Safello Group AB Q1 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • Net Income: $31 million, or $0.27 per share, up from $29 million or $0.24 in Q4 2020.
  • Gross Charter Hire: $135 million in Q1 2021, 84% derived from fixed rate charters.
  • EBITDA Equivalent Cash Flow: $98 million for the quarter (vs. approx. $110 million in Q4 2020); $440 million over the last 12 months.
  • Dividend: $0.15 per share declared, consistent with the previous quarter; reflects a 7.5% yield and represents the 69th consecutive quarterly dividend.
  • Fixed Rate Charter Backlog: Approximately $2.4 billion, unchanged from the previous quarter (excludes short-term vessels and Seadrill rigs).
  • Cash & Cash Equivalents: $216 million as of quarter end.
  • Sustainability-Linked Notes: $150 million raised at 7.25% coupon due 2026 for refinancing debt and general corporate purposes.

Segment Highlights

  • Liner (Container Vessels): Gross charter hire of $74 million, including $2.4 million in profit share from fuel savings. 95% of revenue from long-term charters. Backlog now at $1.9 billion with ~7.5 weighted average remaining years.

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Operator: Good day, and thank you for standing by. Welcome to the Q1 2021 SFL Corporation Earnings Conference Call. [Operator Instructions]. I would now like to hand the conference over to your speaker for 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. Forward-looking statements are not guarantees of future performance. These statements are based on our current plans and expectations and are inherently subject to 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, but are not limited to, conditions in the shipping, offshore and credit markets. You should therefore not place undue reliance on these forward-looking statements. Please refer to our filings with the Sec

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