Fjord Defence Group Asa · OSL:DFENS
Fjord Defence Group Asa — Aquila Holdings — Q1 2024 Earnings Presentation
12 slides from Fjord Defence Group Asa's earnings presentation, May 7, 2024
Slide 1: Q1 2024
Ql 2024 7 May 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
Slide 3: Quarterly highlights
Quarterly highlights e¢ = Multi-client revenues USD 2.3 million . Late sales USD 1.1 million . Utsira reprocessing USD 1.2 million e ~~ Fair value of multi-client library USD 29.5 million e Fair value of investment portfolio USD 5.7 million e ~~ Available liquid funds of USD 8.7 million* ¢ — Cash ea
Slide 4: Utsira North Sea and Gulf of Suez
Utsira North Sea Gulf of Suez Sett inn bilde Sett inn bilde • • • • • • • • USD 23.5m USD 5.9m
Slide 5: Financial assets
Financial assets e Ocean bottom node operations sold to TGS (Magseis Fairfield) in March 2022 e Earnout structure with cap of USD 12.0 million over three years e = Year-three floor payment of USD 1.5 million, subject to certain milestones e No associated costs for Aquila ¢ Booked value of financial
Slide 6: Selected investments in listed and unlisted securities
e Selected investments in listed and unlisted securities e Fair value of investment portfolio USD 5.7 million at end Q1 2024 * —Capsol Technologies USD 4.8 million; acquired 396,825 shares at price of NOK 12.60 per share through a NOK 88 million primary equity offering in the quarter * Dolphin Drill
Slide 7: Net asset value
Net asset value Multi-client library valued at NOK 1.46 per share (book value USD 29.5 million) Other seismic assets NOK 0.10 per share (book value USD 2.0 million) Investments based on market trading prices constituting NOK 0.28 per share (book value USD 57 million) page 7 Net Asset Value per Share
Slide 8: Comprehensive income
Comprehensive income USD millions ‘Comprehensive income Q12024 _Q12023 Revenue 2.3 2.9 Changes in fair value of investments (loss) (0.7) 0.8 Cost of sales (1.5) (2.1) Selling, general and administrative expenses (0.5) (0.5) Amortization multi-client (1.6) (1.6) Operating profit (loss) (2.0) (0.5) Ne
Slide 9: Financial position
Financial position USD millions Assets 31.03.2024 31.12.2023 Multi-client library 29.5 S11 Investments 5.7 6.6 Financial assets 2.0 2.0 Trade receivables 15 1 Other current assets 10 13 Bank deposits, cash in hand 21 2.0 Total assets 41.8 43.9 Equity and Liabilities 31.03.2024 31.12.2022 Equity 35.9
Slide 10: Cash flow
page 10 = USD millions Cash flow @12024 Q1 2023 Profit (loss) before tax (2.1) (0.4) Depreciation, amortization and net impairment 16 16 Changes in fair value of investments OF (0.8) Other working capital changes (0.2) 2.4 ‘Cash flow from operating activities (0.0) 2.8 Cash received/paid from invest
Slide 11: Outlook
Outlook Solid industry fundamentals supportive of seismic demand All major agencies expect growing demand for oil and gas Market becoming increasingly conscious about energy security in tandem with energy transition > good for oil & gas Multi-client late sales remains lumpy and unpredictable Driven
Slide 12: Aquila Holdings contact details
Askekroken 11 aquilaholdings.no 0277 Oslo copyright © 2023 Norway Aquila Holdings OBN multi-client library and investments.