Slide 1: 3 quarter 2019
3 quarter 2019 25 October 2019
Slide 2: Bonheur - A sound capital allocator for 171 years
Bonheur - A sound capital allocator for 171 years Segment overview as per 3Q19 (in NOK billion) Segment EBITDA development *) ▪ Bonheur ASA is a long term and active industrial investor, which origins back to 1848 ▪ Current investments are mainly within: ▪ Renewable energy (develop, own and operate
Slide 3: Highlights 3Q 2019
Highlights 3Q 2019 Bonheur ASA Group of companies Figures in paranthesis (3Q18) Renewable energy Shipping/Offshore wind Cruise Consolidated: ▪ Operating revenues were NOK 2 233 million (NOK 1 861 million) ▪ EBITDA was NOK 525 million (NOK 473 million) ▪ EBIT was NOK 267 million (NOK 195 million) 100
Slide 4: Consolidated summary
Consolidated summary Bonheur ASA Group of companies (NOK million) 3Q 19 3Q 18 Change in Net Finance - Main changes: NOK ▪ Net interest expenses of NOK -87 million (NOK -81 mill) Revenues 2 233 1 861 372 ▪ Other financial expenses NOK -10 million (NOK -13 mill) EBITDA 525 473 52 ▪ Various unrealized
Slide 5: Segment analysis – Revenues
Segment analysis – Revenues Bonheur ASA Group of companies (NOK million) 3Q 19 3Q 18 Change Renewable energy 248 344 -96 Shipping/Offshore wind 957 512 446 Cruise 715 679 36 Other 313 326 -13 Total Revenues 2 233 1 861 372 NOK / EUR (average) 9,85 9,58 2,9 % NOK / GBP (average) 10,92 10,73 1,8 % GBP
Slide 6: Segment analysis – EBITDA
Segment analysis – EBITDA Bonheur ASA Group of companies (NOK million) 3Q 19 3Q 18 Change Renewable energy 124 221 -97 Shipping/Offshore wind 289 128 160 Cruise 157 171 -14 Other -45 -47 3 Total EBITDA 525 473 52 6
Slide 7: Cash, Debt and Guarantees as per 3Q 19
Cash, Debt and Guarantees as per 3Q 19 Bonheur ASA Group of companies Whereof External (NOK million) Cash guaranteed debt by Bonheur Renewable energy (FOR) (Joint Ventures and associated holding companies) 406 6 028 23 Shipping / Offshore wind (FOO) (Joint Venture and associated holding companies) 1
Slide 8: Renewable energy
Renewable energy
Slide 9: Generation and prices: Price for Carbon emissions
Renewable energy Generation and prices Price for Carbon emissions (EUR /ton) 9
Slide 10: Business Model and Project Portfolio
Business Model and Project Portfolio Site Investigation Development Consented Construction Operation Scotland Scotland – 400-500 MW Ireland Sweden Scotland Crystal Rig extension Codling Bank – 500 MW Högaliden 105 MW Crystal Rig – 62.5 MW Norway Crystal Rig II - 138.0 MW Rothes extension offshore (5
Slide 11: 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 3Q19 ▪ Power prices (per MWh) in UK, Norway and Sweden were on average £38.5 (3Q18: £61.7), €33.3 (€49.6) and €35.3 (€51.9), respe
Slide 12: Shipping / Offshore wind
Shipping / Offshore wind
Slide 13: 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 Service A/S United Wind Logistics GmbH Universal Foundation A/S ▪ Fleet of three jack-up Transport & ▪ International supplier to the ▪ Marine transportat
Slide 14: Offshore wind power becoming increasingly competitive
Offshore wind power becoming increasingly competitive Auction power prices approaching subsidy free levels Current European market price levels (subsidy free) 14
Slide 15: Shipping / Offshore wind – Key financials
Shipping / Offshore wind (Fred. Olsen Ocean) Key financials Events in the quarter: ▪ Utilization for T&I and O&M vessels 74% (100%) ▪ GWS with continued growth and high activity in Europe, US and Australia ▪ Build up of sound long term global backlog, although installation activity in 2020 will be l
Slide 16: Cruise
Cruise
Slide 17: Cruise – Key financials
Cruise Key financials Events in the quarter: ▪ Passenger days were 300 605 (300 913) ▪ Net Ticket Income per passenger day was GBP 163 (GBP 162) ▪ Seasonal pattern (2Q and 3Q higher, 1Q an 4Q lower) ▪ Higher operating costs due to fuel and sales and marketing Bergen 2015 17
Slide 18: Highlights 3Q 2019
Highlights 3Q 2019 Bonheur ASA Group of companies Figures in paranthesis (3Q18) Renewable energy Shipping/Offshore wind Cruise Consolidated: ▪ Operating revenues were NOK 2 233 million (NOK 1 861 million) ▪ EBITDA was NOK 525 million (NOK 473 million) ▪ EBIT was NOK 267 million (NOK 195 million) 100