Saga Pure: First quarter 2023 financial results
(Oslo, 10 May 2023) Saga Pure ASA (Saga Pure, OSE: SAGA) reported a net loss in the first quarter 2023 of NOK 81.7 million (Q1 2022: Profit NOK 53.6 million), corresponding to a return on equity of minus 8.2 percent year to date. The negative result in the first quarter is mainly driven by the share price development in legacy investment Horisont Energi AS. Saga Pure continues to implement the expanded investment mandate with a focus on capital discipline and selective investments.
“The reported financial results in the first quarter of 2023 reflect the negative share price development in Horisont Energy, where we reduced our holdings in the period. Saga Pure has a strong financial position and continue to actively work with our investment portfolio with an expanded investment mandate, but will maintain the selective and cautious investment approach going forward, ” 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 first quarter 2023, Saga Pure reported a net loss of NOK 81.7 million (Q1 2022: Profit NOK 53.6 million), mainly following changes in the market values. The main contributor to the negative results were Horisont Energi with a booked loss for the quarter of NOK 62.5 million, related to shares sold in the quarter and the remaining shareholding end of the quarter. NOK 10 million was mainly related to shares divested in the quarter, were Hyon contributed with a loss of NOK 7.1 million.
First quarter of 2023 ended with a return on equity of minus 8.2 percent for Saga Pure. Saga Pure had NOK 736 million in cash and current investments of NOK 60.6 million at the end of the period.
“With no interest-bearing debt, and substantial cash holdings, the group is well positioned for pursuing new investment opportunities, “ Lundaas concludes.
The Board of Directors’ report is enclosed.
ENDS
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 10 May 2023 at 07:30 CET.