Bonheur Asa · OSL:BONHR

Bonheur Asa — Q3 2023 Earnings Presentation

29 slides from Bonheur Asa's earnings presentation, Oct 26, 2023

  1. Slide 1: 3Q 2023 – Presentation

    3Q 2023 – Presentation 26 October 2023

  2. Slide 2: Highlights 3Q 2023

    Highlights 3Q 2023 Bonheur ASA Group of companies Figures in paranthesis (3Q22) Renewable Energy Wind Service Cruise Other Investments Consolidated:  Operating revenues were NOK 3 197 million (NOK 3 212 million)  EBITDA was NOK 800 million (NOK 1 083 million)  EBIT was NOK 497 million (NOK 291 mi

  3. Slide 3: Consolidated summary

    Consolidated summary Bonheur ASA Group of companies (NOK million) 3Q 2023 3Q 2022 Change Revenues 3 197 3 212 -15 Opex 2 422 2 129 293 High price levies -26 0 -26 EBITDA 800 1 083 -283 Depreciation -263 -337 73 Impairment -39 -455 416 Q3 2023 Q3 2022 EBIT 497 291 207 Net interest cost NOK -72 NOK -9

  4. Slide 4: Segment analysis – Revenues

    Segment analysis – Revenues Bonheur ASA Group of companies (NOK million) 3Q 2023 3Q 2022 Change Renewable Energy 523 932 -409 Wind Service 1 476 1 378 98 Cruise 921 632 289 Other 276 270 6 Total Revenues 3 197 3 212 -15 NOK / EUR (average) 11,40 10,06 13,4 % NOK / GBP (average) 13,27 11,75 12,9 % GB

  5. Slide 5: Segment analysis – EBITDA

    Segment analysis – EBITDA Bonheur ASA Group of companies (NOK million) 3Q 2023 3Q 2022 Change Renewable Energy 243 748 -505 Wind Service 399 418 -19 Cruise 213 -42 255 Other -55 -42 -13 Total EBITDA 800 1 082 -282 5

  6. Slide 6: Group capitalization per 3Q 2023

    Group capitalization per 3Q 2023  Group financial objectives targeted to secure long-term visibility and flexibility through business cycles  Green financing framework in place for Bonheur and its subsidiaries External (NOK million) Cash debt 100% owned entities: Renewable Energy 1 015 Wind Servic

  7. Slide 7: Renewable Energy

    Renewable Energy

  8. Slide 8: Bonheur Board October 2023 FORAS Q3-23

    Bonheur Board October 2023 FORAS Q3-23

  9. Slide 9: Business Model and Project Portfolio for onshore wind

    Business Model and Project Portfolio for onshore wind Site Investigation Development Consented Construction Operation UK UK - 900 MW Scotland (390 MW) Sweden Scotland Portfolio Paul’s Hill II – 21 MW Fäbodliden II - 17,2 MW Crystal Rig – 62.5 MW Crystal Rig IV – 46 MW Crystal Rig II - 138.0 MW Swede

  10. Slide 10: Renewable energy per Q3 2023

    Renewable energy per Q3 2023 Market Backdrop Capacity Factors and Generation Gas, Carbon & Coal (RHS) – Year ahead 60% 800 000 700 000 350 350 50% €/MWh (Gas) & €/ton (Carbon) 600 000 300 300 Gas - TTF (€/MWh) Generation (MWh) Ca pa city fa ctor (%) 40% 500 000 250 250 Carbon EUA (€/ton) $/ton (Coal

  11. Slide 11: Fäbodliden II project status Q3 2023

    Fäbodliden II project status Q3 2023 Construction project update  All BoP work prior to turbine installation completed  All switchgears and cabling to main transformer installed, connected and tested  All turbine components transported on site  All main components installed by 7th Oct 2023  120

  12. Slide 12: Tax Update Norway

    Tax Update Norway Consultation memo 16.12.22 Proposal 2LS 29.09.23 FOR position Norway Fred. Olsen Renewables in line with the wider industry position:  There is no basis for a resource rent tax in onshore wind  The proposed tax would deter investment in renewable energy in Norway with a potential

  13. Slide 13: Fred. Olsen Seawind

    Fred. Olsen Seawind Presentation 3Q

  14. Slide 14: Fred. Olsen Seawind - 3Q update

    Fred. Olsen Seawind - 3Q update Pure-play offshore wind Independent Power Producer with solid market presence and portfolio Company Overview 25+ year track Established market Long-term Established market record in wind position with around partnerships position and development, 2.1 GW gross establis

  15. Slide 15: Offshore wind – market challenges

    Offshore wind – market challenges Global offshore markets continue to grow in ambitions, however challenged by interest rates and supply chain New offshore installations to 2030, global (MW) Global cumulative offshore installation growth towards 2050 Europe 2030: 116GW 2050: 386GW North America Asia

  16. Slide 16: Fred. Olsen 1848

    Fred. Olsen 1848

  17. Slide 17: The Floating Maintenance Solution

    The Floating Maintenance Solution Solving the challenge of major component exchange at a floating wind site Highlights The Floating Maintenance Solution in brief • Ongoing FEED study for the PROPRIETARY O&M activities Operates with solution RIGHTS carried out on site same motions as No need to disco

  18. Slide 18: The Brunel floating foundation

    The Brunel floating foundation Designed for the next generation of wind turbines to unlock the potential of floating wind Highlights The BRUNEL floating foundation in brief • Rambøll progressing PROPRIETARY with Design scope DNV Statement Modular RIGHTS towards TRL7 of feasibility design TRL 4 Based

  19. Slide 19: BOLETTE - Animation

    BOLETTE - Animation 19

  20. Slide 20: The Floating PV Power Production System BOLETTE

    The Floating PV Power Production System BOLETTE Unlocking the potential for floating near- and offshore solar Highlights Bolette in brief • Ongoing installation of A pre-tensioned rope mesh allows the 150kW pilot project in PV modules to move freely and Risør, Norway independently, while the environ

  21. Slide 21: Wind Service

    IX¥ Bonheur ASA IX< Fred. Olsen Windcarrier GLOBALWINDSERVICE Dioeisties

  22. Slide 22: Fred. Olsen Windcarrier

    Fred. Olsen Windcarrier 3Q 2023 Update

  23. Slide 23: Fred. Olsen Windcarrier – News in Quarter

    FRED. OLSEN WINDCARRIER – NEWS IN QUARTER Key Facts: Offices # projects executed 60 Global strategy – World leading 3x ~EUR 512 m 1 proven track record offshore wind >250 employees backlog incl. 2 in all core markets installation vessel fleet options First mover 4 WTGs installed MW installed First >

  24. Slide 24: Another quarter with solid operations

    ANOTHER QUARTER WITH SOLID OPERATIONS: Some unplanned maintenance resulting in commercial downtime, but overall solid execution Results:  Solid contract coverage and 100% contractual utilization in quarter  Unplanned maintenance, lead to an average commercial uptime of 91,4% for the fleet in the q

  25. Slide 25: Backlog development

    BACKLOG DEVELOPMENT Now also including revenue for Blue Wind Development in Backlog Backlog  Currently FOWIC vessels have backlog of EUR 512 million (Q2: EUR 552 million), changes due to: Revenue backlog FOWIC vessels as of 3Q-2023 (EUR m)  Completed work on ongoing projects 250 Millions  Additio

  26. Slide 26: Thank you

    Thank you 26

  27. Slide 27: Cruise

    Cruise

  28. Slide 28: Cruise

    Cruise Events in the quarter  Borealis, Bolette and Balmoral operated  Braemar in lay-up  Occupancy of 76% up from 59%  Net ticket income of GBP 189 per diem up from GBP 188  Reduced bunker cost from same quarter last year of GBP 7.4 mill equivalent to NOK 98 million  Positive EBITDA of NOK 21

  29. Slide 29: Highlights 3Q 2023

    Highlights 3Q 2023 Bonheur ASA Group of companies Figures in paranthesis (3Q22) Renewable Energy Wind Service Cruise Other Investments Consolidated:  Operating revenues were NOK 3 197 million (NOK 3 212 million)  EBITDA was NOK 800 million (NOK 1 083 million)  EBIT was NOK 497 million (NOK 291 mi

Bonheur — Q3 2023 Earnings Presentation on 6ix