Saga Tankers ASA : Q4 2015 financial results
OSE FILING
Saga Tankers ASA: Q4 2015 financial results
(Oslo, 19 February 2016) Saga Tankers ASA ("Saga", OSE: SAGA) reported a net asset value (NAV) of NOK 935 million at the end of the fourth quarter of 2015, corresponding to NOK 3.26 per share, excluding minority interests and with Vallhall valued at book value.
During the year, Saga's available for sale portfolio and short term trading had a return of 100%. NAV per share increased approximately 58% in 2015. In the same period Oslo Børs Benchmark Index (OSEBX) gained approximately 6%.
By the end of fourth quarter, Saga had a cash balance of NOK 427 million and no long term debt, except the real estate financing related to the holding in Vallhall. The reduction of cash from third quarter relates to SD Standard Driling Plc not being a subsidiary in fourth quarter.
"Saga has a solid investment portfolio and a strong balance sheet, enabling the company to continue to pursue attractive investment opportunities within the framework of industries it operates. The company expects the current market volatility to continue going forward, providing opportunities to create value through investments in assets, equity or debt", says Espen Lundaas, Chief Executive Officer of Saga.
Fourth quarter 2015 highlights:
- The development of Saga's available for sale portfolio has resulted in other comprehensive income of NOK 222.6 million. This represents 73% return on investments (available for sale portfolio and short term trading) in fourth quarter and approximately 100% return on investments year to date. This is mainly due to a share price increase in NEL ASA and Axactor AB during the quarter
- Received dividend distribution of NOK 244 million from SD Standard Drilling Plc, equal to USD 0.16 per share. Saga reduced it's ownership in SD Standard Drilling Plc from 68.4% to 46.2%. SD Standard Drilling Plc is recognized as an associate from fourth quarter and going forward
- Invested NOK 40 million in the private placement in Axactor AB
- Saga reduced it's ownership in both Aqualis ASA and Weifa ASA during the quarter
- Other financial items and exchange difference currency translations are mainly related to SD Standard Drilling Plc
Key figures
| NOK 1000 | Oct-Dec 2015 | Oct-Dec 2014 | Jan-Dec 2015 | Jan-Dec 2014 |
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |
| Operating revenues | 6 342 | 4 396 | 81 510 | 8 079 |
| Operating proft (-loss) before depreciation (EBITDA) | -16 451 | 2 498 | 15 204 | 1 572 |
| Operating profit/(-loss) (EBIT) | -17 125 | 1 782 | 12 565 | 225 |
| Net profit/(-loss) | -16 595 | 2 341 | 14 143 | 830 |
| Total comprehensive income | 189 581 | 2 341 | 267 281 | -38 649 |
| Value adjusted equity per share (NOK) | 3,26 | 2,06 | 3,26 | 2,06 |
| Basic and diluted earnings per share NOK | -0,06 | 0,01 | 0,07 | 0,00 |
| TNOK | Share of total | ||
| Fixed assets | 92 107 | 9,03 % | |
| Available-for-sale financial assets | 461 908 | 45,27 % | |
| Associates | 38 143 | 3,74 % | |
| Current assets | 428 140 | 41,96 % | |
| Total assets | 1 020 298 | 100,00 % | |
| Available-for-sale financial assets | Fair value TNOK | No of shares | Ownership |
| NEL ASA | 249 159 | 51 908 055 | 7,6 % |
| Axcator AB | 134 304 | 67 151 999 | 11,3 % |
| Vistin Pharma ASA | 42 071 | 1 965 943 | 11,5 % |
| Weifa ASA | 23 586 | 25 091 825 | 2,8 % |
| Aqualis ASA | 12 788 | 3 304 283 | 7,6 % |
| Total | 461 908 |
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 fourth quarter the largest investments in Saga Tankers ASA were:
Nel ASA (7.6% ownership):
range as conventional vehicles today.
For further information: www.nel-asa.com
Axactor AB (11.3% ownership):
Axactor is addressing a large non-performing loan (NPL) market in Europe. The market is estimated to around € 1.5 trillion and with a solid growth rate. The main growth factors are partly driven by regulatory changes, sales of non-performing loans and an accelerating trend of outsourcing debt collection to specialized companies. Furthermore, Axactor see a consolidation trend in the debt collection/debt purchase industry. Axactors main focus in the credit management value chain will be: amicable and legal collection, surveillance and acquisition of NPLs
As a first step in Axactor's Pan-European growth strategy they acquired the company ALD Abogados, a leading debt collection agency in Spain. The company has a diversified customer base and will be the platform for future growth in the Spanish market.
For more information: www.axactor.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
Weifa ASA (2.8% ownership):
Weifa is Norway's leading consumer health company. The company supply real value through medicines, lifestyle products and solutions that address the essential needs of
consumers, customers and professional partners. Weifa was founded in 1940 and
now employs about 30 highly qualified people at the headquarters in Oslo. The
company has a strong position in Norway and is the market leader in pain relief,
with well-established brands such as Paracet and Ibux. Weifa are also present in
other key areas such as dietary supplements and treatment for colds and
respiratory problems. Weifa is listed on the Oslo Børs (ticker WEIFA).
For further information: www.weifa.no
Aqualis ASA (7.6% ownership):
Aqualis ASA (OSE: Aqua) is a public company that, through its subsidiaries,
offers energy consultancy services to the global oil and gas, wind and solar
sectors. The group employs experienced consultants in 22 offices in 15 countries
worldwide. Aqualis ASA operates under three different brands: Aqualis Offshore,
Offshore Wind Consultants and ADLER Solar. Aqualis Offshore is a specialized
offshore marine and engineering consultancy firm, focusing on the shallow and
deep-water offshore segments of the oil and gas industry. Offshore Wind
Consultants is a globally focused consultancy providing independent services to
the offshore renewables industry. ADLER Solar is a technical and engineering
service provider for the global solar industry. Aqualis owns 49.9 percent of ADLER Solar.
further information: www.aqualis.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.
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.