Bonheur Asa · OSL:BONHR
Bonheur Asa — Q4 2021 Earnings Presentation
22 slides from Bonheur Asa's earnings presentation, Feb 28, 2022
Slide 1: 4Q Presentation
4Q Presentation 28 February 2022
Slide 2: Highlights 4Q 2021
Highlights 4Q 2021 Bonheur ASA Group of companies Figures in paranthesis (4Q20) Renewable Energy Wind Service Cruise Other Investments Consolidated: Operating revenues were NOK 2 713 million (NOK 1 574 million) EBITDA was NOK 1 108 million (NOK 206 million) EBIT was NOK 896 million (NOK -146 m
Slide 3: Consolidated summary
Consolidated summary Bonheur ASA Group of companies (NOK million) 4Q 21 4Q 20 Change Revenues 2 713 1 574 1 139 EBITDA 1 108 206 901 Depreciation -212 -256 44 Impairment 0 -97 97 EBIT 896 -146 1 042 Net finance 66 -115 181 EBT 957 -263 1 220 Net result 647 -289 936 Shareholders of the parent company
Slide 4: Segment analysis – Revenues
Segment analysis – Revenues Bonheur ASA Group of companies (NOK million) 4Q 21 4Q 20 Change Renewable Energy 1 268 415 853 Wind Service 844 866 -22 Cruise 310 19 291 Other 292 275 16 Total Revenues 2 713 1 574 1 139 NOK / EUR (average) 9,97 10,76 -7,3 % NOK / GBP (average) 11,76 11,91 -1,2 % GBP / U
Slide 5: Segment analysis – EBITDA
Segment analysis – EBITDA Bonheur ASA Group of companies (NOK million) 4Q 21 4Q 20 Change Renewable energy 1 060 247 813 Wind Service 147 102 46 Cruise -85 -113 27 Other -14 -29 15 Total EBITDA 1 108 206 901 5
Slide 6: Group capitalization per 4Q 21
Group capitalization per 4Q 21 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 Strong in-house capabilities developed to the highest standards over 25 years In brief Full integrated in-house business model Early mover in renewables with first wind park investment in 1996 Site investigation 12 wind farms (788 MW) in operation Developme
Slide 9: Renewable energy per 4Q 2021 – Market backdrop
Renewable energy per 4Q 2021 Market backdrop Capacity Factors and Generation Gas and CO2 Pricing last 12 months 60% 180 700 000 160 50% 140 600 000 120 Generation (MWh) Capacity factor (%) 40% 500 000 100 400 000 80 30% 300 000 60 20% 40 200 000 20 10% 100 000 0 0% ‐ 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q
Slide 10: Construction update
Construction update Högaliden wind park (107.5 MW) Wind park project completed in the quarter within budget of SEK 1 180 million Second largest wind park in the portfolio adding 19% production First wind farm in World to be fully equipped with ZX Lidars’ turbine mounted wind Lidars; ZX TM ZX
Slide 11: 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 12: Fred. Olsen Seawind
Fred. Olsen Seawind Presentation Q4
Slide 13: Update on the Codling project
Update on the Codling project Codling is one of the largest mature offshore wind development projects in Europe Codling Wind Park in brief Strong political support in Ireland Competitiveness solidified by location Renewable share of energy mix Up to 1500 #1 70% by 2030 MW1 Ireland’s largest offshore
Slide 14: Successful in fierce competition in Scotwind
Successful in fierce competition in Scotwind Fred. Olsen Seawind awarded an attractive Scotwind site together with Vattenfall The Mara Mohr Project in brief • Site situated in the attractive E2-zone 798 MW ~200 km2 • Delivery by 2030 Capacity Area • Location close to demand, grid with good wind spee
Slide 15: Building on an existing portfolio and focusing on 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 16: Q3 Presentation
Q3 Presentation November 2021
Slide 17: Fred. Olsen Windcarrier
Fred. Olsen Windcarrier Recent events A pioneer with market leading position 4Q operations impacted by two vessels being in yard for dry dock and upgrade respectively for most of the period 4Q22 EBITDA of EUR9.3m ~20% Turbines installed >250 Founded in 2008 3x leading turbine globally employees
Slide 18: Reinforcing position in a growing market
Reinforcing position in a growing market Continue to pursue long term strategy to reinforce FOWICs position in a growing market Upgrade program to enable fleet to efficient install next generation turbines as planned: Bold Tern upgrade at Keppel yard on budget. Redelivery of vessel slipping in
Slide 19: 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 1 366 employees per 4Q 2021 Revenue development (E
Slide 20: Cruise
Cruise
Slide 21: Cruise
Cruise Events in the quarter Borealis and Bolette operated in the quarter with 66% utilisation In 1Q FOCL was affected by outbreaks of omicron- virus on board both ships resulting in several cancelled cruises. The ships were laid idle in UK ports for a two-week period and are now back into opera
Slide 22: Highlights 4Q 2021
Highlights 4Q 2021 Bonheur ASA Group of companies Figures in paranthesis (4Q20) Renewable Energy Wind Service Cruise Other Investments Consolidated: Operating revenues were NOK 2 713 million (NOK 1 574 million) EBITDA was NOK 1 108 million (NOK 206 million) EBIT was NOK 896 million (NOK -146 m