We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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% | 13.51 | 0 | 09:00:00 |
|
SHIP FINANCE INTERNATIONAL LIMITED
|
|
|
|
|
|
|
Date: February 28, 2018
|
By:
|
/s/ Ole B. Hjertaker
|
|
|
Name:
|
Ole B. Hjertaker
|
|
|
Title:
|
Ship Finance Management AS
|
|
|
|
(Principal Executive Officer)
|
|
•
|
Declaration of
fourth quarter
dividend of
$0.35
per share, the Company’s
56
th consecutive quarterly dividend
|
•
|
Improving market conditions led to first profit share income from eight Capesize dry bulk carriers on long term charters
|
•
|
Net income of $20 million and $152 million of total charter revenues for the
fourth quarter
|
•
|
Continued renewal of the fleet with the divestment of an older crude oil tanker vessel
|
•
|
Strengthened balance sheet with early conversion of $121 million of convertible notes and redemption of remaining $63 million
|
•
|
In February 2018, Seadrill Limited announced a global settlement in its Chapter 11 cases. The recent amendments do not result in any changes to terms affecting Ship Finance
|
|
Three Months Ended
|
|||||
|
Dec 31, 2017
|
|
Sep 30, 2017
|
|
||
Long term charter revenues
(1)
|
$139 million
|
$133 million
|
||||
Short term charters
(2)
|
$13 million
|
$17 million
|
||||
Total charter revenues
(1)(2)
|
$152 million
|
$150 million
|
||||
Adjusted EBITDA
(3)
|
$117 million
|
$115 million
|
||||
Net Income
|
$20 million
|
$29 million
|
||||
Earnings per share
|
|
$0.20
|
|
|
$0.31
|
|
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 $
|
Dec 31,
|
|
|
Sep 30,
|
|
|
2017
|
|
except per share data)
|
2017
|
|
|
2017
|
|
|
(unaudited)
|
|
Charter revenues - operating lease
|
78,946
|
|
|
76,208
|
|
|
301,789
|
|
Charter revenues - finance lease
|
24,856
|
|
|
25,321
|
|
|
106,121
|
|
Revenues classified as Repayment of investment in finance leases
|
(7,862
|
)
|
|
(7,856
|
)
|
|
(32,846
|
)
|
Profit share income
|
162
|
|
|
—
|
|
|
5,814
|
|
Total operating revenues
|
96,102
|
|
|
93,673
|
|
|
380,878
|
|
|
|
|
|
|
|
|||
Gain (loss) on sale of assets and termination of charters
|
—
|
|
|
345
|
|
|
1,124
|
|
|
|
|
|
|
|
|||
Vessel operating expenses
|
(33,088
|
)
|
|
(32,596
|
)
|
|
(131,794
|
)
|
Administrative expenses
|
(1,724
|
)
|
|
(1,702
|
)
|
|
(7,432
|
)
|
Depreciation
|
(22,649
|
)
|
|
(22,137
|
)
|
|
(88,150
|
)
|
|
|
|
|
|
|
|||
Total operating expenses
|
(57,461
|
)
|
|
(56,435
|
)
|
|
(227,376
|
)
|
|
|
|
|
|
|
|||
Operating income
|
38,641
|
|
|
37,583
|
|
|
154,626
|
|
|
|
|
|
|
|
|||
Results in associates
(1)
|
3,684
|
|
|
6,227
|
|
|
23,766
|
|
Interest income from associates
(1)
|
3,532
|
|
|
3,533
|
|
|
15,265
|
|
Interest income, other
|
995
|
|
|
681
|
|
|
4,065
|
|
Interest expense
|
(20,093
|
)
|
|
(21,695
|
)
|
|
(81,401
|
)
|
Amortization of deferred charges
|
(1,900
|
)
|
|
(2,419
|
)
|
|
(9,013
|
)
|
Income (expense) related to non-designated derivatives
|
2,683
|
|
|
7,339
|
|
|
3,084
|
|
Other financial items
|
(7,457
|
)
|
|
(2,518
|
)
|
|
(9,183
|
)
|
Taxes
|
—
|
|
|
—
|
|
|
—
|
|
Net income
|
20,085
|
|
|
28,731
|
|
|
101,209
|
|
|
|
|
|
|
|
|||
Basic earnings per share ($)
|
0.20
|
|
|
0.31
|
|
|
1.06
|
|
|
|
|
|
|
|
|||
Weighted average number of shares
(2)
|
101,804,631
|
|
|
93,504,575
|
|
|
95,596,644
|
|
Common shares outstanding
(2)
|
102,930,873
|
|
|
93,504,575
|
|
|
102,930,873
|
|
BALANCE SHEET
|
Dec 31,
|
|
|
Sep 30,
|
|
(in thousands of $)
|
2017
|
|
|
2017
|
|
ASSETS
|
|
|
|
||
Short term
|
|
|
|
||
Cash and cash equivalents
|
153,052
|
|
|
245,782
|
|
Available for sale securities
|
93,802
|
|
|
115,921
|
|
Amount due from related parties
|
9,625
|
|
|
12,125
|
|
Other current assets
|
61,216
|
|
|
56,235
|
|
|
|
|
|
||
Long term
|
|
|
|
||
Vessels and equipment, net
|
1,762,596
|
|
|
1,784,504
|
|
Investment in finance leases
|
585,975
|
|
|
593,992
|
|
Investment in associates
(1)
|
10,678
|
|
|
6,572
|
|
Amount due from related parties - Long term
(1)
|
314,000
|
|
|
322,090
|
|
Other long term assets
|
21,138
|
|
|
19,630
|
|
|
|
|
|
||
Total assets
|
3,012,082
|
|
|
3,156,851
|
|
|
|
|
|
||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||
Short term
|
|
|
|
||
Short term and current portion of long term interest bearing debt
|
313,823
|
|
|
467,224
|
|
Amount due to related parties
|
857
|
|
|
621
|
|
Other current liabilities
|
29,065
|
|
|
56,672
|
|
|
|
|
|
||
Long term
|
|
|
|
||
Long term interest bearing debt, net of deferred charges
|
1,190,184
|
|
|
1,244,919
|
|
Other long term liabilities
|
283,156
|
|
|
285,336
|
|
|
|
|
|
||
Stockholders’ equity
|
1,194,997
|
|
|
1,102,079
|
|
Total liabilities and stockholders’ equity
|
3,012,082
|
|
|
3,156,851
|
|
STATEMENT OF CASHFLOWS
|
Three months ended
|
|
Full year
|
|
||||
(in thousands of $)
|
Dec 31,
|
|
|
Sep 30,
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|||
OPERATING ACTIVITIES
|
|
|
|
|
|
|||
Net income
|
20,085
|
|
|
28,731
|
|
|
101,209
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|||
Depreciation and amortization
|
24,234
|
|
|
24,241
|
|
|
95,914
|
|
Adjustment of derivatives to fair value recognised in net income
|
(3,484
|
)
|
|
(8,883
|
)
|
|
(8,208
|
)
|
Results in associates
|
(3,684
|
)
|
|
(6,227
|
)
|
|
(23,766
|
)
|
Loss (gain) on sale of assets and termination of charters
|
—
|
|
|
(345
|
)
|
|
(1,124
|
)
|
Other, net
|
11,327
|
|
|
(2,179
|
)
|
|
10,262
|
|
Change in operating assets and liabilities
|
(3,786
|
)
|
|
(3,381
|
)
|
|
3,509
|
|
Net cash provided by operating activities
|
44,692
|
|
|
31,957
|
|
|
177,796
|
|
|
|
|
|
|
|
|||
INVESTING ACTIVITIES
|
|
|
|
|
|
|||
Restricted cash released/(placed)
|
—
|
|
|
9,000
|
|
|
—
|
|
Repayment of investment in finance leases
|
7,633
|
|
|
7,627
|
|
|
31,929
|
|
Net investment in newbuildings and vessel deposits
|
—
|
|
|
(69,204
|
)
|
|
(81,664
|
)
|
Proceeds from sale of vessel/newbuildings and termination of charters
|
—
|
|
|
12,029
|
|
|
74,791
|
|
Cash received from (paid to) associates
(1)
|
(3,646
|
)
|
|
9,727
|
|
|
27,322
|
|
Other assets / investments
|
11,720
|
|
|
—
|
|
|
(4,016
|
)
|
Net cash provided by/ (used in) investing activities
|
15,707
|
|
|
(30,821
|
)
|
|
48,362
|
|
|
|
|
|
|
|
|||
FINANCING ACTIVITIES
|
|
|
|
|
|
|||
Repayments of lease obligation liability
|
(1,741
|
)
|
|
(1,701
|
)
|
|
(5,296
|
)
|
Proceeds from long and short term debt
|
—
|
|
|
76,000
|
|
|
302,104
|
|
Expenses paid in connection with securing finance
|
(1,033
|
)
|
|
(821
|
)
|
|
(2,554
|
)
|
Repayment of long and short term debt
|
(85,231
|
)
|
|
(26,849
|
)
|
|
(179,354
|
)
|
Resale (repurchase) of Company bonds
|
—
|
|
|
(18,255
|
)
|
|
(68,383
|
)
|
Principal settlements of cross currency swaps, net
|
(29,186
|
)
|
|
—
|
|
|
(29,186
|
)
|
Cash received from share issue
|
88
|
|
|
—
|
|
|
88
|
|
Cash dividends paid
|
(36,026
|
)
|
|
(32,727
|
)
|
|
(152,907
|
)
|
Net cash provided by/ (used in) financing activities
|
(153,129
|
)
|
|
(4,353
|
)
|
|
(135,488
|
)
|
|
|
|
|
|
|
|||
Net increase/ (decrease) in cash and cash equivalents
|
(92,730
|
)
|
|
(3,217
|
)
|
|
90,670
|
|
Cash and cash equivalents at beginning of period
|
245,782
|
|
|
248,999
|
|
|
62,382
|
|
Cash and cash equivalents at end of period
|
153,052
|
|
|
245,782
|
|
|
153,052
|
|
|
SFL Deepwater
|
|
SFL Hercules
|
|
SFL
Linus
|
|
Total
|
|
(in thousands of $)
|
Ltd
|
|
Ltd
|
|
Ltd
|
|
|
|
Charter revenues - finance lease
|
12,925
|
|
14,100
|
|
20,859
|
|
47,884
|
|
Revenues classified as Repayment of investment in finance leases
|
(8,174
|
)
|
(9,488
|
)
|
(14,290
|
)
|
(31,952
|
)
|
Interest expense, related party
(1)
|
(1,271
|
)
|
(900
|
)
|
(1,361
|
)
|
(3,532
|
)
|
Interest expense, other
|
(2,213
|
)
|
(2,638
|
)
|
(3,443
|
)
|
(8,294
|
)
|
Other items
|
(212
|
)
|
(202
|
)
|
(8
|
)
|
(422
|
)
|
Net income
(2)
|
1,055
|
|
872
|
|
1,757
|
|
3,684
|
|
(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
|
4,846
|
|
4,540
|
|
7,631
|
|
17,017
|
|
Investment in finance leases
|
334,480
|
|
325,707
|
|
431,134
|
|
1,091,321
|
|
Other assets
|
4,366
|
|
4,757
|
|
329
|
|
9,452
|
|
Total assets
|
343,692
|
|
335,004
|
|
439,094
|
|
1,117,790
|
|
|
|
|
|
|
||||
Short term and current portion of long term interest bearing debt
|
22,667
|
|
27,500
|
|
47,500
|
|
97,667
|
|
Other current liabilities
|
2,975
|
|
1,943
|
|
4,043
|
|
8,961
|
|
|
|
|
|
|
||||
Long term interest bearing debt
|
202,415
|
|
222,819
|
|
261,250
|
|
686,484
|
|
Long term loans from shareholders, net
|
113,000
|
|
80,000
|
|
121,000
|
|
314,000
|
|
|
|
|
|
|
||||
Stockholder's equity
(1)
|
2,635
|
|
2,742
|
|
5,301
|
|
10,678
|
|
|
|
|
|
|
||||
Total liabilities and stockholder's equity
|
343,692
|
|
335,004
|
|
439,094
|
|
1,117,790
|
|
(1)
|
‘Stockholder’s equity’ from these subsidiaries appears in the Company’s consolidated balance sheet as ‘Investment in associates’.
|
Adjusted EBITDA
|
Three months ended
|
|
Full year
|
|
||||
(in thousands of $)
|
Dec 31,
|
|
|
Sep 30,
|
|
|
2017
|
|
|
2017
|
|
|
2017
|
|
|
(unaudited)
|
|
Net income
|
20,085
|
|
|
28,731
|
|
|
101,209
|
|
|
|
|
|
|
|
|||
Add:
|
|
|
|
|
|
|||
(Income) expense related to non-designated derivatives
|
(2,683
|
)
|
|
(7,339
|
)
|
|
(3,084
|
)
|
Amortization of deferred charges
|
1,900
|
|
|
2,419
|
|
|
9,013
|
|
Interest expense
|
20,093
|
|
|
21,695
|
|
|
81,401
|
|
Interest income, other
(1)
|
(739
|
)
|
|
(426
|
)
|
|
(1,723
|
)
|
Interest income from associates
|
(3,532
|
)
|
|
(3,533
|
)
|
|
(15,265
|
)
|
Results in associates
|
(3,684
|
)
|
|
(6,227
|
)
|
|
(23,766
|
)
|
Depreciation
|
22,649
|
|
|
22,137
|
|
|
88,150
|
|
Loss (gain) on sale of assets and termination of charters
|
—
|
|
|
(345
|
)
|
|
(1,124
|
)
|
Repayment of investment in finance leases
|
7,633
|
|
|
7,627
|
|
|
31,929
|
|
Other reconciling items
|
7,217
|
|
|
2,270
|
|
|
11,557
|
|
Investment in subsidiaries accounted for as associates:
|
|
|
|
|
|
|||
Charter revenues - finance lease
|
47,884
|
|
|
48,073
|
|
|
189,921
|
|
|
|
|
|
|
|
|||
Adjusted EBITDA
(2)
|
116,823
|
|
|
115,082
|
|
|
468,218
|
|
(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 |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions