Slide 1: 2Q Presentation
Bonheur ASA 2Q Presentation 14 July 2022
Slide 2: Highlights 2Q 2022
Highlights 2Q 2022 Bonheur ASA Group of companies Figures in paranthesis (2Q21) Renewable Energy Wind Service Cruise Other Investments Consolidated: Operating revenues were NOK 2 386 million (NOK 1 611 million) EBITDA was NOK 562 million (NOK 313 million) EBIT was NOK 334 million (NOK 80 milli
Slide 3: Consolidated summary
Consolidated summary Bonheur ASA Group of companies (NOK million) 2Q 22 2Q 21 Change Revenues 2 386 1 611 775 EBITDA 562 313 248 Depreciation -246 -234 -12 Impairment 18 0 18 EBIT 334 80 254 Net finance -34 -43 9 EBT 297 37 260 Net result 161 -11 172 Shareholders of the parent company *) -14 -54 40
Slide 4: Segment analysis – Revenues
Segment analysis – Revenues Bonheur ASA Group of companies (NOK million) 2Q 22 2Q 21 Change Renewable Energy 693 330 363 Wind Service 846 1 008 -162 Cruise 580 0 580 Other 267 273 -6 Total Revenues 2 386 1 611 775 NOK / EUR (average) 10,02 10,09 -0,7 % NOK / GBP (average) 11,81 11,70 1,0 % GBP / USD
Slide 5: Segment analysis – EBITDA
Segment analysis – EBITDA Bonheur ASA Group of companies (NOK million) 2Q 22 2Q 21 Change Renewable Energy 502 197 306 Wind Service 106 271 -165 Cruise -42 -179 137 Other -4 25 -30 Total EBITDA 562 313 248 5
Slide 6: Establishment of € 480 million equity fund for onshore wind
Establishment of € 480 million equity fund for onshore wind Fund platform backed by strong global long-term renewable energy investors Fund to initially buy 49% of Lista, Fäbodliden and Högaliden Long-term platform Mutual obligation to co-invest 49/51% in all onshore wind projects brought to F
Slide 7: Group capitalization per 2Q 22
Group capitalization per 2Q 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 8: Renewable Energy
Renewable Energy
Slide 9: Renewable energy per 2Q 2022 – Market backdrop
Renewable energy per 2Q 2022 Market backdrop Capacity Factors and Generation Gas and CO2 Pricing last 12 months 60% 800 000 250 700 000 50% 200 600 000 Generation (MWh) Capacity factor (%) 40% 500 000 150 30% 400 000 300 000 100 20% 200 000 10% 50 100 000 0% ‐ 0 UK (total) Sweden Norway Generation (
Slide 10: EUR 480 mill Equity financing for existing and future windfarms
EUR 480 mill Equity financing for existing and future windfarms EUR 176 mill sale of 49% of EUR 300 mill to finance 49% of new projects: Existing windfarms: Development portfolio Consented projects Lista Fäbodliden Högaliden Crystal Rig IV Country UK 46. MW 948 Capacity 71.3 MW 79.2 MW 107.5 MW MW B
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 MW Crystal Rig II - 138.0 MW Sweden Norway
Slide 12: Construction activities for 2022
Construction activities for 2022 Northern Sweden Högaliden: All turbines installed Fäbodliden Site reinstatement to be finished after winter season (2Q 2022) Högaliden Fäbodliden 2: Fäbodliden 2 continues towards construction in 2023 Scotland Crystal Rig IV, Windy Standard III (Brockloch
Slide 13: Update on Floating Solar
Update on Floating Solar Solid progress on building competitive edge, … which we leverage to gain traction with strong particularly with SERIS for seawater (near shore)… local partners for new commercial projects Technology mapping: 40 concepts mapped, benchmarked, Targeting select countries in
Slide 14: Fred. Olsen Seawind
Fred. Olsen Seawind Presentation 2Q 2022
Slide 15: The Codling project – major milestone achieved
The Codling project – major milestone achieved Highlights from 2Q Strong political support in Ireland Codling Wind Park in brief • The team has in this quarter achieved a Renewable share of energy mix significant milestone by submitting a Marine 70% by 2030 Up to 1500 #1 Area Consent Application (MA
Slide 16: The Mara Mhòr project is ramping up
The Mara Mhòr project is ramping up Highlights from 2Q The Mara Mhòr Project in brief • The project has been named Mara Mohr (which means “Big Ocean”) 798 MW ~200 km2 Capacity Area • The Project Team is in place and the development works are already well under way with environmental works have been
Slide 17: Norway – raising political ambitions
Norway – raising political ambitions Highlights from 2Q Sørlige Nordsjø II Utsira Nord • In this quarter the Norwegian Government has announced a target 3000 MW 1500 MW of 30 GW before 2040. Capacity Capacity • We are very positive to this ambition and confirms our belief in the Norwegian Market as
Slide 18: Expanding opportunities underpinning long-term growth
Expanding opportunities underpinning long-term growth Several attractive new markets identified, based on clear investment screening criteria Current core markets Favourable wind conditions and close Well developed economy and Supportive political environment to population and grid business environm
Slide 19: Wind Service
GLOBALWINDSERVICE Dioeistics
Slide 20: Fred. Olsen Windcarrier
Fred. Olsen Windcarrier 2Q 2022 Update
Slide 21: 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 2 Global strategy – World leading 3x ~EUR 530m First Founded in 2008 proven track record offshore wind >2
Slide 22: Bold Tern upgrade completed
BOLD TERN UPGRADE COMPLETED: Major milestone in preparation for the future; 1st vessel ready for next gen turbines Before: Built 2013, Lamprell, Dubai Conversion 2022, Singapore Length: 132m Width: ----- 39m 45m Depth: 9m Conversion Project Completed according to budget of POB: 80 (56
Slide 23: Results and backlog
RESULTS AND BACKLOG Results impacted by: Backlog changes: Brave Tern commenced work in Taiwan New contract of EUR 150 million Blue Tern has worked on Kaskasi and NNG Added work in Taiwan for 2023 Bold Tern departure from yard, arrival in Tawian Completed work on ongoing projects ready to
Slide 24: Global Wind Service 2Q 2022 Update
Global Wind Service 2Q 2022 Update
Slide 25: Global Wind Service
Global Wind Service Leading global project partner for complete wind turbine services Global Presence +14 Denmark (HQ) | Germany | Benelux | United Kingdom | Romania | Australia Years of Experience Serbia | Turkey | United States | Taiwan | Spain | Poland | France +1,600 Dedicated Employees €184m in
Slide 26: Global Wind Service – Complete solutions for onshore and offshore projects
Global Wind Service Complete solutions for both onshore and offshore projects Installation Service Blades Onshore Crane* & Installation On- and Offshore…: On- and Offshore…: Customer References Onshore Re-powering Mayor component exchanges Blade inspection Offshore Pre-assembly w/ cranes Annual serv
Slide 27: Cruise
Cruise
Slide 28: Cruise – Events in the quarter
Cruise Events in the quarter Borealis and Bolette operated in the quarter and Balmoral commenced cruising early May Occupancy of 73% Net ticket income of GBP 194 per diem Good demand for cruises in the summer of 2022 Strong bookings during summer seasons going forward, but increased uncert
Slide 29: Highlights 2Q 2022
Highlights 2Q 2022 Bonheur ASA Group of companies Figures in paranthesis (2Q21) Renewable Energy Wind Service Cruise Other Investments Consolidated: Operating revenues were NOK 2 386 million (NOK 1 611 million) EBITDA was NOK 562 million (NOK 313 million) EBIT was NOK 334 million (NOK 80 milli