Bonheur Asa · OSL:BONHR
Bonheur Asa — Q2 2020 Earnings Presentation
21 slides from Bonheur Asa's earnings presentation, Jul 15, 2020
Slide 1: Bonheur ASA 2 quarter 2020
Bonheur ASA 2 quarter 2020 15 July 2020
Slide 2: Highlights 2Q 2020
Highlights 2Q 2020 Bonheur ASA Group of companies Figures in paranthesis (2Q19) Renewable energy Shipping/Offshore wind Cruise Other Investments Consolidated: ▪ Operating revenues were NOK 1 263 million (NOK 2 023 million) ▪ EBITDA was NOK -57 million (NOK 511 million) ▪ EBIT was NOK -329 million (N
Slide 3: Consolidated summary
Consolidated summary Bonheur ASA Group of companies Change in Net Finance - Main items: (NOK million) 2Q 20 2Q 19 NOK ▪ Net interest expenses of NOK -107 mill. (NOK -91 mill) Revenues 1 263 2 023 -760 ▪ Other financial expenses NOK -17 mill. (NOK -9 mill) EBITDA -57 511 -568 ▪ Realized net gain on s
Slide 4: Segment analysis – Revenues
Segment analysis – Revenues Bonheur ASA Group of companies (NOK million) 2Q 20 2Q 19 Change Renewable energy 202 234 -33 Shipping/Offshore wind 798 806 -8 Cruise -2 671 -673 Other 266 311 -46 Total Revenues 1 263 2 023 -760 NOK / EUR (average) 11,02 9,72 13,4 % NOK / GBP (average) 12,43 11,11 11,9 %
Slide 5: Segment analysis – EBITDA
Segment analysis – EBITDA Bonheur ASA Group of companies (NOK million) 2Q 20 2Q 19 Change Renewable energy 60 111 -50 Shipping/Offshore wind 50 255 -205 Cruise -172 137 -309 Other 6 9 -3 Total EBITDA -57 511 -568 5
Slide 6: Cash, Debt and Guarantees as per 2Q 20
Cash, Debt and Guarantees as per 2Q 20 Bonheur ASA Group of companies Whereof External FOO with 3 new non-recourse loans and (NOK million) Cash guaranteed green loan framework: debt by Bonheur ▪ ~2,5 years extension of existing ~EUR 31m Renewable energy (FOR) (Joint Ventures and associated holding c
Slide 7: Renewable energy
Renewable energy
Slide 8: Generation (MWh)
Renewable energy Generation Capacity Factors and Generation 60% 700 000 50% 600 000 Generation (MWh) Ca pa city fa ctor (%) 40% 500 000 400 000 30% 300 000 20% 200 000 10% 100 000 0% - 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 UK (total) Sweden Norway Generation (MWh) Ca pa city fa ctor = 8
Slide 9: Energy prices development
Renewable energy Energy prices development CO2 EUAs Dec-20 €/ton TTF Gas Aug-20 in €/MWh 35 15 13 30 11 25 9 20 7 15 5 3 10 9
Slide 10: Hydrology balance Sweden and Norway
Renewable energy Hydrology balance Sweden and Norway Norway Deviation from Sweden ▪ Unnormal snow situation in Normal (GWh) Scandinavian mountain areas ▪ High inflow to water magazines ▪ Expectation of full water reservoirs Source: Skellefteå Kraft 10
Slide 11: Prices for UK (GBP/MWh)
Renewable energy Energy prices development Power prices (quarterly average) £70 80 € El-Prices for Sweden and Norway (€/MWh) £60 70 € Price for Carbon emissions (EUR /ton) 60 € Prices for UK (GBP/MWh) £50 50 € £40 40 € £30 30 € £20 20 € £10 10 € £0 - € 3Q 2018 4Q 2018 1Q 2019 2Q 2019 3Q 2019 4Q 2019
Slide 12: Business Model and Project Portfolio
Business Model and Project Portfolio Site Investigation Development Consented Construction Operation Scotland Scotland – 600-700 MW Ireland Sweden Scotland Crystal Rig extension Codling Wind Park I Högaliden 105 MW Crystal Rig – 62.5 MW Norway Crystal Rig II - 138.0 MW Rothes extension 500 MW offsho
Slide 13: Renewable energy Key financials
Renewable energy Key financials 500 1 300 1 200 450 1 100 400 Rolling trailing 12 months EBITDA (NOK mill) 1 000 EBITDA (NOK mill) 350 900 300 800 700 250 600 200 500 150 400 300 100 200 50 100 0 0 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 EBITDA Rolling trailing 12 months EBITDA 13
Slide 14: Shipping / Offshore wind
Shipping / Offshore wind
Slide 15: Shipping / Offshore wind - Fred. Olsen Ocean
Shipping / Offshore wind - Fred. Olsen Ocean Main operating assets: Fred. Olsen Windcarrier AS Global Wind Service A/S ▪ Providing vessels and expertise mainly for: ▪ Providing manpower for: ▪ Transport ▪ Installation onshore and offshore ▪ Installation ▪ Blade repair ▪ Engineering ▪ Offshore wind t
Slide 16: Main activities in the quarter
Shipping / Offshore wind Main activities in the quarter ▪ Utilization for T&I and O&M vessels 68% (99%) ▪ Brave Tern mobilized to Taiwan, no revenue contribution this quarter ▪ Bold Tern continued on a blade maintenance contract ▪ Blue Tern installed Trianel Borkum Wind Park ▪ Secured contract backl
Slide 17: Shipping / Offshore wind Key financials
Shipping / Offshore wind (Fred. Olsen Ocean) Key financials 300 550 250 475 Rolling trailng 12 months EBITDA (NOK millin) 200 400 150 325 EBITDA (NOK million) 100 250 50 175 0 100 -50 25 -100 -50 -150 -125 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 EBITDA Rolling trailing 12 months EBITDA 17
Slide 18: Cruise
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Slide 19: Cruise: Events in the quarter
Cruise Events in the quarter ▪ All 4 cruise ships in lay-up in Scotland ▪ Cruise operation paused until it is considered safe to resume cruising ▪ FOCL with no interest-bearing debt ▪ Estimated lay-up costs and running overhead costs going forward reduced from GBP 2.8 mill. to GBP 2.5 mill. per mont
Slide 20: Cruise Key financials
Cruise Key financials 200 330 (Figures in NOK million) Per 2Q 20 Per 1Q 20 Rolling trailing 12 months EBITDA (NOK mill) 150 280 Vessels 1 076 1 227 100 230 Other assets 289 337 EBITDA (NOK mill) 50 180 Cash and cash equivalents 216 616 0 130 80 Total assets 1 581 2 180 -50 30 -100 Equity 846 1 046 -
Slide 21: Highlights 2Q 2020
Highlights 2Q 2020 Bonheur ASA Group of companies Figures in paranthesis (2Q19) Renewable energy Shipping/Offshore wind Cruise Other Investments Consolidated: ▪ Operating revenues were NOK 1 263 million (NOK 2 023 million) ▪ EBITDA was NOK -57 million (NOK 511 million) ▪ EBIT was NOK -329 million (N