Saga Pure ASA: Saga Pure: Fourth quarter 2022 financial results
(Oslo, 16 February 2023) Saga Pure ASA (Saga Pure, OSE: SAGA) reported a net loss in the fourth quarter 2022 of NOK 101.1 million (Q4 2021: NOK 92.6 million), contributing to a return on equity of minus 2.1 percent for 2022. Saga Pure finalized the exit in Bergen Carbon Solutions (BCS) during the period, with a total net gain of NOK 229 million, and has expanded the investment mandate to enhance new market opportunities.
"Saga Pure finalized the divesture in Bergen Carbon Solutions in the fourth quarter, which ended with a total gain of NOK 229 million. We also continued to actively work with our investment portfolio and will maintain the selective investment approach going forward. The company has a strong balance sheet, entering the year of 2023 with a cash holding of NOK 787 million and no debt," says Espen Lundaas, Chief Executive Officer of Saga Pure.
Saga Pure is an investment company, where holdings in certain companies are regarded as associated companies. Hence, the full underlying value development will not be reflected in the consolidated financial statements. For the fourth quarter 2022, Saga Pure reported a net loss of NOK 101.1 million (Q4 2021: NOK 92.6 million), following changes in the booked market values. The main contributor to the negative results where BCS with a booked loss for the quarter of NOK 59 million, although the total net contribution was NOK 229 million for the holding period. Reference is also made to the stock exchange notice 23 December 2022 regarding the write down in IC Technology.
2022 ended with a return on equity of minus 2.1% for Saga Pure. Saga Pure had NOK 787 million in cash at the end of the period.
Additionally, Saga Pure has expanded its investment mandate to have more flexibility in which companies Saga Pure may invest in.
"The investors' appetite for companies within the renewable space has been reduced over the last 12-18 months. Saga Pure has adapted to this new reality and with the continuously evolving financial markets we have expanded the investment mandate to be better positioned to deliver returns to our shareholders," Lundaas concludes.
As a consequence of the expanded investment mandate in Saga and her focus on the renewable space, board member Gøril Louise Andreassen has decided to step down as a board member.
Please see notification distributed on 16 February 2023 for additional details.
The presentation of the financial results for the fourth quarter 2022 and the Board of Directors' report is enclosed.
For additional information, please contact:
Espen Lundaas, CEO, +47 924 31 417
Tore Jakob Berg, CFO, +47 934 80 202
About Saga Pure | www.sagapure.com
Saga Pure ASA is an investment company with a broad investment mandate.
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, CEO, Saga Pure ASA, on 16 February 2023 at 07:30 CET.