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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.
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 16 February
2023 at 07:30 CET.
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