Investor Presentation • Feb 3, 2021
Investor Presentation
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www.magnoraasa.com
Competition is significant with competitors coming from several directions as companies in other industries are trying to benefit from the positive policy support from governments as they try to push for improvements in CO2 emissions, etc. Many of the companies Magnora competes with are parts of larger groups and therefore may have better access to skilled personnel and funding.
The recent Covid-19 virus could potentially affect revenues for a short period if the FPSO crew is dismissed due to infection risk or similar. Magnora could experience a period without revenues because of the Dana FPSO halting production due to the Covid-19 virus. Furthermore, the virus could also delay the construction and commissioning of the Shell Penguins vessel currently being built in China, which would then delay the milestone payments from Shell.
Capital market environment may be unfavorable when Magnora needs additional equity at a later point in its development
The company derive all its cash flow from financial investments, two legacy agreements and it associated companies. Negative cash flow and lack of financial performance from those companies therefore affects the Company. The exposure is limited to the Company's invested amount in those companies and is closely linked to the associated companies' ability to execute its strategy and manage risks it is exposed to.
REVENUES MNOK 6.0 / MNOK 28.4
NET PROFIT
*See definition of Alternative Performance Measures in Note 1 of the Q3 2020 Report
Growing deal flow across Nordic, Baltics, Poland, UK and Europe
Returned to shareholders over past 24 months
Fixed price per barrel produced and offloaded from the Western Isles FPSO royalty contract
Shell Penguins FPSO
EU Taxonomy – almost all opex and devex spent on green initiatives
Paid-in capital availability for distribution
8.4 BNOK 3.6 BNOK
Deferred tax assets of which 2.5 BNOK in Magnora Holding AS
Strong trends creating attractive opportunity for investments in renewables
| MAGNORA WIND AND SOLAR BUSINESS POSSIBILITIES Preferably Joint ventures - 2021 |
|||
|---|---|---|---|
| Segment | Vehicle | Geography | |
| Small-scale wind < 30 MW |
Vindr Group | Sweden, (Norway), considering two new countries in 2021 in JV or franchise |
|
| Onshore wind > 30 MW |
JVs with utilities, project developers, energy companies. Oddeheia and Bjelkeberg (RWE). |
Sweden, Norway, Finland, Baltics, Poland and UK South Norway |
|
| Offshore wind | Kustvind AB Magnora Floating Wind: Norwegian Licensing Round 2021, ScotWin |
Sweden Norway, UK, Baltics and others |
|
| Solar | Evolar AB Helios Nordic Energy AB |
Globally The Nordics |
Location of planning areas for Storehei, Oddeheia and Bjelkeberg wind farms in Birkenes, Agder (Map: Sweco)
Wind better than small hydro power due to seasonality in production
| 20 largest shareholder accounts 29 January 2021 (source: VPS) | Number of shares | Percent ownership |
|---|---|---|
| DNB Markets Aksjehandel/-analyse | 10 874 980 | 20.68 |
| KING KONG INVEST AS | 2 343 795 | 4.46 |
| GINNY INVEST AS | 2 248 778 | 4.28 |
| CARE HOLDING AS | 2 100 000 | 3.99 |
| PHILIP HOLDING AS | 1 620 000 | 3.08 |
| ANDENERGY AS | 1 558 140 | 2.96 |
| MP PENSJON PK | 1 502 638 | 2.86 |
| Interactive Brokers LLC | 1 406 307 | 2.67 |
| ALDEN AS | 1 363 529 | 2.59 |
| BEKKESTUA EIENDOM AS | 1 159 595 | 2.21 |
| DANSKE BANK AS | 1 153 074 | 2.19 |
| F1 FUNDS AS | 1 087 100 | 2.07 |
| ALTEA PROPERTY DEVELOPMENT AS | 1 004 944 | 1.91 |
| AARSKOG | 1 000 000 | 1.90 |
| F2 FUNDS AS | 761 000 | 1.45 |
| BAKLIEN | 700 000 | 1.33 |
| SJØLUND | 546 500 | 1.04 |
| NORDNET LIVSFORSIKRING AS | 532 867 | 1.01 |
| HANDELSBANKEN CAPITAL MARKETS DMA | 528 783 | 1.01 |
| BILL INVEST AS | 470 056 | 0.89 |
| Total, 20 largest shareholders | 33 962 086 | 64.58 |
| Other shareholder accounts | 18 624 612 | 35.42 |
| Total number of shares | 52 586 698 | 100.00 |
| Foreign ownership | 5 768 186 | 10.97 |
*Magnora's largest shareholder is Kistefos AS who owns shares held by DNB Markets Aksjehandel/-analyse and SB1 Markets. In total, Kistefos AS holds 10,942,314 shares in the company equal to 20.8% of shares outstanding
Visiting address: Karenslyst Allé 2 0277 Oslo Norway
Postal address C/O Advokatfirmaet Schjødt AS P.O. Box 2444 Solli, 0201 Oslo Norway
www.magnoraasa.com
This company presentation (the "Presentation") has been prepared solely for information purposes in connection with a presentation to potential investors held in respect of a contemplated private placement (the "Private Placement") of new shares in Magnora ASA ("Magnora" or the "Company", and together with its subsidiaries, the "Group, as further discussed herein and described in a term sheet (the "Term Sheet") and an agreement governing applications to participate in the Private Placement (the "Application Agreement", and together with the Term Sheet and this Presentation, the "Investor Documentation"). The Company has appointed Fearnley Securities AS as sole manager and bookrunner for the Private Placement (the "Manager").
This Presentation is furnished by the Company for information purposes only, and it is expressly noted that no representation or warranty, expressed or implied, as to the accuracy or completeness of any information included herein is given by the Company or the Manager and that no information, including projections, estimates, targets and opinions, contained in this Presentation is or can be relied upon as a promise or representation by the Company or the Manager.
The Manager has not engaged any other external legal, financial or other advisers, in order to conduct a due diligence investigation of the Group and its business. By relying on this Presentation you accept the risk that the Presentation might not cover matters that would have been disclosed, had such latter due diligence investigations been conducted and that the Presentation is prepared on the basis as outlined above. The Manager and the Company make no undertaking, representation or warranty, expressed or implied, regarding the accuracy or completeness of the information described herein, and the Manager and the Company expressly disclaims any liability whatsoever towards the investors in connection with the matters described herein. This Presentation contains information obtained from third parties. Such information has been accurately reproduced and, as far as the Company is aware and able to ascertain from the information published by that third party, no facts have been omitted that would render the reproduced information to be inaccurate or misleading.
This Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Group and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. Neither the Company, its subsidiary undertakings nor any of such person's officers or employees, nor any of the Company's advisors provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor do any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results.
An investment in the Company and its shares should be considered as a high-risk investment. An investment in the Company is only suitable if you have sufficient knowledge, sophistication and experience in financial and business matters to be capable of evaluating the merits and risks of an investment decision relating to the Company's shares, and if you are able to bear the economic risk, and to withstand a complete loss of your investment. Several factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements that may be expressed or implied by information in this Presentation. Certain risk factors relating to the Company and the Group are included under the caption "Risk Factors".
By receiving or reading this Presentation you acknowledge that you will be solely responsible for your own assessment of the Group and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Group's business. The contents of this Presentation shall not be construed as financial, legal, business, investment, tax or other professional advice. You should consult your own professional advisers for any such matter and advice.
The distribution of this Presentation and the offering, application, purchase or sale of shares issued by the Company in certain jurisdictions is restricted by law. This Presentation does not constitute an offer of, or an invitation to purchase, any of the shares in any jurisdiction in which such offer or sale would be unlawful. No one has taken any action that would permit a public offering of shares to occur in any jurisdiction. Accordingly, neither this Presentation nor any advertisement or any other offering material may be distributed or published in any jurisdiction except under circumstances that will result in compliance with any applicable laws and regulations.
Neither this Presentation nor any copy of it may be taken, transmitted or distributed, directly or indirectly, in or into the United States, Canada, Australia or Japan, except as permitted under applicable securities law. Any failure to comply with this restriction may constitute a violation of the United States, Canadian, Australian or Japanese securities laws. The Presentation is also not for publication, release or distribution in any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction nor should it be taken or transmitted into such jurisdiction and persons into whose possession this Presentation comes should inform themselves about and observe any such relevant laws.
This Presentation speaks as of the date set out on its cover. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company or the Group since such date.
This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norway with Oslo as legal venue.
The Manager and/or its employees may hold shares, options or other securities of the Company and may, as principal or agent, buy or sell such securities. The Manager may have other financial interests in transactions involving these securities.
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