In This Article:
Release Date: February 27, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
-
Bonheur ASA (FRA:V7P) reported a solid fourth quarter and full year performance despite several key assets being out of revenue-generating activities.
-
The company proposed a dividend of 6.75% per share, marking a 12.5% growth, continuing a trend of consistent double-digit dividend growth.
-
The wind service segment showed strong performance, with significant revenue contributions from Wind Carrier UWL and Global Wind Service.
-
Cruise lines showed improvement with a year-on-year operating performance increase of approximately 100 million.
-
The media business, NHSD, and the SARS company, Manus Desk, reported improved performance, contributing positively to the overall results.
Negative Points
-
Several key assets, including Braveur and Volturn, were out of operations, impacting revenue generation.
-
Significant downtime was reported in the renewable energy segment, particularly at Midhill and Crystal Rig wind farms.
-
The cruise segment experienced lower revenues due to dry docking and lower occupancy rates.
-
The wind service segment faced challenges with vessel availability and timing of demand due to industry-wide issues.
-
The renewable energy segment faced a steep drop in power prices in Scandinavia, affecting overall revenue.
Q & A Highlights
-
This Powerful Chart Made Peter Lynch 29% A Year For 13 Years
-
How to calculate the intrinsic value of a stock?
Q: With the problems on Midhill and Crystal Rig, is there any timeline on when Crystal Rig One might be fixed? Also, regarding the 11.4 million pounds insurance claim for Midhill, was this fully taken in Q4? A: We are focusing on getting Crystal Rig One operational as soon as possible. Regarding the insurance claim, 11.4 million pounds was booked in Q4, and we expect a slight additional claim for January. This is a positive effect on both revenue and EBITDA. - Sophia Olsen Japsen, CEO of Fred Olsen Renewables
Q: Is the vessel Bolt Turn expected to have low utilization in Q1 as well? And for cruise lines, is the utilization number adjusted for dry docking? A: Yes, Bolt Turn will have limited earnings in Q1 due to yard activities. For cruise lines, the utilization of 65% is based on the full number of days, not adjusted for dry dock. - Unidentified_6 and Unidentified_2
Q: What is the status of the Hergalin wind farm, and is it back to production? A: Hergalin is producing, but we are working with the turbine manufacturer to rectify unexpected faults. There are delays in the supply chain affecting this. - Sophia Olsen Japsen, CEO of Fred Olsen Renewables