Bonheur Asa · OSL:BONHR
Bonheur Asa — Q1 2024 Earnings Presentation
28 slides from Bonheur Asa's earnings presentation, May 3, 2024
Slide 1: 1Q 2024 – Presentation
1Q 2024 – Presentation 3 May 2024
Slide 2: Highlights 1Q 2024
Highlights 1Q 2024 Bonheur ASA Group of companies Figures in paranthesis (1Q23) Renewable Energy Wind Service Cruise Other Investments Consolidated: ▪ Operating revenues were NOK 2 973 million (NOK 2 999 million) ▪ EBITDA was NOK 596 million (NOK 926 million) ▪ EBIT was NOK 317 million (NOK 685 mill
Slide 3: Consolidated summary
Consolidated summary Bonheur ASA Group of companies (NOK million) 1Q 2024 1Q 2023 Change Revenues 2 973 2 999 -26 Opex 2 377 2 073 304 EBITDA 596 926 -330 Depreciation -279 -241 -38 EBIT 317 685 -368 Net finance 114 95 18 EBT 425 777 -352 Tax Cost -122 -212 90 Net result 304 565 -262 Shareholders of
Slide 4: Segment analysis – Revenues
Segment analysis – Revenues Bonheur ASA Group of companies (NOK million) 1Q 2024 1Q 2023 Change Renewable Energy 724 1 170 -446 Wind Service 1 183 882 301 Cruise 788 682 106 Other 278 265 13 Total Revenues 2 973 2 999 -26 4
Slide 5: Segment analysis – EBITDA
Segment analysis – EBITDA Bonheur ASA Group of companies (NOK million) 1Q 2024 1Q 2023 Change Renewable Energy 476 763 -288 Wind Service 174 206 -32 Cruise 2 5 -3 Other -55 -48 -7 Total EBITDA 596 926 -330 5
Slide 6: Group capitalization per 1Q 2024
Group capitalization per 1Q 2024 ▪ 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 333 Wind Service
Slide 7: Bonheur Board May 2024 FORAS Q1-24
Bonheur Board May 2024 FORAS Q1-24
Slide 8: Full cycle business model
Full cycle business model Site Investigation Development Consented Construction Operation UK UK - 900 MW Scotland (390 MW) Scotland Portfolio Paul’s Hill II – 21 MW Crystal Rig – 62.5 MW Crystal Rig IV – 46 MW Crystal Rig II - 138.0 MW Norway Norway – 1150 MW Brockloch Rig III – 88 MW Rothes – 50.6
Slide 9: Market Backdrop
Market Market Backdrop Capacity Factors Capacity Factorsand andGeneration Generation Gas- and European power prices 60% 800 000 300 600 700 000 50% 250 500 EUR/MWh (electricity) 600 000 Capacity factor (%) Generation (MWh) EUR/MWh (gas) 40% 200 400 500 000 30% 400 000 150 300 300 000 20% 100 200 200
Slide 10: Verkanliden
Verkanliden Consent received on higher tip height ▪ Verkanliden received consent in 1Q for an increase in tip height from 210 meter to 250 meter which will improve the yield Project information ▪ Avg’ Wind Speed @hub (165 m): 7,76 m/s ▪ Potential windfarm capacity: 162 MW ▪ Number of wind turbines:
Slide 11: Lees Hill Renewable Energy Park
Lees Hill Renewable Energy Park Application has been submitted One of Scotland’s first greenfield multi-technology hybrid projects Project information ▪ Avg’ Wind Speed @hub: 8.5 m/s ▪ Potential wind capacity: 43 MW ▪ Potential battery storage: 60 MW ▪ Potential solar capacity: 60 MW ▪ Number of WTG
Slide 12: Film from Lista wind farm
Film from Lista wind farm
Slide 13: Slide 13
Slide 14: Fred. Olsen Seawind Q1 2024
Fred. Olsen Seawind Q1 2024
Slide 15: Fred. Olsen Seawind at a glance
Fred. Olsen Seawind at a glance 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 positionwith witharound up to partnerships position and development, 2.3
Slide 16: 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 in 2025-2027 Codling Wind Park in brief Competitiveness solidified by location Ireland Phase 2 Expectation that a minimum of 1.3 GW #1 >2GW 2GW will be awarded as part of Awarded, equ
Slide 17: Leading floating wind site development off Scotland
Leading floating wind site development off Scotland 798-1000MW floating offshore wind project in partnership with Vattenfall The Muir Mhòr Project in brief • Attractive site secured in the 2022 Scotwind 798-1000 auction ~200 km2 MW Area • Highly favourable LCOE drivers Capacity • CFD Allocation Roun
Slide 18: Strongly positioned to succeed in growth market of Norway
Strongly positioned to succeed in growth market of Norway Norway holds strong potential as a future market for Fred. Olsen Seawind Norway has attractive long-term potential Utsira Nord in brief Strong long-term market; substantial wind resources, acreage and unique power market 3x500 MW 1,010 km2 ba
Slide 19: Fred. Olsen 1848
Fred. Olsen 1848
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 • Undergoing final stage of Basic Design with DNV Statement Modular Rambøll to reach TRL 6 of feasibility design by Q2 2024 TRL
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 • Completed technical FEED PROPRIETARY O&M activities Operates with study RIGHTS carried out on site same motions as No need to disconnect
Slide 22: The Floating PV Power Production System BRIZO
The Floating PV Power Production System BRIZO Unlocking the potential for floating near- and offshore solar Highlights Brizo in brief • 124kW pilot project in A pre-tensioned rope mesh allows the Risør, Norway: PV modules to move freely and independently, while the • Gaining operational environmenta
Slide 23: Fred. Olsen Windcarrier Update
Fred. Olsen Windcarrier Update
Slide 24: Fred. Olsen Windcarrier – activity in 1q
Fred. Olsen Windcarrier – activity in 1q Key Facts: Offices # projects executed 60+ Global strategy – World leading 3x ~EUR 514 m 1 proven track record offshore wind >250 employees backlog incl. 1) in all core markets installation vessel fleet options First mover 5 WTGs installed MW installed First
Slide 25: Steady operational performance
Steady operational performance Quarterly financials impacted by major vessel upgrade program ▪ Stable operations with 93% contractual utilization in quarter ▪ Brave Tern in yard undergoing major upgrade program to handle next generation turbines ▪ Scheduled redelivery 3q ▪ Incremental downtime on Bl
Slide 26: Backlog development
Backlog development ▪ Backlog FOWIC vessels per end Q1 24 is EUR 514 million (Q4: EUR 535 million): ▪ Addition of Vestas O&M ▪ Completed work and other minor adjustments on existing contracts ▪ Backlog including Blue Wind (Shimizu vessel) at EUR 619 million ▪ The previously announced reservation agr
Slide 27: Cruise
Cruise Events in the quarter compared to same quarter last year ▪ Borealis, Bolette and Balmoral operated ▪ Occupancy of 69% up from 66% ▪ Net ticket income of GBP 172 per diem compared to GBP 180 ▪ Higher opex in the quarter mainly due to re-routing of a world cruise as a result of the geopolitical
Slide 28: Highlights 1Q 2024
Highlights 1Q 2024 Bonheur ASA Group of companies Figures in paranthesis (1Q23) Renewable Energy Wind Service Cruise Other Investments Consolidated: ▪ Operating revenues were NOK 2 973 million (NOK 2 999 million) ▪ EBITDA was NOK 596 million (NOK 926 million) ▪ EBIT was NOK 317 million (NOK 685 mill