Fjord Defence Group Asa · OSL:DFENS
Fjord Defence Group Asa — Aquila Holdings — Q3 2024 Earnings Presentation
13 slides from Fjord Defence Group Asa's earnings presentation, Nov 7, 2024
Slide 1: Presentation Q3 2024
06.11.2024 Presentation Q3 2024 7 November 2024
Slide 2: Disclaimer
page 2 Disclaimer • The information in this presentation has been prepared by Aquila Holdings ASA (the “Company”). By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations and provisions: • This presentation h
Slide 3: Quarterly highlights
page 3 Quarterly highlights Multi-client revenues USD 0.9 million Fair value of multi-client library USD 26.3 million Fair value of investment portfolio USD 5.2 million Available liquid funds of USD 6.6 million* Cash earnings (loss) for the quarter (USD 1.0) million** Net asset value NOK
Slide 4: Subsequent events
page 4 Subsequent events New NOK 5.0 million share repurchase program announced 10 June 2024 The program was ended 11 October Company currently holds 18.9 million own shares, representing 8.06% of shares outstanding On 4 November 2024, Kristian Zahl assumed the position of interim CEO
Slide 5: Multi-client portfolio
page 5 Multi-client portfolio Utsira North Sea Gulf of Suez Discounted cash-flow valuation: USD 26.3 million • Industry-funded Utsira reprocessing project with Viridien Sett inn bilde Sett inn bilde (formerly known as CGG) and TGS • Progressing according to plan and cost with final deliverables comp
Slide 6: Financial assets
page 6 Financial assets Ocean bottom node operations sold to TGS (Magseis Fairfield) in March 2022 Earnout structure with cap of USD 12.0 million over three years Year-three floor payment of USD 1.5 million, subject to certain milestones No associated costs for Aquila Booked value of finan
Slide 7: Investments
page 7 Investments Selected investments in listed and unlisted securities Fair value of investment portfolio USD 5.2 million at end Q3 2024 Capsol Technologies USD 4.9 million Dolphin Drilling shares sold during Q3 2024
Slide 8: Net asset value
page 8 Net asset value Multi-client library valued at NOK 1.28 per share (book value USD 26.3 million) Other seismic assets NOK 0.07 per share (book value USD 1.5 million) Investments based on market trading prices constituting NOK 0.25 per share (book value USD 5.2 million)
Slide 9: Comprehensive income
page 9 Comprehensive income USD millions Comprehensive income Q3 2024 Q3 2023 • Revenue relates to Utsira reprocessing Revenue 0.9 2.1 • Cost of sales primarily related to Utsira Changes in fair value of investments (loss) (1.0) 0.6 reprocessing costs Other gains and (losses) (0.5) - • SG&A in line
Slide 10: Financial position
page 10 Financial position USD millions Assets 30.09.2024 31.12.2023 • Seismic investments representing Multi-client library 26.3 31.1 approximately 76% of total assets Investments 5.2 6.6 Financial assets 1.5 2.0 • No financial indebtedness Trade receivables 1.5 1 • Equity ratio 83.3% Other current
Slide 11: Cash flow
page 11 Cash flow USD millions Cash flow Q3 2024 Q3 2023 Profit (loss) before tax (4.0) (0.7) Depreciation, amortization and net impairment 1.6 1.6 Changes in fair value of investments 1.0 (0.6) Changes in other gains (losses) 1 - Other working capital changes 0.4 (0.7) Cash flow from operating acti
Slide 12: Outlook
page 12 Outlook Oil prices to stay in the higher historical range as demand continues to grow Exploration activity will continue – both near-field as well as new prospects Economic uncertainty in Egypt remains, but situation appears to be improving; should benefit Gulf of Suez survey Multi-c
Slide 13: OBN multi-client library and investments. Askekroken 11
Askekroken 11 aquilaholdings.no OBN multi-client library 0277 Oslo copyright © 2023 and investments. Norway Aquila Holdings