Bonheur ASA · OSL:BONHR
Bonheur ASA — Q3 2020 Earnings Presentation
23 slides from Bonheur ASA's earnings presentation, Oct 23, 2020
Slide 1: 3 quarter 2020
3 quarter 2020 23 October 2020
Slide 2: Highlights 3Q 2020
Highlights 3Q 2020 Bonheur ASA Group of companies Figures in paranthesis (3Q19) Renewable energy Shipping/Offshore wind Cruise Other Investments Consolidated: ▪ Operating revenues were NOK 1 371 million (NOK 2 233 million) ▪ EBITDA was NOK 144 million (NOK 525 million) ▪ EBIT was NOK -306 million (N
Slide 3: Consolidated summary
Consolidated summary Bonheur ASA Group of companies Change in (NOK million) 3Q 20 3Q 19 NOK Revenues 1 371 2 233 -863 EBITDA 144 525 -381 Depreciation -263 -240 -23 Impairment Impairment -187 -18 -169 ▪ Black Watch and Boudicca impairment of NOK 187 million EBIT -306 267 -572 Net finance -89 -177 88
Slide 4: Segment analysis – Revenues
Segment analysis – Revenues Bonheur ASA Group of companies (NOK million) 3Q 20 3Q 19 Change Renewable energy 276 248 28 Shipping/Offshore wind 839 957 -118 Cruise 0 715 -714 Other 255 313 -58 Total Revenues 1 371 2 233 -863 NOK / EUR (average) 10,67 9,85 8,3 % NOK / GBP (average) 11,79 10,92 7,9 % G
Slide 5: Segment analysis – EBITDA
Segment analysis – EBITDA Bonheur ASA Group of companies (NOK million) 3Q 20 3Q 19 Change Renewable energy 131 124 7 Shipping/Offshore wind 151 289 -138 Cruise -141 157 -297 Other 3 -45 47 Total EBITDA 144 525 -381 5
Slide 6: Cash, Debt and Guarantees as per 3Q 20
Cash, Debt and Guarantees as per 3Q 20 Bonheur ASA Group of companies Whereof External (NOK million) Cash guaranteed debt by Bonheur Renewable energy (FOR) (Joint Ventures and associated holding companies) 277 6 291 20 Shipping / Offshore wind (FOO) (Joint Venture, associated holding companies and o
Slide 7: Green Finance Framework
Green Finance Framework Bonheur has established a Green Finance Framework for the issuance of Green Bonds and Green Loans • The framework will cover potential issuances of new Green Bonds and Green Loans in the group which will finance and refinance projects that are in line with the Green Project c
Slide 8: Renewable energy
Renewable energy
Slide 9: Generation (MWh)
Renewable energy Generation Capacity Factors and Generation 60% 700 000 50% 600 000 Generation (MWh) Ca pa city fa ctor (%) 40% 500 000 400 000 30% 300 000 20% 200 000 10% 100 000 0% - 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 UK (total) Sweden Norway Generation (MWh) Ca pa city fa ctor = 9
Slide 10: Energy prices development
10 11 12 13 14 15 0 1 2 4 5 6 7 8 3 9 01.04.2020 08.04.2020 15.04.2020 22.04.2020 29.04.2020 06.05.2020 13.05.2020 20.05.2020 27.05.2020 03.06.2020 10.06.2020 17.06.2020 24.06.2020 Renewable energy Energy prices development 01.07.2020 08.07.2020 15.07.2020 22.07.2020 29.07.2020 05.08.2020 12.08.2020
Slide 11: Prices for UK (GBP/MWh)
Renewable energy Energy prices development Power prices (quarterly average) Deviation from £70 80 € Normal (GWh) Hydrology balance Sweden and Norway El-Prices for Sweden and Norway (€/MWh) £60 70 € Price for Carbon emissions (EUR /ton) 60 € Prices for UK (GBP/MWh) £50 50 € £40 40 € £30 30 € £20 20 €
Slide 12: Construction update Högaliden windfarm
Construction update Högaliden windfarm ▪ Capacity of 105 MW, ▪ Expected to increase FOR’s total annual power generation by 19% ▪ First power generation expected by November 2020 ▪ Expected to be in full operation late December 2020, subject to weather ▪ Located within close proximity of existing Fäb
Slide 13: Business Model and Project Portfolio
Business Model and Project Portfolio Site Investigation Development Consented Construction Operation Scotland Scotland – 650-750 MW Ireland Sweden Scotland Crystal Rig extension Codling Bank – 500 MW Högaliden 105 MW Crystal Rig – 62.5 MW Norway Crystal Rig II - 138.0 MW Rothes extension offshore (5
Slide 14: Renewable energy Key financials
Renewable energy Key financials 500 1 300 1 200 450 1 100 400 Rolling trailing 12 months EBITDA (NOK mill) 1 000 EBITDA (NOK mill) 350 900 300 800 700 250 600 200 500 150 400 300 100 200 50 100 0 0 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 EBITDA Rolling trailing 12 months EBITDA 14
Slide 15: Shipping / Offshore wind
Shipping / Offshore wind
Slide 16: Shipping / Offshore wind
Shipping / Offshore wind Main operating entities Fred. Olsen Windcarrier Global Wind Service United Wind Logistics ▪ Providing vessels and expertise mainly for: ▪ An international supplier of installation ▪ Providing marine transportation of ▪ Transport & Installation services (T&I) services, blade
Slide 17: Shipping / Offshore wind – Main activities in the quarter
Shipping / Offshore wind Main activities in the quarter ▪ Utilization for T&I and O&M vessels 75% (74%) ▪ Brave Tern on contract for Yunlin (Taiwan) ▪ Bold Tern on a blade maintenance contract ▪ Blue Tern on blade exchange work (Horns Rev 3) ▪ Jill on a short-term contract for geotechnical assistanc
Slide 18: A diverse fleet to handle all turbine sizes for today and tomorrow
A DIVERSE FLEET TO HANDLE ALL TURBINE SIZES FOR TODAY AND TOMORROW 250 m 220 m Brave Tern Conversion: 164 m • Huisman 1600t crane and hull modifications to ~20m increase stability 151 m • Lifting capacity:1250t at 150-165m 158m above deck 90 m • 3 WTG sets 12-14MW size 110-125m on deck • On track fo
Slide 19: Shipping / Offshore wind Key financials
Shipping / Offshore wind - Fred. Olsen Ocean) Key financials 300 550 250 450 Rolling trailng 12 months EBITDA (NOK millin) 200 350 150 EBITDA (NOK million) 250 100 150 50 50 0 -50 -50 -100 -150 -150 -250 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 EBITDA Rolling trailing 12 months EBITDA 19
Slide 20: Cruise
Cruise
Slide 21: Fred. Olsen Cruise Lines acquires two cruise vessels and optimizes fleet
Fred. Olsen Cruise Lines acquires two cruise vessels and optimizes fleet Renewed fleet composition ▪ The fleet renewal creates a solid runway until greener propulsion technologies become available ▪ Built in 2000 and 1997, each a capacity of approx. 1,400, a high yielding cabin mix and large public
Slide 22: Cruise Key financials
Cruise Key financials 200 400 350 300 Rolling trailing 12 months EBITDA (NOK mill) 150 250 200 100 150 100 EBITDA (NOK mill) 50 50 0 0 -50 -100 -50 -150 -200 -250 -100 -300 -350 -150 -400 -450 -200 -500 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 EBITDA Rolling trailing 12 months EBITDA 22
Slide 23: Highlights 3Q 2020
Highlights 3Q 2020 Bonheur ASA Group of companies Figures in paranthesis (3Q19) Renewable energy Shipping/Offshore wind Cruise Other Investments Consolidated: ▪ Operating revenues were NOK 1 371 million (NOK 2 233 million) ▪ EBITDA was NOK 144 million (NOK 525 million) ▪ EBIT was NOK -306 million (N