Bonheur Asa · OSL:BONHR
Bonheur Asa — Q1 2022 Earnings Presentation
32 slides from Bonheur Asa's earnings presentation, May 5, 2022
Slide 1: Bonheur ASA 1Q Presentation
Bonheur ASA 1Q Presentation 5 May 2022
Slide 2: Highlights 1Q 2022
Highlights 1Q 2022 Bonheur ASA Group of companies Figures in paranthesis (1Q21) Renewable Energy Wind Service Cruise Other Investments Consolidated: ▪ Operating revenues were NOK 2 476 million (NOK 1 338 million) ▪ EBITDA was NOK 926 million (NOK 236 million) ▪ EBIT was NOK 681 million (NOK 9 millio
Slide 3: Consolidated summary
Consolidated summary Bonheur ASA Group of companies (NOK million) 1Q 22 1Q 21 Change Revenues 2 476 1 338 1 139 EBITDA 926 236 690 Depreciation -245 -227 -17 Impairment 0 0 0 EBIT 681 9 672 Net finance -14 18 -32 EBT 667 27 640 Net result 430 -35 465 Shareholders of the parent company *) 54 -138 192
Slide 4: Segment analysis – Revenues
Segment analysis – Revenues Bonheur ASA Group of companies (NOK million) 1Q 22 1Q 21 Change Renewable Energy 1 442 477 965 Wind Service 574 607 -33 Cruise 209 0 209 Other 252 254 -2 Total Revenues 2 476 1 338 1 139 NOK / EUR (average) 9,93 10,26 -3,2 % NOK / GBP (average) 11,88 11,74 1,2 % GBP / USD
Slide 5: Segment analysis – EBITDA
Segment analysis – EBITDA Bonheur ASA Group of companies (NOK million) 1Q 22 1Q 21 Change Renewable energy 1 220 333 887 Wind Service -9 70 -79 Cruise -246 -141 -105 Other -39 -26 -13 Total EBITDA 926 236 690 5
Slide 6: Group capitalization per 1Q 22
Group capitalization per 1Q 22 www.bonheur.no ▪ Group financial objectives targeted to secure long-term visibility and flexibility through business cycles ▪ Strong parent financial position built on conservative leverage and solid liquidity position ▪ With the aim to accelerate growth, subsidiaries
Slide 7: Renewable Energy
Renewable Energy
Slide 8: Introduction to Fred. Olsen Renewables
Introduction to Fred. Olsen Renewables Full set of in-house capabilities developed to the highest standards over 25 years In brief Full integrated in-house business model ▪ One of the largest independent power producers in Northern Europe Site ▪ Early mover in renewables with first park being built
Slide 9: Business Model and Project Portfolio for onshore wind
Business Model and Project Portfolio for onshore wind Site Investigation Development Consented Construction Operation UK UK - 800 MW Scotland Sweden Scotland Portfolio Paul’s Hill II – 21 MW Fäbodliden II - 17,2 MW Crystal Rig – 62.5 MW Crystal Rig IV – 46,2 MW Crystal Rig II - 138.0 MW Sweden Norwa
Slide 10: Construction activities for 2022
Construction activities for 2022 Northern Sweden ▪ Högaliden: ▪ All turbines installed Fäbodliden ▪ Site reinstatement to be finished after winter season (Q2 2022) Högaliden ▪ Fäbodliden 2: ▪ Project re-consented April 2022 Scotland ▪ Crystal Rig IV, Windy Standard III (Brockloch Rig 3) and Pauls Hi
Slide 11: Renewable energy per 1Q 2022 – Market backdrop
Renewable energy per 1Q 2022 Market backdrop Capacity Factors and Generation Gas and CO2 Pricing last 12 months 60% 800 000 250 700 000 50% 200 600 000 Generation (MWh) Capacity factor (%) 40% 500 000 150 30% 400 000 300 000 100 20% 200 000 10% 50 100 000 0% - 0 UK (total) Sweden Norway Generation (
Slide 12: Fred. Olsen Seawind Presentation 1Q 2022
Fred. Olsen Seawind Presentation 1Q 2022
Slide 13: Codling project progressing according to plan
Codling project progressing according to plan Highlights from 1Q Strong political support in Ireland Codling Wind Park in brief • Currently the Codling team is preparing a Renewable share of energy mix Marine Area Consent Application (MAC), 70% by 2030 Up to 1500 #1 which is a pre-condition for part
Slide 14: Scotwind Option Lease Agreement signed
Scotwind Option Lease Agreement signed Highlights from 1Q The Mara Mohr Project in brief • Signature on the option lease agreement executed in April 798 MW ~200 km2 Capacity Area • Team gradually ramping up • Development activities underway and progressing rapidly FID 50/50 • Delivery by 2030 Target
Slide 15: Norway – new major growth market opening up
Norway – new major growth market opening up Positioned for success in upcoming auctions Highlights from 1Q Sørlige Nordsjø II Utsira Nord • There is a strong political focus on offshore wind in Norway 3000 MW 1500 MW Capacity Capacity • We see the Norwegian Market as a interesting market with signif
Slide 16: Building on an existing portfolio and focusing on core markets
Building on an existing portfolio and focusing on markets where Fred. Olsen Seawind has a unique edge Leverage competence, track-record and Advance on new established position to opportunities in expand into new Act on extension core markets and markets Develop potential to Codling develop & execute
Slide 17: The Fred. Olsen related companies within renewables today
The Fred. Olsen related companies within renewables today 2,400+ employees with activities in more than 40 countries Renewables Services Technology & innovation Developer, operator Independent Developer, operator Jack-up Installation, service Managing further and owner and owner Solution for wind co
Slide 18: Fred. Olsen 1848
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Slide 19: Fred. Olsen 1848 – Dedicated to develop tomorrow's sustainable energy solutions
Fred. Olsen 1848 – Dedicated to develop tomorrow’s sustainable energy solutions SOLVING INDUSTRY CHALLENGES WITHIN ▪ An innovation and technology company that FLOATING WIND AND FLOATING SOLAR develops and matures innovative, smart and cost- Assembly efficient solutions and technologies within renewa
Slide 20: Developing tomorrow's energy technologies
Developing tomorrow's energy technologies Our Vision & Mission Statement Vision: We develop tomorrow’s energy technologies to shape the future we want for the generations to come. Mission: Building on our innovation history, we will create an environment that drives creative and disruptive thinking.
Slide 21: The Mobile Port Solution
The Mobile Port Solution Solving critical infrastructure constraints in floating offshore wind “Ready-to-go” Technology Innovative solution for all semi-submersible foundations based on proven and safe methods and core competencies from bottom-fixed offshore wind • Integral part of FO Seawind’s supp
Slide 22: The Brunel floating foundation
The Brunel floating foundation Designed for the next generation of wind turbines to unlock the potential of floating wind BRUNEL is a semi-submersible structure, designed DESIGN PHILOSOPHY: for harsh north-sea conditions, with a modular ▪ Utilize modular building blocks, with an existing design base
Slide 23: The Brunel floating foundation
The Brunel floating foundation A unique combination of advantages SNAPSHOT OF TUBULAR MANUFACTURERS FOR BRUNEL ▪ Utilizing existing and optimized serial fabrication of tubulars ▪ Extending “lifetime” of normal sized tower and monopile fabrications facilities (4-8m OD) Hs>14m Site Specific SCALABLE F
Slide 24: Wind Service
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Slide 25: 1Q Presentation
1Q Presentation
Slide 26: Fred. Olsen Windcarrier – a pioneer with a market leading position
FRED. OLSEN WINDCARRIER – A PIONEER WITH A MARKET LEADING POSITION, STRONG TRACK RECORD COMBINED WITH COMPETITIVE ASSETS AND ORGANIZATION Offices # projects executed Key Facts 60 1 2 First mover 1 Global strategy – World leading 3x ~EUR 540m First Founded in 2008 proven track record offshore wind >2
Slide 27: Quarter highlights
QUARTER HIGHLIGHTS: Continue to reinforce position as a leading global turbine installation contractor in a growing market. Results impacted by: Upgrade program progressing: ▪ Yard stays Bold and Blue and offtime between ▪ Bold Tern expected to depart yard in 2Q, at budget contracts on Brave ▪ Brave
Slide 28: Strong backlog provide earnings visibility
STRONG BACKLOG PROVIDE EARNINGS VISIBILITY Continue to reinforce position as a leading global turbine installation contractor in a growing market Revenue backlog (mEUR) Developments in the quarter: 160 140 ▪ First contract in France announced, signed in 2020 120 ▪ Reservation agreements for 2022 and
Slide 29: Global Wind Service
Global Wind Service Leading global project partner for complete wind turbine services ▪ Installation and pre-assembly, high voltage, O&M, Global track record blade inspection and repair ▪ Statutory Inspection & Repair ▪ Repowering & life extension ▪ 1 431 employees per 1Q 2022 Revenue development (E
Slide 30: Cruise
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Slide 31: Cruise – Events in the quarter
Cruise Events in the quarter ▪ Borealis and Bolette operated in the quarter with 47% utilisation ▪ In 1Q FOCL was affected by outbreaks of omicron- infection on board both ships resulting in several cancelled cruises. The ships were laid idle in UK ports for a two-week period before returning into o
Slide 32: Highlights 1Q 2022
Highlights 1Q 2022 Bonheur ASA Group of companies Figures in paranthesis (1Q21) Renewable Energy Wind Service Cruise Other Investments Consolidated: ▪ Operating revenues were NOK 2 476 million (NOK 1 338 million) ▪ EBITDA was NOK 926 million (NOK 236 million) ▪ EBIT was NOK 681 million (NOK 9 millio