Bonheur Asa · OSL:BONHR
Bonheur Asa — Debt Investor Presentation (August 2019)
21 slides from Bonheur Asa's debt investor presentation, August 2019
Slide 1: Company update
Bonheur ASA Company update August 2019
Slide 2: Bonheur - A sound capital allocator for 171 years
Bonheur - A sound capital allocator for 171 years Segment overview as per 2Q19 (in NOK bn) LTM segment EBITDA development Bonheur ASA is an investment holding company listed on 2.0 the Oslo stock exchange in Norway since 1920 1.5 1.0 Origins trace back to 1848 0.5 0.0 A long term, rational and
Slide 3: Highlights 2Q 2019
Highlights 2Q 2019 Bonheur ASA Group of companies Figures in paranthesis (2Q18) Renewable energy Shipping/Offshore wind Cruise Consolidated: Operating revenues were NOK 2 023 million (NOK 1 662 million) EBITDA was NOK 511 million (NOK 350 million) EBIT was NOK 271 million (NOK 95 million) 100%
Slide 4: Segment analysis – EBITDA
Segment analysis – EBITDA Bonheur ASA Group of companies (NOK million) 2Q 19 2Q 18 Change 2018 Renewable energy 111 165 -54 1 101 Shipping/Offshore wind 255 64 191 152 Cruise 137 123 14 338 Other 9 -2 11 -110 Total EBITDA 511 350 161 1 481 4
Slide 5: Cash, Debt and Guarantees as per 2Q 19
Cash, Debt and Guarantees as per 2Q 19 Bonheur ASA Group of companies Whereof External (NOK million) Cash guaranteed debt by Bonheur Renewable energy (FOR) (Joint Ventures and associated holding companies) 570 5 914 18 Shipping / Offshore wind (FOO) (Joint Venture and associated holding companies) 1
Slide 6: Renewable energy
Renewable energy
Slide 7: Renewable energy – Fred. Olsen Renewables (FOR)
Renewable energy Fred. Olsen Renewables (FOR) Established renewable energy player Historical energy production (GWh) 2000 Early mover into wind energy with the first 1800 investment being made in 1996 1600 Main activity related to onshore wind in UK 1400 and Scandinavia 1200 Installed capaci
Slide 8: Business Model and Project Portfolio
Business Model and Project Portfolio 8 Note. For further details on the operative wind farms see the section “Renewable Energy” in Bonheur’s quarterly report.
Slide 9: Renewable energy – Generation and prices
Renewable energy Generation and prices Price for Carbon emissions (EUR /ton) 9
Slide 10: Renewable energy – Key financials
Renewable energy Key financials Events in the quarter: Seasonal generation pattern (1Q and 4Q higher, 2Q an 3Q lower) Rolling 12 months EBITDA at NOK 1.1 billion in 2Q19 Power prices (per MWh) in UK, Norway and Sweden were on average £41.5 (2Q18: £52.7), €37 (€38.7) and €33 (€38.5), respective
Slide 11: Shipping / Offshore wind
Shipping / Offshore wind
Slide 12: Shipping / Offshore wind (Fred. Olsen Ocean)
Shipping / Offshore wind (Fred. Olsen Ocean) A range of companies within the renewable offshore wind sector Fred. Olsen Windcarrier AS Global Wind Services A/S Universal Foundation A/S United Wind Logistics GmbH Fleet of three jack-up Transport & International supplier of personnel Offshore wi
Slide 13: 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 120 000 200 CAGR = 16.0% 180 100 000 160 Power price (EUR per MWh) 140 MW installed capacity 80 000 120 60 000 100 80 40 000 60 Current European market price levels (s
Slide 14: Shipping/Offshore wind – A global market is emerging
Shipping/Offshore wind A global market is emerging Significant demand from new Installed offshore wind turbines (“WTGs”) as per 2018 and estimate for 2030 regions Contracting activity at high levels driven by strong pipeline of projects 15 vessels FOWIC were the first in the US, now enters int
Slide 15: Shipping / Offshore wind – Key financials
Shipping / Offshore wind (Fred. Olsen Ocean) Key financials 200 400 Events in the quarter: Utilization for T&I and O&M vessels 99% (69%) Rolling trialing 12 months EBITDA (NOK millin) 150 325 GWS with growth and high activity, extra costs 100 250 associated with entering new markets EBITDA (NOK
Slide 16: Cruise
sly TES PORTSMOUTH [i CRUISE SHIP 'BOUDICCA' CHARTERED BY ROYAL BRITISH LEGION IS TAKING VETERANS TO RETRACE JOURNEY MADE 75 YEARS AGO
Slide 17: Cruise – Market overview
Cruise Market overview Fred. Olsen Cruise Lines Has a significant market share in the smaller ship Ex-UK market through its 4 owned vessels Carries ~100 000 passengers per year Focused i.a. on cruises to northern Europe, the Atlantic islands and round Britain 28.5 mill. cruise passengers w
Slide 18: Cruise – Key financials
Cruise Key financials Events in the quarter: Passenger days were 290 924 (283 388) an increase of 3% Net Ticket Income per passenger day was GBP 155 (GBP 148) Seasonal pattern (2Q and 3Q higher, 1Q an 4Q lower) Bergen 2015 18
Slide 19: Consolidated summary
Consolidated summary Bonheur ASA Group of companies Change in Depreciation - Main changes: (NOK million) 2Q 19 2Q 18 NOK Renewable energy: Revenues 2 023 1 662 361 Less depreciation due to update of estimated lifetime EBITDA 511 350 161 of wind farms changed from 15 to 20 years NOK 52 million Depr
Slide 20: Change of equity ratio covenant
Change of equity ratio covenant To align to business profile The Equity Ratio covenant in the new bond agreement is minimum 35%. The ratio is measured on the balance sheet of the parent company, Bonheur ASA, compared to 25% measured on a consolidated basis in earlier bond agreements The two othe
Slide 21: Important information
Important information Disclaimer This presentation (the “Presentation) has been prepared by Bonheur ASA (the "Company" or "Bonheur") in connection with a possible senior unsecured bond issue (the "Bond Issue"). THIS PRESENTATION IS FOR INFORMATION PURPOSES ONLY AND DOES NOT IN ITSELF CONSTITUTE, AND