Slide 1: SFL Corporation Ltd. Q2 2022 presentation
SFL Corporation Ltd. Q2 2022 presentation August 17, 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: Q2 2022 Highlights
Q2 2022 Highlights CHARTER HIRE(2) • Approximately 83% from long term charters $165m • Adjusted EBITDA(3) of $124m NET INCOME • Earnings per share of $0.45 $57.4m • $13m gain from sale of vessels DIVIDEND • 74th consecutive quarterly dividend $0.23/share • 8.7% dividend yield(1) BACKLOG(4) • Added m
Slide 4: Recent Events
Recent Events ACQUISTION OF 4x • $250 million backlog with 6 year TC to an affiliate of Koch Industries SUEZMAX TANKERS • Immediate cash flow with delivery of first vessels already in Q3 CONTINUING FLEET • Profitable sale of two older VLCCs and a container vessel during Q2 RENEWAL • Net proceeds to
Slide 5: The SFL Portfolio
The SFL Portfolio PORTFOLIO(1) CONTRACTED REVENUE(2) Contract duration(3) 34 Container 7.0 years 7% 18 Tanker 4.9 years 11% 2 Energy 6.4 years 12% $3.7bn 54% 6 Car carrier 9.7 years 15 Dry bulk 6.0 years 16% CHARTER HIRE Q2 2022(4) Bareboat charter 10% Container Tanker Energy Car carrier Dry bulk Ti
Slide 6: Continuously Diversifying Our Customer Base
Continuously Diversifying Our Customer Base Recent additions in 2021-2022 Evergreen Volkswagen MSC Maersk Golden Ocean K Line Trafigura Hapag-Lloyd ConocoPhillips Koch Marine Group • World’s • World’s • Container • Leading dry • One of the • Leading liner • One of the • World’s fifth • One of the •
Slide 7: SFL Operational Performance
SFL Operational Performance ADJUSTED EBITDA Q2 2022 BREAKDOWN(1) In millions $10 $31 ($43) $2 $35 $165 $124 $89 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 Jun 30, 2022 Mar 31, 2022 Q2 income • $165 million of charter hire, Charter revenues: operating lease 145,834 143,695 Charter revenues: sales-type, direct financing and leaseback assets including share of revenue from 2,30
Slide 9: Balance Sheet
Balance Sheet (in thousands of $) June 30, 2022 Mar 31, 2022 Cash and cash equivalents ASSETS • $224m at quarter end Short term Cash and cash equivalents 223,816 149,289 • Additional $50 million to be Restricted cash 5,714 6,896 Investment in marketable securities released in new vessel refinancings
Slide 10: Q2 2022 Summary
Q2 2022 Summary Investing in assets with lower carbon footprint $0.23 $224m Dividend per Cash and cash share equivalents $3.7bn fixed revenue backlog 74th Uplift from consecutive quarterly profit share dividend 10