Saga Tankers ASA : Q2 2015- Financial Report
Please find the enclosed financial statement for the second quarter 2015.
Highlights in the second quarter 2015:
· The development of the Group's available for sale portfolio has resulted in other comprehensive income of NOK 62.9. The Group realized a net loss of NOK 18million on short term investments. Other gains of NOK 67.5million is a day one gain as a result of the acquisition of S.D Standard Drilling Plc ("SDSD")
· The merger with Strata Marine & Offshore AS was completed in June 2015.
· As a result of the merger:
o The Group has substantially strengthened its balance sheet and management
o The Group has increased number of shareholders from approximately 140 to 223 (end of second quarter 2015)
o The free float of shares has increased
· The Group has increased its ownership in SDSD from approximately 19% to approximately 60%. Hence SDSD is consolidated as a subsidiary in the second quarter 2015. The Group published a mandatory offer to the shareholders in SDSD 17 June 2015 and received acceptance from 22.56 million shares, corresponding to 8.6%.
· The Group's solid financial position gives a good foundation for potential future investments and the Group is continuously working to develop its business.
| NOK 1000 | Apr-Jun 2015 (unaudited) | Apr-Jun 2014 (unaudited) | Jan-Jun 2015 (unaudited) | Jan-Jun 2014 (unaudited) |
| Operating revenue | 71 849 | - | 77 685 | - |
| Operating profit (-loss) before depreciation (EBITDA) | 34 861 | 1 349 | 40 093 | -591 |
| Operating profit/(-loss) (EBIT) | 34 201 | 1 349 | 38 780 | -591 |
| Net profit/(-loss) | 34 435 | 1 579 | 39 717 | -204 |
| Total comprehensive income | 84 218 | 5 043 | 98 895 | -25 696 |
| Basic and diluted earnings per share NOK | 0,13 | 0,02 | 0,14 | 0,00 |
For further information, please contact:
CEO Espen Lundaas
+47 92 43 14 17