On 27 February, Hermana Holding ASA published its annual report for 2024
The report is the first comprehensive overview of Hermana Holding following its
demerger from Magnora ASA and listing on the Euronext Oslo Stock Exchange in
June 2024.
The report serves as an introduction to the basics of Hermana's business and
emphasises some key enabling qualities, including the following:
o Hermana ASA is an investment company with a Nordic focus, a flexible mandate
and some 5,700 shareholders.
o Existing revenues are from FPSO royalties, a legacy from Sevan Marine ASA.
o Tax loss carry forward: NOK 417 million.
o Paid-in capital of more than NOK 1.7 billion.
o NOK 16.6 million in cash as of 31 December 2024. No debt.
o Receivable from Magnora for the cash from the Shell Penguins license
agreement: First oil has been achieved and a milestone payment of USD 4.3
million (approximately NOK 49 million) is expected to be received by April 2025.
The next milestone payment is expected to be received in Q3 2025.
o Royalty revenues from the Western Isles FPSO at USD 0.50/ barrel are estimated
to begin in 2027/2028, subject to the operator's FID (Final Investment Decision)
and subsequent deployment.
o Low operating costs to finance active, but patient target search & analysis.
o Management and services are provided by Magnora ASA (30% shareholder in
Hermana).
Hermana has increased its efforts and activities from the end of 2024 and is
experiencing a growing deal-flow of interesting companies. We are investigating
multiple industries and possibilities from royalties to transformational
transactions.
Please find attached the Annual Report 2024 for Hermana Holding ASA.