Saga Pure — Earnings Release 2021

Feb 16, 2022

Saga Pure: Fourth quarter 2021 financial results

Saga Pure: Fourth quarter 2021 financial results

(Oslo, 16 February 2022) Saga Pure ASA (Saga Pure, OSE: SAGA) reported a net

profit in the fourth quarter 2021 of NOK 92.6 million (Cont. operation Q4 2020:

NOK 213.3 million), not adjusted for the underlying positive value development

in Bergen Carbon Solutions AS (BCS), and a year-to-date return on equity of 25.8

percent. Including BCS at market value, the return on equity exceeds 86 percent

at the end of 2021. The Board of Directors has decided to distribute a dividend

of NOK 0.10 per share.

"The companies in Saga Pure's investment portfolio continue the positive

development, where especially BCS has contributed to an underlying return on

equity of over 86 percent at the end of 2021. We continue to be highly selective

in our investment approach, hold a significant cash position and believe the

volatile market development will provide opportunities. We also spend

considerable amount of time working actively with our portfolio companies," says

Bjørn Simonsen, Chief Executive Officer of Saga Pure.

Saga Pure reported a net profit in the fourth quarter 2021 of NOK 92.6 million

(Cont. operation Q4 2020: NOK 213.3 million), with a reported 2021 return on

equity of 25.8 percent. The company had NOK 778.1 million in cash at the end of

the quarter. During the fourth quarter, Saga Pure sold 1.5 million shares in BCS

for a gain of NOK 77.9 million. Saga Pure is an investment company, where

holdings in certain companies are regarded as associated companies. Hence the

underlying value development will not be reflected in the IFRS accounts.

The Board of Directors has decided to distribute a dividend of NOK 0.1 per

share, as a result the positive development of the portfolio and realization of

gains over the second half of 2021. Including the dividends paid after first

half of 2021, the total distributed dividends over the last twelve months ended

up at NOK 0.2 per share.

Also, after the closing of 2021, the associated company Hyon announced the

successful private placement of NOK 50 million, and was listed on Euronext

Growth 14 February 2022. HYON was founded in 2017 on a mission to accelerate the

energy transition in the maritime sector. The company is set to deliver fast and

safe bunkering of hydrogen for ships both as stand-alone fueling solutions and

as integrated solutions combining production, storage and distribution on a

barge.

"Norway has taken a leading position in low and zero emission solutions for the

maritime sector, and HYON is positioned to play a key role in enabling the blue

economy on a global scale, " says Simonsen, who also serve at the Board of

Directors of HYON and continues:

"Our focus on renewable energy and the transition towards a more sustainable

future continues to gain momentum. Saga Pure has built a strong investment team

with broad industrial competence in accordance with our investment strategy and

has evaluated over 150 companies during 2021. With a significant deal-flow, a

highly selective investment approach and a substantial investment capacity, Saga

Pure is well positioned to capitalize on our green and sustainable investment

strategy," Simonsen concludes.

Saga Pure will host an investor presentation 16 February at 08:00 CET and the

presentation can be followed live at www.sagapure.com, or at

https://channel.royalcast.com/landingpage/hegnarmedia/20220216_2/

The presentation of the financial results for the fourth quarter 2021 and the

Board of Directors report is enclosed.

ENDS

For additional information, please contact:

Bjørn Simonsen, CEO, +47 971 79 821

Espen Lundaas, CFO, +47 924 31 417

About Saga Pure | www.sagapure.com

Saga Pure ASA is an investment company focusing on opportunities within

renewable energy, hydrogen, circular economy and CO\2\-reduction.

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation and is subject to the disclosure requirements pursuant

to section 5-12 of the Norwegian Securities Trading Act. This stock exchange

announcement was published by Espen Lundaas, CFO, Saga Pure ASA, on 16 February

2021 at 07:00 CET.