Slide 1: 1 quarter 2017
1 quarter 2017 12 May 2017
Slide 2: Bonheur ASA Group - Highlights 1Q 2017
Bonheur ASA Group - Highlights 1Q 2017 Operating revenues were NOK 2 353 million (NOK 3 289 million) (1Q 16 in brackets) Operating result before depreciation (EBITDA) was NOK 689 million (NOK 1 286 million) Operating result (EBIT) was NOK 7 million (NOK 400 million) Net result NOK -148 million (NOK
Slide 3: Bonheur ASA Group - Consolidated summary
Bonheur ASA Group - Consolidated summary Change in (NOK million) 1Q 17 1Q 16 NOK Revenues 2 353 3 289 -936 EBITDA 689 1 286 -597 Depreciation -682 -886 204 Impairment 0 0 0 EBIT 7 400 -393 Net finance and result from associates -125 -157 32 EBT -118 243 -361 Net result -148 211 -359 Shareholders of
Slide 4: Bonheur ASA Group - Segment analysis – Revenues
Bonheur ASA Group - Segment analysis – Revenues (NOK million) 1Q 17 1Q 16 Change FX effect Offshore drilling 831 2 034 -1 203 -19 Renewable energy 342 300 43 -60 Shipping/Offshore wind 364 142 222 -21 Cruise 480 497 -17 -89 Other 337 317 20 - Total Revenues 2 353 3 289 -936 -189 NOK / GBP (average)
Slide 5: Bonheur ASA Group - Segment analysis - EBITDA
Bonheur ASA Group - Segment analysis - EBITDA (NOK million) 1Q 17 1Q 16 Change FX effect Offshore drilling 345 1 205 -860 -8 Renewable energy 248 202 46 -45 Shipping/Offshore wind 96 -97 193 -5 Cruise 19 30 -11 -4 *) Other -18 -55 36 - Total EBITDA 689 1 286 -597 -62 *) In addition GBP 2.2 million i
Slide 6: Change in net interest bearing debt (NIBD)
Change in net interest bearing debt (NIBD) (NOK million) NIBD 01.01.17 -7 869 EBITDA 1Q-17 689 Capex -163 FX effects on cash position 16 FX effects on gross debt position -28 Taxes paid -69 Net Interest paid -144 Working Capital movements / other movements 210 511 NIBD 31.03.17 -7 358 6
Slide 7: Bonheur ASA Group – Capex per segment
Bonheur ASA Group – Capex per segment NOK million 1400 1200 1000 800 x 600 400 200 0 2Q15 3Q 15 4Q 15 1Q 16 2Q 16 3Q 16 4Q16 1Q17 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% 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 Offshore drilling Renewable energy Shipping / Offshore wind Cruise Other investments Equity ratio (%) Capital Employed (CE)
Slide 9: Offshore drilling
Offshore drilling (1Q 2016 in brackets) Revenues were USD 98 million (USD 235 million) EBITDA was USD 41 million (USD 139 million) EBIT was USD -14 million (USD 64 million) New 50 days drilling contract for Bideford Dolphin Borgholm Dolphin to be decommissioned Fred. Olsen Energy ASA 9
Slide 10: Fred. Olsen Energy - Contract overview
Fred. Olsen Energy - 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 Cold stacked Borgholm Cold stacked Firm contract Opt
Slide 11: Offshore drilling - Key financials
Offshore drilling - Key financials (NOK million) 1Q 17 1Q 16 4Q 16 Revenues 831 2 034 1 310 EBITDA 345 1 205 810 EBITDA - margin 42 % 59 % 62 % EBT -174 333 148 Capex 10 32 30 Equity 7 091 8 272 7 355 Gross interest bearing debt 7 481 10 158 7 582 - Cash and cash equivalents 2 858 1 630 2 503 =Net i
Slide 12: Renewable energy
(1Q 2016 in brackets) Renewable energy Revenues were NOK 342 million (NOK 300 million) EBITDA was NOK 248 million (NOK 202 million) EBIT was NOK 141 million (NOK 81 million) Profit before tax was NOK 119 million (NOK 150 million) Crystal Rig III in operation Average wind resources, higher electricit
Slide 13: Renewable energy - Prices for Sweden and Norway
Renewable energy Power prices in UK, Norway and Sweden were on average £48 (£35), €31 (€22) and €32 (€23), respectively, in the quarter. Green certificate prices in Scandinavia have come down materially from SEK 115.5/MWh as at year end 2016 to an average in 1Q17 of SEK 75/MWh Power prices (quarterl
Slide 14: Renewable energy
Renewable energy Capacity factors in UK, Norway and Sweden were 35.9% (31.3%), 42.9% (39%) and 44.5% (37.4%), respectively, in the quarter. 14
Slide 15: Renewable energy – Summary 1Q
Renewable energy – Summary 1Q 17 400 300 200 100 NOK million 0 -100 -200 -300 -400 -500 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 Revenues EBITDA Capex 15
Slide 16: 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 17: Renewable energy - Key financials
Renewable energy - Key financials FOR Consolidated 1Q17 1Q16 Revenues 342 300 EBITDA 248 202 EBITDA % 72 % 68 % EBT 118 150 Capex 57 49 Equity 3 705 3 828 Gross interest bearing debt, internal 0 220 Gross interest bearing debt, external 4 153 5 128 - Cash and Cash equivalents 2 679 4 006 Net interes
Slide 18: Shipping / Offshore wind
Shipping / Offshore wind (1Q 2016 in brackets) Revenues were NOK 364 million (NOK 142 million) EBITDA was NOK 96 million (NOK -97 million) Contract pipeline into year end 2019 covered 41% by firm contracts Utilization for installation vessels 100% (40%) 18
Slide 19: Shipping / Offshore wind – Summary 1Q
Shipping / Offshore wind – Summary 1Q 17 400 300 NOK million 200 100 0 -100 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 Revenues EBITDA CAPEX 19
Slide 20: Shipping / Offshore wind – Key financials
Shipping / Offshore wind – Key financials (Figures in NOK million) 1Q 17 1Q 16 Operating revenues 364 142 EBITDA 96 -97 EBITDA margin 26 % -68 % EBIT 59 -133 EBT 40 -141 Net result after tax 53 -126 Capex 7 51 Equity 1 221 1 400 Gross interest bearing debt *) 1 547 1 432 - Cash and cash equivalents
Slide 21: Cruise
(1Q 2016 in brackets) Cruise Revenues were NOK 480 million (NOK 497 million) EBITDA was NOK 19 million (NOK 30 million) EBIT was NOK -39 million (NOK -30 million) EBT was NOK -55 million (NOK -4 million) 16% weakening of NOK/GBP Fred. Olsen Cruise 13% weakening Lines Ltd. of USD/GBP 21
Slide 22: Cruise - Passenger days and net ticket income
Cruise Passenger days were 271 634 in the quarter (259 146), an increase of 4.8%. Net Ticket Income per passenger day was £116 in the quarter (£108) Weakening of USD/GBP - negative impact on EBITDA of GBP 2.2 million Passenger days Change in Net Ticket Income 320 000 1 250 000 40 % Passenger days la
Slide 23: Cruise – Summary 1Q
Cruise – Summary 1Q 17 650 550 450 350 NOK million 250 150 50 -50 -150 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 Revenues EBITDA CAPEX Black Watch 23
Slide 24: Cruise - Key financials
Cruise - Key financials (Fi gures i n NOK mi l l i on) 1Q 17 1Q 16 Operating revenues 480 497 EBITDA 19 30 EBITDA margin 4% 6% EBT -55 -4 Capex 8 2 Equity 1 110 1 141 Gross interest bearing debt 0 0 - Cash and cash equivalents 575 373 = Net interest bearing debt (NIBD) -575 -373 Capital employed (Eq
Slide 25: Other Investments
Other Investments NHST Media Group AS (54.0%) Koksa Eiendom AS (12.6%) Operating revenues were NOK 322 million (NOK Last properties sold – agreement closed Jan 17 308 million) Net cash received to Koksa Eiendom AS EBITDA were NOK 12 million (NOK -9 million) NOK 1 441 million Dividend of NOK 178 paid
Slide 26: Bonheur ASA Group - Highlights 1Q 2017
Bonheur ASA Group - Highlights 1Q 2017 Operating revenues were NOK 2 353 million (NOK 3 289 million) (1Q 16 in brackets) Operating result before depreciation (EBITDA) was NOK 689 million (NOK 1 286 million) Operating result (EBIT) was NOK 7 million (NOK 400 million) Net result NOK -148 million (NOK