Hermana Holding ASA: Q2 and Half-Year 2024 Report

15 Jul 2024 07:00 CEST

15 July 2024: Hermana Holding ASA, a Norwegian investment company, releases its
financial report for the second quarter and half-year 2024.

Highlights from the quarter:

» The Group had its first day trading on the main list of Oslo Stock Exchange
under the ticker HERMA on 18
June 2024
» Shareholders of Magnora ASA received one share in Hermana Holding ASA for each
of their Magnora ASA share
on 18 June 2024
» The demerger from Magnora ASA is part of a restructuring process in Magnora,
finalised during the quarter,
with transfer of the legacy agreement with Dana Petroleum Ltd. for the
Western Isles FPSO as part of the
demerger. Reference is made to stock exchange notification made by
Magnora ASA on 17 November 2023
regarding redeployment of the Western Isles FPSO. As the licensing
business including the Western Isles
agreement is a carve-out of Magnora ASA, the expected value of the
agreement is not reflected in the
balance sheet of the Group
» The Group also holds a receivable from Magnora ASA for the cash to be received
from the Shell Penguins
license agreement, totaling USD 8.6 million
» As part of the demerger, the Group kept its share of the deferred tax losses
carried forward, totaling NOK
417.4 million, and paid-in capital of more than NOK 1.7 billion
» Net cash generated from operating activities during the second quarter was
negative NOK 3.2 million due to
low revenues from the Dana license agreement and high costs in the
quarter due to the listing process
» At the end of 30 June 2024, cash and cash equivalents were NOK 23.4 million

The second quarter and half-year report is attached to this announcement.

The report can also be found on: https://hermanaholding.com/investor-relations/

Please contact the chairman for questions: Erik Sneve: es at magnoraasa.com

More information:
Access the news on Oslo Bors NewsWeb site

623610_Hermana ASA Q2 2024 Report_final.pdf