Bonheur Asa · OSL:BONHR
Bonheur Asa — Q1 2023 Earnings Presentation
34 slides from Bonheur Asa's earnings presentation, May 5, 2023
Slide 1: 1Q 2023 – Presentation
1Q 2023 – Presentation 5 May 2023
Slide 2: Highlights 1Q 2023
Highlights 1Q 2023 Bonheur ASA Group of companies Figures in paranthesis (1Q22) Renewable Energy Wind Service Cruise Other Investments Consolidated: Operating revenues were NOK 2 999 million (NOK 2 476 million) EBITDA was NOK 926 million (NOK 926 million) EBIT was NOK 685 million (NOK 681 mill
Slide 3: Consolidated summary
Consolidated summary Bonheur ASA Group of companies (NOK million) 1Q 2023 1Q 2022 Change Revenues 2 999 2 476 523 Opex 1 939 1 550 389 High price levies 134 0 134 EBITDA 926 926 0 Depreciation -241 -245 3 EBIT 685 681 4 Net finance 95 -14 109 EBT 777 667 111 Tax Cost -212 -237 25 Net result 565 430
Slide 4: Segment analysis – Revenues
Segment analysis – Revenues Bonheur ASA Group of companies (NOK million) 1Q 2023 1Q 2022 Change Renewable Energy 1 170 1 442 -272 Wind Service 882 574 308 Cruise 682 209 473 Other 265 252 13 Total Revenues 2 999 2 477 522 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) 1Q 2023 1Q 2022 Change Renewable Energy 763 1 220 -457 Wind Service 206 -9 215 Cruise 5 -246 251 Other -48 -39 -9 Total EBITDA 926 926 0 5
Slide 6: Group capitalization per 1Q 2023
Group capitalization per 1Q 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 550 Wind Service
Slide 7: Sustainability report 2022
Sustainability report 2022 Sustainability high on the agenda in all operating subsidiaries Record high renewable energy production Increased wind development pipeline Significant installation activity of onshore and offshore windpower Continuous improvement efforts to reduce emissions from
Slide 8: Renewable Energy
Renewable Energy
Slide 9: Bonheur Q1 2023 FORAS
IX< Fred. Olsen Renewables Bonheur Q1 2023 FORAS
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 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 Rothes – 50.6 MW 2 164 2 097 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 1
Slide 12: Renewable energy per Q1 2023 – Market Backdrop
Renewable energy per Q1 2023 Market Backdrop Capacity Factors and Generation Gas, Carbon & Coal (RHS) – Year ahead 60% 800 000 350 350 €/MWh (Gas) & €/ton (Carbon) 700 000 Gas - TTF (€/MWh) 50% 300 300 600 000 Capacity factor (%) Generation (MWh) 40% 250 Carbon EUA (€/ton) 250 500 000 $/ton (Coal) 2
Slide 13: Nearshore floating solar is part of FOR’s long-term strategy
Nearshore floating solar is part of FOR’s long-term strategy Nearshore has good fit for De-risking the projects is key High quality partnerships Fred. Olsen Renewables to unlock the potential established since 2020 We have performed rigorous mapping across all known floater concepts and identified
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
Slide 15: Norwegian onshore wind taxation
Norwegian onshore wind taxation Onshore wind taxation: Consequences of the proposal: The premise of implementing a resource tax does Government should expect only marginal new not exist for the onshore wind industry onshore wind greenfield investments in Norway The proposed tax regime is not c
Slide 16: Fred. Olsen Seawind
Fred. Olsen Seawind Presentation 1Q 2023
Slide 17: Fred. Olsen Seawind - 1Q update
Fred. Olsen Seawind -1Q update Pure-play offshore wind Independent Power Producer with solid market presence and portfolio Company Overview Nearly 30-years Established market Long-term Established market history in wind position with up to partnerships position and development, 2.3 GW gross establis
Slide 18: Norway – Competition details announced by OED March 2023
Norway – Competition details announced by OED 29 March 2023 The fundaments are in place for offshore wind in Norway Sørlige Nordsjø II Utsira Nord Basic conditions are favourable: 1500 MW*) 3 x 500 MW Wind conditions along the west coast of Capacity Capacity Norway are some of best worldwide. *) Rou
Slide 19: Sørlige Nordsjø II – auction parameters
Sørlige Nordsjø II – auction parameters Low cap and skeewed risk profile vs similar auction processes Cap does not take into account last year increase in construction cost Development in Turbine Prices Cap Price - Significantly below other markets. 70 1,2 NOK66øre/KWh + Production Cost (øre/KWh) Ca
Slide 20: Development of Norwegian offshore wind is in competition with the rest of the world
Norway: Development of Norwegian offshore wind is in competition with the rest of the world Global offshore markets continue to grow, and new markets are starting to emerge New offshore installations to 2030, global (MW) Worldwide offshore wind market growth towards 2TW by 2050 Europe 2030: 127GW 20
Slide 21: Expanding opportunities underpinning long-term growth
Expanding opportunities underpinning long-term growth Several attractive new markets identified, based on clear investment screening criteria Current core markets Favourable wind conditions and close Well developed economy and Supportive political environment to population and grid business environm
Slide 22: Fred. Olsen 1848
Fred. Olsen 1848
Slide 23: 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 of feasibility design • Control System TRL 4 development together
Slide 24: 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
Slide 25: The Floating PV Power Production System BOLETTE
The Floating PV Power Production System BOLETTE Unlocking the potential for floating near- and offshore solar BOLETTE in brief Solving challenges for near- and offshore floating solar technologies: A pre-tensioned rope mesh allows the Handling wave loads PV modules to move freely and Handling wa
Slide 26: Development status
Development status The Floating PV Power Production System BOLETTE Recent developments: Next steps: First 2*3 module concept solution successfully Installation of a 150kW pilot project during installed at Herøya in December 2022 summer of 2023 (location TBA) Successfully completed tank test at
Slide 27: Wind Service
IX¥ Bonheur ASA IX< Fred. Olsen Windcarrier GLOBALWINDSERVICE Dioeisties
Slide 28: Fred. Olsen Windcarrier
Fred. Olsen Windcarrier 2023 Q1 Update
Slide 29: Fred. Olsen Windcarrier – News in Quarter
FRED. OLSEN WINDCARRIER – NEWS IN QUARTER Key Facts: Offices # projects executed 60 Global strategy – World leading 3x ~EUR 522 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 >
Slide 30: Results: Solid operational and commercial performance
RESULTS: Solid operational and commercial performance Results: Solid contract coverage and performance in the quarter. Brave Tern relocated from Asia to Europe in the quarter and commenced new contract in April. Fred. Olsen Windcarrier had revenues of EUR 35.9 million and an EBITDA of EUR 17.0
Slide 31: Contract Backlog
CONTRACT BACKLOG: Signifcant growth resulting in total backlog of 522 m EUR incl. options (4Q 553m EUR) Revenue backlog (€) as of Q1-2023 Changes in quarter: 180 Two reservation agreements turned into firm contracts i Millions quarter; Thor (1GW capacity WTG T&I next gen. turbine) 160 and one undi
Slide 32: Cruise
Cruise
Slide 33: Cruise – Events in the quarter
Cruise Events in the quarter Borealis, Bolette and Balmoral operated Bolette was 14 days in dry-dock Braemar in lay-up Occupancy of 66% up from 51% Net ticket income of GBP 180 per diem up from GBP 133 First quarter with positive EBITDA since the outbreak of Covid-19 Good booking numbe
Slide 34: Highlights 1Q 2023
Highlights 1Q 2023 Bonheur ASA Group of companies Figures in paranthesis (1Q22) Renewable Energy Wind Service Cruise Other Investments Consolidated: Operating revenues were NOK 2 999 million (NOK 2 476 million) EBITDA was NOK 926 million (NOK 926 million) EBIT was NOK 685 million (NOK 681 mill