OSE FILING
Saga Tankers ASA: Q4 2016 financial results
(Oslo, 28 February 2017) Saga Tankers ASA ("Saga", OSE: SAGA) reported a net asset value (NAV) of NOK 784 million at the end of the fourth quarter of 2016, corresponding to NOK 2.95 per share, excluding minority interests and with Vallhall valued at book value.
By the end of fourth quarter, Saga had a cash balance of NOK 439 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 9.7 million, classified as other comprehensive income, is the net effect of positive return on investment in Pareto Bank and negative effect on investments in Vistin Pharma ASA and Nel ASA.
Fourth quarter 2016 highlights:
- Saga has increased its ownership in Pareto Bank ASA through the quarter from 6.3%to 8.5 % at the year end
- Saga has purchased approx 13.6 million own shares and has a holding of approx 20.6 million own shares, corresponding to 7.2 % of the outstanding shares at the year end
- In December Saga subscribed for18.4 million shares in a private placement in S.D Standard Drillling Plc. The shares were allocated in 2017. At the year end Saga's ownership in S.D Standard Drilling Plc was 46.16%. Due to several equity issues post year end, included the subscription in December 2016 and allocations in January 2017, Saga's ownership in S.D Standard Drilling Plc has been reduced to 15.4% as of 28 February 2017
Key figures
| NOK 1000 | Oct-Dec 2016 | Oct-Dec 2015 | Jan-Dec 2016 | Jan-Dec 2015 |
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |
| Operating revenues | 4 491 | 6 342 | 135 638 | 81 510 |
| Operating profit (-loss) before depreciation (EBITDA) (1) | -589 | -16 451 | 112 177 | 15 204 |
| Operating profit/(-loss) (EBIT) (2) | -1 030 | -17 125 | 109 545 | 12 565 |
| Net profit/(-loss) | -684 | -16 595 | 110 496 | 14 058 |
| Total comprehensive income | 10 928 | 189 581 | -96 320 | 267 197 |
| Value adjusted equity per share (NOK) (3) | 2,95 | 3,26 | 2,95 | 3,26 |
| Basic and diluted earnings per share NOK | - | -0,06 | 0,39 | 0,07 |
| (1) EBITDA can be calculated from the statement of income by deducting interest income, interest expences 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 | 89 513 | 10 % | |
| Available-for-sale financial assets | 298 480 | 35 % | |
| Associates | 36 223 | 4 % | |
| Current assets | 439 685 | 51 % | |
| Total assets | 863 900 | 100 % | |
| Available-for-sale financial assets | Fair value TNOK | No of shares | Ownership |
| Pareto Bank ASA | 190 101 | 4 989 516 | 8,5 % |
| NEL ASA | 52 593 | 25 908 055 | 3,8 % |
| Vistin Pharma ASA | 47 183 | 1 965 943 | 11,5 % |
| Total | 289 876 | ||
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 first quarter the largest investments in Saga Tankers ASA were:
Nel ASA (3.8% ownership):
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
Pareto Bank ASA ( 8.5% 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
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 (15.4% 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 have 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
