4 quarter 2019

14 February 2020

Consolidated:

▪ Operating revenues were NOK 1 893 million

(NOK 1 854 million)

▪ EBITDA was NOK 188 million (NOK 466 million)

▪ Impairments of NOK 225 million (0)

▪ EBIT was NOK -289 million (NOK 199 million)

▪ Net result after tax was NOK -162 million (NOK 62

million)

Parent company:

▪ Dividend proposal of NOK 4.30 per share, (NOK 183

million)

▪ Equity post dividend in parent company NOK 7 506

mill (NOK 7 017 mill.), ratio of 71.2% (69.7%)

▪ Cash in parent company NOK 4 117 mill.

(NOK 3 681 mill.)

▪ Reclassified NOK 775 mill. from repaid invested

capital to financial revenues from FORAS to Bonheur.

100% Fred. Olsen Renewables AS

Renewable energy

Highlights 4Q 2019Bonheur ASA Group of companies

2

▪ EBITDA NOK 276 mill.

(NOK 433 mill.)

▪ Total generation down 15%

▪ Year on year decreasing electricity

prices in all markets, mainly due to

decreased gas prices in Europe

▪ EBITDA NOK -73 mill.

(NOK 36 mill.)

▪ Utilization for T&I and O&M

vessels 46% (79%)

▪ Start up and project expenses

related to new business areas for

the vessels

▪ Two new T&I contracts in 4Q

▪ EBITDA NOK 23 mill.

(NOK 9 mill.)

▪ Net ticket income per diems

increased 10%

▪ Passenger days decreased with

9.5% due to three dry dockings

▪ Lower operating costs due to

reduced portion of fly-cruises,

partly offset by higher fuel costs

Fred. Olsen Ocean Ltd.

Shipping/Offshore wind

100%

Figures in paranthesis (4Q18)

100% Fred. Olsen Cruise Lines Ltd.

Cruise

3

Consolidated summaryBonheur ASA Group of companies

*) The non-controlling interests consist of 44.06% of NHST Media Group AS and 49% in Fred. Olsen Wind Limited (FOWL) (UK), 49% of Fred. Olsen CBH Limited (FOCBH) (UK), 49% of Blue Tern Limited and 24.5% of Global Wind Services AS

Impairment:

▪ Renewable energy development portfolio NOK 112 million

▪ Shipping /Offshore wind: NOK 113 million

Net Finance - Main changes:

▪ Net interest expenses of NOK -87 million (NOK -74 mill)

▪ Other financial expenses NOK -17 million (NOK -13 mill)

▪ Various unrealized gains / losses: NOK 209 million (NOK -40 mill)

▪ Currency positions NOK 37 million

▪ Interest hedging NOK 110 million

▪ Financial assets NOK 57 million

(NOK million) 4Q 19 4Q 18Change in

NOK

Revenues 1 893 1 854 40

EBITDA 188 466 -278

Depreciation -252 -267 15

Impairment -225 0 -225

EBIT -289 199 -488

Net finance and result from associates 101 -100 202

EBT -187 99 -286

Net result from continuing operations -162 62 -224

Net result from discontinued operations 0 181 -181

Net result -162 242 -405

Shareholders of the parent company *) -219 229 -448

Earnings per share (NOK) -5,2 5,4 -10,6

Net interest bearing debt (NIBD) 3 698 2 665 1 033

4

Segment analysis – RevenuesBonheur ASA Group of companies

(NOK million) 4Q 19 4Q 18 Change

Renewable energy 448 570 -122

Shipping/Offshore wind 624 413 211

Cruise 529 527 2

Other 292 343 -51

Total Revenues 1 893 1 854 39

5

Segment analysis – EBITDABonheur ASA Group of companies

(NOK million) 4Q 19 4Q 18 Change

Renewable energy 276 433 -157

Shipping/Offshore wind -73 36 -109

Cruise 23 9 14

Other -37 -12 -25

Total EBITDA 188 466 -278

6

Cash, Debt and Guarantees as per 4Q 19

Bonheur ASA Group of companies

Note. For details on external debt in Renewable energy as per 31 December 2019, see the section “Capital and financing” in Bonheur’s quarterly report.

(NOK million) CashExternal

debt

Whereof

guaranteed

by Bonheur

Renewable energy (FOR) (Joint Ventures and associated holding companies) 361 6 096 28

Shipping / Offshore wind (FOO) (Joint Venture, associated holding companies and other) 112 575 -

Sum (Joint Ventures and associated holding companies) 473 6 671 28

Renewable energy (FOR) (excl. Joint Ventures and associated holding companies) 246 0 -

Shipping / Offshore wind (FOO) (excl. Joint Ventures, associated holding companies and other) 415 573 572

Cruise (FOCL) 729 0 -

Bonheur ASA (parent company) + Other 4 142 2 390 -

Sum (excl. Joint Ventures and associated holding companies) 5 532 2 963 572

Renewable energy

8

Renewable energyGeneration

-

100 000

200 000

300 000

400 000

500 000

600 000

0%

10%

20%

30%

40%

50%

60%

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19

Ge

ne

rati

on

(MW

h)

Ca

pa

city

fact

or

(%)

Capacity Factors and Generation

UK (total) Sweden Norway Generation (MWh)

Capacity factor =

- €

10 €

20 €

30 €

40 €

50 €

60 €

70 €

80 €

£0

£10

£20

£30

£40

£50

£60

£70

1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 2Q 2019 3Q 2019 4Q 2019

El-P

rice

s fo

r Sw

eden

an

d N

orw

ay

(€/M

Wh

)

Pri

ces

for

UK

(G

BP

/MW

h)

Power prices (quarterly average)

UK(N2 EX) Sweden (SE2) Norway (NO2) Carbon emissions ICE 10M

Source: Nordpool, Nordea E-market

9

Renewable energyEnergy prices development

Pri

ce f

or

Carb

on

em

issi

on

s (

EU

R /

ton

)

8

10

12

14

16

18

20

22

24

UK Gas March-20 in EUR/MWh

▪ Codling I, consented offshore wind site,

estimated capacity of approximately 1 000MW.

▪ Codling II, in development

▪ EDF aquired 50% of the project from Hazelshore

11 February 2020

▪ There is no change to FOR’s 50% ownership

▪ The project is still under development and no

final investment decision has been made

▪ FOR welcome EDF to the project

Codling I

Codling II

10

Codling BankOffshore Wind development - Ireland

11

Renewable energyKey financials

0

100

200

300

400

500

600

700

800

900

1 000

1 100

1 200

1 300

0

50

100

150

200

250

300

350

400

450

500

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19

Ro

llin

g tr

aili

ng

12 m

on

ths

EBIT

DA

(NO

K m

ill)

EBIT

DA

(NO

K m

ill)

EBITDA Rolling trailing 12 months EBITDA

Business Model and Project Portfolio

Development

Scotland – 500-600 MW

Crystal Rig extension

Rothes extension

Paul’s Hill extension

Brockloch Rig III

Fetteresso

Portfolio

Norway – 950 MW

Portfolio

Sweden – 470 MW

Portfolio

Ireland – 500 MW

Codling II – 500 MW offshore (50%

owned; total 1000 MW)

France – 200-250 MW

Portfolio (51% owned of total 400-

500 MW)

USA

Icebreaker – 20.7 MW offshore

(Lake Erie)

2 640 – 2 790 MW

2 120 – 2 270 MW

Consented

Ireland

Codling Bank – 500 MW

offshore (50% owned; total

1000 MW)

Sweden

Verkanliden 160 MW

Fäbodliden II 17,2 MW

Norway

Gilja – 135 MW

812 MW

312 MW

Operation

Scotland

Crystal Rig – 62.5 MW

Crystal Rig II - 138.0 MW

Rothes – 50.6 MW

Rothes II – 41.4 MW

Paul’s Hill – 64.4 MW

Mid Hill – 75.9 MW

Crystal Rig III – 13.8 MW

Brockloch Rig Windfarm (formerly

Windy Standard II) – 61.5 MW

Brockloch Rig 1 – 21.6 MW

Norway

Lista – 71.3 MW

Sweden

Fäbodliden - 78 MW

679 MW

679 MW

Scotland

Norway

Sweden

France

Total portfolio

Onshore portfolio

Site Investigation Construction

Sweden

Högaliden 105 MW *)

105 MW

105 MW

*) Turbine deliveries may be

delayed due to outbreak of

Corona virus

Shipping / Offshore wind

▪ Providing manpower for:

▪ Installation onshore and offshore

▪ Blade repair

▪ Service and Expertise

▪ About 1000 employees per 4Q 2019

▪ Global footprint with operations in

Europe, US and Australia

Shipping / Offshore wind - Fred. Olsen Ocean

Main operating assets:

14

▪ Providing vessels and expertise mainly for:

▪ Transport and installation

▪ Engineering

▪ Turbine main component exchange including blades

▪ Oil & Gas Decommissioning

▪ Electrical cabling works

▪ Own and operate three Jack-up vessels

▪ Brave Tern, Bold Tern, Blue Tern

▪ Have installed worldwide about 21% of all Offshore wind turbines since 2013

▪ Global footprint; Europe, US and Taiwan

Fred. Olsen Windcarrier AS Global Wind Service A/S

Results in the quarter impacted by:

▪ Start up and project expenses related to strategic

positioning in growth markets:

▪ Offshore wind turbine blade maintenance

▪ Oil & Gas Decommissioning

▪ Electrical cabling works

▪ Utilization for T&I and O&M vessels 46% (79%)

▪ Two contracts concluded in 4Q:

▪ Trianel Windpark Borkum II (Germany) for Blue Tern

in 2020

(16 x 6MW Senvion turbines)

▪ Nearth Na Gaoithe wind farm (Scotland) for Blue

Tern in 2022

(54 x 8.3MW Siemens turbines)

Shipping / Offshore windActivity in the quarter and build up of sound long term backlog

Shipping / Offshore wind (Fred. Olsen Ocean)Key financials

16

-125

-50

25

100

175

250

325

400

475

550

-150

-100

-50

0

50

100

150

200

250

300

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19

Ro

llin

g tr

ailn

g 1

2 m

on

ths

EBIT

DA

(N

OK

mill

in)

EBIT

DA

(N

OK

mill

ion

)

EBITDA Rolling trailing 12 months EBITDA

Cruise

▪ Black Watch, Braemar and Balmoral

undertook dry dockings, each lasting 12-14

days

▪ Total capex for dry dockings was NOK 175

mill.

▪ Potential impact from Corona virus yet

uncertain

▪ Appropriate preventative measures taken to

minimize any risk related to the virus

▪ Dialogue with medical advisors and

destination authorities, screening of guests,

crew and contractors

CruiseOther events

▪ For 2019, total consumption of heavy fuel oil

(HFO) and marine gas oil (MGO) was 26 051

MT and 32 997 MT, respectively

▪ Historically, MGO’s share of consumption has

been highest in 2Q and 3Q due to i.a. sailings

with more time in fjords, ports and emission

control areas (ECAs)

▪ From 1 January 2020, all vessels will switch

their HFO consumption into using IMO2020

compliant fuels, typically Very Low Sulphur

Fuel Oil (VLSFO)

▪ MGO will continue to be used in ECAs

19

CruiseFuel consumption and adaption to IMO2020

20

CruiseKey financials

Bergen 2015

Events in the quarter:

▪ Passenger days were 232 587 (256 997)

▪ Net Ticket Income per passenger day was GBP 141

(GBP 127)

▪ Seasonal pattern (2Q and 3Q higher, 1Q an 4Q lower)

-100

-50

0

50

100

150

200

250

300

350

-50

-25

0

25

50

75

100

125

150

175

200

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19

Ro

llin

g tr

ailin

g 1

2 m

on

ths

EBIT

DA

(N

OK

mill

)

EBIT

DA

(N

OK

mill

)

EBITDA Rolling trailing 12 months EBITDA

Consolidated:

▪ Operating revenues were NOK 1 893 million

(NOK 1 854 million)

▪ EBITDA was NOK 188 million (NOK 466 million)

▪ Impairments of NOK 225 million (0)

▪ EBIT was NOK -289 million (NOK 199 million)

▪ Net result after tax was NOK -162 million (NOK 62

million)

Parent company:

▪ Dividend proposal of NOK 4.30 per share, (NOK 183

million)

▪ Equity post dividend in parent company NOK 7 506

mill (NOK 7 017 mill.), ratio of 71.2% (69.7%)

▪ Cash in parent company NOK 4 117 mill.

(NOK 3 681 mill.)

▪ Reclassified NOK 775 mill. from repaid invested

capital to financial revenues from FORAS to Bonheur.

100% Fred. Olsen Renewables AS

Renewable energy

Highlights 4Q 2019Bonheur ASA Group of companies

21

▪ EBITDA NOK 276 mill.

(NOK 433 mill.)

▪ Total generation down 15%

▪ Year on year decreasing electricity

prices in all markets, mainly due to

decreased gas prices in Europe

▪ EBITDA NOK -73 mill.

(NOK 36 mill.)

▪ Utilization for T&I and O&M

vessels 46% (79%)

▪ Start up and project expenses

related to new business areas for

the vessels

▪ Two new T&I contracts in 4Q

▪ EBITDA NOK 23 mill.

(NOK 9 mill.)

▪ Net ticket income per diems

increased 10%

▪ Passenger days decreased with

9.5% due to three dry dockings

▪ Lower operating costs due to

reduced portion of fly-cruises,

partly offset by higher fuel costs

Fred. Olsen Ocean Ltd.

Shipping/Offshore wind

100%

Figures in paranthesis (4Q18)

100% Fred. Olsen Cruise Lines Ltd.

Cruise