Bonheur ASA: Report and presentation for the second quarter 2019
Financial and operating highlights 2Q19 (2Q18 in brackets):
Operating revenues were NOK 2 023 million (NOK 1 662 million)
EBITDA was NOK 511 million (NOK 350 million)
EBIT was NOK 271 million (NOK 95 million)
Net result after tax from continuing operations was NOK -11
million (NOK -26 million)
Segment highlights 2Q19 (2Q18 in brackets):
EBITDA NOK 111 mill. (NOK 165 mill.)
Total generation down 3%
Year on year decreasing electricity prices in all markets
Shipping / Offshore wind
EBITDA NOK 255 mill. (NOK 64 mill.)
Utilization for T&I and O&M vessels 99% (69%)
Contract pipeline for T&I and O&M in 2H 2019 covered by 34% firm
GWS with growth and high activity, extra costs associated with
entering new markets
EBITDA NOK 137 mill. (NOK 123 mill.)
Net ticket income per diems increased by 4%
Passenger days increased 3%
Higher operating costs due to fuel and sales incentives
The Group of companies operating revenues in the quarter amounted to
NOK 2 023 million (NOK 1 662 million). Renewable energy had operating
revenues of NOK 234 million (NOK 291 million), Shipping / Offshore
wind NOK 806 million (NOK 411 million), Cruise NOK 671 million (NOK
617 million). Other investments had operating revenues of NOK 311
million (NOK 343 million), of which NHST Media Group comprised NOK
301 million (NOK 332 million).
EBITDA in the quarter was NOK 511 million (NOK 350 million). Renewable
energy achieved EBITDA of NOK 111 million (NOK 165 million),
Shipping/Offshore wind NOK 255 million (NOK 64 million), while Cruise
had EBITDA of NOK 137 million (NOK 123 million). Within Other
investments EBITDA was NOK 9 million
(NOK -2 million), of which NHST contributed with NOK 33 million (NOK
Depreciation in the quarter was NOK 240 million (NOK 256 million).
Renewable energy has reassessed the estimated lifetime for wind farms
and thereby increased lifetime from 15 years to 20 years. This causes
a reduced depreciation of NOK 59 million in the quarter, while
Shipping / Offshore wind had NOK 40 million higher depreciation in
this quarter compared to last year, mainly because of the acquisition
of Blue Tern in 4Q18 and the charter of jack-up O&M vessel Jill. No
impairment was recognized neither in 2Q19 nor 2Q18.
EBIT in the quarter was NOK 271 million (NOK 95 million).
Net financial items in the quarter were NOK - 256 million (NOK - 109
million). Net interest expenses were NOK 91 million (NOK 80 million).
The increase is a consequence of new financing in FOCB Ltd. entered
into in 2Q18 and the Blue Tern Ltd. acquisition in 4Q18. Net loss on
foreign currency in the quarter was NOK -10 million (NOK -27
million). NOK 26 million was recognized as unrealized loss related to
fair value adjustment of financial instruments (NOK 6 million),
whereof the major part being interest hedging within Renewable
energy. In the quarter a loss of NOK 120 million was recognized on
financial assets. Other financial expenses amounted to NOK - 9
million (NOK -8 million).
Net Result in the quarter from continuing operations was NOK -11
million (NOK - 26 million). Net result from discontinued operations
in the quarter was 0 million (NOK -1 674 million). Net result for the
period was thus
NOK - 11 million (NOK -1 701 million), of which NOK - 9 million (NOK -
859 million) is attributable to the shareholders of the parent
company. The non-controlling interests share of the net result in
the quarter was NOK -2 million (NOK - 842 million).
For the first half year, revenues were NOK 3 710 million (NOK 3 073
million) while EBITDA was NOK 762 million (NOK 542 million).
Operating result (EBIT) was NOK 292 million (NOK 40 million). Net
financial items were NOK - 471 million (NOK - 200 million). Net
result after estimated tax from continuing operations was NOK - 211
million (NOK - 193 million), while net result from discontinued
operations was NOK 0 million (NOK -2 011 million). For further
information see note 8.
Net result for the first half year was NOK - 211 million (NOK - 2 204
million), of which NOK - 210 million (NOK - 1 266 million) are
attributable to the shareholders of the parent company. The
non-controlling interests share of net result from continuing
operations was NOK - 1 million (NOK - 938 million).