Saga Tankers ASA : Q1 2019 financial results
Saga Tankers ASA (“Saga”, OSE: SAGA) reported a net asset value (NAV) of NOK 322.8 million end of the first quarter 2019, corresponding to NOK 1.21 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 135 million. All long-term debt are related to the real estate owned by Vallhall (Saga`s ownership is 55%).
During the quarter, the market value of shares held in SD Standard Drilling Plc and Vistin Pharma ASA increased with NOK 21.6 million. This is classified as net gain from available for sale assets.
Saga has during first quarter 2019 increased its ownership in Vistin Pharma ASA from 12.4% to 14.2% with a purchase price of NOK 6.9 per share.
Financial assets are adjusted to market value according to IFRS. Vallhall Arena is a subsidiary.
By end of first quarter the main investments in Saga Tankers ASA were:
SD Standard Drilling Plc (18.4% ownership):
At the end of first quarter, the company owns 100% of 5 large-size PSV`s and has ownership and economic exposure in 9 mid-size PSV`s bringing the total fleet of part and/or fully owned vessels to 14. This includes one medium size vessel that are sold but leased back on a 1 year bare boat contract.
In April the company purchased one additional large size PSV, bringing the total fleet of vessels to 15.
Vistin Pharma ASA (14.2% ownership):
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.
Vallhall (55% ownership):
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.Full Report
Source: Saga Tankers ASA