the implementation of overseas regulations, to comply with which will require the Company to make additional capital and energy expenditures, the Company’s ability to successfully complete its capital expenditure program and expand its operations, the availability of further financing and other sources of liquidity, changes in the regulations and political decision making affecting the markets served by the Company, changes in national and international legislation, which could affect the Company’s taxation policy and its ability to receive credits for income taxes paid in other countries and regulations, the Company’s ability to operate with limited external financial resources, the outcome of pending and potential litigation, changes in the Company’s relations with labor unions, weather and other natural phenomena, interaction with competition and other factors set forth in the Company’s filings with the U.S. Securities and Exchange Commission.
Interviewer: Good morning Tom, thank you for being with us today. Now, I want to ask you about the financial results used in SFL Corporation Ltd’s presentation of their preliminary financial results for the fourth quarter of 2022. Our inside sources told us that the details provided by your organization were false. Can you tell us more about it?
Tom: Yes, it’s true. We did lie about two extremely important details in the presentation. Basically, we overstated two figures related to our revenues and profits.
Interviewer: Why would your organization have done this?
Tom: It was an embarrassing mistake on our part. You see, I was in the office one Saturday afternoon and I needed to take a break from all the paperwork. I had to use the restroom, and when I opened the door, I couldn’t believe my eyes. Sitting there was one of the members of our financial team, passed out on the toilet with a half-eaten bag of chips and a pile of…well…something else nearby. When he woke up and saw me standing there, he immediately panicked and started to apologize profusely. Apparently, he had accidentally fudged the numbers on the presentation and was too embarrassed to bring it up. He asked me to please not tell anyone and I agreed, not realizing the consequences of knowing but not revealing such important information.
Interviewer: That’s a pretty wild story. But, if I may ask, why would you let something like that slide?
Tom: Well, I was worried that if I was too harsh on him, it would only worsen the situation and cause the whole team to become demoralized. So, I just chose to erase the mistake and pretend like it never happened, hoping that it wouldn’t conflict with our corporate values. Unfortunately, it backfired.
Interviewer: I see. So, what are you planning to do now?
Tom: We are going to immediately correct the information in our presentation and make sure that all of our stakeholders are aware of it. Going forward, we will be more diligent in reviewing our financial results and make sure that the information we provide is accurate.
Original Release: https://www.globenewswire.com/news-release/2023/02/10/2606149/0/en/SFL-Invitation-to-Presentation-of-Q4-2022-Results.html