Bonheur Asa · OSL:BONHR
Bonheur Asa — Q3 2022 Earnings Presentation
31 slides from Bonheur Asa's earnings presentation, Nov 8, 2022
Slide 1: 3Q Presentation
3Q Presentation 8 November 2022
Slide 2: Highlights 3Q 2022
Highlights 3Q 2022 Bonheur ASA Group of companies Figures in paranthesis (3Q21) Renewable Energy Wind Service Cruise Other Investments Consolidated: ▪ Operating revenues were NOK 3 212 million (NOK 1 880 million) ▪ EBITDA was NOK 1 083 million (NOK 279 million) ▪ EBIT was NOK 290 million (NOK 14 mil
Slide 3: Consolidated summary
Consolidated summary Bonheur ASA Group of companies (NOK million) 3Q 22 3Q 21 Change Revenues 3 212 1 880 1 332 EBITDA 1 083 279 803 Depreciation -337 -265 -72 Impairment -455 0 -455 EBIT 290 14 277 Net finance 387 -71 458 EBT 675 -57 732 Net result 393 -157 550 Shareholders of the parent company *)
Slide 4: Segment analysis – Revenues
Segment analysis – Revenues Bonheur ASA Group of companies (NOK million) 3Q 22 3Q 21 Change Renewable Energy 932 316 616 Wind Service 1 378 1 068 310 Cruise 632 233 399 Other 270 262 8 Total Revenues 3 212 1 880 1 332 NOK / EUR (average) 10,06 10,33 -2,6 % NOK / GBP (average) 11,75 12,08 -2,7 % 4
Slide 5: Segment analysis – EBITDA
Segment analysis – EBITDA Bonheur ASA Group of companies (NOK million) 3Q 22 3Q 21 Change Renewable Energy 748 174 574 Wind Service 418 264 154 Cruise -42 -138 96 Other -42 -21 -20 Total EBITDA 1 083 279 803 5
Slide 6: Group capitalization per 3Q 22
Group capitalization per 3Q 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: 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 Technology & Renewables Services Capital innovation Hvitsten Asset Manager Onshore wind Pure-play Installation, Independent Managing and other Turbine Solution for Wind offshore wind
Slide 8: Renewable Energy
Renewable Energy
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 - 660 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 MW Crystal Rig II - 138.0 MW Sweden Norway
Slide 10: Very strong consenting track record
Very strong consenting track record Wind Fund 1 - EUR 305 mill to finance 49% of new projects: 2 460 MW Development portfolio 480 MW Consented projects Crystal Rig IV 46 MW UK Brockloch Rig III 88 MW 660 MW Pauls Hill II 21 MW Feteresso 42 MW Sweden 1 800 Rothes III 126 MW MW Verkanliden 140 MW Fäbo
Slide 11: Our windfarms – on 2022 production target
Our windfarms – on 2022 production target A history of strong organic growth Scotland Production (GWh) Crystal Rig – 62.5 MW Crystal Rig II - 138.0 MW 2 236 Rothes – 50.6 MW Rothes II – 41.4 MW 1 872 1 725 1 767 1 728 1 734 Paul’s Hill – 64.4 MW 1 524 Mid Hill – 75.9 MW Crystal Rig III – 13.8 MW 1 4
Slide 12: Renewable energy per Q3 2022 – Market backdrop
Renewable energy per Q3 2022 Market backdrop Capacity Factors and Generation Gas price (TTF, month ahead) 350 60% 800 000 700 000 300 50% 600 000 Generation (MWh) Capacity factor (%) 250 40% 500 000 200 30% 400 000 €/MWh 300 000 150 20% 200 000 100 10% 100 000 50 0% - 0 01.10.2021 01.11.2021 01.12.2
Slide 13: Proposed change in legislations for onshore wind for Norway
Proposed change in legislations for onshore wind for Norway ▪ The Norwegian Government in its draft national budget for 2023 proposed to implement: ▪ Existing wind farms; a natural resource tax which would effectively give the Government up to 51.3% of the value of the wind farms without compensatio
Slide 14: Proposed change in legislations for onshore wind for EU and UK
Proposed change in legislations for onshore wind for EU and UK ▪ The EU and the UK proposals for temporary measurements comes with a clear standing that any interventions will not negatively impact investments in new and needed renewable energy capacity ▪ EU has proposed a price-cap until June 2023
Slide 15: Fred. Olsen Seawind
Fred. Olsen Seawind Presentation 3Q 2022
Slide 16: The Codling project – progressing according to plan
The Codling project – progressing according to plan Highlights from 3Q Strong political support in Ireland Codling Wind Park in brief • The Project has received a MAC (marine area Renewable share of energy mix consent) “minded to award” letter from 70% by 2030 Up to 1500 #1 DECC with an expected ful
Slide 17: Norway – strengthening the position of Blåvinge
Norway – strengthening the position of Blåvinge Highlights from 3Q Sørlige Nordsjø II Utsira Nord • Blåvinge continue to strengthen our position in Norway together with key Norwegian 3000 MW*) 1500 MW suppliers to find solutions realising large Capacity Capacity scale floating wind in Norway • Lease
Slide 18: The Muir Mhòr project is now in active early development
The Muir Mhòr project is now in active early development Highlights from 3Q The Muir Mhòr Project in brief • The core Project Team has now been mobilised with all key senior >798 MW ~200 km2 appointments Capacity Area • Site and regional baseline aerial studies are progressing well, with Muir Mhor s
Slide 19: Fred. Olsen 1848
00 st 00 L < ® 2 \e) Fred
Slide 20: Fred. Olsen 1848 – Dedicated to develop tomorrow's sustainable energy solutions
Fred. Olsen 1848 – Dedicated to develop tomorrow’s sustainable energy solutions Floating wind technologies ▪ An innovation and technology company that develops and matures innovative, smart and cost- efficient solutions and technologies within renewables ▪ Strong engineering and maritime competencie
Slide 21: The Brunel floating foundation
The Brunel floating foundation Designed for the next generation of wind turbines to unlock the potential of floating wind Highlights from Q3 The BRUNEL floating foundation in brief • Several ongoing commercial DNV Statement Semi- processes (Requests for of feasibility information) submersible TRL 4
Slide 22: Floating Maintenance Solution
Floating Maintenance Solution Introduction Background, Why? • Tow to shore is not a workable solution • Down-time to be reduced to a minimum • Avoid port constraints and limitations • Reduce weight on floaters (towing back to shore reduce the lifetime of floaters i.e. steel to be added to the design
Slide 23: Floating Maintenance Solution Animation
Floating Maintenance Solution Animation 23
Slide 24: The Floating Maintenance Solution
The Floating Maintenance Solution Solving the challenge of major component exchange at a floating wind site Highlights from Q3 The Floating Maintenance Solution in brief • Floating Maintenance O&M activities Operates with Solution launched to the carried out on site same motions as market No need to
Slide 25: Wind Service
IX¥ Bonheur ASA IX< Fred. Olsen Windcarrier GLOBALWINDSERVICE Dioeisties
Slide 26: Fred. Olsen Windcarrier Q2 2022 Update
Fred. Olsen Windcarrier Q2 2022 Update
Slide 27: 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 3 Global strategy – World leading 3x ~EUR 473m First Founded in 2008 proven track record offshore wind >2
Slide 28: Results and backlog
RESULTS AND BACKLOG: Results: Backlog: ▪ All three vessels have seen 100% utilization during ▪ Completed work on ongoing projects quarter ▪ No new contracts signed in quarter, but significant ▪ Revenue (59,7m€) and EBIDTA (33,6 m€) is at tender activity mainly for period 25-27, but also historic lev
Slide 29: Cruise
IX¥ Bonheur ASA
Slide 30: Cruise – Events in the quarter
Cruise Events in the quarter ▪ Borealis Bolette and Balmoral operated in the quarter ▪ Occupancy of 73% ▪ Net ticket income of GBP 191 per diem ▪ The EBITDA was negatively impacted by ▪ Technical issues with Balmoral’s propeller resulted in cancellation of a 11 days cruise ▪ Lower than expected occu
Slide 31: Highlights 3Q 2022
Highlights 3Q 2022 Bonheur ASA Group of companies Figures in paranthesis (3Q21) Renewable Energy Wind Service Cruise Other Investments Consolidated: ▪ Operating revenues were NOK 3 212 million (NOK 1 880 million) ▪ EBITDA was NOK 1 083 million (NOK 279 million) ▪ EBIT was NOK 290 million (NOK 14 mil