Bonheur Asa · OSL:BONHR

Bonheur Asa — Q4 2017 Earnings Presentation

18 slides from Bonheur Asa's earnings presentation, Feb 14, 2018

  1. Slide 1: 4 quarter 2017

    4 quarter 2017 14 February 2018

  2. Slide 2: Highlights 4Q 2017

    Highlights 4Q 2017 Bonheur ASA Group Renewable energy Shipping/Offshore wind Offshore drilling Cruise Highlights Group level  Operating revenues were NOK 2 064 million (NOK 2 629 million)  Operating result before depreciation (EBITDA) was NOK 484 million (NOK 1 065 million) Fred. Olsen Fred. Olsen

  3. Slide 3: Consolidated summary

    Consolidated summary Bonheur ASA Group Change in (NOK million) 4Q 17 4Q 16 NOK Revenues 2 064 2 629 -565 EBITDA 484 1 065 -581 Depreciation -673 -760 87 Impairment -16 -213 198 EBIT -205 92 -297 Net finance and result from associates -112 8 -120 EBT -317 100 -417 Net result -477 48 -525 Shareholders

  4. Slide 4: Segment analysis – Revenues

    Segment analysis – Revenues Bonheur ASA Group (NOK million) 4Q 17 4Q 16 Change Renewable energy 467 306 161 Shipping/Offshore wind 364 264 100 Offshore drilling 404 1 310 -906 Cruise 476 401 75 Other 352 349 3 Total Revenues 2 064 2 629 -566 NOK / GBP (average) 10.84 10.40 4.2 % GBP / USD (average)

  5. Slide 5: Segment analysis – EBITDA

    Segment analysis – EBITDA Bonheur ASA Group (NOK million) 4Q 17 4Q 16 Change 2017 2016 Change Renewable energy 336 212 124 885 618 267 Shipping/Offshore wind 32 35 -2 370 55 315 Offshore drilling 84 810 -726 871 4 186 -3 315 Cruise 29 18 11 346 320 26 Other 2 -10 12 -31 -106 75 Total EBITDA 484 1 06

  6. Slide 6: Cash, Debt and Guarantees as per 4Q 17

    Cash, Debt and Guarantees as per 4Q 17 Bonheur ASA Group External Whereof BON (NOK million) Cash debt guaranteed Renewable energy (FOWL)* 656 3 945 48 Renewable energy (excl. FOWL) 511 0 0 Shipping / Offshore wind (FOO) 242 877 856 Cruise (FOCL) 571 0 ‐ Bonheur ASA (parent company) 2 790 2 433 ‐ Sum

  7. Slide 7: Capex per segment

    Capex per segment Bonheur ASA Group  Capex 4Q 17 mainly consist of: 450 400  Completion of Brochloch Rig  Docking of Balmoral and 350 Braemar 300 NOK million 250 200 150 100 50 0 1Q 16 2Q 16 3Q 16 4Q16 1Q17 2Q17 3Q17 4Q17 Offshore Drilling (excl. Bollsta) Renewable Energy Shipping/Offshore wind C

  8. Slide 8: Equity split of portfolio investments as at December 2017

    Equity split of portfolio investments as at 31 December 2017 Bonheur ASA Group Lista Wind farm Book Equity for Cruise, Shipping / Offshore wind, Renewable energy and Other subsidiaries as per year end 2017 For Offshore drilling, equity = BON’s 51.9% share of Fred. Olsen Energy’s market capitalizatio

  9. Slide 9: Renewable energy

    Renewable energy

  10. Slide 10: Electricity prices UK

    Electricity prices UK Renewable energy £120 Crystal Rig II £100 £80 Price per MWh £60 £40 £20 Lista Wind farm £0 1Q 2016 2Q 2016 3Q 2016 4Q 2016 1Q 2017 2Q 2017 3Q 2017 4Q 2017 ROC El price UK 10

  11. Slide 11: Wind farm portfolio

    Wind farm portfolio Renewable energy Projects MW External debt Comments Wind farm portfolio a mixture of aged and new wind farms, and fixed and Fred. Olsen Wind Limited (FOWL) 433 GBP 342 million *) floating power prices. Enterprise value GBP 752 million as per transaction in June 2015. Crystal Rig

  12. Slide 12: Shipping / Offshore wind

     Growth industry, growth market  Installed 12 643 MW as per 2016  Forecasted to increase to 66 500 MW as per Shipping / Offshore wind 2030

  13. Slide 13: Key financials – Shipping / Offshore wind

    Key financials Shipping / Offshore wind 200 100 % (NOK million) 2017 2016 150 75 % Equity 1 371 1 161 100 50 % Utilization EBITDA (NOK mill) 50 25 % Gross interest bearing debt *) 1 530 1 559 0 0% - Cash and cash equivalents 242 240 ‐50 ‐25 % = Net interest bearing debt (NIBD) 1 288 1 319 ‐100 ‐50 %

  14. Slide 14: Offshore drilling

    Offshore drilling

  15. Slide 15: Contract schedule, utilization, KPI

    Contract schedule, utilization, KPI Offshore drilling 2000 8  Capitalization and financing as per 4Q 17 1750 7  Market cap. NOK 1 467 mill. 1500 6  Covenant waiver until 30.06.2018 1250 5 EBITDA (NOK mill.) Rigs in operation 1000 4 750 3 500 2 250 1 0 0 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q1

  16. Slide 16: UK cruise passengers (ex UK cruises)

    UK cruise passengers (ex UK cruises) 1000 CAGR = 9.2% 900 800 700 Passengers (thousands) 600 500 400 300 200 100 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 CAGR = Compound annual growth rate Source: Cruise Lines International Association Cruise

  17. Slide 17: Key financials – Cruise

    Key financials Cruise 180 175  Passenger days were 243 183 in the quarter 160 150 (273 847), a decline of 11%. 140 125 120  Net Ticket Income per passenger day was GBP NTI per diem (GBP) 100 100 127 in the quarter (GBP 104), an increase of EBITDA (NOK mill) 75 80 22% 50 60 25 40 0 20 0 ‐25 ‐20 ‐50

  18. Slide 18: Highlights 4Q 2017

    Highlights 4Q 2017 Bonheur ASA Group Renewable energy Shipping/Offshore wind Offshore drilling Cruise Highlights Group level  Operating revenues were NOK 2 064 million (NOK 2 629 million)  Operating result before depreciation (EBITDA) was NOK 484 million (NOK 1 065 million) Fred. Olsen Fred. Olsen

Bonheur — Q4 2017 Earnings Presentation on 6ix