Var Energi Asa · OSL:VAR
Var Energi Asa — Q3 2022 Earnings Presentation
58 slides from Var Energi Asa's earnings presentation, Oct 25, 2022
Slide 1: Third quarter 2022 Interim report
Third quarter 2022 Interim report 2021 Artbox Report Template All rights reserved © Artbox AS 2021
Slide 2: About Vår Energi
2 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES About Vår Energi About Vår Energi 2 Key figures 3 Vår Energi is a leading independent upstream oil and gas Company on the Norwegian continental
Slide 3: Key figures third quarter
3 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Key figures third quarter Second quarter 2022 in brackets Production Petroleum revenues EBIT Profit before tax kboepd USD million USD million US
Slide 4: Third quarter 2022 highlights
4 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Third quarter 2022 highlights Vår Energi reported USD 2 526 million in total income for the third quarter of 2022, EBIT was USD 1 454 million an
Slide 5: Key metrics and targets
5 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Key metrics and targets Production 1 (kboepd) Q3 2022 Q2 2022 Q3 2021 YTD Q3 2022 YTD Q3 2021 FY 2021 Targets and outlook Crude oil 122.0 113.3
Slide 6: Operational review
6 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Operational review Production split Production 1 Q3 2022, percentage based on kboepd Vår Energi’s production of oil, liquids and natural gas Tot
Slide 7: Volumes lifted / sold, Production efficiency, Hubs
7 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES compared to the same period last year. The lower Production efficiency Production – hubs (kboepd) Q3 2022 Q2 2022 Q3 2021 YTD Q3 2022 YTD Q3 202
Slide 8: Diverse and robust portfolio positioned for value-adding growth
8 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Åsgard area Balder/Grane area Third quarter production from the Åsgard area was Third quarter production from the Balder/Grane 68.7 kboepd (32%
Slide 9: Other, Production cost
9 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Other Production cost Production from other assets, including Ekofisk, Total production cost was USD 13.4 per boe in Ormen Lange, Fram and Sleip
Slide 10: Projects and developments
10 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Projects and developments Vår Energi is participating in several significant development projects on the NCS which support the Company’s target
Slide 11: Breidablikk, Other projects, Fenja
11 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Breidablikk Key deliverables and achievements in the quarter The Breidablikk field (34.4% working interest) is a include: significant field and
Slide 12: Exploration
12 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Exploration Vår Energi currently holds 145 licenses of which 46 are operated. The Company has a proven exploration track record founded on stro
Slide 13: Health, safety, security and the environment (HSSE)
13 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Health, safety, security and the environment (HSSE) Key HSSE indicators Unit Q3 2022 Q2 2022 Q1 2022 Q4 2021 The number of recordable injuries,
Slide 14: Decarbonisation and environmental impact
14 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Decarbonisation and environmental impact In the third quarter, Vår Energi joined the global Vår Energi considers the decarbonisation of oil joi
Slide 15: Financial review
15 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Financial review 7 454 Consolidated statements of income Total income USD million USD million Q3 2022 Q2 2022 Q3 2021 YTD Q3 2022 YTD Q3 2021 F
Slide 16: Revenue and production cost
16 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Revenues from sale of petroleum products in the third quarter were Revenue split by petroleum type (USD million) Q3 2022 Q2 2022 Q3 2021 YTD Q3
Slide 17: Exploration expenses, DD&A, Impairment losses and reversals
17 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES USD million Q3 2022 Q2 2022 Q3 2021 YTD Q3 2022 YTD Q3 2021 FY 2021 Production cost USD per boe Cost of operations 167 182 171 512 473 688 Tran
Slide 18: Condensed consolidated statements of financial position
18 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Condensed consolidated statements of financial position NIBD / EBITDAX NIBD/EBITDAX Financial position (USD million) 30 Sep 2022 30 Jun 2022 30
Slide 19: Interest-bearing debt
19 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Interest-bearing debt Total interest-bearing debt (TIBD) Total interest-bearing debt (incl. leasing) at the end of the third quarter was USD 3
Slide 20: Condensed consolidated statements of cash flow
20 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Cash flow from operating activities before tax Condensed consolidated statements of cash flow USD million 6 275 Consolidated statements of cash
Slide 21: Condensed consolidated statements of cash flow – continued
21 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Condensed consolidated statements of cash flow – continued Expenditures on PP&E, third quarter 2022 Cash flows used in investing activities (US
Slide 22: Condensed consolidated statements of cash flow – continued
22 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Condensed consolidated statements of cash flow – continued Cash flows from financing activities Capex coverage Q3 2022 Q2 2022 Q3 2021 YTD Q3 2
Slide 23: Outlook, Transactions with related parties, Subsequent events
23 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Outlook USD 8 in the medium term from USD 13.3 year to Transactions with related parties and security uncertainties and supply chain dis- Vår E
Slide 24: Accounting policies and alternative performance measures (APMs)
24 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Accounting policies and alternative performance measures (APMs) Accounting policies The APMs are not measurement of performance under IFRS (“GA
Slide 25: EBITDA and EBITDAX
25 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES EBITDA and EBITDAX EBITDA and EBITDAX in the third quarter of 2022 amounted to USD million Q3 2022 Q2 2022 Q3 2021 YTD Q3 2022 YTD Q3 2021 FY 2
Slide 26: Financial statements with note disclosures
26 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Financial statements with note disclosures Unaudited consolidated financial statements Unaudited consolidated statement of comprehensive income
Slide 27: Unaudited consolidated statement of comprehensive income
27 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Unaudited consolidated statement of comprehensive income Restated Restated USD 1000, except earnings per share data Note Q3 2022 Q2 2022 Q3 202
Slide 28: Unaudited consolidated balance sheet statement
28 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Unaudited consolidated balance sheet statement Restated Restated USD 1000 Note 30 Sep 2022 30 Jun 2022 31 Dec 2021 30 Sep 2021 ASSETS Non-curre
Slide 29: Unaudited consolidated balance sheet statement – continued
29 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Unaudited consolidated balance sheet statement – continued Restated Restated Sandnes, 24 October 2022 USD 1000 Note 30 Sep 2022 30 Jun 2022 31
Slide 30: Unaudited consolidated statement of changes in equity
30 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Unaudited consolidated statement of changes in equity Other equity Translation USD 1000 Note Share capital Share premium Other equity differenc
Slide 31: Unaudited consolidated statement of cash flows
31 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Unaudited consolidated statement of cash flows Restated Restated USD 1000 Note Q3 2022 Q2 2022 Q3 2021 YTD 2022 YTD 2021 Profit / (loss) before
Slide 32: Unaudited consolidated statement of cash flows – continued
32 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Unaudited consolidated statement of cash flows – continued Restated Restated USD 1000 Note Q3 2022 Q2 2022 Q3 2021 YTD 2022 YTD 2021 Cash flows
Slide 33: Notes
33 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Notes (All figures in USD 1000 unless otherwise stated) The interim condensed consolidated financial statements for the period ended 30 Septemb
Slide 34: Note 1 Summary of IFRS accounting principles and restatements
34 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 1 Summary of IFRS accounting principles and restatements The accounting principles adopted in the preparation of the interim condensed con
Slide 35: Note 1 – continued Restatement of over/underlift
35 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 1 Summary of IFRS accounting principles and restatements – continued Restatement of over/underlift of NGL lifted at the Kårstø terminal Ef
Slide 36: Note 1 – continued
36 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 1 Summary of IFRS accounting principles and restatements – continued USD 1000 Restating impact on Statement of Comprehensive Income Note Q
Slide 37: Note 2 Income
37 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 2 Income Petroleum revenues (USD 1000) Q3 2022 Q2 2022 Q3 2021 YTD 2022 YTD 2021 Revenue from crude oil sales 1 092 481 1 246 436 943 436
Slide 38: Note 3 Production costs
38 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 3 Production costs Restated Restated USD 1000 Note Q3 2022 Q2 2022 Q3 2021 YTD 2022 YTD 2021 Cost of operations 167 334 182 125 171 395 51
Slide 39: Note 4 Other operating expenses, Note 5 Exploration expenses
39 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 4 Other operating expenses USD 1000 Q3 2022 Q2 2022 Q3 2021 YTD 2022 YTD 2021 R&D expenses 9 485 10 182 6 160 35 497 21 384 Pre-production
Slide 40: Note 6 Financial items
40 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 6 Financial items USD 1000 Note Q3 2022 Q2 2022 Q3 2021 YTD 2022 YTD 2021 Other financial income 2 929 492 1 551 3 771 9 089 Interests on
Slide 41: Note 7 Income taxes
41 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 7 Income taxes Restated Restated USD 1000 Q3 2022 Q2 2022 Q3 2021 YTD 2022 YTD 2021 Current year tax payable / (receivable) 1 063 507 774
Slide 42: Note 7 Income taxes – continued
42 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 7 Income taxes – continued Restated Restated Deferred tax asset / (liability) Q3 2022 Q2 2022 Q3 2021 YTD 2022 YTD 2021 Deferred tax asset
Slide 43: Note 8 Intangible assets
43 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 8 Intangible assets Capitalised Other Capitalised Other intan- exploration intangible exploration USD 1000 Goodwill gible assets wells Tot
Slide 44: Note 9 Tangible assets
44 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 9 Tangible assets Other Other Wells and Facilities property, Wells and Facilities property, production under con- plant and production und
Slide 45: Note 10 Right of use assets
45 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 10 Right of use assets Rigs, Rigs, helicopters and helicopters and USD 1000 Offices supply vessels Warehouse Total USD 1000 Offices supp
Slide 46: Note 11 Impairment
46 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 11 Impairment Impairment testing Year 31 Dec 2021 30 Jun 2022 30 Sep 2022 Impairment tests of individual cash-generating units (CGUs) are
Slide 47: Note 11 Impairment – continued
47 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 11 Impairment – continued Future expenditure Impairment allocated Future capex, opex and abandonment cost are calculated based on the expe
Slide 48: Note 12 Trade receivables, Note 13 Other current receivables
48 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 12 Trade receivables Note 13 Other current receivables and financial assets USD 1000 Note 30 Sep 2022 30 Jun 2022 31 Dec 2021 30 Sep 2021
Slide 49: Note 14 Financial instruments
49 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 14 Financial instruments Derivative financial instruments Brent crude put options – deferred premiums The Group uses derivative financial
Slide 50: Note 15 Cash and cash equivalents, Note 16 Share capital and shareholders
50 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 15 Cash and cash equivalents Note 16 Share capital and shareholders USD 1000 30 Sep 2022 30 Jun 2022 31 Dec 2021 30 Sep 2021 Vår Energi AS
Slide 51: Note 17 Financial liabilities and borrowings
51 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 17 Financial liabilities and borrowings Interest-bearing loans and borrowings On 1 November 2021, Vår Energi signed a senior unsecured mul
Slide 52: Note 18 Asset retirement obligations, Note 19, Note 20
52 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 18 Asset retirement obligations Note 19 Other current liabilities USD 1000 Q3 2022 Q1 – Q2 2022 2021 Restated Restated USD 1000 Note 30 Se
Slide 53: Note 21 Lease agreements
53 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 21 Lease agreements Vår Energi has entered into lease agreements for drilling rigs, helicopter, storage vessel and other vessels to secure
Slide 54: Note 22 Related party transactions
54 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 22 Related party transactions Vår Energi has a number of transactions with other wholly owned or controlled companies by the shareholders.
Slide 55: Note 23 License ownerships, Note 24 Subsequent events
55 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 23 License ownerships Asset transactions/Other changes Fields WI % Operator Changes Vår Energi has the following new licenses since year e
Slide 56: Industry terms
56 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Industry terms Term Definition/description Term Definition/description Boepd Barrels of oil equivalent per day PRMS Petroleum Resources Managem
Slide 57: Disclaimer
57 Vår Energi – Third quarter report 2022 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Disclaimer The Materials speak only as of their date, and the views expressed are transaction should be taken solely by the relevant Recipient.
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