Report second quarter 2024

11 Jul 2024 08:00 CEST

Financial and operating highlights 2Q24 (2Q23 in brackets):

 Operating revenues were NOK 4 283 million (NOK 2 833 million)
 EBITDA was NOK 1 229 million (NOK 727 million)
 EBIT was NOK 938 million (NOK 458 million)
 Net result after tax was NOK 694 million (NOK 554 million)

Segment highlights 2Q24 (2Q23 in brackets):

Renewable Energy
o EBITDA NOK 259 mill. (NOK 277 mill.)
o 36% lower power prices
o 32% higher generation than 2Q last year
o Investment decision for Crystal Rig IV project of 49 MW

Wind Service
o EBITDA NOK 763 mill. (NOK 320 mill.)
o Received cancellation fee with NOK 290 mill. EBITDA effect in 2Q
o Backlog of EUR 325 mill. for the Tern vessels and EUR 71 mill. for the Blue
Wind vessel
o Brave Tern crane upgrade and conversion is estimated to be completed in 3Q
o The Tern vessels had 64% (98.6%) utilization

Cruise
o EBITDA NOK 212 mill. (NOK 132 mill.)
o Occupancy of 77% (69%) of full capacity
o Net ticket income per passenger day of GBP 196 (GBP 191)
o Good booking numbers

Other Investments
o EBITDA NOK -4 mill. (NOK -3 mill.)
o EBITDA for NHST NOK 44 mill. (NOK 22 mill.)
o Fred. Olsen 1848, progressing several technologies and innovations within
floating wind and floating solar
o Fred. Olsen Investments, undertaken investments within renewable energy
related companies
 
Financial information
The unaudited Group accounts for 2Q24 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 within which the Company is invested are categorized
as follows: Renewable Energy, Wind Service, Cruise and Other investments.

The Group of companies’ operating revenues in the quarter amounted to NOK 4 283
million (NOK 2 833 million). Renewable Energy had operating revenues of NOK 501
million (NOK 430 million), Wind Service NOK 2 451 million (NOK 1 264 million),
Cruise NOK 1 043 million (NOK 855 million). Other investments had operating
revenues of NOK 288 million (NOK 284 million).

EBITDA in the quarter was NOK 1 229 million (NOK 727 million). Renewable Energy
achieved EBITDA of NOK 259 million (NOK 277 million), Wind Service NOK 763
million (NOK 320 million), Cruise NOK 212 million (NOK 132 million). Within
Other investments EBITDA was NOK -4 million (NOK -3 million).

Depreciation in the quarter was NOK -291,8 million (NOK -267,8 million).

EBIT in the quarter was NOK 938 million (NOK 458 million).

Net financial items in the quarter were negative with NOK -130 million (positive
with NOK 93 million). Net interest expenses were NOK -68 million (NOK -96
million), where the reduction is mainly due to higher interest income. In
addition, there were net unrealized financial loss of NOK -43 million (NOK 204
million), mainly related to negative exchange rate differences of NOK -73
million (NOK 145 million), impairment of other investments of NOK -17 million
(NOK -41 million) and unrealized gain on financial instruments of the interest
swap agreements in Renewable Energy of NOK 47 million (gain of NOK 100 million).
Other financial items amounted to NOK -19 million (NOK -16 million).

Net Result in the quarter was NOK 694 million (NOK 554 million) of which NOK 596
million (NOK 439 million) is attributable to the shareholders of the parent
company. The non-controlling interests’ share of the net result was NOK 98
million (NOK 115 million).

For the first half-year, operating revenues were NOK 7 256 million (NOK 5 833
million) and with an EBITDA of NOK 1 826 million (NOK 1 653 million).

More information:
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623430_Bonheur 2Q 2024 - Presentation.pdf
623430_Bonheur 2Q 2024 Report.pdf