Sfl Corporation Ltd · NYSE:SFL
Sfl — Q4 2020 Earnings Presentation
9 slides from Sfl's earnings presentation, Feb 17, 2021
Slide 1: SFL Corporation Ltd. Q4 2020 presentation
SFL Corporation Ltd. Q4 2020 presentation February 17, 2021 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 2020 Highlights
Q4 2020 Highlights DIVIDEND • 68th consecutive quarterly dividend $0.15/share • 7.4% dividend yield(1) CHARTER HIRE(2) • ~90% from long term charters $144m • Adjusted EBITDA(3) of $106m LIQUIDITY • $215m of cash at quarter end $215m • $29m of marketable securities CHARTER BACKLOG(4) • $2.3bn from sh
Slide 4: Recent Events
Recent Events PROFIT SHARE • $3.5m from 2x VLCCs in Q4 - total of $18.6m in 2020 CONTRIBUTION • $1.9m from fuel savings on container vessels in Q4 NEW EQUITY AND • Raised $48m of new equity DEBT REPURCHASE • Repurchased $4m of bonds REDUCED SHARE • Deconsolidation of $465m of lease liabilities IN 4x
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) 50 Liners 7.4 years 22 Dry bulk 7.1 years 9% 9 Tankers 5.4 years 17% CHARTER HIRE Q4 2020(4) $2.3bn Bareboat charter 74% 24% Time charter 76% Liners Dry bulk Tankers 1) Including partl
Slide 6: SFL Operational Performance
SFL Operational Performance ADJUSTED EBITDA Q4 2020 BREAKDOWN(1) In millions $16 ($40) $27 $3 $19 $144 $106 $82 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 7: Income Statement
Income Statement (in thousands of $ except per share data) Three months ended Dec 31, 2020 Sep 30, 2020 Q4 charter hire • $144 million, including 100% Charter revenues - operating lease 88,646 90,740 owned associates and revenue Charter revenues - sales-type, direct financing and leaseback assets (n
Slide 8: Balance Sheet
Balance Sheet (in thousands of $) Dec 31, 2020 Sep 30, 2020 Cash and cash equivalents ASSETS Short term • $215m at quarter end, Cash and cash equivalents 215,445 205,814 excluding $4m of cash in non- Restricted cash 8,953 8,628 28,805 32,968 consolidated rig-owning Investment in marketable securitie
Slide 9: Q4 2020 Summary
Q4 2020 Summary Uplift from profit share $0.15 $215m Dividend per Cash and cash share equivalents $2.3bn fixed revenue backlog from shipping Stable 68th revenues in consecutive quarterly volatile dividend markets 9