Fred. Olsen Renewables, Ocean post profits for Q2

Image Source: Fred. Olsen Windcarrier (http://windcarrier.com/)

The renewables division and the shipping/offshore wind unit of Norwegian group Bonheur ASA (OSL:BON) both presented improved results for the second quarter of 2017.

The renewables arm, which includes wholly-owned wind farm operator Fred. Olsen Renewables AS and subsidiaries, saw its operating revenues and earnings before interest, tax, depreciation and amortisation (EBITDA) increase thanks to higher generation and somewhat higher electricity prices. The business owns and operates a total of nine wind farms, seven of which through joint ventures in Scotland. Overall, it has 595.9 MW in production as of end-June, of which 433 MW owned together with The Renewables Infrastructure Group Ltd (TRIG).

The table below gives more details about the segment’s financial figures.

Figures in NOK	Q2 2017	Q2 2016	H1 2017	H1 2016
Operating revenues	253m	171m	595m	471m
EBITDA	164m	84m	412m	286m
EBITDA margin	65%	49%	69%	61%
EBIT (loss)	52m	(32m)	193m	49m
Net profit (loss)	4m	(107m)	126m	41m

Total generation in the quarter rose to 342 GWh from 248 GWh.

The shipping/offshore wind division, meanwhile, grew revenues because its jack-up installation vessels made bigger contributions as a result of improved utilisation. The particular division, referred to as Fred. Olsen Ocean Ltd, comprises offshore wind farm installer Fred. Olsen Windcarrier AS and Universal Foundation Norway AS.

More details about Fred. Olsen Ocean’s performance are given below.

Figures in NOK	Q2 2017	Q2 2016	H1 2017	H1 2016
Operating revenues	401m	241m	765m	383m
EBITDA (loss)	139m	5m	235m	(92m)
EBITDA margin	35%	2%	31%	-24%
EBIT (loss)	101m	(33m)	160m	(166m)
Net profit (loss)	103m	(135m)	156m	(261m)