Bonheur's renewables unit sees 69.9% y/y drop in FY net profit

Wind farm in Scotland. Author: Neil Williamson. License: Creative Commons, Attribution-ShareAlike 2.0 Generic.

February 17 (Renewables Now) - The renewables unit of Norwegian group Bonheur ASA (OSL:BON) on Friday reported a net profit of NOK 86 million (USD 9.3m/EUR 8.6m) for 2019, down from NOK 286 million the previous year.

The segment includes Fred. Olsen Renewables (FORAS) and its unit Fred. Olsen Green Power AS. FORAS has 51% stakes in eight wind farms in Scotland, and 100% in three plants in Scotland, Norway and Sweden. The combined capacity of the power plants is 679 MW.

The segment's results for the period are in the following table.

All in NOK million 2019 2018
Operating revenues 1,444 1,631
EBITDA 894 1,101
EBIT 486 558
Net result after tax 86 286
Capex 317 179
Power generation (in GWh) 1,728 1,767

In addition to its operational capacity, Fred. Olsen also has a portfolio of onshore wind projects under development in the UK, France, Norway and Sweden, and offshore wind projects in Irish and US waters. A 105-MW wind farm in Sweden is under construction and due to be completed in December, but there may be a delay in the turbine delivery because of the coronavirus, the company noted.

(NOK 1.0 = USD 0.108/EUR 0.099)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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