Slide 1: 2 quarter 2017
2 quarter 2017 19 July 2017
Slide 2: Bonheur ASA Group - Highlights 2Q 2017
Bonheur ASA Group - Highlights 2Q 2017 Operating revenues were NOK 2 036 million (NOK 3 151 million) (2Q 16 in brackets) Operating result before depreciation (EBITDA) was NOK 695 million (NOK 1 379 million) Year on year EBITDA improvement of NOK 254 million, apart from Offshore drilling Impairment w
Slide 3: Bonheur ASA Group - Consolidated summary
Bonheur ASA Group - Consolidated summary Change in (NOK million) 2Q 17 2Q 16 NOK Revenues 2 036 3 151 -1 115 EBITDA 695 1 379 -684 Depreciation -713 -882 169 Impairment -635 -1 321 686 EBIT -652 -824 172 Net finance and result from associates -65 -11 -54 EBT -717 -835 118 Net result -812 -1 012 200
Slide 4: Bonheur ASA Group - Segment analysis – Revenues
Bonheur ASA Group - Segment analysis – Revenues (NOK million) 2Q 17 2Q 16 Change FX effect Offshore drilling 466 1 810 -1 343 13 Renewable energy 253 171 82 -21 Shipping/Offshore wind 401 241 160 1 Cruise 574 550 24 -57 Other 342 379 -37 Total Revenues 2 036 3 151 -1 115 -64 NOK / GBP (average) 10.8
Slide 5: Bonheur ASA Group - Segment analysis - EBITDA
Bonheur ASA Group - Segment analysis - EBITDA (NOK million) 2Q 17 2Q 16 Change FX effect Offshore drilling 240 1 178 -938 6 Renewable energy 164 84 80 -14 Shipping/Offshore wind 140 5 135 0 Cruise 139 102 37 -14 *) Other 12 10 2 - Total EBITDA 695 1 379 -684 -22 *) In addition GBP 1.8 million impact
Slide 6: Change in net interest bearing debt (NIBD)
Change in net interest bearing debt (NIBD) (NOK million) NIBD 01.04.17 -7 358 EBITDA 2Q17 695 Capex paid -91 FX effects on cash position -32 FX effects on gross debt position -25 Dividend / repayment of capital (Koksa) 186 Taxes paid -47 Net Interest paid -111 Dividend paid -87 Working Capital chang
Slide 7: Bonheur ASA Group – Capex per segment
Bonheur ASA Group – Capex per segment NOK million 1400 1200 1000 800 600 400 200 0 3Q 15 4Q 15 1Q 16 2Q 16 3Q 16 4Q16 1Q17 2Q17 Offshore Drilling (excl. Bollsta) Renewable Energy Shipping/Offshore wind Cruise Other 7
Slide 8: Bonheur ASA Group – Capital employed per segment
Bonheur ASA Group – Capital employed per segment 35 000 42% 30 000 40% 25 000 38% 20 000 NOK mill. 36% 15 000 34% 10 000 32% 5 000 0 30% 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 Offshore drilling Renewable energy Shipping / Offshore wind Cruise Other investments Equity ratio (%) Capital Employed (CE)
Slide 9: Offshore drilling
Offshore drilling Fred. Olsen Energy ASA 9
Slide 10: Contract overview
Contract overview Unit 2017 2018 Bolette Anadarko Belford Preserved and maintained Blackford Chevron Smart stacked Bideford Statoil Statoil Borgland Smart stacked Bredford Preserved and maintained Byford Smart stacked Borgsten To be decomissioned Firm contract Terminated for convenience. Termination
Slide 11: Smart stacking proves to be effective
Smart stacking proves to be effective Lay-up teams with operational experience on regular rotation Team living on-board and carries out maintenance and extensive system integration testing Maintain competence - an experienced core crew is essential to restart operations efficiently Using social medi
Slide 12: Offshore drilling - Key financials
Offshore drilling - Key financials (Figures in NOK million) 2Q 17 1Q 17 2Q 16 Operating revenues 466 831 1 810 EBITDA 240 345 1 178 EBITDA margin 52 % 42 % 65 % EBIT -879 -119 -801 EBT -984 -174 -891 Net result after tax -1 046 -222 -950 Capex 16 10 20 Equity 5 901 7 091 7 417 Gross interest bearing
Slide 13: Renewable energy
Renewable energy 13
Slide 14: Renewable energy
Renewable energy Power prices (per MWh) in UK, Norway and Sweden were on average £40 (£35), €27 (€23) and €29 (€26), respectively, in the quarter. Green certificate prices (per MWh) in Scandinavia have come down materially from an average of SEK 134 in 2Q16 to SEK 65 in 2Q17. 14
Slide 15: Renewable energy
Renewable energy Capacity factors in UK, Norway and Sweden were 24.6% (17.8%), 33.1% (24.2%) and 29.3% (24.7%), respectively, in the quarter. Total generation of 341 557 MWh (248 348 MWh) 15
Slide 16: Renewable energy – Summary 2Q
Renewable energy – Summary 2Q 17 16
Slide 17: 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 18: Renewable energy - Key financials
Renewable energy - Key financials (Figures in NOK million) 2Q 17 2Q 16 Operating revenues 253 171 EBITDA 164 84 EBITDA margin 65 % 49 % EBT 22 -63 Capex 37 98 Equity 2 118 3 562 Gross interest bearing debt 4 166 5 024 - Cash and cash equivalents *) 1 294 3 789 = Net interest bearing debt (NIBD) 2 87
Slide 19: Shipping / Offshore wind
Shipping / Offshore wind 19
Slide 20: Shipping / Offshore wind – Summary 2Q 17
Shipping / Offshore wind – Summary 2Q 17 20
Slide 21: Shipping / Offshore wind – Key financials
Shipping / Offshore wind – Key financials (Figures in NOK million) 2Q 17 2Q 16 Operating revenues 401 241 EBITDA 139 5 EBITDA margin 35 % 2% EBT 112 -63 Capex 11 75 Equity 1 361 1 253 Gross interest bearing debt *) 1 556 1 636 - Cash and cash equivalents 285 357 = Net interest bearing debt (NIBD) 1
Slide 22: Cruise
Cruise Fred. Olsen Cruise Lines Ltd. 22
Slide 23: Cruise
Cruise Passenger days were 274 598 in the quarter (284 578), a decline of 3.5%. Net Ticket Income per passenger day was £148 in the quarter (£121) Weakening of USD/GBP - negative impact on EBITDA of GBP 1.8 million 23
Slide 24: Cruise – Summary
Cruise – Summary 1Q 17 Black Watch 24
Slide 25: Cruise - Key financials
Cruise - Key financials (Fi gures i n NOK mi l l i on) 2Q 17 2Q 16 Operating revenues 574 550 EBITDA 139 102 EBITDA margin 24 % 19 % EBT 55 67 Capex 13 2 Equity 1 183 1 124 Gross interest bearing debt 0 0 - Cash and cash equivalents 772 551 = Net interest bearing debt (NIBD) -772 -551 Capital employ
Slide 26: Other Investments
Other Investments NHST Media Group AS (54.0%) Koksa Eiendom AS (12.6%) Operating revenues were NOK 335 million (NOK Last properties sold – agreement closed Jan 17 364 million) NOK 183 million paid to Bonheur ASA in 2Q17. EBITDA were NOK 36 million (NOK 36 million) 7.9% annualized return on investmen
Slide 27: Bonheur ASA Group - Highlights 2Q 2017
Bonheur ASA Group - Highlights 2Q 2017 Operating revenues were NOK 2 036 million (NOK 3 151 million) (2Q 16 in brackets) Operating result before depreciation (EBITDA) was NOK 695 million (NOK 1 379 million) Year on Year EBITDA improvement of NOK 254 million, apart from Offshore drilling Impairment w