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MeldingsID: 421281
Dato/tid 28.02.2017 08:00
Utsteder Saga Tankers ASA
UtstederID SAGA
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Marked OAX
Kategori HALVÅRSRAPPORTER OG REVISJONSBERETNINGER / UTTALELSER OM FORENKLET REVISORKONTROLL
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Tittel Saga Tankers ASA :Q4 2016 financial results
Tekst


OSE FILING

Saga Tankers ASA: Q4 2016 financial results

(Oslo, 28 February 2017) Saga Tankers ASA ("Saga", OSE: SAGA) reported a net
asset value (NAV) of NOK  784 million at the end of the fourth quarter of 2016,
corresponding to NOK 2.95  per share, excluding minority interests and with
Vallhall valued at book value.

By the end of fourth quarter, Saga had a cash balance of NOK 439 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 NOK 9.7 million,
classified as other comprehensive income, is the net effect of positive return
on investment in Pareto Bank and negative effect on investments in Vistin Pharma
ASA and Nel ASA.

Fourth quarter 2016 highlights:

  * Saga has increased its ownership in Pareto Bank ASA through the quarter from
    6.3%to 8.5 % at the year end

  * Saga has purchased approx 13.6 million own shares and has a holding of
    approx 20.6 million own shares, corresponding to 7.2 % of the outstanding
    shares at the year end

  * In December Saga subscribed for18.4 million shares in a private placement in
    S.D Standard Drillling Plc. The shares were allocated in 2017. At the year
    end Saga's ownership in S.D Standard Drilling Plc was 46.16%. Due to several
    equity issues post year end, included the subscription in December 2016 and
    allocations in January 2017, Saga's ownership in S.D Standard Drilling Plc
    has been reduced to 15.4% as of 28 February 2017


Key figures



-------------------------------------------------------------------------------
 NOK 1000             Oct-Dec 2016 Oct-Dec 2015 Jan-Dec 2016 Jan-Dec 2015
-------------------------------------------------------------------------------
                      (unaudited)  (unaudited)  (unaudited)  (unaudited)
-------------------------------------------------------------------------------
 Operating revenues     4 491        6 342        135 638      81 510
-------------------------------------------------------------------------------
 Operating profit (-
 loss) before           -589         -16 451      112 177      15 204
 depreciation
 (EBITDA) (1)
-------------------------------------------------------------------------------
 Operating profit/(-    -1 030       -17 125      109 545      12 565
 loss) (EBIT) (2)
-------------------------------------------------------------------------------
 Net profit/(-loss)     -684         -16 595      110 496      14 058
-------------------------------------------------------------------------------
 Total comprehensive    10 928       189 581      -96 320      267 197
 income
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
 Value adjusted
 equity per share       2,95         3,26         2,95         3,26
 (NOK) (3)
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
 Basic and diluted
 earnings per share     -            -0,06        0,39                     0,07
 NOK
-------------------------------------------------------------------------------
 (1) EBITDA can be calculated from the statement  of income by deducting
 interest income, interest expences and depreciation from the profit/(loss)
 before taxes.
-------------------------------------------------------------------------------
 (2) EBIT can be calculated from the statement of income by deducting interest
 income and  interest expences 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 balancesheet, the VAE per share equals total equity exluding
 non-controlling interests per outstanding share.
-------------------------------------------------------------------------------




                                                TNOK Share of total

 Fixed assets                          89 513                  10 %

 Available-for-sale financial assets   298 480                 35 %

 Associates                            36 223                   4 %

 Current assets                        439 685                 51 %
--------------------------------------------------------------------
 Total assets                          863 900                100 %
--------------------------------------------------------------------






 Available-for-sale financial assets Fair value TNOK No of shares   Ownership

 Pareto Bank ASA                       190 101         4 989 516        8,5 %

 NEL ASA                               52 593          25 908 055       3,8 %

 Vistin Pharma ASA                     47 183          1 965 943       11,5 %
-----------------------------------------------------
 Total                                 289 876
-----------------------------------------------------



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's main products are hydrogen
production plants for industry and energy applications, hydrogen fueling
stations for the transport sector, and power-to-gas/power-to-power solutions for
the renewable industry. The company also holds a number of patents related to
tests for early detection and diagnosis of diseases. 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 ( 8.5% 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 35 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 (15.4% 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. The
company  currently owns 100% of three large-size PSV's and have ownership in 13
mid-size  PSV's bringing the total fleet of  party and/or fully owned vessels to
16.

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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