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Dato/tid 29.11.2016 07:50
Utsteder Saga Tankers ASA
UtstederID SAGA
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Tittel Saga Tankers ASA : Q3 2016 financial results
Tekst


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

-------------------------------------------------------------------------------
                                       Jul-Sep     Jan-Sep
 NOK 1000                Jul-Sep 2016  2015        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.
-------------------------------------------------------------------------------
                                  Share of
                         TNOK        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  Fair value
 assets          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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