ANTWERP, Belgium, Oct.
31, 2016 /PRNewswire/ --
HIGHLIGHTS
- 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
Euronav NV (NYSE: EURN & Euronext: EURN) ("Euronav"
or the "Company") today reported its non-audited financial results
for the three months ended 30 September
2016.
Paddy Rodgers, CEO of Euronav
said: "Freight rates were lower during the third quarter with
anticipated seasonal weakness throughout the quarter compounded by
higher levels of less favored vessel supply from several sources
(returning dry dock, new builds, older tonnage) affecting tanker
owners pricing behavior. This was exacerbated, in particular for
Suezmax vessels, by dislocation from reduced Atlantic basin oil
production negatively impacting on ton miles".
Freight rates have now improved, underpinned by seasonal trading
patterns, continued demand from the Far East and boosted in the
short term by cargo activity from the Arabian Gulf, which is at
record levels. Euronav anticipates a regular seasonal pattern for
the fourth quarter in terms of freight rates. Scheduled vessel
supply however remains at elevated levels, which combined with no
scrapping, will continue to present headwinds into 2017 for tanker
operators.
Euronav retains access to substantial liquidity and maintains a
robust balance sheet in order to remain strategically opportunistic
to navigate potential short-term headwinds during periods of
increased vessel supply whilst at the same time remaining exposed
to any potential upside from an improved rate
environment.
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The most important
key figures (unaudited) are:
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in thousands of
USD
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First Semester
2016
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Third Quarter
2016
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Year-to-Date
2016
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Year-to-Date
2015
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Revenue
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404,450
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133,534
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537,984
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620,863
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Other operating
income
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3,702
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1,831
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5,533
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6,272
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−
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Voyage expenses and
commissions
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(24,855)
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(18,222)
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(43,077)
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(55,281)
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Vessel operating
expenses
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(80,091)
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(42,747)
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(122,838)
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(114,905)
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Charter hire
expenses
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(11,010)
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(3,784)
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(14,794)
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(19,411)
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General and
administrative expenses
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(21,721)
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(10,913)
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(32,634)
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(30,130)
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Net gain (loss) on
disposal of tangible assets
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13,819
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−
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13,819
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(5,865)
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Net gain (loss) on
disposal of investments in equity
accounted investees
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(24,150)
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−
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(24,150)
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−
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Depreciation
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(109,497)
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(59,088)
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(168,585)
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(155,310)
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Net finance
expenses
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(19,074)
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(9,679)
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(28,753)
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(37,832)
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Share of profit
(loss) of equity accounted investees
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22,276
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9,282
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31,558
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38,071
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Result before
taxation
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153,849
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214
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154,063
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246,472
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Tax benefit
(expense)
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(159)
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(142)
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(301)
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(1,031)
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Profit (loss) for
the period
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153,690
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72
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153,762
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245,441
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Attributable
to: Owners of the company
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153,690
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72
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153,762
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245,441
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The contribution
to the result is as follows:
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in thousands of
USD
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First Semester
2016
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Third Quarter
2016
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Year-to-Date
2016
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Year-to-Date
2015
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Tankers
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136,458
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(8,764)
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127,694
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220,650
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FSO
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17,232
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8,836
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26,068
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24,791
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Result after
taxation
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153,690
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72
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153,762
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245,441
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Information per
share:
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in USD per
share
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First Semester
2016
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Third Quarter
2016
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Year-to-Date
2016
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Year-to-Date
2015
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Weighted average
number of shares (basic) *
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158,359,054
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158,166,534
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158,294,412
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154,943,416
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Result after
taxation
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0.97
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0.00
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0.97
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1.58
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* The number of
shares issued on 30 September 2016 is 159,208,949.
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EBITDA
reconciliation (unaudited):
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in thousands of
USD
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First Semester
2016
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Third Quarter
2016
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Year-to-Date
2016
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Year-to-Date
2015
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Profit (loss) for the
period
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153,690
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72
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153,762
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245,441
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+
Depreciation
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109,497
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59,088
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168,585
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155,310
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+ Net finance
expenses
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19,074
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9,679
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28,753
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37,832
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+ Tax expense
(benefit)
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159
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142
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301
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1,031
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EBITDA
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282,420
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68,981
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351,401
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439,614
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+ Depreciation equity
accounted investees
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13,973
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5,025
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18,998
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21,886
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+ Net finance
expenses equity accounted investees
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2,210
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481
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2,691
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4,322
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+ Tax expense
(benefit) equity accounted investees
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−
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116
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116
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−
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Proportionate
EBITDA
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298,603
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74,603
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373,206
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465,822
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Proportionate
EBITDA per share:
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in USD per
share
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First Semester
2016
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Third Quarter
2016
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Year-to-Date
2016
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Year-to-Date
2015
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Weighted average
number of shares (basic) *
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158,359,054
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158,166,534
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158,294,412
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154,943,416
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Proportionate
EBITDA
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1.89
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0.47
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2.36
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3.01
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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.
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For the third quarter of 2016 the Company had a net profit of
USD 0.1 million (third quarter 2015:
USD 72.2 million) or USD 0.00 per share (third quarter 2015:
USD 0.46 per share). Proportionate
EBITDA (a non-IFRS measure) for the same period was USD 74.6 million (third quarter 2015:
USD 149.7 million).
The average daily time charter equivalent rates (TCE, a non
IFRS-measure) can be summarized as follows:
In USD per
day
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Third
quarter 2016
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Third
quarter 2015
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VLCC
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Average spot rate (in
TI Pool)
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27,100
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52,368
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Average time charter
rate*
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41,480
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43,516
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Suezmax
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Average spot
rate**
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19,045
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40,048
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Average time charter
rate*
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21,576
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30,944
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* Including profit share where
applicable
** Excluding technical offhire days
EURONAV TANKER FLEET
On 16 August 2016 Euronav entered
into a binding agreement for the acquisition through resale of two
VLCCs which are completing construction at Hyundai Heavy Industries
for an aggregate purchase price of USD 169
million or USD 84.5 million
per unit.
On 3 October 2016 Euronav signed
two long-term time charter contracts of seven years each with
Valero Energy Inc. for Suezmax vessels with specialized Ice Class
1C capability starting in 2018. In order to fulfil this contract,
Euronav has ordered two high specification Ice Class Suezmax
vessels from Hyundai Heavy Industries shipyard in South Korea. Delivery of these vessels is
expected in early 2018 when each of the time charter contracts will
begin.
On 13 October 2016 Euronav agreed
with Hyundai Heavy Industries shipyard in South Korea to defer the delivery of the two
VLCC ex-yard resale vessels it recently purchased to the first
quarter of 2017. These vessels, previously expected to be delivered
between October and November 2016,
will now be delivered in January
2017.
On 27 October 2016 the VLCC KHK
Vision (2007 – 305,749 dwt) that Euronav had on time-charter in
was redelivered to its owner.
TANKER MARKET
Today, the global large tanker fleet includes 28 VLCCs and 23
Suezmaxes that are over 20 years old (the age at which Euronav
depreciates vessel values to zero). Despite the age of such a large
number of vessels, there has been virtually no scrapping since the
start of 2015 (only two VLCCs and one Suezmax). A lack of vessel
demolition during the consistently higher freight rate cycle
experienced over the past two years was to be expected but this has
created a portion of older tonnage within the global fleet, which
has been disruptive in freight pricing. Other elements have also
exacerbated increased vessel supply (reduced congestion, new build
deliveries, dry dock ships re-entering fleet) in a seasonally
weaker third quarter.
Demand for crude oil remains robust. The IEA forecasts 1.2m bpd
of growth for both 2016 and 2017 respectively. Chinese requirement
for crude remains constructive driven by four key drivers of lost
domestic production, building of strategic reserves, the emergence
of teapot refineries and the base effect of a large economy still
growing.
All facets of the tanker shipping sector are adjusting to
structural change in its financing with rationed capital from
traditional sources (banks, family owners, government) and a higher
cost of capital from new providers. This is reflected in a
substantial slowdown in contracting activity with VLCC orders down
75% in the nine months to end September versus 2015 and Suezmax
orders down 87% during the same period. On a comparable basis since
2008 ordering is down 61% and 77% respectively year-to-date.
Encouragingly, the limited order flow is being led by ship
owners engaged in industrial replacement rather than speculative
orders, with eight of the 14 orders for VLCCs year-to-date coming
from owners with vessels between 15 to 20 years of age. Shipyards
are also severely restricted in their financial flexibility and are
entering a phase of rationalization. Having actively negotiated on
two new vessels during the third quarter (backed by seven year time
charter contracts and replacing current tonnage in 2018), Euronav
anticipates limited new build asset price deflation from current
levels as shipyards remain restricted in their flexibility. There
should also be limited additional orders from potential buyers who
are equally restricted in terms of access to capital.
We encourage investors to visit our website and access our
presentations which are updated regularly at
http://investors.euronav.com.
OUTLOOK
The Company believes that vessel supply in totality remains a
manageable feature with the VLCC order book representing 16% of the
fleet and 14% for Suezmaxes on an adjusted basis. However, the
Company retains the view that there will be pockets of elevated
supply which will impact freight pricing and owner sentiment during
this winter season and into 2017. Ship owners have an obligation to
retain discipline during such periods and focus on maximizing
returns rather than rates of utilization.
The medium term structure for the tanker sector, however,
remains encouraging, driven largely by an adjustment to increased
environmental regulation and a permanent structure of limited
availability and higher cost of capital. This is reflected in a
more restricted vessel supply picture medium-term augmented by
increasing capital discipline from owners.
So far in the fourth quarter of 2016, the Euronav VLCC fleet
operated in the Tankers International Pool has earned about
23,958 USD and 56% of the available
days have been fixed. Euronav's Suezmax fleet trading on the spot
market has earned about 19,569 USD
per day on average with 57% of the available days
fixed.
CONFERENCE CALL
Euronav will host a conference call at 9:30 a.m. EDT / 2:30 p.m.
CET on Monday 31 October 2016
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 "Investor
Relations" page of the Euronav website at
http://investors.euronav.com.
Webcast Information
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Event
Type:
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Audio webcast with
user-controlled slide presentation
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Event
Date:
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31 October
2016
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Event
Time:
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9:30 a.m. EDT / 2:30
p.m. CET
|
Event
Title:
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"Q3 2016 Earnings
Conference Call"
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Event Site/URL:
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http://services.choruscall.com/links/euronav161031T2adKwOm.html
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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/10093867. 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 7 November 2016, beginning at 11:30 a.m. EDT / 4:30 p.m.
CET on 31 October 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 10093867.
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, dry-docking 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.
Announcement of fourth quarter results 2016: Thursday,
26 January 2017
About Euronav
Euronav is an independent tanker company engaged in the ocean
transportation and storage of crude oil. 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 56 double hulled vessels being 1 V-Plus vessel,
29 VLCCs (of which 1 in 50%-50% joint venture), two VLCCs under
construction which were recently acquired as resales of existing
newbuilding contracts, 20 Suezmaxes, two Suezmaxes under
construction 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 statement of financial position
(in thousands of
USD except per share amounts)
|
|
|
|
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
|
|
|
|
|
|
|
|
Condensed
consolidated statement of profit and loss
(in thousands of
USD except per share amounts)
|
|
|
|
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
|
|
|
|
|
|
|
|
Condensed
consolidated statement of comprehensive income
(in thousands of
USD except per share amounts)
|
|
|
|
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
|
|
|
|
|
|
|
|
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
|
|
−
|
−
|
−
|
−
|
−
|
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
|
|
|
|
|
|
|
|
|
|
|
|
Condensed
consolidated statement of cash flows
|
(in thousands of
USD except per share amounts)
|
|
|
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
|
|
|
|
|
|
|
|
(Logo: http://photos.prnewswire.com/prnh/20150206/728388)
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/euronav-nv-third-quarter-results-2016-300353920.html
SOURCE Euronav NV