EURONAV NV
|
||
(Registrant)
|
||
Dated: August 24, 2015
|
||
By:
|
/s/ Hugo De Stoop
|
|
Hugo De Stoop
|
||
Chief Financial Officer
|
· | Interim dividend of USD 0.62 (to be paid in September) |
· | Adding the USD 0.25 already paid in May, brings the total dividend paid in 2015 under the new dividend policy to USD 0.87 equivalent to 80% of net earnings |
· | IEA increase demand for oil estimate to 1.6m bpd for 2015 underpinning confidence in tanker sector |
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)
|
||||||||||||
Paddy Rodgers
|
Peter G. Livanos
|
Chief Executive Officer
|
Chairman of the Board of Directors
|
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
|
|||||||
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
|
|||||
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
|
|||||
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 earnings per share
|
1.13
|
(0.20)
|
|||||
Diluted earnings per share
|
1.11
|
(0.20)
|
|||||
Weighted average number of shares (basic)
|
153,071,800
|
104,324,074
|
|||||
Weighted average number of shares (diluted)
|
155,915,594
|
104,324,074
|
|||||
Condensed consolidated statement of comprehensive income
|
|||||||
(in thousands of USD except per share amounts)
|
|||||||
2015
|
2014
|
||||||
Jan. 1 - Jun. 30, 2015
|
Jan. 1 - Jun. 30, 2014
|
||||||
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 expenses (benefits)
|
(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
|
||||||
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