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MeldingsID: 428449
Dato/tid 30.05.2017 07:05
Utsteder Saga Tankers ASA
UtstederID SAGA
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Tittel Saga Tankers ASA : Q1 2017 Financial results
Tekst




(Oslo, 30 May 2017) Saga Tankers ASA ("Saga", OSE: SAGA) reported a net asset
value (NAV) of NOK  839 million at the end of the first quarter of 2017,
corresponding to NOK 3.15 per share, excluding minority interests and with
Vallhall valued at book value.

By the end of first quarter, Saga had a cash balance of NOK 474 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 20.7 million,
classified as other comprehensive income, is the net effect of positive return
on investment in SD Standard Drilling Plc and negative effect on investments in
Pareto Bank ASA  and Nel ASA. The accumulated comprehensive income  of the
investment in NEL ASA were reclassified to profit and loss due to the disposal
of the investment during the quarter.

First quarter 2017 highlights:

  * Saga has increased its investment in SD Standard Drilling Plc through the
    quarter by participating in the equity issues in Standard Drilling Plc. As a
    result of several equity issues Saga's ownership has been reduced to 14.9%

  * Saga has disposed its ownership in NEL ASA. This resulted in a gain of NOK
    36.8 million over the profit and loss statement, of which NOK 23.5 million
    were reclassified of former other comprehensive income

  * Saga has increased its ownership in Pareto Bank ASA to 8.6% during the
    quarter


Key figures

--------------------------------------------------------------------------------
NOK 1000                      Jan-Mar 2017 Jan-Mar 2016 Jan-Dec 2016
--------------------------------------------------------------------------------
                              (unaudited)  (unaudited)  (audited)
--------------------------------------------------------------------------------
Operating revenues              42 545       16 478       135 638
--------------------------------------------------------------------------------
Operating profit (-loss)
before depreciation (EBITDA)    36 715       10 960       112 177
(1)
--------------------------------------------------------------------------------
Operating profit/(-loss)        36 076       10 229       109 545
(EBIT) (2)
--------------------------------------------------------------------------------
Net profit/(-loss)              36 228       10 352       110 380
--------------------------------------------------------------------------------
Total comprehensive income      56 432       -119 350     -96 436
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Value adjusted equity per       3,15         2,85         2,95
share (NOK) (3)
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Basic and diluted earnings      0,13         0,03                           0,39
per share NOK
--------------------------------------------------------------------------------
(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 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                          89 268                  10 %

Available-for-sale financial assets   357 148                 39 %

Associates                            -                        0 %

Current assets                        475 550                 52 %
-------------------------------------------------------------------
Total assets                          921 965                100 %
-------------------------------------------------------------------






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

Pareto Bank ASA                       190 986         5 052 547        8,6 %

SD Standard Drilling Plc              110 376         157 680 002     14,9 %

Vistin Pharma ASA                     47 183          1 965 943       11,5 %

Other investments                     8 604
----------------------------------------------------
Total                                 357 148
----------------------------------------------------

Financial assets are adjusted to market value according to IFRS. SD Standard
Drilling Plc has been reclassified from an associated company to available-for
sale financial asset. 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:

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 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

SD Standard Drilling Plc (14.9% 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 has 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



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


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

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.


 
    

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