Investor presentation. September 2017

Transcription

1 Investor presentation September 217

2 Bonheur ASA - A sound capital allocator for 169 years Long term, rational and active investor Equity split of portfolio investments Offshore drilling Other MNOK 343 subsidiaries MNOK 345 Cruise MNOK Renewable energy MNOK Shipping / Offshore wind MNOK Book Equity for Cruise, Shipping / Offshore wind, Renewable energy and Other subsidiaries as per 2Q 17 For Offshore drilling, equity = BON s 51.9% share of Fred. Olsen Energy s market capitalization as per History: FPSOs, oil tankers, commercial airlines, ferries etc

3 Bonheur ASA Group - Cash, debt and guarantees as per 2Q 17 (NOK million) Cash External debt *) Ring fenced in joint venture with The Renewables Infrastructure Group Ltd. Note: Offshore drilling (FOE) is separately listed on OSE, thus excluded from table above. Whereof BON guaranteed Renewable energy (FOWL)* Renewable energy (excl. FOWL) 536 Shipping / Offshore wind (FOO) Cruise (FOCL) Bonheur ASA (parent company) Sum (excl. FOWL) Financing Long track record with relationship banks and bond market Portfolio investments primarily financed independently without recourse to Bonheur ASA Bonheur ASA (parent) currently financed through four bond issues - 3 -

4 Renewable energy (Fred. Olsen Renewables AS) 12 Electricity prices UK 1 8 Price per MWh Q 215 3Q 215 4Q 215 1Q 216 2Q 216 3Q 216 4Q 216 1Q 217 2Q 217 ROC El price UK ROC = Renewable Obligation Certificate - 4 -

5 Renewable energy (Fred. Olsen Renewables AS) Projects MW External debt Comments Fred. Olsen Wind Limited (FOWL) 433 GBP 383 million *) Wind farm portfolio a mixture of aged and new wind farms, and fixed and floating power prices. Enterprise value GBP 752 million as per transaction in June 215. Crystal Rig III and Windy Standard II 75 Lista and Fäbodliden 149 Consented and development portfolio *) Excluding shareholder loan from FOR Ltd. of GBP 15 million EBITDA (NOK mill) Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 4% 35% 3% 25% 2% 15% 1% 5% % Capacity factor EBITDA Capacity factor Lista Wind farm - 5 -

6 Shipping/Offshore wind (Fred. Olsen Ocean Ltd.) Growth industry, growth market Installed MW as per 216 Forecasted to increase to 66 5 MW as per 23 Installed offshore wind capacity Europe and selected auction power prices 7 2 MW installed capacity Auction power price (EUR per MWh) Cumulative MW WindEurope 23 Forecast Auction power prices Sources: WindEurope, Fred. Olsen Ocean - 6 -

7 Shipping/Offshore wind (Fred. Olsen Ocean Ltd.) EBITDA (NOK mill) Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 EBITDA Utilization T&I 1% 75% 5% 25% % Utilization -25% -5% -75% -1% Universal Foundation A/S Providing the innovative Mono Bucket Foundation Fred. Olsen Windcarrier AS Global Wind Services A/S Two modern transport and installation vessels (T&I) and seven crew transfer vessels Leading installation company with 7 employees

8 Offshore drilling (Fred. Olsen Energy ASA) $7 $6 $5 Historical day rates Market situation The market is turning in 217 and longer term indicators are positive The increase in requests and contract activity is continuing in the North Sea market Day rates $4 $3 $2 $1 $ Norway semis day rate UK semis day rate Source: DNB Markets Contract awards in the UDW market has also increased in the first half of 217 The decrease in offshore E&P spending seems to be levelling off with E&P companies also directing spending to short cycle and higher return activity offshore The pressure on day-rates is expected to be reduced, however contract durations will continue to be of shorter term nature - 8 -

9 Offshore drilling (Fred. Olsen Energy ASA) EBITDA (NOK mill) Rigs in operation Capitalization and financing Market cap. 19 Sep 217 NOK 66 mill. Covenant waiver until Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 EBITDA Rigs in operation Unit Bolette Belford Anadarko Preserved and maintained Bideford Dolphin Blackford Chevron Smart stacked Bideford Statoil Statoil Borgland Bredford Byford Smart stacked Preserved and maintained Smart stacked Borgsten Cold stacked Firm contract Terminated for convenience. Termination fee of USD 96 million Bideford Dolphin - 9 -

10 Cruise (Fred. Olsen Cruise Lines Ltd.) 25 Worldwide cruise passengers CAGR = 9 % 1 9 UK cruise passengers (ex UK cruises) CAGR = 9% Passengers (million) 15 1 Passengers (thousands) CAGR = Compound annual growth rate CAGR = Compound annual growth rate - 1 -

11 Cruise (Fred. Olsen Cruise Lines Ltd.) EBITDA (NOK mill) Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q NTI per diem (GBP) EBITDA NTI per diem How we are positioned Destination and experience driven business model Four cruise ships with total berth capacity of 3 7 passengers 9%+ cruises ex UK FOCL is a strong brand name in the UK Bergen

12 Key take aways Long term, rational and active investor for 169 years Balanced investment portfolio Robust capital structure Bond issuer since