Slide 1: 3 quarter 2018
3 quarter 2018 26 October 2018
Slide 2: Equity split of portfolio investments as at 30 September 2018
Equity split of portfolio investments as at 30 September 2018 Bonheur ASA Majority of portfolio investments are within the Renewable energy and Shipping /Offshore wind segment (66%) Green footprint has increased over recent years Book value of equity for Cruise, Shipping / Offshore wind, Renewab
Slide 3: Bonheur ASA – Parent Company position
Bonheur ASA – Parent Company position (Amounts i n NOK mi ll i on) Income statement 2016 2017 2018 YTD Profit for the year ‐123 1 470 142 Balance sheet / Financial position 2016 2017 30.09.2018 Property, plant and equipment 56 53 51 Investments in subsidiaries 7 995 5 125 4 459 Other fixed assets 1
Slide 4: Highlights 3Q 2018
Highlights 3Q 2018 Bonheur ASA Group of companies Renewable energy Shipping/Offshore wind Offshore drilling Cruise Fred. Olsen Fred. Olsen Ocean Fred. Olsen 100% 100% Ltd. 51.9% Fred. Olsen Cruise Renewables AS Energy ASA 100% Lines Ltd. EBITDA NOK 221 mill. (NOK EBITDA NOK128 mill. EBITDA NOK
Slide 5: Consolidated summary
Consolidated summary Bonheur ASA Group of companies Change in (NOK million) 3Q 18 3Q 17 NOK EBITDA Year on year improvement of NOK 101 Revenues 2 008 2 180 -172 million apart from Offshore drilling EBITDA 264 572 -308 Impairment Depreciation -658 -652 -7 3Q18 Renewable energy (MNOK 20) Impairmen
Slide 6: Segment analysis – Revenues
Segment analysis – Revenues Bonheur ASA Group of companies (NOK million) 3Q 18 3Q 17 Change Renewable energy 344 233 112 Shipping/Offshore wind 512 398 113 Offshore drilling 148 607 -459 Cruise 679 620 59 Other 326 323 3 Total Revenues 2 008 2 180 -172 NOK / USD (average) 8.24 7.96 3.4 % NOK / EUR (
Slide 7: Segment analysis – EBITDA
Segment analysis – EBITDA Bonheur ASA Group of companies (NOK million) 3Q 18 3Q 17 Change Renewable energy 221 137 84 Shipping/Offshore wind 128 102 26 Offshore drilling -208 201 -409 Cruise 171 159 12 Other -47 -27 -21 Total EBITDA 264 572 -308 7
Slide 8: Cash, Debt and Guarantees as per 3Q 18
Cash, Debt and Guarantees as per 3Q 18 External Whereof BON Net cash position of NOK 2 553 (NOK million) Cash debt guaranteed million (excl. FOWL , FOCBH, Renewable energy (Joint Ventures and associated holding companies) 445 4 501 34 *) FOCB, Offshore drilling and NHST Media Group). Renewable ene
Slide 9: Renewable energy
Renewable energy
Slide 10: Renewable energy: Generation and prices
Renewable energy Generation and prices Capacity Factors and Generation Power prices (quarterly average) £70 70 € 60% 600 000 60 € 50% 500 000 £60 Prices for Sweden and Norway 50 € Generation (MWh) Capacity factor (%) 40% 400 000 Prices for UK £50 40 € 30% 300 000 30 € £40 20% 200 000 20 € 10% 100 00
Slide 11: Renewable energy: Key financials
Renewable energy Key financials 400 1 100 Seasonal generation pattern (1Q and 1 000 350 4Q higher, 2Q an 3Q lower) Rolling trailing 12 months EBITDA (NOK mill) 900 300 Rolling 12 months EBITDA increasing 800 EBITDA (NOK mill) and at all time high exceeding NOK 1 700 250 billion 600 200 Power p
Slide 12: Business Model and Project Portfolio
Business Model and Project Portfolio Site Investigation Development Consented Construction Operation Scotland Scotland – 100-180 MW Ireland Scotland Crystal Rig extension Codling Bank – 500 MW Crystal Rig – 62.5 MW Norway offshore (50% owned; total Crystal Rig II - 138.0 MW Rothes extension Sweden P
Slide 13: Shipping / Offshore wind
Growth industry, growth market Installed 15.8 GW as per 2017 Forecasted to increase to 70.2 GW as per 2030 Shipping / Offshore wind
Slide 14: Borkum Riffgrund II
Borkum Riffgrund II N< Fred. Olsen Windcarrier
Slide 15: Shipping / Offshore wind (Fred. Olsen Ocean): Key financials
Shipping / Offshore wind (Fred. Olsen Ocean) Key financials 200 400 Events in the quarter: 150 325 Rolling trailing 12 months EBITDA (NOK mill) 100 250 Utilization for installation vessels 100% (73%) EBITDA (NOK mill) Contract pipeline into end 3Q 2020 covered by 33 % firm contracts 50 175 H
Slide 16: Offshore drilling
(Figures in NOK million) 3Q 18 3Q 17 Operating revenues 148 607 EBITDA -208 201 EBITDA margin -141 % 33 % Net result after tax -845 -367 Capex 38 17 Equity 1 981 5 264 Gross interest bearing debt 6 088 7 014 - Cash and cash equivalents 1 257 3 602 = Net interest bearing debt (NIBD) 4 831 3 412 Capit
Slide 17: Cruise: UK cruise passengers
UK cruise passengers (ex UK cruises) 1000 CAGR = 9.2% 900 800 700 Passengers (thousands) 600 500 400 300 200 100 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 CAGR = Compound annual growth rate Source: Cruise Lines International Association Cruise
Slide 18: Cruise: Key financials
Cruise Key financials (Fi gures i n NOK mi l l i on) 3Q 18 3Q 17 180 400 Operating revenues 679 620 160 380 EBITDA 171 159 Rolling trailing 12 months EBITDA (NOK mill) 140 360 EBITDA margin 25 % 26 % 120 340 Net result after tax 102 95 EBITDA (NOK mill) 100 320 80 300 Capex 28 7 60 280 Equity 1 209
Slide 19: Highlights 3Q 2018
Highlights 3Q 2018 Bonheur ASA Group of companies Renewable energy Shipping/Offshore wind Offshore drilling Cruise Fred. Olsen Fred. Olsen Ocean Fred. Olsen 100% 100% Ltd. 51.9% Fred. Olsen Cruise Renewables AS Energy ASA 100% Lines Ltd. EBITDA NOK 221 mill. (NOK EBITDA NOK128 mill. EBITDA NOK