Bonheur Asa · OSL:BONHR

Bonheur Asa — Q4 2023 Earnings Presentation

27 slides from Bonheur Asa's earnings presentation, Feb 16, 2024

  1. Slide 1: 4Q 2023 – Presentation

    4Q 2023 – Presentation 16 February 2024

  2. Slide 2: Highlights 4Q 2023

    Highlights 4Q 2023 Bonheur ASA Group of companies Figures in paranthesis (4Q22) Renewable Energy Wind Service Cruise Other Investments Consolidated:  Operating revenues were NOK 3 531 million (NOK 3 361 million)  EBITDA was NOK 1 104 million (NOK 1 284 million)  EBIT was NOK 802 million (NOK 1 00

  3. Slide 3: Consolidated summary

    Consolidated summary Bonheur ASA Group of companies (NOK million) 4Q 2023 4Q 2022 Change Revenues 3 531 3 361 169 Opex 2 483 2 077 406 High price levies -57 0 -57 EBITDA 1 104 1 284 -180 Depreciation -297 -261 -37 Impairment -5 -14 9 EBIT 802 1 009 -207 Net finance -361 -179 -182 EBT 429 821 -392 Ta

  4. Slide 4: Segment analysis – Revenues

    Segment analysis – Revenues Bonheur ASA Group of companies (NOK million) 4Q 2023 4Q 2022 Change Renewable Energy 870 1 326 -456 Wind Service 1 514 1 293 221 Cruise 856 472 384 Other 290 270 20 Total Revenues 3 531 3 361 170 NOK / EUR (average) 11,65 10,39 12,1 % NOK / GBP (average) 13,44 11,95 12,5

  5. Slide 5: Segment analysis – EBITDA

    Segment analysis – EBITDA Bonheur ASA Group of companies (NOK million) 4Q 2023 4Q 2022 Change Renewable Energy 638 1 016 -378 Wind Service 402 405 -3 Cruise 133 -94 227 Other -68 -44 -24 Total EBITDA 1 104 1 283 -179 5

  6. Slide 6: Group capitalization per 4Q 2023

    Group capitalization per 4Q 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 368 Wind Service

  7. Slide 7: Fred. Olsen Renewables Q4 2023

    Fred. Olsen Renewables Q4 2023

  8. Slide 8: Full cycle business model

    Full cycle business model Site Investigation Development Consented Construction Operation UK UK - 900 MW Scotland (390 MW) Scotland Portfolio Paul’s Hill II – 21 MW Crystal Rig – 62.5 MW Crystal Rig IV – 46 MW Crystal Rig II - 138.0 MW Norway Norway – 1150 MW Brockloch Rig III – 88 MW Rothes – 50.6

  9. Slide 9: Market Backdrop

    Market Market Backdrop Capacity Factors and Generation Gas, Carbon & Coal (RHS) – Year ahead 350 350 Gas - TTF (€/MWh) €/MWh (Gas) & €/ton (Carbon) 300 300 Carbon EUA (€/ton) 250 250 Coal API4 ($/ton) $/ton (Coal) 200 200 150 150 100 100 50 50 0 0 jan. 21 jul. 21 jan. 22 jul. 22 jan. 23 jul. 23 jan.

  10. Slide 10: Production from our windfarms

    Production from our windfarms Status 31.12.2023 Scotland Crystal Rig – 62.5 MW Production (GWh) Crystal Rig II - 138.0 MW 2 294 Rothes – 50.6 MW 2 097 Rothes II – 41.4 MW 1 872 1774 Paul’s Hill – 64.4 MW 1 725 1 767 1 728 1 713 Mid Hill – 75.9 MW Crystal Rig III – 13.8 MW 1 524 1 400 1 113 1 213 Bro

  11. Slide 11: Fäbodliden II Q4 2023

    Fäbodliden II Q4 2023 Project closing on time and on budget  All turbines are operational  Production commenced approx. 4 weeks prior to scheduled commercial operation date (28th Dec 2023). Completed installation of T28 Hub height: 155 m Maximum tip height: 230 m 11

  12. Slide 12: Fred. Olsen Seawind 4Q 2023

    Fred. Olsen Seawind 4Q 2023

  13. Slide 13: Fred. Olsen Seawind

    Fred. Olsen Seawind 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 established with dev

  14. Slide 14: Codling is one of the largest mature OFW projects in Europe

    Codling is one of the largest mature OFW projects in Europe Project has had a successful 2023 – with key milestones being met Codling Wind Park in brief Competitiveness solidified by location Successful in CFD auction 1.3 GW #1 Awarded, equal to 43% of 1.3 GW total successful volume Gross capacity I

  15. Slide 15: Leading floating wind site development off Scotland

    Leading floating wind site development off Scotland Floating offshore wind project in partnership Vattenfall The Muir Mhòr Project in brief • Site secured in the attractive E2-zone in 2022 Scotwind auction 798 MW ~200 km2 Capacity Area • Highly favourable LCOE drivers – location close to demand and

  16. Slide 16: Offshore Wind Market Outlook

    Offshore Wind Market Outlook Maintain a positive industry outlook with some challenges in coming years Projected offshore wind installations Trends and News Political commitments remains despite challenges EU and UK as clearest examples of renewed commitments and positive signals 2023 became a recor

  17. Slide 17: Fred. Olsen Windcarrier 4Q 2023

    Fred. Olsen Windcarrier 4Q 2023

  18. Slide 18: Fred. Olsen Windcarrier ASA – Activity in Quarter

    Fred. Olsen Windcarrier ASA – Activity in Quarter Key Facts: Offices # projects executed 60 Global strategy – World leading 3x ~EUR 535 m 1 proven track record offshore wind >250 employees backlog incl. 1) in all core markets installation vessel fleet options First mover 5 WTGs installed MW installe

  19. Slide 19: FOWIC continue positive development, delivering solid result in quarter

    FOWIC continue positive development, delivering solid result in quarter and new all time high on full year basis: Results:  Solid contract coverage and 100% contractual utilization in quarter  Unplanned maintenance (same event as in Q3), lead to an average commercial uptime of 92,1% for the fleet

  20. Slide 20: Backlog Development

    Backlog Development Blue Wind backlog reported separately due to significantly different EBITDA margin Development in Backlog Backlog  Backlog FOWIC vessels per end Q4 23 is EUR 535 million (Q3: EUR 512 million), changes due to: Revenue backlog FOWIC vessels as of 4Q 2023 (€)  Addition of Baltica

  21. Slide 21: Fred. Olsen 1848

    Fred. Olsen 1848

  22. Slide 22: 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 • Undergoing final stage of Basic Design with DNV Statement Modular Rambøll to reach TRL 6 of feasibility design by Q1 2024 PRO

  23. Slide 23: 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 • Completed technical FEED PROPRIETARY O&M activities Operates with study RIGHTS carried out on site same motions as No need to disconnect

  24. Slide 24: BRIZO – Video animation

    BRIZO – Video animation Pilot project in Risør - Norway 24

  25. Slide 25: The Floating PV Power Production System BRIZO

    The Floating PV Power Production System BRIZO Unlocking the potential for floating near- and offshore solar Highlights Brizo in brief • Completed installation of A pre-tensioned rope mesh allows the 124kW pilot project in PV modules to move freely and Risør, Norway independently, while the environme

  26. Slide 26: Cruise

    Cruise Events in the quarter compared to same quarter last year  Borealis, Bolette and Balmoral operated  Braemar sold with NOK 86 million in positive EBITDA effect  Occupancy of 71% up from 64%  Net ticket income of GBP 161 per diem compared to GBP 172  Positive EBITDA of NOK 133 million  Con

  27. Slide 27: Highlights 4Q 2023

    Highlights 4Q 2023 Bonheur ASA Group of companies Figures in paranthesis (4Q22) Renewable Energy Wind Service Cruise Other Investments Consolidated:  Operating revenues were NOK 3 531 million (NOK 3 361 million)  EBITDA was NOK 1 104 million (NOK 1 284 million)  EBIT was NOK 802 million (NOK 1 00

Bonheur — Q4 2023 Earnings Presentation on 6ix