Slide 1: 2 quarter 2016
2 quarter 2016 20 July 2016
Slide 2: Business segments as of 20 July 2016
Business segments as of 20 July 2016 Bonheur ASA Offshore drilling Renewable energy Shipping/Offshore wind Cruise Other investments 51.9% 100% 100% 100% Fred. Olsen Energy ASA Fred. Olsen Fred. Olsen Ocean Ltd. Fred. Olsen Cruise NHST Media (listed OSE) Renewables AS Lines Ltd. Group AS (54.0%) Koks
Slide 3: Bonheur ASA Group - Highlights 2Q 2016
Bonheur ASA Group - Highlights 2Q 2016 (2Q 15 in brackets) Operating revenues were NOK 3 151 million (NOK 3 918 million) Operating result before depreciation (EBITDA) was NOK 1 379 million (NOK 1 884 million) Depreciation was NOK 882 million (NOK 929 million) Impairment of offshore units was NOK 1 3
Slide 4: Bonheur ASA Group - Consolidated summary
Bonheur ASA Group - Consolidated summary 1 half year 1 half year (NOK million) 2Q 16 2Q 15 2016 2015 Revenues 3 151 3 918 6 440 7 625 EBITDA 1 379 1 884 2 665 3 519 Depreciation -882 -930 -1 768 -1 841 Impairment -1 321 -3 270 -1 321 -3 270 EBIT -824 -2 316 -424 -1 592 Share of result from associate
Slide 5: Bonheur ASA Group - Segment analysis EBITDA
Bonheur ASA Group - Segment analysis EBITDA (NOK million) 2Q 16 2Q 15 Change Offshore drilling 1 178 1 614 -436 Renewable energy 84 134 -51 Shipping/Offshore wind 5 63 -59 Cruise 102 66 36 Other 11 6 5 Total EBITDA 1 379 1 884 -505 5
Slide 6: Bonheur ASA Group - Segment analysis EBITDA half year
Bonheur ASA Group - Segment analysis EBITDA 1 half year 1 half year (NOK million) Change 2016 2015 Offshore drilling 2 383 2 838 -455 Renewable energy 286 444 -158 Shipping /Offshore wind -92 133 -225 Cruise 132 116 16 Other -44 -12 -32 Total EBITDA 2 665 3 519 -854 6
Slide 7: Bonheur ASA Group - Condensed statement of financial position
Bonheur ASA Group - Condensed statement of financial position (NOK million) Per 30.06.16 Per 31.12.15 Per 30.06.16 Per 31.12.15 Intangible fixed assets 1 050 1 100 Deferred tax asset 361 379 Equity owned by shareholders in parent co. 9 705 9 101 Property, plant and equipment 21 637 26 085 Non-contro
Slide 8: Bonheur ASA Group - Cash flow statement
Bonheur ASA Group - Cash flow statement 1 half year 2015 (NOK million) 2016 Net cash flow from operating activities 2 082 5 240 Net cash flow from investing activities -350 -4 823 Net cash flow from financing activities -2 435 1 620 Foreign currency effects -759 629 Net change in cash and cash equiv
Slide 9: Offshore drilling
Offshore drilling Fred. Olsen Energy ASA
Slide 10: Offshore drilling - Financial summary 2Q 2016
Offshore drilling - Financial summary 2Q 2016 (2Q 2015 in brackets) Revenues were USD 219 million (USD 326 million) EBITDA were USD 143 million (USD 209 million) Impairment of USD 159 million (USD 419 million) Operating profit (EBIT) was USD - 96 million (USD - 305 million) Profit before tax was USD
Slide 11: Fred. Olsen Energy – Operating worldwide
Fred. Olsen Energy – Operating worldwide Byford Bideford Dolphin Dolphin Greenland Borgsten Borgland Dolphin Dolphin Borgholm Bredford Dolphin Iceland Dolphin Sweden Finnland Russia Norway Canada Estonia Blackford United Kingdom Denmark Lithuania Latvia Dolphin Ireland Belgium Netherlands Germany Po
Slide 12: Fred. Olsen Energy - Contract overview
Fred. Olsen Energy - Contract overview Unit 2016 2017 2018 Bolette Anadarko Belford 1) Blackford Chevron Bideford Statoil 2) Borgland RMN Cons. Bredford Byford BP Borgsten Total Borgholm 1) Terminated for convenience 2) Suspended Average contract length approximately 6.5 months 12
Slide 13: Offshore drilling - Key financials
Offshore drilling - Key financials As per first half year (NOK million) 2016 2015 Revenues 3 844 4 730 EBITDA 2 383 2 838 EBIT -250 -1 869 NOK million EBT -558 -1 945 Non-current assets 13 282 21 416 Current assets 5 028 4 210 Total assets 18 310 25 626 Equity 7 417 8 244 Interest bearing debt 9 230
Slide 14: Renewable energy
Renewable energy
Slide 15: Renewable energy - Overview
Renewable energy - Overview Total generation capacity of 582.1 MW Six operating wind farms in Scotland (432.8 MW) *) One operating wind farm in Norway (71.3 MW) One operating wind farm in Sweden (78 MW) *) FOWL, 51% ownership Construction: Crystal Rig III (14 MW) in Scotland with expected completion
Slide 16: Business Model and Project Portfolio
Business Model and Project Portfolio Site Investigation Development Consented Construction Operation Scotland Scotland – 100-180 MW Ireland Scotland Scotland Crystal Rig extension Codling Bank – 500 MW Windy Standard II – 61,5 MW Crystal Rig – 62.5 MW Norway offshore (50% owned; total Crystal Rig II
Slide 17: Projects in the UK and Ireland
Projects in the UK and Ireland 17
Slide 18: Projects in Scandinavia
Projects in Scandinavia 18
Slide 19: Renewable energy - Key financials
Renewable energy - Key financials As per first half year (NOK million) 2016 2015 Revenues 471 625 EBITDA 286 444 EBIT 49 245 NOK million EBT 87 193 NOK mill. Non-current assets 5 148 4 855 Current assets 4 128 5 063 Total assets 9 276 9 918 Equity 3 562 3 272 Interest bearing debt 5 024 5 988 Non in
Slide 20: Renewable energy - Wind farms
Renewable energy - Wind farms 20
Slide 21: Shipping / Offshore wind
Shipping / Offshore wind
Slide 22: Shipping / Offshore wind - Overview
Shipping / Offshore wind - Overview Fred. Olsen Windcarrier Two transport and installation jack-up vessels for offshore wind turbines; “Brave Tern” and “Bold Tern” . «Bold Tern» has undergone upgrades in the entire quarter at a German shipyard. • Contracts ongoing or completed during 2nd quarter 201
Slide 23: Shipping / Offshore wind – Overview (cont.)
Shipping / Offshore wind – Overview (cont.) Fred. Olsen Windcarrier Denmark • 87.75% direct and indirect ownership operating a fleet of eight crew transfer vessels (CTVs). At the end of the quarter 5 of the 8 boats are employed; of which 3 on a long term T/C contract to DONG Energy at the Walney Win
Slide 24: Shipping / Offshore wind – Key financials
Shipping / Offshore wind – Key financials As per first half year (NOK million) 2016 2015 Revenues 383 578 EBITDA -92 133 EBIT -166 67 NOK million EBT -204 -4 Non-current assets 2 659 2 410 Current assets 598 758 Total assets 3 257 3 169 Equity 1 253 1 549 Interest bearing debt 1 636 1 194 Non intere
Slide 25: Shipping / Offshore wind - Vessels
Shipping / Offshore wind - Vessels 25 25
Slide 26: Cruise
Cruise Fred. Olsen Cruise Lines Ltd.
Slide 27: Cruise - Overview
Cruise - Overview Owns and operates four cruise ships; MV Black Watch MV Braemar MV Boudicca MV Balmoral Offers a diverse range of cruise holidays from long round the world trips to ex UK cruises to Scandinavia, Mediterranean and Canary Island Total passenger capacity: 3 700 Number of passenger days
Slide 28: Cruise - Key financials
Cruise - Key financials As per first half year (NOK million) 2016 2015 Revenues 1 047 1 013 EBITDA 132 116 EBIT 15 3 EBT 63 18 NOK million Non-current assets 1 309 1 606 Current assets 713 431 Total assets 2 022 2 037 Equity 1 124 1 137 Interest bearing debt 0 0 Non interest bearing debt 897 900 Tot
Slide 29: Cruise – Ships
Cruise – Ships Boudicca Braemar Balmoral Black Watch 29 29
Slide 30: Other Investments
Other Investments NHST Media Group AS - Koksa Eiendom AS - Various
Slide 31: Other investments - Overview
Other investments - Overview NHST Media Group AS (54.0%) Comprising five main business segments: Norwegian publications (Dagens Næringsliv, Morgenbladet) Direct Relations Global (Tradewinds, Upstream, Intrafish, Europower and Recharge) Nautical Charts and Other Operating revenues in 2Q 2016 were NOK
Slide 32: www.bonheur.net
www.bonheur.net