Report third quarter 2024

25 Oct 2024 08:00 CEST

Report for the Third quarter 2024

Financial and operating highlights (3Q23 in brackets):

 Operating revenues were NOK 3 606 million (NOK 3 197 million)
 EBITDA was NOK 938 million (NOK 800 million)
 EBIT was NOK 603 million (NOK 497 million)
 Net result after tax was NOK 350 million (NOK 172 million)

Segment highlights 3Q24 (3Q23 in brackets):

Renewable Energy
o EBITDA NOK 263 mill. (NOK 243 mill.)
o 25% lower power prices
o 11% higher generation despite Mid Hill being out of production for the full
quarter
o Successful CfD Allocation Round 6, awarded a fixed power price of GBP 71.0 per
MWh for the consented development projects Crystal Rig IV of 49.1 MW and Windy
Standard III of 88 MW
o Submitted the consent application for the Codling Wind Park project

Wind Service
o EBITDA NOK 435 mill. (NOK 399 mill.)
o Backlog of EUR 288 mill. for the Tern vessels
o Reservation agreement signed in 4Q for project execution in 2025/26, estimated
revenue around EUR 100 mill
o Brave Tern crane upgrade and conversion expected completed shortly
o The Tern vessels had 63% (100%) utilization

Cruise
o EBITDA NOK 255 mill. (NOK 213 mill.)
o Occupancy of 77% (76%) of full capacity
o Net ticket income per passenger day of GBP 194 (GBP 190)
o Booking numbers up 15% compared to last year

Other Investments
o EBITDA NOK -15 mill. (NOK -56 mill.), of which
o EBITDA for NHST was NOK 57 mill. (NOK 4 mill.)
o A NOK 800 million bond loan was redeemed by Bonheur in September
o Successful placement of new NOK 950 mill. green bond, the proceeds received in
October
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 3Q24 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 3 606
million (NOK 3 197 million). Renewable Energy had operating revenues of NOK 529
million (NOK 523 million), Wind Service NOK 1 752 million (NOK 1 476 million),
Cruise NOK 1 016 million (NOK 921 million). Other investments had operating
revenues of NOK 308 million (NOK 276 million).

EBITDA in the quarter was NOK 938 million (NOK 800 million). Renewable Energy
achieved EBITDA of NOK 263 million (NOK 243 million), Wind Service NOK 435
million (NOK 399 million), Cruise NOK 255 million (NOK 213 million). Within
Other investments EBITDA was NOK -15 million (NOK -56 million).

Depreciation in the quarter was NOK -284,4 million (NOK -263,9 million).
Impairment of NOK 50 million was booked in the quarter related to an impairment
in the SaaS segment in NHST. In the same quarter last year, a NOK 33 million
impairment was booked in NHST and NOK 7 million from impairment of development
projects in Renewable Energy segment.

EBIT in the quarter was NOK 603 million (NOK 497 million).

Net financial items in the quarter were negative with NOK -161 million (NOK -211
million). Net interest expenses were NOK -70 million (NOK -72 million). In
addition, there were net unrealized financial loss of NOK -67 million (NOK -122
million), mainly related to positive exchange rate differences of NOK 62 million
(negative of NOK -141 million), unrealized loss on financial instruments of the
interest swap agreements in Renewable Energy of NOK -117 million (loss of NOK -6
million) and an impairment of other investments of NOK -12 million (positive of
NOK 25 million). Other financial items amounted to NOK -23 million (NOK -18
million).

Net Result in the quarter was NOK 350 million (NOK 172 million) of which NOK 271
million (NOK 142 million) is attributable to the shareholders of the parent
company. The non-controlling interests’ share of the net result was NOK 79
million (NOK 30 million).

More information:
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630380_Bonheur 3Q 2024 - Presentation.pdf
630380_Bonheur 3Q 2024 Report.pdf