Saga Tankers ASA: Q2 2020 financial results

Aug 27 2020

Saga Tankers ASA (“Saga”, OSE: SAGA) reported a net asset value (NAV) of NOK 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 are related to the real estate owned by Vallhall (Saga’s ownership is 55%).
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.
Such resolution to distribute dividend is expected to be passed within a few days, following the registration of the authorization in Brønnøysund Register Centre, granted by the Extraordinary General Meeting in June.  Further information on such resolution, including key information on the cash dividend, will be given in due course.
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.
Saga distributed a dividend of NOK 0.1 per share during the second quarter, corresponding to a total dividend distribution of NOK 26.7million.
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. In addition Saga has received NOK 2.3 million in dividends from Vistin Pharma ASA.
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).
Saga has not made any other adjustments in the portfolio classified as financial assets available for sale during the quarter.


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