Slide 1: 4 quarter 2016
4 quarter 2016 21 February 2017
Slide 2: Bonheur ASA Group - Highlights 4Q 2016
Bonheur ASA Group - Highlights 4Q 2016 (4Q 15 in brackets) Operating revenues were NOK 2 630 million (NOK 3 613 million) Operating result before depreciation (EBITDA) was NOK 1 065 million (NOK 1 419 million) Operating result (EBIT) was NOK 92 million (NOK -922 million) Net result NOK 31 million (NO
Slide 3: Bonheur ASA Group - Consolidated summary
Bonheur ASA Group - Consolidated summary Change in (NOK million) 4Q 16 4Q 15 NOK Revenues 2 630 3 613 -983 EBITDA 1 065 1 419 -354 Depreciation -760 -966 206 Impairment -213 -1 376 1 163 EBIT 92 -922 1 015 Net finance and result from associates 9 -302 310 EBT 100 -1 224 1 324 Net result 31 -1 098 1
Slide 4: Bonheur ASA Group - Segment analysis - Revenues
Bonheur ASA Group - Segment analysis - Revenues (NOK million) 4Q 16 4Q 15 Change FX effect Offshore drilling 1 310 2 262 -952 -28 Renewable energy 306 372 -66 -63 Shipping/Offshore wind 264 219 45 -9 Cruise 401 433 -32 -97 Other 350 328 22 - Total Revenues 2 630 3 613 -983 -197 4
Slide 5: Bonheur ASA Group - Segment analysis EBITDA
Bonheur ASA Group - Segment analysis EBITDA (NOK million) 4Q 16 4Q 15 Change FX effect Offshore drilling 810 1 227 -417 -33 Renewable energy 212 261 -49 -44 Shipping/Offshore wind 35 -35 70 -2 Cruise 18 -10 28 -7 Other -10 -24 14 - Total EBITDA 1 065 1 419 -354 -86 5
Slide 6: Change in net interest bearing debt (NIBD)
Change in net interest bearing debt (NIBD) (NOK million) NIBD 01.10.16 -8 121 EBITDA 4Q 16 1 065 Capex -438 FX effects on cash position 242 FX effects on gross debt position -597 Taxes paid -82 Net Interest paid -120 Working capital movements FOE 155 Other movements 26 252 NIBD 31.12.16 -7 869 6
Slide 7: Bonheur ASA Group – Capex per segment
Bonheur ASA Group – Capex per segment NOK million 1400 1200 1000 x 800 600 400 200 0 1Q15 2Q15 3Q 15 4Q 15 1Q 16 2Q 16 3Q 16 4Q16 Offshore Drilling (excl. Bollsta) Renewable Energy Shipping/Offshore wind Cruise Other 7
Slide 8: Bonheur ASA Group – Capital employed per segment
Bonheur ASA Group – Capital employed per segment 35 000 42% 30 000 40% 25 000 38% 20 000 NOK mill. 15 000 36% 10 000 34% 5 000 32% 0 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 ‐5 000 30% Offshore drilling Renewable energy Shipping / Offshore wind Cruise Other investments Equity ratio (%) Capi
Slide 9: Offshore drilling
Offshore drilling (4Q 2015) Revenues were USD 157 million (USD 265 million) EBITDA was USD 97 million (USD 141 million) EBIT was USD 21 million (USD -103 million) Impairments amounted to USD 11 million (USD 158 million) Covenant waivers Gross interest bearing debt USD 880 million (USD 1 328 million)
Slide 10: Fred. Olsen Energy - Contract overview
Fred. Olsen Energy - Contract overview Unit 2016 2017 2018 Bolette Anadarko Belford 1) Blackford Chevron Bideford Statoil 2) Borgland RMN Cons. Bredford Byford BP Borgsten Total 3) Borgholm 1) Terminated for convenience 2) Suspended 3) Termination right exercised with a termination fee of USD 22 mil
Slide 11: Offshore drilling – Summary 4Q
Offshore drilling – Summary 4Q 16 3 000 2 500 2 000 1 500 1 000 500 NOK million 0 ‐500 ‐1 000 ‐1 500 ‐2 000 ‐2 500 ‐3 000 ‐3 500 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 Revenues EBITDA Impairment Capex 11
Slide 12: Renewable energy
(4Q 2015) Renewable energy Revenues were NOK 306 million (NOK 372 million) EBITDA was NOK 212 million (NOK 261 million) EBIT was NOK 87 million (NOK 145 million) Profit before tax was NOK 120 million (NOK 83 million) Crystal Rig III in operation Low wind resources, higher electricity prices Total ge
Slide 13: Renewable energy
Renewable energy Power prices in UK, Norway and Sweden were on average £52 (£38), €33 (€21) and €37 (€22), respectively, in the quarter. Green certificate prices in Scandinavia have come down materially from SEK 115.50/MWh as per 31.12.16 to SEK 56/MWh as per 20.02.17 13
Slide 14: Renewable energy
Renewable energy Capacity factors in UK, Norway and Sweden were 28.6% (36.6%), 45.6% (45.6%) and 46.5% (N/A), respectively, in the quarter. 14
Slide 15: Renewable energy – Summary 4Q
Renewable energy – Summary 4Q 16 400 300 200 100 NOK million 0 ‐100 ‐200 ‐300 ‐400 ‐500 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 Revenues EBITDA Capex 15
Slide 16: Renewable energy - Key financials
Renewable energy - Key financials (Figures in NOK million) 4Q 16 4Q 15 Operating revenues 306 372 EBITDA 212 261 EBITDA margin 69 % 70 % EBT 120 83 Capex 247 440 Equity 3 551 3 946 Gross interest bearing debt 4 253 5 983 - Cash and cash equivalents 2 814 4 346 = Net interest bearing debt (NIBD) 1 43
Slide 17: Renewable energy
Renewable energy Wind farm (Construction year) Fäboliden (2015) 78.0 Lista (2012) 71.3 Crystal Rig III (2016) 13.8 Mid Hill (2014) 75.9 Rothes II (2013) 41.4 Crystal Rig II (2010) 138.0 Crystal Rig (2003) 62.5 Rothes (2005) 50.6 Paul's Hill (2006) 64.4 ‐ 20.0 40.0 60.0 80.0 100.0 120.0 140.0 160.0 C
Slide 18: Business Model and Project Portfolio
Business Model and Project Portfolio Site Investigation Development Consented Construction Operation Scotland Scotland – 100-180 MW Ireland Scotland Scotland Crystal Rig extension Codling Bank – 500 MW Windy Standard II – 61,5 MW Crystal Rig – 62.5 MW Norway offshore (50% owned; total Crystal Rig II
Slide 19: Shipping / Offshore wind
(4Q 2015) Shipping / Offshore wind Revenues were NOK 264 million (NOK 219 million) EBITDA was NOK 35 million (NOK -35 million) Contract backlog into 2019 covered 42% by firm contracts and 14% options Low utilization for Service vessels Utilization for installation vessels 64% (39%) Impairment of CTV
Slide 20: Shipping/Offshore wind
Shipping/Offshore wind Something to understand the dimensions of what we are carrying onboard. This is Boeing 747 in actual size compared to us 20
Slide 21: Shipping/Offshore wind- Key financials
Shipping/Offshore wind- Key financials (Figures in NOK million) 4Q 16 4Q 15 Operating revenues 264 219 EBITDA 35 -35 EBITDA margin 13 % -16 % EBT -147 -96 Capex 16 50 Equity 1 161 1 554 Gross interest bearing debt *) 1 559 1 383 - Cash and cash equivalents 240 313 = Net interest bearing debt (NIBD)
Slide 22: Shipping/Offshore wind – Summary 4Q
Shipping/Offshore wind – Summary 4Q 16 400 300 NOK million 200 100 0 ‐100 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 Revenues EBITDA CAPEX 22
Slide 23: Cruise
(4Q 2015) Cruise Revenues were NOK 401 million (NOK 433 million) EBITDA was NOK 18 million (NOK -10 million) EBIT was NOK -34 million (NOK -71 million) EBT was NOK -26 million (NOK -69 million) Strong bookings Fred. Olsen Cruise 20% weakening of GBPLines / NOK Ltd. 23
Slide 24: Cruise
Cruise Passenger days were 273 847 in the quarter (259 214), an increase of 5.6%. Net Ticket Income per passenger day was £104 in the quarter (£94) Black Watch in dock for 26 days at a cost of ca. €10 mill. 24
Slide 25: Cruise – Summary 4Q
Cruise – Summary 4Q 16 650 550 450 350 NOK million 250 150 50 ‐50 ‐150 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 Revenues EBITDA CAPEX Black Watch 25
Slide 26: Cruise - Key financials
Cruise - Key financials (Fi gures i n NOK mi l l i on) 4Q 16 4Q 15 Operating revenues 401 433 EBITDA 18 ‐10 EBITDA margin 4% ‐2 % EBT ‐26 ‐69 Capex 117 64 Equity 1 155 1 263 Gross interest bearing debt 0 0 ‐ Cash and cash equivalents 540 319 = Net interest bearing debt (NIBD) ‐540 ‐319 Capital emplo
Slide 27: Other Investments
Other Investments NHST Media Group AS (54.0%) Koksa Eiendom AS (12.6%) Operating revenues in were NOK 337 million Last properties sold – agreement closed Jan 17 (NOK 332 million) Net cash received to Koksa Eiendom AS EBITDA were NOK 23 million (NOK 7 million) NOK 1 441 million NHST Media Group AS -
Slide 28: Bonheur ASA Group - Highlights 4Q 2016
Bonheur ASA Group - Highlights 4Q 2016 (4Q 15 in brackets) Operating revenues were NOK 2 630 million (NOK 3 613 million) Operating result before depreciation (EBITDA) was NOK 1 065 million (NOK 1 419 million) Operating result (EBIT) was NOK 92 million (NOK -922 million) Net result NOK 31 million (NO