Saga Pure — Interim / Quarterly Report 2018

Aug 31, 2018

Saga Tankers ASA : Q2 2018 financial results

Saga Tankers ASA : Q2 2018 financial results

(Oslo, 31 August 2018) Saga Tankers ASA ("Saga", OSE: SAGA) reported a net asset

value (NAV) of NOK  439 million end of the second quarter 2018, corresponding to

NOK 1.65 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 64.5 million.

All long-term debt are related to the real estate in Vallhall (Saga's ownership

is 55%).

During the quarter, the net gain of SD Standard Drilling Plc, Vistin Pharma ASA

and Pareto Bank ASA was NOK 28 million, classified as net gain from available

for sale assets.

Saga has during the quarter reduced the ownership in Pareto Bank ASA from 8.6%

to 5.7%. Vallhall has distributed NOK 20 million in dividend during the quarter,

of which NOK 8.1 million has been distributed to the minority interest of

Vallhall, thereby reducing the equity accordingly.

No further substantial changes have been made in the investment portfolio during

the second quarter.

Key figures

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NOK 1000 Apr-Jun 2018 Apr-Jun 2017 Jan-Jun 2018 Jan-Jun 2017

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(unaudited) (unaudited) (unaudited) (unaudited)

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Operating revenues   33 339   9 437   19 072   51 982

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Operating profit (-

loss) before

depreciation

(EBITDA) (1)   28 415   5 643   32 724   42 358

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Operating profit/(-

loss) (EBIT) (2)   27 682   4 964   31 259   41 041

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Net profit/(-loss)   27 223   5 182   30 320   41 409

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Total comprehensive

income   27 223   -37 819   29 913   18 613

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Value adjusted

equity per share

(NOK) (3)   1,65   3,01   1,65   3,01

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Basic and diluted

earnings per share

NOK   0,10   0,02   0,11   0,15

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(1) EBITDA can be calculated from the statement  of income by deducting

interest income, interest expenses and depreciation from the profit/(loss)

before taxes.

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(2) EBIT can be calculated from the statement of income by deducting interest

income and  interest expenses from the profit/(loss) before taxes.

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(3) Value adjusted equity has been calculated through application of  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 balancesheet, the VAE per share equals total equity

excluding non-controlling interests per outstanding share.

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TNOK Share of total

Fixed assets   91 584 17 %

Available-for-sale financial assets   373 146 70 %

Current assets   65 716 12 %

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Total assets 530 446 100 %

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Available-for-sale financial assets Fair value TNOK No of shares Ownership

Pareto Bank ASA   129 241 3 365 644 5,7 %

SD Standard Drilling Plc   175 916 105 846 245 18,4 %

Vistin Pharma ASA   60 400 5 515 943 12,4 %

Other investments   7 589

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Total 373 146

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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:

Pareto Bank ASA (5.7% ownership)

Pareto Bank is a leading niche player within project financing. The bank has

main focus on financing of real estate, securities and corporate, shipping and

offshore. Pareto Bank is a compact organization with approximately 37 employees,

short decision lines, and an efficient credit decision process. The main

geographical real estate exposure is in Oslo and Akershus. Financing of

securities is mainly related to listed stocks. Pareto Bank also finance small

and medium size corporate, primarily related to a project or M&A. Further Pareto

Bank finance some segments within the shipping and offshore industry.

For further information: www.paretobank.no

SD Standard Drilling Plc (18.4% ownership):

The company currently owns 100% of five large-size PSV's and has ownership in

15 mid-size PSV's bringing the total fleet of part and/or fully owned vessels to

For further information: www.standard-drilling.com

Vistin Pharma ASA (12.4% 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.

For further information: www.vistin.com

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.

For more information: www.vallhall.no

For further information, please contact:

CEO Espen Lundaas

+47 92 43 14 17

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.