Safello Group AB Q4 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

  • Dividend Declared: $0.15 per share, marking the 68th consecutive quarterly dividend. This equates to a 7.4% yield based on the prior day’s closing price. The dividend was adjusted last quarter due to uncertainties surrounding Seadrill and now fully excludes offshore asset contribution.
  • Total Charter Revenues: $144 million for Q4 2020, with over 90% from long-term charters, indicating a recurring and stable cash flow base.
  • Adjusted EBITDA: $106 million for the quarter, or $0.91 per share. Over the trailing twelve months, EBITDA came in at approximately $464 million.
  • Free Cash Flow: Strong free cash flow from core assets well above distribution level, despite repayment of more than $100 million in offshore-related debt during the quarter.
  • Net Income: U.S. GAAP net loss of $165 million ($1.49 per share loss), driven by a $262.6 million impairment on the drilling rig West Taurus, partially offset by a $66.1 million gain from debt extinguishment.
  • Cash Position: Over $215 million in cash and equivalents by quarter-end, plus $29 million in marketable securities and an additional $9 million expected from ADS Crude Carriers dividend in Q1 2021.

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Operator: Ladies and gentlemen, good afternoon and welcome to the Q4, 2020 SFL Corporation Earnings Conference Call. At this time, all participants are in a listen-only mode. After the presentation, there will be a Q&A session. [Operator Instructions] I would now like to hand the conference over to your speaker today Mr. Ole Hjertaker. Please go ahead sir. Ole Hjertaker: Thank you and welcome all to SFL’s fourth 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 then concluded by opening up for questions where our Chief Operating Officer, Trym Sjølie will also participate. 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 conditi

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