(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) (1) | 36 715 | 10 960 | 112 177 |
| Operating profit/(-loss) (EBIT) (2) | 36 076 | 10 229 | 109 545 |
| Net profit/(-loss) | 36 228 | 10 352 | 110 380 |
| Total comprehensive income | 56 432 | -119 350 | -96 436 |
| Value adjusted equity per share (NOK) (3) | 3,15 | 2,85 | 2,95 |
| Basic and diluted earnings per share NOK | 0,13 | 0,03 | 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 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
