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MeldingsID: 439711
Dato/tid 29.11.2017 07:07
Utsteder Saga Tankers ASA
UtstederID SAGA
Instrument
Marked OAX
Kategori HALVÅRSRAPPORTER OG REVISJONSBERETNINGER / UTTALELSER OM FORENKLET REVISORKONTROLL
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Tittel Saga Tankers ASA :Q3 2017 financial results
Tekst


(Oslo, 29 November 2017) Saga Tankers ASA ("Saga", OSE: SAGA) reported a net
asset value (NAV) of NOK  403 million at the end of the third quarter of 2017,
corresponding to NOK 1.51 per outstanding share, excluding minority interests
and with Vallhall valued at book value.

By the end of third quarter, Saga had a cash balance of NOK 63 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 6.85 million, classified
as other comprehensive income.

Saga has increased its investment in SD Standard Drilling Plc through the
quarter from 15.8% to 18.2%. No further changes have been made in the investment
portfolio during the third quarter.

Key figures

--------------------------------------------------------------------------------
NOK 1000              Jul-Sep 2017 Jul-Sep 2016 Jan-Sep 2017 Jan-Sep 2016
--------------------------------------------------------------------------------
                      (unaudited)  (unaudited)  (unaudited)  (unaudited)
--------------------------------------------------------------------------------
Operating revenues      3 993        3 768        55 975       131 147
--------------------------------------------------------------------------------
Operating profit (-
loss) before
depreciation (EBITDA)
(1)                     266          -4 178       42 624       112 765
--------------------------------------------------------------------------------
Operating profit/(-
loss) (EBIT) (2)        -393         -4 908       40 648       110 574
--------------------------------------------------------------------------------
Net profit/(-loss)      -151         -4 916       41 258       111 180
--------------------------------------------------------------------------------
Total comprehensive
income                  -6 997       21 281       11 616       -107 248
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Value adjusted equity
per share (NOK) (3)     1,51         2,89         1,51         2,89
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Basic and diluted
earnings per share
NOK                     -0,00        -0,02        0,15         0,39
--------------------------------------------------------------------------------
(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                            93 266              19 %

 Available-for-sale financial assets     323 181             67 %

 Associates                                    0              0 %

 Current assets                          65 294              14 %
------------------------------------------------------------------
 Total assets                            481 740            100 %
------------------------------------------------------------------


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

Pareto Bank ASA                             182 397    5 052 547    8,60 %

SD Standard Drilling Plc                     90 109   64 826 667   18,17 %

Vistin Pharma ASA                            42 071    1 965 943   11,50 %

Other investments                             8 604
----------------------------------------------------
Total                                       323 181
----------------------------------------------------


Financial assets are adjusted to market value according to IFRS. Vallhall Arena
is a subsidiary.



By end of third 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 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 (18.2% ownership):

Main  assets are currently investments within the PSV segment and cash holdings.
The  company currently owns  100% of five 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 18.

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

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.


 
    

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