Slide 1: SFL Corporation Ltd. Q4 2022 presentation
SFL Corporation Ltd. Q4 2022 presentation February 15, 2023 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 2022 Highlights
Q4 2022 Highlights GROSS REVENUE(1) • Approximately 84% from long term charters $208m • Adjusted EBITDA(2) of $135m NET INCOME • Earnings per share of $0.38 $48.5m • $6.9m contribution from profit share agreements DIVIDEND • 76th consecutive quarterly dividend $0.24/share • 9.3% dividend yield(3) BA
Slide 4: Recent Events
Recent Events HERCULES • Hercules contract with ExxonMobil Canada Ltd. for ~4.5 months CONTRACT • Start up expected in Q2 2023 4x VESSEL • Two suezmaxes with charter to Koch delivered in Oct/Nov DELIVERIES • One PCTC and one newbuild feeder delivered in Nov NEW BOND • Successfully issued a new $150m
Slide 5: The SFL Portfolio
The SFL Portfolio PORTFOLIO(1) CONTRACTED REVENUE(2) Contract duration(3) 36 Container 6.8 years 7% 17 Tanker 4.9 years 13% 7 Car carrier 9.2 years 13% $3.6bn 52% 2 Energy 5.5 years 15 Dry bulk 5.6 years 15% CHARTER HIRE Q4 2022(4) Bareboat charter 7% Container Tanker Car carrier Energy Dry bulk Tim
Slide 6: Portfolio Of Blue Chip Customers Continues To Expand
Portfolio Of Blue Chip Customers Continues To Expand Customers with new / add on business since 2021 • World’s • World’s fifth • One of the • One of the • One of the • Leading liner • One of the • Leading car • One of the • MSC, world’s second largest world’s world’s largest operator world's carrier
Slide 7: SFL Operational Performance
SFL Operational Performance ADJUSTED EBITDA Q4 2022 BREAKDOWN(1) In millions $36 ($74) $24 $2 $49 $208 $135 $99 Liner (inc. Tankers Dry bulk Energy Gross Operating and Other income Adj. EBITDA car carriers) revenue (incl. G&A expenses profit share) 1) Pro-forma illustration of cash flow is not as ac
Slide 8: Income Statement
Income Statement (in thousands of $ except per share data) Three months ended Dec 31, 2022 Sep 30, 2022 Q4 income Charter revenues: operating leases and revenue contracts 188,892 153,480 • $208 million of charter hire, Charter revenues: sales-type, direct financing and leaseback assets (excluding ch
Slide 9: Balance Sheet
Balance Sheet (in thousands of $) Dec 31, 2022 Sep 30, 2022 Cash and cash equivalents ASSETS • $188m at quarter end Short term Cash and cash equivalents 188,362 178,682 • New sustainability linked bond of Investment in marketable securities 7,283 9,332 Amount due from related parties 4,392 6,213 $15
Slide 10: Q4 2022 Summary
Q4 2022 Summary $3.6bn fixed revenue backlog 76th $188m consecutive Cash and cash quarterly equivalents dividend $0.24 Dividend per share Uplift from profit share 10