Bonheur Asa · OSL:BONHR

Bonheur Asa — Q2 2023 Earnings Presentation

29 slides from Bonheur Asa's earnings presentation, Jul 13, 2023

  1. Slide 1: 2Q 2023 – Presentation

    2Q 2023 – Presentation 13 July 2023

  2. Slide 2: Highlights 2Q 2023

    Highlights 2Q 2023 Bonheur ASA Group of companies Figures in paranthesis (2Q22) Renewable Energy Wind Service Cruise Other Investments Consolidated:  Operating revenues were NOK 2 833 million (NOK 2 386 million)  EBITDA was NOK 727 million (NOK 562 million)  EBIT was NOK 458 million (NOK 334 mill

  3. Slide 3: Consolidated summary

    Consolidated summary Bonheur ASA Group of companies (NOK million) 2Q 2023 2Q 2022 Change Revenues 2 833 2 386 448 Opex 2 191 1 824 366 High price levies -84 0 -84 EBITDA 727 562 165 Depreciation -268 -228 -41 EBIT 458 334 125 Net finance 93 -34 127 EBT 547 297 250 Tax Cost 8 -136 143 Net result 554

  4. Slide 4: Segment analysis – Revenues

    Segment analysis – Revenues Bonheur ASA Group of companies (NOK million) 2Q 2023 2Q 2022 Change Renewable Energy 430 693 -263 Wind Service 1 264 846 418 Cruise 855 580 275 Other 284 267 17 Total Revenues 2 833 2 386 447 NOK / EUR (average) 11,66 10,02 16,3 % NOK / GBP (average) 13,40 11,81 13,4 % GB

  5. Slide 5: Segment analysis – EBITDA

    Segment analysis – EBITDA Bonheur ASA Group of companies (NOK million) 2Q 2023 2Q 2022 Change Renewable Energy 277 502 -225 Wind Service 320 106 214 Cruise 132 -42 174 Other -3 -4 1 Total EBITDA 727 562 165 5

  6. Slide 6: Group capitalization per 2Q 2023

    Group capitalization per 2Q 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 384 Wind Service

  7. Slide 7: Status on sustainability reporting

    Status on sustainability reporting  Separate meeting with Audit Committee in June 2023  Sustainability high on the agenda in all operating subsidiaries  The sustainability reports in subsidiaries have been reviewed in respective board meetings  Key actions ongoing is the continuous improvement e

  8. Slide 8: Renewable Energy

    Renewable Energy

  9. Slide 9: Bonheur Board July 2023 FORAS Q2-23

    Bonheur Board July 2023 FORAS Q2-23

  10. 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 - 800 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 Swede

  11. Slide 11: Production from our windfarms

    Production from our windfarms Scotland Production (GWh) Crystal Rig – 62.5 MW Crystal Rig II - 138.0 MW Rothes – 50.6 MW 2 097 2 019 Rothes II – 41.4 MW 1 767 1 872 Paul’s Hill – 64.4 MW 1 725 1 728 Mid Hill – 75.9 MW 1 713 1 524 1 400 Crystal Rig III – 13.8 MW 1 113 1 213 Brockloch Rig Windfarm (fo

  12. Slide 12: Renewable energy per Q2 2023

    Renewable energy per Q2 2023 Market Backdrop Capacity CapacityFactors andGeneration Factors and Generation Gas, Carbon & Coal (RHS) – Year ahead 60% 800 000 350 350 Gas - TTF (€/MWh) €/MWh (Gas) & €/ton (Carbon) 700 000 50% 300 300 600 000 Carbon EUA (€/ton) 250 250 Generation (MWh) Capacity factor

  13. Slide 13: Fäbodliden II project status Q2

    Fäbodliden II project status Q2 Construction project update  Cables and fiber nearing completion end Q2 according to plan  Completed turbine transport dry run from site entrance to foundations Normal minor trimmings required  HVO100 (Biodiesel) used in the construction phase  Roads, crane pads a

  14. Slide 14: 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

  15. Slide 15: Tax Update Norway and UK

    Tax Update Norway and UK Official statements FOR position Status  The main rate of Corporation Tax will  Indexation for price threshold  Consultation process concluded increase to 25% from April 2023  Reflect pre-crisis view of prices in  The Electricity Generator Levy UK  45% levy on extraord

  16. Slide 16: Fred. Olsen Seawind

    Fred. Olsen Seawind Presentation 2Q

  17. Slide 17: Fred. Olsen Seawind - 2Q update

    Fred. Olsen Seawind - 2Q update 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 establis

  18. Slide 18: Codling is one of the largest mature OFW projects in Europe

    Codling is one of the largest mature OFW projects in Europe Successful in CfD auction in May 2023 – on track for FID Codling Wind Park in brief Competitiveness solidified by location Successful in recent CFD auction 1.3 GW #1 Awarded, equal to 43% of total 1.3 GW successful volume Gross capacity Ire

  19. Slide 19: Fred. Olsen 1848

    Fred. Olsen 1848

  20. Slide 20: 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 • Rambøll progressing with Design scope DNV Statement Modular towards TRL7 of feasibility design TRL 4 • Control System PROPRIE

  21. 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 PROPRIETARY O&M activities Operates with solution RIGHTS carried out on site same motions as No need to disco

  22. Slide 22: The Floating PV Power Production System BOLETTE

    The Floating PV Power Production System BOLETTE Unlocking the potential for floating near- and offshore solar Highlights Bolette in brief • Technology launched and A pre-tensioned rope mesh allows the well received in the market PV modules to move freely and • Design and procurement for independentl

  23. Slide 23: Wind Service

    IX. Bonheur ASA IX< Fred. Olsen Windcarrier GLOBALWINDSERVICE Dioeisties

  24. Slide 24: Fred. Olsen Windcarrier 2023 Q2 Update

    Fred. Olsen Windcarrier 2023 Q2 Update

  25. Slide 25: Fred. Olsen Windcarrier – News in Quarter

    FRED. OLSEN WINDCARRIER – NEWS IN QUARTER Key Facts: Offices # projects executed 60 Global strategy – World leading 3x ~EUR 552 m 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 >

  26. Slide 26: Another quarter with solid operations

    ANOTHER QUARTER WITH SOLID OPERATIONS: Delivering solid execution and slight increase in backlog Results: Backlog:  Solid contract coverage and performance in the quarter.  Development in backlog, 552m€ (Q1: 522m€) Completed work on ongoing projects All vessels have mobilized to and initiated new

  27. Slide 27: Cruise

    Cruise

  28. Slide 28: Cruise

    Cruise Events in the quarter  Borealis, Bolette and Balmoral operated  Braemar in lay-up  Occupancy of 69% up from 58%  Net ticket income of GBP 191 per diem up from GBP 189  Number of cruise days was 271 compared to 242 in 2Q 2022  Improved booking numbers for 2023 and 2024 28

  29. Slide 29: Highlights 2Q 2023

    Highlights 2Q 2023 Bonheur ASA Group of companies Figures in paranthesis (2Q22) Renewable Energy Wind Service Cruise Other Investments Consolidated:  Operating revenues were NOK 2 833 million (NOK 2 386 million)  EBITDA was NOK 727 million (NOK 562 million)  EBIT was NOK 458 million (NOK 334 mill

Bonheur — Q2 2023 Earnings Presentation on 6ix