In This Article:
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Operating Result Improvement: NOK132 million increase in operating result.
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Renewable Energy EBITDA: Small year-on-year improvement.
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Wind Generation: 21% lower than P50 estimate due to low wind and technical issues.
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Wind Service EBITDA: Increased from NOK174 million to NOK280 million.
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Cruise Occupancy: 63% occupancy due to canceled cruise for Balmoral.
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Booking Numbers: Up 11% compared to last year.
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Other Investments Improvement: NOK25 million improvement, driven by NHST's positive EBITDA of NOK31 million.
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12-Month Running EBITDA: Between NOK3.5 billion and NOK4 billion.
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Revenue Drop: NOK77 million decrease, primarily in Wind Service with a NOK109 million drop.
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Group Cash Position: Close to NOK5.2 billion.
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External Debt: Close to NOK3.5 billion, resulting in net cash of slightly more than NOK1.6 billion.
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Renewable Energy Net Debt: Close to NOK4.4 billion in joint ventures.
Release Date: May 09, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Bonheur ASA (FRA:V7P) reported an improvement in operating results with an increase of NOK132 million compared to the previous year.
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The Renewable Energy segment saw a year-on-year improvement in EBITDA, aided by higher power prices in the UK.
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The Wind Service segment experienced a strong improvement in EBITDA from NOK174 million to NOK280 million, despite lower utilization rates.
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Construction projects Crystal Rig IV and Windy Standard III are progressing on time and within budget, with a combined CapEx of close to NOK3 billion.
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Booking numbers for the Cruise segment are up 11% compared to last year, indicating strong future demand.
Negative Points
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Technical issues and low wind conditions led to a 21% lower generation than the P50 estimate in the Renewable Energy segment.
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A cruise for Balmoral was canceled due to geopolitical issues, resulting in lower-than-expected occupancy and financial performance in the Cruise segment.
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The Wind Service segment experienced a revenue drop of NOK109 million, primarily due to a lower margin Shimizu contract.
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The company faces challenges with low power prices in Northern Sweden due to transmission capacity issues.
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The supply chain for offshore wind projects remains tight and volatile, impacting project timelines and costs.
Q & A Highlights
Q: With Orsted halting the Hornsea 4 project due to increased costs and supply chain risks, are there similar concerns for the Codling project? A: Lars Bender, CEO of Fred. Olsen Seawind ASA, emphasized that projects differ significantly in nature, affecting their cost and revenue profiles. Codling remains a strong project with a flexible development strategy, allowing for cost discipline and the potential to incorporate new technology, thus maintaining confidence in its viability.