Safello Group AB Q4 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

  • Total charter revenues: $208 million, up 17% from Q3 2022.
  • EBITDA equivalent cash flow: $135 million, up 7% from Q3 2022 ($126 million), totaling $504 million for the last 12 months.
  • Net income: $48.5 million or $0.38 per share, in line with Q3.
  • Dividend: Declared at $0.24 per share (up $0.01 from Q3), marking the 76th consecutive quarterly dividend. Dividend yield of 9.3% based on the last closing price.
  • Fixed-rate charter backlog: $3.6 billion, providing robust cash flow visibility. Does not include short-term revenues or profit share upside.
  • Profit share income: $7 million in Q4 ($6.5M from container/car carrier fuel savings + $0.4M from dry bulk profit sharing). $28 million for the past 12 months.
  • New vessel deliveries (Q4): Four vessels (two Suezmax tankers for Koch, one container vessel for Maersk, one car carrier for Eukor); added $260 million to backlog.
  • Asset sale: 2009-built Suezmax tanker sold post-Q4 for $39 million; expected $5 million gain in Q1 and $23 million in net cash proceeds.

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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 concluded by opening up for questions. Our Chief Operating Officer, Trym Sjølie, will also be present in the question-and-answer 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 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 includes, 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 Securities and Exchange Commission for a more detailed discussion on our risks and uncertainties, which may have a direct bearing on our operating results and

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