Saga Tankers ASA : Q1 2017 Financial results
(Oslo, 30 May 2017) Saga Tankers ASA ("Saga", OSE: SAGA) reported a net asset value (NAV) of NOK 839 million at the end of the first quarter of 2017, corresponding to NOK 3.15 per share, excluding minority interests and with Vallhall valued at book value.
By the end of first quarter, Saga had a cash balance of NOK 474 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 20.7 million, classified as other comprehensive income, is the net effect of positive return on investment in SD Standard Drilling Plc and negative effect on investments in Pareto Bank ASA and Nel ASA. The accumulated comprehensive income of the investment in NEL ASA were reclassified to profit and loss due to the disposal of the investment during the quarter.
First quarter 2017 highlights:
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Saga has increased its investment in SD Standard Drilling Plc through the quarter by participating in the equity issues in Standard Drilling Plc. As a result of several equity issues Saga`s ownership has been reduced to 14.9%
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Saga has disposed its ownership in NEL ASA. This resulted in a gain of NOK 36.8 million over the profit and loss statement, of which NOK 23.5 million were reclassified of former other comprehensive income
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Saga has increased its ownership in Pareto Bank ASA to 8.6% during the quarter
Key figures
| NOK 1000 | Jan-Mar 2017 | Jan-Mar 2016 | Jan-Dec 2016 |
| (unaudited) | (unaudited) | (audited) | |
| Operating revenues | 42 545 | 16 478 | 135 638 |
| Operating profit (-loss) before depreciation (EBITDA) (1) | 36 715 | 10 960 | 112 177 |
| Operating profit/(-loss) (EBIT) (2) | 36 076 | 10 229 | 109 545 |
| Net profit/(-loss) | 36 228 | 10 352 | 110 380 |
| Total comprehensive income | 56 432 | -119 350 | -96 436 |
| Value adjusted equity per share (NOK) (3) | 3,15 | 2,85 | 2,95 |
| Basic and diluted earnings per share NOK | 0,13 | 0,03 | 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 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 | 89 268 | 10 % | |
| Available-for-sale financial assets | 357 148 | 39 % | |
| Associates | - | 0 % | |
| Current assets | 475 550 | 52 % | |
| Total assets | 921 965 | 100 % | |
| Available-for-sale financial assets | Fair value TNOK | No of shares | Ownership |
| Pareto Bank ASA | 190 986 | 5 052 547 | 8,6 % |
| SD Standard Drilling Plc | 110 376 | 157 680 002 | 14,9 % |
| Vistin Pharma ASA | 47 183 | 1 965 943 | 11,5 % |
| Other investments | 8 604 | ||
| Total | 357 148 |
Financial assets are adjusted to market value according to IFRS. SD Standard Drilling Plc has been reclassified from an associated company to available-for sale financial asset. Vallhall Arena is a subsidiary.