Bonheur Asa · OSL:BONHR

Bonheur Asa — Q2 2018 Earnings Presentation

20 slides from Bonheur Asa's earnings presentation, Jul 13, 2018

  1. Slide 1: 2 quarter 2018 Presentation

    2 quarter 2018 Presentation 13 July 2018

  2. Slide 2: Highlights 2Q 2018

    Highlights 2Q 2018 Bonheur ASA Group of companies Renewable energy Shipping/Offshore wind Offshore drilling Cruise Fred. Olsen Fred. Olsen Ocean Fred. Olsen Fred. Olsen Cruise 100% Renewables AS 100% 51.9% Energy ASA 100% Lines Ltd. Ltd.  EBITDA NOK 165 mill. (NOK  EBITDA NOK 64 mill. (NOK  EBITD

  3. Slide 3: Consolidated summary

    Consolidated summary Bonheur ASA Group of companies Change in (NOK million) 2Q 18 2Q 17 NOK Revenues 1 800 2 036 -236 EBITDA -64 695 -759 Impairment within Offshore drilling Depreciation -684 -713 29  2Q18 Belford Dolphin (MUSD 97) Impairment -785 -635 -150  2Q17 Blackford Dolphin (MUSD 75) EBIT -

  4. Slide 4: Segment analysis – Revenues

    Segment analysis – Revenues Bonheur ASA Group of companies (NOK million) 2Q 18 2Q 17 Change Renewable energy 291 253 39 Shipping/Offshore wind 411 401 9 Offshore drilling 138 466 -328 Cruise 617 574 43 Other 343 342 0 Total Revenues 1 800 2 036 -236 NOK / EUR (average) 9.55 9.37 2.0 % NOK / GBP (ave

  5. Slide 5: Segment analysis – EBITDA

    Segment analysis – EBITDA Bonheur ASA Group of companies (NOK million) 2Q 18 2Q 17 Change Renewable energy 165 164 1 Shipping/Offshore wind 64 139 -75 Offshore drilling -414 240 -655 Cruise 123 139 -16 Other -2 12 -14 Total EBITDA -64 695 -759 5

  6. Slide 6: Cash, Debt and Guarantees as per 2Q 18

    Cash, Debt and Guarantees as per 2Q 18 Bonheur ASA Group of companies External Whereof BON  Net cash position excl. FOWL , (NOK million) Cash FOCBH and Offshore drilling at debt guaranteed NOK 1 799 million. Renewable energy (FOWL and FOCBH)* 774 4 150 34  Guarantees relate to bank financing in Sh

  7. Slide 7: Capex per segment

    Capex per segment Bonheur ASA Group of companies Capex 2Q 18 mainly consist of: 450  NOK 32 million related to 400 crane extension of Brave 350 Tern.  NOK100 million related to 300 Offshore drilling, whereof the major part is related to NOK million 250 reactiviation of Blackford 200 Dolphin 150 10

  8. Slide 8: Equity split of portfolio investments as at 30 June 2018

    Equity split of portfolio investments as at 30 June 2018 Bonheur ASA Group of companies  Majority of portfolio investments are within the Other subsidiaries Renewable energy and MNOK 321 Shipping /Offshore wind segment (70%) Cruise  Green footprint has increased MNOK 1 115 over recent years Offsho

  9. Slide 9: Renewable energy

    Renewable energy

  10. Slide 10: Renewable energy: Electricity prices UK

    Renewable energy Electricity prices UK  78% of generation capacity located in Electricity prices UK the UK. £120  Revenues in UK mostly determined by electricity prices and support regime £100 (ROC).  All UK wind farms receive ROCs for first 20 years of operation. £80  Elctricity prices in the U

  11. Slide 11: Renewable energy: Key financials

    Renewable energy Key financials 400.0 1 000 900  Seasonal generation pattern (1Q 350.0 800 and 4Q higher, 2Q an 3Q lower) 300.0  Rolling 12 months EBITDA Rolling trailing 12 months EBITDA 700 EBITDA (NOK million) 250.0 600 increasing 200.0 500  Power prices (per MWh) in UK, 150.0 400 Norway and S

  12. Slide 12: Renewable energy: Business Model and Project Portfolio

    Renewable energy Business Model and Project Portfolio 12

  13. Slide 13: Shipping / Offshore wind

     Growth industry, growth market  Installed 15.8 GW as per 2017  Forecasted to increase to 70.2 GW as per 2030 Shipping / Offshore wind

  14. Slide 14: Shipping / Offshore wind (Fred. Olsen Ocean)

    Shipping / Offshore wind (Fred. Olsen Ocean) Key financials  Events in the quarter:  GWS aquired offshore wind activities from Total Wind with 200 employees  Brave Tern with crane extension in 2Q18  Universal Foundation reached Certified Design for Deutsche Bucht  Transition of CTV’s to pool ar

  15. Slide 15: Offshore drilling

    Offshore drilling

  16. Slide 16: Offshore drilling: Dayrates worldwide

    Offshore drilling Dayrates- worldwide

  17. Slide 17: Offshore drilling: Key financials and fleet overview

    Offshore drilling Key financials Fleet overview (Figures in NOK million) 2Q 18 2Q 17 Unit 2017 2018 Operating revenues 138 466 Bolette Anadarko EBITDA -414 240 Blackford Chevron Smart stacked BP Net result after tax -1 674 -1 046 Bideford Statoil Statoil Capex 100 16 Smart stacked Equity 2 813 5 901

  18. Slide 18: Cruise: UK cruise passengers

    UK cruise passengers (ex UK cruises) 1000 CAGR = 9.2% 900 800 700 Passengers (thousands) 600 500 400 300 200 100 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 CAGR = Compound annual growth rate Source: Cruise Lines International Association Cruise

  19. Slide 19: Cruise: Key financials

    Cruise Key financials 180 175 (Fi gures i n NOK mi l l i on) 2Q 18 2Q 17 160 150 Operating revenues 617 574 140 125 EBITDA 123 139 120 100 NTI per diem (GBP) EBITDA margin 20 % 24 % EBITDA (NOK mill) 100 75 80 50 Net result after tax 78 55 60 25 40 0 Capex 1 13 20 -25 0 -50 Equity 1 115 1 183 2Q16 3

  20. Slide 20: Highlights 2Q 2018

    Highlights 2Q 2018 Bonheur ASA Group of companies Renewable energy Shipping/Offshore wind Offshore drilling Cruise Fred. Olsen Fred. Olsen Ocean Fred. Olsen Fred. Olsen Cruise 100% Renewables AS 100% 51.9% Energy ASA 100% Lines Ltd. Ltd.  EBITDA NOK 165 mill. (NOK  EBITDA NOK 64 mill. (NOK  EBITD

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