6-K 1 d6738851_6-k.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of July 2015

Commission File Number: 001-36810

EURONAV NV

De Gerlachekaai 20
2000 Antwerpen
Belgium

011-32-3-247-4411
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [X]       Form 40-F [  ]

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [  ].

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [  ].

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.


INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached hereto as Exhibit 99.1 is a copy of the press release of Euronav NV (the "Company"), dated July 30, 2015, announcing its preliminary financial results for the second quarter and six months ended June 30, 2015.



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
EURONAV NV
 
(Registrant)
   
Dated: July 31, 2015
 
   
 
By:
/s/ Hugo De Stoop
   
Hugo De Stoop
   
Chief Financial Officer



EXHIBIT 99.1


 

 
PRELIMINARY SECOND QUARTER & HALF YEAR RESULTS 2015

HIGHLIGHTS

· Sustained improvement in freight rates drives higher EBITDA to USD 142.3 million
· Acquisition of four existing VLCCs under construction with option for four more sister vessels
· Robust start of Q3 with freight rates for VLCC so far above $60,000/day and more than 50% of available days already fixed
· Interim Dividend to be announced on August 20 with final half year results

ANTWERP, Belgium, 30 July 2015 – Euronav NV (NYSE: EURN & Euronext: EURN) ("Euronav" or the "Company") today reported its preliminary financial results for the three months ended 30 June 2015 and for the 6 months ended 30 June 2015.

Paddy Rodgers, CEO of Euronav said: "Euronav has made further progress during Q2 by securing four modern VLCCs with the option for four more - at a very competitive price. This fleet rejuvenation was supported by a strong and stable rate environment during the second quarter which has continued into the current quarter. Improving demand for and increased supply of crude oil, rising sea-miles to serve that demand in the Far East and a manageable outlook for vessel supply all provide a supportive market structure. Management look forward with confidence."

The most important key figures are:
   
   
   
 
 
 
   
   
   
 
in thousands of USD
 
First Quarter 2015
   
Second Quarter 2015
   
First Semester 2015
   
First Semester 2014
 
 
 
   
   
   
 
Revenue
 
 
204,521
     
212,008
     
416,529
     
201,157
 
Other operating Income
 
2,488
     
1,808
     
4,296
     
3,534
 
 
 
         
-
                 
Voyage expenses and commissions
 
(21,916
)
   
(15,749
)
   
(37,665
)
   
(54,586
)
Vessel operating expenses
 
(36,809
)
   
(39,970
)
   
(76,779
)
   
(52,144
)
Charter hire expenses
 
(9,052
)
   
(4,674
)
   
(13,726
)
   
(11,121
)
General and administrative expenses
 
(10,020
)
   
(11,106
)
   
(21,126
)
   
(17,223
)
Net Gain (loss) on disposal of tangible assets
 
2,120
     
6
     
2,126
     
(1,026
)
 
 
                             
EBITDA
 
 
131,332
     
142,323
     
273,655
     
68,591
 
 
 
                             
Depreciation
 
 
(49,116
)
   
(52,583
)
   
(101,699
)
   
(67,684
)
EBIT (result from operating activities)
 
82,216
     
89,740
     
171,956
     
907
 
 
 
                             
Net finance expenses
 
(16,534
)
   
(10,501
)
   
(27,035
)
   
(36,515
)
Share of profit (loss) of equity accounted investees
 
13,624
     
11,391
     
25,015
     
14,393
 
Result before taxation
 
79,306
     
90,630
     
169,936
     
(21,214
)
 
 
                             
Tax Benefit (Expense)
 
1,549
     
1,766
     
3,315
     
(38
)
Profit (loss) for the period
 
80,855
     
92,396
     
173,251
     
(21,252
)
 
 
                             
Attributable to:
Owners of the company  
80,855
     
92,396
     
173,251
     
(21,252
)
 
Non-controlling intrests
 
 
-
     
-
     
-
     
-
 





The contribution to the result is as follows
 
   
   
   
 
 
 
   
   
   
 
in thousands of USD
 
First Quarter 2015
   
Second Quarter 2015
   
First Semester 2015
   
First Semester 2014
 
 
 
   
   
   
 
Tankers
   
72,772
     
83,853
     
156,625
     
(35,388
)
FSO
   
8,083
     
8,543
     
16,626
     
14,136
 
result after taxation
   
80,855
     
92,396
     
173,251
     
(21,252
)
 
                               
 
 
Information per share:
 
 
 
 
 
 
 
 
 
in USD per share
First Quarter 2015
 
Second Quarter 2015
 
First Semester 2015
 
First Semester 2014
 
 
 
 
 
 
Weighted average number of shares (basic) **
   
148,065,537
     
158,023,051
     
153,071,800
     
104,324,074
 
EBITDA
   
0.89
     
0.90
     
1.79
     
0.66
 
EBIT (operating result)
   
0.56
     
0.57
     
1.12
     
0.01
 
result after taxation
   
0.55
     
0.58
     
1.13
     
(0.20
)

All figures have been prepared under IFRS as adopted by the EU (International Financial Reporting Standards) and have not been audited nor reviewed by the statutory auditor.

*The number of shares outstanding on 30 June 2015 is 159,208,949.


For the second quarter 2015, the Company had a net result of USD 92.4 million or USD 0.58 per share (second quarter 2014: minus USD 22.6 million and minus USD 0.19 per share). EBITDA (a non-IFRS measure) for the same period was USD 142.3 million (second quarter 2014: USD 22.1 million).

Euronav has applied the accounting standards IFRS 10 and IFRS 11 as of 1 January 2014. If the Company would have continued to apply the proportionate consolidation method for its joint ventures for the first half of 2015, the adjusted EBITDA (a non-IFRS measure) would have been USD 316.1 million (first half 2014: USD 108.5 million) and the result after taxation would have remained the same.

EURONAV FLEET

The average daily time charter equivalent rates (TCE, a non IFRS-measure) can be summarized as follows:

In USD per day
 
Second
quarter
2015
   
Second
quarter
2014
   
First
Semester
 2015
   
First
Semester
 2014
 
VLCC
         
Average spot rate (in TI Pool)
   
55,570
     
21,464
     
53,370
     
27,032
 
Average time-charter rate*
   
38,148
     
27,655
     
41,705
     
32,380
 
Suezmax
                 
Average spot rate**
   
41,886
     
18,445
     
42,364
     
19,612
 
Average time-charter rate*
   
35,258
     
19,797
     
37,954
     
24,972
 

*   Including profit share where applicable                            ** Excluding technical offhire days


 
 


EURONAV TANKER FLEET

As announced in our first quarter earnings press release, on 9 April 2015 Euronav took delivery of the VLCC Hakata (2010 – 302,550 dwt) which was the last vessel to be delivered as part of the acquisition of four modern Japanese-built VLCC vessels announced on 8 July 2014.

CORPORATE

On 16 June 2015, Euronav announced the acquisition through resale of newbuilding contracts of four VLCCs – currently completing construction at Hyundai Heavy Industries for an aggregate purchase price of USD 384 million. The vessels are due for prompt delivery starting September 2015.  In addition and against the payment of an option fee of an aggregate amount of USD 8 million, the seller has also agreed to grant Euronav an option to acquire up to a further 4 VLCCs sisters of the ones acquired at a price of USD 98 million each.

This transaction is consistent with three core company principles:

Firstly, these vessels are ex-yard resales, which do not add supply to the market and therefore meet our stated aim to only add existing vessels to our fleet and not to order new ships.

Secondly, the time lag between the purchase and the deliveries to the company will be very similar to buying a fleet on the water, therefore allowing the capital deployed to be rewarded by the freight market imminently.

Last, Euronav actively looks to regularly rejuvenate its fleet and enhance its operational strength. This will be achieved as these four vessels are of the latest design and similar or better to the ones acquired in July 2014.

THE TANKER MARKET

The key feature of the tanker market during Q2 was its stability. Freight rates throughout the three months to the end of June were consistently strong in both the VLCC and Suezmax categories. Tanker owners exhibited resolute discipline during the period which continues to be encouraging since it has been applied throughout 2015 so far.

Global oil demand projections were consistently upgraded during Q2 with the IEA, OPEC and EIA all raising forecasts to arrive at a consensus of 1.34m bpd growth in both 2015 and 2016 – up from 1.15m bpd at the end of Q1. The lower oil price – as we intimated at the end of Q1 - has stimulated and continues to boost demand.

The orderbook of tanker vessels has increased during Q2 2015 with further orders at the shipyards but this order flow has remained modest by historical standards – especially given the positive freight rate background. The impact on the global fleet in both VLCC and Suezmax will not be seen until the second half of 2016. Euronav remains of the view that the current schedule of vessel supply is manageable given the robust fundamentals of the tanker sector but as it has been the case in the past, additional orders may result in overcapacity and lead to destruction of the market.

The supply of crude oil is continuing to be driven higher with record output witnessed during Q2 in a number of key territories most notably Saudi Arabia, Iraq and Russia.

An important and growing theme is port congestion. This is taking capacity out of the market and is being driven by excess supply of crude unable to find storage on shore. The congestion seen currently is being treated as normal commercial delay but this de facto storage may soon become recognized storage under normal storage terms.



This is only likely to be resolved in three ways: (1) reduced production – which looks as unlikely given OPEC production plans and the potential return of Iranian output (2) increased demand utilizing this supply – this would be positive for tankers as it would increase the demand for shipping or (3) potentially increase the contango spread on oil prices – this in turn would increase the demand for additional storage and part of that storage is likely to be done offshore onboard tanker vessels.

OUTLOOK

The current quarter has started positively with freight rates rising in what is usually a seasonally weak period. Industry fundamentals remain healthy with limited vessel supply, growing demand stimulated by a lower oil price, increased supply of oil from record production and the continuing theme of ton mile expansion of Atlantic Basin Oil heading East.

So far, in the third quarter, the Euronav VLCC fleet operated by Tankers International pool earned on average just under USD 61,000 per day (TCE) and 52.6% of the available days have been fixed. Euronav's Suezmax fleet trading on the spot market have earned on average USD 42,750 per day (TCE) and 50% of the available spot days have been fixed.

Euronav is well positioned to continue to benefit from these positive sector trends well into 2016, is conservatively leveraged, has a strong focus on maximizing returns for shareholders in the form of dividends and is disciplined in terms of future growth opportunities.

CONFERENCE CALL

Euronav will host a conference call at 9:30 a.m. EST / 3:30 p.m. CET on Thursday 30 July 2015 to discuss the results for the quarter.

The call will be a webcast with an accompanying slideshow. You can find details of this conference call below and on the "Investor Relations" page of Euronav's website at http://investors.euronav.com/.

Webcast Information
 
Event Type:
Audio webcast with user-controlled slide presentation
Event Date:
30 July 2015
Event Time:
9:30 a.m. EST / 3:30 p.m. CET
Event Title:
"Euronav Q2 2015 Earnings Call"
Event Site/URL
http://services.choruscall.com/links/euronav150730

Telephone participants may avoid any delays by pre-registering for the call using the following link to receive a special dial-in number and PIN conference call registration link: http://dpregister.com/10069401. Pre-registration fields of information to be gathered: name, company, email.

Telephone participants who are unable to pre-register may dial in to 1-866-807-9684 on the day of the call. The international dial-in number is 1-412-317-5415.

A replay of the call will be available until 7 August 2015, beginning at 11:30 a.m. EST / 5:30 p.m. CET on 30 July 2015 by dialing 1-877-344-7529 or 1-412-317-0088 and referencing the conference number 10069401.


 

 

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe", "anticipate", "intends", "estimate", "forecast", "project", "plan", "potential", "may", "should", "expect", "pending" and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, 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, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the United States Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

*
*            *

Contact:
Mr. Brian Gallagher – Euronav Investor Relations
Tel: +44 20 7870 0436
Email: IR@euronav.com
 
 
Announcement of Final First Half Results 2015: Thursday 20 August 2015

 
About Euronav
Euronav is an independent tanker company engaged in the ocean transportation and storage of crude oil. The company is headquartered in Antwerp, Belgium, and has offices throughout Europe and Asia. Euronav is listed on Euronext Brussels and on the NYSE under the symbol EURN. Euronav employs its fleet both on the spot and period market. VLCCs on the spot market are traded in the Tankers International pool of which Euronav is one of the major partners. Euronav's owned and operated fleet consists of 53 double hulled vessels being 1 V-Plus, 2 FSO vessels (both owned in 50%-50% joint venture), 27 VLCCs (of which 1 in 50%-50% joint venture) and 23 Suezmaxes (of which 4 in 50%-50% joint venture). Deliveries of the recently acquired VLCCs will increase the Euronav tanker fleet by another 4 VLCCs. The company's vessels mainly fly Belgian, Greek, French and Marshall Island flags.

Regulated information within the meaning of the Royal Decree of 14 November 2007.

 
 
 
 

 
Condensed consolidated statement of financial position
(in thousands of USD except per share amounts)
             
 
         
   
     
   
June 30, 2015
   
December 31, 2014
 
ASSETS
 
     
   
     
Current assets
 
     
Trade and other receivables
   
225,424
     
194,733
 
Current tax assets
   
33
     
36
 
Cash and cash equivalents
   
148,224
     
254,086
 
Non-current assets held for sale
   
-
     
89,000
 
                 
Total current assets
   
373,681
     
537,855
 
 
               
Non-current assets
               
Vessels
   
2,322,408
     
2,258,334
 
Assets under construction
   
122,790
     
-
 
Other tangible assets
   
1,129
     
1,226
 
Prepayments
   
8,001
     
16,601
 
Intangible assets
   
83
     
29
 
Receivables
   
269,364
     
258,447
 
Investments in equity-accounted investees
   
17,576
     
17,332
 
Deferred tax assets
   
9,815
     
6,536
 
                 
Total non-current assets
   
2,751,166
     
2,558,505
 
 
               
TOTAL ASSETS
   
3,124,847
     
3,096,360
 
 
               
                 
EQUITY and LIABILITIES
               
                 
Equity
               
Share capital
   
173,046
     
142,441
 
Share premium
   
1,215,228
     
941,770
 
Translation reserve
   
(12
)
   
379
 
Hedging reserve
   
-
     
-
 
Treasury shares
   
(15,354
)
   
(46,062
)
Other equity interest
   
-
     
75,000
 
Retained earnings
   
451,945
     
359,180
 
                 
Equity attributable to owners of the Company
   
1,824,853
     
1,472,708
 
                 
Current Liabilities
               
Trade and other payables
   
87,846
     
125,555
 
Tax liabilities
   
136
     
1
 
Bank loans
   
167,139
     
146,303
 
Convertible and other Notes
   
-
     
23,124
 
Provisions
   
449
     
412
 
                 
Total current liabilities
   
255,570
     
295,395
 
                 
Non-current liabilities
               
Bank loans
   
1,035,333
     
1,088,026
 
Convertible and other Notes
   
-
     
231,373
 
Other payables
   
494
     
489
 
Deferred tax liabilities
   
-
     
-
 
Employee benefits
   
2,096
     
2,108
 
Amounts due to equity-accounted joint ventures
   
5,880
     
5,880
 
Provisions
   
621
     
381
 
                 
Total non-current liabilities
   
1,044,424
     
1,328,257
 
 
               
TOTAL EQUITY and LIABILITIES
   
3,124,847
     
3,096,360
 
 
               


 

 
Condensed consolidated statement of profit or loss
(in thousands of USD except per share amounts)
               
   
 
 
 
     
 
 
 
   
2015
   
2014
 
   
Jan. 1 - Jun. 30, 2015
   
Jan. 1 - Jun. 30, 2014
 
Shipping revenue
 
     
Revenue
   
416,529
     
201,157
 
Gains on disposal of vessels/other tangible assets
   
2,128
     
6,390
 
Other operating income
   
4,296
     
3,534
 
Total shipping revenue
   
422,953
     
211,081
 
                 
Operating expenses
               
Voyage expenses and commissions
   
(37,665
)
   
(54,586
)
Vessel operating expenses
   
(76,779
)
   
(52,144
)
Charter hire expenses
   
(13,726
)
   
(11,121
)
Losses on disposal of vessels/other tangible assets
   
(2
)
   
-
 
Impairment on non-current assets held for sale
   
-
     
(7,416
)
Depreciation tangible assets
   
(101,688
)
   
(67,674
)
Depreciation intangible assets
   
(11
)
   
(10
)
General and administrative expenses
   
(21,126
)
   
(17,222
)
Total operating expenses
   
(250,997
)
   
(210,173
)
                 
RESULT FROM OPERATING ACTIVITIES
   
171,956
     
908
 
                 
Finance income
   
389
     
623
 
Finance expenses
   
(27,424
)
   
(37,138
)
Net finance expenses
   
(27,035
)
   
(36,515
)
                 
Share of profit (loss) of equity accounted investees (net of income tax)
   
25,015
     
14,393
 
                 
PROFIT (LOSS) BEFORE INCOME TAX
   
169,936
     
(21,214
)
                 
Income tax benefit (expense)
   
3,315
     
(38
)
                 
PROFIT (LOSS) FOR THE PERIOD
   
173,251
     
(21,252
)
                 
Attributable to:
               
   Owners of the company
   
173,251
     
(21,252
)
                 
Basic net income/(loss) per share
   
1.13
     
(0.20
)
Diluted net income/(loss) per share
   
1.13
     
(0.20
)
                 
Weighted average number of shares (basic)
   
153,071,800
     
104,324,074
 
Weighted average number of shares (diluted)
   
153,957,157
     
104,324,074
 
                 

Consolidated statement of comprehensive income
 
(in thousands of USD except per share amounts)
 
 
         
   
     
Profit/(loss) for the period
   
173,251
     
(21,252
)
                 
Other comprehensive income, net of tax
               
Items that will never be reclassified to profit or loss:
               
Remeasurements of the defined benefit liability (asset)
   
-
     
-
 
                 
Items that are or may be reclassified to profit or loss:
               
Foreign currency translation differences
   
(391
)
   
(54
)
Cash flow hedges - effective portion of changes in fair value
   
-
     
1,291
 
Equity-accounted investees - share of other comprehensive income
   
718
     
960
 
                 
Other comprehensive income, net of tax
   
327
     
2,197
 
                 
Total comprehensive income for the period
   
173,578
     
(19,055
)
                 
Attributable to:
               
   Owners of the company
   
173,578
     
(19,055
)


                                     
 
 
 
 
Condensed consolidated statement of changes in equity
 
(in thousands of USD except per share amounts)
 
                                     
   
Share capital
   
Share premium
   
Translation reserve
   
Hedging reserve
   
Treasury shares
   
Retained earnings
   
Capital and reserves
   
Other equity interest
   
Total equity
 
Balance at January 1, 2014
   
58,937
     
365,574
     
946
     
(1,291
)
   
(46,062
)
   
422,886
     
800,990
     
-
     
800,990
 
                                                                         
Profit (loss) for the period
   
-
     
-
     
-
     
-
     
-
     
(21,252
)
   
(21,252
)
   
-
     
(21,252
)
Total other comprehensive income
   
-
     
-
     
(54
)
   
1,291
     
-
     
960
     
2,197
     
-
     
2,197
 
Total comprehensive income
   
-
     
-
     
(54
)
   
1,291
     
-
     
(20,292
)
   
(19,055
)
   
-
     
(19,055
)
                                                                         
Transactions with owners of the company
                                                                       
Issue of ordinary shares
   
41,645
     
308,355
     
-
     
-
     
-
     
(8,601
)
   
341,399
     
-
     
341,399
 
Issue and conversion convertible Notes
   
20,103
     
89,597
     
-
     
-
     
-
     
(7,422
)
   
102,278
     
-
     
102,278
 
Issue and conversion perpetual convertible preferred equity
   
10,281
     
64,718
     
-
     
-
     
-
     
(3,500
)
   
71,499
     
75,000
     
146,499
 
Equity-settled share-based payment
   
-
     
-
     
-
     
-
     
-
     
2,210
     
2,210
     
-
     
2,210
 
Total transactions with owners
   
72,029
     
462,670
     
-
     
-
     
-
     
(17,313
)
   
517,386
     
75,000
     
592,386
 
                                                                         
Balance at June 30, 2014
   
130,966
     
828,244
     
892
     
-
     
(46,062
)
   
385,281
     
1,299,321
     
75,000
     
1,374,321
 
 

 

                                     
 
 
   
   
   
   
   
   
   
   
 
 
 
Share capital
   
Share premium
   
Translation reserve
   
Hedging reserve
   
Treasury shares
   
Retained earnings
   
Capital and reserves
   
Other equity interest
   
Total equity
 
Balance at January 1, 2015
   
142,441
     
941,770
     
379
     
-
     
(46,062
)
   
359,180
     
1,397,708
     
75,000
     
1,472,708
 
 
                                                                       
Profit (loss) for the period
   
-
     
-
     
-
     
-
     
-
     
173,251
     
173,251
     
-
     
173,251
 
Total other comprehensive income
   
-
     
-
     
(391
)
   
-
     
-
     
718
     
327
     
-
     
327
 
Total comprehensive income
   
-
     
-
     
(391
)
   
-
     
-
     
173,969
     
173,578
     
-
     
173,578
 
 
                                                                       
Transactions with owners of the company
                                                                       
Issue of ordinary shares
   
20,324
     
208,739
     
-
     
-
     
-
     
(19,357
)
   
209,706
     
-
     
209,706
 
Issue and conversion convertible Notes
   
-
             
-
     
-
     
-
     
-
     
-
     
-
     
-
 
Issue and conversion perpetual convertible preferred equity
   
10,281
     
64,719
     
-
     
-
     
-
     
-
     
75,000
     
(75,000
)
   
-
 
Dividends to equity holders
   
-
     
-
     
-
     
-
     
-
     
(39,656
)
   
(39,656
)
   
-
     
(39,656
)
Treasury shares
   
-
     
-
     
-
     
-
     
30,708
     
(23,158
)
   
7,550
     
-
     
7,550
 
Equity-settled share-based payment
   
-
     
-
     
-
     
-
     
-
     
967
     
967
     
-
     
967
 
Total transactions with owners
   
30,605
     
273,458
     
-
     
-
     
30,708
     
(81,204
)
   
253,567
     
(75,000
)
   
178,567
 
 
                                                                       
Balance at June 30, 2015
   
173,046
     
1,215,228
     
(12
)
   
-
     
(15,354
)
   
451,945
     
1,824,853
     
-
     
1,824,853
 



 

 
 
 


 
Condensed consolidated statement of cash flows
(in thousands of USD except per share amounts)
 
 
 
 
 
   
 
   
     
   
2015
   
2014
 
   
Jan. 1 - Jun. 30, 2015
   
Jan. 1 - Jun. 30, 2014
 
Cash flows from operating activities
 
     
Profit (loss) for the period
   
173,251
     
(21,252
)
                 
Adjustments for:
   
99,507
     
93,079
 
     Depreciation of tangible assets
   
101,688
     
67,674
 
     Depreciation of intangible assets
   
11
     
10
 
     Impairment on non-current assets held for sale
   
-
     
7,415
 
     Provisions
   
262
     
-
 
     Tax benefits (expenses)
   
(3,315
)
   
38
 
     Share of profit of equity-accounted investees, net of tax
   
(25,015
)
   
(14,393
)
     Net finance expense
   
27,035
     
36,515
 
     Capital gain (loss) on disposal of assets
   
(2,126
)
   
(6,390
)
     Equity-settled share-based payment transactions
   
967
     
2,210
 
                 
Changes in working capital requirements
   
(55,875
)
   
(52,668
)
     Change in cash guarantees
   
(39
)
   
-
 
     Change in trade receivables
   
10,581
     
(7,332
)
     Change in accrued income
   
(12,697
)
   
(11,483
)
     Change in deferred charges
   
3,737
     
(25,603
)
     Change in other receivables
   
(32,370
)
   
(15,134
)
     Change in trade payables
   
16,746
     
(1,817
)
     Change in accrued payroll
   
(620
)
   
(825
)
     Change in accrued expenses
   
(4,348
)
   
10,132
 
     Change in deferred income
   
3,062
     
(2,454
)
     Change in other payables
   
(39,927
)
   
1,828
 
     Change in provisions for employee benefits
   
-
     
20
 
                 
Income taxes paid during the period
   
173
     
129
 
Interest paid
   
(33,460
)
   
(27,564
)
Interest received
   
188
     
244
 
Dividends received from equity-accounted investees
   
275
     
9,410
 
                 
Net cash from (used in) operating activities
   
184,059
     
1,378
 
                 
Acquisition of vessels
   
(271,743
)
   
(452,096
)
Proceeds from the sale of vessels
   
91,065
     
27,900
 
Acquisition of other tangible assets
   
(8,114
)
   
(88,239
)
Acquisition of intangible assets
   
(63
)
   
(5
)
Proceeds from the sale of other (in)tangible assets
   
63
     
2
 
Loans from (to) related parties
   
12,835
     
(38
)
Proceeds of disposals of joint ventures, net of cash disposed
   
1,500
     
-
 
Purchase of joint ventures, net of cash acquired
   
-
     
-
 
                 
Net cash from (used in) investing activities
   
(174,457
)
   
(512,476
)
                 
Proceeds from issue of share capital
   
229,063
     
350,000
 
Transaction costs related to issue of share capital
   
(19,357
)
   
(8,601
)
Proceeds from issue of perpetual convertible preferred equity
   
-
     
150,000
 
Transaction costs related to issue perpetual convertible preferred equity
   
-
     
(3,500
)
Proceeds from sale of treasury shares
   
7,550
     
-
 
Proceeds from new long-term borrowings
   
338,770
     
536,399
 
Repayment of long-term borrowings
   
(631,317
)
   
(300,834
)
Transaction costs related to issue of loans and borrowings
   
-
     
(11,886
)
Dividends paid
   
(39,658
)
   
-
 
                 
Net cash from (used in) financing activities
   
(114,949
)
   
711,578
 
                 
 
               
                 
Net increase (decrease) in cash and cash equivalents
   
(105,347
)
   
200,480
 
                 
Net cash and cash equivalents at the beginning of the period
   
254,086
     
74,309
 
Effect of changes in exchange rates
   
(515
)
   
(302
)
                 
Net cash and cash equivalents at the end of the period
   
148,224
     
274,487