SFL - Fourth Quarter 2011 Results
(Thomson Reuters ONE) -
Ship Finance International Limited (NYSE: SFL) - Earnings Release
Reports preliminary 4Q 2011 results and quarterly dividend of $0.30 per share
Hamilton, Bermuda, February 17, 2012. Ship Finance International Limited ("Ship
Finance" or the "Company") today announced its preliminary financial results for
the quarter ended December 31, 2011.
Highlights
* The Board of Directors declared a quarterly dividend of $0.30 per share.
* In October 2011, the Company took delivery of one newbuilding drybulk
carrier with a five-year time charter.
* In October 2011, the Company sold a 1992-built combination carrier.
* In December 2011, the Company agreed to amend the charters with Frontline
and temporarily reduce the fixed charter rates against a significant upfront
cash payment and improved profit share structure.
* In January and February 2012, the Company has taken delivery of three
drybulk carriers with ten, five and three year time charters, respectively.
* Selected key financial numbers for the quarter compared to the previous
quarter:
+-----------------------+-----------------------------+
| | Three Months Ended |
| | |
| | Dec 31, 2011 Sep 30, 2011 |
+-----------------------+-----------------------------+
| Charter revenues((1)) | $193m $200m |
| | |
| EBITDA((2)) | $162m $169m |
| | |
| Net income | $30m $27m |
| | |
| Earnings per share | $0.38 $0.35 |
| | |
| Dividend per share | $0.30 $0.39 |
+-----------------------+-----------------------------+
Dividends and Results for the Quarter Ended December 31, 2011
The Board of Directors has declared a quarterly cash dividend of $0.30 per
share. Ship Finance has now paid dividends for 32 consecutive quarters. The
dividend will be paid on or about March 28, 2012 to shareholders of record as of
March 9, 2012. The ex-dividend date will be March 7, 2012.
The Company reported total U.S. GAAP operating revenues on a consolidated basis
of $76.1 million, or $0.96 per share, in the fourth quarter of 2011. This number
excludes $129.9 million of revenues classified as 'repayment of investments in
finance lease', and also excludes $93.7 million of charter revenues earned by
assets classified as 'investment in associate'.
As a result of a soft tanker spot market in most of the fourth quarter, there
was a negative adjustment of approximately $0.3 million of previously accrued
profit share related to the vessels on charter to Frontline. The aggregate
profit share for the year 2011 remained positive with $0.5 million and will be
payable in March 2012.
Reported net operating income pursuant to U.S. GAAP for the quarter was $42.0
million, or $0.53 per share, and reported net income was $30.2 million, or $0.38
per share.
Ole B. Hjertaker, Chief Executive Officer of Ship Finance Management AS said in
a comment: "In 2011 we experienced the weakest tanker market for 12 years, but
there was still a positive profit share generated by the Frontline vessels for
the year. With the recent adjustment in the chartering agreements, Frontline is
in a position to withstand a prolonged downturn in the tanker market and Ship
Finance will be more than compensated if the market continues at the 2011-level
or above."
Mr. Hjertaker continued: "The new cash sweep payments may alone give a positive
net effect of approximately $0.20 per share per quarter, or double the previous
net contribution from these vessels, if Frontline generates market revenues in
line with the previous base rates only. According to Clarkson's, average VLCC
earnings year-to-date has been well in excess of this level. Our fleet is
diversified across four main market segments, of which offshore is the largest.
We currently have 65 vessels in operation which are chartered to 13 customers,
and all are current with their charter payments to us."
The full report can be found in the link below
February 17, 2012
The Board of Directors
Ship Finance International Limited
Hamilton, Bermuda
Questions should be directed to:
Investor and Analyst Contact:
Eirik Eide, Chief Financial Officer, Ship Finance Management AS
+47 23114006 / +47 95008921
Magnus T. Valeberg: Senior Vice President, Ship Finance Management AS
+47 23114012 / +47 93440960
Media Contact:
Ole B. Hjertaker, Chief Executive Officer, Ship Finance Management AS
+47 23114011 / +47 90141243
Footnotes:
1. Charter revenues includes total charter hire from all vessels and rigs,
including assets in 100% owned subsidiaries classified as 'Investment in
associates'
2. EBITDA is a non- GAAP measure and includes assets in 100% owned subsidiaries
classified as 'Investment in associates'. For more details please see
Appendix 1: Reconciliation of Net Income to EBITDA.
Forward Looking Statements
This press release contains forward looking statements. These statements are
based upon various assumptions, many of which are based, in turn, upon further
assumptions, including Ship Finance management's examination of historical
operating trends, data contained in the Company's records and other data
available from third parties. Although Ship Finance believes that these
assumptions were reasonable when made, because assumptions are inherently
subject to significant uncertainties and contingencies which are difficult or
impossible to predict and are beyond its control, Ship Finance cannot give
assurance that it will achieve or accomplish these expectations, beliefs or
intentions.
Important factors that, in our view, could cause actual results to differ
materially from those discussed in the forward-looking statements include the
strength of world economies, fluctuations in currencies and interest rates,
general market conditions including fluctuations in charter hire rates and
vessel values, changes in demand in the markets in which we operate, changes in
demand resulting from changes in OPEC's petroleum production levels and
worldwide oil consumption and storage, developments regarding the technologies
relating to oil exploration, changes in market demand in countries which import
commodities and finished goods and changes in the amount and location of the
production of those commodities and finished goods, increased inspection
procedures and more restrictive import and export controls, changes in our
operating expenses, including bunker prices, drydocking and insurance costs,
performance of our charterers and other counterparties with whom we deal, timely
delivery of vessels under construction within the contracted price, changes in
governmental rules and regulations or actions taken by regulatory authorities,
potential liability from pending or future litigation, general domestic and
international political conditions, potential disruption of shipping routes due
to accidents or political events, and other important factors described from
time to time in the reports filed by the Company with the Securities and
Exchange Commission.
Fourth Quarter 2011 Results:
http://hugin.info/134876/R/1587097/497780.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Ship Finance International Limited via Thomson Reuters ONE
[HUG#1587097]
Unternehmensinformation / Kurzprofil:
Datum: 17.02.2012 - 13:37 Uhr
Sprache: Deutsch
News-ID 116063
Anzahl Zeichen: 9045
contact information:
Town:
Hamilton
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 166 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"SFL - Fourth Quarter 2011 Results"
steht unter der journalistisch-redaktionellen Verantwortung von
Ship Finance International Limited (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
