Slide 1: 4 quarter 2020 Presentation
4 quarter 2020 Presentation 19 February 2021
Slide 2: Highlights 4Q 2020
Highlights 4Q 2020 Bonheur ASA Group of companies Figures in paranthesis (4Q19) Renewable Energy Wind Service Cruise Other Investments Consolidated: ▪ Operating revenues were NOK 1 575 million (NOK 1 893 million) ▪ EBITDA was NOK 207 million (NOK 189 million) ▪ EBIT was NOK -146 million (NOK -289 mi
Slide 3: Consolidated summary
Consolidated summary Bonheur ASA Group of companies (NOK million) 4Q 20 4Q 19 Change Revenues 1 574 1 893 -319 EBITDA 206 188 18 Depreciation -256 -252 -4 Impairment – Main item: Impairment -97 -225 129 ▪ Impairment of exclusivity rights of €7.9 mill for Jill EBIT -146 -289 142 Net finance -115 106
Slide 4: Segment analysis – Revenues
Segment analysis – Revenues Bonheur ASA Group of companies (NOK million) 4Q 20 4Q 19 Change Renewable energy 415 448 -33 Wind Service 866 624 242 Cruise 19 529 -510 Other 275 292 -17 Total Revenues 1 574 1 893 -319 NOK / EUR (average) 10,76 10,09 6,6 % NOK / GBP (average) 11,91 11,74 1,4 % GBP / USD
Slide 5: Segment analysis – EBITDA
Segment analysis – EBITDA Bonheur ASA Group of companies (NOK million) 4Q 20 4Q 19 Change Renewable energy 247 276 -29 Wind Service 102 -73 175 Cruise -113 23 -136 Other -29 -37 8 Total EBITDA 206 188 18
Slide 6: Cash, Debt and Guarantees as per 4Q 20
Cash, Debt and Guarantees as per 4Q 20 Bonheur ASA Group of companies Whereof External (NOK million) Cash guaranteed debt by Bonheur Major Events in 4Q20: Renewable energy (FOR) (Joint Ventures and associated holding companies) 255 5 862 18 ▪ Bonheur ASA repaid a bond loan of Wind Service (FOO) (Joi
Slide 7: Renewable energy
Renewable energy
Slide 8: Renewable energy: Generation
Renewable energy Generation Capacity Factors and Generation 60% 700 000 50% 600 000 Generation (MWh) Capacity factor (%) 40% 500 000 400 000 30% 300 000 20% 200 000 10% 100 000 0% - 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 UK (total) Sweden Norway Generation (MWh) Capacity factor = 8
Slide 9: Renewable energy: Energy prices development
10 30 40 50 60 20 0 1.9.20 8.9.20 15.9.20 22.9.20 29.9.20 6.10.20 13.10.20 20.10.20 27.10.20 3.11.20 Renewable energy Energy prices development 10.11.20 17.11.20 EUROPA (TTF) 24.11.20 1.12.20 8.12.20 15.12.20 ASIA (JKM) 22.12.20 29.12.20 5.1.21 12.1.21 19.1.21 Gas - 1st month EU (TTF) vs ASIA (JKM)
Slide 10: Renewable energy: Energy prices development
Renewable energy Energy prices development UK spotprices Aug-20 -Feb21 (£/MWh) Deviation from Normal (GWh) Hydrology balance Sweden and Norway 200,00 180,00 160,00 140,00 120,00 100,00 83,03 80,00 60,00 58,82 40,00 20,00 27,29 0,00 aug. aug. aug. sep. sep. okt. okt. nov. nov. des. des. jan. jan. jan
Slide 11: Update on Högaliden Windfarm, Västerbotten Sweden
Update on Högaliden Windfarm, Västerbotten Sweden Project information ▪ Number of Wind turbines : 25 WTGs ▪ Type of Turbine : Vestas V150-4,3 MW ▪ Wind farm capacity : 107,5 MW ▪ Civil & Electrical Works : Skanska Sverige AB ▪ Grid connection : Skellefteå Kraft AB Project status ▪ The incident at Al
Slide 12: Business Model and Project Portfolio
Business Model and Project Portfolio Site Investigation Development Consented Construction Operation Scotland Scotland – 630-730 MW Scotland Sweden Scotland Crystal Rig extension Paul’s Hill II - 21 MW Högaliden – 107,5 MW Crystal Rig – 62.5 MW Norway Crystal Rig II - 138.0 MW Rothes extension Swede
Slide 13: Codling: Irish Offshore Wind Development Project
Codling: Irish Offshore Wind Development Project ▪ Codling Holding Ltd. – 50/50 Joint Venture ▪ Fred. Olsen Renewables Ltd. Ireland Maritime Area ▪ Wicklow Windfarm Holding Ltd. (EDF-R) ▪ Codling is located south of Dublin 13 km off the coast ▪ Offshore wind is expected to develop and deliver 5GW by
Slide 14: Offshore Wind - Norway
Offshore Wind - Norway ▪ The Government has opened two areas – Utsira Nord and Sørlige Nordsjø II – for offshore wind. ▪ The potential capacity awarded will be 4500 MW across the two sites (could be less depending on Government desire) ▪ Utsira Nord is suited for floating and Sørlige Nordsjø is suit
Slide 15: Our concept for offshore wind in Norway
Our concept for offshore wind in Norway ▪ Profitability for Norwegian offshore wind is challenging given the low power prices in Norway, unless high subsides are taken into account. Combination of offshore wind farm and transmission concept ▪ Our solution to this is to combine the wind farm with an
Slide 16: Floating solar photovoltaics (FPV)
Floating solar photovoltaics (FPV) In Q4 2020 we started two projects for near- and offshore FPV ▪ FPV in seawater is new to the industry. FOR is engaged to gain experience and to accelerate technology development ▪ In Singapore: ▪ Signed bilateral collaboration agreement with the Solar Energy Resea
Slide 17: Renewable energy: Key financials
Renewable energy Key financials 500 1 400 450 1 200 400 Rolling trailing 12 months EBITDA (NOK mill) EBITDA (NOK mill) 350 1 000 300 800 250 600 200 150 400 100 200 50 0 0 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 EBITDA Rolling trailing 12 months EBITDA 17
Slide 18: Wind Service
Wind Service
Slide 19: Wind Service: Main operating entities
Wind Service Main operating entities Fred. Olsen Windcarrier (100 %) Global Wind Service (92.2 %) United Wind Logistics (50 %) ▪ Providing vessels and expertise mainly for: ▪ An international supplier of installation ▪ Providing marine transportation of offshore ▪ Transport & Installation services (
Slide 20: Wind Service: Main activities in the quarter
Wind Service Main activities in the quarter ▪ Utilization for T&I and O&M vessels 76% in Q4 (46%) ▪ Brave Tern has been on standby rate in Taiwan for most of quarter until SGRE completed demobilization on the 10th of December. ▪ Bold Tern improved progress has continued through 4th quarter and insta
Slide 21: FOWIC fleet upgrade and growth program - background
FOWIC fleet upgrade and growth program - background A market leader in a growing market ▪ FOWIC serves its customers with full scale, premium and FOWIC in numbers flexible services 1▪ Established 2008 ▪ An Industry leading position 2▪ Operates 3 high end T&I jackups ▪ Agile, experienced and innovati
Slide 22: FOWIC fleet upgrade and growth program - upgrades
FOWIC fleet upgrade and growth program - upgrades ▪ An upgrade program for its three vessels has been Lifting heights and carrying capacity are the keys initiated, securing a highly competitive and future proof fleet ▪ Crane replaced and enhanced turbine carrying capacity through installation of spo
Slide 23: FOWIC fleet upgrade and growth program - newbuild
FOWIC fleet upgrade and growth program - newbuild ▪ FOWIC aims to construct a 4th vessel to supplement existing fleet ▪ Reinforcing a leading market position in a growing market ▪ Secure optimization of fleet utilization and economies of scale ▪ Secure options for further newbuilds ▪ Various deliver
Slide 24: United Wind Logistics – Fleet Status
United Wind Logistics – Fleet Status ▪ VestVind 1 ▪ Purchased 30th December 2020 for €9 mill ▪ Working in the Spot Market ▪ BoldWind ▪ Was delivered from the yard in May 2020. ▪ Commenced its 3-year contract with MHI Vestas July 2020 ▪ BraveWind ▪ Was delivered from the Yard in October 2020. ▪ Comme
Slide 25: Wind Service (Fred. Olsen Ocean): Key financials
Wind Service (Fred. Olsen Ocean) Key financials 350 600 300 Rolling trailng 12 months EBITDA (NOK millin) 500 250 200 400 EBITDA (NOK million) 150 300 100 50 200 0 100 -50 -100 0 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 EBITDA Rolling trailing 12 months EBITDA 25
Slide 26: Cruise
IX¥ Bonheur ASA
Slide 27: Cruise: Events in the quarter
Cruise Events in the quarter ▪ Fleet optimized through divesting Boudicca and Black Watch in 4Q, and acquiring Bolette and Borealis in 3Q ▪ Cruise operation remains paused until it is considered safe to resume cruising due to Covid-19 ▪ All cruise ships in lay-up in Scotland ▪ Of the GBP 3.9 mill. m
Slide 28: Cruise: Key financials
Cruise Key financials Bonheur - Cruise segment 200 400 300 (Figures in NOK million) Per 4Q 20 Per 3Q 20 Rolling trailing 12 months EBITDA (NOK mill) 150 200 Vessels 1.123 1.228 100 Cash and cash equivalents 125 225 100 Other assets 219 224 EBITDA (NOK mill) 50 0 0 -100 Total assets 1.467 1.677 -200
Slide 29: Highlights 4Q 2020
Highlights 4Q 2020 Bonheur ASA Group of companies Figures in paranthesis (4Q19) Renewable Energy Wind Service Cruise Other Investments Consolidated: ▪ Operating revenues were NOK 1 575 million (NOK 1 893 million) ▪ EBITDA was NOK 207 million (NOK 189 million) ▪ EBIT was NOK -146 million (NOK -289 mi
Slide 30: Slide 30