheur’s
and the operating subsidiaries’ overall governance
structure.
Subsidiaries' Annual Strategy Meeting
Sustainability is included on the agenda of
subsidiary strategy workshops. This ensures that
sustainability considerations are considered in
the strategic discussions at the subsidiary level,
aligning business objectives with sustainability
goals.
Bonheur's operating subsidiaries' Board
Meetings
Sustainability is a recurring, but not invariable
agenda item in quarterly board meetings. This
emphasizes the importance of sustainability at the
highest levels of corporate governance, allowing
for strategic discussions and decision making.
Annual report process
The annual report which includes the
sustainability statement, and the corresponding
process, form the main report and update on
sustainability to the Board.
Continuous updates from the Sustainability
Manager of Fred. Olsen & Co. AS to the
management team ensure that impacts, risks,
and opportunities are considered in decision
making and corporate strategy based on evolving
sustainability factors. This information is also used
when evaluating major transactions, as it allows
assessment of potential sustainability implications
and align them with strategic objectives.
The quarterly reporting to the Audit Committee
and thus eventually to the Board includes updates
on the effectiveness of the risk management
process. This includes how sustainability risks
are identified, assessed, and managed. As
sustainability is included in the subsidiaries'
strategy process, this approach helps the process
of integrating sustainability factors into also
subsidiary level decision makings and aligns
subsidiary strategies with Bonheur's.
Corporate governance information
Bonheur remain focused on continuously adhering
to principles on good corporate governance and
performance monitoring.
Private Fred. Olsen-related interests hold a total of
51.6 % of Bonheur ASA’s shares. The management
of the Company is performed by Fred. Olsen & Co
AS.
To ensure integrity within this structure, various
measures and systems have been implemented,
including such as policies on 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. AS. The
guidelines to the Board of Directors address
potential conflicts of interest matters.
The guidelines for the Shareholders’ Committee
also place emphasis on matters concerning
conflicts of interest. All members of the Share-
holder’s Committee are independent of both the
Company’s main shareholder and of Fred. Olsen &
Co.
The Company’s Audit Committee meet on a
quarterly basis together with the Company’s
auditor (KPMG) addressing internal control and
risk management and as appropriate related
party transactions. The Audit Committee is also
addressing the implementation of reporting
in accordance with CSRD and 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 monitors the performance
of the management services provided by Fred.
Olsen & Co. AS.
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 29 EXPLORE
GOV3 Integration of sustainability-
related performance in incentive
schemes
There are no employees in Bonheur ASA, so any
matters regarding incentive schemes is only
relevant for the operating subsidiaries. This also
applies to disclosure requirement E1-GOV-3.
Incentive schemes for management groups
in the subsidiaries are not specifically 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.
GOV5 Risk management and internal
controls over sustainability reporting
Risk management
The internal controls and risk management
process for sustainability reporting in Bonheur
are performed at different levels and parts of the
undertaking. Different risk management systems
are established and implemented within 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
• 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
Bonheur’s operating subsidiaries assess
sustainability risks individually and implement
appropriate controls to mitigate them. The risk
assessments and prioritisation 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 diverse portfolio of operating subsidiaries,
Bonheur will relate to potentially varying
procedures for 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 risks related to data input and
accuracy.
Internal controls
To reduce the risk of inaccuracies in reported
sustainability data Bonheur have initiated the
following mitigation processes:
• Roll-out of common carbon accounting system
linked to accounting system and supplier
vendor data
• Input of data and control of sustainability data
in centralized and integrated software
The operating subsidiaries of Bonheur are
responsible for assessing the risks associated
with the accuracy and completeness of the
sustainability data and implement appropriate
controls.
Fred. Olsen & Co. AS performs overall risk
assessment of sustainability reporting for the
Company and thereunder address appropriate
internal controls measures required depending on
materiality and severity of risks.
The Audit Committee addresses both financial and
sustainability reporting, receiving regular updates
on progress and actions related to sustainability
risks to ensure alignment with Bonheur’s strategic
objectives, as well as suggestions or plans for
improvements.
SBM1 Strategy, business model and
value chain
The strategies of the operating subsidiaries of
Bonheur contributes and have an impact in
different ways, including production of renewable
energy, GHG emissions, job creation and land-
use. For further information, see the chapters on
material topics and the subsidiaries sustainability
statements.
List of significant ESRS sectors
Using the descriptions in EFRAG's European
Sustainability Reporting Standard - SEC 1 Sector
Classification from January 2024, the following
sectors are classified significant for Bonheur.
• Construction and engineering (CCE)
• Power production and energy utilities (UPE)
• Media and communication (TMC)
• Other transportation (TTR)
• Capital markets (FCM)
These are subject to potential change as both the
EFRAG and the underlying NACE classifications are
being reviewed.
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 30 EXPLORE
Description of the business model and value
chain
In the context of ESRS Bonheur and its operating
subsidiaries are dependent on natural resources
such as wind and access to land, highly skilled
human capital, financial capital and assets.
The key outputs of activities in the operating
subsidiaries are production and deployment of
renewable energy, installation and maintenance
of both offshore and onshore wind, experiences to
cruise passenger and media clients as well as other
activities.
With a diverse portfolio of investments and
operating subsidiaries, Bonheur has a complex
and global 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, 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. 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 clients who either are Original
Equipment Manufacturers (OEM) of the wind
turbine components or wind park owners.
About targets and action plans
Any sustainability related goals set by a subsidiary
in the Bonheur group of companies are linked
to the business model, products and services
produced by the respective subsidiary. Where
relevant, such targets will be presented under the
topical standards in this statement, but for further
information see the subsidiaries' sustainability
reports.
The targets presented in this sustainability
statements are established and monitored by
the management and boards of the respective
operating subsidiaries. The Board of Bonheur
ASA does not participate in the development or
approval of these targets, as they fall within the
autonomous decision-making of each subsidiary.
Furthermore, the targets outlined have not been
developed in accordance with the requirements
set forth under MDR-T in ESRS 2 or the relevant
topical standard.
SBM2 Interests and views of
stakeholders
Stakeholder engagement
Bonheur's key stakeholders for the purpose of this
reporting are divided into two groups: internal
and external stakeholders. In the categorization
of stakeholders, Bonheur and the operating
subsidiaries differ between affected stakeholders
and stakeholders are users of the sustainability
statement.
Bonheur's operating subsidiaries may have distinct
processes for identifying and engaging with their
specific 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.
Engagement with stakeholders is done 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
both for Bonheur and within the operating
subsidiaries. This includes meetings with employee
representatives, investors, regulators, business
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 31 EXPLORE
partners, communities and industry associations.
Important feedback from stakeholders regarding
sustainability-related impacts, risks and
opportunities are communicated as appropriate.
By engaging with local communities, individual
stakeholders, business partners, regulators, and
industry associations, the goal for the Bonheur
group of companies is that sustainability concerns
from relevant parties are considered. Although
Bonheur appreciate the dialogue, collaboration,
perspectives, and feedback from any stakeholder,
Bonheur reserve the right to at any time
determine which topics are considered material to
themselves.
Involvement of management and supervisory
bodies
Bonheur and its operating subsidiaries updates
Internal
stakeholders
External
stakeholders
• Investors
• Bondholders
• National authorities and other regulators
• Bonheur's subsidiaries
• Employees of the operating subsidiaries
• Bonheur's Board of Directors
the respective supervisory bodies, like the
Shareholder’s committee, Board of Directors
and Audit Committee, on material stakeholder
engagement activities or outcomes quarterly
through regular board meetings and other
channels.
SBM3 Material impacts, risks and
opportunities and their interaction with
strategy and business model
The material impacts, risks and opportunities
identified in the double materiality assessment
are listed in the following high-level table
and presented alongside the chapters on the
topical standards. Six ESRS topics are material to
Bonheur: E1 Climate change, E4 Biodiversity and
Ecosystems, S1 Own workforce, S2 Workers in
the value chain, S3 Affected communities and G1
Business conduct.
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 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 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
• Engagement with regulators and policymakers to ensure that the
business is in compliance with existing and coming regulations
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 32 EXPLORE
Material sustainability matters
Sub-topic Sub sub-topic IRO
Related to which
subsidiary Comments Type
ESRS E1 Climate change
Climate change
mitigation
Impact Operating
subsidiaries
Positive impact on clean energy production and global decarbonisation through renewable energy development,
maintenance and deployment. Greenhouse gas emissions from ships and upstream value chain negatively impact
climate change In the construction phase, FOR and FOS will contribute to GHG emissions through its upstream
value chain (production of turbines and foundations, installation vessels, decommissioning etc). FOWIC, FOR and
FOS contributes to the installation and production of renewable energy, indirectly contributing increasing the
share of renewable energy in the global energy mix.
Positive impact
Negative impact
Risk Operating
subsidiaries
Changes in policy requirements, transfer to new technologies outside Bonheur's investments and legal risks due to
high emissions. Potential loss of customers due to climate change awareness.
Financial risk
Opportunities FOWIC
FOR
FOS
GWS
Increased demand for renewable energy to reach the Paris Agreement goals is a financial opportunity to some
of Bonheur's subsidiaries. Access to increased markets may result in increased revenues. Use of lower-emission
sources of energy and new technology may lead to reduced exposure to future fossil fuel price increases, and
therefore less sensitive to changes in cost of carbon, returns on investment in low-emission technology, increased
capital availability (investors favour lower-emissions producers) and reputational benefits resulting in increased
demand for services. Changes om customer preferences due to increased climate awareness.
Bonheur has a competitive advantage being established in renewable energy production.
Financial opportunity
Climate change
adaptation
Risk Operating
subsidiaries
Higher cost of fossil fuels and emitting CO2/transport of goods, reduced access to supplies and higher insurance
cost. Changes in weather patterns may affect our revenue and uptime. Low risk for impact on infrastructure and on
locations/plants/offices/warehouses.
Transitional risk
Energy use Impact Operating
subsidiaries
Direct emissions from ships, other operations and value chain as the fleets rely on fossil fuel for energy to operate. Negative impact
Risk Operating
subsidiaries
Unpredictable energy prices and increased cost of fossil fuels. Unpredictable and variable cost of supplies System risk
ESRS E2 Pollution
Pollution of air Impact FOWIC
FOCL
FOWIC and FOCL emit NOx an SOx to the air from the engines on their vessels. This may potentially affect air quality
on a regional/local level, and polluted air may also spread and potentially negatively affect the ecosystems. In-port
emissions may affect the local air quality or ecosystem balance.
Not material to Bonheur,
but included in
sustainability statement
because of reporting
thresholds for pollutants
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 33 EXPLORE
Sub-topic Sub sub-topic IRO
Related to which
subsidiary Comments Type
ESRS E4 Biodiversity and ecosystems
Direct impact
drivers of
biodiversity loss
(i) Climate change Impact Operating
subsidiaries
See E1 Negative impact
(ii) Land use change,
freshwater use change
and sea use change
Impact FOR
FOS
Construction or operation of wind farms both onshore and offshore result in land-use, freshwater-use and sea-use
change that may affect the condition of ecosystems and threaten biodiversity . Building and operating wind farms
may lead to consequences for birds and animals due to land usage and erecting wind turbines.
Wind turbine plants can potentially disrupt biodiversity and ecosystems through habitat fragmentation and
displacement of wildlife due to land usage. Offshore wind farms might alter marine habitats and disturb marine life,
including changes to sea conditions and disturbances to marine species from construction and operational noise.
Negative impact
Potential negative
impact
(ii) Land use
change, freshwater use
change and
sea use change
Risk FOR
FOS
The presence of certain species might hinder consent. Stricter government regulations with regards to biodiversity
and impact on birds and marine wildlife may increase the cost of developing and constructing windfarms.
System risk
ESRS S1 Own workforce
Working
conditions
(ii) Working time Impact Operating
subsidiaries
Excessive use of overtime may result in fatigue. Known health and safety risks related to shiftwork. Given the nature
of large-scale infrastructure projects, time pressure, excessive use of overtime, lack of resources, poor management
may lead to stress, burn-out and fatigue. Employees hired on part time contracts may have less predictable
working hours.
Potential negative
impact
(viii) Health and safety Impact FOWIC
FOR
FOS
GWS
FOCL
Work associated with the installation and maintenance of wind turbines involves occupational health and safety
risks, which are inherent to the nature of the industry. Technicians often operate at great heights, handle heavy
machinery, and work in challenging environmental conditions, all of which contribute to potential hazards.
Risk of personnel injuries during operations and/or project work.
Negative impact
Potential negative
impact
Equal
treatment and
opportunities
for all
(i) Gender equality and
equal pay for work of
equal value
Impact Operating
subsidiaries
There is a generally a risk of discrimination in wages towards employees, while FOWIC and FOCL have the
opportunity to contribute to increased female share in maritime crew. On an unadjusted basis, an overall female-
male pay gap is present.
Potential negative
impact
Potential positive
impact
(iv) Measures
against violence and
harassment in the
workplace
Impact Operating
subsidiaries
Risk of workforce being subjected to bullying and/or harassment at work. Potential negative
impact
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 34 EXPLORE
Sub-topic Sub sub-topic IRO
Related to which
subsidiary Comments Type
ESRS S2 Workers in the value chain
Working
conditions
(ii) Working time Impact Operating
subsidiaries
Impact related to subcontracted manpower and workers in the value chain is similar to own workforce. Potential negative
impact
(viii) Health and safety Impact Operating
subsidiaries
Impact related to subcontracted manpower and workers in the value chain is similar to own workforce. Factory and
shipyard workers have dangerous tasks and high-risk working conditions.
Expanding operations internationally may increase the likelihood of suppliers breaching contractual human rights
commitments, which may lead to financial damage and affect the ability to proceed with
projects.
Potential negative
impact
ESRS S3 Local communities
Communities’
economic, social
and cultural
rights
(iv) Land-related
impacts
Impact FOR
FOS
Nature loss related to building wind farms, noise, and visual pollution from turbines and navigation lights may lead
to negative impacts for affected communities.
Bonheur contribute to creating jobs and revenue in local and rural communities and revitalise local maritime and
energy industry.
Potential negative
impact
Actual positive impact
ESRS G1 Business conduct
Corporate
structure
and business
conduct policies
Risk Operating
subsidiaries
Operating across multiple regions and subsidiaries can lead to differences in corporate culture and reduced
coherence. Maintaining a consistent level of corporate culture across autonomous subsidiaries and different these
locations is challenging.
Potential negative
impact
Protection of
whistle-blowers
Impact Operating
subsidiaries
Protection of whistleblowers is important to ensure that employees and other relevant personnel share concerns
without the threat of repercussions.
Potential negative
impact
Corruption and
bribery
Impact Operating
subsidiaries
Lack of preventative measures may lead to corruption/bribery incidents resulting in lower community confidence
in public authorities. Entering into cooperation with suppliers or local governments that have had corruption and
bribery incidents can expose the company to legal, financial, and reputational risks. It may lead to non-compliance
with anti-corruption regulations, damage the company's reputation, and result in the loss of business opportunities
or partnerships due to association with unethical practices.
Potential negative
impact
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 35 EXPLORE
Brief descriptions of material IROs are included in
the table, as well as if the respective IROs are from
operations in subsidiaries or their value chain. For
detailed descriptions of how the IROs identified
are material and managed, see the respective
chapters for the topical standards. This is further
detailed in the description of each material topic.
Material impacts identified by the operating
subsidiaries and Bonheur are assessed over the
different time horizons defined in the ESRS. The
impacts, risks and opportunities are covered by
ESRS Disclosure Requirements.
About the material IROs
The material impacts, risks and opportunities
identified across the topics and sub-topics from
the ESRS are linked to Bonheur’s strategy as an
investment company and the business models
of Bonheur’s 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.
How IROs relate to the business
Bonheur’s is invested in companies operating
globally, with suppliers spread globally. Bonheur’s
indirect impact in the value chain through
business relationships are connected to the value
chain of the operating subsidiaries.
Anticipated financial effects
Bonheur has not found it suitable to perform a
calculation on the anticipated financial effects of
material impacts, risks or opportunities for the
Group of companies.
Anticipated changes in material sustainability
topics
Bonheur has the same material topical standards
as in last year's report, but have made some
minor changes to the sub-topics. See the different
standards for further explanations on these.
Disclosures on non-material sustainability
matter E2 Pollution
Bonheur has chosen to disclose metrics related to
impacts from entity-specific disclosures related
to Fred. Olsen Cruise Lines (FOCL) and Fred. Olsen
Windcarrier (FOWIC). FOCL and FOWIC’s business
models include the use of and operation of
seagoing vessels. Operating vessels at sea comes
with potential impacts such as emissions to air.
These issues are considered material to FOCL
and FOWIC, but not to Bonheur. Only SOx and
NOx from the list of pollutants on in the Directive
2010/75/EU of the European Parliament and of the
Council on industrial emissions (IED) are measured
and reported on.
When providing information on pollutants, the
subsidiaries have conducted calculations based on
published pollution factors and third-party verified
engine information. The calculations are based
on the fuel consumption measured by the vessels
together with vessel specific information related to
engine type and year.
This data is used together with the emission
factors as presented in the ‘Fourth IMO GHG study
2020’ and "Særavgiftsforskriften". Site specific
calculations based on the information in the EIAPP
have been conducted, these indicate that for
some of the vessels, the actual NOx factor is lower
than the used factor. However, the calculation is
based on a test conducted in 2008 and there is
uncertainty around the numbers regardless of
using the template factor or calculated factor.
E24 Total emissions to air with
breakdown by pollutants
TOTAL EMISSIONS TO AIR
Tonnes
NOx/NO2
Fred. Olsen Windcarrier 503
Fred. Olsen Cruise Lines 3,634
Total 4,137
SOx/SO2
Fred. Olsen Cruise Lines 319
Fred. Olsen Windcarrier 13
Total 332
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 36 EXPLORE
IRO1 Processes to identify and assess
material impacts, risks and opportunities
Methodologies and assumptions applied
Bonheur has undertaken a double-materiality
assessment as required by the European
Sustainability Reporting Standards (ESRS) and the
process recommended in EFRAG‘s IG1: Materiality
Assessment Implementation Guidance. The
assessment encompassed a quantitative and
qualitative review across Bonheur’s subsidiaries,
complemented by a strategic prioritization at a
high level.
The first parameter evaluates Bonheur's potential
and actual impact on the environment, people
and society while the second observes potential
financially material impact on the company's value
creation and affected stakeholders.
Factors such as severity of impact and likelihood
of occurrence were considered in the assessment.
The process included stakeholder dialogues,
workshops, a review of previous assessments and
other relevant materials. For financial materiality,
a qualitative, contextual approach was taken due
to the lack of group-level financial thresholds
related to sustainability. The findings underwent
review and approval from Fred. Olsen & Co. AS and
Bonheur's Board of Directors following preparation
from the Audit Committee.
Process to assess potential and actual impacts
Bonheur and its operating subsidiaries have a
coordinated process to identify, assess, prioritise,
and monitor material sustainability impacts,
risks and opportunities on people and the
environment. These processes consider own
operations, business relationships and the value
chain, and the subsidiaries aim to focus on the
specific factors that pose a heightened risk of
adverse impacts.
The process considers Bonheur's business model,
the value chain of operating subsidiaries, and
stakeholder engagements, and with this input
determine negative and positive impacts. This
includes looking at both the impact materiality
(inside-out) and financial materiality (outside-in).
The outcomes of these assessments are used to
establish of material matters and determine the
financial risks and opportunities for the Bonheur
group of companies.
Context of business model and business
relationships to understand its context and
describe the activities, and to ensure that
assessment covers as much as possible of the
operations in the group of companies, Bonheur
has used value chain assessments from its
subsidiaries, and the subsidiaries have mapped
their activities, business model and business
relationships when performing their materiality
assessments.
Consultation with affected stakeholders
Bonheur and its operating subsidiaries are
in dialogue as considered appropriate with
both internal and external stakeholders. These
consultations are used to identify potential
material topics. Feedback on sustainability matters
and other issues from stakeholders are taken into
account when Bonheur consider and decides
which topics are material.
Scoring and prioritisation of impacts, risks and
opportunities
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.
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. Bonheur assess the different
material IROs from the operating subsidiaries
to see whether they also are material to the
Bonheur group of companies as a whole. Since the
threshold for materiality is not the same for the
Bonheur group of companies as for the individual
subsidiaries, not all material IROs from the
subsidiaries are deemed material for Bonheur.
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 calculated
based on the following factors:
• Scale
• Scope
• Irremediable character of the impact
In the case of a potential negative human
rights impact, the severity of the impact takes
precedence over its likelihood.
In the materiality assessment the level of severity
is established by an average of scale, scope and
irremediability. To further guide the evaluation (in
addition to the risk criteria above) the following
description are used:
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 37 EXPLORE
Scale Scope Irremediability
5 Absolute Global/total Non-remediable/irreversible
4 High Widespread Very difficult to remedy or long-term
3 Medium Medium Difficult to remedy or mid-term
2 Low Concentrated Remediable with effort (time & cost)
1 Minimal Limited Relatively easy to remedy short-term
0 None None Very easy to remedy
Severity is calculated as an average of the three.
Then, for potential impacts, risks and opportunities
likelihood (1-5) is also assessed. The final score
is based on multiplying severity and likelihood.
Material matters with a score of above 10 are
considered potentially material to Bonheur, while
any matter scored over 15 is material. For positive
impacts, materiality is based on:
• Scale and scope for actual impacts
• Scale, scope and likelihood for potential
impacts.
Based on the above criteria’s Bonheur’s significant
material impact risks and opportunities have been
identified. The thresholds are as follows:
Score 16-25 Material
Score 11-15 Probably material, should be considered more closely.
Subject to further qualitative review.
Score 6 – 10 Not material, follow up more closely on next review
Score 0 - 5 Not material
Risks and opportunities that may have 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 long 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 at subsidiary level are set based on
their relative sizes. Materiality for Bonheur is
considered based on their relative size in the
consolidated financial statements of Bonheur.
Bonheur expect further development of how to
consolidate the materiality assessment, set group
level thresholds and assess financial materiality in
the coming reporting periods.
Qualitative assessment
The materiality of risks and opportunities is
assessed based on a combination of the likelihood
of occurrence and the potential magnitude of the
financial effects. As Bonheur has not set group
level financial thresholds for financial materiality,
the company has taken a more qualitative,
contextual approach to assessing financial
materiality.
When assessing the financial materiality, Bonheur
consider the relative size of each subsidiary
in terms of revenue, assets, and contribution
to overall profitability of Bonheur. Risks and
opportunities related to larger subsidiaries or
those with a more significant contribution to
group-level financial performance is prioritized in
the materiality assessment. Operating subsidiaries
in industries with high exposure to environmental
regulations or high stakeholder scrutiny are also
assessed more closely as it is understood that
these subsidiaries may face higher potential
financial risk.
Given the current qualitative nature of the
financial materiality assessment, the process relies
on senior management judgment in assessing
whether sustainability risks are likely to result in
material financial impacts. This includes evaluation
of subsidiary-specific risk factors, their broader
understanding of market dynamics and how these
affect Bonheur.
Further development of assessing financial
effects
Bonheur is committed to developing its financial
materiality assessment process and thresholds
over time.
Deciding material sustainability matters
Materiality assessments of Bonheur and its
operating subsidiaries are addressed through
project groups represented by sustainability,
finance, legal, procurement, HR and operations.
The different assessments have been led by
the Sustainability Managers in the operating
subsidiaries and the Sustainability Manager in
Fred. Olsen & Co.
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 38 EXPLORE
Integration of process into overall risk
management process
The processes for impacts and risks assessments
and prioritization are the same for different types
of risks, including sustainability risks identified
during the materiality assessment. Risk mitigations
and actions are prioritized in light of their risk
combined factors. Prioritization of risks are context
specific and will vary between the subsidiaries and
between the different countries of operations. The
same applies to any identified opportunities.
Description of input parameters used
Bonheur has used previously performed
materiality assessments and other relevant
processes for identification of potential material
impacts, risks and opportunities. These included:
• 2023 Bonheur annual report and sustainability
statement
• 2023 Sustainability reports from operating
subsidiaries
• Previous materiality assessments
• List of potential topics in ESRS1, application
requirement 16
• EFRAG’s Implementation Guideline for
materiality assessments
• Stakeholder dialogue
• Peer review
Bonheur has for 2024 updated this process and
inputs to be aligned with the requirement in ESRS
and EFRAG’s guidance.
E1IRO1 Processes to identify and assess
material climate-related impacts, risks
and opportunities
The operating subsidiaries of Bonheur have
performed specific climate-related impact
assessments as part of their double materiality
assessments, and Bonheur's climate related
impacts, risks and opportunities are based on
these.
Climate-related physical risks
Some of Bonheur's operating subsidiaries have
assessed the physical risks to their assets in their
operations and value chains. The assessments
performed are inspired by both recommendations
from the Task Force on Climate-related Financial
Disclosure (TCFD) and the requirements in the
EU Taxonomy. Some of the subsidiaries have
performed climate risk assessment considering
the likelihood and consequences for different
scenarios, known as Shared Socio-economic
Pathways (SSP).
The subsidiary specific sustainability statements
include more detailed information on their
respective climate related physical risks.
Bonheur will continue to evaluate potential
consequences and mitigation measures related to
these risks.
When considering how climate change may
influence Bonheur’s risk picture, it is necessary
to take the characteristics of the different assets
into account. Climate change will probably 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
• The wind farms are located on elevated grounds
and will not be directly influenced by sea
• Sea-level change will have limited impact on
ships
• Global warming introduces some risk to vessels
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.
FINANCIALRELATED CLIMATE RISKS
Policy and legal risk Technology risk Market risk Reputational risk
Increased pricing of GHG emissions Unsuccessful investment in new
technologies
Uncertainty in market signals Potential stigmatisation of sector
Enhanced emissions-reporting
obligations
Increased cost of raw materials Potential increased stakeholder
concern or negative stakeholder
feedback
Mandates on and regulation of
existing products and services
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 39 EXPLORE
See the below table on identifying possible
physical risks for the Bonheur group of companies.
Acute risks Chronic risks
Cold wave/frost Change in weather patterns
Wildfire Heat stress
Storm (including blizzards, dust and
sandstorms)
Heavy precipitation
Flood (coastal, fluvial, pluvial, ground
water)
Landslides
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 ESRS 1. The process to
identify climate-related hazards are informed by
high emissions climate scenarios.
Climate-related transition risks and
opportunities
Subsidiaries of Bonheur have identified different
transition risks internally through workshops and
desktop analysis, and assistance from external
agencies, where deemed necessary. Different
indexes and scenarios have been used.
Because of the diversity in Bonheur's portfolio,
climate change adaption is both a risk and
an opportunity to the Company. While some
segments are CO2 emitters, others are key
enablers and deliver solutions to reduce
GHG emissions in accordance with the Paris
agreement. On the political/legal transition risks
increased pricing of GHG emission could lead to
increased operational and project cost. On the
technology risks and opportunities, the need for
lower-emission sources of energy is identified
as a material opportunity. The need for more
renewable energy to meet policy ambitions is
considered high in different scenarios by IPCC. The
identified transition risks are presented in the table
at the bottom of this page.
Bonheur’s investment strategy and business
models are considered satisfactory regarding
transitional climate risks due to the high portion
of business related to renewable energy.
The demand for this segment is expected to
increase globally. At the same time, the different
operating subsidiaries of Bonheur may have
differing climate-related risks, both physically and
transitionally. The risks and impacts presented
in this statement and how they may impact
the business models are addressed in different
chapters of this statement. A full resilience analysis
of how the transition to a lower-carbon and
resilient economy may affect Bonheur surrounding
macroeconomic trends, energy consumption and
mix, and other technology assumptions have not
been formalized.
E2IRO1 Processes to identify and assess
material pollution-related IROs
Potential IROs related to pollution
Bonheur has not identified any site-specific
pollution-related IROs, but the business
activities in Fred. Olsen Cruise Lines and Fred.
Olsen Windcarrier have reporting requirements
according to EU’s reporting thresholds. The
amounts of such emissions are estimated based on
the efficiency of the engines, type of fuel and use
of scrubbers and reported under ESRS 2 SBM-3.
Information on the site-specific pollution risks
is based on the performed environmental
assessments for each project.
External consultations
Fred. Olsen Cruise Lines and Fred. Olsen
Windcarrier are in dialogue with ports and other
local and national regulators on possible pollution-
related impacts and corresponding regulations
regarding such emissions.
E3IRO1 Processes to identify and assess
material water and marine resources-
related IROs
The operating subsidiaries have screened their
assets and activities in the process of identifying
IROs related to E3. The double materiality
assessment did not find any material IROs related
to ESRS E3 in the operating subsidiaries. Since
water and marine resources are not a material
topic for Bonheur the corresponding disclosure
requirements are omitted in this sustainability
statement.
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 40 EXPLORE
The screening was conducted on the operating
subsidiaries that have activities or assets that
relate to water and marine resources. There is
close to no water consumption in the onshore
production facilities of the operating subsidiaries
and no activities related to marine resources. There
is a potential negative impact related to bunkering
of freshwater to vessels, but the amount is so small
that it is not considered material.
Consultations have not been conducted in
the process, because the potential impact was
deemed to be low.
E4IRO1 Processes to identify and assess
material biodiversity and ecosystem-
related IROs
Actual and potential impacts on biodiversity and
ecosystems identified
Biodiversity and ecosystem are identified as a
material topic for Bonheur. Land-use and the
potential negative impact on species is especially
relevant to the renewable energy segment.
Both the onshore wind farms and offshore
projects are required to conduct risk mapping and
environmental impact assessments (EIAs) with
third-party experts. These reports create the basis
for assessing any IROs regarding biodiversity from
site locations or assets. Affected communities
were not consulted in relation to the materiality
assessment of biodiversity and ecosystems but
form a part of the EIA process.
Bonheur has in this process not identified any
dependencies on ecosystem services beyond
access to land. Potential impact on biodiversity
throughout the value chain is not assessed.
Transition risks and opportunities related to
biodiversity and ecosystems
Access to land is both a transition risk and
opportunity to Bonheur, as this may change in
coming years.
Sites located in or near biodiversity-sensitive areas
None of the sites or projects are located in
a Special Protection Area or Special Areas of
Conservation, however some of the windfarms
are located near designated sites, e.g. Crystal Rig I,
Crystal Rig II, Crystal Rig III, Mid Hill and Paul’s Hill
in the UK. The Scandinavian wind farms are also
located near special areas of conservation.
Information on the vicinity of wind farms to
biodiversity sensitive areas, and if they potentially
negatively affect these areas, as well as any
corresponding mitigating measures, are covered in
the EIAs.
E5IRO1 Processes to identify and assess
material resource use and circular
economy-related IROs
Potential IROs related to circular economy
The operating subsidiaries have screened their
assets and activities in the process of identifying
IROs related to E5. Some of the operating
subsidiaries have noted that they have significant
resource inflow for turbines and spare parts,
vessel upgrades and other improvements, but
they currently do not have direct influence
on the supplier's degree of circular economy
implementation. Regarding resource outflow,
evaluations on decommissioning and potential
repowering will be updated in the assessment
going forward. Since circular economy is not a
material topic for Bonheur, the corresponding
disclosure requirements are omitted in this
sustainability statement.
In the screening process, the operating
subsidiaries have relied on industry data
and knowledge without consulting affected
communities.
G1IRO1 Processes to identify and assess
material IROs related to business conduct
Bonheur adheres to compliance with applicable
code of conducts across the different subsidiaries.
This is crucial to maintain trust in the Company
from investors, business partners, communities,
employees and other stakeholders.
The double materiality assessment identified and
assessed different potential impacts and risks
related to business conduct that are related to
Bonheur and its operating subsidiaries.
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 41 EXPLORE
IRO2 Disclosure requirements in ESRS
covered by the sustainability statement
Data points that derive from other EU legislation
and their location in the sustainability statement
See table in appendix on page 88 for an overview
of all the datapoints that derive from other EU
legislation as listed in ESRS 2 Appendix B. The table
indicates where each datapoint can be found in
the sustainability statement, if material.
List of not material topics:
• ESRS E2 Pollution
• ESRS E3 Water and marine resources
• ESRS E5 Resource use and circular economy
• ESRS S4 Consumers and end-users
How information disclosed on material IROs has
been determined
Bonheur has used the guidelines in “Appendix E:
Flowchart for determining disclosures to be included”
from the ESRS to determine which disclosure
requirements to include in the sustainability
statement. In addition, entity-specific disclosures
related to E2 Pollution are also included.
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
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Definitions
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SEARCHPAGE 42 EXPLORE
II. Environmental information
BRUNEL Floating Foundation - Fred. Olsen 1848
At a glance
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Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 43 EXPLORE
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),
the Complementary Climate Delegated Act
(Regulation 2022/1214), the Environmental
Delegated Act (Regulation 2023/2486), and
amendments to the Climate Delegated Act
(Regulation 2023/2485). As of now, large, public-
interest undertakings are required to report under
the EU Taxonomy Regulation.
REPORTING REQUIREMENTS FOR BONHEUR
Under the CSRD, non-financial undertakings
which are public-interest entities with more
than 500 employees, in the case of a group on
a consolidated basis, are required to report
on the taxonomy in 2025 for FY2024. Non-
financial undertakings in the scope of the CSRD
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.
SUMMARY OF RESULTS
Please note that all relative numbers in the
table below refer to the consolidated Company
financials.
Please note the following on the KPIs:
1. Any activities that are in progress (so the parts
of the assessment not completed yet) are
EU Taxonomy (Disclosures pursuant to Article 8 of Regulation (EU) 2020/852)
counted as non-aligned.
2. Turnover for activities that can only make a
substantial contribution to climate change
adaptation and which are not enabling is
counted as non-eligible following the taxono-
my definition in the Disclosures Delegated Act.
3. For activities making a substantial contribution
only to climate change adaptation and which
are not enabling, only the Adaptation CapEx
and Adaptation OpEx input for that activity
has the potential to be counted as aligned.
This follows the guidance given in 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 economic activities
and assets 2022/C 385/01.
Aligned (62.2%)
Eligble (84.1%)
Not aligned (21.9%)
Not eligible (15.9%)
Turnover
13,995 mNOK
84.1% eligible
Aligned (75.6%)
Eligble (88.9%)
Not aligned (13.2%)
Not eligible (11.1%)
CapEx
1,536 mNOK
88.9% eligible
Aligned (83.6%)
Eligble (99.1%)
Not aligned (15.5%)
Not eligible (0.9%)
OpEx
2,625 mNOK
99.1% eligible
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 44 EXPLORE
RESULTS PER ACTIVITY
Turnover
2024 Substantial Contribution Criteria DNSH criteria (‘Does Not Significantly Harm’)
Economic Activities (1)
NOK million Percent
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
4.3. Electricity generation from wind power CCM 4.3 8,697.4 62.14% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 69.73% E
7.7. Acquisition and ownership of buildings CCM 7.7 4.8 0.03% Y N/EL N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.04% E
Turnover of environmentally sustainable activities
(Taxonomy-aligned) (A.1)
8,702.2 62.18% 62.18% 0.0% 0.0% 0.0% 0.0% 0.0% Y Y Y Y Y Y Y 69.77%
Of which enabling 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Y Y Y Y Y Y Y 0% E
Of which transitional 0 0.0% 0.0% Y Y Y Y Y Y Y 0% 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 3,071.5 21.95% EL N/EL N/EL N/EL N/EL N/EL 24.79%
Turnover of Taxonomy-eligible but not environ-
mentally sustainable activities (not Taxonomy-aligned
activities) (A.2)
3,071.5 21.95% 24.79%
Turnover of Taxonomy-eligible activities (A.1+A.2) 11,773.6 84.12% 94.57%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible activities 2,221.8 15.88% 5.43%
TOTAL (A+B) 13,995.4 100% 100%
Proportion of Taxonomy-aligned (A.1.)
or -eligible (A.2.)turnover, year 2023(18)
Minimum Safeguards (17)
Code (2)
Water (7)
Turnover (3)
Pollution (8)
Water (13)
Proportion of Turnover year 2024 (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
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 45 EXPLORE
CapEx
2024 Substantial Contribution Criteria DNSH criteria (‘Does Not Significantly Harm’)
Economic Activities (1)
NOK million 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
1,161.9 75.62% Y N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 80.16% E
7.7. Acquisition and ownership of buildings CCM 7.7,
CCA 7.7
0.3 0.02% Y N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0% E
CapEx of environmentally sustainable activities
(Taxonomy-aligned) (A.1)
1,162.2 75.64% 75.64% 0.0% 0.0% 0.0% 0.0% 0.0% Y Y Y Y Y Y Y 80.16% E
Of which enabling 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Y Y Y Y Y Y Y 0% E
Of which transitional 0 0.0% 0.0% Y Y Y Y Y Y Y 0% 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
203.4 13.23% EL EL N/EL N/EL N/EL N/EL 18.42%
CapEx of Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned
activities) (A.2)
203.4 13.23% 18.42%
CapEx of Taxonomy-eligible activities (A.1+A.2) 1,365.6 88.87% 98.58%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-eligible activities 171.0 11.13% 1.42%
TOTAL (A+B) 1,536.6 100% 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 Comission 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 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 Taxonomy-aligned (A.1.)
or -eligible (A.2.) CapEx, year 2023 (18)
Minimum Safeguards (17)
Code (2)
Water (7)
CapEx (3)
Pollution (8)
Water (13)
Proportion of CapEx year 2024 (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
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 46 EXPLORE
OpEx
2024 Substantial Contribution Criteria DNSH criteria (‘Does Not Significantly Harm’)
Economic Activities (1)
NOK million 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
2,191.3 83.47% Y N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 87.02% E
7.7. Acquisition and ownership of buildings CCM 7.7,
CCA 7.7
4.0 0.15% Y N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0.13% E
OpEx of environmentally sustainable activities
(Taxonomy-aligned) (A.1)
2,195.3 83.62% 83.62% 0.0% 0.0% 0.0% 0.0% 0.0% Y Y Y Y Y Y Y 87.14% E
Of which enabling 0 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Y Y Y Y Y Y Y 0% E
Of which transitional 0 0.0% 0.0% Y Y Y Y Y Y Y 0% 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 4.3 130.3 4.96% EL EL N/EL N/EL N/EL N/EL 4.29%
6.11. Sea and coastal passenger water
transport
CCM 6.11,
CCA 6.11 275.8 10.51% EL EL N/EL N/EL N/EL N/EL 8.57%
OpEx of Taxonomy-eligible but not environmental-
ly sustainable activities (not Taxonomy-aligned
activities) (A.2) 406.1 15.47% 12.86%
OpEx of Taxonomy-eligible activities (A.1+A.2) 2,601.4 99.09% 100%
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible activities 23.9 0.91% 0%
TOTAL (A+B) 2,625.3 100% 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 Comission 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 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 Taxonomy-aligned (A.1.)
or -eligible (A.2.) OpEx, year 2023 (18)
Minimum Safeguards (17)
Code (2)
Water (7)
OpEx (3)
Pollution (8)
Water (13)
Proportion of OpEx year 2024 (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
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 47 EXPLORE
Bonheur has performed the taxonomy assessment
using Celsia Taxonomy software solution. The
methodology of taxonomy assessment included
the following steps:
1. Reporting boundaries
Bonheur has performed a taxonomy assessment
for the Company’s economic activities. The
scope of the taxonomy assessment follows that
of the consolidated group’s financial reporting.
Joint ventures are not included in the taxonomy
assessment.
2. Defining eligibility and relevant activities
A taxonomy-eligible activity means an economic
activity that is included in the taxonomy
regulation. Bonheur’s activities have been mapped
out according to the activities defined in the
Climate Delegated Act, Complementary Climate
Delegated Act, and Environmental 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.
There is an ongoing discussion with the EU's
Platform on Sustainable Finance for how to
correctly classify the offshore wind installation
activities in FOWIC and GWS.
3. Defining relevant reporting units
In order to conduct the assessment as accurately
as possible, Bonheur’s operations were split
into reporting units corresponding to the
major operating subsidiaries under the above-
mentioned reporting boundaries (see point 1).
The major operating subsidiaries reporting on
taxonomy activities were Fred. Olsen Renewables,
Fred. Olsen Windcarrier, Fred. Olsen Seawind, Fred.
Olsen Cruise Lines, Global Wind Service and NHST
Holding. The residual revenue from the other
subsidiaries of Bonheur constitutes of NOK 319
million is classified as non-eligible.
4. Assessment of criteria and defining alignment
The activities under each of Bonheur’s defined
reporting units have been assessed against the
technical screening criteria for the respective
activities defined in the above mentioned acts. 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.
ASSESSING SUBSTANTIAL CONTRIBUTION
CRITERIA
4.3. Electricity generation from wind power
The wind farms and corresponding activities
relating to installation and maintenance of wind
farms fulfil the substantial contribution criteria to
climate change mitigation as they contribute to
the generation of renewable energy as defined.
6.11. Sea and coastal passenger water transport
The vessels operated by Fred. Olsen Cruise Lines
are eligible under the EU Taxonomy, but not
aligned due to not being within the scope of the
EEDI and emissions that disqualify for substantial
contribution.
Taxonomy assessment methodology
BONHEUR'S RELEVANT TAXONOMY ACTIVITIES
Activity Comments
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 activities performed by FOWIC’s installation vessels and installation and
maintenance on wind farms performed by GWS.
6.11. Sea and coastal passenger water
transport
The cruises 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”.
7.7. Acquisition and ownership of
buildings
Rent and expenditure related to GWS’s office building in Federica is covered by
activity 7.7 as this were constructed before December 31, 2020, and has been
assigned energy efficiency class A (or better).
Taxonomy-non-eligible activities The activities in NHST Holding and the other smaller investments of Bonheur do not
qualify as eligible under the EU Taxonomy. The same applies to Fred. Olsen Seawind
as they are in the early phase of developing wind farm projects.
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 48 EXPLORE
7.7. Acquisition and ownership of buildings
GWS’ headquarter in Denmark was built before
31.12.2020 and is classified as Class A energy
performance.
ASSESSING DNSH CRITERIA
4.3. Electricity generation from wind power
The DNSH criteria are fulfilled for the activities in
Fred. Olsen Renewables, GWS and 98.69% of the
activities of Fred. Olsen Windcarrier. The different
activities are assessed towards the relevant EU
directives and delegated acts, and Bonheur has
assessed that the eligible activities are within
defined parameters.
6.11. Sea and coastal passenger water transport
The activities in Fred. Olsen Cruise Line related to
passenger water transport are by nature above the
DNSH criteria related to emissions.
7.7. Acquisition and ownership of buildings
GWS’ headquarters are within the DNSH
parameters described for activity 7.7.
Assessing minimum safeguards
The taxonomy regulation has not yet adopted
explicit figures for the minimum safeguards
beyond the references to OECD guidelines and UN
Guiding Principles. Bonheur has based alignment
on minimum 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. Bonheur and the
operating subsidiaries’ policies and activities are
aligned with the minimum social safeguards.
5. Adding financial data and calculating the KPIs
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.
Accounting principles and Calculation of KPIs
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. The following sections provide
further information on how the denominators and
numerators were derived for each KPI.
Turnover KPI
The turnover KPI includes the revenue recognised
pursuant to International Accounting Standard
(IAS) 1, paragraph 82(a). The key drivers of change
for the aligned activities are power prices and
installation activities in FOWIC and GWS.
CapEx KPI
The CapEx KPI covers additions to tangible
and intangible assets during the financial year
considered before depreciation, amortisation
and any re-measurements, including those
resulting from revaluations and impairments,
for the relevant financial year and excluding fair
value changes. Only CAPEX directly linked to
the abovementioned activities are reported as
taxonomy eligible. The CAPEX reported by the
operating subsidiaries are aggregated to Bonheur.
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
Row 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
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 49 EXPLORE
OpEx KPI
The OpEx KPI covers direct non-capitalised
costs that relate to research and development,
building renovation measures, short-term lease,
maintenance and repair, and any other direct
expenditures relating to the day-to-day servicing
of assets of property, plant and equipment by the
operating subsidiaries of Bonheur or third party to
whom activities are outsourced that are necessary
to ensure the continued and effective functioning
of assets.
Avoiding double counting
Bonheur has followed normal accounting
principles and removed internal transactions to
avoid double counting. Bonheurs segments are
focused within specific activities, as such the risk
for double counting is considered low.
General comments
This taxonomy assessment is completed with best
intention, focused on transparency, and providing
explanation for choices made when interpreting
the criteria. The interpretation of the criteria is
based on both the explicit information available at
the time of the assessment and the understanding
of the purpose of the requirement.
The taxonomy regulation is being continually
updated and clarified, and best practices
in reporting are still emerging. Bonheur is
closely 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.
Changes from 2023 reporting
The taxonomy score for 2023 did not include NHST
Holding and some of the smaller subsidiaries
of Bonheur. These numbers are included in
this report, making comparability between the
taxonomy score in 2023 and 2024 difficult. In
addition to this, FOR has added for alignment
purposes, transactions amounting to NOK 25.7
million (revenue) and NOK 56.2 million (Capex)
that should have been included in the 2023 report.
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 50 EXPLORE
E11 Transition plan for climate change
mitigation
Although a climate transition plan has not been
developed relative to the operating subsidiaries,
Bonheur continues to support the goals of the
Paris Agreement. The operating subsidiaries are in
different stages of a process on developing targets
to align with this ambition. The Company plans to
initiate a process of developing a transition plan
within 2025 setting a date for adoption.
Fred. Olsen Renewables (FOR) focus on the
development and operation of renewable
energy, a key element of a decarbonised society.
To support this ambition, FOR aims to increase
renewable energy production while actively
reducing associated emissions.
Fred. Olsen Seawind (FOS) has outlined targets
that partially comply with the group's ambition to
limit global warming to 1.5°C. These targets aimed
at a 25% reduction in Scope 1 and 2 emissions by
2030.
When identifying its decarbonisation strategy
Fred. Olsen Cruise Lines (FOCL) remain mindful
of the Paris Agreement's target.) FOCL is
focusing on improved voyage planning, speed
adjustments, and energy-saving technologies.
FOCL is investing in shore power capabilities,
alternative fuels, and hull modifications to improve
operational efficiency and reduce emissions. These
measures are improved with regular performance
monitoring to ensure alignment with International
Maritime Organization regulations.
Fred. Olsen Windcarrier (FOWIC) has chosen not
develop a transition plan but has set climate
related targets and implemented several concrete
actions directly aimed at reducing emissions and
climate change mitigation.
Global Wind Service (GWS) has set a target of a
25% reduction in Scope 1 and 2 emissions by 2030.
While the 1.5°C pathway requires a 50% reduction
by 2030, this target reflects a realistic and good
step forward in decarbonizing operations within
the organization’s specific context. A major portion
of Scope 1 emissions arises from the mobility
of technicians traveling to remote wind turbine
sites, often in regions where electric vehicle EV
infrastructure is not yet fully developed. These
long distances and infrastructure challenges limit
the immediate feasibility of a faster transition to
low-emission vehicle fleets.
NHST Holding is currently directing its efforts
towards a series of transitional activities aimed at
minimising emissions and promoting the efficient
use of resources, such as energy and water. NHST
remains committed to reducing the impact of
greenhouse gas emissions in production and
transport processes.
These emission reduction targets set by the
operating subsidiaries are approved by the
management and their respective boards.
Decarbonisation levers
In the pursuit of reducing GHG emissions, Bonheur
and its subsidiaries have identified multiple
decarbonisation levers focused on operational
adjustments and technological advancements,
such as adoption of renewable energy propulsion
and replacing portions of vehicle fleets with
electric. Improved travel management will
also reduce fuel consumption. The operating
subsidiaries are also exploring emission reductions
through their supply chains by engaging with
suppliers and partners.
Locked-in emissions
Locked-in emissions refer to future emissions
resulting from existing assets. Bonheur has,
through its operating subsidiaries, locked-in
emissions related to different assets, such as
vessels. The vessels use fossil fuels and will be
dependent on such fuels for the remainder of their
lifetime. While two of FOCL's vessels are biofuel-
ready, the third is not.
Other locked-in emissions stem from fossil fuel-
reliant vehicle fleets and facilities that are not
yet powered by renewable energy. Vehicles and
facilities are transitioning to renewable energy.
Challenges residing within reducing scope 3
emissions remain. These issues are influenced by
upstream dependencies, travel requirements, and
the limitations of mobility.
Bonheur is not excluded from the EU Paris-aligned
Benchmarks.
ESRS E1 Climate change
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Letter from the CEO
Overview
Director’s Report
The Board of Directors
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Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
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Statement by the
shareholders’ committee
Major asset list as per 31
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SEARCHPAGE 51 EXPLORE
Increased carbon pricing under the EU Emissions
Trading Scheme (ETS), new emission reporting
obligations, and potential costs related to the
Carbon Border Adjustment Mechanism (CBAM)
compliance could also influence the risk profile
in the future. Physical risks like extreme weather
events and changing weather patterns were
assessed but not identified as material, as their
impacts remain manageable within current
operations and planning processes.
The subsidiaries will monitor and adapt to changes
associated with climate-related risks to mitigate
potential impacts on operations.
E1SBM3 Material impacts, risks and
opportunities and their interaction with
strategy and business model
An overview of material climate-related risk
The different operating subsidiaries of Bonheur
have varying climate-related risks, both physical
and transition risk. The risks and classifications
presented in this statement is what is considered
to be material climate-related risks for the Bonheur
group of companies. For subsidiary specific climate
risks, please see their respective sustainability
statements.
Through climate risk assessments performed
by the operating subsidiaries, different material
climate-related risks have been identified and
evaluated, divided into transitional and physical
risks. Transition risks identified are predominantly
policy and legal matters, including increased
pricing of GHG emissions and enhanced
emissions-reporting obligations for FOCL and
FOWIC. The operating subsidiaries face risks
related to investment in new technologies,
uncertain market signals, increased cost of raw
materials, negative stakeholder feedback, and
potential sector stigmatisation.
From a physical risk perspective, acute risks
identified include heavy frost occurrences,
wildfires, storms including blizzards, dust and
sandstorms, heavy precipitation such as rain, hail,
snow, and ice, floods, avalanches, and landslides.
Chronic risks such as heat stress, changing wind
patterns and changing precipitation patterns and
types have also been evaluated.
At a glance
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Overview
Director’s Report
The Board of Directors
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methodology
Consolidated accounts
NGAAP accounts
Auditor's report
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assurance report
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statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
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E12 Policies related to climate change
mitigation and adaptation
Bonheur's Environmental Policy describe
Bonheur's approach towards environmental
responsibility and sustainability in its operations.
The related impacts, risks and opportunities
encompass, among others, topic E1 Climate
Change. Bonheur contributes to decarbonisation
and transitioning to renewable energy sources,
while through operating subsidiaries have an
impact through GHG emissions from operations.
The policy considers climate change mitigation
and adaptation as potential challenges and
opportunities, underlining efforts towards
decarbonisation and increasing the use of
renewable energy sources.
The environmental policy is centered around
the integration of environmental responsibility
in the subsidiaries. It focuses on implementing
measures to reduce greenhouse gas emissions,
pollution levels, support biodiversity and
ecosystems, and potential environmental impact.
The policy also places significant emphasis on
stakeholder engagement. The overall objective is
to incorporate sustainable practices into business
models, contributing to the decarbonisation of
society and reducing environmental footprints
across all activities.
Scope of policy
The environmental policy is applicable to its
various operating subsidiaries, and takes into
account both upstream and downstream value
chains within business segments. It applies
to all individuals working within the Bonheur
group of companies, including contractors, and
consultants. The policy is adaptable, allowing for
the introduction of subsidiary-specific policies and
adherence to local regulations as required.
Bonheur's Board of Directors are responsible for
the content and implementation of policies. The
management of the operating subsidiaries oversee
the due implementation of this policy within their
respective operations. This ensures a cohesive
approach across the entire Bonheur group of
companies.
Stakeholders
Bonheur and its operating subsidiaries place high
importance on stakeholder interests when setting
policies. The operating subsidiaries conducts
separate materiality assessments, feeding
stakeholder interests into Bonheur's overall
policy setting process. The group of companies
maintains continuous engagement processes with
key stakeholders, including employees, suppliers,
customers, regulators, NGOs, and the general
public.
Dissemination
The environmental policy is shared for
implementation by Bonheur’s operating
subsidiaries.
At a glance
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Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 53 EXPLORE
E13 Actions and Resources in Relation to Climate Change Policies
Actions taken to combat climate change
Targets and corresponding action plans are developed and implemented at subsidiary level. Key actions and transitional activities taken in the subsidiaries will
contribute to climate change mitigation. Some measures initiated in 2024 are outlined below. These actions are not defined using the criteria in ESRS 2 MDR-A.
Fred. Olsen Renewables Actions taken
FOR’s main contribution to climate
change mitigation is the production
of renewable energy. In 2024
FOR produced 1,863,700 MWh of
renewable energy across different
countries, substituting other energy
sources.
Efforts to minimise negative impacts
and enhance positive outcomes
related to climate change are initiated
throughout FOR’s value chain.
Transition to EVs at operational sites Solar energy for site accommodation
In 2024 FOR replaced diesel vehicles with
electrical SUVs.
• at Lista windfarm in Norway
• at Høgaliden in Sweden
CO2 avoided: 12.1 tCO2eq
The Crystal Rig IV project site has introduced measures by powering the
site accommodation facilities (site offices) by solar.
CO2 avoided: 59.9 tCO2eq
Green tariffs for all windfarms Power meters in UK site buildings
Power agreements were re-negotiated to
“green tariffs” for all wind farms.
CO2 avoided: 563 tCO2eq
Energy Savings Opportunity Scheme (ESOS) is a mandatory energy
assessment scheme for organisations in the UK that meet the
qualification criteria. The Environment Agency is the UK scheme
administrator. Organisations that qualify for ESOS must carry out ESOS
assessments every fourth year. These assessments are audits of the
energy used by their buildings, industrial processes, and transport. FOR
has installed power meters in all site buildings in the UK. First reading will
be in 2025.
CO2 avoided: first readings in 2025
At a glance
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Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
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Fred. Olsen Windcarrier Actions taken
FOWIC’s main contribution to climate
change mitigation is also its main
business activity: installation of wind
turbines, and these key actions are
described in this table. Expected
GHG emission reductions from these
actions have not yet been calculated.
Installation of renewable energy Conversion and upgrade of exciting fleet
FOWIC installed 101 wind turbine generators
(WTGs) in 2024 with the aggregated capacity
of 945 MW renewable energy.
The installation of a new crane and upgrade on Brave Tern was completed
in the fourth quarter of 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.
Technical measures to reduce
GHG emissions Energy efficient operations
FOWIC has installed shore power connections
on two out of three vessels. This action can
reduce GHG emissions when used in port.
Variable Frequency Drivers (VFD) are installed
on the vessels on large electric motors to
reduce energy consumption.
FOWIC have updated their Ship Energy Efficiency Management Plans
(SEEMPS) on the vessels. The SEEMPs are established in accordance with
MARPOL Annex VI and they are reviewed and approved by accredited
body.
Clients are provided with fuel consumptions curves reflecting CO2
emissions related to vessel speed. The objective is to raise awareness and
assure that the vessels are operating at efficient speed.
Data collection Upgraded design
Integrated Automation System (IAS) installed.
Electrical values for energy consumption
and most values for automatic detection
of Operational Mode are now available in
IAS. This action alone does not achieve GHG
emission reductions, but it is a key action to
enable the organisation to make qualified
decision for actions in the future.
FOWIC’s newbuild design green features with the option for use of
alternative fuels.
At a glance
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Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
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assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
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Fred. Olsen Cruise Lines Actions taken
FOCL has initiated several actions with
the purpose of reducing emissions or
reliance on fossil fuels. As their assets
represent locked-in emissions to
perform their business activities, these
are directed at improving efficiency.
Transitioning to new fuels Technical upgrades of Balmoral
FOCL started testing of certified biofuels on
one vessel.
Comprehensive dry dock upgrade of Balmoral improved energy efficiency
and reduced fuel consumption.
Improving itinerary planning Implementing efficiency plans
Itinerary planning in FOCL has implemented
Carbon Intensity Indicator Levels.
FOCL has Ship Energy Efficiency Management Plans’ (‘SEEMP’) that
include emissions reduction targets and corresponding actions. The
SEEMP provides a structured approach to which are integral to lowering
carbon intensity and improving CII scores
Global Wind Service Actions taken
GWS' key contribution to climate
change mitigation is ts main business
activity: installation and maintenance
of wind turbines onshore and
offshore. Key actions in 2024 related
to climate change are described in the
table below. Expected GHG avoided
from these actions have not yet been
calculated.
Wind turbine installations Sustainable fleet transition and data tracking
GWS installed and performed maintenance
on 172 wind turbine projects offshore and
onshore in 2024. This amounted to activities
on 7,047 MW installed capacity.
GWS implemented a policy for new electric or plug-in hybrid cars for
office and company use. Additionally, they improved tracking of their
fleet by monitoring vehicles based on engine type (electric, hybrid,
gasoline, diesel) and usage (office or site operations). At the same time,
GWS enhanced fuel consumption data collection by making it mandatory
to report purchased fuel (liters and type) through the expense system.
EV charging infrastructure Sustainable commuting campaign and data tracking
GWS installed EV chargers at sites in
Denmark, Poland, the UK, and the
Netherlands to support the transition to
electric mobility for employees.
GWS launched an internal awareness campaign on their e-learning
platform to promote eco-friendly commuting options.
Renewable energy commitment Solar energy initiative
GWS continued sourcing 100% green
electricity for the Denmark (NRGi) and
Germany (Nord Stadtwerke GmbH) offices,
resulting in a market-based reduction.
The decision to install solar PV panels at GWS’ Fredericia office (Denmark)
was made in 2024, but the actual work is being carried out in 2025.
At a glance
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Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
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assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
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NHST Holding Actions taken
NHST Holding, encompassing mainly
DN Media group, continued their
efforts to reduce their GHG emissions
Sustainable supplier selection and distribution
Investment in new technology commuting
campaign and data tracking
The suppliers of printing services have upgraded their facilities.
NHST’s largest supplier, which accounts for approx. 70% of
printed circulation has moved into new and upgraded premises,
significantly lowering electricity consumption and, in turn,
reducing NHST’s share of electrical energy consumption in the
production of printed products.
The distribution partners and their sub-contractors have made
significant efforts to reduce their carbon footprint by investing
in electrifying their car fleet. Most of the printed products are
delivered in the Norwegian market, where incentives for the
purchase and use of electric vehicles are favourable. This has
contributed to a large part of the local distributors' car fleet being
electrified.
NHST has invested in new technology to reduce
internal travel between their global offices and the
corresponding GHG emissions.
Sustainable commuting Transition to EVs
NHST reduced the number of parking spaces at their offices,
encouraging employees to commute by public transport.
In May 2025 all company cars will be electric vehicles.
Switch to digital distribution
Significant investments in the quality of digital products have led
to an increasing number of readers preferring digital distribution
platforms. This shift has significantly reduced use of materials
such as paper, aluminum printing plates, ink and staples in print
products.
In 2024 one of NHST’s printed publications went fully digital and
they decided to change format on a weekly magazine, this led to
reduced paper consumption, production and distribution.
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
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E14 Targets related to climate change
mitigation and adaptation
GHG emissions reduction targets or any other
targets related to climate
As the operating subsidiaries have commenced
processes to set GHG emission reduction targets,
Bonheur has chosen not establish group level
targets. Together with the subsidiaries Bonheur
will communicate their goals when they are
consolidated. This will be a bottom-up process led
by the operating subsidiaries.
The targets will be measured against 2023 as
the baseline year. Some relevant operating
subsidiaries of Bonheur have in parts set relevant
GHG emission reduction targets. The most
important targets so far are presented here.
Company Short term Medium term Long term
Fred. Olsen Renewables • Continue the work with climate risk
assessment methodology
• Establish reduction target (scope 1
emissions
• Reduce CO2 footprint albeit growth
in activities
• Grow the continuous pipeline of
onshore wind projects
Has not set long-term targets
Fred. Olsen Cruise Lines • Establish improved overview over
scope of emissions
• Comply with the CII by optimising
fuel consumption, enhancing
energy efficiency, and reducing
emissions by 2% annually
• Align with IMO Net Zero targets
Fred. Olsen Windcarrier • 98% of FOWIC turnover shall be
linked to the activity “installation
and/or maintenance of renewable
energy”.
• Participation in Joint Industry
Project (JIP) on Emission Reduction
(EMRED).
• Reduce scope 3 emission relative to
baseline.
• Future vessels built by FOWIC shall
include the option to run on low/
zero emission fuel
• CO2 neutral by 2050
• Future vessels built by FOWIC shall
include the option to run on low/
zero emission fuels.
Global Wind Service • Replace 10 office cars to EV or Plug
in hybrid
• 100% electricity consumption in
DK, DE and PL BUs covered by CoOs
or PPAs
• Installing PV panels in DK office
• Conduct environmental campaign
on waste segregation - 70% of
employees have completed the
training
• Establish and standardize processes
for waste data collection on
projects where waste management
falls within GWS responsibility
• 90% tCO2eq reduction in Scope 2
by 2030 (market-based method)
baseline 2024
• Source 100% renewable electricity
by 2030
• Engage top emitting suppliers
in GHG re-porting and setting
emission targets - 50 top emitting
suppliers committed to disclose
GHG figures and set up targets by
2030
• 15% reduction in Scope 1 by 2030,
baseline 2024
• Replace 70% of office fleet and 5%
of site fleet with electric vehicles
(by 2030
• Improved travel management and
policy prioritizing plug-in hybrid
and EVs for rented vehicles)
Has not set long-term targets
At a glance
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Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
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E15 Energy consumption and mix
Energy consumption data is collected by the
subsidiaries and per energy type where applicable,
and the numbers are consolidated.
Fossil energy consumption include fuel consumed
by vessels. The purchased electricity and heat
reflect the consumption in offices and sites, as
well as vessels while in drydock or ports receiving
electricity from shore. The percentage of fossil
sources and renewable energy have been
calculated using the energy mix as provided by
international energy agency (IEA) on energy mixes.
Renewable energy production numbers are based
on registered production from wind parks owned
by operating subsidiaries of Bonheur.
The operating subsidiaries have activities within
high climate impact sectors.
Energy intensity is calculated based on the
consumption divided by total Group revenue.
TOTAL ENERGY CONSUMPTION RELATED TO OWN OPERATIONS
Energy consumption and mix 2024 2023
1 Fuel consumption from coal and coal products (MWh) 18 -
2 Fuel consumption from crude and petroleum products (MWh) 827,397 855,379
3 Fuel consumption from natural gas (MWh) 416 637
4 Fuel consumption from other fossil sources (MWh) 16 -
5 Consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources (MWh) 2,971 2,495
6 Total fossil energy consumption (MWh) (calculated as the sums of lines 1 to 5) 830,818 858,511
Share of fossil sources in total energy consumption (%) 99 99%
7 Consumption from nuclear sources (MWh) 1,097 930
Share of consumption from nuclear sources in total energy consumption (%) 0% 0%
8 Fuel consumption for renewable resources, including biomass (also comprising industrial and municipal waste
of biologic origin, biogas, renewable hydrogen, etc.) (MWh)
1,191 36
9 Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable recourses (MWh) 4,656 4,283
10 The consumption of self-generated non-fuel renew-able energy (MWh) 0 70
11 Total renewable energy consumption (MWh) (calculated as the sums of lines 8 to 10) 5,847 4,389
Share of renewable sources in total energy consumption (%) 1% 1%
Total energy consumption (MWh) (calculated as the sum of lines 6, 7 and 11) 837,763 863,830
Renewable energy
production
1,863,700
MWh
Energy
intensity
60.0
837,763 MWh / 13,995 MNOK
At a glance
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Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
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Consolidated accounts
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statement
Statement by the
shareholders’ committee
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E16 Gross Scopes 1, 2, 3 and Total GHG
emissions
The sources of GHG emissions from Bonheur’s
operating subsidiaries are quite diverse. The
scope 1 emissions are different for the operating
subsidiaries, but for the major emitters FOCL, FOWIC
and UWL, the main 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. This is also relevant
emissions for the service technicians in GWS.
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
emissions from “import power” is also included.
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
The GHG emissions intensity is calculated using
the total revenue as reported in the consolidated
financial statements of Bonheur, see Operating
Income line under Key Figures on page 5 in
the Annual Report. The 2023 GHG emissions
intensity is restated to account for the changes in
methodology and scope of GHG reporting.
TOTAL GREENHOUSE GAS EMISSIONS FOR BONHEUR
2024 2023 % change 2023-2024
Gross Scope 1 GHG emissions (tCO2eq) 251,515 236,386 6.4 %
Gross location-based Scope 2 GHG emissions (tCO2eq) 24 10 58.3 %
Gross market-based Scope 2 GHG emissions (tCO2eq) 1,378 2,124 -35.1 %
Total Gross indirect (Scope 3 GHG emissions (tCO2eq) 161,352 147,538 8.6 %
1 Purchased goods and services 46,209 43,749 5.6 %
2 Capital goods 20,936 17,714 18.2 %
3 Fuel and energy-related Activities (not included in Scope 1 or Scope 2 52,545 54,926 -4.3 %
4 Upstream transportation and distribution 8,401 8,134 3.3 %
5 Waste generated in operations 3,472 3,205 8.4 %
6 Business traveling 20,544 17,080 20,3 %
7 Employee commuting 174
8 Upstream leased assets 9,027 3,727 142.2 %
13 Downstream leased assets 43
Total GHG emissions (location-based) (tCO2eq) 414,246 387,048 7.0 %
Total GHG emissions (market-based) (tCO2eq) 412,892 384,934 7.3 %
GHG INTENSITIES
Metric 2024 2023 % change 2023-2024
GHG emissions intensity location-based (tCO2eq/MNOK) 29.60 30.82 -3.9 %
GHG emissions intensity market-based (tCO2eq/MNOK)
29.50 30.65 -3.8 %
Total GHG emissions per employee (tCO2eq/head count) 162.91 142.46 14.4%
Significant changes in reporting explaining
changes in year-to-year comparability of
reported GHG emissions
The GHG emission numbers for 2024 include data
from more subsidiaries of Bonheur than previous
reporting, notably the scope 1 emissions from
UWL.
The implementation of Ignite Procurement GHG
accounting software in 2024 has improved the
scope, depth, and accuracy of emissions estimates.
As a result, direct year-over-year comparisons with
previous GHG data are not feasible. The current
figures establish a baseline for future reporting,
ensuring greater accuracy and transparency.
Assumptions and emissions factors used to
calculate or measure GHG emissions
The consolidation of GHG emissions is based
on the financial consolidation and stated in
accordance with the GHG Protocol. Bonheur does
not include emissions from operating subsidiaries'
joint ventures outside operational control.
The different operating subsidiaries have differing
maturity in collection and reporting of GHG
emissions data and the company is in process of
harmonizing this. This will further increase the
accuracy and comparability. GHG emissions are
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calculated using conversion factors for energy
consumption, spend and activity data based on
different databases. Emissions from Fred. Olsen
Travel is not included in the 2024 reporting.
List of Scope 3 GHG emissions categories
included in the inventory
Bonheur has reported on emissions from scope 3
categories 1, 2, 3, 4, 5, 6, 7, 8 and 13. The spend-
based estimates use emission factors from
Exiobase, a globally recognized database that uses
Environmentally Extended Multi-Regional Input-
Output (EE MRIO) models to estimate emissions
from economic activity. The database cover 163
industries and 200 product categories across 44
countries and 5 global regions.
Types of contractual instruments used related to
Scope 2 GHG emissions
Different sites and offices have “Guarantee of
origin” contracts in place for the purchased
electricity resulting in a reduced marked based
value. In the reporting period, Fred. Olsen Seawind
and Global Wind Service used such Guarantees of
Origin (GoOs) and Renewable Energy Certificates
(Ökostrom-Herkunftsnachweise) to support their
purchase of renewable electricity.
In Germany Fred. Olsen Windcarrier buy renewable
energy from Nord Stadtwerke, authenticated by
Ökostrom-Zertifikat, which verifies all electricity is
sourced renewably.
Bonheur’s head office in Oslo has a Guarantee
of Origin contract for their purchased electricity,
resulting in a reduced market-based value.
Additionally, NHST Holding has a commitment to
using green tariffs, amounting to an energy plan
that is 100% renewable.
Bonheur has not been able to calculate a precise
share of contractual instruments used for sale and
purchase of energy bundled with attributes.
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E41 Transition plan and consideration of
biodiversity and ecosystems in strategy
and business model
As plans and activities implemented in the
operating subsidiaries are designed to reduce
impact on biodiversity, Bonheur has not
developed a group level biodiversity and
ecosystem transition plan.
The renewable energy segment aims to choose
wind farm designs, layouts, and technical solutions
that minimise potential negative impact on
biodiversity. This is also considered crucial for
receiving consent for wind farm development.
GWS follow best industry practices to reduce
land-use impacts during wind turbine installations.
GWS aim to review its operations and assess
alignment with EU biodiversity goals.
The Bonheur group of companies anticipates that
it will initiate discussions on the scope of such
a biodiversity transition plan in the medium-
term. Key aspects to be included are measures
to reduce ecological impact, promote biosphere
integrity and responsible land use. The subsidiaries
will align their targets with the sustainability
goals outlined in frameworks like the Kunming-
Montreal Global Biodiversity Framework and the
EU Biodiversity Strategy for 2030. The Transition
Plan will define Bonheur's commitment towards
respecting planetary boundaries and contributing
towards global biodiversity conservation.
Resilience of strategy and business model
regarding biodiversity IROs
A resilience analysis, integral to managing various
biodiversity and ecosystem risks will be part of the
process of developing a transition plan.
The renewable energy segment, in particular,
pays careful attention to impacts, risks and
opportunities regarding biodiversity and
ecosystems in the project development and
operational phase.
Operating subsidiaries have implemented different
de-risking procedures as part of their business
development, particularly considering ecosystem
and biodiversity impact. These procedures include
making effort to select sites that present lower risk
for potential negative impact, such as avoiding
areas that serve as significant migratory routes for
birds or habitats for threatened marine species.
Considerations related to biodiversity are included
in the Environmental Impact Assessments
(EIA). These EIAs play a fundamental role in the
decisions for risk mitigating actions, also guided
by preventive and compensatory measures.
Stakeholder engagement forms a critical part of
this process involving interaction with the public,
regulatory authorities, and other stakeholders, in
order to gather relevant inputs to the assessments.
ESRS-E4 Biodiversity and ecosystems
E4SBM3 Material impacts, risks and
opportunities and their interaction with
strategy and business model
Material sites in operations with links to impacts
on biodiversity and ecosystems
Within the Bonheur group of companies, the
approach to biodiversity largely differs based on
the nature of the operations undertaken by each
subsidiary. For example, FOS currently operates
no sites in its direct control, and GWS, whilst not
owning or developing wind farm sites, recognises
the potential biodiversity impacts in their value
chain particularly during development and
construction phases of wind energy projects.
They actively work with suppliers and partners to
ensure responsible practices, minimising potential
harm to biodiversity and ecosystems.
FOR has full operational control over all its sites
located in Norway, Sweden and Scotland (UK),
including Lista, Fäbodliden, Högaliden, Rothes I &
II, Paul's Hill, Mid Hill, Crystal Rig I-III, Brockloch Rig
I and Brockloch Rig Wind Farm.
FOCL's fleet primarily operates in open maritime
routes and regulated port environments.
Activities potentially negatively affecting
biodiversity sensitive areas
Building of wind farms, both onshore and offshore,
may lead to negative consequences for wildlife
due to land usage and erecting wind turbines in
their natural habitat.
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The industrial activity and infrastructure such as
site roads and other structures means land usage
that may lead to negative impacts on ecosystems.
Potential negative impacts from offshore wind
activity include disturbance to marine life, due
to vibrations and noise from turbines. Bird
behavior might also be altered, with the risk of
avian fatalities due to turbine blades. During
the development and installation stages, noise
may affect sea mammals. In the portfolio of
Fred. Olsen Renewables, the construction and
operation activities of wind farms have potential
impacts on biodiversity. The activities that could
affect biodiversity-sensitive areas are regulated
according to the consent given by national
authorities and followed up in site-specific land
and habitat plans for individual locations.
Breakdown of sites and potential impacts
The Bonheur group of companies consider all
operational windfarms as material sites from an
impact viewpoint. Sites in early development
phases are not included as the subsidiaries have
not started any construction or operations.
Subsidiaries of Fred. Olsen Renewables currently
operates 12 windfarms 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.
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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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.
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 water-
ways, 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.
Bonheur does not have a system on a corporate
level for breaking down sites according to
impacts, dependencies, and ecological statuses
of each area. However, there is ongoing initiatives
at the subsidiaries to continue enhancing and
developing its understanding of how this can be
realised.
Biodiversity-sensitive areas impacted
Preserving biodiversity is important across all
operations, irrespective of their physical locations.
Detailed information concerning the proximity of
wind farms to biodiversity-sensitive areas has been
detailed in the corresponding EIAs.
Material negative impacts with regards to land
degradation
It is expected that the Bonheur group of
companies directly impact biodiversity and
ecosystem services through land-use change
resulting from the development and operating
wind farms, but also through greenhouse gas
emissions contributing to climate change.
The potential for land degradation is recognised
within the operations of Bonheur's subsidiaries.
The renewable energy segment reports that the
implications of building and operating wind farms,
as such activities involve extensive land usage,
could potentially impact ecosystems.
Operations affecting threatened species
Activities in operating subsidiaries may potentially
affect threatened species, but the risk is assessed
to be low due to the EIA approval process. The
impacts concerning their activities may require
further exploration. The permissions granted by
governing authorities ensure that the companies
need to follow up and address any identified
impact on threatened species.
E42 Policies related to biodiversity and
ecosystems
Bonheur's Environmental Policy outlines the
general objectives, scope, focus, and management
regarding biodiversity and ecosystems. The policy
is supplemented, where necessary, by subsidiary-
specific policies and guidelines.
Activities in Bonheur's operating subsidiaries may
have potential negative impacts on biodiversity.
Changes in land-use and sea-use related to the
subsidiary projects could contribute to biodiversity
loss or ecosystem degradation.
The policy addresses several environmental
matters important for biodiversity including:
• Climate Change
• Pollution
• Land use and effect on species
The environmental policy provides a unified
approach to environmental management in
the Bonheur group of companies. The policy is
supplemented with subsidiary-specific policies or
local regulations when needed.
Scope of policy
The policy applies to the operating subsidiaries,
specifically those engaged in renewable energy
and wind service. It covers both upstream
and downstream value chain elements and is
applicable across all geographic locations where
Bonheur maintains activities. Policy exclusions
may arise under certain circumstances, where
subsidiary-specific policies or local regulations
may be employed to supplement the group-
wide policy. These respective additions will
consider local stakeholder groups and specific
environmental challenges faced in these zones.
Third-party standards or initiatives relevant to
the implementation of the policy
Operating subsidiaries of Bonheur will consider
alignment with the Kunming-Montreal Global
Biodiversity Framework and the requirements of
the Taskforce for Nature-related Disclosures (TNFD)
when implementing the policy.
This policy outlines that the operating subsidiaries
should contemplate implementing measures
to reduce GHG emissions, other pollutants,
and other negative impacts on biodiversity,
using scientific data referenced in international
environmental frameworks. Such measures should
be appropriate to the requirements of different
business segments ensuring relevancy under
various practical circumstances. The sustainability
initiatives are contemplated implemented across
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all operating subsidiaries.
Stakeholders view and dissemination
Bonheur use input from its regular stakeholder
engagement when forming and updating the
policy. Key stakeholders are engaged through
various channels. This interaction is seen as
important in developing company policies.
Bonheur considers the feedback from the
stakeholders and addresses them as deemed
necessary.
Bonheur's Environmental Policy is available online.
The operating subsidiaries ensure the accessibility
of its Environmental Policy to all relevant
stakeholders by adopting different methods of
engagement. The policy is communicated both
internally, to employees within the Bonheur
group of companies, and externally, to suppliers,
customers, regulators, NGOs and the general
public.
Policies on material biodiversity and ecosystems-
related impacts
Improved knowledge and understanding of
potential impacts, risks, and opportunities related
to biodiversity and ecosystems at land and sea
are pursued. Those activities within the Bonheur
group of companies which may impact nature
and species are subjected to environmental
impact assessments, which also help in mitigating
potential biodiversity loss consequences. These
are referred to in the environmental policy.
How policies relate to material dependencies
and transition risks and opportunities
The environmental policy addresses material
dependencies and risks related to climate change
and biodiversity, including transition opportunities
as well. Material dependencies come in the form
of land use, where transitioning to greener energy
offers opportunities. The policy also recognises
the physical and transition risks associated with
climate change, necessitating mitigation and
adaptation strategies.
Production, sourcing or consumption of raw
materials
The environmental policy advocates responsible
procurement. It encourages operating subsidiaries
to continuously improve their understanding of
these impacts on biodiversity and ecosystems
and reduce any negative implications within
their value chains. This approach is upheld when
selecting suppliers, with the policy applying
not just to employees, but also contractors,
consultants and temporary staff.
Sustainable Development Goals (SDGs) to which
the policies are connected
Bonheur's operating subsidiaries contribute to
SDG 7 (Affordable and Clean Energy) through
their investments in renewable energy sources,
and SDG 13 (Climate Action) through their aim
to reduce greenhouse gas emissions. The policy's
chapter on pollution mitigation cover parts of SDG
9 (Industry, Innovation, and Infrastructure), while
their efforts towards protecting biodiversity and
ecosystems echo SDG 15 (Life on Land).
Avoiding and mitigating negative impacts on
biodiversity and ecosystems
Activities within the Bonheur group of companies
that could potentially harm nature and species
are identified and assessed, with a view towards
mitigation. The operating subsidiaries engage in
environmental impact assessments to increase
understanding of potential impacts. Efforts are
also taken to diminish the potential negative
impacts on the environment within the value
chain. This includes making assessments of
potential biodiversity risks and impacts an integral
part of the environmental impact assessments
carried out by subsidiaries.
The EIAs play a key part in both identifying
how to operating subsidiaries can prevent and
mitigate any impacts related to biodiversity
and ecosystems. Efforts are directed towards
minimising impact on land, sea and species, and
mitigating contribution to potential biodiversity
loss drivers.
E43 Actions and Resources Related to
Biodiversity and Ecosystems
Fred. Olsen Renewables (FOR) has implemented
specific physical measures relating to biodiversity
and ecosystems in its portfolio of projects and
operations, subject to each EIA and consent
requirements. Its UK sites are managed by Natural
Power (UK) to ensure obligations set out in the
planning consents, land agreements or other
relevant documents are met. Scandinavian
site conditions are integrated into operative
management. FOR is committed to improving the
quantifiable level of biodiversity conditions and
has developed standards to reduce area usage and
minimize peatland impact.
Below are a few samples of initiatives FOR
implemented during 2024.
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CRYSTAL RIG IV PROJECT PHASE
As a measure to follow up of the conditions in the
consent an Environmental Clerk of Works (ECoW) is
appointed and is part of the project organisation.
The purpose of the resource is to secure
effective monitoring of, and compliance with,
the environmental mitigation and management
measures associated with the Crystal Rig IV
project. The ECoW reports directly to the Planning
Authority monthly.
As part of the project requirements when crossing
small rivers or burns, a fish rescue operation has
been conducted. The process involved electrically
stunning the burn, which temporarily immobilized
the fish for 15-20 seconds. During this brief
period, the fish were collected using a fishnet and
then transferred to a bucket for safe transport.
Approximately 100-150 fish were rescued for each
crossing.
CRYSTAL RIG I OPERATIONAL PHASE
The Crystal Rig I wind farm is located in the
Crystal rig wind farm cluster. FOR onsite habitat
management measures comprises tree planting.
In addition, FOR has monitoring surveys including
vegetation, breeding birds and black grouse.
Crystal Rig I is not located in a Special Protection
Area or Special Areas of Conservation but is
located near the designated site River Tweed SAC.
The Tweed represents sub-type 2 in the north-
eastern part of its range. It is the most species-
rich example, by far, of a river with Ranunculus
in Scotland, and is the only site selected for this
habitat in Scotland. The river has a high ecological
diversity which reflects the mixed geology of the
catchment. Stream water-crowfoot Ranunculus
penicillatus ssp. pseudofluitans, a species of
southern rivers and streams, here occurs at its
most northerly location as does fan-leaved water-
crowfoot R. circinatus, along with river water-
crowfoot R. fluitans, common water-crowfoot
R. aquatilis, pond water-crowfoot R. peltatus
and a range of hybrids. The Tweed is also the
most northerly site for flowering-rush Butomus
umbellatus. Source
GOLDEN EAGLE SURVEY
In its control program for the Högaliden wind
farm, FOR monitor the golden eagle population
in the territories adjacent to the wind farm. In
an agreement between the company and the
Golden Eagle Project, the Fäboliden wind farm
has also been included in the survey. Annually, six
territories are to be monitored and reported to the
company.
PAULS HILL
Paul’s Hill is one of the wind farms farthest norths
in Scotland in the FOR portfolio. FOR onsite habitat
management measures comprise bog restoration
and heather management. In addition, FOR has
monitoring surveys including vegetation, heather,
sphagnum moss, breeding birds, black grouse and
raptors. The wind farm is not located in a Special
Protection Area or Special Areas of Conservation
but are located near the designated site River Spey
SAC.
The River Spey is a large Scottish east coast river
that drains an extensive upland catchment and
supports an outstanding freshwater pearl mussel
population in its middle to lower reaches. In
parts of the River Spey, extremely dense mussel
colonies have been recorded (225 m2) and the
total population is estimated at several million.
As the population also shows evidence of recent
recruitment and a high proportion of juveniles, the
River Spey is considered to support a pearl mussel
population of great international significance.
Source
Fred. Olsen Seawind is mindful that certain
actions and resources allocated to the material
sustainability matters related to biodiversity and
ecosystems have not yet been fully implemented
as they remain dependent on the outcome of
EIA studies and the consenting process of the
JV projects. In cases where potential impact is
identified, FOS contemplated following up with
implementation of mitigation strategies, such
as Marine Mammal Observers during surveys,
Bubble Curtains during construction and
artificial nesting sites during operation to protect
biodiversity features throughout the project's
life. FOS is focusing on enhancing its knowledge
on biodiversity through collaboration with
researchers and environmental organisations.
Fred. Olsen Windcarrier has started using so-
called bubble curtains to reduce potential injury
and behavioural effects on species of fish and
marine mammal where they perform pile driving
projects. The air bubble curtain systems reduce
underwater sound pressures from activities at
the seabed. Air provides an effective barrier to
sound propagating through water, because of the
difference in density between air and water.
The operating subsidiaries of Bonheur have not
used biodiversity offsets in developing actions
related to these actions.
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E45 Impact metrics related to
biodiversity and ecosystems change
Metrics considered relevant for land-use change
Measuring impact on biodiversity is an area where
new requirements and legislation are actively in
motion. Going forward, Bonheur is considering
that in addition to individual project initiatives, a
bespoke process on an aggregated level could be
introduced. Therefore, Bonheur and its operating
subsidiaries are currently not relating to pre-set
metrics for biodiversity and ecosystems change.
To be able to measure and monitor both the
impact (such as land changes) and the effect of
responses (mitigating measures) work has to be
data-driven and science-based through all project
phases, from feasibility studies to the operational
phase.
A key tool in such effort will be establishment of
nature accounting for projects. Nature accounting
allows for quantification of nature losses and
gains throughout the entire life cycle of projects,
ensuring a holistic approach to biodiversity.
Nature accounting is an evolving specialist field
and as of today encompasses several standards
and methods. The relevant subsidiaries are
monitoring developments in regions where they
operate and will implement new requirements
when applicable.
None of the windfarms operated by Bonheur
subsidiaries are located in a Special Protection
Area or Special Areas of Conservation, however
some of the windfarms are located near
designated sites, e.g. Crystal Rig I, Crystal Rig II,
Crystal Rig III, Mid Hill and Paul’s Hill in the UK.
Some of the Scandinavian sites are also located
near special areas of conservation. The relevant
operating subsidiaries work to standardize how to
measure and quantify proximity to such sites.
According to Commission Regulation (EU)
2018/2026, which amends Annex IV to Regulation
(EC) No 1221/2009 on the EMAS scheme, the “total
use of land area” is defined as the total area of
land occupied by the organisation’s activities. This
includes all land used for buildings, infrastructure,
and other operational purposes. Bonheur will,
when this is mapped, report consolidated on this
metric by stating the land occupied by buildings,
infrastructure, and other operational purposes.
E44 Targets related to biodiversity and
ecosystems
As the activities related to reduce impact on
biodiversity is planned with the operating
subsidiaries, Bonheur has chosen not to set group
level measurable outcome-oriented targets
for material matters related to biodiversity and
ecosystems. However, this statement include
information on FOR’s initiative to further
development of methodologies addressing
biodiversity. This is parts of FOR's target
concerning issues like land degradation and
species population.
The operating subsidiaries have focus on reducing
area usage when developing projects such as wind
farms, and this standard is implemented in e.g.
FOR's way of working:
• 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
• Measures are often implemented, e.g.,
by restoring other nearby land areas as
compensation for nature impact consequences
from building wind farms.
Efforts are ongoing to refine methodologies and
regularly evaluating the efficacy of implemented
strategies. Work towards formulating measurable
outcome-oriented targets reflecting material
ESRS topics is well underway, and updated targets
will be detailed in future sustainability statement
renditions.
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III. Social information
Fred. Olsen Windcarrier
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S1SBM3 Material impacts, risks and
opportunities and their interaction with
strategy and business model
Description of material impacts resulting from
the materiality assessment
Subsidiaries of Bonheur are involved building
and operating wind farms, ship traffic and
offshore installation. The operating subsidiaries
continuously strive to foster a safe working
environment where impacts are identified and
managed. Due to the abovementioned risks
inherent to the industry, Bonheur is aware of the
potential impact to employees from injuries and
high workload.
Bonheur is committed to be recognised as
a parent company for a group of companies
hosting leading organisations for Health, Safety,
Environment and Quality (HSEQ) management.
The operating subsidiaries work to remove hazards
and reduce risks by systematic risk assessments
as an integrated part of the work, in addition to
continuously improve ways of working regarding
safety and environmental impact.
Actual and potential impact and risks on the
workforce inform and contributes to adapting
strategy and business model as they occur or are
discovered.
Workforce included in the scope of the SBM-3
disclosure under ESRS 2
All employees in the operating subsidiaries
own workforce are included in the scope of the
ESRS-S1 Own workforce
sustainability statement. The workforce includes
some non-employee workers, as reported in S1-7.
All employees described in the general disclosures
in ESRS 2 are included in the materiality
assessment and impacts and risks identified for
Bonheur subsidiaries regarding the workforce.
Non-employees and other personnel in the
workforce include, among others, seafarers
onboard Fred. Olsen Cruise Lines and Fred. Olsen
Windcarrier vessels, as well as consultants
Understanding of particular characteristics,
contexts, activities
There are potentially company-specific risks
and impacts for the workforce in the different
operating subsidiaries of Bonheur. Within the
subsidiaries, a diverse range of employees and
non-employees forms part of the workforce;
this includes full-time and part-time employees,
contract-based employees, senior management,
self-employed individuals, and third-party
employed individuals. These individuals are
notably present within the day-to-day operations,
and at FOWIC and FOCL particularly, third-party
individuals primarily extend to marine crew
members, employed through agencies and vital
to operations. Moreover, FOCL recognises the
importance of skilled personnel performing
potentially hazardous work and demand long
periods away from home.
In the case of Global Wind Service (GWS) and Fred.
Olsen Renewables (FOR), certain occupational
roles, such as service technicians at wind farms,
face a variety of specific occupational hazards.
Type of impacts, risks and opportunities
As some of the subsidiaries of Bonheur have
inherent health and safety risks due to the work
performed, there will be individual incidents of
differing degree of severity registered from time to
time. The number and severity of incidents related
to health and safety are reported under S1-17.
Bonheur has not identified any widespread and
systemic negative impacts on the workforce of the
operating subsidiaries.
Some employees are involved in projects with
short and time critical deadlines. In these instances
there are potentially high workloads, time
pressure, increasing the risk of stress, burn-out and
a negative impact on work-life balance.
Bonheur and the operating subsidiaries positively
impact employees of the operating subsidiaries
through providing meaningful work, secure
employment, adequate wages and training on-
the-job.
GWS has an internationally certified training
academy that provides high-quality training
to the workforce and external participants,
ensuring compliance with industry safety
standards. Additionally, they employ an e-learning
platform that enhances continuous professional
development.
Bonheur's investment activities in the renewable
energy sector will be important in the transition to
At a glance
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Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
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Consolidated accounts
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Auditor's report
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statement
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shareholders’ committee
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a green economy.
Bonheur and its operating subsidiaries do not
have any operations with significant risk of child,
forced or compulsory labor.
Description of material risks and opportunities
In addition to the impacts described above, the
workforce is exposed to risks and opportunities
regarding health and safety, working time and risk
of fatigue. Workers spending extended periods
offshore have an increased risk of harassment at
the workplace compared to regular office work.
It is important that the Bonheur group of
companies attract talented employees and this
is done 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
the workforce is described under ESRS 2 IRO-2.
S11 Policies related to own workforce
Bonheur's Social and Human Rights Policy as well
as employee handbooks forms the overarching
framework for Bonheur and its operating
subsidiaries on issues related to the workforce.
The related impacts, risks and opportunities
regarding workforce primarily lie within the
subtopics working conditions and equal
opportunities.
The policies address sustainability matters such
as maintaining high ethical standards, support
for the UN’s principles on human rights and the
ILO's conventions. A steadfast intolerance towards
human rights violation, child labour, and modern
slavery is explicitly stated. Respect for diversity and
inclusion is important, with zero tolerance towards
discrimination. The policy encourages safe work
conduct and aims for zero injuries. The policy also
focuses on workplace accident prevention.
Policies to manage impacts, risks and
opportunities related to Bonheur's operating
subsidiaries' own workforce are described in the
different policy documents in Bonheur as well as
associated material.
Scope of policy
The policy applies to all business areas, and is
implemented within its operating all subsidiaries.
It includes both upstream and downstream value
chains, encompassing temporary employees,
contractors, consultants, and suppliers in all
regions of operation.
The management of the operating subsidiaries
are responsible for such due implementation and
general compliance with similar policies regarding
the workforce.
Bonheur intends to uphold internationally
recognised principles such as the OECD Guidelines
for Multinational Enterprises, UN Global Compact,
ILO conventions, and the Universal Declaration of
Human Rights. The policies are formed in line with
Norwegian regulations, such as the Norwegian
Working Environment Act and the Equality and
Anti-Discrimination Act.
Various stakeholder views are taken into account
when setting policies.
Policy is available to stakeholders
Bonheur's overarching policies are available
online, while some of the handbooks and
policies are available on the company's and the
subsidiaries' intranets. They are incorporated
and potentially supplemented through specific
policies, local regulations or otherwise. Bonheur
expect the operating subsidiaries to adhere to the
policies when selecting suppliers and evaluating
their value chain.
They are incorporated and potentially
supplemented through specific policies, local
regulations or otherwise.
At a glance
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Overview
Director’s Report
The Board of Directors
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assurance report
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Statement by the
shareholders’ committee
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Human rights policy commitments relevant to
workforce
The Social and Human Rights Policy promote
alignment with international standards, including
the UN’s Universal Declaration of Human Rights,
ILO Declaration on Fundamental Principles
and Rights at Work, and OECD Guidelines for
Multinational Enterprises. To ensure compliance,
it is expected that subsidiaries conduct due
diligence, assessing potential human rights
impacts, and act on significant findings. Processes
have been motivated by the Norwegian
Transparency Act, aiming to maintain high ethical
standards and integrity within the operating
companies.
Bonheur's commitment to human rights is also
specified in the company Code of Conduct.
Bonheur has not identified and do not expect the
workforce within subsidiaries to be exposed to
material risk of human rights violations.
The process for engaging with employees and
workers representative is done in each operating
subsidiary.
Trafficking, forced labour, compulsory labour,
and child labour
The human right policy confirms a commitment
to zero tolerance for all forms of modern slavery,
child labour, and compulsory labour.
Workplace accident prevention
The health and safety of employees are of the
highest importance, and the subsidiaries have
implemented safety management systems,
risk assessments, safety campaigns and HSEQ
coordination meetings.
Elimination of discrimination and promotion of
equal opportunities
Bonheur is committed to fostering an inclusive
and diverse work environment. The social policy
and personnel handbook addresses the issue
of discrimination, including harassment, and
promotes equal opportunities for all employees.
Bonheur and the operating subsidiaries have
specific policies in place aimed at eliminating
discrimination and harassment, and the
subsidiaries promote diversity and inclusion
throughout their workforce.
Commitments on reporting and improving the
status of diversity and inclusion in the Bonheur
group of companies is done in accordance with
the requirements in the Norwegian Equality and
Anti-Discrimination Act. Reporting on this act
is done annually and published on Bonheur's
website.
Significant changes to the policies adopted
during the reporting year
Bonheur developed a new social policy during
2024. The new policy reiterates previous
commitments, but is now also a public document
available online and to all Bonheur's stakeholders.
S12 Processes for engaging with own
workers and workers' representatives
about impacts
How perspectives of workforce inform decisions
Interaction with the workforce is considered
a crucial part of preventing health and safety
incidents. The normal communication channel
is the direct contact between the employee and
his/her line manager. The employees in operating
subsidiaries also have workers representative
communicating with the HR function in Fred.
Olsen & Co AS.
Bonheur foster an open culture encouraging
discussions as part of the day-to-day work in
addition to the annual employee review, and
dialogues between the operating subsidiaries
and local unions. Subsidiaries with active work
environment committees meet on a quarterly
basis.
The HR department of Fred. Olsen & Co. is
organizing workplace engagement, such as
Occupational Health and Safety Committees
(Arbeidsmiljøutvalg) for the Company's operating
subsidiaries and how this engagement is
informing procedures and actions.
The effectiveness of the engagement process
is tracked by work environment surveys in the
operating subsidiaries. The management assess
the results in the work environment surveys,
assign actions and set targets.
S13 Processes to remediate negative
impacts and channels for own workers to
raise concerns
Remediation processes and outcomes will be in
accordance with OECD guidelines.
Reporting concerns
Bonheur and its subsidiaries have an easily
accessible intranet that describes how to report
concerns, including a whistleblower channel. The
whistleblower channel is open for reporting at all
levels of the Bonheur group of companies. It varies
At a glance
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The Board of Directors
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between the subsidiaries and countries depending
on local legislation, whether or not employees
are represented e.g. a workers’ council or similar.
Procedures for handling and follow-up reported
concerns are described in the whistleblower
portal.
The whistleblower channel for reporting of any
concerns or grievances are also available for
employee related matters.
The social policy and personnel handbook
for Bonheur clearly states and describes how
whistleblowers or concerned employees are
protected against both formal and informal
retaliation. It is important for Bonheur that all
employees feel that it is safe to raise concerns
without the threat of any negative consequences.
S14 Taking action on material impacts
on workforce
Health and safety
Different subsidiaries of Bonheur have, where
relevant, dedicated ISO 45001 and ISM certified
management systems for risk assessments,
procedures and training to prevent incidents.
Assigned personnel will maintain and manage
health and safety management system and
provide guidance and assistance to the
organisation on health and safety related matters.
As part of the procedure for reporting any health
and safety (HSEQ) incidents, corrective actions are
determined, implemented, and followed up for
each reported incident.
Work environment surveys are carried out to gain
insight on strengths and weaknesses in work
environment and identify areas for improvement.
Targeted actions are taken in departments/areas
of the organisation where room for improvement
have been identified.
Work related stress
Onboard vessels, all hours worked are registered in
accordance with maritime regulations, also aiming
at reducing fatigue-related risks.
Gender pay gap and gender equality
The gender pay gap is monitored by the operating
subsidiaries. In the reporting year, FOWIC
introduced a diversity and inclusion training,
scheduled to be completed and rolled out in 2025,
with the objective to increase diversity awareness
and manage opportunities related to diversity.
Anti-harassment awareness
To increase awareness and on this potential
impact, there has been workshops conducted on
officers' conference and on management visits
onboard the vessels. Information material have
been created to strengthen managers' awareness
on the topic of bullying and harassment.
Actions in NHST Holding
NHST Holding has taken a proactive approach to
ensure good and regular dialog with Trade Unions
and Work Environmental Council. There are regular
meetings between the management and the
Union Representatives to share information and
discuss topics.
An employee satisfaction survey is performed
twice a year in NHST Holding. They survey provider
give line managers support and information on
how hold dialog sessions with employees to
share the results, obtain additional feedback on
those results and set improvement actions. This
enables NHST Holding to monitor progress of
the improvement actions and fluctuations in the
results. In 2024 the response rate to the survey was
86%.
How Bonheur work to prevent negative impacts
on workforce in subsidiaries
The health, safety and wellbeing of the employees
in the operating subsidiaries are important to
Bonheur. How the operating subsidiaries manage
this topic is discussed frequently at different levels
of their organisations, from the operating sites to
the management teams and the Board of Directors
in these subsidiaries.
The line management of the operating
subsidiaries are responsible for health, safety and
wellbeing of the employees, supported by the
respective HR and HSEQ departments.
Evaluations to ensure that business practices
do not cause or contribute to material negative
impacts on the workforce is ensured through
active communication and collaboration with the
workforce. Where any practices identified could
cause or contribute to material negative impacts
on the workforce, the subsidiaries assess the
severity and works to mitigate it.
At a glance
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Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
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S15 Targets related to workforce
Bonheur have chosen not establish group
level targets for the different impacts, risks and
opportunities (IROs) related to the workforce of
the operating subsidiaries. The subsidiaries are
encouraged to set their own targets which will be
aggregated to Group level targets if similar KPIs
and measurements are used across the operating
subsidiaries. Hence, any target setting process and
the resulting targets will be a bottom-up process
led by the operating subsidiaries and followed-up
by the respective Boards of the subsidiaries.
S16 Characteristics of the employees
Gender Number of employees (headcount)
Female 671
Male 1,860
Not reported 12
Total number of employees 2,543
Reporting on number of employees by country is
limited to countries where Bonheur has more than
50 employees, representing at least 10% of the
total number of employees at the end of the year.
Category Female Male
Not
reported Total
Permanent employees 633 1,608 12 2,253
Temporary employees 23 144 0 167
Non-guaranteed hours 15 108 0 123
Full-time employees 590 1,830 12 2,432
Part-time employees 81 30 0 111
Employees who have left the group 110 398 4 512
SUBSIDIARY TARGETS RELATED TO WORKFORCE
Company Short term Medium term Long term
Fred. Olsen
Renewables
Zero injuries and LTIs Zero injuries and LTIs Zero injuries and LTIs
Fred. Olsen Cruise
Lines
Establish an eNPS score Maintain/improve crew
retention of 88%
Long term target not
defined in 2024 report
Fred. Olsen
Windcarrier
• Zero operation down time in projects
related to local content requirements.
• Zero fees due to non-compliance related to
local content requirements.
• Work related sick leave <0,01%
• Total recordable frequency rate (TRIF) for
all worker onboard FOWIC vessels < 2 (this
include FOWIC’s own workforce and workers
in the value chain working on FOWIC’s
vessels).
• Maintain or increase female share (FOWIC
employees) compared to baseline.
• Zero reported bullying and harassment
incidents
• All whistleblowing cases handled in
accordance with procedure.
• 80% completed diversity and inclusion
training.
• Zero human rights violations.
• Zero operation down
time in projects related
to local content
requirements.
• Zero fees due to non-
compliance related
to local content
requirements.
• Work related sick leave
<0,01%
• Total recordable
frequency rate (TRIF)
for all worker onboard
FOWIC vessels < 2 (this
include FOWIC’s own
workforce and workers in
the value chain working
on FOWIC’s vessels).
• Zero reported bullying
and harassment incidents
• All whistleblowing cases
handled in accordance
with procedure.
• Zero human rights
violations.
• Zero operation down
time in projects related
to local content
requirements.
• Zero fees due to non-
compliance related
to local content
requirements
• Work related sick leave
<0,01%
• Total recordable
frequency rate (TRIF)
for all worker onboard
FOWIC vessels < 2 (this
include FOWIC’s own
workforce and workers in
the value chain working
on FOWIC’s vessels).
• Zero reported bullying
and harassment incidents
• All whistleblowing cases
handled in accordance
with procedure.
• Zero human rights
violations.
Global Wind Service • Improve safety performance by reducing
number of recordable work-related injuries
by 14
• Improve safety performance by reducing
rate of recordable work-related injuries by 7
injuries per million working hours
• Improve safety performance by reducing
lost time injury rate by 2.2 injuries per
million working hours
• Improve employee engagement in
reporting observations (HazObs and
positive observations) with more than 900
employees reporting and 3,500 observation
cards.
• Conduct 6 safety compliance audits on
projects
• Conduct training on Inclusion and Diversity,
focusing on creating awareness, building
skills, and fostering environments where
individuals from all backgrounds feel valued
and respected – 70% of employees have
completed the training
• Achieve a more balanced
gender representation
by increasing the
proportion of women in
top management roles
to 35%
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
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Definitions
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The headcount by contract type sorted by gender
is the number of permanent, temporary and non-
guaranteed hours employees of the total number
of employees at the end of the year as reported by
the operating subsidiaries of Bonheur.
Total
Employees by the end of the reporting period 2,543
Employees who have left in the reporting year 512
Rate of employee turnover (%) 20.0 %
Methodologies and assumptions used to
compile the data
The employee numbers are calculated based on
head count at the end of the reporting period.
The employee turnover rate is calculated as the
number of employees who have left the company
(voluntarily or due to dismissal, retirement, or
death in service) divided by the total number of
employees in the reporting period.
Contextual information necessary to understand
the data
This numbers include fix 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.
The rate of employee turnover is high due to the
operating model of GWS.
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 31.12.2024.
Men Women Not disclosed
633
1,608
596
1,832
0
12
64
18
4
398
0
109
0
108
23
12
15
144
Permanent
employees
Non-guaranteed
hours
Employees who have
left the company
Part-time
employees
Full-time
employees
Temporary
employees
Female (671)
Male (1,860)
Not reported (12)
Other (0)
2,543
Total
Norway (479)
Denmark (588)
UK (452)
2,543
Total
At a glance
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Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
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assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
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Definitions
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S17 Characteristics of non-employees
in the workforce
TOTAL NUMBER OF NONEMPLOYEES IN OWN
WORKFORCE
Head count Total
Total number of non-employees in own workforce 3,629
Total number of self-employed people in own workforce 206
Total number of people in own workforce primarily engaged
in employment activities
3,423
Methodologies and assumptions used to
compile the data
The number of non-employees is calculated by
head count at end of the year.
Contextual information necessary to understand
the data
Consultants and seafarers constitute the majority
of non-employees in Bonheur's workforce. FOCL
has more than 3000 non-employees working as
crew on the vessels, and FOWIC has more 200 non-
employees as crew. Due to their type of work, both
GWS and NHST Holding has a sizeable number of
self-employed personnel in the workforce.
S19 Diversity metrics
In preparing the disclosure on gender in top
management, Bonheur has used the definition
of top management as one level below the
supervisory bodies.
GENDER DISTRIBUTION AT TOP MANAGEMENT
LEVEL
Metric Total
Female 33.33 %
Male 66.67 %
The same calculation including the one and
two levels below the supervisory bodies in
the operating subsidiaries gives the following
distribution.
Level Female Male
Senior Management 34.3 % 65.7 %
Middle management 43.1% 56.9 %
AGE DISTRIBUTION OF EMPLOYEES
Metric Headcount and percentage
< 30 years (355) 14.0 %
30-50 years (1,708) 67.2 %
> 50 years (480) 18.9 %
S114 Health and safety metrics
Health and safety are of the utmost importance
to Bonheur, and to ensure that the operating
subsidiaries manage any health and safety risks
and impacts to the workforce, they continuously
monitor performance and report any incidents.
Metric Total
Percentage of employees in own workforce covered by a
health and safety management system
100 %
Percentage of non-employees in own workforce covered by a
health and safety management system
100 %
The percentage of employees in own workforce
covered by a health and safety management
system based is calculated based on the
employees under legal requirements to be
covered.
HEALTH AND SAFETY INCIDENTS
Metric Total
Number of recordable work-related injuries (#) 22
Number of recordable work-related ill-health (#) 39
Number of cases of recordable work-related ill health
detected among former own workforce (#)
5
Number of days lost to work-related injuries and fatalities
among employees in own workforce (days)
73.43
Number of days lost to work-related injuries and fatalities
among non-employees in own workforce (days)
44
Number of fatalities as a result of work-related injuries and
work-related ill health (#)
0
Lost time incidents (LTIs)
A lost time incident is a work-related injury or ill
health leading to an employee not been able work
for at least one day after the incident.
At a glance
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Letter from the CEO
Overview
Director’s Report
The Board of Directors
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methodology
Consolidated accounts
NGAAP accounts
Auditor's report
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assurance report
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statement
Statement by the
shareholders’ committee
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S115 Work-life balance
Bonheur promotes a health-work life balance and
the possibility to take family-related leave when
necessary. All employees within the group of
companies are entitled to such leave.
Metric Total
Percentage of employees entitled to take family-related leave 100 %
Total number of entitled employees that took family-related
leave
8.0 %
Female 3.0 %
Male 5.0 %
S116 Compensation metrics
Metric 2023 2024
Annual total remuneration ratio 8.88 7.99
Unadjusted gender pay gap 31.7 % 28.5 %
Site workers from GWS and employees of Mention
are not included in the calculation of this metric
due to lack of data.
Calculation of remuneration ratio and pay gaps
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 2025.
S117 Incidents, complaints and severe
human rights impacts
Total number of reported incidents of
discrimination or human rights violations
Metric Total
Total number of incidents of discrimination or harassment (#) 8
Number of complaints filed through channels for people in
own workforce to raise concerns (#)
5
Number of complaints filed to the National Contact Points for
OECD Multinational Enterprises (#)
0
Total amount of fines, penalties, and compensation for
damages as result of reported incidents and complaints
(NOK)
0
Number of severe human rights incidents connected to own
workforce (#)
0
No incidents, suspicions or allegations of severe
human rights violations was registred in the
Bonheur group of companies during 2024. This
data is based on filed reports through any of the
channels available to the operating subsidiaries or
Bonheur.
At a glance
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Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
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assurance report
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statement
Statement by the
shareholders’ committee
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S2SBM3 Material impacts, risks and
opportunities and their interaction with
strategy and business model
Material impacts on workers in the value chain
The potential impacts identified on value chain
workers are seen as material because they are
connected to the business model of the operating
subsidiaries. Also, potential risks related to
working conditions and labor rights enforcement
increase with the use of suppliers in regions with
less oversight or regulations. The engagement of
subcontractors, consultants and suppliers in joint
venture projects may also introduce challenges in
maintaining consistent health, safety, and labour
standards across.
The operating subsidiaries have a large number
of subcontractors and suppliers, both under the
construction and operational phases of projects.
Bonheur recognize that the risk of potential
impact increase beyond Tier 1 suppliers, especially
outside the EU, where labor conditions may be less
regulated. A large number of suppliers can make
it challenging to ensure consistent health, safety,
and labor standards across the entire supply chain,
hence this has been identified as a material topic.
The actual and potential impacts on workers in
the value chain come from the value chains of the
subsidiaries of Bonheur. Fred. Olsen Seawind (FOS)
highlight the notable potential impacts on health
and safety of the suppliers involved in progressing
wind farm projects. These considerations gain
ESRS-S2 Workers in the value chain
importance due to the inherent risk associated
with the nature of work being performed.
Similarly, Fred. Olsen Cruise Lines (FOCL) has
potential impacts related to the health and
safety of value chain workers involved in the
maintenance and upgrade of their vessels.
The global operations of this segment entail a
potential risk of human and labour rights breaches
within the wide network of suppliers. Fred.
Olsen Windcarrier (FOWIC) also recognises the
implications of health and safety conditions for
value chain workers on their vessels.
Fred. Olsen Renewables (FOR) ensures a
stringent safety management system in place for
contractors working on their sites. This approach
reflects an active effort to mitigate potential
adverse impacts on value chain workers.
How impacts on value chain workers inform
strategy and business model
Lessons learned from any impact contribute to
develop Bonheur's strategy and business model.
To manage risk of potential impact on the value
chain, the operating subsidiaries takes steps in the
planning and execution to mitigate the risk during
operations or projects.
Global and diverse activity
The Bonheur group of companies operate globally
and have a global network of suppliers with a wide
range of suppliers.
A large part of the suppliers, contractors and
subcontractors are companies based in EU, UK
and Norway, countries which are subject to strict
and mature labor laws. Hence, impacts related
to human and labor rights, including minimum
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. It is
important that the operating subsidiaries conduct
proper due diligence to reduce the risk of being
indirectly involved in breaches of human and labor
rights in the value chain.
Positive impact
Business activity and projects created by the
Bonheur group of companies have 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.
For further information on how Bonheur manages
risks and opportunities, see ESRS 2 SBM-3.
S21 Policies related to value chain
workers
Bonheur's Social and Human Rights Policy sets
the guiding principles for Bonheur's operating
subsidiaries in relation to value chain workers.
Risks include non-compliance with Norwegian
and international regulations, such as child labour
or modern slavery, discrimination or unequal
At a glance
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Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
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Definitions
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opportunities, workplace incidents, and negative
effects on affected communities. To mitigate such
risks the operating subsidiaries carry out due
diligence in accordance with the OECD Guidelines
for Multinational Enterprises.
The policy covers social responsibility, integration
of sustainability into investments, respect for
universally recognised human rights, adherence
to OECD Guidelines for Multinational Enterprises,
UN Global Compact’s principles and the ILO
conventions. It also emphasises workplace
accident prevention, ethical standards, legality,
safety, equality, non-discrimination, and anti-
harassment. 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.
Scope of policy
The policy encompasses all activities within
the operating subsidiaries, as well as upstream
and downstream aspects of the value chain.
Both permanent and temporary employees are
covered by the policy, as well as contractors and
consultants. The policy extends geographically to
various regions where Bonheur and its subsidiaries
operate and includes suppliers and business
partners.
The policies are shared with contractual partners
and are available online.
Human rights policy commitments relevant to
value chain workers
Bonheur relies on mechanisms within the
operating subsidiaries to oversee compliance
with international standards. The assessment of
potential impacts and the application of remedial
measures form an integral part of operations.
Bonheur does not have a separate supplier Code
of Conduct, but expect suppliers to abide by the
code of conduct and human right policy.
Instances of breach of UN Guiding Principles on
Business and Human Rights
Should there be reports on breaches of respect
for these principles involving value chain workers,
operating subsidiaries are expected to act
promptly and appropriately. Such incidents would
be documented and addressed in the annual
updates of this policy. Cases of non-respect of
these internationally recognised principles have
not been reported during 2024.
Significant changes to the policy during the
reporting year
Bonheur issued a new Social and Human
Rights Policy established with the purpose of
fostering adherence to global social standards
and universally recognised human rights within
Bonheur’s operating subsidiaries. Bonheur shares
its Social and Human Rights Policy via relevant
channels, and it is now available online. If any
barriers to understanding are identified, solutions
are sought and employed.
S22 Processes for engaging with value
chain workers
Perspectives of value chain workers
The processes of engaging with value chain
workers involve communication on various levels
in the organizations. Bonheur 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.
Operating subsidiaries engage and collaborate with
stakeholders, both internally and externally, where
relevant, to understand and assess the effectiveness
of their human rights work. These may include
NGOs, trade unions, authorities and other relevant
stakeholders for workers in the value chain.
The main engagement with workers in the value
chain occurs with value chain workers working
on vessels or sites owned by the operating
subsidiaries. If any risk of direct contribution to
impact have been identified in the value chain,
the subsidiaries may also engage with value chain
workers outside operational sites.
Workers in the value chain that conducts their
work onboard vessels owned by FOWIC or FOCL
are considered particular vulnerable to impact. To
gain insight into the perspective of value chain
workers in this group, these are incorporated
into internal systems such as observation
cards systems, suggestions for improvement
and participation in daily, weekly and monthly
meetings.
Part of due diligence
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 follow-up on any concerns and
cooperate with suppliers along the way.
The different subsidiaries use indexes and
information from both the European Bank of
Reconstruction and Development's (EBRD) and the
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
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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 is 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.
S23 Processes to remediate negative
impacts and channels for value chain
workers to raise concerns
Assessment of remedy material negative impact
on value chain workers
In case of identified misconduct, remedial
measures are actioned for rectification and further
risk mitigation. Remedy effectiveness is measured
by follow-ups on corrective actions, supplier
reassessments, and whistleblower case reviews.
Effectiveness, in this regard, is determined by
improvements in compliance and issue resolution.
If subsidiaries identifies that they have caused
or contributed to actual adverse impacts such
impacts shall be addressed by providing for or
cooperating in their remediation in accordance
with OECD. This could be, but not limited to:
• Seeking to restore the affected person or
persons to the situation they would be in had
the adverse impact not occurred
• Enable remediation that is proportionate to the
significance and scale of the adverse impact
• Comply with law and seek out international
guidelines on remediation where available
• Consult and engage with impacted rightsholder
and their representatives
• Seek to assess the level of satisfaction of those
who have raised complaints with the process
provided and its outcomes
Reporting impacts
All external stakeholders, including workers in the
value chain, can contact 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.
They may also use the online whistleblower
channel.
The third-party whistleblowing channel has been
introduced as an additional avenue for reporting,
reflecting Bonheur's initiative to strengthening
the approach to ensuring communication and
transparency with value chain workers.
S24 Taking action on material impacts
on value chain workers
Relevant subsidiaries of Bonheur have established
and maintains ISO 45001 and ISM certified
management systems, including risk assessments,
permit to work, procedures and training to prevent
incidents. Contractors working onboard subsidiary
vessels are required to perform work in accordance
with the work system and Health, Safety and
Environmental (HSE) Manual. To ensure this also
applies to other workers in the value chain, they
require that subcontractors have ISO 45001
certified management systems or a management
system in compliance with ISO 45001.
Fred. Olsen Windcarrier
FOWIC have implemented a vendor management
system where all vendors and subcontractors
are registered. The vendor management system
includes a human and labour rights due diligence
module.
Fred. Olsen Cruise Lines
FOCL register all health and safety accidents and
incidents in the EVERS reporting system. The
person reporting the incident shall recommend
mitigating and preventing actions. These shall be
assessed by the relevant ‘responsible person’ and
HSSEQ representative to establish the final action
in the reporting system and assign responsible
person.
S25 Targets related to workers in the
value chain
Bonheur has chosen not to set time-bound and
outcome/oriented targets for sustainability
matters related to value chain workers. However,
Fred. Olsen Windcarrier has the following targets
regarding S2.
The group wide policy for social and human rights
were recently introduced, and the company is
yet to assess how this policy actually impacts the
operations int relation to value chain workers.
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
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S3SBM3 Material impacts, risks and
opportunities and their interaction with
strategy and business model
Description of material impacts resulting from
the materiality assessment
Assessing the impacts on communities is an
integral part of business and strategic planning
across the subsidiaries of Bonheur.
Fred. Olsen Cruise Lines (FOCL) business model
is focused on small-ship cruising, operating
throughout a range of geographies, and
consequently, a variety of communities. When
FOCL visit coastal and river-based communities
there are potentially both positively and
negatively impact and the affected communities.
FOCL’s strategy and business model integrate
and enhance the positive economic impacts on
affected port communities. FOCL prioritise ports
that offer both cultural and economic value,
ensuring that operations support local economies
through port fees, passenger spending, and
crew shore leave expenditures. To maximise local
benefits, strategic partnerships with local vendors,
tour operators, and service providers, ensure that
a portion of tourism revenue remains within the
host communities.
The activities in NHST Holding have positive
impact on the affected community through
fostering informed societies, supporting freedom
of speech and democracy.
ESRS-S3 Affected communities
Overall, the subsidiaries' business models and
strategies may impact affected communities in
different ways.
Impacts on affected communities inform
business model
The overarching aim is that identified impacts
on affected communities is used to inform the
decision-making process and updating of business
models.
Through employment and revenue generation,
Fred. Olsen Seawind (FOS) and Fred. Olsen
Renewables (FOR) positively contribute to
the economic growth of local and regional
communities where they operate. Simultaneously,
Bonheur acknowledge potential negative impacts,
such as potential conflicts of interest with other
economic activities.
NHST maintains a strong commitment to
supporting local communities through
independent and critical journalism, an essential
component in fostering informed societies. The
attention given to both the positive and negative
impacts inform the crafting of corresponding
policies.
FOR has operations in northern Sweden and
ongoing project development in northern Norway
where addressing risks for or impact on relevant
indigenous peoples are important.
Type of affected communities subject to material
impacts
The Renewable Energy segment of Bonheur
is dependent on cooperating with local
communities, and in some instances also
indigenous people, near the wind farms when
planning, constructing and operating the sites.
Wind farms and other large industrial activity use
land and nature. Bonheur recognize that noise,
and visual pollution from turbines and navigation
lights may lead to impacts for communities nearby
such activities, and seek to minimize the potential
impacts.
The activities 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.
Material risks and opportunities relating to
affected communities
Access to land and sea areas are a fundamental
requirement for developing wind farms through
land lease agreements with landowners, this
access constitutes both a risk and an opportunity.
Bonheur and its subsidiaries emphasises good and
constructive dialogue with landowners in every
stage of a project. In addition, the views of the
affected communities as a whole are important
factors in achieving consent. Therefore, delayed
approval processes due to local resistance or
inadequate stakeholder engagement. At the same
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
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time, a good track record on positive community
impact may lead to increased chances of approval
for new projects.
Affected communities with particular
characteristics
The operating subsidiaries of Bonheur are mostly
present in well developed countries with good
legal framework for community protection. And
consequently, there is no identification of any
affected community that is particularly vulnerable.
S31 Policies related to affected
communities
Issues related to affected communities are covered
in Bonheur's Social and Human Rights Policy. The
policy mandates respect for communities affected
by subsidiaries' activities, aiming to balance
stakeholders' interests.
Bonheur's social and human rights policy include
consideration of the interests of key stakeholders.
Interest, concerns and suggestions from
stakeholders such as affected communities are
sought through various channels and methods to
provide input to the policy.
The policy is available to all stakeholders and
shared online on Bonheur's website.
Relevant internationally recognised instruments
The Bonheur group of companies follow practices
as described in the UN Declaration of Rights for
Indigenous People (UNDRIP). Norway has ratified
the 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.
Cases of non-respect of UN Guiding Principles on
Business and Human Rights
Bonheur expects its subsidiaries to assess actual
and potential human rights impacts on affected
communities. The result of these assessments,
including any cases of non-respect involving
affected communities, are to be duly reported,
potentially leading to mitigating measures. No
such breaches have been reported in 2024.
S32 Processes for engaging with
affected communities
Perspectives of affected communities
Bonheur is committed to an open and transparent
dialogue with affected communities. For the
different wind farm projects, specific websites
are established where relevant information
about plans and progress are shared, including
documents related to impact assessments
and applications for concessions or building
permits. As part of the development process,
open information meetings and other means
of communication are held with the affected
communities. The interests of specific groups
within affected communities are handled on
a case-by-case basis, when relevant and the
engagement with affected communities occurs
directly.
The subsidiaries have assigned responsibility for
community engagement at different levels in
their organizations. In some instances, the CEOs
handles operational responsibility for engagement
with communities, supported by the Heads of
Development, Public Affairs or Operations.
The effectiveness of such engagement is
measured by the lack of conflicts with affected
communities, and ultimately with the approval of
the consent applications.
In FOCL the itinerary planning department is
responsible for engagement with selected local
ports regarding the feasibility of meaningful
community engagement.
Throughout the development and due diligence
process, Bonheur will seek to identify human rights
or other material negative impact the subsidiaries
may have on affected communities. Means to
mitigate and handle such risks or impacts will be
developed as they are identified.
S33 Processes to remediate negative
impacts on affected communities
Processes for remediation
All cases where Bonheur and its subsidiaries
have any potentially material negative impact
on affected communities are taken seriously and
handled professionally. Depending on the type
of negative impact the operations have had the
relevant subsidiary will engage and cooperate
with the community and seek to remedy the
negative impact.
The operating subsidiaries and are responsible
for establishing processes for providing or
contributing to remedy where it has identified that
it has caused or contributed to a material negative
impact on affected communities.
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
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Communication with stakeholders to establish
remediating measures may use different channels,
e.g., face-to-face meetings with individuals or
organisations, public meetings with the local
population, website with relevant information for
each project, brochures, and other means deemed
relevant.
S34 Taking action on material impacts
on affected communities
Addressing material impacts on affected
communities
The relevant operating subsidiaries have an active,
open and transparent relationship with affected
communities, and has established a dialogue
regarding sustainability matters relevant for
individual communities. Plans and implementation
of actions is handled per project or operation and
as of today no consolidated plan or overview of all
ongoing actions are established on group level.
There are no one-size-fits-all approach in the
engagement with local communities. Each
individual community has different needs,
and the project team listens to and engages
closely with the communities which operating
subsidiaries of Bonheur are active. They work with
the stakeholders to understand and support the
projects and initiatives that are a priority locally.
Below are examples of such initiatives from
subsidiaries of Bonheur.
MAKING A DIFFERENCE IN LOCAL
COMMUNITIES IN SCOTLAND
Over the lifetime of existing operational projects,
local communities will receive a total of £14.6
million in community benefit. FOR pioneered
community benefit funds, delivering the first in
Scotland in the 1990’s. Since then, FOR has been
working closely with community benefit fund
recipients and these relationships are pivotal to
the success. To date, FOR has delivered over £6.2
million in community benefit across Scotland,
which has supported a range of projects and
initiatives, including:
• Energy efficiency measures in public buildings
• Home energy discount schemes
• The delivery of childcare and family support
facilities
• The installation and restoration of paths and
networks
• Habitat enhancements
• Winter fuel support
Community Cooperation in Action at
Renewables Collective Coffee Morning
Collaborative effort supports community
engagement in wind farm proposals. The unique
initiative, hosted by the companies behind the five
proposed wind farms in the area, was designed to
help the community to further their engagement
with the plans and explore how the community
benefits, combined, could be utilised to deliver
social and economic benefits locally.
More than twenty residents attended the event
across the course of the morning. Every attendee
had the opportunity to attend stalls hosted by
developers, including FOR.
This collaborative effort is a direct response to
community feedback. By working together, the
event also helps to support the ambitions of
the Scottish Government Onshore Wind Sector
Deal – a series of commitments from the Scottish
Government and the onshore wind industry
making sure that onshore wind is brought forward
whilst delivering maximum benefit to Scotland.
Crystal Rig Wind farms
As one of the longest standing renewable energy
developers in the UK, FOR is committed to
responsibly developing and operating projects
that help to create a sustainable future. FOR has
been operating Crystal Rig for over 20 years and
has built close working relationships with the
communities and stakeholders closest to the wind
farm site. As a result of this approach, Crystal Rig
has:
• Signed £324m of contracts with Scottish
businesses
• Created 190 construction jobs (FTE) and 89
operational and maintenance jobs (PTE)
• Delivered a £150m contribution to Scottish GVA
• Crystal Rig has to date, provided over £3m in
community benefit to local groups. This has
supported a variety of community initiatives,
including:
• Providing local children with access to free
swimming lessons from birth
• Reinstating local footpaths, bringing walking
routes back to life and improving access to the
countryside
• Delivering a local fuel support scheme –
providing discounted electricity to local
residents
• Scandinavian initiatives
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
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In Sweden, FOR has so far contributed to:
• Created jobs locally for operations and
maintenance of operating wind farms
• Generating work and revenue for local suppliers
both in development and operational phases
• Financial support for more than 20 different
groups, teams and organisations within the
communities they operate or develop wind
farms, with a special focus on benefits for kids
and families
• Sponsoring specific events
Among other examples of initiatives FOR has
contributed in Norway is supporting a wide
variety of events and activities through the
Fred. Olsen Social Engagement Group every
year. A considerable amount has been granted
to good causes over the years. Main goal is to
support projects that contribute to "self-help",
increased sustainability - both for people and
the environment, and to involve and engage
employees, both for increased insight into societal
challenges and for all of us to be able to contribute
something in a smaller scale. Directly linked to the
affected community around the wind farm in Lista,
FOR has:
• Created jobs locally for maintenance and
operation of wind farm
• Generated income to the municipality of where
the wind farm is located
• Facilitated a project for high school students
in Farsund on how to utilise the income to
the municipality to best benefit the local
community
S35 Targets related to managing
material impacts
Process for setting time-bound and outcome-
oriented targets
Bonheur acknowledge that the process to set
measurable outcome-oriented targets have not
been established for all material sustainability
matters related to affected communities.
A process to establish measurable outcome-
oriented targets reflecting material topics is
currently in progress for subsidiaries where this is
considered material. This will ensure a consistent
and greater focus on the impact on affected
communities.
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
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IV. Governance information
Silvasti Pahkakoski Wind Farm - Global Wind Service
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
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G11 Business conduct policies and
corporate culture
Bonheur's Governance Policy sets out the
principles and regulations for ethical business
conduct, anti-corruption measures, and equality
for implementation in the workplace of operating
subsidiaries. The policy encompasses guidelines
for whistleblowing and how to deal with reports.
Furthermore, elements of business ethics, such
as corporate culture and protective measures for
whistleblowers, have been recognised as crucial
aspects of this policy.
The related impacts, risks and opportunities
pertain to Bonheur's diverse business interests
and their engagement with respective
stakeholders. Bonheur’s investments through
its operating subsidiaries carries potential risks
and opportunities related to corporate culture,
business conduct, protection of whistleblowers,
and prevention of corruption and bribery. The
operating subsidiaries' risk management covers
possible non-compliance with applicable laws
and regulations, ethical dilemmas, environmental
incidents, and conflicts of interests.
The policy addresses a range of sustainability
matters, with a primary focus on business
ethics, anti-corruption measures, and corporate
governance. It outlines commitments to support
human rights, prohibit discrimination, ensure
health and safety, and promote transparency
and integrity. It also includes provisions for
whistleblower protection. The policy applies to
ESRS-G1 Business conduct
employees of Bonheur's operating subsidiaries',
suppliers, business partners, contractors, and
consultants. It further established an expectation
of standards for due diligence in behavioural
conduct across Bonheur's operating subsidiaries.
Bonheur's Governance Policy has a particular focus
on business ethics and anti-corruption standards.
The policy is intended for application across the
entire Bonheur group of companies, including
employees, contractors, and consultants. Key
elements of the policy include compliance with
international guidelines on human rights, anti-
discrimination measures, safety practices, and anti-
corruption standards.
Scope of policy
The governance policy thus extends to operating
subsidiaries across different business sectors and
incorporates the value chain, both upstream and
downstream, temporary employees, contractors
and consultants within the Bonheur group of
companies. In supplier selection and value chain
assessment, due adherence to the policy across
the board of Bonheur's operating subsidiaries is
accordingly expected. While the policy provides
a broader governance framework, operating
subsidiaries may develop bespoke policies
duly adapted to their unique risks and business
requirements, as the case may be. The Bonheur
group of companies will expect corresponding
compliance from suppliers and business partners.
Bonheur's Board has approved the policy, and
the operating subsidiaries are expected to ensure
corresponding due implementation.
In the implementation of its governance policy,
Bonheur is guided by universally recognised third-
party standards and initiatives. These include the
OECD Guidelines for Multinational Enterprises, the
UN Global Compact’s 10 principles and the ILO
conventions.
The interests of key stakeholders are considered. A
continuous engagement process by the operating
subsidiaries with stakeholders like employees,
suppliers, customers, regulators, NGOs, and the
general public ensure that feedback is gathered
through varied channels. Regular policy review
processes also ensures adequate changes or
adjustments based on the interests and feedback
from stakeholders.
Dissemination
The policy is published on Bonheur's website
and thus available to relevant stakeholders -
from employees within operating subsidiaries to
external stakeholders such as suppliers, customers,
and the public.
Mechanisms for identifying, reporting and
investigating concerns
Employees in the operating subsidiaries are
expected exercise sound ethical judgement. Any
suspicions of irregularities can be reported via in-
house mechanisms or the whistleblower channel.
Specific reporting procedures are outlined
in compliance with the Norwegian Working
Environment Act and Directive (EU) 2019/1937
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
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ensuring protection against retaliation towards
whistleblowers. Measures are enforced to ensure
those reporting irregularities do not experience
retaliatory actions.
The whistleblower channel is open to both
internal and external stakeholders. The operating
subsidiaries have implemented mechanisms to
ensure that investigations are conducted within a
reasonable time frame and will report about these
concerns and their follow-ups as appropriate. The
current procedures do not specifically address the
criteria for selection of investigation committees.
Information on anti-corruption and anti-bribery
The governance policy emphasises anti-corruption
and anti-bribery measures in line with the United
Nations Convention against Corruption. The policy
specifies that individuals representing Bonheur
and/or its operating subsidiaries shall not engage
in any form of corruption, including the offering
or acceptance of bribes, inappropriate gifts or
benefits for personal or business advantages.
Suppliers and business partners are expected to
follow this policy.
G13 Prevention and detection of
corruption and bribery
Procedures to address allegations or incidents 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 is expected integrated
within 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
procedures as described in the HSE Handbook
available to all employees of the operating
subsidiaries. Further a “Hot line” for addressing
complaints specifically on anti-corruption is
available for some of the subsidiaries.
Reporting to supervisory bodies
Bonheur's operating subsidiaries are responsible
for conducting individual investigations of
all reports of irregularities. The proceeding of
each investigation depends on the specific
details of each report, hence the duration of the
corresponding assessment will vary. At the end of
each year, the operating subsidiaries are expected
compile a report to their respective Boards. Such
report shall contain information including the
number of concerns reported, the percentage of
substantiated claims, the types of reported issues,
the status of ongoing or completed investigations
during the year, and the outcome and potential
implications of investigations. This ensures that
the responsible boards can be briefed on the
outcomes and can ensure appropriate follow-up
and risk management. Bonheur’s Audit Committee
will also be informed about ongoing investigations
into financial irregularities.
Preventing corruption and bribery
Bonheur and its operating subsidiaries maintain
stringent procedures in preventing, detecting
and addressing any due allegations or incidents
of corruption and bribery. These include
adherence to the United Nations Convention
Against Corruption and the OECD Guidelines for
Multinational Enterprises, implying zero tolerance
for any form of corruption.
The operating subsidiaries are expected to
exercise due diligence and ensure all conduct
aligns with applicable regulations. Employees of
the operating subsidiaries are, through training
and the code of conduct, instructed not to
accepting inappropriate gifts or benefits that
could provide business or personal advantage.
Irregularities and non-compliance can be reported
through an established whistleblowing channel
available online and on the intranet, and all
reports are thoroughly investigated to ensure
ethical business conduct. Furthermore, Bonheur
expects the same adherence to these anti-
corruption principles from all business partners
and suppliers.
Anti-corruption and anti-bribery training
programmes
Bonheur's governance policy includes business
ethics and anti-corruption measures. All
individuals working within the Bonheur group
of companies, including temporary employees,
contractors, and consultants are expected to
comply with this policy, which details a strong
stance against any form of corruption or bribery.
While the Governance Policy provides a broad
framework, it allows for operating subsidiaries
to formulate subsidiary-specific anti-corruption
or anti-bribery training programmes, aligned
with Bonheur’s stance, further address to specific
business risks and challenges.
All employees of operating subsidiaries, including
members of the administration and management
of Fred. Olsen & Co. AS must complete anti-
corruption training.
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 86 EXPLORE
Actions and targets related to business conduct
Bonheur developed a new governance policy
during 2024 to further establish a shared standard
for business ethics and anti-corruption. The
policy includes measures on how Bonheur and its
operating subsidiaries shall manage issues related
to business conduct.
The Bonheur group of companies also established
a new whistleblower channel to improve the
accessibility and handling of any reported
concerns.
All operating subsidiaries of Bonheur have a
zero tolerance for corruption and a target of zero
corruption or bribery incidents.
G14 Incidents of corruption or bribery
During the reported period, no incidents of
violations surfaced that required specific actions
to rectify breaches to anti-corruption and anti-
bribery practices.
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
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 87 EXPLORE
List of data points that derive from other EU legislations, with information on their location in the Sustainability Statement.
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
25
ESRS 2 GOV-1
Percentage of board members who are
independent paragraph 21 (e)
Delegated Regulation (EU)
2020/1816, Annex II
25
ESRS 2 GOV-4
Statement on due diligence paragraph 30
Indicator number 10 Table #3 of Annex 1 92
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)
2022/245313Ta ble 1: Qualitative
information on Environmental
risk and Table 2: Qualitative
information on Social risk
Delegated Regulation (EU)
2020/1816, Annex II
N/A
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
N/A
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
N/A
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
N/A
ESRS E1-1
Transition plan to reach climate neutrality by 2050
paragraph 14
Regulation (EU)
2021/1119, Article 2(1)
51
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
residouble maturity
Delegated Regulation (EU)
2020/1818, Article12.1 (d) to (g),
and Article 12.2
N/A
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
58
Appendix
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 88 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 E1-5
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
59
ESRS E1-5
Energy consumption and mix paragraph 37
Indicator number 5 Table #1 of Annex 1 59
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 N/A
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
residouble maturity
Delegated Regulation (EU)
2020/1818, Article 5(1), 6 and 8(1)
60
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)
60
ESRS E1-7
GHG removals and carbon credits paragraph 56
Regulation (EU)
2021/1119, Article 2(1)
N/A
ESRS E1-9
Exposure of the benchmark portfolio to climate-
related physical risks paragraph 66
Delegated Regulation (EU)
2020/1818, Annex II Delegated
Regulation (EU) 2020/1816,
AnnexII
ESRS E1-9
Disaggregation of monetary amounts by acute and
chronic physical risk paragraph 66 (a) ESRS E1-9
Location of significant assets at material physical
risk paragraph 66 (c).
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.
N/A
ESRS E1-9
Breakdown of the carrying value of its real estate
assets by energyefficiency classes paragraph 67 (c).
Article 449a Regulation (EU)
No 575/ 2013; Commission
Implementing Regulation
(EU) 2022/ 2453 paragraph
34; Template 2:Banking book
-Climate change transition
risk: Loans collateralised by
immovable property - Energy
efficiency of the collateral
N/A
ESRS E1-9
Degree of exposure of the portfolio to climate-
related opportunities paragraph 69
Delegated Regulation (EU)
2020/1818, Annex II
N/A
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 89 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 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
N/A
ESRS E3-1
Water and marine resources paragraph 9
Indicator number 7 Table #2 of Annex 1 N/A
ESRS E3-1
Dedicated policy paragraph 13
Indicator number 8 Table 2 of Annex 1 N/A
ESRS E3-1
Sustainable oceans and seas paragraph 14
Indicator number 12 Table #2 of Annex 1 N/A
ESRS E3-4
Total water recycled and reused paragraph 28 (c)
Indicator number 6.2 Table #2 of Annex 1 N/A
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 N/A
ESRS 2- SBM-3 - E4 paragraph 16 (a) i Indicator number 7 Table #1 of Annex 1 63
ESRS 2- SBM-3 - E4 paragraph 16 (b) Indicator number 10 Table #2 of Annex 1 64
ESRS 2- SBM-3 - E4 paragraph 16 (c) Indicator number 14 Table #2 of Annex 1 64
ESRS E4-2
Sustainable land / agriculture practices or policies
paragraph 24 (b)
Indicator number 11 Table #2 of Annex 1 64
ESRS E4-2
Sustainable oceans / seas practices or policies
paragraph 24 (c)
Indicator number 12 Table #2 of Annex 1 64
ESRS E4-2
Policies to address deforestation paragraph 24 (d)
Indicator number 15 Table #2 of Annex 1 N/A
ESRS E5-5
Non-recycled waste paragraph 37 (d)
Indicator number 13 Table #2 of Annex 1 N/A
ESRS E5-5
Hazardous waste and radioactive waste paragraph
39
Indicator number 9 Table #1 of Annex 1 N/A
ESRS 2- SBM3 - S1
Risk of incidents of forced labour paragraph 14 (f)
Indicator number 13 Table #3 of Annex I 70
ESRS 2- SBM3 - S1
Risk of incidents of child labour paragraph 14 (g)
Indicator number 12 Table #3 of Annex I 70
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
70
ESRS S1-1
Due diligence policies on issues addressed by the
fundamental International Labor Organisation
Conventions 1 to 8, paragraph 21
Delegated Regulation
(EU) 2020/1816,
Annex II
70
ESRS S1-1
Processes and measures for preventing trafficking
in human beings paragraph 22
Indicator number 11 Table #3 of Annex I N/A
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 90 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 S1-1
Workplace accident prevention policy or
management system paragraph 23
Indicator number 1 Table #3 of Annex I 70
ESRS S1-3
Grievance/complaints handling mechanisms
paragraph 32 (c)
Indicator number 5 Table #3 of Annex I 71
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 Delegated Regulation (EU)
2020/1816, Annex II
75
ESRS S1-14
Number of days lost to injuries, accidents, fatalities
or illness paragraph 88 (e)
Indicator number 3 Table #3 of Annex I 75
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
76
ESRS S1-16
Excessive CEO pay ratio paragraph 97 (b)
Indicator number 8 Table #3 of Annex I 76
ESRS S1-17
Incidents of discrimination paragraph 103 (a)
Indicator number 7 Table #3 of Annex I 76
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
Delegated Regulation (EU)
2020/1816, Annex II Delegated
Regulation (EU) 2020/1818 Art
12 (1)
76
ESRS 2- SBM3 – S2
Significant risk of child labour or forced labour in
the value chain paragraph 11 (b)
Indicators number 12 and n. 13 Table #3 of
Annex I
77
ESRS S2-1
Human rights policy commitments paragraph 17
Indicator number 9 Table #3 and Indicator
n. 11 Table #1 of Annex 1
78
ESRS S2-1
Policies related to value chain workers paragraph
18
Indicator number 11 and n. 4 Table #3 of
Annex 1
78
ESRS S2-1
Non-respect of UNGPs on Business and Human
Rights principles and OECD guidelines paragraph
19
Indicator number 10 Table #1 of Annex 1 Delegated Regulation (EU)
2020/1816, Annex II Delegated
Regulation (EU) 2020/1818, Art
12 (1)
N/A
ESRS S2-1
Due diligence policies on issues addressed by the
fundamental International Labor Organisation
Conventions 1 to 8, paragraph 19
Delegated Regulation (EU)
2020/1816, Annex II
78
ESRS S2-4
Human rights issues and incidents connected to its
upstream and downstream value chain paragraph
36
Indicator number 14 Table #3 of Annex 1 79
ESRS S3-1
Human rights policy commitments paragraph 16
Indicator number 9 Table #3 of Annex 1 and
Indicator number 11 Table #1 of Annex 1
81
ESRS S3-1
Non-respect of UNGPs on Business and Human
Rights, ILO principles or OECD guidelines
paragraph 17
Indicator number 10 Table #1 Annex 1 Delegated Regulation (EU)
2020/1816, Annex II Delegated
Regulation (EU) 2020/1818, Art
12 (1)
N/A
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 91 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 S3-4
Human rights issues and incidents paragraph 36
Indicator number 14 Table #3 of Annex 1 N/A
ESRS S4-1
Policies related to consumers and end-users
paragraph 16
Indicator number 9 Table #3 and Indicator
number 11 Table #1 of Annex 1
N/A
ESRS S4-1
Non-respect of UNGPs on Business and Human
Rights and OECD guidelines paragraph 17
Indicator number 10 Table #1 of Annex 1 Delegated Regulation (EU)
2020/1816, Annex II Delegated
Regulation (EU) 2020/1818, Art
12 (1)
N/A
ESRS S4-4
Human rights issues and incidents paragraph 35
Indicator number 14 Table #3 of Annex 1 N/A
ESRS G1-1
United Nations Convention against Corruption
paragraph 10 (b)
Indicator number 15 Table #3 of Annex 1 85
ESRS G1-1
Protection of whistle- blowers paragraph 10 (d)
Indicator number 6 Table #3 of Annex 1 86
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)
87
ESRS G1-4
Standards of anticorruption and anti- bribery
paragraph 24 (b)
Indicator number 16 Table #3 of Annex 1 N/A
GOV4 STATEMENT ON DUE DILIGENCE
Core elements of due diligence Paragraphs in the sustainability statement
(a) Embedding due diligence in governance,
strategy and business model
Descriptions of diligence processes in governance, strategy and business model are addressed under GOV-2, GOV-3 and SBM-3.
(b) Engaging with affected stakeholders in all key
steps of the due diligence
Engagement with affected stakeholders is addressed under GOV-2, SBM-2, IRO-1 and in the relevant topical standards, reflecting the different stages and purpose of
stakeholder engagement throughout the due diligence process.
(c ) Identifying and assessing adverse impacts Identifying and assessing adverse impacts on people and the environment are IRO-1 and SBM-3.
(d) Taking action to address those adverse
impacts
Taking action to address negative impacts on people and the environment is ad-dressed under the different topical disclo-sures; E1, E4, S1, S2, S3 and G1.
(e) (e) Tracking the effectiveness of these efforts
and communicating
Tracking the effectiveness of the efforts is addressed under the topical disclosures; E1, E4, S1, S2, S3 and G1
Oslo, 8 April 2025
Bonheur ASA – The Board of Directors
Fred. Olsen
Chair
Carol Bell
Director
Gaute Gjelsten
Director
Jannicke Hilland
Director
Heidi Skaaret
Director
Nick Emery
Director
Anette Sofie Olsen
Managing Director
At a glance
Financial highlights
Key figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability statement
Taxonomy assessment
methodology
Consolidated accounts
NGAAP accounts
Auditor's report
Auditor's limited
assurance report
Directors’ responsibility
statement
Statement by the
shareholders’ committee
Major asset list as per 31
December 2024
Definitions
Addresses
SEARCHPAGE 92 EXPLORE
Consolidated accounts
BRIZO – Fred. Olsen 1848
At a glance
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Letter from the CEO
Overview
Director’s Report
The Board of Directors
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Consolidated accounts
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shareholders’ committee
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SEARCHPAGE 93 EXPLORE
For the period 1 January - 31 December | Note | 2024 | 2023 |
| 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, 7.84% of Global Wind Service A/S and
18.32% av Projective Ltd.
Consolidated Income Statement
SEARCHPAGE 94 EXPLORE
At a Glance
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Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Taxonomy assessment
methodology
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per 31
December 2024
Definitions
Addresses
For the period 1 January - 31 December | Note | 2024 | 2023 |
| 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 | |||
| Fair value effects related to financial instruments: | |||
- Financial assets at fair value over OCI | |||
Other comprehensive income from associates | |||
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 2024 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 (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.S.
Consolidated Statement of Comprehensive Income
SEARCHPAGE 95 EXPLORE
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Consolidated Accounts
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Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per 31
December 2024
Definitions
Addresses
Note | 31.12.2024 | 31.12.2023 | |
| 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 | |||
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 Holding 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, 7.84% of Global Wind
Service A/S and 18.32% of Projective Ltd
Consolidated Statement of Financial Position
SEARCHPAGE 96 EXPLORE
At a Glance
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Director’s Report
The Board of Directors
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Consolidated Accounts
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Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per 31
December 2024
Definitions
Addresses
Note | 31.12.2024 | 31.12.2023 | |
| 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 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, 7.84% of Global Wind
Service A/S and 18.32% of Projective Ltd.
Oslo, 8 April 2025
Bonheur ASA – The Board of Directors
Fred. Olsen
Chair
Carol Bell
Director
Gaute Gjelsten
Director
Jannicke Hilland
Director
Heidi Skaaret
Director
Nick Emery
Director
Anette Sofie Olsen
Managing Director
SEARCHPAGE 97 EXPLORE
At a Glance
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Letter from the CEO
Overview
Director’s Report
The Board of Directors
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Taxonomy assessment
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Consolidated Accounts
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Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per 31
December 2024
Definitions
Addresses
| Share | Share | Translation | Fair value | Retained | Non-controlling | Total | ||
| capital | premium | reserve | reserve | earnings | Total | interests | equity | |
| Amounts in NOK 1,000 | ||||||||
Balance at 1 January 2023 | - | - | ||||||
Total comprehensive income for the period | ||||||||
Effect from transactions with non-controlling interests *) | ||||||||
Dividends to shareholders in parent company | - | - | - | |||||
Dividends to non-controlling interests in subsidiaries | - | - | ||||||
Balance at 31 December 2023 | - | |||||||
Balance at 1 January 2024 | - | |||||||
Total comprehensive income for the period | ||||||||
Dividends to shareholders in parent company | - | - | - | |||||
Dividends to non-controlling interests in subsidiaries | - | - | ||||||
Balance at 31 December 2024 |
Share capital
Par value per share NOK 1.25
Number of shares issued 42,531,893
Shares outstanding and dividends Note 2024 2023
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 6,75 6,00
*)
Transaction related to drop-down of Fäbodliden 2 to Wind Fund 1 with a cash contribution of EUR 14.3 million. NOK
Statement of Changes in Equity
The board will propose to the Annual General Meeting on 22 May 2025 to approve a dividend of NOK 6.75
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 2024 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.
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Note | 2024 | 2023 | |
| 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 | |||
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
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NOTE 1 Principal accounting policies and key accounting estimates
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.
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Renewable Energy 1) | Wind Service 2) | Cruise 3) | ||||
Fully consolidated companies | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
| Amounts in NOK 1,000 | ||||||
Operating income - External | 2,659,380 | 2,981,085 | 6,453,800 | 5,108,838 | 3,649,895 | 3,314,505 |
Operating income - Internal | 0 | 12,951 | 29,712 | 27,034 | 0 | 0 |
Operating cost | -1,075,667 | -1,072,848 | -4,931,480 | -3,808,871 | -3,148,417 | -2,831,830 |
Depreciation | -369,436 | -316,482 | -478,713 | -497,880 | -180,894 | -147,659 |
Impairment | -10,296 | -11,974 | 0 | 0 | 0 | 0 |
Operating profit/loss | 1,203,981 | 1,592,732 | 1,073,319 | 829,121 | 320,583 | 335,017 |
Interest income | 54,177 | 77,305 | 88,989 | 42,419 | 29,077 | 10,598 |
Interest expenses | -347,786 | -323,389 | -104,588 | -135,715 | -115,711 | -102,340 |
Tax income / expense (-) | -305,294 | -411,289 | -131,957 | -52,301 | 6,846 | 6,042 |
Profit / (loss) for the year | 538,045 | 770,052 | 920,022 | 675,597 | 228,512 | 205,239 |
Total assets | 10,041,345 | 9,103,933 | 8,554,359 | 7,746,078 | 1,509,785 | 1,394,613 |
Total liabilities | 7,705,134 | 7,145,736 | 2,747,689 | 3,111,650 | 2,954,385 | 2,922,404 |
Total equity | 2,336,211 | 1,958,198 | 5,806,669 | 4,634,428 | -1,444,600 | -1,527,791 |
Capital expenditures | 353,883 | 285,775 | 776,762 | 459,243 | 216,870 | 125,653 |
Other investments 4) | Eliminations | Group, total | ||||
Fully consolidated companies | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
| Amounts in NOK 1,000 | ||||||
Operating income - External | 1,232,357 | 1,156,232 | 0 | -918 | 13,995,431 | 12,559,743 |
Operating income - Internal | 63,962 | 51,473 | -93,674 | -91,458 | 0 | 0 |
Operating cost | -1,396,009 | -1,381,557 | 93,385 | 92,408 | -10,458,188 | -9,002,698 |
Depreciation | -107,836 | -107,985 | 0 | 0 | -1,136,880 | -1,070,006 |
Impairment | -65,717 | -33,000 | 0 | 0 | -76,013 | -44,974 |
Operating profit/loss | -273,243 | -314,837 | -289 | 32 | 2,324,351 | 2,442,065 |
Interest income | 360,963 | 288,023 | -171,995 | -154,514 | 361,211 | 263,832 |
Interest expenses | -243,834 | -185,166 | 172,026 | 154,476 | -639,893 | -592,134 |
Tax income / expense (-) | -15,003 | -240 | 0 | 0 | -445,408 | -457,788 |
Profit / (loss) for the year | -39,463 | 578,370 | 0 | -650,000 | 1,647,116 | 1,579,258 |
Total assets | 13,004,029 | 12,962,642 | -7,846,864 | -7,702,502 | 25,262,654 | 23,504,764 |
Total liabilities | 4,838,715 | 4,457,431 | -2,184,658 | -2,040,296 | 16,061,266 | 15,596,925 |
Total equity | 8,165,314 | 8,505,211 | -5,662,206 | -5,662,206 | 9,201,388 | 7,907,840 |
Capital expenditures | 2,284 | 3,093 | 0 | 0 | 1,349,799 | 873,763 |
For explanations to the footnotes see previous page.
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Renewable Energy 1) | Wind Service 2) | Other Investments 4) | Group of companies total | |||||
Associates * | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
| Amounts in NOK 1,000 | ||||||||
Operating income | 0 | 0 | 5,749 | 3,958 | 62,243 | 77,589 | 67,992 | 81,547 |
Operating costs | -1,071 | -4,305 | -4,483 | -3,727 | -57,551 | -74,388 | -63,105 | -82,420 |
Depreciation / Impairment | -8,506 | -3,995 | 0 | 0 | -1,283 | -3,834 | -9,789 | -7,830 |
Operating result | -9,578 | -8,301 | 1,266 | 231 | 3,409 | -634 | -4,903 | -8,703 |
Share of profit in associates | -23,400 | -20,069 | 984 | 2,399 | 2,091 | -2,693 | -20,326 | -20,363 |
Share of equity | 360,928 | 256,451 | 1,191 | 193 | 26,569 | 27,199 | 388,689 | 283,843 |
Europe | Asia | Americas | ||||
Fully consolidated companies | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
| Amounts in NOK 1,000 | ||||||
Operating income | 9,946,376 | 10,517,375 | 2,246,377 | 1,487,103 | 1,797,265 | 541,984 |
Capital expenditure | 1,500,540 | 945,735 | 212 | 391 | 3,315 | 0 |
Africa | Other regions | Group of companies total | ||||
Fully consolidated companies | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
| Amounts in NOK 1,000 | ||||||
Operating income | 658 | 527 | 4,756 | 12,752 | 13,995,431 | 12,559,742 |
Capital expenditure | 0 | 0 | 0 | 0 | 1,504,067 | 946,126 |
For explanations to the footnotes see previous page.
* For further information on associates see note 12.
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. The capital expenditures are based on the location of the company that is actually doing the investment
Major customer
Of the total revenue in 2024 within the Group of companies, UK, Asia, USA, Germany and Netherlands contributed 32%, 15%, 13%, 12% and 12% respectively (2023: 35%, 12%, 4%, 15% and 11% respectively). Revenues
from the four largest customers within the Renewable Energy segment, constituted 18% (24%), and in the Wind Service segment the four largest customers constituted 30% (37%) of the total revenue in the Group of
companies.
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2024 | 2023 | |
| Amounts in NOK 1,000 | ||
Sales of electricity | 1,053,628 | 1,668,247 |
Sales of other goods | 128,430 | 124,180 |
Service revenue | 9,537,380 | 8,209,638 |
Other operating revenue | 88,543 | 69,359 |
Total revenue from goods and services | 10,807,981 | 10,071,423 |
Lease revenue | 1,673,363 | 1,170,544 |
Green Certificate revenue | 1,038,883 | 977,772 |
Government grants | 7,354 | 8,046 |
Other operating revenue | 466,908 | 241,123 |
Other operating revenue | 3,186,509 | 2,397,485 |
Other operating income | 941 | 90,834 |
Total operating income | 13,995,431 | 12,559,743 |
Note | 2024 | 2023 | |
| Amounts in NOK 1,000 | |||
Accounts receivables | 15 | 1,164,038 | 1,840,450 |
Contract assets | 15 | 324,525 | 348,180 |
Contract liabilities | 20 | 1,916,913 | 1,544,022 |
2025 | 2026 | 2027 | |
| Amounts in NOK 1,000 | |||
Order backlog per year (NOK million) | 4,840 | 873 | 776 |
31 December 2024 | 31 December 2023 | |
| Amounts in NOK 1,000 | ||
Costs to fulfill contracts | 53,345 | 271,687 |
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2024 | 2023 | |
| Amounts in NOK 1,000 | ||
Administrative expenses 1) | 760,763 | 599,294 |
Other operating expenses 2) | 6,163,050 | 4,959,342 |
Total | 6,923,813 | 5,558,636 |
2024 | 2023 | |
| Amounts in NOK 1,000 | ||
Statutory audit | 32,689 | 33,848 |
Other attestation services | 538 | 300 |
Tax services | 1,806 | 4,091 |
Other non-audit services | 2,531 | 891 |
Total (VAT exclusive) | 37,563 | 39,130 |
2024 | 2023 | |
| Amounts in NOK 1,000 | ||
| Research and development expenditures included in "Other | 60,944 | 79,079 |
| operating expenses" |
Salaries etc. | Note | 2024 | 2023 |
| Amounts in NOK 1,000 | |||
Salaries | 2,299,931 | 1,998,462 | |
Social security cost | 117,027 | 230,901 | |
Pension costs | 19 | 101,405 | 142,335 |
Other | 41,720 | 49,596 | |
Total | 2,560,083 | 2,421,294 | |
Loan to employees in the Group of companies | 502 | 536 |
2024 | 2023 | |
| Amounts in NOK 1,000 | ||
Fred. Olsen, Chairman of the Board | 1,670 | 1,643 |
Nick Emery 1) | 538 | 511 |
Carol Bell 1) | 530 | 491 |
Heidi Skaaret | 440 | 0 |
Gaute Gjelsten | 440 | 0 |
Jannicke Hilland | 440 | 443 |
Bente Hagem | 0 | 473 |
Andreas Mellbye | 0 | 465 |
Total compensations | 4,058 | 4,025 |
2024 | 2023 | |
| Amounts in NOK 1,000 | ||
Christian Fr. Michelet | 240 | 225 |
Synne Homble | 200 | 190 |
Jørgen G. Heje | 200 | 190 |
Andreas Mellbye | 200 | 0 |
Ole Kristian Aabø-Evensen | 200 | 190 |
Gaute Gjelsten | 0 | 190 |
Total compensations | 1,040 | 985 |
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Salaries etc. | 2024 | 2023 |
| Amounts in NOK 1,000 | ||
Interest income on bonds | 15,372 | 15,409 |
Interest income on receivables | 35,240 | 22,910 |
Interest income on bank deposits | 310,598 | 225,513 |
Interest income | 361,211 | 263,832 |
Dividend income on financial assets | 273 | 9 |
Net gain on disposal of financial assets recognised directly in profit or loss | 1,420 | 109 |
Foreign exchange gain | 490,780 | 510,658 |
Net change in fair value of financial assets at fair value through profit or loss | 29,701 | 134 |
Various finance income | 21,579 | 9,577 |
Total other finance income | 543,752 | 520,487 |
| Interest expenses on financial liabilities measured at amortised | -639,893 | -592,134 |
| cost | ||
Interest expense | -639,893 | -592,134 |
Foreign exchange loss | -334,959 | -332,652 |
Net loss on disposal of financial assets recognised directly in profit or loss | -11 | -2 |
Net change in fair value of financial assets at fair value through profit or loss | 0 | -152,780 |
Impairment of financial assets | -39,641 | -20,009 |
Various finance expenses | -101,807 | -71,398 |
Total other finance expenses | -476,418 | -576,842 |
Net finance expenses recognised in profit or loss | -211,348 | -384,656 |
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2024 | 2023 | |
| Amounts in NOK 1,000 | ||
| Profit/loss (-) before tax: | ||
Norway | 749,257 | 614,046 |
Other countries | 1,343,267 | 1,423,000 |
Total | 2,092,524 | 2,037,046 |
| Taxes paid (-) / received: | ||
Norway | -39,540 | -90,505 |
Other countries | -379,126 | -345,412 |
Total paid taxes | -418,666 | -435,917 |
| 1) Current tax expense (-) / income: | ||
Norway | -46,909 | -47,120 |
Other countries | -395,860 | -445,443 |
Total current tax expenses | -442,769 | -492,563 |
| 2) Deferred tax expense (-) / income: | ||
Norway | -17,352 | -13,688 |
Other countries | 14,713 | 48,463 |
Total deferred tax expenses | -2,639 | 34,775 |
Total income tax expenses 1) + 2) | -445,409 | -457,788 |
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2024 | 2023 | |
| Amounts in NOK 1,000 | ||
Income/(-)loss before tax | 2,092,524 | 2,037,046 |
Norwegian statutory tax rate | 22% | 22% |
Income tax using the Company's domestic tax rate | -460,355 | -448,150 |
| Increase (-reduction) in income taxes from: | ||
Effect of tax rates other than statutory tax rate in Norway | -141,804 | -11,683 |
Effects on change in tax rates | 389 | -26,512 |
Share of profit of equity-accounted investees | 0 | 0 |
Effects on tax incentives / tonnage tax | 209,710 | 100,616 |
Impairment on tangible and intangible assets | 0 | 0 |
Prior period adjustments | -13,910 | 1,303 |
Change in recognised deductible temporary differences | -21,399 | -21,337 |
Change in unrecognized deferred tax assets | -34,175 | -29,570 |
Impairment on tangible and intangible assets | 727 | 0 |
Non-deductible and non-taxable expenses/income | -75,820 | -24,744 |
Currency effects 1) | 81,315 | 6,192 |
Income/expenses recognised directly in equity | 9,914 | -3,904 |
Tax expenses % | 21% | 22% |
Tax expenses | -445,408 | -457,788 |
2024 | 2023 | |
| Amounts in NOK 1,000 | ||
Current tax payable Norway | 28,403 | 41,697 |
Current tax payable other countries | 120,888 | 82,356 |
Current tax payable | 149,291 | 124,053 |
| Assets | Liabilities | Assets | Liabilities | |
| 2024 | 2024 | 2023 | 2023 | |
| Amounts in NOK 1,000 | ||||
Property, plant and equipment | 2,632 | -643,500 | 4,363 | -599,041 |
Intangible assets | 1,448 | -464 | 1,638 | -26,215 |
Gain and loss accounts | 5,552 | -4,934 | 499 | -10,036 |
Loans and borrowings | 220 | -65,307 | 207 | -59,083 |
Shares and bonds | 0 | -7,811 | 0 | -2,376 |
Other | 4,916 | -30,297 | 20,280 | -81,919 |
Tax loss carryforwards | 246,828 | -8,958 | 304,428 | -3,262 |
Subtotal | 261,597 | -761,270 | 331,414 | -781,931 |
Set off of tax | -35,008 | 35,008 | -143,660 | 143,660 |
Net tax assets / (-) liabilities | 226,589 | -726,262 | 187,754 | -638,271 |
2024 | 2023 | |
| Amounts in NOK 1,000 | ||
Deductible temporary differences | 46,860 | 163,634 |
Tax losses | 406,609 | 428,886 |
Total | 453,469 | 592,520 |
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Windfarms | 24 years |
Ships | 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 |
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| Other | ||||
Windfarms | Vessels | fixed assets | Total | |
| Amounts in NOK 1,000 | ||||
| Costs | ||||
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 |
Balance at 1 January 2024 | 10,967,441 | 9,840,780 | 1,577,166 | 22,385,387 |
Acquisitions | 268,819 | 869,690 | 137,011 | 1,275,521 |
Right to use asset (leasing IFRS 16) | 128,702 | 0 | 30,304 | 159,006 |
Disposals | -8,459 | -261,624 | -85,176 | -355,258 |
Other | -21,725 | 0 | 0 | -21,725 |
Reclassifications | 68,211 | -8,698 | 3,540 | 63,053 |
Currency translation | 827,309 | 645,348 | 65,640 | 1,538,297 |
Balance at 31 December 2024 | 12,230,299 | 11,085,495 | 1,728,486 | 25,044,280 |
| Depreciation and impairment losses | ||||
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 | -765,706 |
Balance at 31 December 2023 | -5,589,660 | -5,032,735 | -769,136 | -11,391,532 |
Balance at 1 January 2024 | -5,589,660 | -5,032,735 | -769,136 | -11,391,532 |
Depreciation | -352,526 | -551,090 | -155,413 | -1,059,030 |
Impairments | 0 | 0 | 0 | 0 |
Disposals | 0 | 261,446 | 73,823 | 335,269 |
Reclassifications | 0 | -1,604 | 6,763 | 5,158 |
Other | 0 | 0 | 170 | 170 |
Currency translation | -495,416 | -387,364 | -35,393 | -918,173 |
Balance at 31 December 2024 | -6,437,602 | -5,711,348 | -879,187 | -13,028,136 |
| Carrying amounts | ||||
At 1 January 2023 | 5,039,047 | 4,533,726 | 778,402 | 10,351,175 |
At 31 December 2023 | 5,377,781 | 4,808,045 | 808,030 | 10,993,855 |
At 1 January 2024 | 5,377,781 | 4,808,045 | 808,030 | 10,993,855 |
At 31 December 2024 | 5,792,696 | 5,374,148 | 849,299 | 12,016,143 |
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| Customer | |||||
| relationships, | |||||
| Development | Publishing | technology, | |||
| costs | rights 1) | Goodwill | patents, other | Total | |
| Amounts in NOK 1,000 | |||||
| Cost | |||||
Balance at 1 January 2023 | 504,430 | 162,000 | 543,418 | 553,624 | 1,763,472 |
Acquisitions 2) | 84,564 | 0 | 1,306 | 77,851 | 163,721 |
Reclassifications | -2 | 0 | -4,301 | -35,409 | -39,712 |
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 |
| Cost | |||||
Balance at 1 January 2024 | 634,457 | 162,000 | 547,939 | 597,066 | 1,941,462 |
Acquisitions 2) | 74,466 | 0 | 63,532 | 51,910 | 189,908 |
Disposals | -6,271 | 0 | 0 | -241 | -6,512 |
Reclassifications | -68,211 | 0 | 0 | -11,573 | -79,784 |
Currency translation | 59,420 | 0 | 10,124 | 3,315 | 72,859 |
Balance at 31 December 2024 | 693,860 | 162,000 | 621,595 | 640,477 | 2,117,933 |
| Depreciation and impairment losses | |||||
Balance at 1 January 2023 | -90,643 | 0 | -110,835 | -433,819 | -635,297 |
Depreciation | -13,321 | 0 | 0 | -66,418 | -79,739 |
Impairments | -11,974 | 0 | -33,000 | 0 | -44,974 |
Reclassifications | 0 | 0 | 4,300 | 35,516 | 39,816 |
Currency translation | -7,774 | 0 | 3,141 | 6,307 | 1,674 |
Balance at 31 December 2023 | -123,712 | 0 | -136,394 | -458,414 | -718,520 |
Balance at 1 January 2024 | -123,712 | 0 | -136,394 | -458,414 | -718,520 |
Depreciation | -11,923 | 0 | 0 | -65,926 | -77,849 |
Impairments | -10,297 | 0 | -16,349 | -49,367 | -76,013 |
Disposals | 6,271 | 0 | 0 | 181 | 6,452 |
Reclassifications | 0 | 0 | 0 | 11,573 | 11,573 |
Currency translation | -12,416 | 0 | -3,365 | 5,794 | -9,987 |
Balance at 31 December 2024 | -152,077 | 0 | -156,108 | -556,159 | -864,344 |
| Carrying amounts | |||||
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 |
At 1 January 2024 | 510,745 | 162,000 | 411,545 | 138,652 | 1,222,942 |
At 31 December 2024 | 541,783 | 162,000 | 465,487 | 84,318 | 1,253,589 |
2024 | 2023 | |
| Amounts in NOK million | ||
Renewable Energy | -10 | -12 |
Other Investments | -66 | -33 |
Total Impairment | -76 | -45 |
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| Codling | Muir | Other | ||
Holding Ltd 1) | Mhor Ltd | associates 2) | Total | |
| Amounts in NOK 1,000 | ||||
Business office | Ireland | Scotland | ||
Bonheur Group's ownership per 31.12.2023 | 50.00% | 50.00% | ||
Bonheur Group's percentage of votes 31.12.2023 | 50.00% | 50.00% | ||
Bonheur Group's ownership per 31.12.2024 | 50.00% | 50.00% | ||
Bonheur Group's percentage of votes 31.12.2024 | 50.00% | 50.00% | ||
Share of equity per 31.12.2023 | -28,671 | 285,122 | 27,392 | 283,843 |
Adjustment opening balance | 0 | 0 | 0 | 0 |
Profit from the company accounts | -23,377 | -23 | 3,074 | -20,326 |
Net profit included in Bonheur Group of companies | -23,377 | -23 | 3,074 | -20,326 |
Share issue / Capital increase | 0 | 92,462 | 0 | 92,462 |
Acquisition / disposal | 0 | 0 | 0 | 0 |
Currency translation differences | 297 | 28,478 | 1,497 | 30,271 |
Other | 6,641 | 0 | -4,202 | 2,439 |
Share of equity per 31.12.2024 | -45,110 | 406,039 | 27,761 | 388,689 |
2024 | 2023 | |
| Amounts in NOK 1,000 | ||
Profit for the year | -46,754 | -42,332 |
Total assets | 1,446,285 | 1,120,834 |
Total liabilities | 1,536,505 | 1,178,176 |
Total equity | -90,220 | -57,342 |
2024 | 2023 | |
| Amounts in NOK 1,000 | ||
Profit for the year | -45 | 2,194 |
Total assets | 870,872 | 618,025 |
Total liabilities | 58,795 | 47,781 |
Total equity | 812,077 | 570,244 |
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| Fair value as per | Fair value as per | |
| 31.12.24 | 31.12.23 | |
| Amounts in NOK 1,000 | ||
Total short-term liquid share portfolio | 66,114 | 94,826 |
Total long-term liquid share portfolio | 111,067 | 117,883 |
Total liquid share portfolio | 177,181 | 212,710 |
| Fair value as per | Fair value as per | |
| 31.12.24 | 31.12.23 | |
| Amounts in NOK 1,000 | ||
Bonds and securities (specification below) | 219,618 | 244,160 |
Loans granted to associates | 706,980 | 539,982 |
Financial instruments | 261,226 | 226,785 |
Other interest-bearing loans | 4,002 | 4,149 |
Other non-interest-bearing receivables | 117,913 | 76,304 |
Total Bonds and other receivables (long-term assets) | 1,309,739 | 1,091,381 |
| Average | ||||
| interest rate | Fair value as per | Fair value as per | ||
Long-term assets: | Cost price | 2024 | 31.12.24 | 31.12.23 |
| Amounts in NOK 1,000 | ||||
Utility companies | 25,000 | 5,5% | 25,069 | 20,968 |
Real Estate companies | 22,004 | 5,9% | 22,125 | 35,587 |
Industrial companies | 85,421 | 6,4% | 87,947 | 109,788 |
Financial and investment companies | 83,200 | 7,8% | 84,478 | 77,817 |
Total | 215,625 | 6,8% | 219,618 | 244,160 |
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Inventory | Note | 2024 | 2023 |
| Amounts in NOK 1,000 | |||
Inventories and consumable spare parts | 253,526 | 171,145 | |
Bunkers | 27,784 | 61,412 | |
Articles of consumption onboard | 41,357 | 44,791 | |
Work in Progress | 5 | 53,345 | 271,687 |
Total | 376,011 | 549,035 |
Note | 2024 | 2023 | |
| Amounts in NOK 1,000 | |||
Other trade receivables | 2,439,047 | 3,004,508 | |
Contract assets | 5, 22 | 324,525 | 348,180 |
Total trade receivables and contract assets | 2,763,573 | 3,352,688 | |
Short-term liquid share portfolio | 13 | 66,114 | 94,826 |
Total other receivables | 66,114 | 94,826 | |
Total trade receivables and other receivables | 2,829,687 | 3,447,514 |
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2024 | 2023 | |
| Amounts in NOK 1,000 | ||
Cash related to payroll tax withholdings | 30,897 | 31,504 |
Other restricted cash 1) | 570,030 | 638,540 |
Total restricted cash | 600,926 | 670,044 |
Unrestricted cash 2) | 5,981,664 | 4,790,156 |
Total cash & cash equivalents | 6,582,590 | 5,460,200 |
2024 | 2023 | |
| Amounts in NOK 1,000 | ||
Net result for the year (Majority share) | 1,140,593 | 1,037,794 |
Average number of outstanding shares during the year 1) | 42,531,893 | 42,531,893 |
Basic and diluted earnings per share | 26.8 | 24.4 |
Amounts in NOK 1,000 | 2024 | 2023 |
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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2024 | 2023 | |
| Amounts in NOK 1,000 | ||
| Non-current interest-bearing liabilities | ||
Secured bank loans | 3,573,827 | 4,148,784 |
Unsecured loans | 2,387,694 | 1,989,973 |
Lease liability, IFRS 16 | 555,178 | 464,358 |
Other loans | 946,476 | 1,114,327 |
Total | 7,463,174 | 7,717,441 |
| Current interest-bearing liabilities | ||
Current portion of secured bank loans | 959,176 | 920,408 |
Current portion of unsecured loans | 699,104 | 799,280 |
Current portion of lease liability, IFRS 16 | 94,913 | 89,513 |
Other loans | 760,960 | 553,638 |
Total | 2,514,154 | 2,362,839 |
Bond issue ticker, terms | Issued | Maturity | 2024 | 2023 |
| Amounts in NOK 1,000 | ||||
BON09 3 month NIBOR + 2.50% | 4-Sep-19 | 4-Sep-24 | 799,280 | |
BON10 ESG 3 month NIBOR + 2.75% | 22-Sep-20 | 22-Sep-25 | 699,104 | 697,909 |
BONHR01 ESG 3 month NIBOR + 2.90% | 13-Jul-21 | 13-Jul-26 | 698,145 | 696,909 |
BONHR02 ESG 3 month NIBOR + 3.00% | 15-Sep-23 | 15-Sep-28 | 748,122 | 595,155 |
BONHR03 ESG 3 month NIBOR + 2.35% | 9-Oct-24 | 9-Oct-29 | 941,426 | |
Total | 3,086,798 | 2,789,253 |
| 31.12.2024 | 31.12.2023 | ||||
| Nominal | Year of | Carrying | Carrying | ||
| Currency | interest rate | maturity | amount | amount | |
| Amounts in NOK 1,000 | |||||
| Renewable Energy: | |||||
Secured bank loan 1) | GBP 75% fixed 3.17%, 25% SONIA | 2032 | 3,084,625 | 3,286,262 | |
| + 1,40% | |||||
Secured bank loan 2) | GBP | 75% fixed 3,55%, 25% | 2036 | 681,392 | 650,006 |
| SONIA+ 1.80% | |||||
Shareholder loan 3) | GBP | SONIA + 6.0% | 2036 | 902,169 | 870,576 |
Lease liability, IFRS 16 | GBP | 455,615 | 332,796 | ||
Other | GBP | 50,050 | 47,277 | ||
5,173,851 | 5,186,917 | ||||
| Wind Service: | |||||
Secured green bank loan 4) | EUR | 3 month EURIBOR + 3.10% | 2026 | 363,483 | 439,965 |
Secured green bank loan 5) | EUR | 3 month EURIBOR + 2.05% | 2025 | 252,376 | 318,481 |
Secured bank loan 6) | EUR | Fixed 3,33% | 2027 | 46,326 | 60,209 |
Secured bank loan 6) | EUR | Fixed 3,33% | 2028 | 54,763 | 68,246 |
Secured bank loan 6) | EUR | 3 month EURIBOR + 2.65% | 2024 | 0 | 3,747 |
Shareholder loan 7) | EUR | Fixed 5,00% | 2028 | 31,847 | 37,937 |
Lease liability, IFRS 16 | EUR | 47,138 | 46,707 | ||
Other 8) | DKK/EUR | 529,921 | 469,790 | ||
1,325,853 | 1,445,082 |
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| 31.12.2024 | 31.12.2023 | ||||
| Nominal | Year of | Carrying | Carrying | ||
| Currency | interest rate | maturity | amount | amount | |
| Amounts in NOK 1,000 | |||||
| Cruise: | |||||
Sellers credit 9) | GBP | Fixed 2.50% | 2025 | 105,862 | 288,795 |
Lease liability, IFRS 16 | GBP | 867 | |||
105,862 | 289,662 | ||||
| Other: | |||||
| Unsecured Bonheur ASA | NOK | NIBOR / 2.75% / 2.90% / | 2025/ -26/ | 3,086,798 | 2,789,253 |
bond loans 10) | 3.00% / 2.35% | -28/ -29 | |||
Lease liability, IFRS 16 | NOK | 147,338 | 174,367 | ||
Other 11) | NOK | 137,626 | 195,000 | ||
3,371,762 | 3,158,620 | ||||
Total interest-bearing debt | 9,977,328 | 10,080,280 |
2024 | 2023 | |||||
| Present | Present | |||||
| Future | value of | Future | value of | |||
| minimum | minimum | minimum | minimum | |||
| lease | lease | lease | lease | |||
payment | Interest | payments | payment | Interest | payments | |
| Amounts in NOK 1,000 | ||||||
Less than one year | 64,326 | 8,603 | 55,723 | 53,259,717 | 7,392,924 | 45,866,793 |
Between one and five years | 193,650 | 25,396 | 168,254 | 167,551,180 | 20,058,347 | 147,492,833 |
More than five years | 498,559 | 222,475 | 276,083 | 237,667,055 | 54,139,594 | 183,527,461 |
Total | 756,535 | 256,474 | 500,061 | 458,477,952 | 81,590,865 | 376,887,087 |
Book value | 31.12.2024 | 31.12.2023 |
| Amounts in NOK 1,000 | ||
Windfarms | 3,383,012 | 2,864,889 |
Vessels | 4,561,938 | 4,096,970 |
Other fixed assets | 198,636 | 306,442 |
Total book value of collateral | 8,143,586 | 7,268,301 |
31.12.2024 | 31.12.2023 | |
| Amounts in NOK 1,000 | ||
Guarantees granted to associates 1) | 604,447 | 576,031 |
Guarantees granted to Group companies' entities | 825,937 | 665,944 |
Total | 1,430,384 | 1,241,975 |
31.12.2024 | 31.12.2023 | |
| Amounts in NOK 1,000 | ||
Cruise ships | 716,167 | 514,781 |
Windfarms | 714,217 | 720,894 |
Other 2) | 0 | 6,300 |
Total | 1,430,384 | 1,241,975 |
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Liabilities | Equity | ||||
| Other | |||||
| interest | Equity | Non- | |||
| Lease | bearing | holders of | controlling | ||
| liabilities | loans | the parent | interest | Total | |
| Amounts in NOK 1,000 | |||||
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 | 0 | 720,778 | 0 | 0 | 720,778 |
| exchange rates | |||||
Effects from transactions with non- controlling interests | 0 | 0 | 28,500 | 141,306 | 169,806 |
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 |
Balance as per 1 January 2024 | 553,871 | 9,526,409 | 6,677,452 | 1,230,388 | 17,988,120 |
| Changes from financing cash flows | |||||
Proceeds from long-term loans and borrowings | 0 | 1,099,589 | 0 | 0 | 1,099,589 |
Repayment of long-term loans and borrowings | 0 | -2,006,093 | 0 | 0 | -2,006,093 |
Dividend paid | 0 | 0 | -255,191 | -204,182 | -459,373 |
Total changes from financing cash flows | 0 | -906,504 | -255,191 | -204,182 | -1,365,877 |
Change lease liabilities (IFRS 16) | 96,220 | 0 | 0 | 0 | 96,220 |
| Effect on liabilities of changes in foreign | 0 | 707,332 | 0 | 0 | 707,332 |
| exchange rates | |||||
Comprehensive income for the period 1) | 0 | 0 | 1,349,391 | 403,529 | 1,752,921 |
Balance as per 31 December 2024 | 650,091 | 9,327,237 | 7,771,652 | 1,429,736 | 19,178,716 |
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2024 | 2023 | |
| Amounts in NOK 1,000 | ||
Present value of unfunded obligations | -711,247 | -628,630 |
Present value of funded obligations | -821,883 | -800,600 |
Total present value of obligations | -1,533,130 | -1,429,229 |
Fair value of plan assets | 990,536 | 922,285 |
Net liability for defined benefit obligations | -542,594 | -506,944 |
Financial fixed assets / pension funds | 168,652 | 121,686 |
Liabilities / Employee benefits | -711,246 | -628,630 |
Net liability as at 31 December | -542,594 | -506,944 |
Major categories of plan assets: | 2024 | 2023 |
| Amounts in NOK 1,000 | ||
Equity instruments | 37% | 36% |
Corporate bonds | 45% | 46% |
Government bonds | 4% | 7% |
Other assets | 14% | 11% |
Total plan assets | 100% | 100% |
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Funded obligation | Unfunded obligation | Net obligation | ||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
| Amounts in NOK 1,000 | ||||||
Balance at 1. January | 121,686 | 78,130 | -628,630 | -550,411 | -506,944 | -472,281 |
Correction previous year | 0 | 0 | 0 | -1,553 | 0 | -1,553 |
121,686 | 78,130 | -628,630 | -551,964 | -506,944 | -473,834 | |
Pension contribution | 45,434 | 41,641 | 0 | 0 | 45,434 | 41,641 |
Benefits paid by the plan 1) | 0 | 0 | 11,480 | 11,918 | 11,480 | 11,918 |
45,434 | 41,641 | 11,480 | 11,918 | 56,915 | 53,559 | |
| Included in profit and loss: | ||||||
| Interest on obligation / Interest | ||||||
on plan assets | 5,119 | 2,603 | -22,927 | -18,012 | -17,808 | -15,409 |
Current service cost | -22,811 | -24,123 | -12,870 | -12,823 | -35,682 | -36,946 |
Past service cost | 0 | 0 | 0 | 0 | 0 | 0 |
Currency effects / Corrections | 0 | 0 | 0 | 0 | 0 | 0 |
Net pension cost | -17,693 | -21,520 | -35,797 | -30,835 | -53,490 | -52,356 |
Included in other comprehensive income: | ||||||
| Actuarial gain/(loss) arising from: | ||||||
Financial assumptions and Experience adjustments | 4,300 | 754 | -58,300 | -57,748 | -54,000 | -56,994 |
Transferred value | 1,246 | 2,086 | 0 | 0 | 1,246 | 2,086 |
Return on plan assets | 13,680 | 20,596 | 0 | 0 | 13,680 | 20,596 |
19,226 | 23,435 | -58,300 | -57,749 | -39,074 | -34,313 | |
Foreign currency translation | 0 | 0 | 0 | 0 | 0 | 0 |
Balance as at 31 December | 168,653 | 121,686 | -711,247 | -628,630 | -542,594 | -506,944 |
2024 | 2023 | |
| Amounts in NOK 1,000 | ||
Discount rate / Expected return on plan assets at 31 December | 3.30% | 3.70% |
Future salary increase | 3.25% | 3.50% |
Yearly regulation in official pension index (G) | 3.25% | 3.50% |
Future pension increases | 2.10% | 1.50% |
Social security costs | 14.10% | 14.10% |
Mortality table | K2013 | K2013 |
Disability table | KU | KU |
| 2024 | |
| Amounts in NOK 1,000 | |
Future salary increase with 0.25% | 3,919 |
Future pension increase with 0.25% | 24,469 |
Discount rate decreases with 0.25% | 44,149 |
Future mortality assumption, increased lifetime by 1 year | 5,666 |
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2024 | 2 023 | |
| Amounts in NOK 1,000 | ||
Accrued interest other | 121,160 | 120,499 |
Other accruals | 1,035,376 | 682,480 |
Contract liabilities | 1,916,913 | 1,544,022 |
Other accruals and deferred income | 3,073,450 | 2,347,001 |
NOTE 21 Trade and other payables
Trade and other Payables
2024 | 2 023 | |
| Amounts in NOK 1,000 | ||
Other trade payables | 757,823 | 1,145,896 |
Total trade payables | 757,823 | 1,145,896 |
Fair value of derivatives | 0 | 17,177 |
Total other payables | 0 | 17,177 |
Total trade and other payables | 757,823 | 1,163,072 |
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Carrying value | Fair value | ||||||||
Equity investments 1) | |||||||||
| Hedging | Amortized | ||||||||
instruments | at FVTPL | at FVOCI | cost | Total | Level 1 | Level 2 | Level 3 | Total | |
| Amounts in NOK 1,000 | |||||||||
Other Shares 2) | 0 | 66,114 | 111,067 | 0 | 177,181 | 66,523 | 0 | 110,657 | 177,181 |
Bonds 2) | 0 | 219,618 | 0 | 0 | 219,618 | 219,618 | 0 | 0 | 219,618 |
Interest rate swaps | 261,226 | 0 | 0 | 0 | 261,226 | 0 | 261,226 | 0 | 261,226 |
Loans granted to associates | 0 | 0 | 0 | 706,980 | 706,980 | 0 | 0 | 0 | 0 |
Other interest-bearing loans | 0 | 0 | 0 | 4,002 | 4,002 | 0 | 0 | 0 | 0 |
Other non interest-bearing receivables | 0 | 0 | 0 | 117,913 | 117,913 | 0 | 0 | 0 | 0 |
Trade and other receivables | 0 | 0 | 0 | 2,763,408 | 2,763,408 | 0 | 0 | 0 | 0 |
Cash and cash equivalents | 0 | 0 | 0 | 6,582,590 | 6,582,590 | 0 | 0 | 0 | 0 |
Financial assets | 261,226 | 285,731 | 111,067 | 10,174,894 | 10,832,918 | 286,141 | 261,226 | 110,657 | 658,025 |
Bunker swaps | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Bank overdrafts | 0 | 0 | 0 | 502,463 | 502,463 | 0 | 0 | 0 | 0 |
Interest bearing bond loans | 0 | 0 | 0 | 3,086,798 | 3,086,798 | 0 | 0 | 0 | 0 |
Secured bank loans | 0 | 0 | 0 | 4,533,003 | 4,533,003 | 0 | 0 | 0 | 0 |
Unsecured loans | 0 | 0 | 0 | 1,204,973 | 1,204,973 | 0 | 0 | 0 | 0 |
Right-of-use liabili-ties | 0 | 0 | 0 | 650,091 | 650,091 | 0 | 0 | 0 | 0 |
Trade and other payables | 0 | 0 | 0 | 3,726,050 | 3,726,050 | 0 | 0 | 0 | 0 |
Financial liabilities | 0 | 0 | 0 | 13,703,378 | 13,703,378 | 0 | 0 | 0 | 0 |
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Carrying value | Fair value | ||||||||
Equity investments 1) | |||||||||
| Hedging | Amortized | ||||||||
instruments | at FVTPL | at FVOCI | 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 |
Bank overdrafts | 17,177 | 0 | 0 | 0 | 17,177 | 0 | 17,177 | 0 | 17,177 |
Interest bearing bond loans | 0 | 0 | 0 | 439,404 | 439,404 | 0 | 0 | 0 | 0 |
Secured bank loans | 0 | 0 | 0 | 2,789,253 | 2,789,253 | 0 | 0 | 0 | 0 |
Unsecured loans | 0 | 0 | 0 | 5,069,192 | 5,069,192 | 0 | 0 | 0 | 0 |
Finance lease liabilities | 0 | 0 | 0 | 1,228,561 | 1,228,561 | 0 | 0 | 0 | 0 |
Right-of-use liabilities | 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 |
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The Group of companies' financial assets were considered to have low credit risk per 1 January 2024.
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 2024. Based on the group’s assessment, no
significant changes in loss allowance are deemed necessary per 31 December 2024.
The carrying amounts of financial assets represent the maximum credit exposures. The maximum exposure
to credit risk at the reporting date was:
| Carrying amount | ||
2024 | 2023 | |
| Amounts in NOK 1,000 | ||
Financial assets, shares | 177,181 | 212,710 |
Financial assets, bonds | 219,618 | 244,160 |
Loans granted to associates | 706,980 | 539,982 |
Other interest-bearing loans | 4,002 | 4,149 |
Other non interest-bearing receivables | 117,913 | 76,145 |
Trade and other receivables 1) | 2,438,883 | 3,004,508 |
Contract assets 1) | 324,525 | 348,180 |
Cash and cash equivalents | 6,582,590 | 5,460,200 |
Derivatives | 261,226 | 226,785 |
Total | 10,832,918 | 10,116,819 |
1)
Trade receivables (which also includes i.a. prepayments) and contract assets are to be collected from the following
business segments:
| Carrying amount | ||
2024 | 2023 | |
| Amounts in NOK 1,000 | ||
Renewable Energy | 1,324,027 | 1,190,756 |
Wind Service | 1,159,813 | 1,810,415 |
Cruise | 124,283 | 210,543 |
Other Investments | 155,284 | 140,974 |
Total | 2,763,408 | 3,352,688 |
The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was:
| Carrying amount | ||
2024 | 2023 | |
| Amounts in NOK 1,000 | ||
UK | 1,177,392 | 1,241,128 |
EURO-zone incl. Norway | 1,243,679 | 1,183,970 |
America | 287,222 | 232,344 |
Africa | 0 | 13 |
Asia | 54,973 | 693,229 |
Other | 142 | 2,004 |
Total | 2,763,408 | 3,352,688 |
| Impair- | ||||||
Gross | Provisions | Balance | Gross | ment | Balance | |
2024 | 2023 | |||||
| Amounts in NOK 1,000 | ||||||
Not past due | 2,595,193 | 0 | 2,595,193 | 2,855,407 | -117 | 2,855,290 |
Past due 0-30 days | 113,902 | -142 | 113,760 | 302,417 | -263 | 302,154 |
Past due 31-180 days | 45,662 | -496 | 45,166 | 184,348 | -1,090 | 183,257 |
Past due 181-360 days | 3,434 | -585 | 2,849 | 5,763 | -512 | 5,250 |
More than one year | 18,051 | -11,611 | 6,440 | 19,621 | -12,884 | 6,737 |
Total | 2,776,242 | -12,834 | 2,763,408 | 3,367,555 | -14,867 | 3,352,688 |
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.
The liquidity risk is considered as moderate.
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| Due in | |||||||
| Carrying | Contractual | 2029 and | |||||
| 31 December 2024 | amount | cash flows | 2025 | 2026 | 2027 | 2028 | thereafter |
| Amounts in NOK 1,000 | |||||||
Non-derivative financial liabilities | 9,977,328 | 8,573,335 | 2,480,184 | 1,672,674 | 507,632 | 1,224,376 | 2,688,468 |
Derivative financial liabilities | 0 | 207,058 | 48,258 | 40,664 | 32,672 | 26,598 | 58,867 |
| Due in | |||||||
| Carrying | Contractual | 2028 and | |||||
| 31 December 2023 | amount | cash flows | 2024 | 2025 | 2026 | 2027 | 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 |
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31 December 2024 | 31 December 2023 | |||||
Amounts in NOK 1,000 | USD | GBP | EUR | USD | GBP | EUR |
| Gross statement of financial | 32,844 | -296,318 | 98,350 | 27,947 | -348,043 | 73,554 |
| position exposure | ||||||
Forward exchange contract | 0 | 0 | 0 | 0 | -1,328 | 0 |
Net exposure | 32,844 | -296,318 | 98,350 | 27,947 | -349,371 | 73,554 |
Equity | Profit or loss | |
| Effect in NOK 1,000 | ||
| 31 December 2024 | ||
USD | -37,289 | 0 |
GBP | 421,509 | 0 |
EUR | -116,004 | 0 |
| 31 December 2023 | ||
USD | -28,249 | 0 |
GBP | 450,166 | 1,744 |
EUR | -82,679 | 0 |
Average rate | Reporting date spot rate | |||
2024 | 2023 | 2024 | 2023 | |
1 USD | 10.7433 | 10.5647 | 11.3534 | 10.1724 |
1 GBP | 13,7390 | 13.1348 | 14.2249 | 12.9342 |
1 EUR | 11.6276 | 11.4206 | 11,7950 | 11.2405 |
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 30% of the financial liabilities
were interest hedged.
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At the reporting date the interest rate profile of the Group of companies’ interest-bearing financial
instruments was:
2024 | 2023 | |
| Amounts in NOK 1,000 | ||
Fixed rate instruments | 1,843 | 1,900 |
| Financial liabilities (interest-hedged portion of interest-bearing | -3,411,024 | |
debt) | -3,063,310 | |
Total | -3,061,467 | -3,409,124 |
| Variable rate instruments | ||
Financial assets (cash and cash equivalents) | 6,582,590 | 5,460,200 |
Financial liabilities (non-interest-hedged portion of interest-bearing debt) | -6,914,018 | -6,669,276 |
Total | -331,428 | -1,209,076 |
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 | 100 bp | 100 bp | 100 bp | |
| increase | decrease | increase | decrease | |
| Amounts in NOK 1,000 | ||||
| 31 December 2024 | ||||
Net interest costs | -3,314 | 3,314 | -3,314 | 3,314 |
| 31 December 2023 | ||||
Net interest costs | -12,091 | 12,091 | -12,091 | 12,091 |
| Land and | Other | |||
| Vessels | Buildings | fixed assets | Total | |
| Amounts in NOK 1,000 | ||||
| 2024 | ||||
Balance at 1 January | 3,812 | 503,000 | 24,421 | 531,234 |
Depreciation charge for the year | -543 | -72,284 | -10,592 | -83,419 |
Additions to right-of-use assets | 0 | 137,250 | 21,756 | 159,006 |
Derecognition of right-of-use assets | 0 | -8,805 | -8,972 | -17,777 |
Reclassification | 0 | 9,962 | -5,158 | 4,803 |
Other | 0 | -9 | 0 | -9 |
Currency differences - Cost | 504 | 42,016 | 2,347 | 44,868 |
Currency differences - Depreciation | -137 | -13,680 | -1,000 | -14,817 |
Balance at 31 December | 3,637 | 597,450 | 22,803 | 623,890 |
| 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 |
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Leases under IFRS 16 | 2024 | 2023 |
| Amounts in NOK 1,000 | ||
Depreciation charge for the year | 83,419 | 71,647 |
Interest on lease liabilities | 22,063 | 18,720 |
Expenses related to short-term leases | 101,259 | 137,579 |
Expenses related to leases of low-value assets | 867 | 2,298 |
| Amounts recognized in statement of cash flows | ||
Leases under IFRS 16 | 2024 | 2023 |
| Amounts in NOK 1,000 | ||
Total cash outflow for leases | 103,520 | 83,965 |
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Per year end 2024 | Per year end 2023 | |||||
Project | Committed | Capitalised | Remaining Committed | Capitalised | Remaining | |
| Amounts in NOK 1,000 | ||||||
| Renewable Energy | ||||||
Fäboliden 2 | 0 | 0 | 0 | 24,044 | 0 | 24,044 |
Crystal Rig IV | 891,429 | 280,769 | 610,660 | 0 | 0 | 0 |
Total | 610,660 | 24,044 | ||||
| Wind Service | ||||||
Brave Tern Crane upgrade | 0 | 0 | 0 | 942,078 | 410,978 | 531,099 |
BoldWind | 43,758 | 0 | 43,758 | 0 | 0 | 0 |
BraveWind | 43,758 | 0 | 43,758 | 0 | 0 | 0 |
Total | 87,517 | 531,099 | ||||
| Cruise | ||||||
Bolette | 37,491 | 0 | 37,491 | 8,074 | 0 | 8,074 |
Borealis | 18,673 | 0 | 18,673 | 20,168 | 0 | 20,168 |
Balmoral | 1,076 | 0 | 1,076 | 3,020 | 0 | 3,020 |
Total | 57,240 | 31,262 | ||||
Remaining capital commitments | 755,417 | 586,405 |
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2024 | 2023 | |
| Amounts in NOK 1,000 | ||
Costs together with profit margin and bonus to Fred. Olsen & Co., and pension cost charged to the Company 1) | 122,928 | 90,421 |
Costs and fees charged to subsidiaries 1) | 108,220 | 92,819 |
Amount outstanding between Fred. Olsen & Co. and the Company 2) | -9,418 | -2,357 |
Amount outstanding between Fred. Olsen & Co. and subsidiaries of the Company 2) | -12,607 | -12,585 |
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2024 | 2023 | |
| Amounts in NOK 1,000 | ||
Natural Power Consultants Ltd. (Asset management services) | 152,797 | 138,185 |
Fred. Olsen & Co. | 41,357 | 36,360 |
New Power Partners ApS | 29,947 | 35,173 |
Natural Power Consultants Ltd. (Other consultancy services) | 29,766 | 38,536 |
Fred. Olsen Ltd. | 6,534 | 11,592 |
ZX Measurement Services Ltd. | 3,859 | 2,445 |
Fred. Olsen Travel Ltd. | 716 | 179 |
Zephir Ltd. | 781 | 3,219 |
Total paid to related parties | 265,758 | 265,689 |
2024 | 2023 | |
| Amounts in NOK 1,000 | ||
Fred. Olsen Ltd | 34,482 | 31,479 |
Fred. Olsen Travel Ltd | 18,263 | 16,649 |
Fred. Olsen House JV | 11,187 | 9,893 |
Bahia Shipping Services Inc. (agency fee for crewing services) | 10,513 | 11,098 |
Fred. Olsen & Co. (invoiced for admin fee for Group services) | 2,826 | 3,040 |
Total paid to related parties | 77,270 | 72,160 |
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Board of directors: | Shareholders' committee: | Managing Director: | |||
| Number of shares | |||||
Fred. Olsen | 40,586 | Christian F. Michelet | 0 | Anette S. Olsen | 2,942 |
Carol Bell | 1,200 | Ole Kristian Aabø-Evensen | 0 | ||
Nick Emery | 325 | Synne Homble | 0 | ||
Heidi Skaaret | 0 | Andreas Mellbye | 0 | ||
Gaute Gjelsten | 0 | 0 | |||
Jannicke Hilland | 0 |
| Country of | Ownership | Votes, | ||
| incorporation | interest | percentage | ||
2024 | 2023 | |||
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, | 100.00% | 100.00% | 100.00% |
| Bermuda | ||||
- Fred. Olsen Windcarrier ASA | Oslo, Norway | 100.00% | 100.00% | 100.00% |
- Global Wind Services A/S | Fredericia, | 92.16% | 92.16% | 92.16% |
| Denmark | ||||
First Olsen Holding AS | Oslo, Norway | 100.00% | 100.00% | 100.00% |
NHST Holding AS | Oslo, Norway | 55.13% | 55.13% | 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% |
Projective Ltd. | London | 81.68% | 0.00% | 81.68% |
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% |
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| Number of | Book value | Result | ||
| shares | shares | for the year | Equity | |
| Amounts in NOK 1,000 | ||||
Fred. Olsen Seawind ASA | 10,000,000 | 546,683 | -144,837 | 442,171 2) |
Fred. Olsen Renewables AS | 30,000 | 1,779,107 | 682,882 | 1,894,039 2) |
- Fred. Olsen Wind Ltd. | 400,002 | 1,859,627 | 764,359 | 1,039,463 2) |
- Fred. Olsen CBH Ltd. | 153 | 490,818 | 35,301 | 157,029 2) |
- Hvitsten II JV AS | 57,607,438 | 423,978 | 38,557 | 193,614 |
- Hvitsten II JV AB | 12,750 | ,1,454,085 | -56,410 | 1,984,860 |
Fred. Olsen Ocean Ltd. | 39,993,796 | 2,749,285 | 920,022 | 5,806,513 2) |
- Fred. Olsen Windcarrier ASA | 5,000,000 | 477,307 | 859,888 | 4,844,936 2) |
- Global Wind Services A/S | 940,000 | 476,391 | 36,815 | 292,894 2) |
First Olsen Holding AS | 1,000,100 | 587,131 | 228,512 | -1,444,600 2) |
NHST Holding AS | 882,371 | 271,622 | -62,898 | -309,935 2) |
Fred. Olsen Travel AS | 4,482 | 7,914 | 10,342 | 27,628 |
Fred. Olsen Insurance Services AS | 1,500 | 0 | 1,506 | 4,480 |
AS Stavnes Byggeselskap | 11,000 | 27,360 | -1,306 | 27,366 |
Fred. Olsen Spedisjon AS | 700 | 7,330 | -2,331 | 7,333 |
Fred. Olsen 1848 AS | 40 | 49,400 | -69,641 | 49,492 2) |
Fred. Olsen Investments AS | 1,000 | 10,000 | 1,302 | 11,298 |
Fred. Olsen Cruise Lines Pte Ltd | 1,000,000 | 6,230 | 517 | 24,143 |
Projective Ltd. | 892 | 76117 | 1,406 | 13,225 |
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 |
NOTE 28 Subsequent events
In March 2025, Fred. Olsen Ocean Ltd. entered into an agreement for the sale of its 50% stake in UWL to
United Heavy Lift GmbH & Co. KG. The sales price of the stake is EUR 48.5 million. The ownership in UWL
was originally acquired in 2019 for EUR 12 million. Including a repayment of shareholder loans, the gross
proceeds from the divestment will be approximately EUR 51.2 million.
In March 2025, Wind Fund I acquired 49% indirect ownership in Crystal Rig IV a project of 49,1 MW
according to the established procedure.
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Fred. Olsen Renewables
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Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Taxonomy assessment
methodology
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per 31
December 2024
Definitions
Addresses
Note 2024 2023
Amounts in NOK 1,000
Other income 1 19,469 20,225
Total income 19,469 20,225
Operating expenses 2 -200,374 -156,438
Depreciation 3 -3,170 -3,303
Total operating expenses -203,544 -159,741
OPERATING RESULT -184,074 -139,516
Interest income 4 342,314 284,404
Dividends 5 10,815 679,369
Foreign exchange gains 187,755 190,907
Gain on sale of bonds and securities 7 2,327 109
Other financial income 7,928 9,141
Total financial income 551,140 1,163,930
Other interest expenses 6 -222,087 -162,710
Foreign exchange losses -15,432 -26,243
Loss on sale of bonds and securities 7, 8 -11 -2
Other financial expenses 9 -225,802 -25,667
Total financial expenses -463,332 -214,622
Net financial items 87 808 949 308
RESULT BEFORE TAX -96 266 809 792
Current tax 10 0 0
Deferred taxes 10 0 0
RESULT FOR THE YEAR -96 266 809 792
Proposed allocations:
Dividends 11 287,090 255,191
Other equity 11 -383,356 554,600
Total allocations -96,266 809,792
Income Statement (NGAAP)
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Overview
Director’s Report
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Sustainability Statement
Taxonomy assessment
methodology
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per 31
December 2024
Definitions
Addresses
Note 2024 2023
Amounts in NOK 1,000
ASSETS
Non-current assets
Real estate 3 33,628 34,956
Other property, plant and equipment 3 30,596 32,099
Total property, plant and equipment 64,224 67,055
Investments in subsidiaries 12 6,118,179 6,175,056
Investments in associates 7 16,747 16,747
Investments in other shares 7 69,155 79,738
Bonds 8 215,589 243,268
Other receivables 4 1,194,920 1,469,583
Pension funds 15 43,425 33,856
Financial fixed assets 7,658,015 8,018,247
Total non-current assets 7,722,239 8,085,303
Current assets
Short-term securities 7 61,869 90,265
Current receivables 4 977,205 549,862
Restricted cash 16 502,771 502,693
Unrestricted cash 16 2,952,986 2,952,363
Total current assets 4,494,831 4,095,183
TOTAL ASSETS 12,217,070 12,180,486
Balance Sheet (NGAAP)
Note 2024 2023
Amounts in NOK 1,000
EQUITY AND LIABILITIES
Equity
Share capital 11 53,165 53,165
Additional paid in capital 143,270 143,270
Total paid in capital 196,435 196,435
Other equity 7,941,699 8,368,428
Total equity 11 8,138,134 8,564,863
Liabilities
Pension liabilities 15 593,581 523,419
Total provisions 593,581 523,419
Bond loans non-current 2,387,694 1,989,973
Other non-current loans 57,535 15,405
Total non-current liabilities 6 2,445,229 2,005,378
Bond loans current 699,104 799,280
Other current liabilities 341,023 287,546
Total current liabilities 6 1,040,127 1,086,826
Total liabilities 4,108,181 3,615,623
TOTAL EQUITY AND LIABILITIES 12,217,070 12,180,486
Guarantees 13 825,937 655,944
Oslo, 8 April 2025
Bonheur ASA – The Board of Directors
Fred. Olsen
Chair
Carol Bell
Director
Gaute Gjelsten
Director
Jannicke Hilland
Director
Heidi Skaaret
Director
Nick Emery
Director
Anette Sofie Olsen
Managing Director
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Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per 31
December 2024
Definitions
Addresses
Note 2024 2023
Amounts in NOK 1,000
Cash flow from operating activities:
Net result after tax 11 -96,266 809,792
Adjustments for:
Depreciation 3 3,170 3,303
Impairment of investments 9 218,575 17,717
Pension costs 32,563 29,248
Amortisation of borrowing costs 4,623 4,126
Unrealized currency gains (-) / losses -119,186 -116,605
Interest income -342,314 -284,404
Dividends -10,815 -679,369
Interest expenses 222,087 162,710
Gains (-) / losses on sale property plant and equipment 3 0 -255
Gains (-) / losses on sale of shares and bonds -2,316 -107
Taxes 10 0 0
Cash generated before changes in working capital and provisions -89,879 -53,844
Increase (-) / decrease in trade and other receivables -1,911 95
Increase / decrease (-) in current liabilities 2,216 -30,031
Net cash generated from operations -89,574 -83,780
Interest paid -210,603 -156,685
Tax paid 10 0 0
Net cash from operating activities -300,177 -240,465
Cash flow from investing activities:
Proceeds from sale of property plant and equipment 3 0 330
Proceeds from sale of shares and bonds 56,630 81,615
Interest received 312,579 158,859
Dividends received 9,475 654,369
Acquisitions of property plant and equipment -339 -3,047
Acquisitions of shares in subsidiaries other shares and bonds 12 -103,882 -104,749
Net change in long term receivables 4 -11,316 -511,306
Net cash flow from investing activities 263,147 276,071
Cash flow from financing activities:
Increase in borrowings 6 1,092,922 594,900
Repayment of borrowings 6 -800,000 0
Dividends paid 11 -255,191 -212,659
Net cash flow from financing activities 37,731 382,241
Net change in cash and cash equivalents 701 417,847
Cash and cash equivalents at 1 January 16 3,455,056 3,037,209
Cash and cash equivalents at 31 December 16 3,455,757 3,455,056
Cash Flow Statement (NGAAP)
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Auditor's report
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Statement by the
Shareholders’ Committee
Major Asset List as per 31
December 2024
Definitions
Addresses
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. AS'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 1.
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.
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Auditor's report
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Statement by the
Shareholders’ Committee
Major Asset List as per 31
December 2024
Definitions
Addresses
NOTE 1 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.
2024 2023
Amounts in NOK 1,000
Revenues
Subsidiaries 9,457 9,457
Other related parties 601 601
Fred. Olsen & Co. AS 6,799 7,156
Total 16,857 17,214
Operating expenses
Subsidiaries 14,380 10,667
Other related parties 893 1,025
Fred. Olsen & Co. AS 122,928 90,421
Total 138,201 102,112
Financial income
Interest income from subsidiaries 173,062 158,776
Group contribution 0 2,742
Guarantee income from subsidiaries: 5,631 6,151
Total 178,693 167,668
Accounts receivable
Subsidiaries 37 2,597
Other related parties 44 86
Fred. Olsen & Co. AS 0 199
Total 82 2,883
Accounts payable
Subsidiaries 3,948 3,523
Other related parties 16 125
Fred. Olsen & Co. AS 9,418 -2,267
Total 13,383 1,381
Non-current Interest-bearing receivables
Subsidiaries 1,191,420 1,466,083
Total 1,191,420 1,466,083
Current Interest-bearing receivables
Subsidiaries 768,017 381,011
Total 768,017 381,011
Current Interest-bearing payables
Subsidiaries 3,078 4,790
Total 3,078 4,790
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Auditor's report
Directors’ responsibility
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Statement by the
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Major Asset List as per 31
December 2024
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 developing,
constructing, owning and operating windfarms, initially primarily in the UK, but later also in Scandinavia.
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.
2024 2023
Amounts in NOK 1,000
Costs together with profit margin and bonus to Fred. Olsen &
Co., charged to the Company
1)
122,928 90,421
Amount outstanding between Fred. Olsen & Co. and the
Company
2)
-9,418 2,466
1)
The increase in cost is related to higher activity in Bonheur, general inflation and deferred compensation to Fred. Olsen
& Co. from earlier periods.
2)
Short term outstanding in connection with current operations.
Mr. Fred. Olsen is party to a consultancy agreement with Fred. Olsen & Co. In 2024, NOK 5.2 million was paid
under this consultancy agreement (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 2024
in total NOK 4 million of BON02 ESG bond loan (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 agreement 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.
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Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per 31
December 2024
Definitions
Addresses
NOTE 2 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 Fred. Olsen & Co. See note 1.
Fred. Olsen & Co. has for the same period charged subsidiaries and other company related parties for
comparable services under separate agreements
Note 2024 2023
Amounts in NOK 1,000
Remuneration etc.
Admin. costs together with profit margin and bonus to
Fred. Olsen & Co, charged the Company
12 90,365 61,172
Admin. cost to subsidiary 14,380 10,440
Employee benefits/pension costs related to Fred. Olsen
& Co, charged the Company
2, 12 32,563 29,248
Fees to the Board of Directors and Shareholders'
Committee
5,378 5,010
Other operating expenses 57,689 50,567
Total Operating expenses 200,374 156,438
2024 2023
Amounts in NOK 1,000
Hereof professional fees to the auditors
Statutory audit 6,885 6,377
Other services outside the audit scope 179 33
Total (VAT included) 7,064 6,411
Remuneration to the Board of Directors and the Shareholders Committee
2024 2023
Amounts in NOK 1,000
Fred. Olsen, Chairman of the Board 1,670 1,643
Jannicke Hilland 440 443
Carol Bell
1)
530 491
Nick Emery
1)
538 511
Gaute Gjelsten 440 0
Heidi Skaaret 440 0
Andreas Mellbye 0 465
Bente Hagem 0 443
Total Compensations 4,058 3,670
1)
Includes compensation for overnight stops in connection with Board Meetings
The remunerations of the members of the Board of Directors do not follow the calendar year, but are from
one annual general meeting to the next, meaning from June one year to May the next year.
Remuneration to the Shareholders’ Committee:
2024 2023
Amounts in NOK 1,000
Christian Fr. Michelet 240 225
Synne Homble 200 190
Jørgen G. Heje 200 190
Andreas Mellbye 200 0
Gaute Gjelsten 0 190
Ole Kristian Aabø-Evensen 200 190
Total Compensations 1,040 905
The remunerations of the members of the Shareholders Committee do not follow the calendar year, but are
from one annual general meeting to the next, meaning from June one year to May the next year.
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Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per 31
December 2024
Definitions
Addresses
NOTE 3 Property, plant and equipment
Real estate Other assets Total
Amounts in NOK 1,000
Cost price as per 01.01.23 116,638 67,000 183,638
Purchases 0 3,048 3,048
Disposals 0 -535 -535
Cost price as per 31.12.23 116,638 69,512 186,150
Cost price as per 01.01.24 116,638 69,512 186,150
Purchases 0 339 339
Cost price as per 31.12.24 116,638 69,851 186,489
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
Accumulated depreciation as per 31.12.23 -81,682 -37,413 -119,095
Accumulated depreciation as per 01.01.24 -81,682 -37,413 -119,095
Depreciation current year -1,328 -1,842 -3,170
Accumulated depreciation as per 31.12.24 -83,010 -39,255 -122,265
Carrying amount as per 01.01.24 34,956 32,099 67,055
Carrying amount as per 31.12.24 33,628 30,596 64,224
Expected economic life 25 years Cars: 7 years
Depreciation schedule is linear for all categories
NOTE 4 Receivables
2024 2023
Amounts in NOK 1,000
Current assets - interest bearing
Fred. Olsen Seawind ASA 612,917 343,311
Fred. Olsen Ocean Ltd 0 34,000
Fred. Olsen Cruise Lines Ltd 142,000 0
AS Stavnes Byggeselskap 0 2,000
Fred. Olsen Spedisjon AS 100 1,700
NHST Media Group AS 13,000 0
Total short-term receivables 768,017 381,011
Current assets - non-interest bearing
Accounts receivable
1)
141 3,440
Accrued interest income
2)
199,458 157,576
Other
3)
9,589 7,835
Total short-term receivables 977,205 549,862
Financial fixed assets - interest bearing
Fred. Olsen Ocean Ltd 0 281,013
Fred. Olsen Cruise Lines Ltd 1,009,968 1,177,012
Fred. Olsen Renewables AS 174,340 0
First Olsen Holding AS 7,112 6,467
AS Stavnes Byggeselskap 0 1,591
Total subsidiaries
4)
1,191,420 1,466,083
Other 3,500 3,500
Total long-term receivables 1,194,920 1,469,583
Interest income group companies 173,062 158,776
1)
Hereof subsidiaries and other related parties 42 2,482
2)
Hereof subsidiaries and other related parties 198,050
155,915
3)
Hereof subsidiaries and other related parties 2,909 2,192
4)
For further information see note 13 - Financial instruments.
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Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per 31
December 2024
Definitions
Addresses
NOTE 5 Dividends
2024 2023
Amounts in NOK 1,000
Subsidiaries:
Fred. Olsen Renewables AS 650,000
Fred. Olsen Insurance Services AS 1,340 25,000
Fred. Olsen Travel AS 5,000
New Power Partners ApS 4,202 4,359
Other:
Other investments 273 10
Total 10,815 679,369
NOTE 6 Liabilities
2024 2023
Amounts in NOK 1,000
Current liabilities:
Dividends 287,090 255,191
Accounts payable
1)
9,617 19,090
Bond-loans
3)
699,104 799,280
Other short term liabilities
2)
44,316 13,265
Total current liabilities 1,040,127 1,086,826
Non-current liabilities:
Bond-loans
3)
2,387,694 1,989,973
Other non-current liabilities 57,535 15,405
Total non-current liabilities 2,445,229 2,005,378
Interest paid to subsidiaries 0 0
1)
Hereof subsidiaries and other related companies 7,008 15,9902
Hereof subsidiaries, associates and other related companies 10,258 -9,3883
Ticker Terms Issued Maturity 2024 2023
BON09 3 month NIBOR + 2.50% 4 Sep 19 4 Sep 24 799,280
BON10 ESG 3 month NIBOR + 2.75% 22 Sep 20 22 Sep 25 699,104 697,909
BONHR01 ESG 3 month NIBOR + 2.90% 13 Jul 21 13 Jul 26 698,145 696,909
BONHR02 ESG 3 month NIBOR + 3.00% 15 Sep 23 15 Sep 28 748,122 595,155
BONHR03 ESG 3 month NIBOR + 2.35% 9 Oct 24 9 Oct 29 941,426
Total 3,086,798 2,789,253
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 2024 the Company is not in breach with the covenants
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Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per 31
December 2024
Definitions
Addresses
NOTE 7 Shares in associated companies and other investments
Cost price
Book value
as per
31.12.24
Market
value as per
31.12.24
Book value
as per
31.12.23
Market
value as per
31.12.23
Amounts in NOK 1,000
Total short-term liquid share portfolio 233,965 61,869 66,114 90,265 94,826
Shares in associated companies and other
long-term investment portfolio 208,633 85,901 86,187 96,484 96,979
Total liquid share portfolio 442,598 147,771 152,301 186,750 191,805
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 9 for impairment of financial assets.
NOTE 8 Bonds
Fixed assets Cost price Currency
Book
value
as per
31.12.24
Market
value
as per
31.12.24
Average
interest
rate 2024
Book
value
as per
31.12.23
Market
value
as per
31.12.23
Amounts in NOK 1,000
Energy Services companies 25,000 NOK 24,989 25,069 5,5% 20,910 20,968
Real Estate companies 22,004 NOK 22,001 22,125 5,9% 35,547 35,587
Industry companies 85,421 NOK 85,408 87,947 6,4% 109,216 109,788
Finance companies 73,000 NOK 72,992 73,927 7,7% 67,407 67,571
Insurance companies 9,000 NOK 9,000 9,300 8,3% 8,989 9,038
Investments companies 1,200 NOK 1,200 1,251 10,4% 1,200 1,209
Total 215,625 NOK 215,589 219,618 6,8% 243,268 244,160
NOTE 9 Other financial expenses
2024 2023
Amounts in NOK 1,000
Impairment of shares in subsidiaries
1)
180,568 0
Impairment of other shares 40,739 19,519
Various financial expenses 4,495 6,148
Total 225,802 25,667
1) Subsidiaries:
First Olsen Holding AS
1)
170,380 0
Various subsidiaries 10,188 0
Sum 180,568 0
2) Other shares:
Short-term liquid shares 28,396 -22,288
Long-term liquid shares 12,343 41,807
Sum 40,739 19,519
1)
See also note 12
SEARCHPAGE 149 EXPLORE
At a Glance
Financial highlights
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Taxonomy assessment
methodology
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per 31
December 2024
Definitions
Addresses
NOTE 10 Tax
2024 2023
Amounts in NOK 1,000
Result before tax -96,266 809,792
+/- permanent differences, tax exempt dividends, impairment
of shares
215,565 -651,912
+/- Changes in temporary differences 86,274 65,467
+/- Income / expenses recognised directly in equity -74,006 -56,012
- Application of loss carried forward -131,566 -302,042
+/- Adjustment from previous year 0 135,436
+/- Adjustment of interest deductible carried forward from
previous year
0 -729
Basis for tax payable 0 0
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 -96,266 809,792
Income tax using the domestic corporation tax rate 21,179 -178,154
Permanent differences -47,743 143,001
Income / expenses recognised directly in equity 16,281 12,323
Tax on group contribution received 10,284 22,831
Change in limitation of deferred tax assets related to tax loss
carryforward
0 0
Tax income / (-) cost 0 0
Basis for deferred tax
2024 2023 Change
Amounts in NOK 1,000
Fixed assets 18,978 18,265 -713
Deferred taxable gain/loss account -1,473 -1,867 -394
Receivables / financial instruments -4,182 -4,182 0
Pension premium funds -579,400 -489,562 89,838
Miscellaneous differences 13,203 10,747 -2,456
Net temporary differences -552,873 -466,599 86,274
Shares, bonds and partnerships -6,946 -8,386 -1,440
Loss carried forward / deferred allowance -1,220,679 -1,352,245 -131,566
Interest deductible carried forward -212,292 -212,292 0
Allowances for deferred tax assets 1,992,790 2,039,522 46,732
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 31.12.24 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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Overview
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Taxonomy assessment
methodology
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per 31
December 2024
Definitions
Addresses
NOTE 11 Share capital and shareholders
Major shareholders as of 31.12.2024: 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 3,637,438 8.55%
Fløtemarken AS 1,407,000 3.31%
Skagen Vekst Verdipapirfond 1,232,000 2.90%
MP Pensjon PK 880,615 2.07%
The Bank of New York Mellon SA/NV 793,740 1.87%
Trassey Shipping Limited (private Fred. Olsen related company) 734,609 1.73%
Pareto Askje Norge Verdipapirfond 540,294 1.27%
JPMorgan Chase Bank, N.A., London 435,179 1.02%
Verdipapirfondet DNB Norge 424,351 1.00%
Salt Values AS 377,150 0.89%
Verdipapirfondet KLP AksjeNorge 358,940 0.84%
Verdipapirfondet DNB Grønt Norden 345,707 0.81%
Verdipapirfondet Alfred Berg Norge 343,502 0.81%
Verdipapirfondet Alfred Berg Gambak 340,232 0.80%
Verdipapirfondet Alfred Berg Norge 329,283 0.77%
Verdipapirfondet KLP AksjeNorge indeks 326,532 0.77%
State Street Bank and Trust Company 255,853 0.60%
Pareto Invest Norge AS 242,067 0.57%
Other 8,462,304 19.90%
Total 42,531,893 100.00%
As of 31 December 2024 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 2024 total number of shareholders
were 5,115. The Company has only one class of shares and each share equals one vote.
AS per 31 December 2024 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:
2024
Number of shares
Board of directors:
Fred. Olsen 40,586
Carol Bell 1,200
Nick Emery 325
Heidi Skaaret 0
Gaute Gjelsten 0
Jannicke Hilland 0
Shareholders' committee:
Christian F. Michelet 0
Ole Kristian Aabø-Evensen 0
Synne Homble 0
Andreas Melbye 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 01.01.2023 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 8,368,429 8,564,863
Equity 01.01.2024 53,165 143,270 8,368,429 8,564,863
Net group contribution 0 0 1,389 1,389
Actuarial gain / loss (-) 2 0 0 -44,762 -44,762
Result for the year 0 0 -96,266 -96,266
Proposed dividends 0 0 -287,090 -287,090
Equity 31.12.2024 53,165 143,270 7,941,699 8,138,134
SEARCHPAGE 151 EXPLORE
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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 2024
Definitions
Addresses
NOTE 12 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 -144,837 442,171
1)
Fred Olsen Renewables AS Oslo 100% 100% 30,000 1,779,107 682,882 1,894,039
1)
Fred Olsen Ocean Ltd Oslo 100% 100% 39,993,796 2,749,285 920,022 5,806,513
1)
First Olsen Holding AS Oslo 100% 100% 1,000,100 587,131 228,512 -1,444,600
1) 2)
NHST Holding AS Oslo 55% 55% 882,371 271,622 -62,898 -309,935
1) 3)
Fred. Olsen Insurance Service AS Oslo 100% 100% 1,500 0 1,506 4,480
Fred. Olsen Travel AS Oslo 100% 100% 4,482 7,914 10,343 27,628
AS Stavnes Byggeselskap Oslo 100% 100% 11,000 27,360 -1,306 27,366
4)
Fred. Olsen Spedisjon AS Oslo 100% 100% 700 7,330 -2,331 7,333
5)
Fred. Olsen 1848 AS Oslo 100% 100% 40 49,400 -69,641 49,492
1) 6)
Fred. Olsen Investments AS Oslo 100% 100% 1,000 10,000 1,302 11,298
Fred. Olsen Cruise Lines Pte Ltd Singapore 100% 100% 1,000,000 6,230 517 24,143
Projective Group Holdings Limited London 82% 82% 892 76,117 1,406 13,225
1)
Ganger Rolf AS Oslo 100% 100% 30,000 - 0 15
7)
Fred. Olsen Canary Lines S.L. Spain 100% 100% 100 - 0 0
7)
6,118,179
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 2024 there was an increase of the paid in capital of NOK 4,9 million. In 2024 Bonheur ASA’s investment in AS Stavnes Byggeselskap was written down by NOK 6,1 million.
5)
In 2024 there was an increase of the paid in capital of NOK 3,7 million. In 2024 Bonheur ASA’s investment in Fred. Olsen Spedisjon AS was written down by NOK 4,1 million.
6)
In 2024 there was an increase of paid in capital of NOK 39 million (NOK 146 million). In 2024 Bonheur ASA’s investment in Fred. Olsen 1848 AS was written down by NOK 170 million.
7)
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 7 – Shares in associated companies and other investments and in “Other investments” in the balance sheet.
.
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Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per 31
December 2024
Definitions
Addresses
NOTE 13 Guarantees
Guarantee in favour of subsidiaries: 2024 2023
Amounts in NOK 1,000
ABTA bonds, FOCL
1)
711,245 514,781
Fuel hedge, FOCL
1)
4,922
Offshore Windfarm development project
1)
47,180 51,737
Offshore Windfarm development project
2)
62,590 93,126
Total guarantee commitments subsidiaries 825,937 659,644
Koksa Eiendom AS
2)
0 6,300
Total guarantee commitments 31.12 825,937 665,944
1)
Bonheur ASA is severally liable for the guarantees as per 31 December 2024.
2)
Bonheur ASA is pro rata liable for the guarantee as per 31 December 2024.
NOTE 14 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 2024. 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 2024 there are no interest rate swap agreements. Please
refer to note 6 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 2024.
From the beginning to the end of 2024 the GBP strengthened against NOK by 10.0% from 12.9342 to
14.2249, the EUR strengthened against NOK by 4.9% from 11.2405 to 11.7950 and the USD strengthened
against NOK by 11.6% from 10.1724 to 11.3534.
Total cash and cash equivalents as per 31 December 2024 were NOK 3 456 million, of which GBP represents
7.7%, EUR 10.6% and USD 0.3%.
As per 31 December 2024 the company had granted loans to subsidiaries of NOK 2 157 million. The
distribution of the loans was as follows: Renewable Energy NOK 872 million (including GBP 12.7 million),
Cruise NOK 1 271 million (GBP 89.3 million) and other minor loans of NOK 14 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 67% per 31 December 2024.
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 2024
Fair value
2024
Carrying
amount 2023
Fair value
2023
Amounts in NOK 1,000
Cash and cash equivalents 3,455,757 3,455,757 3,455,056 3,455,056
Trade debtors and other short-term
receivables
1,039,074 1,043,319 640,128 644,689
Shares and bonds 6,419,670 6,422,435 6,514,808 6,516,298
Unsecured bond-loans -2,387,694 -2,400,000 -1,989,973 -2,000,000
Trade creditors and other short term
liabilities
1)
-1,040,127 -1,041,023 -1,086,826 -1,087,546
7,486,680 7,480,488 7,533,193 7,528,497
Unrealized gains / (losses) 0 -6,192 0 -4,696
1)
Inclusive short-term portion of unsecured bond-loans in 2024.
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Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per 31
December 2024
Definitions
Addresses
NOTE 15 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 Fred. Olsen & Co, 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 Fred. Olsen & Co. See note 12.
Employees of Fred. Olsen & Co, who were employed before 1 June 2012, are members of Fred. Olsen & Co
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 Fred. Olsen & Co'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 2024, 71
employees were members of the defined benefit scheme in the pension fund (82), whereof 55 pensioners
(64).
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, “Offentlig tjenestemannspensjon” (OTP).
The Company has unfunded (unsecured) pension obligations towards 23 of Fred. Olsen & Co.’s directors
and senior managers with a salary exceeding 12 G (of whom 12 pensioners and 1 former employee). 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%, in most cases, of the relevant salary at
the time of retirement.
2024 2023
Amounts in NOK 1,000
Present value of unfunded obligations -593 581 -523,419
Present value of funded obligations -229 819 -225,697
Total present value of obligations -823 400 -749,116
Fair value of plan assets 273 243 259,553
Net liability for defined benefit obligations -550 157 -489,563
Hereof unfunded pension plans -593 580 -523,419
Hereof funded pension plans 43 423 33,855
Recognized net defined benefit obligations -550 157 -489,564
• Expected payment of benefits from the funded plans are in 2025 estimated to be 11.1 million.
• Expected contributions to funded defined benefit plans in 2025 are NOK 7.1 million.
• Expected payment of benefits from the unfunded plans are in 2025 estimated to be 9.7 million
Movement in net liability of defined benefit obligations:
Funded obligation Unfunded obligation Total obligation
2024 2023 2024 2023 2024 2023
Amounts in NOK 1,000
Balance at 1. January 33,855 25,679 -523 419 -446,742 -489 564 -421,063
Pension contribution 7,141 7,511 0 0 7 141 7,511
Benefits paid by the plan
1)
0 0 9 591 9,249 9 591 9,249
7,141 7,511 9 591 9,249 16 732 16,760
Included in profit and loss:
Interest 1,253 847 -19 189 -14,590 -17 936 -13,743
Current Service cost -4,615 -5,579 -10 012 -9,927 -14 627 -15,506
Net pension cost -3,362 -4,732 -29 201 -24,517 -32 563 -29,249
Included in equity
Actuarial gain/(loss) arising
from:
Financial assumptions and
experience adjustment
2)
-2,610 -3,085 -50 551 -61,409 -53 162 -64,494
Return on plan assets 8,400 8,482 0 0 8 400 8,482
5,790 5,397 -50 551 -61,409 -44 762 -56,012
Balance as at 31. December 43,424 33,855 -593 581 -523,419 -550 157 -489,564
1)
Payment of benefits from the funded defined benefit plans were in 2024 NOK 11.2 million (NOK 11.5 million). Payments
are covered by funds from the pension trust and are netted out in the table above.
2)
The amount of the unfunded obligations increased as the basis on which these are calculated increased in excess of
actuarial assumptions previously made, among them being salary increases. See also note 26.
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)
2024
Amounts in NOK 1,000
Future salary increase with 0.25%-points -5 043
Future pension increase with 0.25%-points -25 148
Discount rate decreases with 0.25%-points -30 131
Future mortality, increased by 1 year longevity -37 313
1)
Projected Benefit Obligation.
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Shareholders’ Committee
Major Asset List as per 31
December 2024
Definitions
Addresses
NOTE 16 Cash and cash equivalents
2024 2023
Amounts in NOK 1,000
Cash related to payroll tax withholdings 2,771 2,693
Other restricted cash
1)
500,000 500,000
Total restricted cash 502,771 502,693
Unrestricted cash
2)
2,952,986 2,952,363
Total cash & cash equivalents 3,455,757 3,455,056
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
950 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.
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Directors’ responsibility
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Shareholders’ Committee
Major Asset List as per 31
December 2024
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 2024, 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 2024, the
consolidated income statement, consolidated statement of comprehensive income,
consolidated 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 2024, 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 2024, 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
2
obtained is sufficient and appropriate to provide a basis for our opinion.
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 Bonheur ASA for 37 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 12 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;
• 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.
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At a Glance
Financial highlights
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Taxonomy assessment
methodology
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per 31
December 2024
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 whether the Board of Directors’ report contains the information required by applicable
statutory requirements, does not cover the Sustainability Statement, on which a separate assurance
report is issued.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation of financial statements of 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.
4
• conclude on the appropriateness of management’s use of the going concern basis of
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 213800HOQE1B34SUA323-2024-12-31-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 157 EXPLORE
At a Glance
Financial highlights
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Taxonomy assessment
methodology
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per 31
December 2024
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, 11 April 2025
KPMG AS
Øyvind Skorgevik
State Authorised Public Accountant
SEARCHPAGE 158 EXPLORE
At a Glance
Financial highlights
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Taxonomy assessment
methodology
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per 31
December 2024
Definitions
Addresses
Auditor's limited assurance 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 Sustainability Auditor’s Limited Assurance Report
Limited Assurance Conclusion
We have conducted a limited assurance engagement on the consolidated sustainability statement
of Bonheur ASA (the «Company»), included in the Sustainability Statement of the Board of Directors',
report, including the pages 7-9, and 17-18, (the «Sustainability Statement»), as at 31 December
2024 and for the year then ended.
Based on the procedures we have performed and the evidence we have obtained, nothing has come
to our attention that causes us to believe that the Sustainability Statement is not prepared, in all
material respects, in accordance with the Norwegian Accounting Act section 2-3, including:
• compliance with the European Sustainability Reporting Standards (ESRS), including that the
process carried out by the Company to identify the information reported in the Sustainability
Statement (the «Process») is in accordance with the description set out in the section IRO 1
Processes to identify and assess material impacts, risks and opportunities; and
• compliance of the disclosures in the section EU Taxonomy of the Sustainability Statement with
Article 8 of EU Regulation 2020/852 (the «Taxonomy Regulation»).
Basis for Conclusion
We conducted our limited assurance engagement in accordance with International Standard on
Assurance Engagements (ISAE) 3000 (Revised), Assurance engagements other than audits or
reviews of historical financial information («ISAE 3000 (Revised)»), issued by the International
Auditing and Assurance Standards Board.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our
conclusion. Our responsibilities under this standard are further described in the Sustainability Auditor’s
Responsibilities section of our report.
Our Independence and Quality Management
We have complied with the independence and other ethical requirements as required by relevant laws
and regulations in Norway and the International Code of Ethics for Professional Accountants (including
International Independence Standards) issued by the International Ethics Standards Board for
Accountants (IESBA Code), which is founded on fundamental principles of integrity, objectivity,
professional competence and due care, confidentiality and professional behaviour.
The firm applies International Standard on Quality Management 1, which requires the firm to design,
implement and operate a system of quality management including policies or procedures regarding
compliance with ethical requirements, professional standards and applicable legal and regulatory
requirements.
Other Matter
The comparative information included in the Sustainability Statement was not subject to an assurance
2
engagement. Our conclusion is not modified in respect of this matter.
Responsibilities for the Sustainability Statement
The Board of Directors and the Managing Director (Management) are responsible for designing and
implementing a process to identify the information reported in the Sustainability Statement in
accordance with the ESRS and for disclosing this Process in Double Materiality Assessment of the
Sustainability Statement. This responsibility includes:
• understanding the context in which the Group's activities and business relationships take
place and developing an understanding of its affected stakeholders;
• the identification of the actual and potential impacts (both negative and positive) related to
sustainability matters, as well as risks and opportunities that affect, or could reasonably be
expected to affect, the Group's financial position, financial performance, cash flows, access to
finance or cost of capital over the short-, medium-, or long-term;
• the assessment of the materiality of the identified impacts, risks and opportunities related to
sustainability matters by selecting and applying appropriate thresholds; and
• making assumptions that are reasonable in the circumstances.
Management is further responsible for the preparation of the Sustainability Statement, in accordance
with the Norwegian Accounting Act section 2-3, including:
• compliance with the ESRS;
• preparing the disclosures in EU Taxonomy of the Sustainability Statement, in compliance with
the Taxonomy Regulation;
• designing, implementing and maintaining such internal control that Management determines is
necessary to enable the preparation of the Sustainability Statement that is free from material
misstatement, whether due to fraud or error; and
• the selection and application of appropriate sustainability reporting methods and making
assumptions and estimates that are reasonable in the circumstances.
Inherent limitations in preparing the Sustainability Statement
In reporting forward-looking information in accordance with ESRS, Management is required to prepare
the forward-looking information on the basis of disclosed assumptions about events that may occur in
the future and possible future actions by the Group. Actual outcomes are likely to be different since
anticipated events frequently do not occur as expected.
Sustainability Auditor’s Responsibilities
Our responsibility is to plan and perform the assurance engagement to obtain limited assurance about
whether the Sustainability Statement is free from material misstatement, whether due to fraud or error,
and to issue a limited assurance report that includes our conclusion. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence decisions of users taken on the basis of the Sustainability Statement as a whole.
As part of a limited assurance engagement in accordance with ISAE 3000 (Revised) we exercise
professional judgement and maintain professional scepticism throughout the engagement.
Our responsibilities in respect of the Sustainability Statement, in relation to the Process, include:
• Obtaining an understanding of the Process, but not for the purpose of providing a conclusion
on the effectiveness of the Process, including the outcome of the Process;
• Considering whether the information identified addresses the applicable disclosure
requirements of the ESRS; and
SEARCHPAGE 159 EXPLORE
At a Glance
Financial highlights
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Taxonomy assessment
methodology
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per 31
December 2024
Definitions
Addresses
3
• Designing and performing procedures to evaluate whether the Process is consistent with the
Company’s description of its Process set out in Double Materiality Assessment.
Our other responsibilities in respect of the Sustainability Statement include:
• Identifying where material misstatements are likely to arise, whether due to fraud or error; and
• Designing and performing procedures responsive to where material misstatements are likely
to arise in the Sustainability Statement. 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.
Summary of the Work Performed
A limited assurance engagement involves performing procedures to obtain evidence about the
Sustainability Statement. The procedures in a limited assurance engagement vary in nature and timing
from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of
assurance obtained in a limited assurance engagement is substantially lower than the assurance that
would have been obtained had a reasonable assurance engagement been performed.
The nature, timing and extent of procedures selected depend on professional judgement, including the
identification of disclosures where material misstatements are likely to arise in the Sustainability
Statement, whether due to fraud or error.
In conducting our limited assurance engagement, with respect to the Process, we:
• Obtained an understanding of the Process by:
o performing inquiries to understand the sources of the information used by
management (e.g., stakeholder engagement, business plans and strategy
documents); and
o reviewing the Company’s internal documentation of its Process; and
• Evaluated whether the evidence obtained from our procedures with respect to the Process
implemented by the Company was consistent with the description of the Process set out
in Double Materiality Assessment.
In conducting our limited assurance engagement, with respect to the Sustainability Statement, we:
• Obtained an understanding of the Group’s reporting processes relevant to the preparation of
its Sustainability Statement by:
o Obtaining an understanding of the Group's control environment, processes, control
activities and information system relevant to the preparation of the Sustainability
Statement, but not for the purpose of providing a conclusion on the effectiveness of
the Group’s internal control; and
o Obtaining an understanding of the Group’s risk assessment process;
• Evaluated whether the information identified by the Process is included in the Sustainability
Statement;
• Evaluated whether the structure and the presentation of the Sustainability Statement is in
accordance with the ESRS;
• Performed inquiries of relevant personnel on selected information in the Sustainability
Statement;
• Performed substantive assurance procedures on selected information in the Sustainability
4
Statement;
• Where applicable, compared disclosures in the Sustainability Statement with the
corresponding disclosures in the financial statements and other sections of the Board of
Directors' report;
• Evaluated the methods, assumptions and data for developing estimates and forward-looking
information;
• Obtained an understanding of the Company’s process to identify taxonomy-eligible and
taxonomy-aligned economic activities and the corresponding disclosures in the Sustainability
Statement;
• Evaluated whether information about the identified taxonomy-eligible and taxonomy-aligned
economic activities is included in the Sustainability Statement; and
• Performed inquiries of relevant personnel and substantive procedures on selected taxonomy
disclosures included in the Sustainability Statement.
Oslo, 11 April 2025
KPMG AS
Cathrine Husebye Rein
State Authorised Public Accountant – Sustainability Auditor
SEARCHPAGE 160 EXPLORE
At a Glance
Financial highlights
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Taxonomy assessment
methodology
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per 31
December 2024
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 2025 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 2024
(Annual Report 2024) subject to corresponding recommendation from the
Shareholders’ Committee on the following basis:
The Board of Directors’ report has been prepared in accordance with
sustainability reporting standards established pursuant to the Norwegian
Accounting Act section 2-6, and in accordance with rules laid down pursuant
to Article 8 no. 4 of the Taxonomy Regulation.
To the best of our knowledge:
The consolidated and separate annual financial statements for 2024 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 2024 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 2025
Bonheur ASA – The Board of Directors
Fred. Olsen
Chair
Carol Bell
Director
Gaute Gjelsten
Director
Jannicke Hilland
Director
Heidi Skaaret
Director
Nick Emery
Director
Anette Sofie Olsen
Managing Director
SEARCHPAGE 161 EXPLORE
At a Glance
Financial highlights
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Taxonomy assessment
methodology
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per 31
December 2024
Definitions
Addresses
Statement by the shareholders’ committee
The annual report and accounts for 2024 were addressed by the Shareholders’
Committee on 9 April 2025. The Shareholders’ Committee resolved to
recommend to the Annual General Meeting that the Board’s proposal to
the annual accounts for 2024 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 6.75 per share, in total
for the company NOK 287 million, is approved.
Oslo, 9 April 2025
Christian Fredrik Michelet,
Chairman of the Shareholders’ Committee
SEARCHPAGE 162 EXPLORE
At a Glance
Financial highlights
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Taxonomy assessment
methodology
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per 31
December 2024
Definitions
Addresses
Major asset list as per 31 December 2024
Bonheur group of companies
Segment / Asset Built year Type Capacity/ length/ water depth/ tonnage Ownership
Renewable Energy Capacity
Crystal Rig 2004/2007 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
Balmoral 1998/2008 Cruise 43 537 grt 100.0%
Borealis 1996 Cruise 61.849 grt 100.0%
Bolette 2000 Cruise 62.735 grt 100.0%
SEARCHPAGE 163 EXPLORE
At a Glance
Financial highlights
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Taxonomy assessment
methodology
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per 31
December 2024
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 Holding:
NHST Group
NHST Holding 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 164 EXPLORE
At a Glance
Financial highlights
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Taxonomy assessment
methodology
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per 31
December 2024
Definitions
Addresses
Addresses
Bonheur ASA
Enterprise no: 830357432
Fred. Olsens gate 2
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 Holding 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
SEARCHPAGE 165 EXPLORE
At a Glance
Financial highlights
Key Figures
Letter from the CEO
Overview
Director’s Report
The Board of Directors
Sustainability Statement
Taxonomy assessment
methodology
Consolidated Accounts
NGAAP accounts
Auditor's report
Directors’ responsibility
statement
Statement by the
Shareholders’ Committee
Major Asset List as per 31
December 2024
Definitions
Addresses
www.bonheur.no
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