Safello Group AB Q1 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

  • Total Charter Revenues: $182 million, down from Q4 2022 mainly due to one rig (Hercules) being out of service and lower dry bulk rates. Q4 2022 also included a $10 million one-off payment from the Seadrill restructuring.
  • EBITDA Equivalent Cash Flow: Approx. $107 million in Q1, down from $135 million in Q4 2022. Total EBITDA for the last 12 months: $495 million.
  • Net Income: $6 million ($0.05 per share), significantly lower than Q4 2022 ($32 million) due to Hercules rig being offline.
  • Dividend: $0.24 per share, consistent with Q4 2022, representing an 11% yield based on recent share price. This is the 77th consecutive quarterly dividend.
  • Charter Backlog: Increased to $3.7 billion, providing strong cash flow visibility. Does not include spot vessels or profit-sharing components.
  • Profit Share: $5 million in Q1 from fuel savings; $28 million in the last 12 months.
  • Key Charter Extension: Volkswagen extended charters for car carriers SFL Conductor and SFL Composer by 3 years, adding $155 million to backlog. Annual EBITDA contribution from these vessels to jump from $9 million to $47 million.

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Operator: Good day and thank you for standing by. And welcome to the Q1 2023 SFL Corporation Earnings Conference Call. [Operator Instructions] I would now like to hand the conference over to Ole Hjertaker, CEO. Please go ahead, sir. Ole Hjertaker: Thank you and welcome to SFL's first quarter conference call. [technical difficulty] briefly going through the highlights of the quarter. Apologies for that interruption. Welcome to SFL's first quarter conference call. First, I will start the call by briefly going through the highlights of the quarter. Following that, our CFO, Aksel Olesen, will take us through the financials, and the call will be concluded by opening up for questions. Our Chief Operating Officer, Trym Sjølie, will also be present for the Q&A session. 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 the current plans or 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 diff

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