SAGA PURE ASA Saga Pure Q1 2024 reportQ1
Saga Pure Q1 2024 report
Contents
Financial information | |
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Saga Pure Q1 2024 report
Highlights
NOK 1000 | Jan-Mar 2024 | Jan-Mar 2023 | Jan-Dec 2023 |
(unaudited) | (unaudited) | (audited) | |
Operating revenues | 14 244 | 106 | 106 |
Operating profit (-loss) before depreciation (EBITDA) (1) | 9 443 | -82 070 | -157 103 |
Operating profit/(-loss) (EBIT) (2) | 9 443 | -82 070 | -157 103 |
Net profit/(-loss) | 17 750 | -81 704 | -136 920 |
Total comprehensive income | 17 750 | -81 704 | -136 920 |
Basic earnings per share NOK (3) | 0.04 | -0.17 | -0.28 |
Diluted earnings per share NOK (3) | 0.04 | -0.17 | -0.28 |
- EBITDA can be calculated from the statement of income by deducting interest income, interest expenses and depreciation from the profit/(loss) before taxes.
- EBIT can be calculated from the statement of income by deducting interest income and interest expenses from the profit/(loss) before taxes.
- Basic earnings per shares is calculated by dividing shareholders earnings for the period by the average number of outstanding shares in the period. Diluted earnings per shares is calculated by adding potential shares with dilutive effect, in this case average issued equity options, to the average number of outstanding shares.
Financial results
Saga Pure Group ("The Group") reports a net total comprehensive income for the first quarter 2024 of NOK 17.8 million.
The Group had an EBITDA of NOK 9.4 million for the first quarter 2024.
The Group had a net gain on financial assets of NOK 14.2 million in the first quarter.
The Group had a cash holding of NOK 635.5 million at the end of first quarter, versus NOK 696.0 million per year-end 2023.
The Group had during the quarter a net cash investment of 60.7 million in current investments.
Both the average number of outstanding shares in the quarter, and number of outstanding shares at the end of the quarter in the quarter, were 484,878,423.
The Group's condensed unaudited financial statements for the first quarter of 2024 are enclosed.
Company development and investments
At the end of first quarter the Group held investments classified as current financial investments with a fair value of NOK 167.5 million.
Realised gain and changes in market-value for these investments resulted in a gain of NOK 14.2 million for the first quarter.
The Group had a net loss from associates, of NOK 2.3 million.
The net financial items contributed with a profit of NOK 8.3 million for the quarter, of which NOK 9.1 million on net interest, and MNOK -0.8 in exchange-losses. The interest income includes interest from investment in bonds and issued short term loan, as well as interest from bank deposits.
Outlook
The Group will continue, as communicated in previous reports, to be prudent and selective when allocating its investment capital. With no interest-bearing debt, and substantial cash holdings, the Group is well positioned for pursuing new investment opportunities.
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Saga Pure Q1 2024 report
Forward-looking statements
Matters discussed in this report may constitute forward- looking statements. The forward-looking statements in this report are based on various assumptions, many of which are based upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies, which are difficult to predict and beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
Oslo, 13 May 2024
The Board of Directors
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Saga Pure Q1 2024 report
Consolidated condensed statement of comprehensive income
NOK 1000 | Jan-Mar 2024 | Jan-Mar 2023 | Jan-Dec 2023 |
(unaudited) | (unaudited) | (audited) | |
Net gain from financial investments | 14 244 | - | - |
Other income | - | 106 | 106 |
Operating revenues | 14 244 | 106 | 106 |
General administrative expenses | 2 527 | 6 835 | 20 792 |
Net loss from financial investments | - | 72 395 | 55 590 |
Operating expenses | 2 527 | 79 230 | 76 382 |
Share of profit from associates | -2 273 | -2 946 | -80 827 |
Operating profit/(-loss) | 9 443 | -82 070 | -157 103 |
Interest income | 9 604 | 4 568 | 30 987 |
Interest expense | -476 | -737 | -3 040 |
Other financial items | -820 | - 3 465 | -7 763 |
Net financial items | 8 308 | 366 | 20 184 |
Taxes | - | - | - |
Net profit/(-loss) | 17 750 | -81 704 | -136 920 |
Other comprehensive income | - | - | - |
Total comprehensive income | 17 750 | -81 704 | -136 920 |
Basic earnings per share NOK | 0.04 | -0.17 | -0,28 |
Diluted earnings per share NOK | 0.04 | -0.17 | -0,28 |
Average number of shares in the period | 484 878 423 | 479 878 423 | 482 721 830 |
Number of shares outstanding at period end | 484 878 423 | 479 878 423 | 484 878 423 |
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Saga Pure Q1 2024 report
Consolidated condensed statement of financial position
NOK 1000 | 31.03.2024 | 31.12.2023 |
(unaudited) | (audited) | |
ASSETS | ||
Non-current assets | ||
Associates | 32 942 | 35 215 |
Total non-current assets | 32 942 | 35 215 |
Current assets | ||
Other current assets | 54 439 | 46 782 |
Current financial investments | 167 510 | 93 354 |
Cash and equivalents | 635 526 | 696 041 |
Total current assets | 857 475 | 836 178 |
TOTAL ASSETS | 890 417 | 871 394 |
EQUITY AND LIABILITIES | ||
Equity | ||
Share capital | 4 849 | 4 849 |
Other equity | 1 079 616 | 1 079 616 |
Total paid-in-capital | 1 084 465 | 1 084 465 |
Accumulated losses | -201 009 | -218 759 |
Total equity | 883 456 | 865 706 |
LIABILITIES | ||
Current liabilities | ||
Other current liabilities and accruals | 6 961 | 5 688 |
Total current liabilities | 6 961 | 5 688 |
Total liabilities | 6 961 | 5 688 |
TOTAL EQUITY AND LIABILITIES | 890 417 | 871 394 |
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Saga Pure Q1 2024 report
Consolidated condensed cash flow statement
NOK 1000 | Jan-Mar 2024 | Jan-Mar 2023 | Jan-Dec 2023 |
(unaudited) | (unaudited) | (audited) | |
Net profit/(-loss) | 17 750 | -81 704 | -136 920 |
Options and share program | - | 153 | -200 |
Profit share from associates | 2 273 | 2 946 | 80 827 |
Net loss/(-gain) from financial investments | -14 244 | 72 395 | 55 590 |
Net divestment/(-investment) trading | -60 667 | -53 264 | -74 350 |
Changes in other accrued income and expenditure | -2 274 | -4 571 | -4 742 |
Short-term loan | - | - | -43 086 |
Interest received | -788 | - | -2 375 |
Net cash flow from operating activities | -57 949 | -64 045 | -125 256 |
Divestment in non-current financial assets | - | 13 211 | 25 322 |
Net cash flow from investing activities | - | 13 211 | 25 322 |
Share issue | - | - | 6 000 |
Net cash flow from financing activities | - | - | 6 000 |
Net change in cash and cash equivalents | -57 949 | -50 834 | -93 933 |
Cash and equivalents at beginning of period | 696 041 | 787 082 | 787 082 |
Net foreign exchange differences (unrealised) | -2 566 | - | 2 892 |
Cash and equivalents at end of period | 635 526 | 736 248 | 696 041 |
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Saga Pure Q1 2024 report
Consolidated condensed statement of changes in equity
Jan-Mar 2024 (Unaudited) | Issued | Other | Accumulated | Total | ||||||||
NOK 1000 | capital | equity | losses | |||||||||
Equity as of 1 January 2024 | 4 849 | 1 079 616 | -218 759 | 865 706 | ||||||||
Net profit/(-loss) | - | - | 17 750 | 17 750 | ||||||||
Total comprehensive income | - | - | 17 750 | 17 750 | ||||||||
Equity per ending balance 31 March 2024 | 4 849 | 1 079 616 | -201 009 | 883 456 | ||||||||
Jan-Mar 2023 (Unaudited) | Issued | Other | Accumulated | Total | ||||||||
NOK 1000 | capital | equity | losses | |||||||||
Equity as of 1 January 2023 | 4 799 | 1 073 498 | -81 840 | 996 457 | ||||||||
Net profit/(-loss) | - | - | -81 704 | -81 704 | ||||||||
Total comprehensive income | - | - | -81 704 | -81 704 | ||||||||
Options and share program (note 3) | - | 168 | - | 168 | ||||||||
Equity per ending balance 31 March 2023 | 4 799 | 1 073 666 | -163 544 | 914 920 | ||||||||
Jan-Dec 2023 (Audited) | Issued | Other | Accumulated | Total | ||||||||
NOK 1000 | capital | equity | losses | |||||||||
Equity as of 1 January 2023 | 4 799 | 1 073 498 | -81 840 | 996 457 | ||||||||
Net profit/(-loss) | - | - | -136 920 | -136 920 | ||||||||
Total comprehensive income | - | - | -136 920 | -136 920 | ||||||||
Share issue | 10 | 5 950 | - | 6 000 | ||||||||
Options and share program (note 3) | - | 168 | - | 168 | ||||||||
Equity per ending balance 31 December | 4 849 | 1 079 616 | -218 759 | 865 706 | ||||||||
2023 | ||||||||||||
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Saga Pure Q1 2024 report
Notes to the financial statements
Note 1 - Basis for preparation
The Company's condensed interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as approved by the EU and requirements in the Norwegian Securities Trading Act. This condensed interim financial statement for the first quarter is approved by the Board of Directors on 13 May 2024.
The accounting policies applied in the preparation of the condensed interim financial statements are consistent with those presented in the Annual Report of 2023.
Foreign currency
The financial statements are presented in NOK. NOK is also the functional currency for the Company.
Note 2 - Operating Segments
Investments are reported as one segment, while the "Other" segment in 2023 consisted of consulting services from internal industry specialists, that were monitored separately. Further segmentation might be applied as the business evolves.
Investment | Other | Total | |||||||
Segment information | Jan-Mar | Jan-Mar | Jan-Dec | Jan-Mar | Jan-Mar | Jan-Dec | Jan-Mar | Jan-Mar | Jan-Dec |
NOK 1000 | 2024 | 2023 | 2023 | 2024 | 2023 | 2023 | 2024 | 2022 | 2022 |
Income | |||||||||
Net gain/loss on investments | 14 244 | -72 395 | -55 590 | - | - | - | 14 244 | -72 395 | -55 590 |
Other income | - | - | - | - | 106 | 106 | - | 106 | 106 |
Total income | 14 244 | -72 395 | -55 590 | - | 106 | 106 | 14 244 | -72 289 | -55 484 |
Operating expenses - | |||||||||
excluding loss in | 2 527 | 6 835 | 20 792 | - | - | - | 2 527 | 6 835 | 20 792 |
investments | |||||||||
Net operating profit | 9 443 | -82 176 | -157 209 | - | 106 | 106 | 9 443 | -82 070 | -157 103 |
31 Mar | 31 Mar | 31 Dec | 31 Mar | 31 Mar | 31 Dec | 31 Mar | 31 Mar | 31 Dec | |
2024 | 2023 | 2023 | 2024 | 2023 | 2023 | 2024 | 2023 | 2023 | |
Assets | 890 417 | 926 742 | 871 394 | - | - | - | 890 417 | 926 742 | 871 394 |
Liabilities | 6 961 | 11 821 | 5 688 | - | - | - | 6 961 | 11 21 | 5 688 |
Note 3 - Options and share program
During the quarter, the Group had 3.5 million outstanding options towards former employees. All options are fully vested, and none of them are currently "in the money".
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Saga Pure Q1 2024 report
Note 4 - 20 largest investors
Name | Shares | Of total shares | |
1 | *Øystein Stray Spetalen | 172 841 799 | 35,65 % |
2 | *Tycoon Industrier AS | 28 550 000 | 5,89 % |
3 | Clearstream Banking S.A. | 13 284 368 | 2,74 % |
4 | Simonsen Invest AS | 11 000 000 | 2,27 % |
5 | Steinar Grønland | 8 245 673 | 1,70 % |
6 | Atle Sandvik Pedersen | 7 400 000 | 1,53 % |
7 | Skandinaviska Enskilda Banken AB | 7 261 990 | 1,50 % |
8 | Injektor AS | 6 200 000 | 1,28 % |
9 | Active Pro AS | 5 900 000 | 1,22 % |
10 | Nordnet Livsforsikring AS | 5 891 953 | 1,22 % |
11 | Ola Stormyr Holding AS | 5 207 063 | 1,07 % |
12 | Melcher Holding AS | 5 000 000 | 1,03 % |
13 | Bjørn Simonsen | 4 000 000 | 0,83 % |
14 | Frøiland Invest AS | 3 454 554 | 0,71 % |
15 | Tonor Holding AS | 3 000 000 | 0,62 % |
16 | Løren Holding AS | 3 000 000 | 0,62 % |
17 | **Hanekamb Invest AS | 2 300 000 | 0,47 % |
18 | ***El Investment AS | 2 300 000 | 0,47 % |
19 | Hege Bakken | 2 211 580 | 0,46 % |
20 | U-Turn Ventures AS | 2 094 556 | 0,43 % |
Total | 299 143 536 | 61,71 % | |
Total outstanding shares | 484 878 423 | 100,00 % |
- Board member/controlled by Board member Øystein Stray Spetalen **Controlled by Martin Nes, Chairman of the Board
- Controlled by Espen Lundaas, CEO of Saga Pure
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Saga Tankers ASA published this content on 14 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2024 08:09:05 UTC.
