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(Oslo, 30 May 2018) Saga Tankers ASA ("Saga", OSE: SAGA) reported a net asset value (NAV) of NOK 412 million end of the first quarter 2018, corresponding to NOK 1.55 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 58 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 21 million, classified as net loss from available for sale assets. The negative change should be contemplated in conjunction with the quarterly share of profits from associates of NOK 22.6 million, as this relates to SD Standard Drilling Plc.
Saga`s ownership in SD Standard Drilling Plc has been diluted during the quarter from 20.2% to 18.4% due to an equity issue in SD Standard Drilling Plc. As a result SD Standard Drilling Plc is not considered as an associated entity from March 2018. No further substantial changes have been made in the investment portfolio during the fourth quarter.
Key figures
| NOK 1000 | Jan-Mar 2018 | Jan-Mar 2017 | Jan-Dec 2017 |
| (unaudited) | (unaudited) | (unaudited) | |
| Operating revenues | 6 831 | 42 545 | 73 979 |
| Operating profit (-loss) before depreciation (EBITDA) (1) | 4 309 | 36 715 | 59 368 |
| Operating profit/(-loss) (EBIT) (2) | 3 576 | 36 076 | 56 656 |
| Net profit/(-loss) | 3 097 | 36 228 | 56 883 |
| Total comprehensive income | 2 690 | 56 432 | 20 543 |
| Value adjusted equity per share (NOK) (3) | 1,55 | 3,15 | 1,54 |
| Basic and diluted earnings per share NOK | 0,01 | 0,13 | 0,20 |
| (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 | 92 011 | 17 % | |
| Available-for-sale financial assets | 377 476 | 71 % | |
| Current assets | 59 116 | 11 % | |
| Total assets | 528 602 | 100 % |
| Available-for-sale financial assets | Fair value TNOK | No of shares | Ownership |
| Pareto Bank ASA | 186 944 | 5 052 547 | 8,6 % |
| SD Standard Drilling Plc | 160 040 | 105 846 245 | 18,4 % |
| Vistin Pharma ASA | 22 903 | 1 965 943 | 11,5 % |
| Other investments | 7 589 | ||
| Total | 377 476 |
Financial assets are adjusted to market value according to IFRS. Vallhall Arena is a subsidiary.