Saga Tankers ASA : Q3 2018 financial results
(Oslo, 7 November 2018) Saga Tankers ASA ("Saga", OSE: SAGA) reported a net asset value (NAV) of NOK 422 million end of the third quarter 2018, corresponding to NOK 1.59 per outstanding share, excluding minority interests and with Vallhall valued at book value. The Board of Directors proposes to distribute a dividend of NOK 0.15 per share in December 2018.
By the end of the third quarter, Saga had a cash balance of NOK 100 million. All long-term debt are related to the real estate in Vallhall (Saga's ownership is 55%).
During the quarter, the market value of shares held in SD Standard Drilling Plc, Vistin Pharma ASA and Pareto Bank ASA was reduced with NOK 16 million. This is classified as net loss from available for sale assets.
Saga has during the quarter reduced the ownership in Pareto Bank ASA from 5.7% to 4 %. Subsequent of third quarter Saga has further reduced its ownership in Pareto Bank to 2.3%.
The Board of Directors has proposed a dividend distribution of NOK 0.15 per share, in total NOK 40 million.
For the years 2017 and 2018 Saga will then have distributed in total ~NOK 431 million, corresponding to NOK 1.62 per share to its shareholders.
Following the proposed dividend distribution, Saga will have an estimated cash balance of approximately NOK 100 million.
Saga is pleased to announce that it has hired Tore Jakob Berg as the Chief Financial Officer of the Company with effect from 1 December 2018. Mr Berg holds a Master of Science in Business and has extensive experience in accounting and financial reporting. Mr Berg has served as Chief Accounting Officer for Ferncliff for the last 10 years. He will also maintain his position in Ferncliff going forward.
Summons to an Extraordinary General Meeting, to vote on dividend distribution, will be published in due time.
Key figures
| NOK 1000 | Jul-Sep 2018 | Jul-Sep 2017 | Jan-Sep 2018 | Jan-Sep 2017 |
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |
| Operating revenues | 4 231 | 3 993 | 15 981 | 55 975 |
| Operating profit (-loss) before depreciation (EBITDA) (1) | -15 723 | 266 | 17 001 | 42 624 |
| Operating profit/(-loss) (EBIT) (2) | -16 457 | -393 | 14 802 | 40 648 |
| Net profit/(-loss) | -16 926 | -151 | 13 394 | 41 258 |
| Total comprehensive income | -16 926 | -6 997 | 12 987 | 11 616 |
| Value adjusted equity per share (NOK) (3) | 1,59 | 1,51 | 1,59 | 1,51 |
| Basic and diluted earnings per share NOK | -0,06 | -0,00 | 0,04 | 0,15 |
| (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 balancesheet, the VAE per share equals total equity excluding non-controlling interests per outstanding share. | ||||
| TNOK | Share of total | ||
| Fixed assets | 90 946 | 18 % | |
| Available-for-sale financial assets | 318 198 | 62 % | |
| Current assets | 102 570 | 20 % | |
| Total assets | 511 713 | 100 % | |
| Available-for-sale financial assets | Fair value TNOK | No of shares | Ownership |
| Pareto Bank ASA | 94 153 | 2 365 644 | 4,0 % |
| SD Standard Drilling Plc | 157 711 | 105 846 245 | 18,4 % |
| Vistin Pharma ASA | 58 745 | 5 515 943 | 12,4 % |
| Other investments | 7 589 | ||
| Total | 318 198 |
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 (4 % 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 (18.4% ownership):
The company currently owns 100% of five large-size PSV's and has ownership and economic exposure in 13 mid-size PSV's bringing the total fleet of part and/or fully owned vessels to 18. This includes one medium size vessel that are sold but leased back on a 1 year bare boat contract.
For further information: www.standard-drilling.com
Vistin Pharma ASA (12.4% ownership):
Vistin Pharma is a holding company for Vistin Pharma AS and Vistin Trading AS. Vistin Pharma AS is a Norwegian pharmaceutical company producing Active Pharmaceutical Ingredients (APIs). Vistin Trading AS was established in May 2018 to invest in energy related financial instruments or opportunities.
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 size of the arena is about 9 000 square meter. The arena is well-known for its high quality 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
Tel +47 92 43 14 17