Safello Group AB Q2 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

  • Dividend: Declared a cash dividend of $0.15 per share, unchanged from the previous quarter; represents a yield of ~8.5% based on closing price. This marked the 17th consecutive quarterly dividend.
  • Total Revenues: $141 million in total charter hire revenue, with 80% from long-term charters. EBITDA-equivalent cash flow of $103 million, compared to $98 million in Q1 2021.
  • Net Income: $19.5 million or $0.16 per share. This includes one-time items: a $1.9 million impairment related to a recycled rig, ~ $2 million in additional interest charges due to pre-funding of an upcoming bond maturity, and ~$1 million in COVID-related OpEx.
  • Fixed-Rate Backlog: Increased to $2.7 billion, excluding short-term charters, drilling rigs, and future profit share. Average charter term: 4.7 years (unweighted) or 7.5 years (weighted by hire).
  • Cash Position: $372 million in cash and cash equivalents at quarter-end, plus $23 million in marketable securities.

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Operator: Good day and thank you for standing by and welcome to the Q2, 2021, SFL Corporation Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there would be a question and answer session. [Operator Instructions] For your information, this conference is being recorded. Now, I would like to hand the conference over to your speaker today, Ole Hjertaker. Please go ahead. 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. Following that, our CFO, Aksel Olesen will take us through the financials, and then 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, and 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 clients 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 limite

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