Bonheur lifts Q1 renewables EBIT, books offshore loss

The Brave Tern vessel. Source: http://fredolsen-energy.com. All Rights Reserved.

May 4 (Renewables Now) - The renewables division of Norwegian group Bonheur ASA (OSL:BON) boosted its pre-tax profit in the first quarter of 2018, while its offshore wind business turned to a loss.

Fred. Olsen Renewables AS, which operates wind farms in northern Europe, said revenues and earnings before interest, tax, depreciation and amortisation (EBITDA) grew year-on-year as a result of higher electricity prices and higher capacity. These positive effects were offset in part by a decline in output due to weaker wind.

The company holds 51% stakes in six wind farms in Scotland, and 100% in five plants in Scotland, Norway and Sweden. Together, these have a capacity of 679 MW and produced 505.8 GWh of power in the three months.

Fred. Olsen Renewables also has onshore wind projects in the UK, France, Norway and Sweden, and offshore in Ireland and the US.

All in NOK million Q1 2018 Q1 2017
Operating revenues 425 342
EBITDA 283 248
EBITDA margin 66% 72%
EBIT 151 141
Pre-tax profit 135 118
Net profit after tax 109 122

Bonheur’s Shipping/Offshore wind business includes Fred. Olsen Windcarrier AS and offshore wind turbine foundations company Universal Foundation Norway AS, among other subsidiaries. It turned to a net loss of NOK 140 million in the first quarter from a NOK-53-million profit a year back. The utilisation rate for the jack-up installation vessels Brave Tern and Bold Tern fell to 7% from 100% and revenues more than halved. One vessel was idle while the other vessel was in drydock for scheduled maintenance during the quarter. Seasonality also hurt performance in the quarter.

All in NOK million Q1 2018 Q1 2017
Operating revenues 145 364
EBITDA (loss) (77) 96
EBITDA margin (negative) (53%) 26%
EBIT (loss) (118) 59
Net profit (loss) after tax (140) 53

The full financial report by Bonheur is available at http://mb.cision.com/Public/2031/2512607/87b6a9137a03bae6.pdf.

(NOK 10 = USD 1.25/EUR 1.04)

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