Report for the third quarter 2022

08 Nov 2022 08:00 CET

Financial and operating highlights 3Q22 (3Q21 in brackets):

· Operating revenues were NOK 3 212 million (NOK 1 880 million)
· EBITDA was NOK 1 083 million (NOK 279 million)
· EBIT was NOK 290 million (NOK 14 million)
· Net result after tax was NOK 393 million (NOK -157 million)

Segment highlights 3Q22 (3Q21 in brackets):

Renewable Energy

· EBITDA NOK 748 mill. (NOK 174 mill.)
· Continued high power prices
· Generation 18% lower than P50 forecast due to low wind speed
· Closing of the Borgå transaction, with a net liquidity effect of NOK 1 748
mill. and EUR 305 Mill. in committed capital
· Significant uncertainty related to government taxation and fees in Norway,
the EU and the UK

Wind Service

· EBITDA NOK 418 mill. (NOK 264 mill.)
· Tern vessels with 99% (89%) utilization
· Solid backlog of EUR 473 mill.
· GWS with strong activity
· UWL with 100% (100%) utilization

Cruise

· EBITDA NOK -42 mill. (NOK -138 mill.)
· Three ships in operation
· Occupancy of 73% (62%)
· EBITDA influenced by low occupancy due to rebooking, high fuel cost and
negative GBP/USD development
· UK cruise market uncertainty going forward and continued high fuel costs.
· Impairment of NOK 456 mill.

Other Investments

· EBITDA NOK -42 mill. (NOK -21 mill.)
· EBITDA for NHST NOK 15 mill. (NOK 28 mill.)
· Fred. Olsen 1848, progressing several technologies and innovations within
floating wind and floating solar in the quarter
· Fred. Olsen Investments, undertaken smaller investments within renewable
energy related companies

Financial information

The unaudited Group accounts for 3Q22 comprise Bonheur ASA (the "Company") and
its subsidiaries (together the "Group of companies") and the Group of companies'
ownerships in associates. The main business segments of the Group of companies
are Renewable Energy, Wind Service, Cruise and Other investments.

The Group of companies' operating revenues in the quarter amounted to NOK 3 212
million (NOK 1 880 million). Renewable Energy had operating revenues of NOK 932
million (NOK 316 million), Wind Service    NOK 1 378 million (NOK 1 068
million), Cruise NOK 632 million (NOK 233 million). Other investments had
operating revenues of NOK 270 million (NOK 262 million).

EBITDA in the quarter was NOK 1 083 million (NOK 279 million). Renewable Energy
achieved EBITDA of       NOK 748 million (NOK 174 million), Wind Service NOK 418
million (NOK 264 million), Cruise NOK -42 million (NOK -138 million). Within
Other investments EBITDA was NOK -42 million (NOK -21 million).

Depreciation in the quarter was NOK -337 million (NOK -265 million). The
increase is mainly due to a loss on disposal of NOK 102 mill of the old crane
for Bold Tern. In Renewable Energy the depreciation is lower compared to last
year due to extension of the lifetime of the wind farms from 1 January 2022.

An impairment charge was made in the quarter of NOK 456 million. The impairment
is in Cruise and is impacted by the challenging market situation, higher
operating expenses in the cruise industry in combination with increased discount
rate.

EBIT in the quarter was NOK 290 million (NOK 14 million).

Net financial items in the quarter were NOK 387 million (NOK -71 million). Net
interest expenses in the quarter were NOK -90 million (NOK -89 million). In
addition, there were net unrealized financial gains of NOK 467 million (NOK 26
million) in the quarter, which mainly consist of i) unrealized gain of NOK 391
million (35 million) from interest swaps related to long term loans in Fred
Olsen Renewables (FOR), ii) exchange rate differences of NOK 105 million (NOK -1
million) and iii) unrealized loss on investments of NOK -29 million (NOK -9
million). The latter is mainly related to dividend paid out by Otello
Corporation ASA of NOK 25 million which reduced the share price in the quarter.
Other financial items amounted to NOK -16 million (NOK -8 million) which is due
to an increase in the provision for decommissioning cost for wind farms.

Net Result in the quarter was NOK 393 million (NOK -157 million) of which NOK 40
million (NOK -228 million) is attributable to the shareholders of the parent
company. The non-controlling interests' share of the net result in the quarter
was NOK 353 million (NOK 71 million).

More information:
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574990_Bonheur_3Q_2022_Report.pdf
574990_Release.pdf
574990_Bonheur_3Q22_presentation.pdf