Saga Tankers ASA: Q2 2016 financial results
(Oslo, 29 November 2016) Saga Tankers ASA ("Saga", OSE: SAGA) reported a net asset value (NAV) of NOK 808 million at the end of the third quarter of 2016, corresponding to NOK 2.89 per share, excluding minority interests and with Vallhall valued at book value.
By the end of third quarter, Saga had a cash balance of NOK 551 million and no long term debt, except the real estate financing related to the holding in Vallhall.
The positive development in available for sale reserves of 27 million, classified as other comprehensive income, is mainly related to positive return on investments in Vistin Pharma ASA, Nel ASA and Pareto Bank ASA.
There have been no substantial changes in the Saga's investment portfolio during the quarter
Key figures
| NOK 1000 | Jul-Sep 2016 | Jul-Sep 2015 | Jan-Sep 2016 | Jan-Sep 2015 | ||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||
| Operating revenues | 3 768 | 12 793 | 131 147 | 81 510 | ||||
| Operating profit (-loss) before depreciation (EBITDA) | -4 178 | -8 438 | 112 765 | 15 204 | ||||
| Operating profit/(-loss) (EBIT) | -4 908 | -9 090 | 110 574 | 12 565 | ||||
| Net profit/(-loss) | -4 916 | -8 979 | 111 180 | 14 058 | ||||
| Total comprehensive income | 21 281 | -21 194 | -107 248 | 267 197 | ||||
| Value adjusted equity per share (NOK)* | 2,89 | 2,58 | 2,90 | 2,58 | ||||
| Basic and diluted earnings per share NOK | -0,02 | -0,02 | 0,39 | 0,07 | ||||
| * Value adjusted equity has been calculated through application of market value for assets and liabilities traded in quoted markets, and book value for other assets and liabilities. | ||||||||
| TNOK | Share of total | |||||||
| Fixed assets | 89 916 | 10 % | ||||||
| Available-for-sale financial assets | 217 829 | 24 % | ||||||
| Associates | 32 601 | 4 % | ||||||
| Current assets | 552 682 | 62 % | ||||||
| Total assets | 893 027 | 100 % | ||||||
| Available-for-sale financial assets | Fair value TNOK | No of shares | Ownership | |||||
| Pareto Bank ASA | 99 307 | 3 255 990 | 6,3 % | |||||
| NEL ASA | 63 475 | 25 905 055 | 3,8 % | |||||
| Vistin Pharma ASA | 55 046 | 1 965 943 | 11,5 % | |||||
| Total | 217 827 | |||||||
Financial assets are adjusted to market value according to IFRS. SD Standard Drilling Plc is (46.2% ownership) an associate and recognized according to the equity method. Vallhall Arena is a subsidiary.
For further information, please contact:
CEO Espen Lundaas
+47 92 43 14 17
By end of first quarter the largest investments in Saga Tankers ASA were:
Nel ASA (3.8% ownership):
NEL ASA is the first dedicated hydrogen company on the Oslo Stock Exchange. Since its foundation in 1927, NEL Hydrogen has a proud history of development and continual improvement of hydrogen plants. NEL is a global supplier of hydrogen solutions, covering the entire value chain from hydrogen production technologies to hydrogen refuelling stations for fuel cell electric vehicles. NEL Fueling is a leading manufacturer of H2Station® hydrogen refuelling stations that provides fuel cell electric vehicles with the same fast fuelling and long range as conventional vehicles today. For further information: www.nelhydrogen.com
Vistin Pharma ASA (11.5% ownership):
Vistin Pharma is a Norwegian pharmaceutical company producing Active Pharmaceutical Ingredients (APIs) and solid dosage forms for the global pharmaceutical industry. The company has key positions in the Metformin and Opioids markets, and a strong foundation for creating a highly efficient CMO business (contract manufacturing of tablets). Solid growth potentials exist in all the business segments. The spin-off from Weifa facilitates new growth opportunities due to a narrower business scope, increased visibility and being able to pursue own strategic agendas without the risk of compromises across business units.
For further information www.vistin.com
Pareto Bank ASA ( 6.3% ownership)
Pareto Bank is a leading niche player within project financing. The bank has main focus on financing of real estate, securities and corporate, shipping and offshore. Pareto Bank is a compact organization with 33 employees, short decision lines, and an efficient credit decision process. The main geographical real estate exposure is in Oslo and Akershus. Financing of securities is mainly related to listed stocks. Pareto Bank also finance small and medium size corporate, primarily related to a project or M&A. Further Pareto Bank finance some segments within the shipping and offshore industry.
For further information www.paretobank.no
Vallhall (55% ownership):
Vallhall Arena is Oslo's largest indoor arena, centrally located at Helsfyr in Oslo with good public transportation connections. Several hotels are also located close to the arena. The arena was built in 2001. The cost was approximately NOK 130 million whereof NOK 80 million was funded by debt and NOK 55 million was funded by equity from owners. The arena has about 9 000 square meter expanse. The arena is well-known for its high quality indoor soccer hall and is used by school children, as well as professionals. The arena is also leased out for events such as exhibitors, seminars, concerts and other events requiring facilities that Vallhall Arena can offer.
For more information: www.vallhall.no
SD Standard Drilling Plc (46.2% ownership):
Having sold all initial rig contracts, the strategy of the company has changed to being an investment company within the oil and gas service sector. Main assets are currently cash holdings and investments within the PSV segment.
For more information: www.standard-drilling.com
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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