Report for the second quarter 2020 and the first half year 2020

Wed, Jul 15, 2020 08:00 CET

Financial and operating highlights 2Q20 (2Q19 in brackets):

Operating revenues were NOK 1 263 million (NOK 2 023 million)
EBITDA was NOK -57 million (NOK 511 million)
EBIT was NOK -329 million (NOK 271 million)
Net result after tax was NOK -632 million (NOK -11 million)

Segment highlights 2Q20 (2Q19 in brackets):

Renewable energy

EBITDA NOK 60 mill. (NOK 111 mill.)
Total generation down 2%
All time low Nordic power prices
Högaliden project, estimated completion by year end

Codling Wind Park I and II confirmed as Relevant Projects

Shipping / Offshore wind

EBITDA NOK 50 mill. (NOK 255 mill.)
Solid operational execution in FOWIC and GWS despite Covid-19 challenges
Total utilization of T&I and O&M vessels 68% (99%)
Brave Tern mobilized for Taiwanese projects 2020-2022
Non-recourse Bank financing for FOWIC, Blue Tern and GWS established
FOWIC has signed a T&I contract for 2023, estimated for 6 months

Cruise

EBITDA NOK -172 mill. (NOK 137 mill.)
All 4 cruise ships in lay-up in Scotland due to Covid-19
Cruise operation paused until it is considered safe to resume cruising
Estimated lay-up costs and running overhead costs going forward reduced from GBP 2.8 mill.
to GBP 2.5 mill. per month
Solid demand for cruises for 2021

Other Investments

NHST completed:
- Rights Issue of NOK 50 million
- Sale of Morgenbladet

Financial information

The unaudited Group accounts for 2Q20 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 of the Group of companies are Renewable energy, Shipping / Offshore wind, Cruise and Other investments.

The Group of companies’ operating revenues in the quarter amounted to NOK 1 263 million (NOK 2 023 million). Renewable energy had operating revenues of NOK 202 million (NOK 234 million), Shipping / Offshore wind NOK 798 million (NOK 806 million), Cruise NOK -2 million (NOK 671 million). Other investments had operating revenues of NOK 266 million (NOK 311 million), of which NHST Media Group comprised of NOK 265 million (NOK 301 million).

EBITDA in the quarter was NOK -57 million (NOK 511 million). Renewable energy achieved EBITDA of NOK 60 million (NOK 111 million), Shipping/Offshore wind NOK 50 million (NOK 255 million), Cruise NOK -172 million (NOK 137 million). Within Other investments EBITDA was NOK 6 million (NOK 9 million), of which NHST contributed with NOK 27 million (NOK 33 million).

Depreciation in the quarter was NOK 272 million (NOK 240 million).

EBIT in the quarter was NOK -329 million (NOK 271 million).

Net financial items in the quarter were NOK -265 million (NOK - 256 million). Net interest expenses were NOK 107 million (NOK 91 million). Other financial expenses amounted to NOK -17 million (loss NOK 9 million).

In addition, there were net unrealized financial losses of NOK 142 million (loss 113 million) in the quarter, which consist mainly of unrealized net loss on foreign currency of NOK 115 million (loss NOK 10 million) and interest hedging of NOK 43 million (loss NOK 24 million).

Net Result in the quarter was NOK -632 million (NOK -11 million) of which NOK -576 million (NOK -9 million) is attributable to the shareholders of the parent company. The non-controlling interests’ share of the net result in the quarter was NOK -56 million (NOK -2 million).

For the first half year, revenues were NOK 3 230 million (NOK 3 710 million) while EBITDA was NOK 194 million (NOK 762 million). Operating result (EBIT) was NOK -430 million (NOK 292 million). Net financial items were NOK -36 million (NOK - 471 million). Net result for the first half year was NOK - 514 million (NOK - 211 million), of which NOK -478 million (NOK - 210 million) are attributable to the shareholders of the parent company. The non-controlling interests´ share of net result was NOK -37 million (NOK -1 million).