Saga Pure: Third quarter 2022 financial results

10 Nov 2022 07:00 CET

(Oslo, 10 November 2022) Saga Pure ASA (Saga Pure, OSE: SAGA) reported a net
loss in the third quarter 2022 of NOK 114.1 million (Q3 2021: NOK -10.3
million), corresponding to a year-to-date return on equity of 7.2 percent. Saga
Pure has after the closing of the quarter exited the investment in Bergen Carbon
Solutions (BCS) with a total net gain of NOK 229 million and announced an
intention to establish a new investment company with the ambition of a separate
listing on Euronext Growth in the first quarter of 2023.

"During the third quarter of 2022, we have continued our selective investment
approach, putting our focus towards further supporting our existing portfolio
companies. Including the sale of our remaining position in Bergen Carbon
Solutions, this has resulted in a strong cash position of NOK 780 million as per
primo November. We have over the past year seen increasingly volatile capital
markets, which we expect to continue, and see several investment opportunities
within distressed assets. To capitalize on these opportunities, the Board of
Directors has proposed to establish a new investment company with a broader
investment mandate," says Bjørn Simonsen, Chief Executive Officer of Saga Pure.

Saga Pure reported a net loss in the third quarter 2022 of NOK 114.1 million (Q3
2021: NOK -10 million), with a reported return on equity of 7.2 percent year-to
-date. The company had NOK 675 million in cash at the end of the quarter, which
has increased to NOK 780 million primo November 2022. 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.

During the third quarter, Saga Pure bought 770,00 shares in Heimdall Power for
NOK 17.7 million, becoming the largest shareholder. Further, Saga Pure decreased
its exposure in BCS by selling 2 million shares for NOK 74 million. After the
closing of the quarter, Saga Pure sold the remaining position in BCS, giving a
total net gain of NOK 229 million from the investment.

During the third quarter 2022, Saga Pure also distributed dividends at 0.1
NOK/share, amounting to a total of 0.2 NOK/share in the last 12 months.

On 9 November 2022, Saga Pure announced the intention to establish a new
industrial investment company focused on distressed assets. The new company,
which aims for a separate listing on Euronext Growth in the first quarter of
2023, will have NOK 500 million in equity in form of cash. Saga Pure's strategy
will remain unchanged and will following the demerger retain NOK 280 million in
cash, in addition to its current investments.

Please see notification distributed on 9 November 2022 for additional details.

Saga Pure will host a company update on 10 November at 12:00 CET. The
Presentation can be followed live at www.sagapure.com, or at
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20221110_6.

The presentation of the financial results for the first quarter 2022 and the
Board of Directors' report is enclosed.

ENDS

For additional information, please contact:

Bjørn Simonsen, CEO, +47 971 79 821

Espen Lundaas, CFO, +47 924 31 417

About Saga Pure | www.sagapure.com

Saga Pure ASA is an investment company focusing on opportunities within
renewable energy, hydrogen, circular economy and CO\2\-reduction.

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, CFO, Saga Pure ASA, on 10 November
2022 at 07:00 CET.

More information:
Access the news on Oslo Bors NewsWeb site

575267_SAGA_Q3_22_Presentation.pdf
575267_SAGA_Q3_22_Report.pdf
575267_SAGA_OSE_Notification_Q3_22.pdf