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
| NOK 1000 | Oct-Des 2017 | Oct-Dec 2016 | Jan-Dec 2017 | Jan-Dec 2016 |
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |
| Operating revenues | 18 004 | 4 491 | 73 979 | 135 638 |
| Operating profit (-loss) before depreciation (EBITDA) (1) | 16 743 | -589 | 59 368 | 112 177 |
| Operating profit/(-loss) (EBIT) (2) | 16 008 | -1 030 | 56 656 | 109 545 |
| Net profit/(-loss) | 15 625 | -684 | 56 883 | 110 496 |
| Total comprehensive income | 8 927 | 10 928 | 20 543 | -96 320 |
| Value adjusted equity per share (NOK) (3) | 1,54 | 2,95 | 1,54 | 2,95 |
| Basic and diluted earnings per share NOK | 0,06 | - | 0,20 | 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 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 balance sheet, the VAE per share equals total equity excluding non-controlling interests per outstanding share. | ||||
| 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 % |
| Total assets | 491 679 | 100 % |
| 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 | ||
| Total | 230 152 |
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.