Saga Tankers ASA : Q2 2018 financial results

(Oslo, 31 August 2018) Saga Tankers ASA ("Saga", OSE: SAGA) reported a net asset value (NAV) of NOK  439 million end of the second quarter 2018, corresponding to NOK 1.65 per outstanding share, excluding minority interests and with Vallhall valued at book value.By the end of the second...

London, 31/08/2018 (informazione.news - comunicati stampa - trasporti)

By the end of the second quarter, Saga had a cash balance of NOK 64.5 million. All long-term debt are related to the real estate in Vallhall (Saga's ownership is 55%).

During the quarter, the net gain of SD Standard Drilling Plc, Vistin Pharma ASA and Pareto Bank ASA was NOK 28 million, classified as net gain from available for sale assets. 

Saga has during the quarter reduced the ownership in Pareto Bank ASA from 8.6% to 5.7%. Vallhall has distributed NOK 20 million in dividend during the quarter, of which NOK 8.1 million has been distributed to the minority interest of Vallhall, thereby reducing the equity accordingly. 

No further substantial changes have been made in the investment portfolio during the second quarter. 

 

 

 

 

Financial assets are adjusted to market value according to IFRS. Vallhall Arena is a subsidiary.

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

The company currently owns 100% of five large-size PSV's and has ownership in 15 mid-size PSV's bringing the total fleet of part and/or fully owned vessels to 20.

For further information: www.standard-drilling.com

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 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

 

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.