Safello Group AB Q1 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

  • Dividend Declared: $0.25 per share for Q1 2020, reduced from previous level as a precaution due to COVID-19 uncertainty. This represents a ~10% yield. It's the 65th consecutive quarterly dividend.
  • Charter Hire Revenue: $161 million received this quarter (up from ~$158M in Q4 2019), with ~90% from vessels on long-term charters.
  • Adjusted EBITDA: $120 million in Q1 2020, down slightly from $123 million in previous quarter.
  • Net Income: Net loss of $87 million under U.S. GAAP, driven by $114 million in non-cash losses:
    • $80 million impairment on 7 Handysize bulkers due to reduced long-term charter opportunities
    • $13.6 million unrealized loss on marketable securities
    • $23.4 million non-cash loss on hedging derivatives
  • Cash Position: $217 million, increased from the prior quarter.
  • Charter Backlog: ~$3.6 billion, consistent with prior quarter. $230 million added recently through vessel acquisitions and charter extensions.
  • Segment Performance:
    • Container Vessels: $78 million in gross charter hire (96% from long-term charters). Charter extensions added >$170 million to backlog.

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Operator: Ladies and gentlemen, thank you for standing by and welcome to the Q1 2020 SFL Corporation Earnings Conference Call. [Operator Instructions] I also must advise you that this conference is being recorded today. And I would now like to hand the conference over to your speaker today, Ole Hjertaker. Thank you. Please go ahead. Ole Hjertaker: Thank you, and welcome all to SFL’s first quarter conference call. I will start the call by briefly going through the highlights of the quarter. And following that, our CFO, Aksel Olesen, will take us through the financials, and the call will be concluded by opening up for questions. Before we begin our presentation, I would like to note that this conference call will contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as expects, anticipates, intends, estimates or similar expressions are intended to identify these forward-looking statements. These statements are based on our current plans and expectations and involve risks and uncertainties that could cause future activities and results of operations to be materially different from those set forth in the forward-looking statements. Important factors that could cause actual results to differ include conditions in the shipping, offshore and credit markets. And for further information, please refer to SFL’s reports and filings with the Securities and Exchange Commission. While our business has so far not been m

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