Ship Finance International Limited 4Q 2013 Results February 27, 2014 1
4Q 2013 highlights Net income of 18.3 million ( 0.20/share) for the quarter Aggregate charter revenue of 152 million (1.63/share)(1) EBITDA(2) of 114 million (1.23/share) Fourth quarter dividend of 0.40 per share Dividend…
Recent events Successful delivery of West Linus 405 million paid on delivery was 100% covered by available long-term financing 15 year bareboat charter to NADL Annual EBITDA expected to be more than 80 million on average first 5…
Recent events 2 x 4,800 TEU container vessels remain under construction in China Originally scheduled for delivery in 2013, but significant delays Two first vessels with associated time-charters have been cancelled Installments…
4.8 billion charter backlog(1) Charterers by Mkt. Cap Revenues per segment(2) mill. 5bn < 5bn 42% 53% 600 400 200 0 Private 2014 2015 2016 2017 (2) 5% Offshore Tanker Drybulk Liner 1) Fixed charter backlog as of…
Frontline vessels = Upside potential Vessels on charter to FRO Financial leverage on FRO vessels(2) 15 VLCCs and 5 Suezmaxes Only 194m drawn on loan facilities, or 20% of SFLs EBITDA in 4Q 2013 9.7m per vessel Cash sweep feature…
Contributions from projects last 12 months(1) Large performing fleet with significant cash flow 479m EBITDA-equivalent last twelve months 165m net cash-flow from projects after interest and debt amortization(3) mill. 800 1…
SFL operational performance Pro-forma illustration of cash flow (1) Not as accounted for under US GAAP Used as an internal guideline to assess the Company's performance Excluding extraordinary and non-cash items and profit share…
Profit & loss INCOME STATEMENT Three months ended Full year (in thousands of Dec 31, Sep 30, 2012 except per share data) 2013 2013 (audited) Charter revenues - operating lease 45,745 38,497 137,035 Charter revenues - finance lease…
Balance sheet BALANCE SHEET Dec 31, Sep 30, Dec 31, 2012 (in thousands of ) 2013 2013 (audited) ASSETS Short term Cash and cash equivalents 58,641 59,031 60,542 Available for sale securities 76,925 67,367 55,661 Amount due from related…
Liquidity and financing 216 million in total available liquidity at quarter end 66 million cash and cash equivalents(1) 150 million available under revolving credit lines 77 million in available for sale securities Mainly senior…
Staggered debt maturity(1) m 1,200 1,000 350 800 600 400 72 508 97 603 152 125 93 200 306 219 194 195 172 0 2014 2015 2016 2017 2018 2019 2020-2026 Bank debt - scheduled repayments Bank debt - amounts to be refinanced…
Covenant compliance Free cash(1) 25m 208m Working capital(2) 0 180m Book equity ratio(3) 20% 41% Minimum Value Clauses (where applicable) In compliance Ship Finance has never experienced any violations of bank covenants,…
Summary Reported net income of 18.3m (0.20/share) in the fourth quarter EBITDA(1) equivalent cash flow of 114.3 million (1.23/share) Increased fourth quarter dividend of 0.40 per share 9% dividend yield(2) Celebrating 10 years…
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