Bonheur Asa · OSL:BONHR
Bonheur Asa — Q2 2019 Earnings Presentation
18 slides from Bonheur Asa's earnings presentation, Jul 12, 2019
Slide 1: Bonheur ASA 2 quarter 2019
Bonheur ASA 2 quarter 2019 12 July 2019
Slide 2: Highlights 2Q 2019
Highlights 2Q 2019 Bonheur ASA Group of companies Figures in paranthesis (2Q18) Renewable energy Shipping/Offshore wind Cruise Consolidated: ▪ Operating revenues were NOK 2 023 million (NOK 1 662 million) ▪ EBITDA was NOK 511 million (NOK 350 million) ▪ EBIT was NOK 271 million (NOK 95 million) 100%
Slide 3: Capital employed
Capital employed Segment overview as per 2Q19 Other / ▪ Majority of capital employed within Cruise eliminations Renewable energy and Shipping Offshore MNOK 244 MNOK 778 wind segments (90%) ▪ Green footprint has increased over recent years Renewable energy Shipping / Offshore wind MNOK 4 388 MNOK 4 2
Slide 4: Consolidated summary
Consolidated summary Bonheur ASA Group of companies Change in Depreciation - Main changes: (NOK million) 2Q 19 2Q 18 NOK ▪ Renewable energy: Revenues 2 023 1 662 361 Less depreciation due to update of estimated lifetime EBITDA 511 350 161 of wind farms changed from 15 to 20 years NOK 52 million Depr
Slide 5: Segment analysis – Revenues
Segment analysis – Revenues Bonheur ASA Group of companies (NOK million) 2Q 19 2Q 18 Change Renewable energy 234 291 -57 Shipping/Offshore wind 806 411 395 Cruise 671 617 54 Other 311 343 -32 Total Revenues 2 023 1 662 361 NOK / EUR (average) 9,72 9,55 1,7 % NOK / GBP (average) 11,11 10,91 1,9 % GBP
Slide 6: Segment analysis – EBITDA
Segment analysis – EBITDA Bonheur ASA Group of companies (NOK million) 2Q 19 2Q 18 Change Renewable energy 111 165 -54 Shipping/Offshore wind 255 64 191 Cruise 137 123 14 Other 9 -2 11 Total EBITDA 511 350 161 6
Slide 7: Cash, Debt and Guarantees as per 2Q 19
Cash, Debt and Guarantees as per 2Q 19 Bonheur ASA Group of companies Whereof External (NOK million) Cash guaranteed debt by Bonheur Renewable energy (FOR) (Joint Ventures and associated holding companies) 570 5 914 18 Shipping / Offshore wind (FOO) (Joint Venture and associated holding companies) 1
Slide 8: Renewable energy
Renewable energy
Slide 9: Generation and prices
Renewable energy Generation and prices Price for Carbon emissions (EUR /ton) 9
Slide 10: Business Model and Project Portfolio
Business Model and Project Portfolio 10
Slide 11: Renewable energy – Key financials
Renewable energy Key financials Events in the quarter: ▪ Seasonal generation pattern (1Q and 4Q higher, 2Q an 3Q lower) ▪ Rolling 12 months EBITDA at NOK 1.1 billion in 2Q19 ▪ Power prices (per MWh) in UK, Norway and Sweden were on average £41.5 (2Q18: £52.7), €37 (€38.7) and €33 (€38.5), respective
Slide 12: Shipping / Offshore wind
Shipping / Offshore wind
Slide 13: Shipping / Offshore wind (Fred. Olsen Ocean)
Shipping / Offshore wind (Fred. Olsen Ocean) A range of companies within the renewable offshore wind sector Fred. Olsen Windcarrier AS Global Wind Services A/S Universal Foundation A/S United Wind Logistics GmbH ▪ Fleet of three jack-up Transport & ▪ International supplier of personnel ▪ Offshore wi
Slide 14: Offshore wind power becoming increasingly competitive
Offshore wind power becoming increasingly competitive A rapid expansion in capacity for offshore wind is driven by decrease in costs 120 000 200 CAGR = 16.0% 180 100 000 160 Power price (EUR per MWh) 140 MW installed capacity 80 000 120 60 000 100 80 40 000 60 Current European market price levels (s
Slide 15: Shipping / Offshore wind – Key financials
Shipping / Offshore wind (Fred. Olsen Ocean) Key financials 200 400 Events in the quarter: ▪ Utilization for T&I and O&M vessels 99% (69%) Rolling trialing 12 months EBITDA (NOK millin) 150 325 ▪ GWS with growth and high activity, extra costs 100 250 associated with entering new markets EBITDA (NOK
Slide 16: Cruise
sly TS PORTSMOUTH [i CRUISE SHIP 'BOUDICCA' CHARTERED BY ROYAL BRITISH LEGION IS TAKING VETERANS TO RETRACE JOURNEY MADE 75 YEARS AGO.
Slide 17: Cruise – Key financials
Cruise Key financials Events in the quarter: ▪ Passenger days were 290 924 (283 388) an increase of 3% ▪ Net Ticket Income per passenger day was GBP 155 (GBP 148) ▪ Seasonal pattern (2Q and 3Q higher, 1Q an 4Q lower) Bergen 2015 17
Slide 18: Highlights 2Q 2019
Highlights 2Q 2019 Bonheur ASA Group of companies Figures in paranthesis (2Q18) Renewable energy Shipping/Offshore wind Cruise Consolidated: ▪ Operating revenues were NOK 2 023 million (NOK 1 662 million) ▪ EBITDA was NOK 511 million (NOK 350 million) ▪ EBIT was NOK 271 million (NOK 95 million) 100%