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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 | |
---|---|---|---|---|---|---|---|---|
0.17 | 1.26% | 13.71 | 13.78 | 13.51 | 13.53 | 496,213 | 00:26:45 |
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Unaudited Condensed Consolidated Statements of Operations for the six months ended June 30, 2016 and June 30, 2015 and the year ended December 31, 2015
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Page
4
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Unaudited Condensed Consolidated Statements of Comprehensive Income for the six months ended June 30, 2016 and June 30, 2015 and the year ended December 31, 2015
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Page
5
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Unaudited Condensed Consolidated Balance Sheets as of June 30, 2016 and December 31, 2015
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Page
6
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Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2016 and June 30, 2015 and the year ended December 31, 2015
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Page
7
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Unaudited Condensed Consolidated Statements of Changes in Stockholders’ Equity for the six months ended June 30, 2016 and June 30, 2015 and the year ended December 31, 2015
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Page
8
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Notes to the Unaudited Condensed Consolidated Financial Statements
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Page
9
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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Page
30
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Cautionary Statement Regarding Forward-Looking Statement
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Page
39
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Signatures
|
Page
40
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Six months ended
|
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Year ended
|
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|||||||
|
June 30,
|
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December 31,
|
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|||||||
|
2016
|
|
|
2015
|
|
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2015
|
|
|||
Operating revenues
|
|
|
|
|
|
||||||
Direct financing lease interest income - related parties
|
12,208
|
|
|
19,504
|
|
|
34,193
|
|
|||
Finance lease service revenues - related parties
|
22,932
|
|
|
20,001
|
|
|
46,460
|
|
|||
Profit sharing revenues - related parties
|
38,937
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|
|
21,009
|
|
|
59,607
|
|
|||
Profit sharing revenues - other
|
74
|
|
|
—
|
|
|
—
|
|
|||
Time charter revenues - related parties
|
28,755
|
|
|
5,181
|
|
|
30,319
|
|
|||
Time charter revenues - other
|
80,956
|
|
|
64,504
|
|
|
130,459
|
|
|||
Bareboat charter revenues - related parties
|
6,188
|
|
|
6,198
|
|
|
12,596
|
|
|||
Bareboat charter revenues - other
|
19,287
|
|
|
28,399
|
|
|
55,419
|
|
|||
Voyage charter revenues - other
|
9,022
|
|
|
14,692
|
|
|
35,783
|
|
|||
Other operating income
|
3,215
|
|
|
2,626
|
|
|
1,904
|
|
|||
Total operating revenues
|
221,574
|
|
|
182,114
|
|
|
406,740
|
|
|||
Gain/(loss) on sale of assets and termination of charters, net
|
14
|
|
|
(114
|
)
|
|
7,364
|
|
|||
Operating expenses
|
|
|
|
|
|
||||||
Vessel operating expenses - related parties
|
34,224
|
|
|
21,223
|
|
|
56,939
|
|
|||
Vessel operating expenses - other
|
34,590
|
|
|
32,248
|
|
|
63,892
|
|
|||
Depreciation
|
46,304
|
|
|
36,301
|
|
|
78,080
|
|
|||
Vessel impairment charge
|
—
|
|
|
29,161
|
|
|
42,410
|
|
|||
Administrative expenses - related parties
|
730
|
|
|
542
|
|
|
1,032
|
|
|||
Administrative expenses - other
|
4,058
|
|
|
3,605
|
|
|
5,705
|
|
|||
Total operating expenses
|
119,906
|
|
|
123,080
|
|
|
248,058
|
|
|||
Net operating income
|
101,682
|
|
|
58,920
|
|
|
166,046
|
|
|||
Non-operating income / (expense)
|
|
|
|
|
|
||||||
Interest income - related parties, long term loans to associated companies
|
9,338
|
|
|
9,338
|
|
|
18,672
|
|
|||
Interest income - related parties, other
|
383
|
|
|
6,347
|
|
|
13,395
|
|
|||
Interest income - other
|
666
|
|
|
4,620
|
|
|
7,075
|
|
|||
Interest expense - other
|
(35,274
|
)
|
|
(35,687
|
)
|
|
(70,583
|
)
|
|||
(Loss)/gain on repurchase of bonds
|
(38
|
)
|
|
438
|
|
|
1,007
|
|
|||
Gain on redemption of loan notes - related parties
|
—
|
|
|
—
|
|
|
28,904
|
|
|||
Gain on sale of loan notes and share warrants - other
|
—
|
|
|
44,552
|
|
|
44,552
|
|
|||
Available-for-sale securities impairment charge
|
—
|
|
|
—
|
|
|
(20,552
|
)
|
|||
Dividend Income - related parties
|
8,250
|
|
|
—
|
|
|
—
|
|
|||
Other financial items, net
|
(13,718
|
)
|
|
(4,573
|
)
|
|
(21,289
|
)
|
|||
Net income before equity in earnings of associated companies
|
71,289
|
|
|
83,955
|
|
|
167,227
|
|
|||
Equity in earnings of associated companies
|
14,322
|
|
|
17,098
|
|
|
33,605
|
|
|||
Net income
|
85,611
|
|
|
101,053
|
|
|
200,832
|
|
|||
Per share information:
|
|
|
|
|
|
||||||
Basic earnings per share
|
$
|
0.92
|
|
|
$
|
1.08
|
|
|
$
|
2.15
|
|
Diluted earnings per share
|
$
|
0.78
|
|
|
$
|
0.94
|
|
|
$
|
1.88
|
|
|
Six months ended
|
|
Year ended
|
|
||||
|
June 30,
|
|
December 31,
|
|
||||
|
2016
|
|
|
2015
|
|
|
2015
|
|
Net income
|
85,611
|
|
|
101,053
|
|
|
200,832
|
|
Fair value adjustments to hedging financial instruments
|
(14,540
|
)
|
|
23,167
|
|
|
27,154
|
|
Fair value adjustments to hedging financial instruments in associated companies
|
(1,767
|
)
|
|
(481
|
)
|
|
158
|
|
Reclassification into net income of previous fair value adjustments to hedging financial instruments
|
—
|
|
|
173
|
|
|
(1,348
|
)
|
Fair value adjustments to available for sale securities
|
(92,077
|
)
|
|
(1,206
|
)
|
|
981
|
|
Reclassification into net income of previous fair value adjustments to available for sale securities
|
—
|
|
|
—
|
|
|
20,552
|
|
Fair value adjustments to other financial instruments in associated companies
|
—
|
|
|
(28
|
)
|
|
—
|
|
Other comprehensive income/(loss)
|
11
|
|
|
(44
|
)
|
|
(136
|
)
|
Other comprehensive (loss)/income, net of tax
|
(108,373
|
)
|
|
21,581
|
|
|
47,361
|
|
|
|
|
|
|
|
|||
Comprehensive (loss)/income
|
(22,762
|
)
|
|
122,634
|
|
|
248,193
|
|
|
June 30,
2016 |
|
|
December 31,
2015 |
|
ASSETS
|
|
|
|
||
Current assets
|
|
|
|
||
Cash and cash equivalents
|
82,016
|
|
|
70,175
|
|
Available for sale securities
|
119,975
|
|
|
199,594
|
|
Trade accounts receivable
|
5,239
|
|
|
2,057
|
|
Due from related parties
|
18,663
|
|
|
45,659
|
|
Other receivables
|
9,135
|
|
|
10,441
|
|
Inventories
|
5,050
|
|
|
5,056
|
|
Prepaid expenses and accrued income
|
2,911
|
|
|
5,790
|
|
Investment in direct financing leases, current portion
|
31,634
|
|
|
37,145
|
|
Total current assets
|
274,623
|
|
|
375,917
|
|
Vessels and equipment, net
|
1,789,816
|
|
|
1,641,317
|
|
Newbuildings and vessel purchase deposits
|
21,991
|
|
|
40,149
|
|
Investment in direct financing leases, long-term portion
|
442,910
|
|
|
474,298
|
|
Investment in associated companies
|
171
|
|
|
84,615
|
|
Loans to related parties - associated companies, long-term
|
336,997
|
|
|
387,712
|
|
Long-term receivables from related parties
|
9,955
|
|
|
—
|
|
Other long-term assets
|
27,992
|
|
|
27,746
|
|
Financial instruments (long-term): at fair value
|
—
|
|
|
800
|
|
Total assets
|
2,904,455
|
|
|
3,032,554
|
|
|
|
|
|
||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||
Current liabilities
|
|
|
|
||
Short-term debt and current portion of long-term debt
|
96,881
|
|
|
208,031
|
|
Trade accounts payable
|
1,071
|
|
|
835
|
|
Due to related parties
|
1,104
|
|
|
416
|
|
Accrued expenses
|
11,178
|
|
|
12,646
|
|
Other current liabilities
|
2,224
|
|
|
17,037
|
|
Total current liabilities
|
112,458
|
|
|
238,965
|
|
Long-term liabilities
|
|
|
|
||
Long-term debt
|
1,520,321
|
|
|
1,426,174
|
|
Financial instruments (long-term): at fair value
|
129,165
|
|
|
113,642
|
|
Other long-term liabilities
|
7,216
|
|
|
11,963
|
|
Total liabilities
|
1,769,160
|
|
|
1,790,744
|
|
|
|
|
|
||
Commitments and contingent liabilities
|
|
|
|
||
Stockholders’ equity
|
|
|
|
||
Share capital ($1 par value; 125,000,000 shares authorized; 93,504,575 and 93,468,000 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively)
|
93,505
|
|
|
93,468
|
|
Additional paid-in capital
|
286,204
|
|
|
285,859
|
|
Contributed surplus
|
588,133
|
|
|
588,133
|
|
Accumulated other comprehensive loss
|
(107,643
|
)
|
|
(1,037
|
)
|
Accumulated other comprehensive loss - associated companies
|
(3,893
|
)
|
|
(2,126
|
)
|
Retained earnings
|
278,989
|
|
|
277,513
|
|
Total stockholders’ equity
|
1,135,295
|
|
|
1,241,810
|
|
Total liabilities and stockholders’ equity
|
2,904,455
|
|
|
3,032,554
|
|
|
Six months ended
|
|
Year ended
|
|
||||
|
June 30,
|
|
December 31,
|
|
||||
|
2016
|
|
|
2015
|
|
|
2015
|
|
Operating activities
|
|
|
|
|
|
|||
Net income
|
85,611
|
|
|
101,053
|
|
|
200,832
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|||
Depreciation
|
46,304
|
|
|
36,301
|
|
|
78,080
|
|
Vessel impairment charge
|
—
|
|
|
29,161
|
|
|
42,410
|
|
Available for sale securities impairment charge
|
—
|
|
|
—
|
|
|
20,552
|
|
Amortization of deferred charges
|
5,663
|
|
|
6,037
|
|
|
11,613
|
|
Amortization of seller’s credit
|
(694
|
)
|
|
(959
|
)
|
|
(1,904
|
)
|
Equity in earnings of associated companies
|
(14,322
|
)
|
|
(17,098
|
)
|
|
(33,605
|
)
|
Loss/(gain) on sale of assets and termination of charters
|
(14
|
)
|
|
114
|
|
|
(7,364
|
)
|
Gain on redemption of Horizon loan notes and warrants
|
—
|
|
|
(44,552
|
)
|
|
(44,552
|
)
|
Gain on redemption of Frontline loan notes
|
—
|
|
|
—
|
|
|
(28,904
|
)
|
Adjustment of derivatives to fair value recognized in net income
|
10,408
|
|
|
1,184
|
|
|
13,278
|
|
(Gain)/loss on repurchase of bonds
|
38
|
|
|
(438
|
)
|
|
(1,007
|
)
|
Interest receivable in form of notes
|
(633
|
)
|
|
(2,182
|
)
|
|
(2,182
|
)
|
Other, net
|
157
|
|
|
(827
|
)
|
|
(1,134
|
)
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|||
Trade accounts receivable
|
(3,182
|
)
|
|
560
|
|
|
1,196
|
|
Due from related parties
|
6,197
|
|
|
9,020
|
|
|
14,105
|
|
Other receivables
|
1,307
|
|
|
(1,884
|
)
|
|
(840
|
)
|
Inventories
|
6
|
|
|
(3,593
|
)
|
|
(2,529
|
)
|
Prepaid expenses and accrued income
|
2,878
|
|
|
550
|
|
|
(715
|
)
|
Trade accounts payable
|
235
|
|
|
(822
|
)
|
|
(1,572
|
)
|
Accrued expenses
|
(1,426
|
)
|
|
(4,220
|
)
|
|
(5,302
|
)
|
Other current liabilities
|
(14,812
|
)
|
|
(3,778
|
)
|
|
7,945
|
|
Net cash provided by operating activities
|
123,721
|
|
|
103,627
|
|
|
258,401
|
|
Investing activities
|
|
|
|
|
|
|||
Repayments from investments in direct financing leases
|
16,309
|
|
|
18,502
|
|
|
35,946
|
|
Additions to newbuildings
|
(176,686
|
)
|
|
(129,210
|
)
|
|
(223,109
|
)
|
Purchase of vessels
|
—
|
|
|
(1,740
|
)
|
|
(273,552
|
)
|
Proceeds/(payments) from sales of vessels and termination of charters
|
4,932
|
|
|
(2,003
|
)
|
|
42,275
|
|
Proceeds from sale of investment in associated company
|
—
|
|
|
111,095
|
|
|
111,095
|
|
Net amounts received from/(paid to) associated companies
|
170,866
|
|
|
15,211
|
|
|
(62,083
|
)
|
Proceeds from redemption of Horizon loan notes and warrants
|
—
|
|
|
71,681
|
|
|
71,681
|
|
Proceeds from redemption of Frontline loan notes
|
—
|
|
|
—
|
|
|
112,687
|
|
Other investments and long term assets, net
|
(12,072
|
)
|
|
(4,898
|
)
|
|
(20,722
|
)
|
Net cash provided by/(used in) investing activities
|
3,349
|
|
|
78,638
|
|
|
(205,782
|
)
|
Financing activities
|
|
|
|
|
|
|||
Shares issued, net of issuance costs
|
243
|
|
|
675
|
|
|
675
|
|
Repurchase of bonds
|
(117,509
|
)
|
|
(5,079
|
)
|
|
(23,787
|
)
|
Proceeds from issuance of long-term debt
|
277,000
|
|
|
130,366
|
|
|
595,305
|
|
Repayments of long-term debt
|
(190,612
|
)
|
|
(215,062
|
)
|
|
(435,706
|
)
|
Debt fees paid
|
(217
|
)
|
|
(2,997
|
)
|
|
(7,155
|
)
|
Cash dividends paid
|
(84,134
|
)
|
|
(79,415
|
)
|
|
(162,594
|
)
|
Net cash used in financing activities
|
(115,229
|
)
|
|
(171,512
|
)
|
|
(33,262
|
)
|
|
|
|
|
|
|
|||
Net change in cash and cash equivalents
|
11,841
|
|
|
10,753
|
|
|
19,357
|
|
Cash and cash equivalents at start of the period
|
70,175
|
|
|
50,818
|
|
|
50,818
|
|
Cash and cash equivalents at end of the period
|
82,016
|
|
|
61,571
|
|
|
70,175
|
|
|
|
|
|
|
|
|||
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
|||
Interest paid, net of capitalized interest
|
33,521
|
|
|
34,707
|
|
|
68,215
|
|
|
Six months ended
|
|
Year ended
|
|
||||
|
June 30,
|
|
December 31,
|
|
||||
|
2016
|
|
|
2015
|
|
|
2015
|
|
Number of shares outstanding
|
|
|
|
|
|
|||
At beginning of period
|
93,468,000
|
|
|
93,404,000
|
|
|
93,404,000
|
|
Shares issued
|
36,575
|
|
|
64,000
|
|
|
64,000
|
|
At end of period
|
93,504,575
|
|
|
93,468,000
|
|
|
93,468,000
|
|
Share capital
|
|
|
|
|
|
|||
At beginning of period
|
93,468
|
|
|
93,404
|
|
|
93,404
|
|
Shares issued
|
37
|
|
|
64
|
|
|
64
|
|
At end of period
|
93,505
|
|
|
93,468
|
|
|
93,468
|
|
Additional paid-in capital
|
|
|
|
|
|
|||
At beginning of period
|
285,859
|
|
|
285,248
|
|
|
285,248
|
|
Amortization of stock based compensation
|
139
|
|
|
—
|
|
|
—
|
|
Shares issued
|
206
|
|
|
611
|
|
|
611
|
|
At end of period
|
286,204
|
|
|
285,859
|
|
|
285,859
|
|
Contributed surplus
|
|
|
|
|
|
|||
At beginning of period
|
588,133
|
|
|
586,089
|
|
|
586,089
|
|
Amortization of deferred equity contributions
|
—
|
|
|
2,044
|
|
|
2,044
|
|
At end of period
|
588,133
|
|
|
588,133
|
|
|
588,133
|
|
Accumulated other comprehensive loss
|
|
|
|
|
|
|||
At beginning of period
|
(1,037
|
)
|
|
(48,240
|
)
|
|
(48,240
|
)
|
Gain/(loss) on hedging financial instruments reclassified into earnings
|
—
|
|
|
173
|
|
|
(1,348
|
)
|
Fair value adjustments to hedging financial instruments
|
(14,540
|
)
|
|
23,167
|
|
|
27,154
|
|
Loss on available for sale securities reclassified into earnings
|
—
|
|
|
—
|
|
|
20,552
|
|
Fair value adjustments to available for sale securities
|
(92,077
|
)
|
|
(1,206
|
)
|
|
981
|
|
Other comprehensive income/(loss)
|
11
|
|
|
(44
|
)
|
|
(136
|
)
|
At end of period
|
(107,643
|
)
|
|
(26,150
|
)
|
|
(1,037
|
)
|
Accumulated other comprehensive loss - associated companies
|
|
|
|
|
|
|||
At beginning of period
|
(2,126
|
)
|
|
(2,284
|
)
|
|
(2,284
|
)
|
Fair value adjustments to hedging financial instruments
|
(1,767
|
)
|
|
(481
|
)
|
|
158
|
|
Fair value adjustments to other financial instruments
|
—
|
|
|
(28
|
)
|
|
—
|
|
At end of period
|
(3,893
|
)
|
|
(2,793
|
)
|
|
(2,126
|
)
|
Retained earnings
|
|
|
|
|
|
|||
At beginning of period
|
277,513
|
|
|
239,275
|
|
|
239,275
|
|
Net income
|
85,611
|
|
|
101,053
|
|
|
200,832
|
|
Dividends declared
|
(84,135
|
)
|
|
(79,415
|
)
|
|
(162,594
|
)
|
At end of period
|
278,989
|
|
|
260,913
|
|
|
277,513
|
|
Total Stockholders’ Equity
|
1,135,295
|
|
|
1,199,430
|
|
|
1,241,810
|
|
1.
|
INTERIM FINANCIAL DATA
|
2.
|
GAIN ON SALE OF ASSETS AND TERMINATION OF CHARTERS
|
3.
|
GAIN ON SALE OF LOAN NOTES AND SHARE WARRANTS - OTHER
|
4.
|
OTHER FINANCIAL ITEMS, NET
|
|
Six months ended June 30,
|
|
Year ended December 31,
|
|||||
(in thousands of $)
|
2016
|
|
|
2015
|
|
|
2015
|
|
Fair value loss on non-designated derivatives, net
|
(9,568
|
)
|
|
(1,243
|
)
|
|
(13,051
|
)
|
Net cash payments on non-designated derivatives
|
(2,641
|
)
|
|
(2,833
|
)
|
|
(6,453
|
)
|
Fair value (loss)/gain of designated derivatives (ineffective portion)
|
(840
|
)
|
|
59
|
|
|
(227
|
)
|
Other items
|
(669
|
)
|
|
(556
|
)
|
|
(1,558
|
)
|
Other financial items, net
|
(13,718
|
)
|
|
(4,573
|
)
|
|
(21,289
|
)
|
5.
|
AVAILABLE-FOR-SALE SECURITIES
|
(in thousands of $)
|
June 30, 2016
|
|
|
December 31, 2015
|
|
Amortized cost
|
197,606
|
|
|
185,148
|
|
Accumulated net unrealized (loss)/gain
|
(77,631
|
)
|
|
14,446
|
|
Carrying value
|
119,975
|
|
|
199,594
|
|
6.
|
VESSELS AND EQUIPMENT, NET
|
(in thousands of $)
|
June 30, 2016
|
|
|
December 31, 2015
|
|
Cost
|
2,159,655
|
|
|
1,964,852
|
|
Accumulated depreciation
|
(369,839
|
)
|
|
(323,535
|
)
|
Vessels and equipment, net
|
1,789,816
|
|
|
1,641,317
|
|
7.
|
NEWBUILDINGS AND VESSEL PURCHASE DEPOSITS
|
8.
|
INVESTMENTS IN DIRECT FINANCING LEASES
|
(in thousands of $)
|
June 30, 2016
|
|
|
December 31, 2015
|
|
Total minimum lease payments to be received
|
747,714
|
|
|
825,460
|
|
Less
: amounts representing estimated executory costs including profit thereon, included in total minimum lease payments
|
(340,027
|
)
|
|
(362,959
|
)
|
Net minimum lease payments receivable
|
407,687
|
|
|
462,501
|
|
Estimated residual values of leased property (un-guaranteed)
|
193,299
|
|
|
195,238
|
|
Less
: unearned income
|
(126,442
|
)
|
|
(146,296
|
)
|
Total investment in direct financing and sales-type leases
|
474,544
|
|
|
511,443
|
|
|
|
|
|
||
Current portion
|
31,634
|
|
|
37,145
|
|
Long-term portion
|
442,910
|
|
|
474,298
|
|
|
474,544
|
|
|
511,443
|
|
9.
|
INVESTMENT IN ASSOCIATED COMPANIES
|
|
June 30, 2016
|
|
|
June 30, 2015
|
|
|
December 31, 2015
|
|
SFL Deepwater Ltd (“SFL Deepwater”)
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
SFL Hercules Ltd (“SFL Hercules”)
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
SFL Linus Ltd (“SFL Linus”)
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
As of June 30, 2016
|
||||||||||
(in thousands of $)
|
TOTAL
|
|
|
SFL Deepwater
|
|
|
SFL Hercules
|
|
|
SFL Linus
|
|
Current assets
|
120,965
|
|
|
33,722
|
|
|
38,308
|
|
|
48,935
|
|
Non-current assets
|
1,152,779
|
|
|
350,233
|
|
|
343,981
|
|
|
458,565
|
|
Total assets
|
1,273,744
|
|
|
383,955
|
|
|
382,289
|
|
|
507,500
|
|
Current liabilities
|
105,680
|
|
|
25,456
|
|
|
28,660
|
|
|
51,564
|
|
Non-current liabilities
|
1,167,893
|
|
|
358,453
|
|
|
353,573
|
|
|
455,867
|
|
Total liabilities
|
1,273,573
|
|
|
383,909
|
|
|
382,233
|
|
|
507,431
|
|
Total stockholders’ equity
|
171
|
|
|
46
|
|
|
56
|
|
|
69
|
|
|
As of December 31, 2015
|
||||||||||
(in thousands of $)
|
TOTAL
|
|
|
SFL Deepwater
|
|
|
SFL Hercules
|
|
|
SFL Linus
|
|
Current assets
|
120,251
|
|
|
33,735
|
|
|
38,936
|
|
|
47,580
|
|
Non-current assets
|
1,207,755
|
|
|
364,550
|
|
|
360,215
|
|
|
482,990
|
|
Total assets
|
1,328,006
|
|
|
398,285
|
|
|
399,151
|
|
|
530,570
|
|
Current liabilities
|
128,455
|
|
|
25,221
|
|
|
28,624
|
|
|
74,610
|
|
Non-current liabilities
|
1,114,936
|
|
|
333,538
|
|
|
351,821
|
|
|
429,577
|
|
Total liabilities
|
1,243,391
|
|
|
358,759
|
|
|
380,445
|
|
|
504,187
|
|
Total stockholders’ equity
|
84,615
|
|
|
39,526
|
|
|
18,706
|
|
|
26,383
|
|
|
Six months ended June 30, 2016
|
||||||||||
(in thousands of $)
|
TOTAL
|
|
|
SFL Deepwater
|
|
|
SFL Hercules
|
|
|
SFL Linus
|
|
Operating revenues
|
40,565
|
|
|
11,112
|
|
|
11,738
|
|
|
17,715
|
|
Net operating revenues
|
40,565
|
|
|
11,112
|
|
|
11,738
|
|
|
17,715
|
|
Net income
|
14,322
|
|
|
3,520
|
|
|
3,350
|
|
|
7,452
|
|
|
Six months ended June 30, 2015
|
||||||||||
(in thousands of $)
|
TOTAL
|
|
|
SFL Deepwater
|
|
|
SFL Hercules
|
|
|
SFL Linus
|
|
Operating revenues
|
41,929
|
|
|
11,335
|
|
|
11,768
|
|
|
18,826
|
|
Net operating revenues
|
41,923
|
|
|
11,333
|
|
|
11,766
|
|
|
18,824
|
|
Net income
|
15,815
|
|
|
3,825
|
|
|
3,827
|
|
|
8,163
|
|
|
Year ended December 31, 2015
|
||||||||||
(in thousands of $)
|
TOTAL
|
|
|
SFL Deepwater
|
|
|
SFL Hercules
|
|
|
SFL Linus
|
|
Operating revenues
|
82,731
|
|
|
22,424
|
|
|
23,315
|
|
|
36,992
|
|
Net operating revenues
|
82,725
|
|
|
22,422
|
|
|
23,313
|
|
|
36,990
|
|
Net income
|
31,001
|
|
|
7,561
|
|
|
7,306
|
|
|
16,134
|
|
10.
|
SHORT-TERM AND LONG-TERM DEBT
|
(in thousands of $)
|
June 30, 2016
|
|
|
December 31, 2015
|
|
Long-term debt:
|
|
|
|
||
3.75% senior unsecured convertible bonds due 2016
|
—
|
|
|
117,500
|
|
NOK600 million senior unsecured floating rate bonds due 2017
|
67,368
|
|
|
63,681
|
|
3.25% senior unsecured convertible bonds due 2018
|
350,000
|
|
|
350,000
|
|
NOK900 million senior unsecured floating rate bonds due 2019
|
90,380
|
|
|
85,434
|
|
U.S. dollar denominated floating rate debt (LIBOR plus margin) due through 2023
|
1,136,249
|
|
|
1,049,861
|
|
Total debt principal
|
1,643,997
|
|
|
1,666,476
|
|
Less
: Unamortized debt issuance costs
|
(26,795
|
)
|
|
(32,271
|
)
|
Less
: Current portion of long-term debt
|
(96,881
|
)
|
|
(208,031
|
)
|
|
1,520,321
|
|
|
1,426,174
|
|
11.
|
FINANCIAL INSTRUMENTS
|
(in thousands of $)
|
June 30, 2016
|
|
|
December 31, 2015
|
|
Designated derivative instruments - long-term assets:
|
|
|
|
||
Interest rate swaps
|
—
|
|
|
487
|
|
Non-designated derivative instruments - long-term assets:
|
|
|
|
||
Interest rate swaps
|
—
|
|
|
313
|
|
Total derivative instruments - long-term assets
|
—
|
|
|
800
|
|
|
|
|
|
||
(in thousands of $)
|
June 30, 2016
|
|
|
December 31, 2015
|
|
Designated derivative instruments - long-term liabilities:
|
|
|
|
||
Interest rate swaps
|
26,693
|
|
|
11,458
|
|
Cross currency interest rate swaps
|
78,674
|
|
|
87,642
|
|
Non-designated derivative instruments - long-term liabilities:
|
|
|
|
||
Interest rate swaps
|
13,296
|
|
|
2,897
|
|
Cross currency interest rate swaps
|
10,502
|
|
|
11,645
|
|
Total derivative instruments - long-term liabilities
|
129,165
|
|
|
113,642
|
|
Notional Principal
(in thousands of $)
|
Inception date
|
|
Maturity date
|
|
Fixed interest rate
|
|
|
|
|
|
|
|
|
$30,163 (reducing to $24,794)
|
March 2008
|
|
August 2018
|
|
4.05% - 4.15%
|
|
$32,186 (reducing to $23,394)
|
April 2011
|
|
December 2018
|
|
2.13% - 2.80%
|
|
$47,816 (reducing to $34,044)
|
May 2011
|
|
January 2019
|
|
0.80% - 2.58%
|
|
$100,000 (remaining at $100,000)
|
August 2011
|
|
August 2021
|
|
2.50% - 2.93%
|
|
$151,800 (reducing to $79,733)
|
May 2012
|
|
August 2022
|
|
1.76% - 1.85%
|
|
$105,436 (equivalent to NOK600 million)
|
October 2012
|
|
October 2017
|
|
5.92% - 6.23%
|
*
|
$37,683 (reducing to $32,142)
|
February 2013
|
|
December 2017
|
|
0.81% - 0.82%
|
|
$100,000 (remaining at $100,000)
|
March 2013
|
|
April 2023
|
|
1.85% - 1.97%
|
|
$151,008 (equivalent to NOK900 million)
|
March 2014
|
|
March 2019
|
|
6.03%
|
*
|
$108,375 (reducing to $70,125)
|
December 2016
|
|
December 2021
|
|
1.86% - 3.33%
|
|
$110,500 (reducing to $70,125)
|
January 2017
|
|
January 2022
|
|
1.56% - 3.09%
|
|
$32,760 (reducing to $19,413)
|
September 2015
|
|
March 2022
|
|
1.67%
|
|
$206,719 (reducing to $149,844)
|
February 2016
|
|
February 2021
|
|
1.0725% - 1.2625%
|
|
Principal Receivable
|
Principal Payable
|
|
|
Inception date
|
|
Maturity date
|
|
NOK600 million
|
$
|
105.4
|
million
|
|
October 2012
|
|
October 2017
|
NOK900 million
|
$
|
151.0
|
million
|
|
March 2014
|
|
March 2019
|
|
June 30, 2016
|
|
|
June 30, 2016
|
|
|
December 31, 2015
|
|
|
December 31, 2015
|
|
(in thousands of $)
|
Carrying value
|
|
|
Fair value
|
|
|
Carrying value
|
|
|
Fair value
|
|
Non-derivatives:
|
|
|
|
|
|
|
|
||||
Available for sale securities
|
119,975
|
|
|
119,975
|
|
|
199,594
|
|
|
199,594
|
|
Floating rate NOK bonds due 2017
|
67,368
|
|
|
66,006
|
|
|
63,681
|
|
|
63,719
|
|
Floating rate NOK bonds due 2019
|
90,380
|
|
|
83,170
|
|
|
85,434
|
|
|
79,549
|
|
3.75% unsecured convertible bonds due 2016
|
—
|
|
|
—
|
|
|
117,500
|
|
|
118,021
|
|
3.25% unsecured convertible bonds due 2018
|
350,000
|
|
|
372,505
|
|
|
350,000
|
|
|
378,315
|
|
Derivatives:
|
|
|
|
|
|
|
|
||||
Interest rate/ currency swap contracts - long-term receivables
|
—
|
|
|
—
|
|
|
800
|
|
|
800
|
|
Interest rate/ currency swap contracts - long-term payables
|
129,165
|
|
|
129,165
|
|
|
113,642
|
|
|
113,642
|
|
|
|
|
Fair value measurements using
|
||||||||
(in thousands of $)
|
June 30, 2016
|
|
|
Quoted Prices in
Active Markets
for identical Assets/Liabilities
(Level 1)
|
|
|
Significant Other
Observable Inputs
(Level 2)
|
|
|
Significant
Unobservable
Inputs
(Level 3)
|
|
Assets:
|
|
|
|
|
|
|
|
||||
Available for sale securities
|
119,975
|
|
|
119,975
|
|
|
|
|
—
|
|
|
Interest rate/ currency swap contracts - long-term receivables
|
—
|
|
|
|
|
|
—
|
|
|
|
|
Total assets
|
119,975
|
|
|
119,975
|
|
|
—
|
|
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||
Floating rate NOK bonds due 2017
|
66,006
|
|
|
66,006
|
|
|
|
|
|
||
Floating rate NOK bonds due 2019
|
83,170
|
|
|
83,170
|
|
|
|
|
|
||
3.25% unsecured convertible bonds due 2018
|
372,505
|
|
|
372,505
|
|
|
|
|
|
||
Interest rate/ currency swap contracts - long-term payables
|
129,165
|
|
|
|
|
|
129,165
|
|
|
|
|
Total liabilities
|
650,846
|
|
|
521,681
|
|
|
129,165
|
|
|
—
|
|
12.
|
SHARE CAPITAL, ADDITIONAL PAID-IN CAPITAL AND CONTRIBUTED SURPLUS
|
(in thousands of $, except share data)
|
June 30, 2016
|
|
|
December 31, 2015
|
|
125,000,000 common shares of $1.00 par value each
|
125,000
|
|
|
125,000
|
|
(in thousands of $, except share data)
|
June 30, 2016
|
|
|
December 31, 2015
|
|
93,504,575 common shares of $1.00 par value each (December 31, 2015: 93,468,000 shares)
|
93,505
|
|
|
93,468
|
|
13.
|
SHARE OPTION PLAN
|
14.
|
EARNINGS PER SHARE
|
|
Six months ended June 30,
|
|
Year ended December 31,
|
|||||
(in thousands of $)
|
2016
|
|
|
2015
|
|
|
2015
|
|
Basic:
|
|
|
|
|
|
|||
Net income available to stockholders
|
85,611
|
|
|
101,053
|
|
|
200,832
|
|
Diluted:
|
|
|
|
|
|
|||
Net income available to stockholders
|
85,611
|
|
|
101,053
|
|
|
200,832
|
|
Interest expense on convertible bonds
|
9,151
|
|
|
11,203
|
|
|
22,449
|
|
|
94,762
|
|
|
112,256
|
|
|
223,281
|
|
|
Six months ended June 30,
|
|
Year ended December 31,
|
|||||
(in thousands)
|
2016
|
|
|
2015
|
|
|
2015
|
|
Basic earnings per share:
|
|
|
|
|
|
|||
Weighted average number of common shares outstanding
|
93,489
|
|
|
93,432
|
|
|
93,450
|
|
Diluted earnings per share:
|
|
|
|
|
|
|||
Weighted average number of common shares outstanding
|
93,489
|
|
|
93,432
|
|
|
93,450
|
|
Effect of dilutive share options
|
—
|
|
|
18
|
|
|
23
|
|
Effect of dilutive convertible debt
|
27,935
|
|
|
25,535
|
|
|
25,535
|
|
|
121,424
|
|
|
118,985
|
|
|
119,008
|
|
15.
|
RELATED PARTY TRANSACTIONS
|
(in thousands of $)
|
June 30, 2016
|
|
|
December 31, 2015
|
|
Amounts due from:
|
|
|
|
||
Frontline Charterers
|
13,649
|
|
|
18,052
|
|
Frontline
|
1,674
|
|
|
2,816
|
|
UFC
|
463
|
|
|
1,639
|
|
SFL Linus
|
—
|
|
|
23,152
|
|
Deep Sea and Deep Sea Supply BTG
|
2,877
|
|
|
—
|
|
Total amount due from related parties
|
18,663
|
|
|
45,659
|
|
Loans to related parties - associated companies, long-term
|
|
|
|
||
SFL Deepwater
|
123,275
|
|
|
137,437
|
|
SFL Hercules
|
90,460
|
|
|
125,275
|
|
SFL Linus
|
123,262
|
|
|
125,000
|
|
Total loans to related parties - associated companies, long-term
|
336,997
|
|
|
387,712
|
|
Long-term receivables from related parties
|
|
|
|
||
Deep Sea
|
9,955
|
|
|
—
|
|
Total long-term receivables from related parties
|
9,955
|
|
|
—
|
|
Amounts due to:
|
|
|
|
||
Frontline Charterers
|
229
|
|
|
229
|
|
Frontline
|
542
|
|
|
143
|
|
Golden Ocean
|
197
|
|
|
—
|
|
Seatankers
|
110
|
|
|
—
|
|
Other related parties
|
26
|
|
|
44
|
|
Total amount due to related parties
|
1,104
|
|
|
416
|
|
|
Six months ended
|
|
Year ended
|
|
||||
(in millions of $)
|
June 30, 2016
|
|
|
June 30, 2015
|
|
|
December 31, 2015
|
|
Operating lease income
|
34.9
|
|
|
11.4
|
|
|
42.9
|
|
Direct financing lease interest income
|
12.2
|
|
|
19.5
|
|
|
34.2
|
|
Finance lease service revenue
|
22.9
|
|
|
20.0
|
|
|
46.5
|
|
Direct financing lease repayments
|
16.3
|
|
|
18.5
|
|
|
35.9
|
|
Profit share and cash sweep income
|
38.9
|
|
|
21.0
|
|
|
59.6
|
|
|
Six months ended
|
|
Year ended
|
|
||||
(in millions of $)
|
June 30, 2016
|
|
|
June 30, 2015
|
|
|
December 31, 2015
|
|
Frontline:
|
|
|
|
|
|
|||
Vessel Management Fees
|
23.6
|
|
|
20.8
|
|
|
48.0
|
|
Newbuilding Supervision Fees
|
—
|
|
|
0.1
|
|
|
0.1
|
|
Administration Services Fees
|
0.4
|
|
|
0.5
|
|
|
0.9
|
|
Golden Ocean:
|
|
|
|
|
|
|||
Vessel Management Fees
|
10.2
|
|
|
—
|
|
|
8.2
|
|
Operating Management Fees
|
0.4
|
|
|
0.4
|
|
|
0.8
|
|
Office Facilities:
|
|
|
|
|
|
|||
Arcadia
|
—
|
|
|
0.1
|
|
|
0.1
|
|
Frontline Management AS
|
0.2
|
|
|
0.2
|
|
|
0.4
|
|
Frontline Corporate Services
|
0.2
|
|
|
—
|
|
|
—
|
|
16.
|
COMMITMENTS AND CONTINGENT LIABILITIES
|
(in millions of $)
|
June 30, 2016
|
Book value of consolidated assets pledged under ship mortgages
|
$2,159
|
17.
|
CONSOLIDATED VARIABLE INTEREST ENTITIES
|
18.
|
SUBSEQUENT EVENTS
|
|
Six months ended
|
|
|
Six months ended
|
|
(in thousands of $)
|
June 30, 2016
|
|
|
June 30, 2015
|
|
Total operating revenues
|
221,574
|
|
|
182,114
|
|
Gain/ (loss) on sale of assets and termination of charters
|
14
|
|
|
(114
|
)
|
Total operating expenses
|
(119,906
|
)
|
|
(123,080
|
)
|
Net operating income
|
101,682
|
|
|
58,920
|
|
Interest income
|
10,387
|
|
|
20,305
|
|
Interest expense
|
(35,274
|
)
|
|
(35,687
|
)
|
Other non-operating items, net
|
(5,506
|
)
|
|
40,417
|
|
Equity in earnings of associated companies
|
14,322
|
|
|
17,098
|
|
Net income
|
85,611
|
|
|
101,053
|
|
|
Six months ended
|
|
|
Six months ended
|
|
(in thousands of $)
|
June 30, 2016
|
|
|
June 30, 2015
|
|
Direct financing lease interest income
|
12,208
|
|
|
19,504
|
|
Finance lease service revenues
|
22,932
|
|
|
20,001
|
|
Profit sharing revenues
|
39,011
|
|
|
21,009
|
|
Time charter revenues
|
109,711
|
|
|
69,685
|
|
Bareboat charter revenues
|
25,475
|
|
|
34,597
|
|
Voyage charter revenues
|
9,022
|
|
|
14,692
|
|
Other operating income
|
3,215
|
|
|
2,626
|
|
Total operating revenues
|
221,574
|
|
|
182,114
|
|
|
Six months ended
|
|
|
Six months ended
|
|
(in thousands of $)
|
June 30, 2016
|
|
|
June 30, 2015
|
|
Charter hire payments accounted for as:
|
|
|
|
||
Direct financing lease interest income
|
12,208
|
|
|
19,504
|
|
Finance lease service revenues
|
22,932
|
|
|
20,001
|
|
Direct financing lease repayments
|
16,309
|
|
|
18,502
|
|
Total direct financing lease payments received
|
51,449
|
|
|
58,007
|
|
|
Six months ended
|
|
|
Six months ended
|
|
|
June 30, 2016
|
|
|
June 30, 2015
|
|
Vessel operating expenses
|
68,814
|
|
|
53,471
|
|
Depreciation
|
46,304
|
|
|
36,301
|
|
Vessel impairment charge
|
—
|
|
|
29,161
|
|
Administrative expenses
|
4,788
|
|
|
4,147
|
|
Total operating expenses
|
119,906
|
|
|
123,080
|
|
|
Six months ended
|
|
|
Six months ended
|
|
(in thousands of $)
|
June 30, 2016
|
|
|
June 30, 2015
|
|
Interest on US$ floating rate loans
|
14,531
|
|
|
11,207
|
|
Interest on NOK600 million senior unsecured floating rate bonds due 2017
|
2,059
|
|
|
2,522
|
|
Interest on NOK900 million senior unsecured floating rate bonds due 2019
|
2,341
|
|
|
2,922
|
|
Interest on 3.75% senior unsecured convertible bonds due 2016
|
329
|
|
|
2,331
|
|
Interest on 3.25% senior unsecured convertible bonds due 2018
|
5,688
|
|
|
5,688
|
|
Swap interest
|
4,642
|
|
|
4,976
|
|
Other interest
|
21
|
|
|
4
|
|
Amortization of deferred charges
|
5,663
|
|
|
6,037
|
|
Total interest expense
|
35,274
|
|
|
35,687
|
|
|
As of June 30, 2016
|
||||
(in millions of $)
|
Outstanding balance
|
|
|
Net amount available to draw
|
|
Loan facilities secured with mortgages on vessels and rig including newbuildings
|
1,136.2
|
|
|
164.6
|
|
Unsecured borrowings:
|
|
|
|
||
NOK600 million senior unsecured floating rate bonds due 2017
|
67.4
|
|
|
—
|
|
3.25% senior unsecured convertible bonds due 2018
|
350.0
|
|
|
—
|
|
NOK900 million senior unsecured floating rate bonds due 2019
|
90.4
|
|
|
—
|
|
|
1,644.0
|
|
|
164.6
|
|
|
SHIP FINANCE INTERNATIONAL LIMITED
|
|
By:
|
/s/ Harald Gurvin
|
|
Name: Harald Gurvin
|
|
|
Title: Chief Financial Officer
|
|
|
Ship Finance Management AS
|
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