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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 | |
---|---|---|---|---|---|---|---|---|
-0.04 | -0.30% | 13.37 | 13.50 | 13.37 | 13.45 | 174,584 | 15:30:09 |
|
SHIP FINANCE INTERNATIONAL LIMITED
|
|
|
|
|
|
|
Date: November 29, 2017
|
By:
|
/s/ Ole B. Hjertaker
|
|
|
Name:
|
Ole B. Hjertaker
|
|
|
Title:
|
Ship Finance Management AS
|
|
|
|
(Principal Executive Officer)
|
|
•
|
Declaration of
third quarter
dividend of
$0.35
per share, the Company’s
55
th consecutive quarterly dividend
|
•
|
Net income of $29 million and $150 million of total charter revenues during the
third quarter
|
•
|
Continued diversification and renewal of the fleet with the delivery of two LR2 product tanker vessels with long term charters to Phillips 66 and the sale of an older crude oil tanker vessel
|
•
|
Strengthened balance sheet with early conversion of $121 million of convertible notes
|
|
Three Months Ended
|
|||||
|
Sep 30, 2017
|
|
Jun 30, 2017
|
|
||
Long term charter revenues
(1)
|
$133 million
|
$138 million
|
||||
Short term charters
(2)
|
$17 million
|
$12 million
|
||||
Total charter revenues
(1)(2)
|
$150 million
|
$150 million
|
||||
Adjusted EBITDA
(3)
|
$115 million
|
$118 million
|
||||
Net Income
|
$29 million
|
$20 million
|
||||
Earnings per share
|
|
$0.31
|
|
|
$0.22
|
|
1.
|
Long term charter revenues include total gross charter hire related to contracts undertaken for a period greater than one year from all vessels and rigs, including assets in 100% owned subsidiaries classified as ‘Investment in associates’.
|
2.
|
Includes gross hires from short term charters, voyage charters, gross revenue earned from pooled vessels and profit share income.
|
3.
|
Adjusted EBITDA is a non- GAAP measure and includes assets in 100% owned subsidiaries classified as 'Investment in associates'. For more details please see Appendix 1.
|
INCOME STATEMENT
|
Three months ended
|
|
Full year
|
|
||||
(in thousands of $
|
Sep 30,
|
|
|
Jun 30,
|
|
|
2016
|
|
except per share data)
|
2017
|
|
|
2017
|
|
|
(audited)
|
|
Charter revenues - operating lease
|
76,208
|
|
|
74,292
|
|
|
293,703
|
|
Charter revenues - finance lease
|
25,321
|
|
|
28,623
|
|
|
99,084
|
|
Revenues classified as Repayment of investment in finance leases
|
(7,856
|
)
|
|
(8,692
|
)
|
|
(31,380
|
)
|
Profit share income
|
—
|
|
|
—
|
|
|
51,544
|
|
Total operating revenues
|
93,673
|
|
|
94,223
|
|
|
412,951
|
|
|
|
|
|
|
|
|||
Gain (loss) on sale of assets and termination of charters
|
345
|
|
|
805
|
|
|
(167
|
)
|
|
|
|
|
|
|
|||
Vessel operating expenses
|
(32,596
|
)
|
|
(32,690
|
)
|
|
(136,016
|
)
|
Administrative expenses
|
(1,702
|
)
|
|
(1,855
|
)
|
|
(9,072
|
)
|
Depreciation
|
(22,137
|
)
|
|
(21,802
|
)
|
|
(94,293
|
)
|
Vessel impairment charge
|
—
|
|
|
—
|
|
|
(5,314
|
)
|
|
|
|
|
|
|
|||
Total operating expenses
|
(56,435
|
)
|
|
(56,347
|
)
|
|
(244,695
|
)
|
|
|
|
|
|
|
|||
Operating income
|
37,583
|
|
|
38,681
|
|
|
168,089
|
|
|
|
|
|
|
|
|||
Results in associates
(1)
|
6,227
|
|
|
7,276
|
|
|
27,765
|
|
Interest income from associates
(1)
|
3,533
|
|
|
3,532
|
|
|
18,675
|
|
Interest income, other
|
681
|
|
|
1,286
|
|
|
3,061
|
|
Interest expense
|
(21,695
|
)
|
|
(20,871
|
)
|
|
(60,871
|
)
|
Amortization of deferred charges
|
(2,419
|
)
|
|
(2,337
|
)
|
|
(10,972
|
)
|
Income (expense) related to non-designated derivatives
|
7,339
|
|
|
(7,487
|
)
|
|
(514
|
)
|
Other financial items
|
(2,518
|
)
|
|
31
|
|
|
1,173
|
|
Taxes
|
—
|
|
|
—
|
|
|
—
|
|
Net income
|
28,731
|
|
|
20,111
|
|
|
146,406
|
|
|
|
|
|
|
|
|||
Basic earnings per share ($)
|
0.31
|
|
|
0.22
|
|
|
1.57
|
|
|
|
|
|
|
|
|||
Weighted average number of shares
(2)
|
93,504,575
|
|
|
93,504,575
|
|
|
93,496,744
|
|
Common shares outstanding
(2)
|
93,504,575
|
|
|
93,504,575
|
|
|
93,504,575
|
|
BALANCE SHEET
|
Sep 30,
|
|
|
Jun 30,
|
|
(in thousands of $)
|
2017
|
|
|
2017
|
|
ASSETS
|
|
|
|
||
Short term
|
|
|
|
||
Cash and cash equivalents
|
245,782
|
|
|
248,999
|
|
Restricted cash
|
—
|
|
|
9,000
|
|
Available for sale securities
|
115,921
|
|
|
110,802
|
|
Amount due from related parties
|
12,125
|
|
|
16,933
|
|
Other current assets
|
56,235
|
|
|
61,879
|
|
|
|
|
|
||
Long term
|
|
|
|
||
Newbuildings and vessel deposits
|
—
|
|
|
45,907
|
|
Vessels and equipment, net
|
1,784,504
|
|
|
1,691,530
|
|
Investment in finance leases
|
593,992
|
|
|
612,390
|
|
Investment in associates
(1)
|
6,572
|
|
|
91
|
|
Amount due from related parties - Long term
(1)
|
322,090
|
|
|
322,171
|
|
Other long term assets
|
19,630
|
|
|
19,211
|
|
|
|
|
|
||
Total assets
|
3,156,851
|
|
|
3,138,913
|
|
|
|
|
|
||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||
Short term
|
|
|
|
||
Short term and current portion of long term interest bearing debt
|
467,224
|
|
|
487,859
|
|
Amount due to related parties
|
621
|
|
|
3,479
|
|
Other current liabilities
|
56,672
|
|
|
70,326
|
|
|
|
|
|
||
Long term
|
|
|
|
||
Long term interest bearing debt, net of deferred charges
|
1,244,919
|
|
|
1,183,733
|
|
Other long term liabilities
|
285,336
|
|
|
295,334
|
|
|
|
|
|
||
Stockholders’ equity
|
1,102,079
|
|
|
1,098,182
|
|
Total liabilities and stockholders’ equity
|
3,156,851
|
|
|
3,138,913
|
|
STATEMENT OF CASHFLOWS
|
Three months ended
|
|
Full year
|
|
||||
(in thousands of $)
|
Sep 30,
|
|
|
Jun 30,
|
|
|
Dec 31, 2016
|
|
|
2017
|
|
|
2017
|
|
|
(audited)
|
|
|
|
|
|
|
|
|||
OPERATING ACTIVITIES
|
|
|
|
|
|
|||
Net income
|
28,731
|
|
|
20,111
|
|
|
146,406
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|||
Depreciation and amortization
|
24,241
|
|
|
23,828
|
|
|
103,941
|
|
Vessel impairment charge
|
—
|
|
|
—
|
|
|
5,314
|
|
Adjustment of derivatives to fair value recognised in net income
|
(8,883
|
)
|
|
5,668
|
|
|
(4,399
|
)
|
Results in associates
|
(6,227
|
)
|
|
(7,276
|
)
|
|
(27,765
|
)
|
Loss (gain) on sale of assets and termination of charters
|
(345
|
)
|
|
(805
|
)
|
|
167
|
|
Other, net
|
(2,179
|
)
|
|
1,522
|
|
|
8,608
|
|
Change in operating assets and liabilities
|
(3,381
|
)
|
|
12,576
|
|
|
(2,199
|
)
|
Net cash provided by operating activities
|
31,957
|
|
|
55,624
|
|
|
230,073
|
|
|
|
|
|
|
|
|||
INVESTING ACTIVITIES
|
|
|
|
|
|
|||
Restricted cash released/(placed)
|
9,000
|
|
|
(9,000
|
)
|
|
—
|
|
Repayment of investment in finance leases
|
7,627
|
|
|
8,462
|
|
|
30,410
|
|
Net investment in newbuildings and vessel deposits
|
(69,204
|
)
|
|
(1,201
|
)
|
|
(188,142
|
)
|
Proceeds from sale of vessel/newbuildings and termination of charters
|
12,029
|
|
|
38,960
|
|
|
29,102
|
|
Cash received from (paid to) associates
(1)
|
9,727
|
|
|
11,275
|
|
|
193,517
|
|
Other assets / investments
|
—
|
|
|
926
|
|
|
(25,488
|
)
|
Net cash provided by/ (used in) investing activities
|
(30,821
|
)
|
|
49,422
|
|
|
39,399
|
|
|
|
|
|
|
|
|||
FINANCING ACTIVITIES
|
|
|
|
|
|
|||
Repayments of lease obligation liability
|
(1,701
|
)
|
|
(1,717
|
)
|
|
(97
|
)
|
Proceeds from long and short term debt
|
76,000
|
|
|
207,104
|
|
|
522,000
|
|
Expenses paid in connection with securing finance
|
(821
|
)
|
|
(700
|
)
|
|
(5,099
|
)
|
Repayment of long and short term debt
|
(26,849
|
)
|
|
(27,669
|
)
|
|
(329,303
|
)
|
Re-purchase of Company bonds
|
(18,255
|
)
|
|
(52,542
|
)
|
|
(296,800
|
)
|
Cash received from share issue
|
—
|
|
|
—
|
|
|
323
|
|
Cash dividends paid
|
(32,727
|
)
|
|
(42,077
|
)
|
|
(168,289
|
)
|
Net cash provided by/ (used in) financing activities
|
(4,353
|
)
|
|
82,399
|
|
|
(277,265
|
)
|
|
|
|
|
|
|
|||
Net increase/ (decrease) in cash and cash equivalents
|
(3,217
|
)
|
|
187,445
|
|
|
(7,793
|
)
|
Cash and cash equivalents at beginning of period
|
248,999
|
|
|
61,554
|
|
|
70,175
|
|
Cash and cash equivalents at end of period
|
245,782
|
|
|
248,999
|
|
|
62,382
|
|
|
SFL Deepwater
|
|
SFL Hercules
|
|
SFL
Linus
|
|
Total
|
|
(in thousands of $)
|
Ltd
|
|
Ltd
|
|
Ltd
|
|
|
|
Charter revenues - finance lease
|
12,822
|
|
14,386
|
|
20,865
|
|
48,073
|
|
Revenues classified as Repayment of investment in finance leases
|
(7,579
|
)
|
(8,785
|
)
|
(13,141
|
)
|
(29,505
|
)
|
Interest expense, related party
(1)
|
(1,271
|
)
|
(901
|
)
|
(1,361
|
)
|
(3,533
|
)
|
Interest expense, other
|
(2,226
|
)
|
(2,667
|
)
|
(3,547
|
)
|
(8,440
|
)
|
Other items
|
(202
|
)
|
(173
|
)
|
7
|
|
(368
|
)
|
Net income
(2)
|
1,544
|
|
1,860
|
|
2,823
|
|
6,227
|
|
(1)
|
‘Interest expense, related party’ from these subsidiaries appears in the Company’s consolidated income statement as ‘Interest income from associates’.
|
(2)
|
‘Net income’ from these subsidiaries appears in the Company’s consolidated income statement as ‘Results in associates’.
|
|
SFL Deepwater
|
|
SFL Hercules
|
|
SFL
Linus
|
|
Total
|
|
(in thousands of $)
|
Ltd
|
|
Ltd
|
|
Ltd
|
|
|
|
Cash and cash equivalents
|
—
|
|
—
|
|
1,963
|
|
1,963
|
|
Investment in finance leases
|
342,654
|
|
335,195
|
|
445,424
|
|
1,123,273
|
|
Other assets
|
4,193
|
|
4,701
|
|
222
|
|
9,116
|
|
Total assets
|
346,847
|
|
339,896
|
|
447,609
|
|
1,134,352
|
|
|
|
|
|
|
||||
Short term and current portion of long term interest bearing debt
|
22,667
|
|
27,500
|
|
47,500
|
|
97,667
|
|
Other current liabilities
|
2,774
|
|
1,810
|
|
2,493
|
|
7,077
|
|
|
|
|
|
|
||||
Long term interest bearing debt
|
207,873
|
|
229,533
|
|
273,125
|
|
710,531
|
|
Long term loans from shareholders, net
|
111,953
|
|
79,183
|
|
121,000
|
|
312,136
|
|
Other long term liabilities
|
—
|
|
—
|
|
369
|
|
369
|
|
|
|
|
|
|
||||
Stockholder's equity
(1)
|
1,580
|
|
1,870
|
|
3,122
|
|
6,572
|
|
|
|
|
|
|
||||
Total liabilities and stockholder's equity
|
346,847
|
|
339,896
|
|
447,609
|
|
1,134,352
|
|
(1)
|
‘Stockholder’s equity’ from these subsidiaries appears in the Company’s consolidated balance sheet as ‘Investment in associates’.
|
Adjusted EBITDA
|
Three months ended
|
|
Twelve months
|
|
||||
(in thousands of $)
|
Sep 30,
|
|
|
Jun 30,
|
|
|
ended
|
|
|
2017
|
|
|
2017
|
|
|
Dec 31, 2016
|
|
|
|
|
|
|
(unaudited)
|
|
||
Net income
|
28,731
|
|
|
20,111
|
|
|
146,406
|
|
|
|
|
|
|
|
|||
Add:
|
|
|
|
|
|
|||
(Income) expense related to non-designated derivatives
|
(7,339
|
)
|
|
7,487
|
|
|
514
|
|
Amortization of deferred charges
|
2,419
|
|
|
2,337
|
|
|
10,972
|
|
Interest expense
|
21,695
|
|
|
20,871
|
|
|
60,871
|
|
Interest income, other
(1)
|
(426
|
)
|
|
(440
|
)
|
|
(451
|
)
|
Interest income from associates
|
(3,533
|
)
|
|
(3,532
|
)
|
|
(18,675
|
)
|
Results in associates
|
(6,227
|
)
|
|
(7,276
|
)
|
|
(27,765
|
)
|
Depreciation
|
22,137
|
|
|
21,802
|
|
|
94,293
|
|
Loss (gain) on sale of assets and termination of charters
|
(345
|
)
|
|
(805
|
)
|
|
167
|
|
Vessel impairment charge
|
—
|
|
|
—
|
|
|
5,314
|
|
Repayment of investment in finance leases
|
7,627
|
|
|
8,462
|
|
|
30,410
|
|
Other reconciling items
|
2,270
|
|
|
1,369
|
|
|
9,446
|
|
Investment in subsidiaries accounted for as associates:
|
|
|
|
|
|
|||
Charter revenues - finance lease
|
48,073
|
|
|
47,243
|
|
|
191,275
|
|
|
|
|
|
|
|
|||
Adjusted EBITDA
(2)
|
115,082
|
|
|
117,629
|
|
|
502,777
|
|
(1)
|
Interest income excludes income generated from financial investments.
|
(2)
|
‘Adjusted EBITDA’ is a non-GAAP measure. It is defined as aggregate charter hire from all our 100% owned assets, profit share income and dividends and interest received from financial investments, less vessel operating expenses and general & administrative expenses.
|
1 Year SFL Chart |
1 Month SFL Chart |
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