Financial and operating highlights 1Q24 (1Q23 in brackets):
Operating revenues were NOK 2 973 million (NOK 2 999 million)
EBITDA was NOK 596 million (NOK 926 million)
EBIT was NOK 317 million (NOK 685 million)
Net result after tax was NOK 304 million (NOK 565 million)
Segment highlights 1Q24 (1Q23 in brackets):
Renewable Energy
o EBITDA NOK 476 mill. (NOK 763 mill.)
o Lower power prices, on average 39% lower than 1Q last year
o Consent applications for Codling wind park are on track
o Consent applications for Muir Mhòr wind park are scheduled by year end 2024
Wind Service
o EBITDA NOK 174 mill. (NOK 206 mill.)
o Strong backlog of EUR 514 million for the Tern vessels
o Backlog of EUR 105 million for the Blue Wind vessel
o Brave Tern crane upgrade and conversion is ongoing resulting in a utilization of 67% (100%) for the Tern vessels
Cruise
o EBITDA NOK 2 mill. (NOK 5 mill.)
o Occupancy of 69% (66%) of full capacity
o Net ticket income per passenger day of GBP 172 (GBP 180)
o Good booking numbers compared to last year
Other Investments
o EBITDA NOK -55 mill. (NOK -48 mill.)
o EBITDA for NHST NOK -3 mill. (NOK -5 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 1Q24 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 1Q 2024 amounted to NOK 2 973 million (NOK 2 999 million). Renewable Energy had operating revenues of NOK 724 million (NOK 1 170 million), Wind Service NOK 1 183 million (NOK 882 million), Cruise NOK 788 million (NOK 682 million). Other investments had operating revenues of NOK 278 million (NOK 265 million).
EBITDA was NOK 596 million (NOK 926 million). Renewable Energy achieved EBITDA of NOK 476 million (NOK 763 million), Wind Service NOK 174 million (NOK 206 million), Cruise NOK 2 million (NOK 5 million). Within Other investments EBITDA was NOK -55 million (NOK -48 million).
Depreciation was NOK -279,4 million (NOK -241,5 million). Impairment of NOK -5 million was booked related to impairment of development projects in Renewable Energy compared to NOK -14 million last year.
EBIT was NOK 317 million (NOK 685 million).
Net financial items were NOK 114 million (NOK 95 million). Net interest expenses were NOK -78 million (NOK -89 million), where the reduction is mainly due to higher interest income. In addition, there were net unrealized financial gains of NOK 210 million (NOK 198 million), mainly related to positive exchange rate differences of NOK 116 million (NOK 200 million), unrealized gain on financial instruments of the interest swap agreements in Renewable Energy of NOK 90 million (loss of NOK -29 million) and an unrealized gain on other investment of NOK 4 million (NOK 27 million). Other financial items amounted to NOK -18 million (NOK -13 million).
Net Result was NOK 304 million (NOK 565 million) of which NOK 171 million (NOK 326 million) is attributable to the shareholders of the parent company. The non-controlling interests’ share of the net result was NOK 132 million (NOK 238 million).