Slide 1: 1 quarter 2018
1 quarter 2018 4 May 2018
Slide 2: Highlights 1Q 2018
Highlights 1Q 2018 Bonheur ASA Group of companies Renewable energy Shipping/Offshore wind Offshore drilling Cruise Highlights Group level Operating revenues were NOK 1 968 million (NOK 2 353 million) Operating result before depreciation (EBITDA) was NOK 439 million (NOK 689 million) Fred. Olsen
Slide 3: Consolidated summary
Consolidated summary Bonheur ASA Group of companies Change in (NOK million) 1Q 18 1Q 17 NOK Revenues 1 968 2 353 -384 EBITDA 439 689 -251 Depreciation -688 -682 -6 Impairment 0 0 0 EBIT -249 7 -257 Net finance and result from associates -237 -125 -112 EBT -486 -118 -369 Net result -503 -148 -355 Sha
Slide 4: Segment analysis – Revenues
Segment analysis – Revenues Bonheur ASA Group of companies (NOK million) 1Q 18 1Q 17 Change Renewable energy 425 342 83 Shipping/Offshore wind 145 364 -219 Offshore drilling 557 831 -274 Cruise 533 480 53 Other 309 336 -28 Total Revenues 1 968 2 353 -384 NOK / EUR (average) 9.63 8.98 7.2 % NOK / GBP
Slide 5: Segment analysis – EBITDA
Segment analysis – EBITDA Bonheur ASA Group of companies (NOK million) 1Q 18 1Q 17 Change Renewable energy 283 248 35 Shipping/Offshore wind -77 96 -173 Offshore drilling 247 345 -98 Cruise 35 19 16 Other -49 -18 -31 Total EBITDA 439 689 -251 5
Slide 6: Cash, Debt and Guarantees as per 1Q 18
Cash, Debt and Guarantees as per 1Q 18 Bonheur ASA Group of companies External Whereof BON Net cash position excl. (NOK million) Cash FOWL and Offshore drilling debt guaranteed at NOK 640 million. Renewable energy (FOWL)* 617 3 708 35 Guarantees relate to bank financing in Shipping / Renewable e
Slide 7: Capex per segment
Capex per segment Bonheur ASA Group of companies Capex 1Q 18 mainly consist of: 450 NOK 15 million related to 400 interim class cost for one of the installation vessels 350 NOK 70 million related to 300 Offshore drilling NOK 108 million related to NOK million 250 docking and upgrade of 200 cru
Slide 8: Equity split of portfolio investments as at 31 March 2018
Equity split of portfolio investments as at 31 March 2018 Bonheur ASA Group of companies Majority of portfolio investments are within the Renewable energy Other and Shipping /Offshore wind subsidiaries MNOK 319 segment (66%) Green footprint has increased over recent years Cruise MNOK 1 065 Renew
Slide 9: Renewable energy
Renewable energy
Slide 10: Divestment of 49% of two windfarms and bank financing
Renewable energy Divestment of 49% of two windfarms and bank financing Divestment of 49% of CRIII and BRW Transaction signed with Aviva on 30 April 49% of CRIII and BRW sold, proceeds of £117.3 mill. Reversion of wind farms in 2042 Bank financing Loan agreement for FOCB with three banks sign
Slide 11: Renewable energy – Key financials
Renewable energy Key financials 400.0 1 000 Seasonal generation pattern (1Q and 4Q higher, 2Q an 3Q lower) 900 350.0 800 Rolling 12 months EBITDA 300.0 increasing Rolling trailing 12 months EBITDA 700 EBITDA (NOK million) 250.0 600 Power prices (per MWh) in UK, 200.0 500 Norway and Sweden were
Slide 12: Business Model and Project Portfolio
Renewable energy Business Model and Project Portfolio Site Investigation Development Consented Construction Operation Scotland – 100-180 MW Ireland Scotland Crystal Rig extension Codling Bank – 500 MW Crystal Rig – 62.5 MW Rothes extension offshore (50% owned; total Crystal Rig II - 138.0 MW Paul’s
Slide 13: Shipping / Offshore wind
Shipping / Offshore wind
Slide 14: Shipping / Offshore wind – Key financials
Shipping / Offshore wind Key financials 200 100 % 150 75 % 100 50 % Utilization EBITDA (NOK mill) 50 25 % 0 0% -50 -25 % -100 -50 % -150 -75 % -200 -100 % 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 Growth industry, growth market EBITDA Utilization T&I Installed 15.8 GW as per 2017 Forecasted
Slide 15: Agreement with Falcon Global
Shipping / Offshore wind Agreement with Falcon Global Agreement 30th March 2018 with Falcon Global Exclusive use of two of their lift-boats as feeder jack-ups, in combination with a FOWIC Tern vessel Time charter of lift-boat “Jill” 2 ½ year + options to extend up to 2 ½ year for O&M work in
Slide 16: Offshore drilling
Offshore drilling
Slide 17: Offshore drilling – Key financials
Offshore drilling Key financials (Figures in NOK million) 1Q 18 1Q 17 Operating revenues 557 831 EBITDA 247 345 Net result after tax -336 -222 Capex 70 10 Equity 4 296 7 091 Gross interest bearing debt 5 738 7 481 - Cash and cash equivalents 1 972 2 858 = Net interest bearing debt (NIBD) 3 766 4 623
Slide 18: UK cruise passengers (ex UK cruises)
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 19: Cruise – Key financials
Cruise Key financials 180 175 (Fi gures i n NOK mi l l i on) 1Q 18 1Q 17 160 150 Operating revenues 533 480 140 125 EBITDA 35 19 EBITDA margin 7% 4% NTI per diem (GBP) 120 100 EBITDA (NOK mill) 100 75 EBT -41 -55 80 50 Capex 1 8 60 25 40 0 Equity 1 065 1 110 20 -25 Gross interest bearing debt 0 0 0
Slide 20: Highlights 1Q 2018
Highlights 1Q 2018 Bonheur ASA Group of companies Renewable energy Shipping/Offshore wind Offshore drilling Cruise Highlights Group level Operating revenues were NOK 1 968 million (NOK 2 353 million) Operating result before depreciation (EBITDA) was NOK 439 million (NOK 689 million) Fred. Olsen