Bonheur Asa · OSL:BONHR
Bonheur Asa — Q4 2018 Earnings Presentation
21 slides from Bonheur Asa's earnings presentation, Feb 12, 2019
Slide 1: 4 quarter 2018
4 quarter 2018 12 February 2019
Slide 2: Highlights 4Q 2018
Highlights 4Q 2018 Bonheur ASA Group of companies Figures in paranthesis (4Q17) Renewable energy Shipping/Offshore wind Cruise Dolphin Drilling ASA (DD) deconsolidated ▪ Recognized as discontinued operations ▪ Classified and valued as a financial investment ▪ P&L effect from deconsolidation NOK 181
Slide 3: Consolidated summary
Consolidated summary Bonheur ASA Group of companies Change in (NOK million) 4Q 18 4Q 17 NOK Discontinued operations (DD) Revenues 1 854 1 660 194 ▪ Net result from discontinued operations in the quarter EBITDA 470 399 70 consist of the following elements: Depreciation -267 -221 -47 ▪ Result in DD Oc
Slide 4: Segment analysis – Revenues
Segment analysis – Revenues Bonheur ASA Group of companies (NOK million) 4Q 18 4Q 17 Change Renewable energy 570 467 103 Shipping/Offshore wind 413 364 49 Cruise 527 476 51 Other 343 352 -9 Total Revenues 1 854 1 660 194 NOK / USD (average) 8,44 8,16 3,4 % NOK / EUR (average) 9,63 9,62 0,2 % NOK / G
Slide 5: Segment analysis – EBITDA
Segment analysis – EBITDA Bonheur ASA Group of companies (NOK million) 4Q 18 4Q 17 Change Renewable energy 433 336 97 Shipping/Offshore wind 40 32 8 Cruise 9 29 -20 Other -12 2 -14 Total EBITDA 470 399 70 5
Slide 6: Cash, Debt and Guarantees as per 4Q 18
Cash, Debt and Guarantees as per 4Q 18 Bonheur ASA Group of companies Whereof External (NOK million) Cash guaranteed debt by Bonheur Renewable energy (FOR) (Joint Ventures and associated holding companies) 652 4 612 23 *) Shipping / Offshore wind (FOO) (Joint Venture and associated holding companies
Slide 7: Dolphin Drilling ASA (DD)
Dolphin Drilling ASA (DD) Deconsolidation of DD comes, among other things, as a consequence of: ▪ Bonheur has throughout proposed and supported various potential refinancing solutions for DD including contributing significant new capital; however the composition of the secured lenders has prevented
Slide 8: Renewable energy
Renewable energy
Slide 9: Renewable energy: Generation and prices
Renewable energy Generation and prices Capacity Factors and Generation Power prices (quarterly average) Prices for Sweden and Norway (€/MWh) 60% 600 000 £70 70 € 50% 500 000 60 € £60 Prices for UK (£/MWh) Generation (MWh) Ca pa city fa ctor (%) 40% 400 000 50 € 30% 300 000 £50 40 € 20% 200 000 30 €
Slide 10: Renewable energy: Key financials
Renewable energy Key financials 500 1 200 ▪ Seasonal generation pattern (1Q and 450 1 100 4Q higher, 2Q an 3Q lower) ▪ Rolling 12 months EBITDA increasing 1 000 Rolling trailing 12 months EBITDA (NOK mill) 400 900 and at all time high exceeding NOK 1 EBITDA (NOK mill) 350 800 billion in 3Q18 and 4Q1
Slide 11: New windfarm project
New windfarm project Investment decision on Högaliden ▪ Högaliden windfarm in Sweden has commenced construction ▪ Located within close proximity of existing Fäboliden windfarm and infrastructure ▪ Power production capacity of 105 MW (25x 4.2 MW Vestas WTGs) ▪ Total investment of ~SEK 1.2 bn. ▪ Comme
Slide 12: Business Model and Project Portfolio
Renewable energy Business Model and Project Portfolio Site Investigation Development Construction Operation Pipeline developments Consented ▪ Commenced construction on Högaliden Scotland Scotland – 300-400 MW Ireland Sweden Scotland Crystal Rig extension Codling Bank – 500 MW Högaliden 105 MW Norway
Slide 13: Shipping / Offshore wind
Shipping / Offshore wind
Slide 14: Acquisition
Acquisition Fred. Olsen Windcarrier’s investment in Blue Tern (previously Seafox 5) ▪ Total investment of USD 73.6 mill. ▪ 51% share purchase (USD 62.8 mill.) and pro rata share in shareholders’ loans (USD 10.8 mill.) ▪ Funding from Bonheur ASA ▪ Multi purpose jack-up construction vessel for offshor
Slide 15: Blue Tern - Offshore wind project- video
Blue Tern - Offshore wind project- video https://youtu.be/InLK2d6vqks 1
Slide 16: Main players in the offshore wind installation jack-up market
Main players in the offshore wind installation jack-up market 2 4 2 15 jack-up installation vessels 2 3 2 16
Slide 17: Offshore wind power becoming increasingly competitive
Offshore wind power becoming increasingly competitive A rapid expansion in capacity for offshore wind is driven by decrease in costs Block Island USA Maryland Europe SkipJack Taiwan South Fork Auction I Vineyard Auction II Current Europe - Market price (subsidy free) Sources: Fred. Olsen Ocean AS 17
Slide 18: Shipping / Offshore wind (Fred. Olsen Ocean)
Shipping / Offshore wind (Fred. Olsen Ocean) Key financials ▪ Events in the quarter: 200 400 150 325 Rolling trailing 12 months EBITDA (NOK mill) 100 250 ▪ Utilization for installation vessels 79% (59%) EBITDA (NOK mill) ▪ Contract pipeline into end 4Q 2019 covered by 52 % firm contracts 50 175 ▪ Hi
Slide 19: Cruise
Cruise
Slide 20: Cruise: Key financials
Cruise Key financials (Figures in NOK million) 4Q 18 4Q 17 180 400 Operating revenues 527 476 160 380 Rolling trailing 12 months EBITDA (NOK mill) EBITDA 9 29 140 360 EBITDA margin 2% 6% 120 340 EBITDA (NOK mill) Net result after tax -97 -21 100 320 80 300 Capex 60 187 60 280 40 260 Equity 1 104 1 1
Slide 21: Highlights 4Q 2018
Highlights 4Q 2018 Bonheur ASA Group of companies Figures in paranthesis (4Q17) Renewable energy Shipping/Offshore wind Cruise Dolphin Drilling ASA (DD) deconsolidated ▪ Recognized as discontinued operations ▪ Classified and valued as a financial investment ▪ P&L effect from deconsolidation NOK 181