EURONAV NV
|
||
(Registrant)
|
||
Dated: November 2, 2016
|
||
By:
|
/s/ Hugo De Stoop
|
|
Hugo De Stoop
|
||
Chief Financial Officer
|
· |
Q3 seasonal freight rate weakness compounded by vessel supply factors
|
· |
Acquisition and successfully deferred delivery into Q1 2017 of two newbuilding VLCC resales
|
· |
Long term time charter (seven years) signed for two new Suezmax Ice Class vessels to be built
|
· |
Outlook for Q4 encouraging; medium term positive for the crude tanker shipping segment
|
The most important key figures (unaudited) are:
|
||||||||||||||||
in thousands of USD
|
First Semester 2016
|
Third Quarter 2016
|
Year-to-Date 2016
|
Year-to-Date 2015
|
||||||||||||
Revenue
|
404,450
|
133,534
|
537,984
|
620,863
|
||||||||||||
Other operating income
|
3,702
|
1,831
|
5,533
|
6,272
|
||||||||||||
|
||||||||||||||||
Voyage expenses and commissions
|
(24,855
|
)
|
(18,222
|
)
|
(43,077
|
)
|
(55,281
|
)
|
||||||||
Vessel operating expenses
|
(80,091
|
)
|
(42,747
|
)
|
(122,838
|
)
|
(114,905
|
)
|
||||||||
Charter hire expenses
|
(11,010
|
)
|
(3,784
|
)
|
(14,794
|
)
|
(19,411
|
)
|
||||||||
General and administrative expenses
|
(21,721
|
)
|
(10,913
|
)
|
(32,634
|
)
|
(30,130
|
)
|
||||||||
Net gain (loss) on disposal of tangible assets
|
13,819
|
−
|
13,819
|
(5,865
|
)
|
|||||||||||
Net gain (loss) on disposal of investments in equity accounted investees
|
(24,150
|
)
|
−
|
(24,150
|
)
|
−
|
||||||||||
Depreciation
|
(109,497
|
)
|
(59,088
|
)
|
(168,585
|
)
|
(155,310
|
)
|
||||||||
−
|
||||||||||||||||
Net finance expenses
|
(19,074
|
)
|
(9,679
|
)
|
(28,753
|
)
|
(37,832
|
)
|
||||||||
Share of profit (loss) of equity accounted investees
|
22,276
|
9,282
|
31,558
|
38,071
|
||||||||||||
Result before taxation
|
153,849
|
214
|
154,063
|
246,472
|
||||||||||||
Tax benefit (expense)
|
(159
|
)
|
(142
|
)
|
(301
|
)
|
(1,031
|
)
|
||||||||
Profit (loss) for the period
|
153,690
|
72
|
153,762
|
245,441
|
||||||||||||
Attributable to: Owners of the company
|
153,690
|
72
|
153,762
|
245,441
|
||||||||||||
The contribution to the result is as follows:
|
||||||||||||||||
in thousands of USD
|
First Semester 2016
|
Third Quarter 2016
|
Year-to-Date 2016
|
Year-to-Date 2015
|
||||||||||||
Tankers
|
136,458
|
(8,764
|
)
|
127,694
|
220,650
|
|||||||||||
FSO
|
17,232
|
8,836
|
26,068
|
24,791
|
||||||||||||
Result after taxation
|
153,690
|
72
|
153,762
|
245,441
|
||||||||||||
Information per share:
|
||||||||||||||||
in USD per share
|
First Semester 2016
|
Third Quarter 2016
|
Year-to-Date 2016
|
Year-to-Date 2015
|
||||||||||||
Weighted average number of shares (basic) *
|
158,359,054
|
158,166,534
|
158,294,412
|
154,943,416
|
||||||||||||
Result after taxation
|
0.97
|
0.00
|
0.97
|
1.58
|
||||||||||||
* The number of shares issued on 30 September 2016 is 159,208,949.
|
||||||||||||||||
|
||||||||||||||||
EBITDA reconciliation (unaudited):
|
||||||||||||||||
|
||||||||||||||||
in thousands of USD
|
First Semester 2016
|
Third Quarter 2016
|
Year-to-Date 2016
|
Year-to-Date 2015
|
||||||||||||
|
||||||||||||||||
Profit (loss) for the period
|
153,690
|
72
|
153,762
|
245,441
|
||||||||||||
+ Depreciation
|
109,497
|
59,088
|
168,585
|
155,310
|
||||||||||||
+ Net finance expenses
|
19,074
|
9,679
|
28,753
|
37,832
|
||||||||||||
+ Tax expense (benefit)
|
159
|
142
|
301
|
1,031
|
||||||||||||
|
||||||||||||||||
EBITDA
|
282,420
|
68,981
|
351,401
|
439,614
|
||||||||||||
|
||||||||||||||||
+ Depreciation equity accounted investees
|
13,973
|
5,025
|
18,998
|
21,886
|
||||||||||||
+ Net finance expenses equity accounted investees
|
2,210
|
481
|
2,691
|
4,322
|
||||||||||||
+ Tax expense (benefit) equity accounted investees
|
−
|
116
|
116
|
−
|
||||||||||||
|
||||||||||||||||
Proportionate EBITDA
|
298,603
|
74,603
|
373,206
|
465,822
|
||||||||||||
|
||||||||||||||||
|
||||||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Proportionate EBITDA per share:
|
||||||||||||||||
|
||||||||||||||||
in USD per share
|
First Semester 2016
|
Third Quarter 2016
|
Year-to-Date 2016
|
Year-to-Date 2015
|
||||||||||||
|
||||||||||||||||
Weighted average number of shares (basic) *
|
158,359,054
|
158,166,534
|
158,294,412
|
154,943,416
|
||||||||||||
Proportionate EBITDA
|
1.89
|
0.47
|
2.36
|
3.01
|
||||||||||||
|
||||||||||||||||
|
|
||||||||||||||||
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.
|
||||||||||||||||
In USD per day
|
Third quarter 2016
|
Third quarter 2015
|
||||||
VLCC
|
||||||||
Average spot rate (in TI Pool)
|
27,100
|
52,368
|
||||||
Average time charter rate*
|
41,480
|
43,516
|
||||||
Suezmax
|
||||||||
Average spot rate**
|
19,045
|
40,048
|
||||||
Average time charter rate*
|
21,576
|
30,944
|
Webcast Information
|
|
Event Type:
|
Audio webcast with user-controlled slide presentation
|
Event Date:
|
31 October 2016
|
Event Time:
|
9:30 a.m. EDT / 2:30 p.m. CET
|
Event Title:
|
"Q3 2016 Earnings Conference Call"
|
Event Site/URL:
|
http://services.choruscall.com/links/euronav161031T2adKwOm.html
|
September 30, 2016
|
December 31, 2015
|
|||||||
ASSETS
|
||||||||
Non-current assets
|
||||||||
Vessels
|
2,543,585
|
2,288,036
|
||||||
Assets under construction
|
72,075
|
93,890
|
||||||
Other tangible assets
|
862
|
1,048
|
||||||
Prepayments
|
5
|
2
|
||||||
Intangible assets
|
181
|
238
|
||||||
Receivables
|
179,499
|
259,908
|
||||||
Investments in equity accounted investees
|
30,672
|
21,637
|
||||||
Deferred tax assets
|
631
|
935
|
||||||
Total non-current assets
|
2,827,510
|
2,665,694
|
||||||
Current assets
|
||||||||
Trade and other receivables
|
153,972
|
219,080
|
||||||
Current tax assets
|
133
|
114
|
||||||
Cash and cash equivalents
|
90,684
|
131,663
|
||||||
Non-current assets held for sale
|
−
|
24,195
|
||||||
Total current assets
|
244,789
|
375,052
|
||||||
TOTAL ASSETS
|
3,072,299
|
3,040,746
|
||||||
EQUITY and LIABILITIES
|
||||||||
Equity
|
||||||||
Share capital
|
173,046
|
173,046
|
||||||
Share premium
|
1,215,227
|
1,215,227
|
||||||
Translation reserve
|
300
|
(50
|
)
|
|||||
Treasury shares
|
(16,102
|
)
|
(12,283
|
)
|
||||
Retained earnings
|
465,053
|
529,809
|
||||||
Equity attributable to owners of the Company
|
1,837,524
|
1,905,749
|
||||||
Non-current liabilities
|
||||||||
Bank loans
|
1,048,233
|
952,426
|
||||||
Other payables
|
561
|
590
|
||||||
Employee benefits
|
2,171
|
2,038
|
||||||
Provisions
|
73
|
436
|
||||||
Total non-current liabilities
|
1,051,038
|
955,490
|
||||||
Current liabilities
|
||||||||
Trade and other payables
|
95,487
|
79,078
|
||||||
Tax liabilities
|
1
|
1
|
||||||
Bank loans
|
88,125
|
100,022
|
||||||
Provisions
|
124
|
406
|
||||||
Total current liabilities
|
183,737
|
179,507
|
||||||
TOTAL EQUITY and LIABILITIES
|
3,072,299
|
3,040,746
|
||||||
2016
|
2015
|
|||||||
Jan. 1 - Sep. 30, 2016
|
Jan. 1 - Sep. 30, 2015
|
|||||||
Shipping revenue
|
||||||||
Revenue
|
537,984
|
620,863
|
||||||
Gains on disposal of vessels/other tangible assets
|
13,821
|
2,137
|
||||||
Other operating income
|
5,533
|
6,272
|
||||||
Total shipping revenue
|
557,338
|
629,272
|
||||||
Operating expenses
|
||||||||
Voyage expenses and commissions
|
(43,077
|
)
|
(55,281
|
)
|
||||
Vessel operating expenses
|
(122,838
|
)
|
(114,905
|
)
|
||||
Charter hire expenses
|
(14,794
|
)
|
(19,411
|
)
|
||||
Loss on disposal of vessels/other tangible assets
|
(2
|
)
|
(8,002
|
)
|
||||
Loss on disposal of investments in equity accounted investees
|
(24,150
|
)
|
−
|
|||||
Depreciation tangible assets
|
(168,510
|
)
|
(155,286
|
)
|
||||
Depreciation intangible assets
|
(75
|
)
|
(24
|
)
|
||||
General and administrative expenses
|
(32,634
|
)
|
(30,130
|
)
|
||||
Total operating expenses
|
(406,080
|
)
|
(383,039
|
)
|
||||
RESULT FROM OPERATING ACTIVITIES
|
151,258
|
246,233
|
||||||
Finance income
|
3,465
|
1,592
|
||||||
Finance expenses
|
(32,218
|
)
|
(39,424
|
)
|
||||
Net finance expenses
|
(28,753
|
)
|
(37,832
|
)
|
||||
Share of profit(loss) of equity accounted investees (net of income tax)
|
31,558
|
38,071
|
||||||
PROFIT (LOSS) BEFORE INCOME TAX
|
154,063
|
246,472
|
||||||
Income tax benefit (expense)
|
(301
|
)
|
(1,031
|
)
|
||||
PROFIT (LOSS) FOR THE PERIOD
|
153,762
|
245,441
|
||||||
Attributable to:
|
||||||||
Owners of the company
|
153,762
|
245,441
|
||||||
Basic earnings per share
|
0.97
|
1.58
|
||||||
Diluted earnings per share
|
0.97
|
1.56
|
||||||
Weighted average number of shares (basic)
|
158,294,412
|
154,943,416
|
||||||
Weighted average number of shares (diluted)
|
158,491,433
|
156,999,003
|
||||||
2016
|
2015
|
|||||||
Jan. 1 - Sep. 30, 2016
|
Jan. 1 - Sep. 30, 2015
|
|||||||
Profit/(loss) for the period
|
153,762
|
245,441
|
||||||
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
|
350
|
(346
|
)
|
|||||
Equity-accounted investees - share of other comprehensive income
|
925
|
1,007
|
||||||
Other comprehensive income, net of tax
|
1,275
|
661
|
||||||
Total comprehensive income for the period
|
155,037
|
246,102
|
||||||
Attributable to:
|
||||||||
Owners of the company
|
155,037
|
246,102
|
||||||
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
|
−
|
−
|
−
|
−
|
−
|
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
|
||||||||||||||||||||||||||
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
|
||||||||||||||||||||||||||
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
|
−
|
−
|
−
|
−
|
−
|
153,762
|
153,762
|
−
|
153,762
|
|||||||||||||||||||||||||||
Total other comprehensive income
|
−
|
−
|
350
|
−
|
−
|
925
|
1,275
|
−
|
1,275
|
|||||||||||||||||||||||||||
Total comprehensive income
|
−
|
−
|
350
|
−
|
−
|
154,687
|
155,037
|
−
|
155,037
|
|||||||||||||||||||||||||||
Transactions with owners of the company
|
||||||||||||||||||||||||||||||||||||
Dividends to equity holders
|
−
|
−
|
−
|
−
|
−
|
(217,412
|
)
|
(217,412
|
)
|
−
|
(217,412
|
)
|
||||||||||||||||||||||||
Treasury shares
|
−
|
−
|
−
|
−
|
(3,819
|
)
|
(2,338
|
)
|
(6,157
|
)
|
−
|
(6,157
|
)
|
|||||||||||||||||||||||
Equity-settled share-based payment
|
−
|
−
|
−
|
−
|
−
|
308
|
308
|
−
|
308
|
|||||||||||||||||||||||||||
Total transactions with owners
|
−
|
−
|
−
|
−
|
(3,819
|
)
|
(219,442
|
)
|
(223,261
|
)
|
−
|
(223,261
|
)
|
|||||||||||||||||||||||
Balance at September 30, 2016
|
173,046
|
1,215,227
|
300
|
−
|
(16,102
|
)
|
465,053
|
1,837,524
|
−
|
1,837,524
|
||||||||||||||||||||||||||
2016
|
2015
|
|||||||
Jan. 1 - Sep. 30, 2016
|
Jan. 1 - Sep. 30, 2015
|
|||||||
Cash flows from operating activities
|
||||||||
Profit (loss) for the period
|
153,762
|
245,441
|
||||||
Adjustments for:
|
176,136
|
162,504
|
||||||
Depreciation of tangible assets
|
168,510
|
155,286
|
||||||
Depreciation of intangible assets
|
75
|
24
|
||||||
Loss (gain) on disposal of investments in equity
accounted investees
|
24,150
|
−
|
||||||
Provisions
|
(584
|
)
|
(781
|
)
|
||||
Tax (benefits)/expenses
|
301
|
1,031
|
||||||
Share of profit of equity-accounted investees, net of tax
|
(31,558
|
)
|
(38,071
|
)
|
||||
Net finance expense
|
28,753
|
37,831
|
||||||
(Gain)/loss on disposal of assets
|
(13,819
|
)
|
5,866
|
|||||
Equity-settled share-based payment transactions
|
308
|
1,318
|
||||||
Changes in working capital requirements
|
59,031
|
(48,550
|
)
|
|||||
Change in cash guarantees
|
79
|
(14
|
)
|
|||||
Change in trade receivables
|
1,958
|
9,851
|
||||||
Change in accrued income
|
14,896
|
(12,211
|
)
|
|||||
Change in deferred charges
|
(3,880
|
)
|
4,791
|
|||||
Change in other receivables
|
55,836
|
(16,344
|
)
|
|||||
Change in trade payables
|
(1,177
|
)
|
169
|
|||||
Change in accrued payroll
|
(337
|
)
|
(329
|
)
|
||||
Change in accrued expenses
|
(2,425
|
)
|
(2,175
|
)
|
||||
Change in deferred income
|
(5,931
|
)
|
5,544
|
|||||
Change in other payables
|
(118
|
)
|
(37,832
|
)
|
||||
Change in provisions for employee benefits
|
130
|
−
|
||||||
Income taxes paid during the period
|
(17
|
)
|
93
|
|||||
Interest paid
|
(25,010
|
)
|
(42,189
|
)
|
||||
Interest received
|
144
|
232
|
||||||
Dividends received from equity-accounted investees
|
1,778
|
275
|
||||||
Net cash from (used in) operating activities
|
365,824
|
317,806
|
||||||
Acquisition of vessels
|
(281,691
|
)
|
(340,647
|
)
|
||||
Proceeds from the sale of vessels
|
38,016
|
91,065
|
||||||
Acquisition of other tangible assets
|
(154
|
)
|
(8,267
|
)
|
||||
Acquisition of intangible assets
|
(18
|
)
|
(188
|
)
|
||||
Proceeds from the sale of other (in)tangible assets
|
−
|
72
|
||||||
Loans from (to) related parties
|
22,047
|
25,850
|
||||||
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
|
(224,818
|
)
|
(230,615
|
)
|
||||
Proceeds from issue of share capital
|
−
|
229,061
|
||||||
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
|
387,300
|
901,270
|
||||||
Repayment of borrowings
|
(367,960
|
)
|
(1,161,312
|
)
|
||||
Transaction costs related to issue of loans and borrowings
|
−
|
(8,680
|
)
|
|||||
Dividends paid
|
(194,764
|
)
|
(115,125
|
)
|
||||
Net cash from (used in) financing activities
|
(181,581
|
)
|
(166,593
|
)
|
||||
Net increase (decrease) in cash and cash equivalents
|
(40,575
|
)
|
(79,402
|
)
|
||||
Net cash and cash equivalents at the beginning of the period
|
131,663
|
254,086
|
||||||
Effect of changes in exchange rates
|
(404
|
)
|
(1,242
|
)
|
||||
Net cash and cash equivalents at the end of the period
|
90,684
|
173,442
|
||||||
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