0000919574-15-007574.txt : 20151030 0000919574-15-007574.hdr.sgml : 20151030 20151030161941 ACCESSION NUMBER: 0000919574-15-007574 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20151031 FILED AS OF DATE: 20151030 DATE AS OF CHANGE: 20151030 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Euronav NV CENTRAL INDEX KEY: 0001604481 STANDARD INDUSTRIAL CLASSIFICATION: DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412] IRS NUMBER: 000000000 STATE OF INCORPORATION: C9 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36810 FILM NUMBER: 151187742 BUSINESS ADDRESS: STREET 1: DE GERLACHEKAAI 20 CITY: ANTWERP STATE: C9 ZIP: 2000 BUSINESS PHONE: 32-3-247-44-11 MAIL ADDRESS: STREET 1: DE GERLACHEKAAI 20 CITY: ANTWERP STATE: C9 ZIP: 2000 6-K 1 d6877343_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 October 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 October 29, 2015, announcing the Company's financial results for the three months ended September 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: October 30, 2015
 
   
 
By:
/s/ Hugo De Stoop
   
Hugo De Stoop
   
Chief Financial Officer



EXHIBIT 99.1
 
 
 
THIRD QUARTER RESULTS 2015

HIGHLIGHTS

· EBITDA (before non-recurring items) USD 135.9m – strongest Q3 since 2008
· Decision not to exercise options for 4 VLCCs – value of options written off
· Resilient quarter for VLCC and Suezmax rates despite seasonal expectations
· Delivery of first VLCC (the Antigone) from acquisition announced in June (1st of 4)
· New credit facility agreed covering 50% of fleet; Euronav fully funded

ANTWERP, Belgium, 29 October 2015 – Euronav NV (NYSE: EURN & Euronext: EURN) ("Euronav" or the "Company") today reported its non-audited financial results for the three months ended 30 September 2015.

Paddy Rodgers, CEO of Euronav said: "The positive thesis for the tanker sector started in early 2014 continues to evolve as expected. The four key drivers of our business: robust demand for crude oil, moderate vessel supply, high supply of oil and continued ton-mile expansion – all delivered further gains in what is usually a seasonally weak quarter. This resilience of the thesis was demonstrated with a strong recovery in the freight market after a number of external factors simultaneously impacted the market during August. The winter market has started very strongly. Euronav remains committed to its policy of distributing 80% of net income."
 
The most important key figures are:
         
                   
in thousands of USD
 
First Semester 2015
   
Third Quarter 2015
   
Year-to-Date 2015
   
Year-to-Date 2014
 
                   
Revenue
   
416,529
     
204,334
     
620,863
     
329,119
 
Other operating Income
   
4,296
     
1,976
     
6,272
     
6,558
 
                                   
Voyage expenses and commissions
   
(37,665
)
   
(17,616
)
   
(55,281
)
   
(91,127
)
Vessel operating expenses
   
(76,779
)
   
(38,126
)
   
(114,905
)
   
(87,088
)
Charter hire expenses
   
(13,726
)
   
(5,685
)
   
(19,411
)
   
(25,650
)
General and administrative expenses
   
(21,126
)
   
(9,004
)
   
(30,130
)
   
(28,278
)
Net Gain (loss) on disposal of tangible assets
   
2,126
     
(7,991
)
   
(5,865
)
   
1,361
 
                                   
EBITDA
     
273,655
     
127,888
     
401,543
     
104,895
 
                                   
Depreciation
   
(101,699
)
   
(53,611
)
   
(155,310
)
   
(113,059
)
EBIT (result from operating activities)
   
171,956
     
74,277
     
246,233
     
(8,164
)
                                   
Net finance expenses
   
(27,035
)
   
(10,797
)
   
(37,832
)
   
(55,895
)
Share of profit (loss) of equity accounted investees
   
25,015
     
13,056
     
38,071
     
22,294
 
Result before taxation
   
169,936
     
76,536
     
246,472
     
(41,767
)
                                   
Tax Benefit (Expense)
   
3,315
     
(4,346
)
   
(1,031
)
   
(94
)
Profit (loss) for the period
   
173,251
     
72,190
     
245,441
     
(41,861
)
                                   
Attributable to :    Owners of the company
   
173,251
     
72,190
     
245,441
     
(41,861
)   
                                Non-controlling interests
    
-
     
-
     
-
     
-
 
                                   
                                   
 

 
 
The contribution to the result is as follows

in thousands of USD
 
First Semester
2015
   
Third Quarter
2015
   
Year-to-Date
2015
   
Year-to-Date
2014
 
Tankers
   
156,625
     
64,025
     
220,650
     
(64,006
)
FSO
   
16,626
     
8,165
     
24,791
     
22,145
 
result after taxation
   
173,251
     
72,190
     
245,441
     
(41,861
)
                                 
 
 
Information  per Share:
               
In USD per share
 
First Semester
2015
   
Third Quarter
2015
   
Year-to-Date
2015
   
Year-to-Date
2014
 
Weighted average number of shares (basic) *
   
153,071,800
     
158,625,615
     
154,943,416
     
112,238,388
 
EBITDA
   
1.79
     
0.81
     
2.59
     
0.93
 
EBIT (operating result)
   
1.12
     
0.47
     
1.59
     
(0.07
)
Result after taxation
   
1.13
     
0.46
     
1.58
     
(0.37
)
                                 
 
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 September 2015 is 159,208,949.

For the third quarter 2015 the Company had a net result of USD 72.2 million (third quarter 2014: USD -20.6 million) or USD 0.46 per share (third quarter 2014: USD -0.16 per share). EBITDA (a non-IFRS measure) for the same period was USD 127.9 million (third quarter 2014: USD 36.3 million).

If the Company had continued to apply the proportionate consolidation method for its joint ventures for the third quarter of 2015, the adjusted EBITDA would have been USD 149.7 million (third quarter 2014: USD 53 million), the adjusted EBIT would have been USD 88.7 million (third quarter 2014: USD 0.3 million) and the result after taxation would have remained the same.

 

 

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

In USD per day
 
Third quarter
2015
Third quarter
2014
VLCC
Average spot rate (in TI pool)
52,368
24,661
Average time charter rate*
43,516
30,189
Suezmax
Average spot rate**
40,048
21,737
Average time charter rate*
30,944
21,168

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

CORPORATE

On 19 August 2015 the Company signed a new USD 750 million senior secured amortizing revolving credit facility for the purpose of (i) refinancing 21 vessels; and (ii) financing four VLCCs which were recently acquired as resales of existing newbuilding contracts announced on 16 June 2015 as well as (iii) Euronav's general corporate and working capital purposes. The facility which was 1.35 times oversubscribed refinances two existing facilities: the USD 750 million loan agreement dated 22 June 2011 and the USD 65 million facility signed on 23 December 2011.

As mentioned in the press release of 16 June 2015 reporting the acquisition of four VLCCs, the Company was also granted an option to acquire a further four VLCCs with delivery windows late 2016 and 2017. These late delivery windows were the reason for management to sign an option rather than including these vessels in the acquisition at that time. The value of the option was to have a sort of hedge against any significant vessel price inflation, which in the meantime has not materialised. After careful consideration, the Board has decided not to exercise the option to purchase four VLCCs. As a consequence, the value of these options has been written off to zero and a USD 8 million non-recurring charge (non-cash) has been taken for Q3.

The remaining capex linked to the three VLCCs that will be delivered early 2016 is USD 195.9 million. Including these three outstanding VLCCs, Euronav is fully funded in its current structure and retains a strong conviction that tanker markets are undergoing a sustained and structural recovery in freight rates. With the vast majority of our fleet currently on the water, Euronav is ideally positioned to benefit from this positive freight market environment but will also remain disciplined as stewards of shareholder capital. The Board believes this course of action is in the best interests of all stakeholders.

EURONAV TANKER FLEET

On 25 September 2015 Euronav took delivery of the first vessel of four VLCCs which were recently acquired as resales of existing newbuilding contracts announced on 16 June 2015: the Antigone (2015 – 299,421 dwt).

TANKER MARKET

Compared with the third quarter 2014, VLCC earnings on the spot market are up 112% for the third quarter.

The quarter was remarkable for the underlying strength of freight rates in what is usually a seasonally weak period. The strength of rates during July and September was the key feature of the Q3 tanker market. A number of factors simultaneously impacted the freight market in August which saw a short, sharp correction – principally in VLCC rates – but such is the strength of the current market fundamentals. This "correction" lasted just five weeks.


 

August saw a weak patch in freight rates due to (a) crude cargo imports to China and exports from Iraq being slower than usual; (b) owner behaviour on pricing which had been consistently resolute during 2015 giving way temporarily to lower rate setting; (c) low season for cargoes and high season for refinery maintenance and (d) increased number of vessels available as a result of re-letting/speeding up.

Four key drivers of the tanker sector remain positively structured in both the short and medium term. Firstly, ton-mile expansion continues with new longer trade routes, such as Latin America to Far East becoming more frequent.

Secondly, despite some evidence of US production (shale) marginally declining, global crude oil supply continues to push higher. During the quarter Kuwait, Saudi Arabia, Iraq and Russia all delivered record output. Quite simply more oil produced means more cargoes to be transported or stored.

Thirdly, global oil demand projections remain at elevated levels despite some recent adjustment. The IEA currently forecasts demand growth for 2015 at 1.8m bpd moving to 1.2m bpd for 2016.

Fourthly, whilst the order book – primarily for VLCCs – has continued to grow, the overall build has remained modest by historical standards. Given the average 20 year life of a crude tanker it is often overlooked that there is a natural level of attrition (3-5% per annum) in the global fleet – indicating that a total order book to fleet ratio of 15-20% is manageable.

In addition, over Q2 and Q3 Euronav believes there has been a portion of the VLCC order book which has been accelerated in order to avoid complying with incoming environmental legislation which is applicable from January 2016. Any vessel where the keel is laid after 1 January 2016 must comply with Tier 3 legislation on Nitrogen Oxide emissions. This has had the effect of accelerating newbuilding orders so as to avoid the potential increased costs derived from this new legislation. Euronav retains its view that every new order at the shipyard is value destructive if it is not linked to the direct scrapping of a similar ship or to a long term time charter contract.

A great deal of commentary exists over China. Euronav believes it is important to look at the three key factors when assessing China. Firstly, China imports around 7 million barrels of crude per day. This is a large baseload of demand. Secondly, as the economy deliberately transitions from an industrial to a consumer-based model the demand for crude should be relatively constant. Lastly, the crude tanker sector benefits from two important and supportive drivers – the return of the "teapot" refineries to western markets (before summer 2015 "teapot" or smaller refineries were restricted to purchasing only domestic crude) and building of the Chinese SPR (Strategic Petroleum Reserve). These should underpin further steady crude demand growth from China into the medium term.

As discussed in our Q2 commentary, the theme of port congestion persists. This is taking capacity out of the market and is primarily driven by excess supply of crude unable to find storage on shore. This feature is now largely recognised through higher demurrage rates factored in the commercial structure of freight rates.

OUTLOOK

Traditionally, the third quarter is seasonally the weakest during the tanker calendar year. However, 2015 saw the average Q3 rates for VLCC and Suezmax broadly in line with Q1 and Q2 and specific cargo rates have hit a seven-year high in the early part of Q4. This reflects the strong fundamentals that underpin the crude tanker sector currently and which Euronav believes has structural support to drive the market for several years.


 


So far in the fourth quarter the Euronav VLCC fleet operated in the Tankers International pool has earned about USD 65,000 per day and over 46% of the available days have been fixed. Euronav's Suezmaxes trading on the spot market have earned about USD 34,600 per day on average with 61% of the available days fixed for the fourth quarter.

Euronav now has 54 vessels on the water with three VLCCs to be delivered in early 2016. With our fleet fully and conservatively financed Euronav has no funding requirements going forward and is well positioned to profit from the strong tanker industry fundamentals in place for at least the next 12 months. An established dividend distribution policy maximizes returns and provides management with a discipline for future growth opportunities.
CONFERENCE CALL

Euronav will host a conference call at 9:30 a.m. EST / 2:30 p.m. CET on Thursday 29 October 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 "Investors" page of Euronav's website at http://investors.euronav.com.

 
Webcast Information
 
Event Type:
Audio webcast with user-controlled slide presentation
Event Date:
29 October 2015
Event Time:
9:30 a.m. EST / 2:30 p.m. CET
Event Title:
"Euronav Q3 2015 Earnings Call"
Event Site/URL
http://services.choruscall.com/links/euronav151029

 
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/10074160. Pre-registration fields of information to be gathered: name, company, email.

Telephone participants who are unable to pre-register may dial in to 001-877-328-5501 on the day of the call. The international dial-in number is 001-412-317-5471.

A replay of the call will be available until 5 November 2015, beginning at 11:30 a.m. EST / 4:30 p.m. CET on 29 October 2015 by dialing 001-877-344-7529 or 001-412-317-0088 and referencing the conference number 10074154.



 

 
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 fourth quarter results 2015: Thursday 28 January 2016
About Euronav
Euronav is an independent tanker company engaged in the ocean transportation and storage of crude oil and petroleum products. 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 57 double hulled vessels being one V-Plus vessel, 28 VLCCs (of which 1 in 50%-50% joint venture), three VLCCs under construction which were recently acquired as resales of existing newbuilding contracts, 23 Suezmaxes (of which four are owned in 50%-50% joint ventures) and two FSO vessels (both owned in 50%-50% joint venture). 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 interim financial statements
for the nine months period ended September 30, 2015
 
 
 
 

 
Condensed consolidated statement of financial position
(in thousands of USD except per share amounts)
 
 
   
September 30, 2015
   
December 31, 2014
 
ASSETS
       
         
Current assets
       
Trade and other receivables
   
208,584
     
194,733
 
Current tax assets
   
33
     
36
 
Cash and cash equivalents
   
173,442
     
254,086
 
Non-current assets held for sale
   
-
     
89,000
 
Total current assets
   
382,059
     
537,855
 
                 
Non-current assets
               
Vessels
   
2,368,008
     
2,258,334
 
Assets under construction
   
92,609
     
-
 
Other tangible assets
   
1,147
     
1,226
 
Prepayments
   
1
     
16,601
 
Intangible assets
   
194
     
29
 
Receivables
   
261,888
     
258,447
 
Investments in equity-accounted investees
   
19,478
     
17,332
 
Deferred tax assets
   
5,477
     
6,536
 
Total non-current assets
   
2,748,802
     
2,558,505
 
                 
TOTAL ASSETS
   
3,130,861
     
3,096,360
 
                 
                 
EQUITY and LIABILITIES
               
                 
Current Liabilities
               
Trade and other payables
   
100,865
     
125,555
 
Tax liabilities
   
64
     
1
 
Bank loans
   
164,071
     
146,303
 
Convertible and other Notes
   
-
     
23,124
 
Provisions
   
-
     
412
 
Total current liabilities
   
265,000
     
295,395
 
                 
Non-current liabilities
               
Bank loans
   
1,063,780
     
1,088,026
 
Convertible and other Notes
   
-
     
231,373
 
Other payables
   
603
     
489
 
Deferred tax liabilities
   
-
     
-
 
Employee benefits
   
2,096
     
2,108
 
Amounts due to equity-accounted joint ventures
   
-
     
5,880
 
Provisions
   
-
     
381
 
Total non-current liabilities
   
1,066,479
     
1,328,257
 
                 
Equity
               
Share capital
   
173,046
     
142,441
 
Share premium
   
1,215,228
     
941,770
 
Translation reserve
   
33
     
379
 
Hedging reserve
   
-
     
-
 
Treasury shares
   
(15,354
)
   
(46,062
)
Other equity interest
   
-
     
75,000
 
Retained earnings
   
426,429
     
359,180
 
Equity attributable to owners of the Company
   
1,799,382
     
1,472,708
 
                 
TOTAL EQUITY and LIABILITIES
   
3,130,861
     
3,096,360
 
 
 
 

 
Condensed consolidated statement of profit or loss
(in thousands of USD except per share amounts)
 
 
   
2015
   
2014
 
   
Jan.1 - Sep 30, 2015
   
Jan.1 - Sep 30, 2014
 
Shipping revenue
       
Revenue
   
620,863
     
329,119
 
Gains on disposal of vessels/other tangible assets
   
2,137
     
8,776
 
Other operating income
   
6,272
     
6,558
 
Total shipping revenue
   
629,272
     
344,453
 
                 
Operating expenses
               
Voyage expenses and commissions
   
(55,281
)
   
(91,127
)
Vessel operating expenses
   
(114,905
)
   
(87,088
)
Charter hire expenses
   
(19,411
)
   
(25,650
)
Losses on disposal of vessels/other tangible assets
   
(8,002
)
   
-
 
Impairment on non-current assets held for sale
   
-
     
(7,416
)
Depreciation tangible assets
   
(155,286
)
   
(113,045
)
Depreciation intangible assets
   
(24
)
   
(14
)
General and administrative expenses
   
(30,130
)
   
(28,279
)
Total operating expenses
   
(383,039
)
   
(352,619
)
                 
RESULT FROM OPERATING ACTIVITIES
   
246,233
     
(8,166
)
                 
Finance income
   
1,592
     
1,594
 
Finance expenses
   
(39,424
)
   
(57,489
)
Net finance expenses
   
(37,832
)
   
(55,895
)
                 
Share of profit (loss) of equity accounted investees (net of income tax)
   
38,071
     
22,294
 
                 
PROFIT (LOSS) BEFORE INCOME TAX
   
246,472
     
(41,767
)
                 
Income tax benefit (expense)
   
(1,031
)
   
(94
)
                 
PROFIT (LOSS) FOR THE PERIOD
   
245,441
     
(41,861
)
                 
Attributable to:
               
   Owners of the company
   
245,441
     
(41,861
)
                 
Basic earnings per share
   
1.58
     
(0.37
)
Diluted earnings per share
   
1.56
     
(0.37
)
                 
Weighted average number of shares (basic)
   
154,943,416
     
112,238,388
 
Weighted average number of shares (diluted)
   
156,999,003
     
112,238,388
 
                 
 
 
Condensed consolidated statement of comprehensive income
(in thousands of USD except per share amounts)
 
 
Profit/(loss) for the period
   
245,441
     
(41,861
)
                 
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
   
(346
)
   
(442
)
Cash flow hedges - effective portion of changes in fair value
   
-
     
1,291
 
Equity-accounted investees - share of other comprehensive income
   
1,007
     
1,697
 
                 
Other comprehensive income, net of tax
   
661
     
2,546
 
                 
Total comprehensive income for the period
   
246,102
     
(39,315
)
                 
Attributable to:
               
   Owners of the company
   
246,102
     
(39,315
)
 
 

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
   
-
     
-
     
-
     
-
     
-
     
(41,861
)
   
(41,861
)
   
-
     
(41,861
)
Total other comprehensive income
   
-
     
-
     
(442
)
   
1,291
     
-
     
1,697
     
2,546
     
-
     
2,546
 
Total comprehensive income
   
-
     
-
     
(442
)
   
1,291
     
-
     
(40,164
)
   
(39,315
)
   
-
     
(39,315
)
                                                                         
Transactions with owners of the company
                                                         
Issue of ordinary shares
   
53,119
     
421,881
     
-
     
-
     
-
     
(12,558
)
   
462,442
     
-
     
462,442
 
Issue and conversion convertible Notes
   
20,103
     
89,597
     
-
     
-
     
-
     
(7,422
)
   
102,278
     
-
     
102,278
 
Issue and conversion perpetual convertible preferred equity
   
10,282
     
64,718
     
-
     
-
     
-
     
(3,500
)
   
71,500
     
75,000
     
146,500
 
Equity-settled share-based payment
   
-
     
-
     
-
     
-
     
-
     
3,333
     
3,333
     
-
     
3,333
 
Total transactions with owners
   
83,504
     
576,196
     
-
     
-
     
-
     
(20,147
)
   
639,553
     
75,000
     
714,553
 
                                                                         
Balance at September 30, 2014
   
142,441
     
941,770
     
504
     
-
     
(46,062
)
   
362,575
     
1,401,228
     
75,000
     
1,476,228
 
 
 
   
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
   
-
     
-
     
-
     
-
     
-
     
245,441
     
245,441
     
-
     
245,441
 
Total other comprehensive income
   
-
     
-
     
(346
)
   
-
     
-
     
1,007
     
661
     
-
     
661
 
Total comprehensive income
   
-
     
-
     
(346
)
   
-
     
-
     
246,448
     
246,102
     
-
     
246,102
 
                                                                         
Transactions with owners of the company
                                                         
Issue of ordinary shares
   
20,324
     
208,739
     
-
     
-
     
-
     
(19,358
)
   
209,705
     
-
     
209,705
 
Issue and conversion convertible Notes
   
-
             
-
     
-
     
-
     
-
     
-
     
-
     
-
 
Issue and conversion perpetual convertible preferred equity
   
10,281
     
64,719
     
-
     
-
     
-
     
-
     
75,000
     
(75,000
)
   
-
 
Dividends to equity holders
   
-
     
-
     
-
     
-
     
-
     
(138,001
)
   
(138,001
)
   
-
     
(138,001
)
Treasury shares
   
-
     
-
     
-
     
-
     
30,708
     
(23,158
)
   
7,550
     
-
     
7,550
 
Equity-settled share-based payment
   
-
     
-
     
-
     
-
     
-
     
1,318
     
1,318
     
-
     
1,318
 
Total transactions with owners
   
30,605
     
273,458
     
-
     
-
     
30,708
     
(179,199
)
   
155,572
     
(75,000
)
   
80,572
 
                                                                         
Balance at September 30, 2015
   
173,046
     
1,215,228
     
33
     
-
     
(15,354
)
   
426,429
     
1,799,382
     
-
     
1,799,382
 
 
 

 
Condensed consolidated statement of cash flows
(in thousands of USD except per share amounts)
 
 
 
 
 
 2015
Jan.1 - Sep 30, 2015
   
2014
Jan.1 - Sep 30, 2014
 
Cash flows from operating activities
       
Profit (loss) for the period
   
245,441
     
(41,861
)
                 
Adjustments for:
   
162,504
     
148,726
 
     Depreciation of tangible assets
   
155,286
     
113,045
 
     Depreciation of intangible assets
   
24
     
14
 
     Impairment on non-current assets held for sale
   
-
     
7,415
 
     Provisions
   
(781
)
   
-
 
     Tax benefits (expenses)
   
1,031
     
94
 
     Share of profit of equity-accounted investees, net of tax
   
(38,071
)
   
(22,294
)
     Net finance expense
   
37,831
     
55,895
 
     Capital gain (loss) on disposal of assets
   
5,866
     
(8,776
)
     Equity-settled share-based payment transactions
   
1,318
     
3,333
 
                 
Changes in working capital requirements
   
(48,550
)
   
(108,005
)
     Change in cash guarantees
   
(14
)
   
-
 
     Change in trade receivables
   
9,851
     
(19,257
)
     Change in accrued income
   
(12,211
)
   
(61,477
)
     Change in deferred charges
   
4,791
     
(17,242
)
     Change in other receivables
   
(16,344
)
   
(12,503
)
     Change in trade payables
   
169
     
1,730
 
     Change in accrued payroll
   
(329
)
   
(511
)
     Change in accrued expenses
   
(2,175
)
   
14,659
 
     Change in deferred income
   
5,544
     
(5,527
)
     Change in other payables
   
(37,832
)
   
(7,906
)
     Change in provisions for employee benefits
   
-
     
29
 
                 
Income taxes paid during the period
   
93
     
170
 
Interest paid
   
(42,189
)
   
(44,716
)
Interest received
   
232
     
361
 
Dividends received from equity-accounted investees
   
275
     
9,410
 
                 
Net cash from (used in) operating activities
   
317,806
     
(35,915
)
                 
Acquisition of vessels
   
(340,647
)
   
(822,499
)
Proceeds from the sale of vessels
   
91,065
     
119,280
 
Acquisition of other tangible assets
   
(8,267
)
   
(122,632
)
Acquisition of intangible assets
   
(188
)
   
-
 
Proceeds from the sale of other (in)tangible assets
   
72
     
8
 
Loans from (to) related parties
   
25,850
     
29,033
 
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
   
(230,615
)
   
(796,810
)
                 
Proceeds from issue of share capital
   
229,061
     
475,000
 
Transaction costs related to issue of share capital
   
(19,357
)
   
(12,558
)
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
   
901,270
     
860,379
 
Repayment of long-term borrowings
   
(1,161,312
)
   
(592,776
)
Transaction costs related to issue of loans and borrowings
   
(8,680
)
   
(11,886
)
Dividends paid
   
(115,125
)
   
(1
)
                 
Net cash from (used in) financing activities
   
(166,593
)
   
864,658
 
                 
                 
Net increase (decrease) in cash and cash equivalents
   
(79,402
)
   
31,933
 
                 
Net cash and cash equivalents at the beginning of the period
   
254,086
     
74,309
 
Effect of changes in exchange rates
   
(1,242
)
   
(700
)
                 
Net cash and cash equivalents at the end of the period
   
173,442
     
105,542
 
 
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