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MeldingsID: 433748
Dato/tid 30.08.2017 07:07
Utsteder Saga Tankers ASA
UtstederID SAGA
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Marked OAX
Kategori ANNEN INFORMASJONSPLIKTIG REGULATORISK INFORMASJON
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Tittel Saga Tankers ASA : Q2 2017 financial results
Tekst


(Oslo, 30 August 2017) Saga Tankers ASA ("Saga", OSE: SAGA) reported a net asset
value (NAV) of NOK  801 million at the end of the second quarter of 2017,
corresponding to NOK 3.01 per outstanding share, excluding minority interests
and with Vallhall valued at book value.

By the end of second quarter, Saga had a cash balance of NOK 471 million and no
long term debt, except the real estate financing related to the holding in
Vallhall.

The negative development in available for sale reserves of NOK 43 million,
classified as other comprehensive income, is due to the declining share price of
SD Standard Drilling Plc, Pareto Bank ASA  and Vistin Pharma ASA.

Saga has increased its investment in SD Standard Drilling Plc through the
quarter from 14.9% to 15.8%. No further changes have been made in the investment
portfolio during the second quarter.



Key figures

-------------------------------------------------------------------------------
 NOK 1000             Apr-Jun 2017 Apr-Jun 2016 Jan-Jun 2017 Jan-Jun 2016
-------------------------------------------------------------------------------
                      (unaudited)  (unaudited)  (unaudited)  (unaudited)
-------------------------------------------------------------------------------
 Operating revenues     9 437        110 901      51 982       127 379
-------------------------------------------------------------------------------
 Operating profit (-
 loss) before
 depreciation
 (EBITDA) (1)           5 643        105 983      42 358       116 943
-------------------------------------------------------------------------------
 Operating profit/(-
 loss) (EBIT) (2)       4 964        105 253      41 041       115 483
-------------------------------------------------------------------------------
 Net profit/(-loss)     5 182        105 744      41 409       116 096
-------------------------------------------------------------------------------
 Total comprehensive
 income                 -37 819      -9 179       18 613       -128 529
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
 Value adjusted
 equity per share
 (NOK) (3)              3,01         2,82         3,01         2,82
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
 Basic and diluted
 earnings per share
 NOK                    0,02         0,38         0,15         0,41
-------------------------------------------------------------------------------
 (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                          89 420                  10 %

 Available-for-sale financial assets   318 566                 36 %

 Associates                            -                        0 %

 Current assets                        472 653                 54 %
--------------------------------------------------------------------
 Total assets                          880 638                100 %
--------------------------------------------------------------------






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

 Pareto Bank ASA                       180 881         5 052 547        8,6 %

 SD Standard Drilling Plc              86 027          56 226 667      15,8 %

 Vistin Pharma ASA                     43 054          1 965 943       11,5 %

 Other investments                     8 604
-----------------------------------------------------
 Total                                 318 566
-----------------------------------------------------


Financial assets are adjusted to market value according to IFRS. 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 (15.8% ownership):

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.

The company has agreed to sell the opioids and tablet manufacturing business to
TPI Enterprises Limited. The transaction is expected to be closed in the fourth
quarter of 2017.

Upon completion of the transaction, Vistin Pharma ASA will be a pure play
metformin producer, with a strong position in the global market and with
significant growth amibitions.

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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