Login ID:
Password:
Partner Login
Contact Us : 7066511911

Press Release: Saga Tankers ASA : Q4 2017 Financial Results

28 Feb 2018 6:00 am
 
   (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 
 
 
 
 
                                                          Oct-Des      Oct-Dec      Jan-Dec      Jan-Dec 
NOK 1000                                                   2017         2016         2017         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. 
 
 
 
 
 
   This information is subject to the disclosure requirements pursuant to 
section 5-12 of the Norwegian Securities Trading Act. 
 
   Q4 2017 Financial Report: http://hugin.info/143211/R/2171945/837023.pdf 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Saga Tankers ASA via Globenewswire 
 
 
 
 

(END) Dow Jones Newswires

February 28, 2018 01:00 ET (06:00 GMT)
Disclaimer
Top 5 Special Reports
USD/MYR
USD/CNY & USD/IDR
USD/ARS & USD/BRL
CRB Index & U.S. Dollar Index—
USD/INR (Nov. ’19) – Bullish Breakout Confirmed – Hold ...