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Share Name | Share Symbol | Market | Type |
---|---|---|---|
SFL Corporation Ltd | NYSE:SFL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 13.99 | 0 | 09:00:05 |
|
SHIP FINANCE INTERNATIONAL LIMITED
|
|
|
|
|
|
|
Date: June 3, 2016
|
By:
|
/s/ Ole B. Hjertaker
|
|
|
Name:
|
Ole B. Hjertaker
|
|
|
Title:
|
Ship Finance Management AS
|
|
|
|
(Principal Executive Officer)
|
|
•
|
Declaration of
first quarter
dividend of
$0.45
per share, our 49th consecutive dividend
|
•
|
$24.7 million in profit share from Frontline in the quarter as a result of a strong tanker market
|
•
|
Continuation of the Company’s strategy of fleet renewal and diversification with sale of an older offshore support vessel in the first quarter and an older VLCC subsequent to quarter end
|
•
|
Successful delivery of two large container vessels with long term charters to Maersk Line
|
•
|
Cash redemption of the $125 million convertible notes due in February 2016 without diluting existing shareholders
|
•
|
Selected key financial data:
|
Three Months Ended
|
|
|
|||||
|
Mar 31, 2016
|
|
Dec 31, 2015
|
|
|
||
Charter revenues
(1)
|
$174m
|
$170m
|
|
||||
EBITDA
(2)
|
$139m
|
$142m
|
|
||||
Net income
|
$47m
|
$54m
|
|
||||
Earnings per share
|
|
$0.50
|
|
|
$0.58
|
|
|
INCOME STATEMENT
|
Three months ended
|
|
Full year
|
|
||||
(in thousands of $
|
Mar 31,
|
|
|
Dec 31,
|
|
|
2015
|
|
except per share data)
|
2016
|
|
|
2015
|
|
|
(audited)
|
|
Charter revenues - operating lease
|
74,946
|
|
|
73,339
|
|
|
266,480
|
|
Charter revenues - finance leases
|
26,562
|
|
|
28,534
|
|
|
117,778
|
|
Revenues classified as Repayment of investment in finance leases
|
(8,847
|
)
|
|
(8,923
|
)
|
|
(37,125
|
)
|
Profit share income
|
24,922
|
|
|
20,964
|
|
|
39,717
|
|
Cash sweep income
|
—
|
|
|
—
|
|
|
19,890
|
|
Total operating revenues
|
117,583
|
|
|
113,914
|
|
|
406,740
|
|
|
|
|
|
|
|
|||
Gain on sale of assets and termination of charters
|
14
|
|
|
4,100
|
|
|
7,364
|
|
|
|
|
|
|
|
|||
Vessel operating expenses
|
(34,882
|
)
|
|
(33,145
|
)
|
|
(120,831
|
)
|
Administrative expenses
|
(2,787
|
)
|
|
(1,157
|
)
|
|
(6,737
|
)
|
Depreciation
|
(22,694
|
)
|
|
(21,924
|
)
|
|
(78,080
|
)
|
Vessel impairment charge
|
—
|
|
|
(13,249
|
)
|
|
(42,410
|
)
|
|
|
|
|
|
|
|||
Total operating expenses
|
(60,363
|
)
|
|
(69,475
|
)
|
|
(248,058
|
)
|
|
|
|
|
|
|
|||
Operating income
|
57,234
|
|
|
48,539
|
|
|
166,046
|
|
|
|
|
|
|
|
|||
Results in associate
(1)
|
7,381
|
|
|
7,915
|
|
|
33,605
|
|
Interest income from associates and long term investments
(1)
|
4,669
|
|
|
4,668
|
|
|
18,672
|
|
Interest income, other
|
398
|
|
|
4,316
|
|
|
20,470
|
|
Interest expense
|
(14,881
|
)
|
|
(14,795
|
)
|
|
(58,970
|
)
|
Amortization of deferred charges
|
(2,877
|
)
|
|
(2,792
|
)
|
|
(11,613
|
)
|
Other financial items
|
3,397
|
|
|
8,218
|
|
|
52,353
|
|
Income/(expense) related to non-designated derivatives
|
(8,522
|
)
|
|
(1,776
|
)
|
|
(19,731
|
)
|
Taxes
|
—
|
|
|
—
|
|
|
—
|
|
Net income
|
46,799
|
|
|
54,293
|
|
|
200,832
|
|
|
|
|
|
|
|
|||
Basic earnings per share ($)
|
0.50
|
|
|
0.58
|
|
|
2.15
|
|
|
|
|
|
|
|
|||
Weighted average number of shares
|
93,473,080
|
|
|
93,468,000
|
|
|
93,449,904
|
|
Common shares outstanding
|
93,504,575
|
|
|
93,468,000
|
|
|
93,468,000
|
|
(1)
|
Three of our subsidiaries were accounted for as ‘Investment in associate’ during the quarter. The contribution from these subsidiaries is reflected in our consolidated Income Statement as a combination of ‘Results in associate’ and ‘Interest income from associates and long term investments’.
|
BALANCE SHEET
|
Mar 31,
|
|
|
Dec 31, 2015
|
|
(in thousands of $)
|
2016
|
|
|
(audited)
|
|
ASSETS
|
|
|
|
||
Short term
|
|
|
|
||
Cash and cash equivalents
|
84,426
|
|
|
70,175
|
|
Available for sale securities
|
113,893
|
|
|
199,594
|
|
Amount due from related parties
|
37,229
|
|
|
45,659
|
|
Other current assets
|
59,270
|
|
|
60,489
|
|
|
|
|
|
||
Long term
|
|
|
|
||
Newbuildings and vessel deposits
|
25,793
|
|
|
40,149
|
|
Vessels and equipment, net
|
1,715,904
|
|
|
1,641,317
|
|
Investment in finance leases
|
449,668
|
|
|
474,298
|
|
Investment in associate
(1)
|
90,369
|
|
|
84,615
|
|
Amount due from related parties - Long term
(1)
|
260,428
|
|
|
387,712
|
|
Deferred charges
|
29,435
|
|
|
32,271
|
|
Other long-term assets
|
27,993
|
|
|
28,546
|
|
|
|
|
|
||
Total assets
|
2,894,408
|
|
|
3,064,825
|
|
|
|
|
|
||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||
Short term
|
|
|
|
||
Short term and current portion of long term interest bearing debt
|
92,967
|
|
|
208,031
|
|
Other current liabilities
|
17,645
|
|
|
30,518
|
|
Amount due to related parties
|
585
|
|
|
416
|
|
|
|
|
|
||
Long term
|
|
|
|
||
Long term interest bearing debt
|
1,506,828
|
|
|
1,458,445
|
|
Other long term liabilities
|
126,928
|
|
|
125,605
|
|
|
|
|
|
||
Stockholders’ equity
|
1,149,455
|
|
|
1,241,810
|
|
Total liabilities and stockholders’ equity
|
2,894,408
|
|
|
3,064,825
|
|
(1)
|
Three
of our subsidiaries were accounted for as ‘Investments in associate’ at quarter end. Our investment is a combination of equity classified as ‘Investment in associate’ and intercompany loans classified as ‘Amount due from related parties, long term’. In addition to this, notes from Deep Sea Supply Plc. are included in the line item ‘Amount due from related parties, long term’.
|
STATEMENT OF CASHFLOWS
|
Three months ended
|
|
Full year
|
|
||||
(in thousands of $)
|
Mar 31,
|
|
|
Dec 31,
|
|
|
Dec 31, 2015
|
|
|
2016
|
|
|
2015
|
|
|
(audited)
|
|
|
|
|
|
|
|
|||
OPERATING ACTIVITIES
|
|
|
|
|
|
|||
Net income
|
46,799
|
|
|
54,293
|
|
|
200,832
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|||
Depreciation and amortization
|
25,188
|
|
|
24,246
|
|
|
87,789
|
|
Vessel impairment charge
|
—
|
|
|
13,249
|
|
|
42,410
|
|
Adjustment of derivatives to fair value recognised in net income
|
7,141
|
|
|
(343
|
)
|
|
13,278
|
|
Gain on sale of assets and termination of charters
|
(14
|
)
|
|
(4,100
|
)
|
|
(7,364
|
)
|
Result in associate
|
(7,381
|
)
|
|
(7,915
|
)
|
|
(33,605
|
)
|
Gain on Redemption of Horizon loan notes and warrants
|
—
|
|
|
—
|
|
|
(44,552
|
)
|
Gain on Redemption of Frontline notes
|
—
|
|
|
(28,904
|
)
|
|
(28,904
|
)
|
Impairment of securities
|
—
|
|
|
20,552
|
|
|
20,552
|
|
Other, net
|
91
|
|
|
(329
|
)
|
|
(4,323
|
)
|
Change in operating assets and liabilities
|
(29,174
|
)
|
|
17,947
|
|
|
12,288
|
|
Net cash provided by operating activities
|
42,650
|
|
|
88,696
|
|
|
258,401
|
|
|
|
|
|
|
|
|||
INVESTING ACTIVITIES
|
|
|
|
|
|
|||
Repayment of investments in finance leases
|
8,564
|
|
|
8,620
|
|
|
35,946
|
|
Proceeds from sale of vessel/newbuildings and termination of charters
|
4,932
|
|
|
30,477
|
|
|
42,275
|
|
Net investment in newbuildings and vessel deposits
|
(82,924
|
)
|
|
(93,878
|
)
|
|
(223,109
|
)
|
Purchase of vessels
|
—
|
|
|
181
|
|
|
(273,552
|
)
|
Cash arising from sale of associate
|
—
|
|
|
—
|
|
|
111,095
|
|
Cash received from (paid to) associates
(1)
|
160,726
|
|
|
26,649
|
|
|
(62,083
|
)
|
Proceeds from the redemption of Frontline notes
|
—
|
|
|
112,687
|
|
|
184,368
|
|
Other assets / investments
|
(243
|
)
|
|
(16,486
|
)
|
|
(20,722
|
)
|
Net cash provided by/ (used in) investing activities
|
91,055
|
|
|
68,250
|
|
|
(205,782
|
)
|
|
|
|
|
|
|
|||
FINANCING ACTIVITIES
|
|
|
|
|
|
|||
Proceeds from long and short term debt
|
207,442
|
|
|
70,001
|
|
|
595,305
|
|
Expenses paid in connection with securing finance
|
(71
|
)
|
|
(2,185
|
)
|
|
(7,155
|
)
|
Repayment of long and short term debt
|
(167,502
|
)
|
|
(161,569
|
)
|
|
(435,706
|
)
|
Re-purchase of Company bonds
|
(117,509
|
)
|
|
(11,245
|
)
|
|
(23,787
|
)
|
Cash received from share issue
|
243
|
|
|
—
|
|
|
675
|
|
Cash dividends paid
|
(42,057
|
)
|
|
(42,056
|
)
|
|
(162,594
|
)
|
Net cash provided by/ (used in) financing activities
|
(119,454
|
)
|
|
(147,054
|
)
|
|
(33,262
|
)
|
|
|
|
|
|
|
|||
Net increase/ (decrease) in cash and cash equivalents
|
14,251
|
|
|
9,892
|
|
|
19,357
|
|
Cash and cash equivalents at beginning of period
|
70,175
|
|
|
60,283
|
|
|
50,818
|
|
Cash and cash equivalents at end of period
|
84,426
|
|
|
70,175
|
|
|
70,175
|
|
(1)
|
Three
of our subsidiaries were accounted for as ‘Investments in associate’ during the quarter. The ‘Cash received from/ (paid to) associates’ is only a part of the contribution from these subsidiaries. The balance is recorded as ‘Interest income from associates and long term investments’ and reflected in the Company’s Income Statement.
|
|
SFL Deepwater
|
|
SFL Hercules
|
|
SFL Linus
|
|
Total
|
|
(in thousands of $)
|
Ltd
|
|
Ltd
|
|
Ltd
|
|
|
|
Charter revenues - finance lease
|
12,642
|
|
14,230
|
|
20,394
|
|
47,266
|
|
Revenues classified as Repayment of investment in finance leases
|
(7,070
|
)
|
(8,333
|
)
|
(11,440
|
)
|
(26,843
|
)
|
Interest expense, related party
(1)
|
(1,631
|
)
|
(1,631
|
)
|
(1,407
|
)
|
(4,669
|
)
|
Interest expense, other
|
(1,848
|
)
|
(2,517
|
)
|
(3,654
|
)
|
(8,019
|
)
|
Other items
|
(241
|
)
|
(39
|
)
|
(74
|
)
|
(354
|
)
|
Net income
(2)
|
1,852
|
|
1,710
|
|
3,819
|
|
7,381
|
|
(1)
|
‘Interest expense, related party’ from these subsidiaries appears in the Company’s consolidated income statement as ‘Interest income from associate and long term investments’.
|
(2)
|
‘Net income’ from these subsidiaries appears in the Company’s consolidated income statement as ‘Results in associate’.
|
|
SFL Deepwater
|
|
SFL Hercules
|
|
SFL Linus
|
|
Total
|
|
(in thousands of $)
|
Ltd
|
|
Ltd
|
|
Ltd
|
|
|
|
Cash and cash equivalents
|
—
|
|
—
|
|
—
|
|
—
|
|
Investment in finance leases
|
386,956
|
|
386,052
|
|
518,908
|
|
1,291,916
|
|
Other assets
|
6,469
|
|
6,905
|
|
222
|
|
13,596
|
|
Total assets
|
393,425
|
|
392,957
|
|
519,130
|
|
1,305,512
|
|
|
|
|
|
|
||||
Short term and current portion of long term interest bearing debt
|
22,667
|
|
27,500
|
|
51,458
|
|
101,625
|
|
Other current liabilities
|
2,809
|
|
1,312
|
|
260
|
|
4,381
|
|
|
|
|
|
|
||||
Long term interest bearing debt
|
242,778
|
|
271,875
|
|
340,417
|
|
855,070
|
|
Long term loans from shareholders, net
|
83,793
|
|
71,854
|
|
94,492
|
|
250,139
|
|
Other long term liabilities
|
—
|
|
—
|
|
3,928
|
|
3,928
|
|
|
|
|
|
|
||||
Stockholders equity
(1)
|
41,378
|
|
20,416
|
|
28,575
|
|
90,369
|
|
|
|
|
|
|
||||
Total liabilities and stockholders’ equity
|
393,425
|
|
392,957
|
|
519,130
|
|
1,305,512
|
|
(1)
|
‘Stockholder’s equity’ from these subsidiaries appears in the Company’s consolidated balance sheet as ‘Investment in associate’.
|
EBITDA
|
Three months ended
|
|
Twelve months
|
|
||||
(in thousands of $)
|
Mar 31,
|
|
|
Dec 31,
|
|
|
ended
|
|
|
2016
|
|
|
2015
|
|
|
Dec 31, 2015
|
|
|
|
|
|
|
|
|||
Net income
|
46,799
|
|
|
54,293
|
|
|
200,832
|
|
|
|
|
|
|
|
|||
Add:
|
|
|
|
|
|
|||
(Income)/expense related to non-designated derivatives
|
8,522
|
|
|
1,776
|
|
|
19,731
|
|
Amortization of deferred charges
|
2,877
|
|
|
2,792
|
|
|
11,613
|
|
Interest expense
|
14,881
|
|
|
14,795
|
|
|
58,970
|
|
Interest income, other
(1)
|
(150
|
)
|
|
(43
|
)
|
|
(104
|
)
|
Interest income from associates
|
(4,669
|
)
|
|
(4,668
|
)
|
|
(18,672
|
)
|
Results in associate
|
(7,381
|
)
|
|
(7,915
|
)
|
|
(33,605
|
)
|
Depreciation
|
22,694
|
|
|
21,924
|
|
|
78,080
|
|
Gain on sale of Horizon notes and warrants
|
—
|
|
|
—
|
|
|
(44,552
|
)
|
Gain on Redemption of Frontline notes
|
—
|
|
|
(28,904
|
)
|
|
(28,904
|
)
|
Gain on sale of assets and termination of charters
|
(14
|
)
|
|
(4,100
|
)
|
|
(7,364
|
)
|
Vessel impairment charge
|
—
|
|
|
13,249
|
|
|
42,410
|
|
Impairment of securities
|
—
|
|
|
20,552
|
|
|
20,552
|
|
Repayment of investment in finance leases
|
8,564
|
|
|
8,620
|
|
|
35,946
|
|
Other reconciling items
|
82
|
|
|
2,414
|
|
|
1,206
|
|
Investment in subsidiaries accounted for as associate:
|
|
|
|
|
|
|||
Charter revenues - finance lease
|
47,266
|
|
|
47,189
|
|
|
193,492
|
|
Total operating expenses
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
|
|
|
|
|
|||
EBITDA
(2)
|
139,471
|
|
|
141,974
|
|
|
529,625
|
|
(1)
|
Interest income excludes interest income generated from financial investments.
|
(2)
|
‘EBITDA’ is not a US-GAAP figure. It is defined as aggregate charter hire from all our 100% owned assets, cash sweep/profit share income and revenues from financial investments, less vessel operating expenses and general & administrative expenses.
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1 Year SFL Chart |
1 Month SFL Chart |
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