Slide 1: SFL Corporation Ltd. Q4 2021 presentation
SFL Corporation Ltd. Q4 2021 presentation February 16, 2022 1
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward looking statements. These statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including SFL management's examination of historical operating trends, data contained in the Company’s re
Slide 3: Q4 2021 Highlights
Q4 2021 Highlights DIVIDEND • 72nd consecutive quarterly dividend $0.20/share • 11% dividend increase from previous quarter CHARTER HIRE(1) • Approximately 75% from long term charters $166m • Adjusted EBITDA(2) of $121m NET INCOME • Earnings per share of $0.63 $80.1m • $39m gain from sale of seven d
Slide 4: Recent Events
Recent Events ACQUISITION • Agreement to acquire four modern LR2 product tankers AND CHARTER • Charter until 2027 adding ~$160m to the charter backlog SALE OF • Delivered seven dry bulk vessels to new buyers in the quarter HANDYSIZE FLEET • ~$98m of net sales proceeds received NEW • Secured ~$150m o
Slide 5: The SFL Shipping Portfolio (excl. Offshore Assets)
The SFL Shipping Portfolio (excl. Offshore Assets) SHIPPING PORTFOLIO(1) CONTRACTED REVENUE(2) Contract duration(3) 35 Container 6.7 years 6 Car carrier 9.6 years 17% 15 Dry bulk 6.4 years $2.8bn 57% 11% 16 Tanker 4.8 years CHARTER HIRE Q4 2021(4) 15% Bareboat charter 10% Container Car carrier Dry b
Slide 6: Continuously Diversifying Our Contracted Cash Flows
Continuously Diversifying Our Contracted Cash Flows 2021 additions MSC Maersk Evergreen Marine Golden Ocean Volkswagen Group K Line Trafigura • World’s largest • World’s second • Container • Leading dry bulk • One of the • Leading liner • One of the container largest container shipping line with shi
Slide 7: SFL Operational Performance
SFL Operational Performance ADJUSTED EBITDA Q4 2021 BREAKDOWN(1) In millions $12 ($46) $46 $1 $18 $166 $121 $90 Liner Tankers Dry bulk Offshore Gross charter Operating and Other income Adj. EBITDA hire (incl. G&A expenses profit share) 1) Pro-forma illustration of cash flow is not as accounted for u
Slide 8: Income Statement
Income Statement (in thousands of $ except per share data) Three months ended Dec 31, 2021 Sep 30, 2021 Q4 charter hire Charter revenues: operating lease 140,179 122,922 • $166 million, including share of Charter revenues: sales-type, direct financing and leaseback assets 4,371 5,559 revenue from as
Slide 9: Balance Sheet
Balance Sheet (in thousands of $) Dec 31, 2021 Sep 30, 2021 Cash and cash equivalents ASSETS Short term • $146m at quarter end Cash and cash equivalents 145,622 250,703 • Restricted cash increased as a result Restricted cash 8,338 5,570 Investment in marketable securities 21,210 24,691 of lower mark
Slide 10: Q4 2021 Summary
Q4 2021 Summary Investing in assets with lower carbon $0.20 $146m footprint Dividend per Cash and cash share equivalents $2.8bn fixed revenue backlog from 72nd shipping Uplift from consecutive quarterly profit share dividend 10