{"id":63804,"date":"2020-08-21T10:39:00","date_gmt":"2020-08-21T10:39:00","guid":{"rendered":"https:\/\/icrowdnewswire.com\/2020\/08\/21\/saga-tankers-asa-q2-2020-financial-results-and-upcoming-dividend-distribution-of-nok-0-1-per-share\/"},"modified":"2020-08-21T10:39:00","modified_gmt":"2020-08-21T10:39:00","slug":"saga-tankers-asa-q2-2020-financial-results-and-upcoming-dividend-distribution-of-nok-0-1-per-share","status":"publish","type":"post","link":"https:\/\/ipsnews.net\/business\/2020\/08\/21\/saga-tankers-asa-q2-2020-financial-results-and-upcoming-dividend-distribution-of-nok-0-1-per-share\/","title":{"rendered":"Saga Tankers ASA: Q2 2020 financial results and upcoming dividend distribution of NOK 0.1 per share"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" width=\"233\" height=\"24\" src=\"https:\/\/icrowdnewswire.com\/wp-content\/uploads\/2020\/07\/4000-logo.png\" class=\"webfeedsFeaturedVisual wp-post-image\" alt=\"\" style=\"display: block; margin-bottom: 5px; clear:both;max-width: 100%;\" link_thumbnail=\"\" \/><\/p>\n<p><strong>Saga Tankers ASA reported a net asset value (NAV) of NOK&nbsp; 272 million end of the second quarter 2020, corresponding to NOK 1.02 per outstanding share, excluding minority interests and with Vallhall valued at book value.<\/strong><\/p>\n<p>By the end of the second quarter, Saga had a cash balance of NOK 117 million. All long-term debt are related to the real estate owned by Vallhall (Saga&rsquo;s ownership is 55%).<\/p>\n<p>The Board of Directors intends to make a resolution of a dividend distribution of NOK 0.1 per share, corresponding to NOK 26.7 million.<\/p>\n<p>Such resolution to distribute dividend is expected to be passed within a few days, following the registration of the authorization in Br&oslash;nn&oslash;ysund Register Centre, granted by the Extraordinary General Meeting in June. &nbsp;Further information on such resolution, including key information on the cash dividend, will be given in due course.<\/p>\n<p>Saga has during the quarter sold 4 million shares in Vistin Pharma ASA at NOK 12.5 per share, corresponding to a gain of NOK 22 million compared to the book value end of first quarter.<\/p>\n<p>Saga distributed a dividend of NOK 0.1 per share during the second quarter, corresponding to a total dividend distribution of NOK 26.7million.<\/p>\n<p>The net market value of shares held in SD Standard Drilling Plc and the remaining shares in Vistin Pharma ASA increased by approx. NOK 10 million, classified as net gain from available for sale assets.&nbsp;In addition Saga has received NOK 2.3 million in dividends from Vistin Pharma ASA.<\/p>\n<p>Saga has during the quarter invested NOK 24 million in Kongsberg Automotive ASA. This investment, classified as financial assets at fair value, has in the second quarter an accumulated gain of NOK 14 million (realized and unrealized).<\/p>\n<p>Saga has not made any other adjustments in the portfolio classified as financial assets available for sale during the quarter.<\/p>\n<p><strong>Key figures<\/strong><\/p>\n<table class=\"gnw_table_border_collapse hugin\">\n<tbody>\n<tr>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">NOK 1000<\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>Apr-Jun 2020<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>Apr-Jun 2019<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>Jan-Jun 2020<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>Jan-Jun 2019<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">&nbsp;<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">(unaudited)<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">(unaudited)<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">(unaudited)<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">(unaudited)<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">Operating revenues<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">&nbsp; 54 219<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">&nbsp; 4 537<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">&nbsp; 10 340<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">&nbsp; 27 833<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">Operating profit (-loss) before depreciation (EBITDA) (1)<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">&nbsp; 50 114<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">&nbsp; -4 958<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">&nbsp; -48 472<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">&nbsp; 17 796<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">Operating profit\/(-loss) (EBIT) (2)<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">&nbsp; 49 262<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">&nbsp; -5 713<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">&nbsp; -50 047<\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\">&nbsp; 16 284<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>Net profit\/(-loss)<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>&nbsp; 49 080<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>&nbsp; -5 941<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>&nbsp; -50 534<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>&nbsp; 15 826<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>Total comprehensive income<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>&nbsp; 49 080<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>&nbsp; -5 941<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>&nbsp; -50 534<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>&nbsp; 15 826<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>&nbsp;<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>&nbsp;<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>&nbsp;<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>&nbsp;<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>&nbsp;<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>Value adjusted equity per share (NOK) (3)<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>&nbsp;&nbsp;<\/strong><strong>1,02<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>&nbsp; 1,19<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>&nbsp; 1,02<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>&nbsp; 1,19<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>&nbsp;<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>&nbsp;<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>&nbsp;<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>&nbsp;<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>&nbsp;<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>Basic and diluted earnings per share NOK<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>&nbsp;&nbsp;<\/strong><strong>0,18<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>&nbsp; -0,02<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>&nbsp; -0,20<\/strong><\/td>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\"><strong>&nbsp; 0,05<\/strong><\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" colspan=\"5\">(1) EBITDA can be calculated from the statement&nbsp; of income by deducting interest income, interest expenses and depreciation from the profit\/(loss) before taxes.<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" colspan=\"5\">(2) EBIT can be calculated from the statement of income by deducting interest income and&nbsp; interest expenses from the profit\/(loss) before taxes.<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_border_bottom_solid hugin gnw_vertical_align_bottom\" colspan=\"5\">(3) Value adjusted equity has been calculated through application of&nbsp; 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.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p>Key balance sheet figures as of 30 June 2020:<\/p>\n<p>&nbsp;<\/p>\n<table class=\"gnw_table_border_collapse hugin\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"hugin\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin\">TNOK<\/td>\n<td class=\"gnw_align_right hugin\">Share of total<\/td>\n<td class=\"gnw_align_right hugin\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin\">Fixed assets<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">&nbsp; 89 523<\/td>\n<td class=\"gnw_align_right hugin\">25 %<\/td>\n<td class=\"gnw_align_right hugin\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin\">Available-for-sale financial assets<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">&nbsp; 113 175<\/td>\n<td class=\"gnw_align_right hugin\">32 %<\/td>\n<td class=\"gnw_align_right hugin\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin\">Current assets<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">&nbsp; 155 340<\/td>\n<td class=\"gnw_align_right hugin\">43 %<\/td>\n<td class=\"gnw_align_right hugin\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin\"><strong>Total assets<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin\"><strong>358 038<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin\"><strong>100 %<\/strong><\/td>\n<td class=\"gnw_align_right hugin\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin\">Available-for-sale financial assets<\/td>\n<td class=\"gnw_align_right hugin\">Fair value TNOK<\/td>\n<td class=\"gnw_align_right hugin\">No of shares<\/td>\n<td class=\"gnw_align_right hugin\">Ownership<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin\">SD Standard Drilling Plc<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">&nbsp; 78 326<\/td>\n<td class=\"gnw_align_right hugin\">105 846 245<\/td>\n<td class=\"gnw_align_right hugin\">18,4 %<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin\">Vistin Pharma ASA<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">&nbsp; 27 754<\/td>\n<td class=\"gnw_align_right hugin\">2 284 280<\/td>\n<td class=\"gnw_align_right hugin\">5,15 %<\/td>\n<\/tr>\n<tr>\n<td class=\"hugin\">Other investments<\/td>\n<td class=\"gnw_align_right hugin gnw_vertical_align_bottom\">&nbsp; 7 094<\/td>\n<td class=\"gnw_align_right hugin\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin\">&nbsp;<\/td>\n<\/tr>\n<tr>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid hugin\"><strong>Total<\/strong><\/td>\n<td class=\"gnw_border_top_solid gnw_border_bottom_solid gnw_align_right hugin\"><strong>113 175<\/strong><\/td>\n<td class=\"gnw_align_right hugin\">&nbsp;<\/td>\n<td class=\"gnw_align_right hugin\">&nbsp;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>Financial assets are adjusted to market value according to IFRS. Vallhall Arena is a subsidiary.<\/p>\n<p><strong>By end of second quarter the main investments in Saga Tankers ASA were:<\/strong><\/p>\n<p><strong>SD Standard Drilling Plc (18.4% ownership):<\/strong><\/p>\n<p align=\"justify\">At the end of the second quarter, the company owned 100% of 4 large-size PSV&rsquo;s and had ownership and economic exposure in 9 mid-size PSV&rsquo;s bringing the total fleet of part and\/or fully owned vessels to 13. This includes one medium size vessel that are sold but leased back on a 1 year bare boat contract. In 2020 the company has in total invested USD 36.74 million, including working capital for a 33.3% ownership in a new built Eco Design VLCC(&ldquo;VLCC&rdquo;). The VLCC was acquired for USD 106 million and delivered directly from the yard, Daewoo Shipbuilding &amp; Marine Engineering Co in Korea, end of January 2020. SDSD has since then received USD 19.67 million as the ship owning company has secured a senior secured loan facility of up to USD 60 million.<\/p>\n<p align=\"justify\">For further information:&nbsp;www.standard-drilling.com<\/p>\n<p><strong>Vistin Pharma ASA (5.15% ownership):<\/strong><br \/>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).<\/p>\n<p>For further information:&nbsp;www.vistin.com<\/p>\n<p><strong>Vallhall&nbsp;<\/strong><strong>(55% ownership):<\/strong><br \/>Vallhall Arena is Oslo&rsquo;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&nbsp;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.<\/p>\n<p>For more information:&nbsp;www.vallhall.no<\/p>\n<p><strong>For further information, please contact:<\/strong><br \/>CEO Espen Lundaas<br \/>+47 92 43 14 17<\/p>\n<p class=\"tags\">\n<div><strong>See Campaign: <\/strong><a href=\"http:\/\/www.standard-drilling.com\" target=\"_blank\">http:\/\/www.standard-drilling.com<\/a><br \/><b>Contact Information:<\/b><br \/>CEO Espen Lundaas<br \/>\n+47 92 43 14 17<\/p>\n<p><b>Tags:<\/b><br \/><a href=\"\"><\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/news-category\/wire\/\" rel=\"category tag\">Wire<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/news-category\/disclosure-newswire\/\" rel=\"category tag\">Disclosure Newswire<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/global-regions\/united-states\/\" rel=\"category tag\">United States<\/a>, <a href=\"https:\/\/icrowdnewswire.com\/category\/language\/english\/\" rel=\"category tag\">English<\/a><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"\" alt=\"image\" width=\"400\" height=\"300\" class=\"cwdfimg\" \/><\/div>\n<div>\n<h3>Contact Information:<\/h3>\n<p>CEO Espen Lundaas<br \/>\n+47 92 43 14 17<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" width=\"233\" height=\"24\" src=\"https:\/\/icrowdnewswire.com\/wp-content\/uploads\/2020\/07\/4000-logo.png\" alt=\"\">Saga Tankers ASA reported a net asset value (NAV) of NOK&nbsp; 272 million end of the second quarter 2020, corresponding to NOK 1.02 per outstanding share, excluding minority interests and with Vallhall valued at book value. By the end of the second quarter, Saga had a cash balance of NOK 117 million. All long-term debt &hellip; <a href=\"https:\/\/icrowdnewswire.com\/2020\/08\/21\/saga-tankers-asa-q2-2020-financial-results-and-upcoming-dividend-distribution-of-nok-0-1-per-share\/\">Continue reading <span>Saga Tankers ASA: Q2 2020 financial results and upcoming dividend distribution of NOK 0.1 per share<\/span><\/a> <a href=\"https:\/\/ipsnews.net\/business\/2020\/08\/21\/saga-tankers-asa-q2-2020-financial-results-and-upcoming-dividend-distribution-of-nok-0-1-per-share\/\" class=\"more-link\">Continue Reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":46,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[56,3,22,54],"tags":[],"class_list":["post-63804","post","type-post","status-publish","format-standard","hentry","category-disclosure-newswire","category-english","category-united-states","category-wire"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Saga Tankers ASA: Q2 2020 financial results and upcoming dividend distribution of NOK 0.1 per share - Business<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/ipsnews.net\/business\/2020\/08\/21\/saga-tankers-asa-q2-2020-financial-results-and-upcoming-dividend-distribution-of-nok-0-1-per-share\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saga Tankers ASA: Q2 2020 financial results and upcoming dividend distribution of NOK 0.1 per share - Business\" \/>\n<meta property=\"og:description\" content=\"Saga Tankers ASA reported a net asset value (NAV) of NOK&nbsp; 272 million end of the second quarter 2020, corresponding to NOK 1.02 per outstanding share, excluding minority interests and with Vallhall valued at book value. By the end of the second quarter, Saga had a cash balance of NOK 117 million. 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