Ship
Finance International Limited (NYSE: SFL) - Earnings Release
Reports
preliminary first quarter 2009 results and quarterly dividend of $0.30 per
share
Hamilton,
Bermuda, May 14, 2009. Ship Finance International Limited ("Ship Finance" or the
"Company") today announced its preliminary financial results for the quarter
ended March 31, 2009.
Highlights
|
·
|
Declared
a quarterly dividend of $0.30 per share for 1Q
2009.
|
|
·
|
Net
income for the quarter of $50.0 million, or $0.69 per share, excluding a
non-cash $7.3 million negative adjustment in mark-to-market of
swaps.
|
|
·
|
Accrued
profit share in 1Q 2009 of $14.5 million, or $0.20 per
share.
|
|
·
|
Postponed
delivery and yard payment schedule relating to five newbuilding container
vessels by up to 18 months. Remaining newbuilding commitments, net of the
agreed sale of two newbuilding Suezmax tankers, is only $37
million.
|
|
·
|
From
mid-February 2009, all ultra-deepwater drilling units are earning their
full day rate, generating aggregate base bareboat charter revenues of
approximately $98 million per
quarter.
|
|
·
|
55%
of our shareholders elected to receive the 4Q 2008 dividend in the form of
newly issued shares, and approximately 2.1 million shares were issued in
April 2009.
|
|
·
|
At
the end of the first quarter, the gross fixed-rate charter backlog was
more than $7.8 billion. This is an increase of $2.3 billion compared to
the first quarter of 2008.
|
Dividend
The Board
of Directors has declared a quarterly dividend of $0.30 per share in cash or, at
the election of the shareholder, payable in newly issued common shares. The
dividend will be paid on or about July 6, 2009 to shareholders of record as of
May 27, 2009. The ex-dividend date will be May 22, 2009.
Shareholders
may make an election to receive the dividend in newly issued common shares after
reviewing a prospectus supplement relating to the dividend payment which will be
filed with the U.S. Securities and Exchange Commission ("SEC"). The number of
common shares to be issued as dividend will be set based on the volume-weighted
average price of the shares on the New York Stock Exchange during the three
trading days prior to the ex-dividend date, less a 5% discount.
The
Company's largest shareholders, Farahead Investments Inc. and Hemen Holding
Ltd., who collectively own 42.4 % of the shares and are indirectly controlled by
Mr. John Fredriksen, have informed the Company that they would like to receive
all of their dividends in the form of newly issued common shares.
Results
for the Quarter ended March 31, 2009
The
Company reported total operating revenues of $96.8 million, or $1.33 per share,
in the first quarter of 2009. This number does not include revenues
in subsidiaries classified as 'investment in associate'. Net operating income
for the quarter was $62.6 million, or $0.86 per share, and reported net income
was $42.7 million, or $0.59 per share.
The
profit share accrued in the first quarter was $14.5 million, or $0.20 per share,
compared to $15.7 million in the fourth quarter of 2008.
The
change in fair value of the Company's bond and equity swap agreements resulted
in a $7.3 million negative non-cash mark-to-market adjustment.
Under US
GAAP, the 100% owned ultra-deepwater drilling units West Polaris, West Hercules and West Taurus and the Panamax
dry bulk vessel Golden
Shadow are accounted for as 'investment in associate'. Consequently, only
the aggregate 'net income' from these vessel owning subsidiaries are recognized
in the consolidated income statement of Ship Finance as 'results in
associate'.
Financing
and Capital Expenditure
As of
March 31, 2009, the Company had $50.1 million of free cash and $54.3 million of
restricted cash. The restricted cash is related to the Company's bond and equity
swap agreements.
Ship
Finance has no refinancing needs in the short term, and the Company is in
compliance with all bank covenants. Most of our charter arrangements and
corresponding loan facilities have been structured with a front-loaded payment
structure, effectively reducing the Company's financial exposure. In addition,
several of our financing arrangements are in subsidiaries with no or limited
guarantees from Ship Finance.
The
Company has reached an agreement with two shipyards to postpone the delivery of
five small newbuilding container vessel by up to 18 months, with corresponding
adjustments in the payment schedule to the yards. Following these adjustments,
the Company's capital commitments relating to newbuildings and net of sale of
vessels are estimated as follows:
Period:
|
2Q-4Q
2009
|
2010
|
2011
|
2012
|
Total
|
Gross
investments
Contracted
sale of vessels*
|
$76
mill.
-$109
mill.
|
$101
mill.
-$109
mill.
|
$42
mill.
|
$35
mill.
|
$254 mill.
- $217
mill.
|
Net
investment
|
-$33
mill.
|
-$8
mill.
|
$42
mill.
|
$35
mill.
|
$37
mill.
|
* Net of
commissions
The
investments in 2009 and 2010 include yard installments on two Suezmax tankers
which have been agreed sold and will be delivered to the buyer upon delivery
from the shipyard. Management's current estimate is that the delivery and
subsequent sale of the two Suezmax tankers will take place in the fourth quarter
of 2009 and first quarter of 2010, respectively. The buyer has deposited $33
million in cash for the vessels.
Business
Update
The
Company has an operating fleet of 63 vessels and rigs, and has further
contracted to acquire five newbuilding container vessels. In addition, the
Company has two newbuilding Suezmax tankers under construction which have been
agreed sold upon delivery from the shipyard.
As of
March 31, 2009, the gross fixed-rate charter backlog was approximately $7.8
billion, with an average remaining charter term of 9.5 years, or 13.3 years if
weighted by charter revenue. Some of our charters have purchase options which,
if exercised, would reduce the fixed charter backlog and average remaining
charter term.
Thirty-one
of our crude oil tankers and eight of our oil/bulk/ore ("OBO") vessels operate
on long term contracts to subsidiaries of Frontline Ltd. ("Frontline"). In
addition to the fixed base charter rate, Ship Finance is also entitled to
receive 20% of the time charter equivalent ("TCE") earnings for these vessels in
excess of a base charter rate. The average vessel earnings have consistently
been above the base charter rates since the Company's inception in 2003, and the
profit share accumulated in the first quarter was $14.5
million.
The
International Energy Agency ("IEA") revised down their forecast for 2009 global
oil demand to 83.4 million barrels per day which is a year-on-year reduction of
2.8%. Generally lower demand for oil together with low season in the tanker
market have had a negative impact on the current spot tanker market. In
addition, there is a significant orderbook of new tanker vessels to be delivered
into the market in 2009 and 2010, and the combination of these factors may have
a negative impact on the profit share contribution for the remainder of this
year. However, in addition to trading vessels in the spot market, Frontline has
sub-chartered several of our vessels on longer term time charters at rates
substantially above the base charter rates. These sub-chartered vessels will
give a positive contribution to the profit share even though the spot market
remains soft.
From
mid-February 2009, all of our ultra-deepwater drilling units are earning their
full day rate, generating aggregate bareboat charter revenues of approximately
$98 million per quarter. The ultra-deepwater drilling market has remained firm
and is correlated to the E&P spending of the major oil companies. The
combined E&P spending of these companies is estimated to remain at a high
level also in 2009. Ship Finance's earnings are not directly impacted by the
current and future chartering market as all of the drilling units are on long
term fixed rate bareboat contracts, with 12-15 year remaining
charters.
Corporate
and Other Matters
Mr. Lars
Solbakken, CEO in our management company Ship Finance Management AS, has
informed the Board that he wishes to leave the position. He will
remain in his position with the management company until July 31, 2009 and Mr.
Hans Petter Aas, Chairman of Ship Finance, will act as interim CEO in the
management company until a replacement for Mr. Solbakken is found.
Mr. Hans
Petter Aas said in a comment: "The Board regrets that Mr. Solbakken wishes to
resign, but respects his decision. He has headed up the management
company for 3 years and successfully transformed the Company's portfolio from
virtually only crude oil tankers to a diversified asset base. During
this period, he has built up a very competent management team to run Ship
Finance and has been instrumental in completing more than $3.7 billion of new
investments for the Company. He leaves a company with a substantial
asset base and strong capital structure."
At the
end of the first quarter 2009, $449 million of the 8.5% Senior Notes due 2013
were outstanding of which $148 million were effectively controlled by the
Company through Bond Swap Agreements. The financing cost on the Senior Notes
held under Bond Swap Agreements is effectively reduced to LIBOR plus a margin,
and any movements in market pricing of the bonds are for the Company's
account.
The
Company has used Total Return Swaps ("TRS") to effectively achieve the economic
effect of repurchasing shares. As of March 31, 2009, the Company controlled
approximately 692,000 shares through the TRS agreements. The shares are legally
owned by the banks which are counterparties to the TRS agreements, and the
change in value of these TRS agreements has been recorded in mark-to-market of
derivatives.
Approximately
55% of our shareholders elected to receive the 4Q 2008 dividend in the form of
newly issued shares. Consequently, approximately 2.1 million new common shares
were issued to these shareholders in April 2009, and the cash dividend amount
paid was approximately $9.8 million. Following this issuance of new
common shares the total number of outstanding shares is
74,856,341. The Company has to date not sold any shares under the
at-the-market ("ATM") program which was filed with the SEC in December
2008.
Strategy
and Outlook
Ship
Finance's strategy is to charter out a majority of our assets on long term
charters to reputable operators in the shipping and offshore markets. The
Company's objective has been to reduce the risks for its shareholders by
investing in different sectors of the shipping and oil service industries and by
having a diversified client base. Over the last 12 months, our fixed charter
backlog increased with approximately $2.3 billion and this growth has been
exclusively in segments that have diversified the Company's asset
mix.
In light
of the current soft shipping and financing markets, we are committed to manage
the Company in a conservative manner in order to protect the shareholder's
interests. We have a very substantial cashflow from our fixed rate charters, and
in the short term, we aim to strengthen the Company's financial position in
order to be able to take advantage of investment opportunities when timing is
deemed to be favorable.
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.
OFFERING
PURSUANT TO A PROSPECTUS SUPPLEMENT
The
offering of the stock dividend will be made only pursuant to a prospectus
supplement to the Company's shelf registration statement on Form F-3, as amended
(Registration No. 333-158162), which is filed with the SEC. This
report does not constitute an offer to sell or the solicitation of an offer to
buy shares of the Company's securities, nor will there be any sale of the
securities in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful. Shareholders are advised to refer to the registration
statement filed with the SEC and the prospectus supplement, which will be filed
with the SEC, for additional information regarding the dividend.
May 14,
2009
The Board
of Directors
Ship
Finance International Limited
Hamilton,
Bermuda
Questions
should be directed to:
Lars
Solbakken: Chief Executive Officer, Ship Finance Management AS
+47
23114006 / +47 91198844
Ole B.
Hjertaker: Chief Financial Officer, Ship Finance Management AS
+47
23114011 / +47 90141243
SHIP
FINANCE INTERNATIONAL LIMITED
FIRST
QUARTER 2009 REPORT (UNAUDITED)
INCOME
STATEMENT |
|
Three
months ended
|
|
|
Full
year
|
|
(in
thousands of $
except
per share data)
|
|
Mar
31,
2009
|
|
|
Mar
31,
2008
|
|
|
2008
(audited)
|
|
Charter
revenues - operating lease
|
|
|
18,725 |
|
|
|
18,302 |
|
|
|
75,209 |
|
Charter
revenues - finance lease
|
|
|
109,410 |
|
|
|
117,989 |
|
|
|
483,480 |
|
Revenues
classified as Repayment of investment in finance leases
|
|
|
(45,815 |
) |
|
|
(48,075 |
) |
|
|
(211,305 |
) |
Profit
share income
|
|
|
14,486 |
|
|
|
33,670 |
|
|
|
110,962 |
|
Total
operating revenues
|
|
|
96,806 |
|
|
|
121,886 |
|
|
|
458,346 |
|
Gain
/ (loss) on sale of assets
|
|
|
- |
|
|
|
6,791 |
|
|
|
17,377 |
|
Vessel
operating expenses
|
|
|
(23,750 |
) |
|
|
(25,318 |
) |
|
|
(100,447 |
) |
Administrative
expenses
|
|
|
(2,995 |
) |
|
|
(2,697 |
) |
|
|
(9,836 |
) |
Depreciation
|
|
|
(7,450 |
) |
|
|
(5,999 |
) |
|
|
(28,038 |
) |
Total
operating expenses
|
|
|
(34,195 |
) |
|
|
(34,014 |
) |
|
|
(138,321 |
) |
Operating
income
|
|
|
62,611 |
|
|
|
94,663 |
|
|
|
337,402 |
|
Results in associate (1)
|
|
|
20,490 |
|
|
|
228 |
|
|
|
22,799 |
|
Interest income
|
|
|
86 |
|
|
|
827 |
|
|
|
3,478 |
|
Interest
expense
|
|
|
(32,473 |
) |
|
|
(33,470 |
) |
|
|
(127,192 |
) |
Other
financial items
|
|
|
(747 |
) |
|
|
(250 |
) |
|
|
(593 |
) |
Mark
to Market of Derivatives
|
|
|
(7,338 |
) |
|
|
(2,178 |
) |
|
|
(54,527 |
) |
Foreign
currency exchange gain/loss
|
|
|
26 |
|
|
|
(10 |
) |
|
|
244 |
|
Taxes
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net
income
|
|
|
42,655 |
|
|
|
59,810 |
|
|
|
181,611 |
|
Basic earnings per share
($)
|
|
|
0.59 |
|
|
|
0.82 |
|
|
|
2.50 |
|
Weighted
average number of shares
|
|
|
72,743,737 |
|
|
|
72,743,737 |
|
|
|
72,743,737 |
|
Common
shares outstanding
|
|
|
72,743,737 |
|
|
|
72,743,737 |
|
|
|
72,743,737 |
|
(1)
|
Three
of our 100% owned subsidiaries, owning four of our units are accounted for
as 'Investment in associate', and only the net income from these
subsidiaries is therefore included in our consolidated Income
Statement.
|
SHIP
FINANCE INTERNATIONAL LIMITED
FIRST
QUARTER 2009 REPORT (UNAUDITED)
BALANCE
SHEET
(in
thousands of $)
|
|
Mar
31,
2009
|
|
|
Mar
31,
2008
|
|
|
Dec
31,
2008
(audited)
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Short
term
|
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents
|
|
|
50,070 |
|
|
|
100,734 |
|
|
|
46,075 |
|
Restricted
cash
|
|
|
54,334 |
|
|
|
35,551 |
|
|
|
60,103 |
|
Amount
due from related parties
|
|
|
14,754 |
|
|
|
29,224 |
|
|
|
45,442 |
|
Other
current assets
|
|
|
170,951 |
|
|
|
189,810 |
|
|
|
179,922 |
|
Long
term
|
|
|
|
|
|
|
|
|
|
|
|
|
Newbuildings
|
|
|
80,504 |
|
|
|
47,163 |
|
|
|
69,400 |
|
Vessels
and equipment, net
|
|
|
579,367 |
|
|
|
548,656 |
|
|
|
586,816 |
|
Investment
in finance leases
|
|
|
1,879,370 |
|
|
|
2,024,529 |
|
|
|
1,916,510 |
|
Investment
in associate (1)
|
|
|
431,001 |
|
|
|
4,758 |
|
|
|
420,977 |
|
Deferred
charges
|
|
|
13,621 |
|
|
|
16,477 |
|
|
|
14,696 |
|
Other
long-term assets
|
|
|
8,793 |
|
|
|
2,008 |
|
|
|
8,545 |
|
Total
assets
|
|
|
3,282,765 |
|
|
|
2,998,910 |
|
|
|
3,348,486 |
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Short
term
|
|
|
|
|
|
|
|
|
|
|
|
|
Short
term and current portion of long term interest bearing
debt
|
|
|
318,529 |
|
|
|
171,181 |
|
|
|
385,577 |
|
Other
current liabilities
|
|
|
76,869 |
|
|
|
88,888 |
|
|
|
101,193 |
|
Amount
due to related parties
|
|
|
49,122 |
|
|
|
6,350 |
|
|
|
6,472 |
|
Long
term
|
|
|
|
|
|
|
|
|
|
|
|
|
Long
term interest bearing debt
|
|
|
2,155,560 |
|
|
|
2,092,916 |
|
|
|
2,209,939 |
|
Other
long term liabilities
|
|
|
119,905 |
|
|
|
25,857 |
|
|
|
127,955 |
|
Stockholders'
equity (2)
|
|
|
562,780 |
|
|
|
603,718 |
|
|
|
517,350 |
|
Total
liabilities and stockholders' equity
|
|
|
3,282,765 |
|
|
|
2,988,910 |
|
|
|
3,348,486 |
|
(1)
|
Three
of our 100% owned subsidiaries, owning four of our units, are accounted
for as 'Investment in associate'.
|
(2)
|
As
of March 31, 2009 'Stockholders' equity' excludes $210.5 million of
deferred equity which is being recognized over time. In connection with
the initial and subsequent acquisitions of vessels from Frontline, Ship
Finance has accounted for the difference between the historical cost of
the vessels and the net investment in the lease as a deferred equity
contribution. This deferred equity contribution is shown as a reduction in
the net investment in finance leases in the balance sheet. This results
from the related party nature of both the transfer of the vessel and the
subsequent charter. This deferred equity is amortized to 'Stockholders'
equity' in line with the charter payments received from
Frontline.
|
SHIP
FINANCE INTERNATIONAL LIMITED
FIRST
QUARTER 2009 REPORT (UNAUDITED)
STATEMENT OF
CASHFLOWS |
|
Three
months ended
|
|
|
Full
year
|
|
(in
thousands of $)
|
|
Mar
31,
2009
|
|
|
Mar
31,
2008
|
|
|
2008
(audited)
|
|
OPERATING
ACTIVITIES
|
|
|
|
|
|
|
|
|
|
Net
income
by
operating activities:
|
|
|
42,655 |
|
|
|
59,810 |
|
|
|
181,611 |
|
Depreciation
and amortisation
|
|
|
8,491 |
|
|
|
6,161 |
|
|
|
31,048 |
|
Adjustment
of financial derivatives to market value
|
|
|
7,338 |
|
|
|
1,847 |
|
|
|
54,527 |
|
Gain
cm sale of assets
|
|
|
- |
|
|
|
(6,791 |
) |
|
|
(17,377 |
) |
Result
in associate
|
|
|
(20,490 |
) |
|
|
(228 |
) |
|
|
(22,799 |
) |
Stock
based compensation
|
|
|
285 |
|
|
|
393 |
|
|
|
1,457 |
|
Other
|
|
|
(736 |
) |
|
|
(34,063 |
) |
|
|
(2,956 |
) |
Change
in operating assets and liabilities
|
|
|
34,985 |
|
|
|
56,925 |
|
|
|
(14,125 |
) |
Net
cash provided by operating activities
|
|
|
72,528 |
|
|
|
84,054 |
|
|
|
211,386 |
|
INVESTING
ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Repayment
of investments in finance leases
|
|
|
45,567 |
|
|
|
48,075 |
|
|
|
210,348 |
|
Net
placement of restricted cash
|
|
|
5,769 |
|
|
|
(8,568 |
) |
|
|
(33,120 |
) |
Proceeds
from sale of vessel/new buildings
|
|
|
- |
|
|
|
49,852 |
|
|
|
23,005 |
|
Received
in respect of terminated contract
|
|
|
- |
|
|
|
- |
|
|
|
1,845 |
|
Net
investment in newbuildings
|
|
|
(10,867 |
) |
|
|
(251 |
) |
|
|
(22,395 |
) |
Purchase
of vessels
|
|
|
- |
|
|
|
(104,000 |
) |
|
|
(164,200 |
) |
Cash
received from /(Investment in) associates
|
|
|
11,987 |
|
|
|
- |
|
|
|
(442,891 |
) |
Purchase
of short term investment
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other
assets / investments
|
|
|
(249 |
) |
|
|
- |
|
|
|
(6,537 |
) |
Net
cash (used in) provided by investing activities
|
|
|
52,207 |
|
|
|
(14,892 |
) |
|
|
(433,945 |
) |
FINANCING
ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase
of shares
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Proceeds
from long and short term debt
|
|
|
44,500 |
|
|
|
77,000 |
|
|
|
576,973 |
|
Expenses
paid in connection with securing finance
|
|
|
(167 |
) |
|
|
(777 |
) |
|
|
(1,551 |
) |
Repayment
of long and short term debt
|
|
|
(121,427 |
) |
|
|
(82,897 |
) |
|
|
(251,451 |
) |
Cash
settlement of derivatives
|
|
|
- |
|
|
|
- |
|
|
|
(10,655 |
) |
Cash
dividends paid
|
|
|
(43,646 |
) |
|
|
(40,008 |
) |
|
|
(122,937 |
) |
Deemed
dividends paid
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net
cash provided by (used in) financing activities
|
|
|
(120,740 |
) |
|
|
(46,682 |
) |
|
|
190,379 |
|
Net
(decrease) increase in cash and cash equivalents
|
|
|
3,995 |
|
|
|
22,480 |
|
|
|
(32,180 |
) |
Cash
and cash equivalents at start of period
|
|
|
46,075 |
|
|
|
78,255 |
|
|
|
78,255 |
|
Cash
and cash equivalents at end of period
|
|
|
50,070 |
|
|
|
100,735 |
|
|
|
46,075 |
|
SUBSIDIARIES
ACCOUNTED FOR AS INVESTMENT IN ASSOCIATES
FIRST
QUARTER 2009 (UNAUDITED)
Please
note that full preliminary accounts for SFL West Polaris Limited, SFL Deepwater
Ltd and Front Shadow Inc. is available from the Company's website: www.shipfinance.org.
Selected
income statement data for the three months ended March 31, 2009
INCOME
STATEMENT
(in thousands of
$)
|
|
SFL
West Polaris
Limited
|
|
|
SFL
Deepwater Ltd
|
|
|
Front
Shadow Inc
|
|
|
Total
|
|
Charter
revenues - finance lease
|
|
|
31,436 |
|
|
|
48,612 |
|
|
|
618 |
|
|
|
80,666 |
|
Revenues
classified as Repayment of investment in finance leases
|
|
|
(16,605 |
) |
|
|
(24,523 |
) |
|
|
(385 |
) |
|
|
(41,513 |
) |
Total
operating expenses
|
|
|
(15 |
) |
|
|
(25 |
) |
|
|
(6 |
) |
|
|
(46 |
) |
Operating income
|
|
|
14,816 |
|
|
|
24,064 |
|
|
|
227 |
|
|
|
39,107 |
|
Interest
expense
|
|
|
(8,957 |
) |
|
|
(9,443 |
) |
|
|
(52 |
) |
|
|
(18,452 |
) |
Other
financial items
|
|
|
|
|
|
|
(163 |
) |
|
|
(2 |
) |
|
|
(165 |
) |
Net
income (1)
|
|
|
5,859 |
|
|
|
14,458 |
|
|
|
173 |
|
|
|
20,490 |
|
(1)
|
Net
income from these 100% owned subsidiary appears in the Company's
consolidated income statement as 'Results in
associate'.
|
Selected
balance sheet data as of March 31, 2009
BALANCE SHEET
(in thousands of $)
|
|
SFL
West Polaris Limited
|
|
|
SFL
Deepwater Ltd
|
|
|
Front
Shadow Inc
|
|
|
Total
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
Short
term
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents
|
|
|
- |
|
|
|
- |
|
|
|
233 |
|
|
|
233 |
|
Due
from related parties
|
|
|
20,091 |
|
|
|
19,718 |
|
|
|
- |
|
|
|
39,809 |
|
Other
current assets
|
|
|
70,759 |
|
|
|
143,256 |
|
|
|
1,726 |
|
|
|
215,741 |
|
Long
term
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment in finance
leases
|
|
|
745,915 |
|
|
|
1,512,298 |
|
|
|
22,999 |
|
|
|
2,281,212 |
|
Deferred
charges
|
|
|
3,905 |
|
|
|
18,147 |
|
|
|
71 |
|
|
|
22,123 |
|
Total
assets
|
|
|
840,670 |
|
|
|
1,693,419 |
|
|
|
25,029 |
|
|
|
2,559,118 |
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short
term
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short
term and current portion of long term interest bearing
debt
|
|
|
70,500 |
|
|
|
149,229 |
|
|
|
2,060 |
|
|
|
221,789 |
|
Other
current liabilities
|
|
|
5,311 |
|
|
|
5,946 |
|
|
|
11 |
|
|
|
11,268 |
|
Amounts
due to related parties
|
|
|
- |
|
|
|
8,405 |
|
|
|
2,567 |
|
|
|
10,972 |
|
Long
term
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long
term interest bearing debt
|
|
|
600,646 |
|
|
|
1,216,875 |
|
|
|
15,490 |
|
|
|
1,833,011 |
|
Sellers
credit in favor of charterer
|
|
|
- |
|
|
|
- |
|
|
|
2,600 |
|
|
|
2,600 |
|
Derivative
instruments payable
|
|
|
41,392 |
|
|
|
6,330 |
|
|
|
- |
|
|
|
47,722 |
|
Stockholders
equity (1)
|
|
|
122,821 |
|
|
|
306,634 |
|
|
|
2,301 |
|
|
|
431,756 |
|
Total
liabilities and stockholders' equity
|
|
|
840,670 |
|
|
|
1,693,419 |
|
|
|
25,029 |
|
|
|
2,559,118 |
|
(1)
|
Stockholder's
equity adjusted for current account balance appears in the Company's
consolidated balance sheet as 'Investment in
associate'
|