Q2 2024 Bonheur ASA Earnings Call Transcript
Key Points
- Bonheur ASA (FRA:V7P) reported its best second quarter since 2016, indicating strong overall performance.
- The wind service segment generated an impressive EBITDA of NOK763 million, a significant improvement from the previous year.
- The cruise segment achieved an EBITDA of NOK212 million, marking the best second-quarter result in over a decade.
- The renewable energy segment saw a 32% increase in wind farm generation, contributing positively despite lower power prices.
- The company maintains a strong equity ratio of close to 71%, reflecting financial stability.
- The renewable energy segment's EBITDA decreased to NOK259 million from NOK277 million last year due to lower power prices.
- The wind service segment experienced a contract termination, impacting the backlog, which decreased from EUR514 million to EUR325 million.
- The cruise segment faced a NOK27 million cost due to an arbitration dispute, affecting overall performance.
- The equity ratio decreased from 75.6% last year to close to 71% this quarter, partly due to a bond issue.
- The net finance effects showed a negative change of NOK233 million compared to the previous quarter, influenced by unrealized exchange rate differences and revaluation of swaps.
Good morning, everybody, and welcome to the second-quarter presentation for Bonheur. My name is Anette Olsen. I'm the CEO of Bonheur and Fred. Olsen & Company.
Today, I have Oyvind Engesronning with me. He is the Vice President of Fred. Olsen Finance, and also the CEO of Fred. Olson Investments. He will do the presentation as usual. And then we also have the CEOs for the different companies that will come and present to you. We will then continue with questions at the end.
So Oyvind, go ahead.
Thanks, Anette. Richard Olav Aa wasn't able to attend today. So I'm taking this in his place.
And just a few reflections before I go into the figures on this quarter. I would say it's been overall a very good quarter across all segments, both financially and operationally. In fact, looking back, it's the best second quarter we've had since 2016. So that's quite well. But I should also say there's
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