Safello Group AB Q2 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

  • Dividend: Declared cash dividend of $0.25 per share — the 66th consecutive quarterly dividend. Dividend yield of approximately 10.5% based on market price prior to the announcement.
  • Gross Charter Revenues: $158 million (flat vs Q1 2020), with over 90% derived from vessels on long-term charters.
  • Adjusted EBITDA (EBITDA-equivalent cash flow): $121 million, consistent with the $121 million in Q1 2020.
  • Net Income (adjusted): $27.8 million when adjusted for non-cash and extraordinary items. Under U.S. GAAP, net income was $11.8 million or $0.11 per share.
  • Fixed-Rate Charter Backlog: $3.4 billion, providing strong visibility — ~$420 million in backlog added in the last 12 months.
  • Cash & Liquidity:
    • $152 million cash on hand (excluding $50 million in non-consolidated subsidiaries).
    • $35 million in marketable securities at quarter-end.
    • SFL sold ~2 million Frontline shares during the quarter.
  • Fleet Composition: 85 assets across a diversified portfolio. No remaining vessels from the original 2004 fleet.

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Operator: Ladies and gentlemen, thank you for standing by and welcome to the SFL Corporation Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions] I must advise you the conference is being recorded today. I would now like to hand the conference over to your speaker today Ole Hjertaker. Please go ahead sir. Ole Hjertaker: Thank you and welcome all to SFL's second 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 includes conditions in the shipping offshore and credit markets. For further information, please refer to SFL's reports

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