EURONAV NV
|
||
(Registrant)
|
||
Dated: October 30, 2015
|
||
By:
|
/s/ Hugo De Stoop
|
|
Hugo De Stoop
|
||
Chief Financial Officer
|
· | 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 |
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
|
-
|
-
|
-
|
-
|
|||||||||||||
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
|
)
|
|||||||||||
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
|
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
|
Announcement of fourth quarter results 2015: Thursday 28 January 2016
|
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
|
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
|
||||||
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
|
)
|
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
|
|
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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