Bonheur Asa · OSL:BONHR

Bonheur Asa — Q3 2016 Earnings Presentation

27 slides from Bonheur Asa's earnings presentation, Oct 28, 2016

  1. Slide 1: 3 quarter 2016

    3 quarter 2016 28 October 2016

  2. Slide 2: Bonheur ASA Group - Highlights 3Q 2016

    Bonheur ASA Group - Highlights 3Q 2016 (3Q 15 in brackets) Operating revenues were NOK 3 345 million (NOK 3 402) Operating result before depreciation (EBITDA) was NOK 1 342 million (NOK 1 305 million) Operating result (EBIT) was NOK 38 million (NOK 153 million) Net result NOK – 251 million (NOK 70 m

  3. Slide 3: Bonheur ASA Group - Consolidated summary

    Bonheur ASA Group - Consolidated summary Change in (NOK million) 3Q 16 3Q 15 NOK Revenues 3 345 3 402 -57 EBITDA 1 342 1 305 37 Depreciation -802 -895 93 Impairment -503 -257 -246 EBIT 38 153 -115 Net finance and result from associates -233 -51 -182 EBT -195 102 -297 Net result -251 70 -321 Sharehol

  4. Slide 4: Bonheur ASA Group - Segment analysis - Revenues

    Bonheur ASA Group - Segment analysis - Revenues (NOK million) 3Q 16 3Q 15 Change FX effect Offshore drilling 1 778 1 985 -207 25 Renewable energy 202 199 3 -30 Shipping/Offshore wind 428 254 174 6 Cruise 622 647 -25 -92 Other 315 318 -3 - Total Revenues 3 345 3 402 -57 -91 4

  5. Slide 5: Bonheur ASA Group - Segment analysis EBITDA

    Bonheur ASA Group - Segment analysis EBITDA (NOK million) 3Q 16 3Q 15 Change FX effect Offshore drilling 993 1 066 -73 15 Renewable energy 120 106 14 -11 Shipping/Offshore wind 112 -17 129 0 Cruise 170 186 -16 -26 Other -52 -36 -16 - Total EBITDA 1 342 1 305 37 -22 5

  6. Slide 6: Bonheur ASA Group - Change in net interest bearing debt (NIBD)

    Bonheur ASA Group - Change in net interest bearing debt (NIBD) (NOK million) NIBD 01.07.16 -10 590 EBITDA 2Q 16 1 342 Capex -284 FX effects on cash position -443 FX effects on gross debt position 694 Taxes paid -138 Interest paid -191 Interest/dividend received 16 Bollsta Dolphin - settlement with H

  7. Slide 7: Bonheur ASA Group – Capex per segment

    Bonheur ASA Group – Capex per segment NOK million 1600 1400 1200 1000 x 800 600 400 200 0 4Q14 1Q15 2Q15 3Q 15 4Q 15 1Q 16 2Q 16 3Q 16 Offshore Drilling (excl. Bollsta) Renewable Energy Shipping/Offshore wind Cruise Other 7

  8. Slide 8: Bonheur ASA Group – Capital employed per segment

    Bonheur ASA Group – Capital employed per segment Capital Employed (CE) = Net interest bearing debt (NIBD) + Equity 8

  9. Slide 9: Offshore drilling

    Offshore drilling Fred. Olsen Energy ASA

  10. Slide 10: Offshore drilling – Summary 3Q 16

    Offshore drilling – Summary 3Q 16 NOK million Highlights Revenues were USD 214 million EBITDA was USD 119 million EBIT was USD -12 million Impairments amounted to USD 61 million Agreed final settlement of USD 176.4 million with Hyundai Heavy Industries regarding cancellation of Bollsta Dolphin 10

  11. Slide 11: Offshore drilling - Contract overview

    Offshore drilling - Contract overview 11

  12. Slide 12: Offshore drilling - Key financials

    Offshore drilling - Key financials (NOK million) 3Q 16 2Q 16 3Q 15 Revenues 1 778 1 809 1 985 EBITDA 993 1 178 1 066 EBITDA % 56 % 65 % 54 % EBT -241 -891 179 Capex (ex Bollsta Dolphin) 9 20 714 Equity 6 872 7 417 9 085 Net interest bearing debt 5 531 8 117 10 220 Capital employed 12 403 15 534 19 3

  13. Slide 13: Renewable energy

    Renewable energy

  14. Slide 14: Renewable energy – Summary 3Q 16

    Renewable energy – Summary 3Q 16 Highlights: NOK million Revenues were NOK 203 million EBITDA was NOK 120 million EBIT was NOK 14 million Profit before tax was NOK negative 32 million Fäbodliden in full operation Total generation of 303 520 MWh 14

  15. Slide 15: Renewable energy – Capacity factors and Power prices

    Renewable energy – Capacity factors and Power prices 15

  16. Slide 16: Renewable energy – Wind farms in operation

    Renewable energy – Wind farms in operation 16

  17. 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

  18. Slide 18: Renewable energy - Key financials

    Renewable energy - Key financials 3Q 16 3Q 15 (NOK million) Revenues 203 199 EBITDA 120 106 EBITDA % 59 % 53 % EBT -32 -84 Capex 192 436 Equity 3 427 3 765 Net interest bearing debt 1 302 1 321 Capital employed 4 728 5 086 Cash and cash equivalents 3 141 4 632 18

  19. Slide 19: Shipping / Offshore wind

    Shipping / Offshore wind

  20. Slide 20: Shipping / Offshore wind – Summary 3Q 16

    Shipping / Offshore wind – Summary 3Q 16 NOK million Highlights Revenues were NOK 428 million EBITDA was NOK 112 million Successful installation of the Block Island Project (US) Both vessels upgraded for deeper waters and larger turbines Material share of coming years covered by firm contracts (41%)

  21. Slide 21: Shipping / Offshore wind – Key financials

    Shipping / Offshore wind – Key financials (NOK million) 3Q 16 3Q 15 Revenues 428 254 EBITDA 112 -17 EBITDA % 26 % -7 % EBT 49 -50 Capex 42 11 Equity 1 245 1 617 Net interest bearing debt 1 238 1 017 Capital employed 2 483 2 634 Cash and cash equivalents 306 336 21

  22. Slide 22: Cruise

    Cruise Fred. Olsen Cruise Lines Ltd.

  23. Slide 23: Cruise – Summary 3Q 16

    Cruise – Summary 3Q 16 NOK million Highlights Revenues were NOK 622 million EBITDA was NOK 170 million EBIT was NOK 116 million EBT was NOK 127 million Strong bookings Boudicca Balmoral Black Watch Braemar

  24. Slide 24: Cruise – Passenger days and change in Net Ticket Income

    Cruise – Passenger days and change in Net Ticket Income Passenger days 320 000 1 250 000 300 000 1 200 000 280 000 1 150 000 260 000 1 100 000 240 000 1 050 000 220 000 1 000 000 200 000 950 000 4Q 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015 1Q 2016 2Q 2016 3Q 2016 PAX days (LHS) PAX days last 12 months (R

  25. Slide 25: Cruise - Key financials

    Cruise - Key financials (NOK million) 3Q 16 3Q 15 Revenues 622 647 EBITDA 170 186 EBITDA % 27 % 29 % EBT 127 123 Capex 10 7 Equity 1 162 1 314 Net interest bearing debt -592 -318 Capital employed 570 996 Cash and cash equivalents 592 318 25

  26. Slide 26: Other Investments

    Other Investments NHST Media Group AS (54.0%) Koksa Eiendom AS (12.6%) Fred. Olsen Head Offices, Oslo Operating revenues were Development of property Office refurbishment NOK 316 million (NOK 296 million) at Fornebu. NOK 35 million EBITDA were NOK 21 million (NOK 3 million) NHST Media Group AS - - V

  27. Slide 27: Bonheur ASA Group - Highlights 3Q 2016

    Bonheur ASA Group - Highlights 3Q 2016 (3Q 15 in brackets) Operating revenues were NOK 3 345 million (NOK 3 402) Operating result before depreciation (EBITDA) was NOK 1 342 million (NOK 1 305 million) Operating result (EBIT) was NOK 38 million (NOK 153 million) Net result NOK – 251 million (NOK 70 m

Bonheur — Q3 2016 Earnings Presentation on 6ix