(Oslo, 30 May 2018) Saga Tankers ASA ("Saga", OSE: SAGA) reported a net asset value (NAV) of NOK 412 million end of the first quarter 2018, corresponding to NOK 1.55 per outstanding share, excluding minority interests and with Vallhall valued at book value.
By the end of the first quarter, Saga had a cash balance of NOK 58 million. All long term debt are related to the real estate in Vallhall (Saga's ownership is 55%).
During the quarter the net change in market value of SD Standard Drilling Plc, Vistin Pharma ASA and Pareto Bank ASA was negative NOK 21 million, classified as net loss from available for sale assets. The negative change should be contemplated in conjunction with the quarterly share of profits from associates of NOK 22.6 million, as this relates to SD Standard Drilling Plc.
Saga's ownership in SD Standard Drilling Plc has been diluted during the quarter from 20.2% to 18.4% due to an equity issue in SD Standard Drilling Plc. As a result SD Standard Drilling Plc is not considered as an associated entity from March 2018. No further substantial changes have been made in the investment portfolio during the fourth quarter.
Key figures
| NOK 1000 | Jan-Mar 2018 | Jan-Mar 2017 | Jan-Dec 2017 |
| (unaudited) | (unaudited) | (unaudited) | |
| Operating revenues | 6 831 | 42 545 | 73 979 |
| Operating profit (-loss) before depreciation (EBITDA) (1) | 4 309 | 36 715 | 59 368 |
| Operating profit/(-loss) (EBIT) (2) | 3 576 | 36 076 | 56 656 |
| Net profit/(-loss) | 3 097 | 36 228 | 56 883 |
| Total comprehensive income | 2 690 | 56 432 | 20 543 |
| Value adjusted equity per share (NOK) (3) | 1,55 | 3,15 | 1,54 |
| Basic and diluted earnings per share NOK | 0,01 | 0,13 | 0,20 |
| (1) EBITDA can be calculated from the statement of income by deducting interest income, interest expenses and depreciation from the profit/(loss) before taxes. | |||
| (2) EBIT can be calculated from the statement of income by deducting interest income and interest expenses from the profit/(loss) before taxes. | |||
| (3) 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. As traded assets and liabilities are carried at fair value in the balance sheet, the VAE per share equals total equity excluding non-controlling interests per outstanding share. | |||
| TNOK | Share of total | ||
| Fixed assets | 92 011 | 17 % | |
| Available-for-sale financial assets | 377 476 | 71 % | |
| Current assets | 59 116 | 11 % | |
| Total assets | 528 602 | 100 % |
| Available-for-sale financial assets | Fair value TNOK | No of shares | Ownership |
| Pareto Bank ASA | 186 944 | 5 052 547 | 8,6 % |
| SD Standard Drilling Plc | 160 040 | 105 846 245 | 18,4 % |
| Vistin Pharma ASA | 22 903 | 1 965 943 | 11,5 % |
| Other investments | 7 589 | ||
| Total | 377 476 |
Financial assets are adjusted to market value according to IFRS. Vallhall Arena is a subsidiary.
By end of first quarter the main investments in Saga Tankers ASA were:
Pareto Bank ASA (8.6% 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 approximately 37 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
SD Standard Drilling Plc (18.4% ownership):
The company currently owns 100% of five large-size PSV's and has ownership in 15 mid-size PSV's bringing the total fleet of party and/or fully owned vessels to 20.
For more information: www.standard-drilling.com
Vistin Pharma ASA (11.5% ownership):
Vistin Pharma is a Norwegian pharmaceutical company producing Metformin Hydrochloride.
Vistin Pharma ASA is a pure play metformin producer, with a strong position in the global market and with significant growth ambitions. In May 2018 Vistin Pharma ASA expanded the business area to also include investments in energy derivatives and other energy related assets.
For further information: www.vistin.com
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 size of the arena is about 9 000 square meter. 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 exhibitions, seminars, concerts and other events requiring facilities that Vallhall Arena can offer.
For more information: www.vallhall.no
For further information, please contact:
CEO Espen Lundaas
+47 92 43 14 17
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Attachment
