Saga Tankers ASA 323 0 Kommentare Q3 2020 financial results

(Oslo, 13 November 2020) Saga Tankers ASA (“Saga”, OSE: SAGA) reported a net asset value (NAV) of NOK 242 million end of the third quarter 2020, corresponding to NOK 0.91 per outstanding share, excluding minority interests and with Vallhall valued at book value.

By the end of the third quarter, Saga had a cash balance of NOK 91 million, excluding cash held in the subsidiary Vallhall, that has been reclassified as assets held for sale and liabilities held for sale, pending the subsequent disposal.

During the quarter Saga distributed a dividend of NOK 0.1 per share, corresponding to NOK 26.7 million.

The net market value of shares held in SD Standard Drilling Plc decreased by NOK 7.4 million and the shares in Vistin Pharma ASA increased by NOK 11.2 million. Net NOK 3.8 million has been classified as net gain from available for sale assets. In addition, a net loss of 4.7 million from current investments resulted in a total net loss from investments of NOK 0.9 million for the third quarter.

Subsequent events

On 19 October Saga published a new strategy, focusing on renewable energy
Bjørn Simonsen (from NEL ASA) appointed as new CEO
Completed two Private Placements, raising total gross NOK 88 million
Ownership in Vallhall and SD Standard Drilling Plc has been disposed
Invested NOK 55 million in Everfuel A/S by purchasing 2.5 million shares, representing 3.4%, at NOK 22 per share
Still holding non-core investments of ~2.3 million shares in Vistin Pharma ASA and ~1 million shares in Element ASA
After the transactions described above, the total cash holding is approximately NOK 250 million
Saga Tankers ASA has changed name to Saga Pure ASA. Saga will publish a stock exchange release when the name change is registered in Brønnøysund Register Centre. Saga will not change the ticker

Key figures

NOK 1000	Jul-Sep 2020	Jul-Sep 2019	Jan-Sep 2020	Jan-Sep 2019
	(unaudited)	restated	(unaudited)	restated
Operating revenues	-	-	-	11 710
Operating profit (-loss) before depreciation (EBITDA) (1)	-3 529	-7 678	-57 875	4 387
Operating profit/(-loss) (EBIT) (2)	-3 535	-7 685	-57 893	4 369
Net profit/(-loss) from continuing operations	-3 434	-7 353	-57 281	5 263
Profit (loss) from discontinuing operations	286	369	3 599	3 579
Total comprehensive income total operations	-3 148	-6 984	-53 682	8 842

Value adjusted equity per share (NOK) (3)	0,91	1,16	0,91	1,16

Basic and diluted earnings per share NOK	-0,01	-0,03	-0,21	0,03
(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.