Bonheur Asa · OSL:BONHR
Bonheur Asa — Q3 2024 Earnings Presentation
44 slides from Bonheur Asa's earnings presentation, Oct 25, 2024
Slide 1: 3Q Presentation
3Q Presentation 25 October 2024
Slide 2: 3Q Highlights
Bonheur ASA Consolidated 3Q Highlights Operating revenues EBITDA EBIT Net result after tax 3 606 938 603 350 (3197) (800) (497) (172) Parent company Equity ratio Cash in parent company 75,7 % 2 030 (71,5 %) (2883) 2
Slide 3: 3Q Highlights
Bonheur ASA group of companies 3Q Highlights Renewable Energy Wind service Cruise Other Investments • EBITDA NOK 263 mill. (NOK 243 mill.) • EBITDA NOK 435 mill. (NOK 399 mill.) • EBITDA NOK 255 mill. (NOK 213 mill.) • EBITDA NOK -15 mill. (NOK -56 mill.), of which • 25% lower power prices • Backlog
Slide 4: Segment Analyses
Bonheur ASA group of companies Segment Analyses Revenues – 12 months rolling EBITDA – 12 months rolling 14 000 5 000 Cruise Renewable Energy Wind Service Other Renewable Energy Wind Service Other Cruise 12 000 4 000 10 000 3 000 8 000 6 000 2 000 4 000 1 000 2 000 0 0 -1 000 Historic numbers are in
Slide 5: Consolidated summary
Bonheur ASA group of companies Consolidated summary NOK million 3Q 2024 3Q 2023 Variance Revenues 3 606 3 197 409 • Revenue increase is mainly in the Wind Service segment Opex (2 669) (2 397) (272) • EBITDA increase is evenly spread over the Renewable, Wind EBITDA 938 800 137 Service and Cruise segm
Slide 6: Group Capitalization per 3Q 2024
Bonheur ASA group of companies Group Capitalization per 3Q 2024 NOK million Cash External debt Net cash/(debt) Financial Policy 100% owned entities Renewable energy 269 0 269 The financial and liquidity position of the Company shall be strong Wind Service 1 691 391 1 301 Cruise 738 105 633 Bonheur A
Slide 7: ESG update
Bonheur ASA group of companies ESG update • Updated double materiality • New carbon accounting • New sustainability policies • Sustainability strategy process assessment for subsidiaries and software in place under development in subsidiaries tied into overall Bonheur ASA in process ⎯ Environmental
Slide 8: Sofie Olsen Jebsen, CEO
Sofie Olsen Jebsen CEO 8
Slide 9: 3Q Fred. Olsen Renewables
3Q Fred. Olsen Renewables • Moderate power prices, but indications of an upwards trend • Power generation is increased due to high wind, despite of transformer failure for export from Mid Hill Wind Farm • Successful bidding for CfD in the UK 9
Slide 10: Fred. Olsen Renewables at a glance
Fred. Olsen Renewables at a glance Developer, owner and operator in renewable energy More than 25 years 12 operational wind A pipeline of 4GW Collaborating with experience in the farms with a combined across different communities working renewables industry operational capacity of technologies, incl
Slide 11: Full Cycle Business Model
Full Cycle Business Model Site investigation Development Consented Construction Operation UK UK 900 MW UK 344 MW UK Scotland Norway Portfolio Paul’s Hill II 21 MW Crystal Rig IV 49.1 MW Crystal Rig 62.5 MW Windy Standard III 88 MW Crystal Rig II 138.0 MW Sweden Norway 1150 MW Fetteresso 42 MW Rothes
Slide 12: Market Backdrop
Market Backdrop Strong supply 400 400 Stable power price 350 350 • European gas storage levels have surpassed 90%, 300 300 meeting the target set by the EU 250 250 • Tightening LNG market and increasing coal prices GBP/MWh EUR/MWh • Prices remain sensitive to geopolitical tensions 200 200 60 140 150
Slide 13: Production increased
Production increased • Power generation increased in Q3 2024 due to high wind conditions • Mid Hill Wind Farm did not generate power during the quarter due to a transformer failure at the external SSE substation • Insurance claim in process. No claim revenue booked in 3Q 13
Slide 14: CfD success in UK
CfD success in UK • Successful bidding on CfD (Contract for Difference) Allocation Round 6 in the UK • Awarded at £50.9/MWh (2012) equal to £71/MWh (2024) for Crystal Rig IV and Windy Standard III • Both projects in scope for Wind Fund 1 acquiring 49% ownership 14
Slide 15: Crystal Rig IV – Under construction
Crystal Rig IV Under construction • Adjacent to Crystal Rig I (25 turbines), Crystal Rig II (60 turbines) and Crystal Rig III (6 turbines) • Construction progress: Project information ⎯ Construction of roads well matured across site 11 49.1 MW ⎯ Trout rescue and relocation from crossed burn, Scottis
Slide 16: Windy Standard III – Consented
Windy Standard III Consented • Proposed extension to Brockloch Rig 1 and Brockloch Rig Windfarm (consisting of a total of 36 turbines) Project information 20 88 MW • Continue to mature the project and business case through the pre-construction phase Wind turbines Windfarm capacity 180m/125m Two clus
Slide 17: Summary
Summary • Moderate power prices, but indications of an upwards trend • Power generation is increased due to high wind, despite of transformer failure for export from Mid Hill Wind Farm • Won two Contracts for Difference (CfD) in UK • Construction of Crystal Rig 4 progressing well 17
Slide 18: KX Fred. Olsen Seawind – Lars Bender
KX Fred. Olsen Seawind Lars Bender CEO
Slide 19: Q3 highlights
Q3 highlights Projects progressing well and significant milestone achieved with submission of consent application on Codling Wind Park 19
Slide 20: Fred. Olsen Seawind at a Glance
Fred. Olsen Seawind at a Glance Pure-Play Offshore Wind Developer with Solid Market Presence and Portfolio 25+ year track record in Established market Long-term partnerships Established market wind development, position with up to 2.3 established with leading position and significant including offsh
Slide 21: Status and Update
Status and Update CODLING MUIR MHÒR NORWAY • Codling has won 1300 MW in the CfD • Project remains on track for a fast-track • Strong offshore wind potential in Norway. auction – ORESS 1. consent application in 2024. • Utsira Nord submission date postponed • The project has submitted consent • Data c
Slide 22: Codling Wind Park
Status and Update Codling Wind Park Dublin Greystone Wicklow • Major milestones achieved in September 2024 with submission of consent application. • The consent application includes a detailed overview of the project and a robust environmental impact assessment. • Following consent award and potenti
Slide 23: Muir Mhòr Project
Status and Update Muir Mhòr Project • Leading floating wind site development off Scotland • Development continues at pace to submit both onshore Peterhead and offshore consent application in 2024. • Project remains focused on being one of the “first mover” projects in Scotland for floating offshore
Slide 24: Fred. Olsen Windcarrier – Haakon Magne Ore
IXY Fred. Olsen Windcarrier Haakon Magne Ore CEO
Slide 25: 3Q highlights
3Q highlights Steady operational performance Continued tight and dynamic markets Upcoming planned yard stays 25
Slide 26: Fred. Olsen Windcarrier at a Glance
Fred. Olsen Windcarrier at a Glance Expertise and Excellence for tomorrow's wind gigaparks Global strategy – proven World leading 3x > 250 employees ~ EUR 288 million track record in all core offshore wind installation backlog including markets vessel fleet options 26
Slide 27: Status and Update
Status and Update BOLD TERN BRAVE TERN BLUE TERN BLUE WIND • Completed the Zhong Neng • Closing in on finalizing major • Completed the Baltic Eagle • Completed the Yunlin project and started transit to upgrade program. Planned to project and went straight on foundation scope and turbine Europe in Se
Slide 28: Steady Operational Performance
Steady Operational Performance Quarterly Financials Impacted by Major Vessel Upgrade Program • Stable operations with 96% contractual utilization in the quarter Revenue & EBITDA (EUR million) 350 • Brave Tern remained in yard undergoing major upgrade 300 program including new crane 250 Må oppdateres
Slide 29: Backlog Development
Backlog Development • Backlog FOWIC vessels end 2Q 2024 is EUR 288 million (1Q 2024: EUR 325 million) • Reported Blue Wind backlog1) (Shimizu vessel) at EUR 14 million ⎯ Excluding the Hai Long project for execution in 2025 where FOWIC is not formally contracting entity • Market remains tight with li
Slide 30: Summary and Outlook
Summary and Outlook Strong operational performance with high utilization on vessels in operations Financial performance impacted by planned yard stays and vessel transit Continued tight and dynamic markets. Project delays impact both short- and long-term vessel demand 30
Slide 31: Fred. Olsen 1848 – Per Arvid Holth
IX Fred. Olsen 1848 a Per Arvid Holth CEO
Slide 32: Shaping a sustainable future
Fred. Olsen 1848 Shaping a sustainable future 32
Slide 33: Fred. Olsen 1848 at a Glance
Fred. Olsen 1848 at a Glance Dedicated To Developing Tomorrow’s Energy Solutions An innovation and We have already made Builds on the proven Strong engineering and technology company An innovation and that significant strides in history of early technology company that maritime competencies. develop
Slide 34: Status and Update
Status and Update BRUNEL BRIZO • Awarded “Basic Design Certification” • Good progress in next design from DNV iteration • Specific processes for commercial pilot 34
Slide 35: The Brunel Floating Foundation
Status and Update The Brunel Floating Foundation DNV Basic design level certification awarded • Builds on Concept level certification from 2022 • Testament to maturity of Brunel design • Acquired acceptance of our comprehensive design methodologies and developments: • Primary steel design • Assembly
Slide 36: The Brunel Floating Foundation
Status and Update The Brunel Floating Foundation Notes on Basic Design project • Early mover adopting new requirements • Cutting-edge analysis workflow for primary steel design • Secured a strong team supporting the process: Project information Turbine Controller project: Modular Design Serial Mass
Slide 37: The Floating PV Power Production System BRIZO
Status and Update The Floating PV Power Production System BRIZO • Good progress in new design iteration • 124kWp pilot in Norway actively used for validating design improvements Project information • Active processes to secure a commercially sized pilot Robust Design Versatile application Designed t
Slide 38: Improved earnings but still potentials on occupancy, pricing and cost
Improved earnings but still potentials on occupancy, pricing and cost 38
Slide 39: Fred. Olsen Cruise Lines at a glance
Fred. Olsen Cruise Lines at a glance A world waiting to be explored Smaller-sized ships with Journey planner to Our people with strong A good booking and a full organizational optimize the passenger focus on work sales performance approach to guest experiences environment continues with +15% all exp
Slide 40: Status and Update
Status and Update • Occupancy of 77% up from 76% • Net ticket income of GBP 194 per diem compared to GBP 190 BOREALIS BOLETTE BALMORAL • Cruises this Quarter: • Cruises this Quarter: • Cruises this Quarter: Adriatic, Norway, Baltic, Iceland, UK, Norway, Northern Spain, Iceland, Azores Scottish Isles
Slide 41: Revenue for all departure years (2024-2026)
Forward bookings taken this year £ ‘m Revenue for all departure years (2024-2026) +15% • A good sales performance continues. • 15% growth achieved in comparison with the same period last year. • Equally driven by guest volume increases (both new and repeat), and higher average price paid. 41
Slide 42: Summary
IXY Bonheur ASA Summary 3Q 2024
Slide 43: 3Q Highlights
3Q Highlights Consolidated Figures in NOK million Operating revenues EBITDA EBIT Net result after tax Renewable Energy Wind service EBITDA NOK 263 mill EBITDA NOK 435 mill 3 606 938 603 350 (NOK 243 mill) (NOK 399 mill) (3197) (800) (497) (172) Equity ratio Cash Parent company Parent company Cruise
Slide 44: Thank you for your attention.
Thank you for your attention. Fred. Olsens Gate 2, Phone: +47 22 34 10 00 N-0152 Oslo, Norway https://bonheur.no