Saga Tankers ASA : Q2 2016 financial results
OSE FILING
Saga Tankers ASA: Q2 2016 financial results
(Oslo, 30 August 2016) Saga Tankers ASA ("Saga", OSE: SAGA) reported a net asset
value (NAV) of NOK 788 million at the end of the second quarter of 2016,
corresponding to NOK 2.82 per share, excluding minority interests and with
Vallhall valued at book value.
By the end of second quarter, Saga had a cash balance of NOK 560 million and no
long term debt, except the real estate financing related to the holding in
Vallhall.
The reduction in available for sale reserves of 115 million, classified as other
comprehensive income, is mainly related to disposal of shares in NEL ASA and
Axactor AB as well as share price reduction in NEL ASA. Of NOK 115 million NOK
104.4 million was reclassified to profit and loss due to realization of
investments.
Second quarter 2016 highlights:
* Increased cash position by NOK 95 million from first quarter 2016
* Saga has disposed its ownership in Axactor AB
* Saga has invested in Pareto Bank ASA
* Saga has reduced its ownership in NEL ASA
Key figures
-------------------------------------------------------------------------------
NOK 1000 Apr-Jun 2016 Apr-Jun 2015 Jan-Jun 2016 Jan-Jun 2015
-------------------------------------------------------------------------------
(unaudited) (unaudited) (unaudited) (unaudited)
-------------------------------------------------------------------------------
Operating revenues 110 901 71 849 127 379 81 510
-------------------------------------------------------------------------------
Operating proft (-
loss) before 105 983 34 861 116 943 15 204
depreciation
(EBITDA)
-------------------------------------------------------------------------------
Operating profit/(- 105 253 34 201 115 483 12 565
loss) (EBIT)
-------------------------------------------------------------------------------
Net profit/(-loss) 105 744 34 435 116 096 14 058
-------------------------------------------------------------------------------
Total comprehensive -9 179 84 218 -128 529 267 197
income
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Value adjusted
equity per share 2,82 2,65 2,82 2,65
(NOK)*
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Basic and diluted
earnings per share 0,38 0,13 0,41 0,07
NOK
-------------------------------------------------------------------------------
* 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.
-------------------------------------------------------------------------------
TNOK Share of total
Fixed assets 90 646 10 %
Available-for-sale financial assets 184 759 21 %
Associates 35 391 4 %
Current assets 560 843 64 %
--------------------------------------------------------------------
Total assets 871 640 100 %
--------------------------------------------------------------------
Available-for-sale financial assets Fair value TNOK No of shares Ownership
NEL ASA 53 889 25 905 055 3,8 %
Pareto Bank ASA 88 013 3 055 990 5,9 %
Vistin Pharma ASA 42 858 1 965 943 11,5 %
-----------------------------------------------------
Total 184 759
-----------------------------------------------------
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. H2
Logic A/S 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.nel-asa.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 ( 5.9% 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 investment in a project owning three PSV
vessels.
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.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.