Slide 1: SFL Corporation Ltd. Q3 2023 Results Presentation
SFL Corporation Ltd. Q3 2023 Results Presentation 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: Q3 2023 Highlights
Q3 2023 Highlights GROSS REVENUE(1) • Adjusted EBITDA(2) of $130m $214m • Hercules back in operation and Emden delivery NET INCOME • Earnings per share of $0.23 $29.3m • $2m gain related to sale of a vessel DIVIDEND • 79th consecutive quarterly dividend $0.25/share • 9% dividend yield(3) BACKLOG(4)
Slide 4: Recent Events
Recent Events CAR CARRIER • LNG dual-fuel car carrier Emden delivered in September DELIVERY • Very strong interim charter before start of long term contract EXTENDED • Existing 9,500 TEU vessel extended to mid-2025 MAERSK CHARTER • Added backlog of ~$13 million BOND • NOK bond (~$49 million) redeeme
Slide 5: SFL – A Maritime Infrastructure Company
SFL – A Maritime Infrastructure Company PORTFOLIO(1) CONTRACTED REVENUE(2) Contract duration(3) 36 Container 6.3 years 6% 7 Car carrier 7.8 years 12% 13 Tanker 4.7 years $3.4bn 48% 2 3.9 years 16% Energy 15 Dry bulk 4.9 years 18% CHARTER HIRE Q3 2023 Bareboat charter 6% Container Car carrier Energy
Slide 6: Operational Performance Highlights
Operational Performance Highlights MARKET REVENUE CHARTER TYPE1) OPERATING DAYS2) UTILIZATION3) OPEX4) Q3 2023 Q2 2023 Q3 2023 Q3 2023 Q3 2023 Q3 2023 BB $91m $90m $17.1m 3,304 99.8% Container TC 87% $9m $1.6m $6m 294 99.9% Car carrier 100% $30m $35m $13.2m 1,149 96.0% Tanker 96% $20m $24m $10.8m 1,
Slide 7: First Car Carrier Newbuilding Delivered In Q3
First Car Carrier Newbuilding Delivered In Q3 First of four LNG dual-fuel car carriers delivered to SFL • Remaining three vessels to be delivered between November and June • Interim charter positioning the vessel to Europe • 10 year time charters with Volkswagen Group and K Line State of the art ves
Slide 8: SFL Financial Performance
SFL Financial Performance ADJUSTED EBITDA Q3 2023 BREAKDOWN(1) In millions $9m $20m $30m -$86m $2m $64m $214m $130m $91m Container Energy Tanker Dry bulk Car carriers Gross Operating and Other income Adj. EBITDA revenue (incl. G&A expenses profit share) 1) Pro-forma illustration of cash flow is not
Slide 9: Income Statement
Income Statement Revenue (in thousands of $ except per share data) Three months ended Sep 30, 2023 Jun 30, 2023 • $214m of charter hire, including share of revenue from associates and revenue Charter revenues: operating leases and revenue contracts 200,781 160,480 classified as repayment and profit
Slide 10: Balance Sheet
Balance Sheet Cash and liquidity (in thousands of $) Sep 30, 2023 Jun 30, 2023 • $118m at quarter end ASSETS Short term • NOK bond (~$49m) fully redeemed in Q3 by Cash and cash equivalents 118,028 201,466 using cash on balance sheet Investment in marketable securities 6,222 5,866 Amount due from rel
Slide 11: Q3 2023 Summary
Q3 2023 Summary $3.4bn fixed revenue backlog 79th $118m consecutive Cash and cash quarterly equivalents $0.25 dividend Dividend per share 11