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(Oslo, 15 May 2019) Saga Tankers ASA ("Saga", OSE: SAGA) reported a net asset value (NAV) of NOK 322.8 million end of the first quarter 2019, corresponding to NOK 1.21 per outstanding share, excluding minority interests and with Vallhall valued at book value.
By the end of the first quarter, Saga had a cash balance of NOK 135 million. All long-term debt are related to the real estate owned by Vallhall (Saga's ownership is 55%).
During the quarter, the market value of shares held in SD Standard Drilling Plc and Vistin Pharma ASA increased with NOK 21.6 million. This is classified as net gain from available for sale assets.
Saga has during first quarter 2019 increased its ownership in Vistin Pharma ASA from 12.4% to 14.2% with a purchase price of NOK 6.9 per share.
NOK 1000 Jan-Mar 2019 Jan-Mar 2018 Jan-Dec 2018
(unaudited) (unaudited) (unaudited)
Operating revenues 28 197 6 831 21 187
Operating profit (-loss) before depreciation (EBITDA) (1) 22 753 4 309 -61 697
Operating profit/(-loss) (EBIT) (2) 21 996 3 576 -64 739
Net profit/(-loss) 21 767 3 097 -66 314
Total comprehensive income 21 767 2 690 -66 721
Value adjusted equity per share (NOK) (3) 1,21 1,55 1,14
Basic and diluted earnings per share NOK 0,08 0,01 -0,26
(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 91 064 22 %
Available-for-sale financial assets 186 443 45 %
Current assets 135 997 33 %
Total assets 413 505 100 %
Available-for-sale financial assets Fair value TNOK No of shares Ownership
SD Standard Drilling Plc 129 768 105 846 245 18,4 %
Vistin Pharma ASA 47 132 6 284 280 14,2 %
Other investments 9 543
Total 186 443
Financial assets are adjusted to market value according to IFRS. Vallhall Arena is a subsidiary.
By end of first quarter the main investments in Saga Tankers ASA were:
SD Standard Drilling Plc (18.4% ownership):
At the end of first quarter, the company owns 100% of 5 large-size PSV's and has ownership and economic exposure in 9 mid-size PSV's bringing the total fleet of part and/or fully owned vessels to 14. This includes one medium size vessel that are sold but leased back on a 1 year bare boat contract.
In April the company purchased one additional large size PSV, bringing the total fleet of vessels to 15.
For further information: www.standard-drilling.com
Vistin Pharma ASA (14.2% 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
+47 92 43 14 17
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
SAGA Q1 Report 2019.pdf
SAGA OSE Notification Q1 2019.pdf