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Saga Tankers ASA: Q3 2020 financial results

Written by Customer Service on . Posted in Public Companies.

(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 eventsOn 19 October Saga published a new strategy, focusing on renewable energyBjørn Simonsen (from NEL ASA) appointed as new CEOCompleted two Private Placements, raising total gross NOK 88 millionOwnership in Vallhall and SD Standard Drilling Plc has been disposedInvested NOK 55 million in Everfuel A/S by purchasing 2.5 million shares, representing 3.4%, at NOK 22 per shareStill holding non-core investments of ~2.3 million shares in Vistin Pharma ASA and ~1 million shares in Element ASAAfter the transactions described above, the total cash holding is approximately NOK 250 millionSaga 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 tickerKey figuresKey balance sheet figures as of 30 September 2020:Financial assets are adjusted to market value according to IFRS. Vallhall Arena is a subsidiary, but has been reclassified as assets and liabilities held for sale in the balance statement, and as discontinued operations in the profit and loss statement in the third quarter. The disposal has been executed in the fourth quarter.For further information, please contact:
CEO Espen Lundaas
+47 92 43 14 17This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading ActAttachmentsSAGA OSE Notification Q3 2020Q3 2020 REPORT

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