Saga Tankers ASA : Q4 2017 Financial Results
(Oslo, 28 February 2018) Saga Tankers ASA ("Saga", OSE: SAGA) reported a net
asset value (NAV) of NOK 411 million end of the fourth quarter 2017,
corresponding to NOK 1.54 per outstanding share, excluding minority interests
and with Vallhall valued at book value.
By the end of fourth quarter, Saga had a cash balance of NOK 27 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 7.1 million, classified
as other comprehensive income. The negative change should be contemplated in
conjunction with the quarterly gain on available for sale assets of 12.9
million, as this relates to the same financial assets.
Saga has increased its investment in SD Standard Drilling Plc through the
quarter from 18.2% to 20.2%. As a result SD Standard Drilling Plc is an
associated entity from November 2017. No further changes have been made in the
investment portfolio during the fourth quarter.
Key figures
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NOK 1000 Oct-Des 2017 Oct-Dec 2016 Jan-Dec 2017 Jan-Dec 2016
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(unaudited) (unaudited) (unaudited) (unaudited)
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Operating revenues 18 004 4 491 73 979 135 638
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Operating profit (-
loss) before
depreciation (EBITDA)
(1) 16 743 -589 59 368 112 177
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Operating profit/(-
loss) (EBIT) (2) 16 008 -1 030 56 656 109 545
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Net profit/(-loss) 15 625 -684 56 883 110 496
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Total comprehensive
income 8 927 10 928 20 543 -96 320
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Value adjusted equity
per share (NOK) (3) 1,54 2,95 1,54 2,95
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Basic and diluted
earnings per share
NOK 0,06 - 0,20 0,39
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(1) EBITDA can be calculated from the statement of income by deducting interest
income, interest expenses and depreciation from the profit/(loss) before taxes.
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(2) EBIT can be calculated from the statement of income by deducting interest
income and interest expenses from the profit/(loss) before taxes.
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(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.
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TNOK Share of total
Fixed assets 92 611 19 %
Available-for-sale financial assets 230 152 47 %
Associates 139 323 28 %
Current assets 29 594 6 %
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Total assets 491 679 100 %
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Available-for-sale financial assets Fair value TNOK No of shares Ownership
Pareto Bank ASA 199 576 5 052 547 8,60 %
Vistin Pharma ASA 25 361 1 965 943 11,50 %
Other investments 5 216
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Total 230 152
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Financial assets are adjusted to market value according to IFRS. Vallhall Arena
is a subsidiary.
By end of fourth 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 37 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 (20.2% ownership):
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 sold the opioids and tablet manufacturing business to TPI
Enterprises Limited. The transaction was closed in the fourth quarter of 2017.
Following the 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 size of the arena is about
9 000 square meter. 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 exhibitions, 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.
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.