0000919574-16-014354.txt : 20160729 0000919574-16-014354.hdr.sgml : 20160729 20160729161526 ACCESSION NUMBER: 0000919574-16-014354 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20160731 FILED AS OF DATE: 20160729 DATE AS OF CHANGE: 20160729 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: 161794295 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 d7220090_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 2016

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 28, 2016, announcing the Company's financial results for the second quarter and first half ended June 30, 2016.


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 29, 2016
  
   
 
By:
/s/ Hugo De Stoop
   
Hugo De Stoop
   
Chief Financial Officer


EXHIBIT 99.1
 

 
 


PRELIMINARY SECOND QUARTER & HALF YEAR RESULTS 2016

HIGHLIGHTS

· Strong first half year leading to proportionate EBITDA of USD 298.6 million
· Q2 profits affected for non-recurring charge related to Suezmax joint ventures termination
· Rates decline in June reflect seasonal trading patterns likely to persist through Q3
· Interim dividend to be announced on 25 August with final half year results; returns policy re-affirmed

ANTWERP, Belgium, 28 July 2016 – Euronav NV (NYSE: EURN & Euronext: EURN) ("Euronav" or the "Company") today reported its non-audited financial results for the second quarter and the first half of 2016.

Paddy Rodgers, CEO of Euronav said: "The seasonal adjustment in freight rates has been exacerbated by a combination of factors acting simultaneously to press freight rates lower. Notwithstanding short term headwinds Euronav anticipates a seasonal rate recovery into the winter supported by recent upgrades in anticipated crude demand (IEA) and if current disrupting market factors dissipate. Medium and longer term prospects for the tanker market remain constructive, underpinned by a solid recurring demand for crude, structural change in financing likely to constrain future vessel supply growth and a likely acceleration in the retirement of older ships from 2017 onward".

The most important key figures (unaudited) are
  
First Quarter
    
Second Quarter
    
First
Semester
    
First
 Semester
  
in thousands of USD
  
2016
    
2016
    
2016
    
2015
  
Revenue
    
214,875
      
189,575
      
404,450
      
416,529
  
Other operating Income
    
1,724
      
1,978
      
3,702
      
4,296
  
Voyage expenses and commissions
    
(11,348
)
    
(13,507
)
    
(24,855
)
    
(37,667
)
Vessel operating expenses
    
(38,397
)
    
(41,694
)
    
(80,091
)
    
(76,779
)
Charter hire expenses
    
(6,212
)
    
(4,798
)
    
(11,010
)
    
(13,726
)
General and administrative expenses
    
(10,485
)
    
(11,236
)
    
(21,721
)
    
(21,127
)
Net gain (loss) on disposal of tangible assets
    
13,821
      
(2
)
    
13,819
      
2,126
  
Net gain (loss) on disposal of investments in equity accounted investees
    
-
      
(24,150
)
    
(24,150
)
    
-
  
Depreciation
    
(53,207
)
    
(56,290
)
    
(109,497
)
    
(101,698
)
Net finance expenses
    
(9,529
)
    
(9,546
)
    
(19,074
)
    
(27,035
)
Share of profit (loss) of equity accounted investees
    
12,438
      
9,838
      
22,276
      
25,015
  
Result before taxation
    
113,680
      
40,168
      
153,849
      
169,934
  
Tax Benefit (Expense)
    
(138
)
    
(20
)
    
(159
)
    
3,315
  
Profit (loss) for the period
    
113,542
      
40,148
      
153,690
      
173,249
  
                                 
Attributable to:
Owners of the company
    
113,542
      
40,148
      
153,690
      
173,249
  
 
Non-controlling interests 
      -        -        -        -  

 
The contribution to the result is as follows:
  
   
   
   
 
 
  
   
Second
    
First
    
First
  
 
  
First Quarter
    
Quarter
    
Semester
    
Semester
  
in thousands of USD
  
2016
    
2016
    
2016
    
2015
  
Tankers
    
104,956
      
31,501
      
136,458
      
156,624
  
FSO
    
8,586
      
8,647
      
17,232
      
16,625
  
Result after taxation
    
113,542
      
40,148
      
153,690
      
173,249
  



1





Information per share:
  
   
   
   
 
 
  
   
Second
    
First
    
First
  
 
  
First Quarter
    
Quarter
    
Semester
    
Semester
  
in USD per share
  
2016
    
2016
    
2016
    
2015
  
Weighted average number of shares (basic)*
    
158,370,999
      
158,348,010
      
158,359,054
      
153,071,800
  
Result after taxation
    
0.72
      
0.25
      
0.97
      
1.13
  


* The number of shares outstanding on 30 June 2016 is 159,208,949.

 
EBITDA reconciliation (unaudited):
 
in thousands of USD
  
First Quarter
 2016
    
Second
Quarter
 2016
    
First
Semester
 2016
    
First
Semester
 2015
  
Profit (loss) for the period
    
113,542
      
40,148
      
153,690
      
173,249
  
+ Depreciation
    
53,207
      
56,290
      
109,497
      
101,698
  
+ Net finance expenses
    
9,529
      
9,546
      
19,074
      
27,035
  
+ Tax Benefit (Expense)
    
138
      
20
      
159
      
(3,315
)
EBITDA
    
176,416
      
106,004
      
282,420
      
298,667
  
+ Depreciation equity accounted investees
    
7,353
      
6,620
      
13,972
      
14,490
  
+ Net finance expenses equity accounted investees
    
1,239
      
971
      
2,210
      
2,917
  
+ Tax Benefit (Expense) equity accounted investees
    
-
      
-
      
-
      
-
  
Proportionate EBITDA
    
185,007
      
113,595
      
298,603
      
316,074
  

EBITDA reconciliation per share:
              
 
       
Second
    
First
    
First
  
   
First Quarter
    
Quarter
    
Semester
    
Semester
  
in USD per share
  
2016
    
2016
    
2016
    
2015
  
Weighted average number of shares (basic)*
    
158,370,099
      
158.348.010
      
158,359,054
      
153,071,800
  
EBITDA
    
1.17
      
0.72
      
1.89
      
2.06
  

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.
 
If the Company had continued to apply the proportionate consolidation method for its joint ventures for the second quarter of 2016, the proportionate EBITDA (a non IFRS-measure) would have been USD 113.6 million (second quarter 2015: USD 162.3 million), and the profit for the period would have remained the same.

For the first half of 2016 the Company had a net result of USD 153.7 million or USD 0.97 per share (first half 2015: USD 173.2 million and USD 1.13 per share). Proportionate EBITDA for the same period was USD 298.6 million (first half 2015: USD 316.1 million).

The result is negatively affected by a non-recurring charge (non-cash) related to the termination of the joint ventures with Bretta Tanker Holdings, Inc. covering four Suezmax vessels as announced on 20 May 2016. Euronav assumed full ownership of the two youngest vessels, the Captain Michael (2012- 157,648 dwt) and the Maria (2012 – 157,523 dwt) in early June. In accordance with IFRS 3 (Business Combinations), Euronav is accounting this transaction as a step acquisition and therefore had to re-measure to fair value Euronav's non-controlling equity interest in the two joint ventures it acquired as well as to measure at fair value the consideration transferred, including Euronav's interest in the other two joint ventures. On that basis, Euronav has recognized a loss (non-cash) of USD 24.2 million in the second quarter.

As a consequence of the termination of the joint ventures, the Company will account directly for the two entities owning the Suezmax vessels, instead of accounting for 50% of four vessels using the equity method. Euronav has compensated Bretta Tanker Holdings, Inc. for the difference in value due to the younger age profile of the ships it took over as well as the voyages in progress and has paid the sum of USD 15.1 million upon closing the transaction.
2
 

 

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

In USD per day
 
Second quarter
2016
Second quarter
2015
First Semester
2016
First Semester
2015
VLCC
    
Average spot rate (in TI Pool)
47,864
55,570
54,156
53,370
Average time-charter rate*
44,382
38,148
42,461
41,705
Suezmax
    
Average spot rate**
33,119
41,886
35,729
42,364
Average time-charter rate*
26,363
35,258
29,307
37,954

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

EURONAV TANKER FLEET

On 13 May 2016 Euronav took delivery of the VLCC Anne (2016 – 299,533 dwt), the fourth and last vessel from the acquisition of four sister vessels announced in June 2015. Euronav has no outstanding capital expenditure commitments going forward.

VALUE CREATION FOR SHAREHOLDERS

As per past practice, Euronav will announce the interim dividend for 2016 together with the release of the final results for the first half year on 25 August. Euronav confirms its return to shareholders policy which can be consulted on our website.

Euronav's return to shareholders policy is based on the conviction that a significant portion of the operational returns made from the capital base of the business should be distributed to shareholders in return for their investment, absent any exceptional event. Consistent with this, any exceptional items such as any surplus from the sale of vessels, will not be included in the calculation of the amount available for distribution of dividends. Therefore the capital gain from the Famenne (USD 13.8m) will not be included in net income for the purpose of determining the dividend for the year.

During the second quarter of the financial year, Euronav bought back 192,415 shares at an average price of EUR 7.94 per share. This brings the total amount of shares bought back during the first half of 2016 to 692,415 shares. Euronav may continue to buy back its own shares opportunistically, under the authority of the Board of Directors. The extent to which it does and the timing of these purchases will depend upon a variety of factors, including market conditions, regulatory requirements and other corporate considerations.   

The Company believes there may be attractive investment opportunities in today's market for a long term industrial player such as Euronav. Falling asset values are constructive as they represent the replacement cost of the business and are therefore an expense. Asset prices are approaching historically low valuations which do not accurately reflect the longer term earnings capability of vessels on the water. When combined with Euronav's relatively low leverage and sustained access to capital markets this may provide a number of potentially interesting prospects that would create long lasting shareholder value above and beyond direct returns to shareholders.
3



CORPORATE

On 2 June 2016 Euronav announced the formation of a commercial joint venture, called Suezmax Chartering, with Diamond S Shipping LLC and Frontline Ltd. The aim of the joint venture is to create a single point of contact for cargo owners to access a large fleet of 43 modern Suezmax vessels, including newbuildings, operated on the spot market.

A larger fleet will provide more flexibility and more options for cargo owners, reduce voyage related expenses through optimization of voyages and thereby reduce greenhouse gas emissions as a direct consequence of using less fuel for cargo movements.

TANKER MARKET

Toward the end of the quarter the anticipated seasonal adjustment in freight rates has been exacerbated by a combination of factors acting simultaneously to press freight rates lower.

First, crude production disruption in a number of countries (Nigeria, Venezuela) has negatively impacted ton mile demand growth. Consequently ton miles have reduced as certain markets (e.g. India) have sourced their marginal barrels during Q2 from short (Middle East) rather than longer haul destinations (Atlantic Basin). Second, a significant number of vessels without vettings or less commercially preferred, have disrupted regular market pricing. These vessels are newbuilding deliveries (five VLCCs in May and five VLCCs in June), vessels returning from dry dock (29 vessels in May and June alone) and older vessels (>20 years). Third, congestion in a number of ports (Qingdao, Basrah) has eased to further decrease voyage times which, combined with some tonnage released from storage toward the end of Q2, increased supply of tonnage into the market at a time of seasonally lower levels of activity.

The fall in the value of tanker prices that continued during Q2, has been interpreted as a confirmation that the freight rate cycle has peaked. Euronav believes this is not the case and largely reflects the structural changes that have occurred in the financing of the tanker sector. Indeed, pressure on commercial banks from both regulatory sources and balance sheet losses intensified during Q2 and is reducing access to capital for tanker companies.

We encourage investors to visit our website to access our presentations which are updated regularly at http://investors.euronav.com/.

OUTLOOK

The longer and medium term fundamentals of the crude tanker market gained strength in the first half due to very limited additions to the order book (three VLCCs, two Suezmaxes) and the IEA now forecast 1.4m bpd and 1.3m bpd demand growth for 2016 and 2017 respectively, instead of 1.2m bpd in each year.

Euronav believes that the current market condition of lower seasonal freight rates are exacerbated by a combination of short term disruptive factors highlighted above and could persist through Q3. Notwithstanding short term headwinds, Euronav anticipates a seasonal rate recovery into Q4 supported by recent upgrades in anticipated crude demand (IEA) and current disrupting market factors dissipating. However, it will be mainly owners' sentiment that will determine the timing of any pick up in rates as demand for crude remains robust and cargo volumes very consistent.

So far in the third quarter of 2016, the Euronav VLCC fleet operated in the Tankers International Pool has earned about USD 31,800 per day and 50% of the available days have been fixed and Euronav's Suezmax trading on the spot market have earned about USD 20,900 per day on average with 39% of the available days fixed for the third quarter of 2016.
4
 


CONFERENCE CALL

Euronav will host a conference call at 9:30 a.m. EDT / 3:30 p.m. CET on Thursday 28 July 2016 to discuss the results for the second quarter 2016.

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 the Euronav website at http://investors.euronav.com.

Webcast Information
  
Event Type: 
Audio webcast with user-controlled slide presentation
Event Date:
28 July 2016
Event Time:
9:30 a.m. EDT / 3:30 p.m. CET
Event Title: 
"Euronav Q2 2016 Earnings Call"
Event Site/URL:  
 http://services.choruscall.com/links/euronav1607282IuSwBBR

Telephone participants may avoid 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/10089522. Pre-registration fields of information to be gathered: name, company, email.

Telephone participants located in the U.S. who are unable to pre-register may dial in to
 1-877-328-5501 on the day of the call. Others may use the international dial-in number +1-412-317-5471.

A replay of the call will be available until August 4 2016, beginning at 11:30 a.m. EDT / 5:30 p.m. CET on 28 July 2016. Telephone participants located in the U.S. can dial 1-877-344-7529. Others can dial +1-412-317-0088. Please reference the conference number: 10089522.

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 and supply of 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. This press release should be read in conjunction with the Belgian annual report and the documents filed with the United States Securities and Exchange Commission ("SEC"), including but not limited to the annual report on form 20-F, 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 half year results 2016: 25 August 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 53 double hulled vessels being one V-Plus vessel, 30 VLCCs (of which 1 in 50%-50% joint venture), 20 Suezmaxes 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.
 
 
 
 
5
 
 
Condensed consolidated statement of financial position
  
(in thousands of USD except per share amounts)
  
 
         
 
  
   
 
 
  
June 30,
2016
    
December 31,
2015
  
ASSETS
  
   
 
 
  
   
 
Non-current assets
  
   
 
Vessels
    
2,592,723
      
2,288,036
  
Assets under construction
    
-
      
93,890
  
Other tangible assets
    
853
      
1,048
  
Prepayments
    
5
      
2
  
Intangible assets
    
202
      
238
  
Other receivables
    
174,818
      
259,908
  
Investments in equity accounted investees
    
26,721
      
21,637
  
Deferred tax assets
    
762
      
935
  
 
                
Total non-current assets
    
2,796,084
      
2,665,694
  
 
                
Current assets
                
Trade and other receivables
    
174,662
      
219,079
  
Current tax assets
    
151
      
114
  
Cash and cash equivalents
    
100,488
      
131,663
  
Non-current assets held for sale
    
-
      
24,195
  
 
                
Total current assets
    
275,301
      
375,051
  
 
                
TOTAL ASSETS
    
3,071,385
      
3,040,745
  
 
                
 
                
EQUITY and LIABILITIES
                
 
                
Equity
                
Share capital
    
173,046
      
173,046
  
Share premium
    
1,215,227
      
1,215,227
  
Translation reserve
    
206
      
(50
)
Treasury shares
    
(16,102
)
    
(12,283
)
Retained earnings
    
552,074
      
529,808
  
 
                
Equity attributable to owners of the Company
    
1,924,451
      
1,905,748
  
 
                
Total non-current liabilities
                
Bank loans
    
965,056
      
952,426
  
Other payables
    
534
      
590
  
Employee benefits
    
2,114
      
2,038
  
Provisions
    
205
      
436
  
 
                
Total non-current liabilities
    
967,909
      
955,490
  
 
                
Current Liabilities
                
Trade and other payables
    
70,475
      
79,078
  
Tax liabilities
    
98
      
1
  
Loans and borrowings
    
108,125
      
100,022
  
Provisions
    
327
      
406
  
 
                
Total current liabilities
    
179,025
      
179,507
  
 
                
TOTAL EQUITY and LIABILITIES
    
3,071,385
      
3,040,745
  
 
 
 
 
6
 
 
Condensed consolidated statement of profit and loss
(in thousands of USD except per share amounts)

 
  
   
 
 
  
   
 
 
  
2016
    
2015
  
 
  
Jan. 1 - Jun. 30, 2016
    
Jan. 1 - Jun. 30, 2015
  
Shipping revenue
  
   
 
Revenue
    
404,450
      
416,529
  
Gains on disposal of vessels/other tangible assets
    
13,821
      
2,128
  
Other operating income
    
3,702
      
4,296
  
Total shipping revenue
    
421,973
      
422,953
  
 
                
Operating expenses
                
Voyage expenses and commissions
    
(24,855
)
    
(37,667
)
Vessel operating expenses
    
(80,091
)
    
(76,779
)
Charter hire expenses
    
(11,010
)
    
(13,726
)
Loss on disposal of vessels/other tangible assets
    
(2
)
    
(2
)
Loss on disposal of investments in equity accounted investees
    
(24,150
)
    
-
  
Impairment on non-current assets held for sale
    
-
      
-
  
Depreciation tangible assets
    
(109,447
)
    
(101,687
)
Depreciation intangible assets
    
(50
)
    
(11
)
General and administrative expenses
    
(21,721
)
    
(21,127
)
Total operating expenses
    
(271,326
)
    
(250,999
)
 
                
RESULT FROM OPERATING ACTIVITIES
    
150,647
      
171,954
  
 
                
Finance income
    
1,884
      
389
  
Finance expenses
    
(20,958
)
    
(27,424
)
Net finance expenses
    
(19,074
)
    
(27,035
)
 
                
Share of profit (loss) of equity accounted investees (net of income tax)
    
22,276
      
25,015
  
 
                
PROFIT (LOSS) BEFORE INCOME TAX
    
153,849
      
169,934
  
 
                
Income tax expense
    
(159
)
    
3,315
  
 
                
PROFIT (LOSS) FOR THE PERIOD
    
153,690
      
173,249
  
 
                
Attributable to:
                
   Owners of the company
    
153,690
      
173,249
  
   Non-controlling interests
    
-
      
-
  
 
                
Basic net income/(loss) per share
    
0.97
      
1.13
  
Diluted net income/(loss) per share
    
0.97
      
1.11
  
 
                
Weighted average number of shares (basic)
    
158,359,054
      
153,071,800
  
Weighted average number of shares (diluted)
    
158,575,911
      
155,915,594
  
 
 
 
7
 
 
Condensed consolidated statement of comprehensive income
(in thousands of USD except per share amounts)

 
  
   
 
 
  
   
 
 
  
2016
    
2015
  
 
  
Jan. 1 - Jun. 30, 2016
    
Jan. 1 - Jun. 30, 2015
  
 
  
   
 
Profit/(loss) for the period
    
153,690
      
173,249
  
 
                
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
    
256
      
(391
)
Equity-accounted investees - share of other comprehensive income
    
548
      
718
  
 
                
Other comprehensive income, net of tax
    
804
      
327
  
 
                
Total comprehensive income for the period
    
154,494
      
173,576
  
 
                
Attributable to:
                
   Owners of the company
    
154,494
      
173,576
  
 
 
 
 
8
 
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
    
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
    
-
      
-
      
-
      
-
      
-
      
173,249
      
173,249
      
-
      
173,249
  
Total other comprehensive income
    
-
      
-
      
(391
)
    
-
      
-
      
718
      
327
      
-
      
327
  
Total comprehensive income
    
-
      
-
      
(391
)
    
-
      
-
      
173,967
      
173,576
      
-
      
173,576
  
 
                                                                        
Transactions with owners of the company
                                                                        
Issue of ordinary shares
    
20,324
      
208,738
      
-
      
-
      
-
      
(19,357
)
    
209,705
      
-
      
209,705
  
Issue and conversion convertible Notes
    
10,281
      
64,719
      
-
      
-
      
-
      
-
      
75,000
      
(75,000
)
    
-
  
Issue and conversion perpetual convertible preferred equity
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
  
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
      
273,457
      
-
      
-
      
30,708
      
(81,204
)
    
253,566
      
(75,000
)
    
178,566
  
 
                                                                        
Balance at
June 30, 2015
    
173,046
      
1,215,227
      
(12
)
    
-
      
(15,354
)
    
451,944
      
1,824,851
      
-
      
1,824,851
  
 
 
 
 
 
  
Share capital
    
Share premium
    
Translation reserve
    
Hedging reserve
    
Treasury shares
    
Retained earnings
    
Capital and reserves
    
Other
    
Total equity
  
 
  
   
   
   
   
   
   
   
   
 
Balance at January 1, 2016
    
173,046
      
1,215,227
      
(50
)
    
-
      
(12,283
)
    
529,808
      
1,905,748
      
-
      
1,905,748
  
 
                                                                        
Profit (loss) for the period
    
-
      
-
      
-
      
-
      
-
      
153,690
      
153,690
      
-
      
153,690
  
Total other comprehensive income
    
-
      
-
      
256
      
-
      
-
      
548
      
804
      
-
      
804
  
Total comprehensive income
    
-
      
-
      
256
      
-
      
-
      
154,238
      
154,494
      
-
      
154,494
  
 
                                                                        
Transactions with owners of the company
                                                                        
Dividends to equity holders
    
-
      
-
      
-
      
-
      
-
      
(129,846
)
    
(129,846
)
    
-
      
(129,846
)
Treasury shares
    
-
      
-
      
-
      
-
      
(3,819
)
    
(2,338
)
    
(6,157
)
    
-
      
(6,157
)
Equity-settled share-based payment
    
-
      
-
      
-
      
-
      
-
      
212
      
212
      
-
      
212
  
Total transactions with owners
    
-
      
-
      
-
      
-
      
(3,819
)
    
(131,972
)
    
(135,791
)
    
-
      
(135,791
)
 
                                                                        
Balance at
June 30, 2016
    
173,046
      
1,215,227
      
206
      
-
      
(16,102
)
    
552,074
      
1,924,451
      
-
      
1,924,451
  
 
 
 
9
 
Condensed consolidated statement of cash flows
(in thousands of USD except per share amounts)

 
  
   
 
 
  
   
 
 
  
2016
    
2015
  
 
  
Jan. 1 - Jun. 30, 2016
    
Jan. 1 - Jun. 30, 2015
  
Cash flows from operating activities
  
   
 
Profit (loss) for the period
    
153,690
      
173,249
  
 
                
Adjustments for:
    
116,750
      
99,507
  
     Depreciation of tangible assets
    
109,447
      
101,687
  
     Depreciation of intangible assets
    
50
      
11
  
     Loss (gain) on disposal of investments in equity accounted investees
    
24,150
      
-
  
     Provisions
    
(248
)
    
263
  
     Tax (benefits)/expenses
    
159
      
(3,315
)
     Share of profit of equity-accounted investees, net of tax
    
(22,276
)
    
(25,015
)
     Net finance expense
    
19,075
      
27,035
  
     (Gain)/loss on disposal of assets
    
(13,819
)
    
(2,126
)
     Equity-settled share-based payment transactions
    
212
      
967
  
 
                
Changes in working capital requirements
    
35,804
      
(55,873
)
     Change in cash guarantees
    
59
      
(39
)
     Change in trade receivables
    
(541
)
    
10,581
  
     Change in accrued income
    
10,441
      
(12,696
)
     Change in deferred charges
    
(7,457
)
    
3,737
  
     Change in other receivables
    
45,669
      
(32,370
)
     Change in trade payables
    
(800
)
    
16,746
  
     Change in accrued payroll
    
(915
)
    
(620
)
     Change in accrued expenses
    
(5,174
)
    
(4,348
)
     Change in deferred income
    
(5,393
)
    
3,062
  
     Change in other payables
    
(158
)
    
(39,926
)
     Change in provisions for employee benefits
    
73
      
-
  
 
                
Income taxes paid during the period
    
73
      
173
  
Interest paid
    
(16,428
)
    
(33,460
)
Interest received
    
98
      
188
  
Dividends received from equity-accounted investees
    
778
      
275
  
 
                
Net cash from (used in) operating activities
    
290,765
      
184,059
  
 
                
Acquisition of vessels
    
(199,778
)
    
(271,743
)
Proceeds from the sale of vessels
    
38,016
      
91,065
  
Acquisition of other tangible assets
    
(43
)
    
(8,114
)
Acquisition of intangible assets
    
(15
)
    
(63
)
Proceeds from the sale of other (in)tangible assets
    
-
      
63
  
Loans from (to) related parties
    
22,047
      
12,835
  
Proceeds from capital decreases in joint ventures
    
3,737
      
1,500
  
Acquisition of subsidiaries, net of cash acquired
    
(6,755
)
    
-
  
 
                
Net cash from (used in) investing activities
    
(142,791
)
    
(174,457
)
 
                
Proceeds from issue of share capital
    
-
      
229,063
  
Transaction costs related to issue of share capital
    
-
      
(19,357
)
(Purchase of) Proceeds from sale of treasury shares
    
(6,157
)
    
7,550
  
Proceeds from new borrowings
    
262,300
      
338,770
  
Repayment of borrowings
    
(304,952
)
    
(631,317
)
Dividends paid
    
(129,847
)
    
(39,656
)
 
                
Net cash from (used in) financing activities
    
(178,656
)
    
(114,947
)
 
                
 
                
 
                
Net increase (decrease) in cash and cash equivalents
    
(30,682
)
    
(105,345
)
 
                
Net cash and cash equivalents at the beginning of the period
    
131,663
      
254,086
  
Effect of changes in exchange rates
    
(493
)
    
(515
)
 
                
Net cash and cash equivalents at the end of the period
    
100,488
      
148,224
  
 
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