Slide 1: 4Q Presentation
4Q Presentation 17 February 2023
Slide 2: Highlights 4Q 2022
Highlights 4Q 2022 Bonheur ASA Group of companies Figures in paranthesis (4Q21) Renewable Energy Wind Service Cruise Other Investments Consolidated: Operating revenues were NOK 3 361 million (NOK 2 713 million) EBITDA was NOK 1 285 million (NOK 1 108 million) EBIT was NOK 1 010 million (NOK 90
Slide 3: Consolidated summary
Consolidated summary Bonheur ASA Group of companies (NOK million) 4Q 22 4Q 21 Change Revenues 3 361 2 713 648 EBITDA 1 285 1 108 177 Depreciation -261 -206 -55 Impairment -14 0 -14 EBIT 1 010 902 108 Net finance -167 14 -181 EBT 835 911 -76 Net result 732 637 95 Shareholders of the parent company *)
Slide 4: Segment analysis – Revenues
Segment analysis – Revenues Bonheur ASA Group of companies (NOK million) 4Q 22 4Q 21 Change Renewable Energy 1 326 1 268 58 Wind Service 1 293 844 449 Cruise 472 310 162 Other 271 292 -21 Total Revenues 3 361 2 713 648 NOK / EUR (average) 10,39 9,97 4,2 % NOK / GBP (average) 11,95 11,76 1,6 % GBP /
Slide 5: Segment analysis – EBITDA
Segment analysis – EBITDA Bonheur ASA Group of companies (NOK million) 4Q 22 4Q 21 Change Renewable Energy 1 016 1 060 -44 Wind Service 405 147 258 Cruise -85 -85 0 Other -50 -14 -36 Total EBITDA 1 285 1 108 177 5
Slide 6: Group capitalization per 4Q 22
Group capitalization per 4Q 22 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 278 Wind Service 36
Slide 7: The Fred. Olsen related companies within renewables today
The Fred. Olsen related companies within renewables today 2,400+ employees with activities in more than 40 countries Technology & Renewables Services Capital innovation Hvitsten Asset Manager Onshore wind Pure-play Installation, Independent Managing and other Turbine Solution for Wind offshore wind
Slide 8: Renewable Energy
Renewable Energy
Slide 9: FORAS 4Q 2022
17 February 2023 FORAS 4Q 2022
Slide 10: Business Model and Project Portfolio for onshore wind
Business Model and Project Portfolio for onshore wind Site Investigation Development Consented Construction Operation UK UK - 750 MW Scotland (323 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 Norwa
Slide 11: Production from our windfarms
Production from our windfarms A history of strong organic growth Scotland Production (GWh) Crystal Rig – 62.5 MW Crystal Rig II - 138.0 MW 2 244 Rothes – 50.6 MW 2 097 Rothes II – 41.4 MW 1 725 1 767 1 728 1 872 1 713 Paul’s Hill – 64.4 MW 1 524 Mid Hill – 75.9 MW 1 400 Crystal Rig III – 13.8 MW 1 2
Slide 12: Renewable energy market backdrop per Q4 2022
Renewable energy per Q4 2022 Market backdrop Capacity Factors Capacity andand Factors Generation Generation Gas, Carbon & Coal (RHS) – Year ahead 60% 800 000 350 350 Gas - TTF (€/MWh) €/MWh (Gas) & €/ton (Carbon) 700 000 300 300 50% 600 000 250 Carbon EUA (€/ton) 250 $/ton (Coal) Generation (MWh) Ca
Slide 13: Estimated consequences of proposed tax changes
Estimated consequences of proposed tax changes 2023: Estimated tax rate at 100 £/MWh Estimated marginal tax in case of higher prices (100% = net revenues) (e.g., 150 £/MWh) 68.5% UK 83% 45% 17% Taxes 25% Corporate tax rate 19% 23.5% from 1 April 2023 2022 2023 Corporate Tax High price contribution 8
Slide 14: Tax Update Norway and UK
Tax Update Norway and UK Official statements FOR position Process The main rate of Corporation Tax Indexation for price threshold. Consultation process will increase to 25% from April Reflect pre-crisis view of prices in concluded. UK 2023. December 2021 (higher than No payment will be 4
Slide 15: Norwegian tax comparison
Norwegian tax comparison Oil and gas taxation: Onshore wind taxation: Tax stimulus package of ca. NOK 100 billion (*) The proposed tax regime is not cash neutral during covid crisis The regime as proposed, will increase the On top of a cash neutral tax regime break even electricity prices by
Slide 16: Fred. Olsen Seawind Presentation 4Q 2022
Fred. Olsen Seawind Presentation 4Q 2022
Slide 17: The Codling project – on time and ready for CfD auction
The Codling project – on time and ready for Contract for Differences (CfD) auction in April 2023 Highlights from 4Q Strong political support in Ireland Codling Wind Park in brief • The Project has received a full award of MAC Up to 1500 #1 Renewable share of energy mix (marine area consent) letter f
Slide 18: Norway – competition framework published by OED
Norway – competition framework published by OED Highlights from 4Q Sørlige Nordsjø II Utsira Nord • Regulatory framework published by OED and is now under hearing. 3000 MW*) 1500 MW Capacity Capacity Highlights include: • Qualitative competition for seabed on Utsira Nord with 3 areas of 500 MW. Pric
Slide 19: The Muir Mhòr project has initiated data collection on site
The Muir Mhòr project has initiated data collection on site including deployment of FLiDAR (FLiDAR is a floating wind measurement technology) Highlights from 4Q The Muir Mhòr Project in brief • Full integrated project team mobilised and fully operational. >798 MW ~200 km2 Capacity Area • Project is
Slide 20: Fred. Olsen 1848
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Slide 21: 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 O&M activities Operates with solution carried out on site same motions as No need to disconnect floater • To
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 from Q4 The BRUNEL floating foundation in brief • Rambøll engaged to DNV Statement Modular perform Design scope of feasibility design • Control System TRL 4 Based on s
Slide 23: The Floating Maintenance Solution for BRUNEL
The Floating Maintenance Solution for BRUNEL Solving the challenge of major component exchange at a floating wind site The Floating Maintenance Solution for BRUNEL in brief Cost-efficient O&M activities Solution carried out on site Minimal marine asset No need to disconnect (vessel) spread and tow t
Slide 24: Wind Service
IX¥ Bonheur ASA IX< Fred. Olsen Windcarrier GLOBALWINDSERVICE Dioeisties
Slide 25: Fred. Olsen Windcarrier Q4 2022 Update
Fred. Olsen Windcarrier Q4 2022 Update
Slide 26: Fred. Olsen Windcarrier – News in Quarter
FRED. OLSEN WINDCARRIER – NEWS IN QUARTER Key Facts: Offices # projects executed 60 Global strategy – World leading 3x ~EUR 553m 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 >8
Slide 27: FOWIC Results
FOWIC RESULTS: Solid operational and commercial performance providing record high results Revenue & EBITDA (m€) Solid results: 160 Solid contract coverage and performance on all three vessels in quarter at 99% resulting in revenue of 57,8m€ 140 (Q3 59,7m€) EBITDA of 38,2 m€ (Q3 33,6 m€) is at hi
Slide 28: FOWIC Contract Backlog
FOWIC CONTRACT BACKLOG: Significant growth resulting in total backlog of 553mEUR incl. options (Q3 473m EUR) Changes in quarter: Revenue backlog (€) as of Q4-2022 including reservation agreements Completed work on ongoing projects 180 Two reservation agreements signed in quarter, both with: Mill
Slide 29: Cruise
Cruise
Slide 30: Cruise
Cruise Events in the quarter Borealis, Bolette and Balmoral operated Balmoral in lay-up in 4Q last year Occupancy of 64% Net ticket income of GBP 172 per diem The EBITDA was negatively impacted by Borealis was 16 days in dry-dock Bolette 56 days in lay-up Continued high bunker cost
Slide 31: Highlights 4Q 2022
Highlights 4Q 2022 Bonheur ASA Group of companies Figures in paranthesis (4Q21) Renewable Energy Wind Service Cruise Other Investments Consolidated: Operating revenues were NOK 3 361 million (NOK 2 713 million) EBITDA was NOK 1 285 million (NOK 1 108 million) EBIT was NOK 1 010 million (NOK 90