Q2 EBITDA steady at Bonheur renewables, down at offshore wind

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

July 13 (Renewables Now) - The renewables division of Norwegian group Bonheur ASA (OSL:BON) recorded steady EBITDA in the second quarter of 2018, while its shipping/offshore wind business saw a drop in EBITDA.

Fred. Olsen Renewables AS, which owns, partially or in full, 11 wind farms totalling 679 MW in northern Europe, mainly Scotland, increased its operating revenues by 15% year-over-year to NOK 291 million (USD 35.7m/EUR 30.6m), reflecting higher electricity prices in all markets and higher capacity. Revenues were held back by lower generation, down 1%, or 15% on a like-for-like basis, due to less wind at most of the wind farms, the company said. Earnings before interest, tax, depreciation and amortisation (EBITDA) were relatively unchanged at NOK 165 million.

All in NOK million Q2 2018 Q2 2017 H1 2018 H1 2017
Operating revenues 291 253 717 595
EBITDA 165 164 447 412
EBIT 33 52 184 193
Net result after tax -58 4 52 126

Bonheur's Shipping/Offshore wind business includes Fred. Olsen Windcarrier AS and offshore wind turbine foundations company Universal Foundation Norway AS. Its operating revenues climbed to NOK 411 million from NOK 401 million, but EBITDA fell to NOK 64 mill from NOK 139 million. The jack-up installation vessels Brave Tern and Bold Tern had lower EBITDA due to lower utilisation, while Universal Foundation recorded increased EBITDA thanks to income from the Deutsche Bucht project.

The utilisation rate for installation vessels was 69% in the quarter versus 100% a year ago, while year to date it was 38% compared to 100% in the first half of 2017.

All in NOK million Q2 2018 Q2 2017 H1 2018 H1 2017
Operating revenues 411 401 555 765
EBITDA 64 139 -13 235
EBIT 21 101 -98 160
Net profit after tax 2 103 -138 156

(NOK 10 = USD 1.227/EUR 1.054)

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Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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