ANTWERP, Belgium, Aug. 25, 2016 /PRNewswire/ -- During its meeting
of 24 August 2016, the Board of
Directors of Euronav NV (NYSE: EURN & Euronext: EURN)
("Euronav" or the "Company") approved the final condensed
consolidated financial statements for the period ended 30 June 2016. This press release also refers to
the press release distributed on 28 July
2016.
Paddy Rodgers, CEO of Euronav
said: "We are delighted to announce the acquisition of two new high
specification VLCC ex yard resale vessels for USD 84.5m each. The tanker market is at an
important stage in its evolution with asset prices at historically
low levels primarily as a result of limited access to financing
becoming increasingly selective and favoring industrial players
like Euronav. This phase provides an opportunity for Euronav to add
shipping days at low cost in a disciplined manner without issuance
of new shares or excessive additional leverage. This is a good
opportunity to be acquisitive and act in the best interests of the
business and the long term investors.
"As highlighted in our press release on 28 July 2016, the third quarter is proving to be
challenging. The seasonality impacting freight rates has been
exacerbated by the persistence of additional short term disruptive
factors such as oil production outages in West Africa and new tonnage added to the
global fleet. Whilst the underlying fundamentals for the medium and
longer term crude tanker markets remain constructive it is
anticipated that the current market conditions will impact the
fourth quarter."
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The most important
key figures are:
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in thousands of
USD
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First Quarter
2016
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Second Quarter
2016
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First Semester
2016
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First Semester
2015
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Revenue
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214,875
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189,575
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404,450
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416,529
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Other operating
Income
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1,724
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1,978
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3,702
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4,296
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Voyage expenses and
commissions
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(11,348)
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(13,507)
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(24,855)
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(37,665)
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Vessel operating
expenses
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(38,397)
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(41,694)
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(80,091)
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(76,779)
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Charter hire
expenses
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(6,212)
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(4,798)
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(11,010)
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(13,726)
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General and
administrative expenses
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(10,485)
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(11,236)
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(21,721)
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(21,126)
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Net gain (loss) on
disposal of tangible assets
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13,821
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(2)
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13,819
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2,126
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Net gain (loss) on
disposal of investments in equity accounted investees
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-
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(24,150)
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(24,150)
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-
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Depreciation
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(53,207)
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(56,290)
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(109,497)
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(101,699)
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Net finance
expenses
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(9,529)
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(9,546)
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(19,074)
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(27,035)
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Share of profit
(loss) of equity accounted investees
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12,438
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9,838
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22,276
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25,015
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Result before
taxation
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113,680
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40,168
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153,849
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169,936
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Tax Benefit
(Expense)
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(138)
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(20)
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(159)
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3,315
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Profit (loss) for
the period
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113,542
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40,148
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153,690
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173,251
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Attributable
to: Owners of the company
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113,542
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40,148
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153,690
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173,251
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Non-controlling interests
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-
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-
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-
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-
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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 Quarter
2016
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Second Quarter
2016
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First Semester
2016
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First Semester
2015
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Tankers
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104,956
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31,501
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136,458
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156,624
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FSO
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8,586
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8,647
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17,232
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16,625
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Result after
taxation
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113,542
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40,148
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153,690
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173,249
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Information per
share:
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in USD per
share
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First Quarter
2016
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Second Quarter
2016
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First Semester
2016
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First Semester
2015
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Weighted average
number of shares (basic) *
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158,370,099
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158,348,010
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158,359,054
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153,071,800
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Result after
taxation
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0.72
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0.25
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0.97
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1.13
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* The number of
shares outstanding on 30 June 2016 is 159,208,949.
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EBITDA
reconciliation:
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in thousands of
USD
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First Quarter
2016
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Second Quarter
2016
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First Semester
2016
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First Semester
2015
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Profit (loss) for the
period
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113,542
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40,148
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153,690
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173,249
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+
Depreciation
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53,207
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56,290
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109,497
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101,698
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+ Net finance
expenses
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9,529
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9,546
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19,074
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27,035
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+ Tax Benefit
(Expense)
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138
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20
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159
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(3,315)
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EBITDA
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176,416
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106,004
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282,420
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298,667
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+ Depreciation equity
accounted investees
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7,353
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6,620
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13,972
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14,490
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+ Net finance
expenses equity accounted investees
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1,239
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971
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2,210
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2,917
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+ Tax Benefit
(Expense) equity accounted investees
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-
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-
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-
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-
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Proportionate
EBITDA
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185,007
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113,595
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298,603
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316,074
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EBITDA
reconciliation per share:
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in USD per
share
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First Quarter
2016
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Second Quarter
2016
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First Semester
2016
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First Semester
2015
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Weighted average
number of shares (basic) *
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158,370,099
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158,348,010
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158,359,054
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153,071,800
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EBITDA
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1.17
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0.72
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1.89
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2.06
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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.
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).
NOTES ON THE DIVIDEND
In April 2015, we adopted our
current "return to shareholders" policy, pursuant to which we
intend to distribute to our shareholders 80% of our annual net
consolidated profit (excluding exceptional items such as gains on
the disposal of vessels). Notwithstanding the adoption of this
policy, our Board of Directors' primary obligation remains to act
in the best interest of the Company and in doing so our Board of
Directors always considers alternatives for use of cash that might
otherwise be distributed as dividends.
This may include the purchase by us of our own shares, the
accelerated amortization of debt or the acquisition of vessels
which we consider at that time to be accretive to shareholders'
value. Dividends, if any, will be paid in two instalments: first as
an interim dividend, then as a balance payment corresponding to the
final dividend and the interim dividend payout ratio may
typically be more conservative than the yearly payout of 80% of net
consolidated profit.
Pursuant to this policy set out above and considering the
acquisition of two additional VLCCs and the limited share buybacks
that occurred in the first half of the year, our Board of Directors
has approved an interim dividend for the first semester of
USD 0.55 per share.
The Euronav Board and management seeks to re-invest the capital
base of the Company and therefore excludes capital gains when
assessing net income available for distribution. Consequently the
Board considered the net income figure to be USD 140 million (EPS USD
0.88 per share) for the first semester from which it has
approved an interim dividend of USD
0.55 per share. The Board is therefore deploying retained
earnings to partially finance the new acquisitions and maintain
liquidity and leverage ratios in line with sound business
practice.
DIVIDEND DISTRIBUTION DETAILS
During its meeting of 24 August
2016, the Board of Directors of Euronav approved an interim
dividend for the first semester of USD
0.55 per share.
For further detail please visit our investor section on the
Euronav website where the policy is articulated in full
(www.investors.euronav.com/share/dividend).
The interim dividend of USD 0.55
will be payable as from 30 September
2016. The shares will trade ex-dividend as from 20 September 2016 (record date 21 September 2016). The interim dividend to
holders of Euronext shares will be paid in EUR at the USD/EUR
exchange rate of the record date. In view of this interim dividend
payment, investors are reminded that shareholders cannot reposition
their shares between the Belgian share register and the U.S. share
register from 19 September 2016 at
9 a.m. CET until 22 September 2016 at 9
a.m. CET.
Highlights and activity report for the first half year of
2016
January
On 15 January 2016 Euronav sold
the VLCC Famenne (2001 – 298,412 dwt), one of its two oldest
VLCC vessels, for USD 38.4 million.
The capital gain on that sale of about USD
13.8 million was recorded at delivery on 9 March 2016.
On 26 January 2016 Euronav took
delivery of the second vessel of the four VLCCs which were acquired
as resales of existing newbuilding contracts as announced on
16 June 2015: VLCC Alice (2016
- 299,320 dwt).
As reported on 26 January 2016,
Euronav has bought back 500,000 of its own shares in several
transactions from 15 January until 25
January 2016 at an average price of EUR 9.5256 per share.
March
On 24 March 2016 Euronav took
delivery of the third vessel of the four VLCCs which were acquired
as resales of existing newbuilding contracts as announced on
16 June 2015: VLCC Alex (2016
- 299,445 dwt).
May
On 12 May 2016 the Annual General
Meeting of Shareholders approved the gross dividend of USD 0.82 per share as proposed by the Board of
Directors.
On 13 May 2016 Euronav took
delivery of the fourth and last vessel of the four VLCCs which were
acquired as resales of existing newbuilding contracts as announced
on 16 June 2015: the VLCC Anne
(2016 – 299,533 dwt).
On 20 May 2016 Euronav announced
that it had agreed with Bretta Tanker Holdings, Inc. to terminate
its Suezmax joint ventures. The joint ventures covered four Suezmax
vessels: the Captain Michael (2012 – 157,648 dwt), the
Maria (2012 – 157,523 dwt), the Eugenie (2010 –
157,672 dwt) and the Devon (2011 – 157,642 dwt). Euronav has
assumed full ownership of the two youngest vessels, the Captain
Michael and the Maria, and Bretta has assumed full
ownership of the Eugenie and the Devon.
June
On 2 June 2016 Euronav announced
the start of a commercial joint venture with Diamond S Management
LLC and Frontline Ltd. under the name Suezmax Chartering. 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.
As reported on 1 July 2016,
Euronav has bought back 192,415 of its own shares in transactions
on 24 June 2016 and 27 June 2016 at an average price of EUR 7.9423.
Subsequent events
On August 16, 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.
Given the volatility of the tanker markets, the Board of Euronav
NV has carefully reviewed all potential impairment indicators such
as the freight environment as well as the current market value of
the fleet compared to its carrying amount. Based on this review,
the Board of Directors concluded that no impairment test was
required at 30 June 2016. The Board
will continue to closely monitor developments in the tanker market
and review possible impairment indicators again at each reporting
date.
The Board of Directors, represented by Carl Steen, its Chairman, and the Executive
Committee, represented by Paddy
Rodgers, Chief Executive Officer and Hugo De Stoop, Chief Financial Officer, hereby
confirm, in the name and for account of Euronav that, to the best
of their knowledge, the condensed consolidated interim financial
statements for the six months ended 30 June
2016 which have been prepared in accordance with IAS 34
"Interim Financial Reporting" as adopted by the European Union,
give a true and fair view, of the assets, liabilities, financial
position and profit or loss of the Company and the undertakings
included in the consolidation as a whole. The half year management
report includes a fair presentation of the important events that
have occurred during the first half year and of the major
transactions with the related parties, and their impact on the
condensed consolidated interim financial statements, together with
a description of the principal risks and uncertainties for the
remainder of the financial year.
On behalf of the Board of Directors:
Paddy
Rodgers
Chief Executive
Officer
Carl Steen
Chairman of the Board of Directors
Forward-Looking Statements
Matters discussed in this press release may constitute
forward-looking statements. The Private Securities Litigation
Reform Act of 1995 provides safe harbour 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 harbour provisions of the Private Securities
Litigation Reform Act of 1995 and is including this cautionary
statement in connection with this safe harbour 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.
Half year report 2016 available on website: Wednesday,
31 August 2016
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 55 double hulled vessels being 1 V-Plus vessel,
30 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 (of which two are owned in
50%-50% joint ventures) and two FSO vessels (both owned in 50%-50%
joint venture). The Company's vessels mainly fly Belgian, Greek,
French and Marshall Island
flags.
Regulated information within the meaning of the Royal Decree
of 14 November 2007.
Condensed
consolidated 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
|
|
219,080
|
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
|
|
375,052
|
|
|
|
|
|
TOTAL
ASSETS
|
|
3,071,385
|
|
3,040,746
|
|
|
|
|
|
|
|
|
|
|
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
|
|
529,809
|
|
|
|
|
|
Equity
attributable to owners of the Company
|
|
1,924,451
|
|
1,905,749
|
|
|
|
|
|
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
|
|
3,040,746
|
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)
|
|
(37,665)
|
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)
|
|
-
|
Depreciation tangible
assets
|
|
(109,447)
|
|
(101,688)
|
Depreciation
intangible assets
|
|
(50)
|
|
(11)
|
General and
administrative expenses
|
|
(21,721)
|
|
(21,126)
|
Total operating
expenses
|
|
(271,326)
|
|
(250,997)
|
|
|
|
|
|
RESULT FROM
OPERATING ACTIVITIES
|
|
150,647
|
|
171,956
|
|
|
|
|
|
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
|
|
169,936
|
|
|
|
|
|
Income tax
benefit (expense)
|
|
(159)
|
|
3,315
|
|
|
|
|
|
PROFIT (LOSS) FOR
THE PERIOD
|
|
153,690
|
|
173,251
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
Owners
of the company
|
|
153,690
|
|
173,251
|
|
|
|
|
|
Basic earnings
per share
|
|
0.97
|
|
1.13
|
Diluted earnings
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
|
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
|
|
173,251
|
|
|
|
|
|
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
|
|
173,578
|
|
|
|
|
|
Attributable
to:
|
|
|
|
|
Owners
of the company
|
|
154,494
|
|
173,578
|
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
|
-
|
-
|
-
|
-
|
-
|
173,251
|
173,251
|
-
|
173,251
|
Total other
comprehensive income
|
-
|
-
|
(391)
|
-
|
-
|
718
|
327
|
-
|
327
|
Total
comprehensive income
|
-
|
-
|
(391)
|
-
|
-
|
173,969
|
173,578
|
-
|
173,578
|
|
|
|
|
|
|
|
|
|
|
Transactions with
owners of the company
|
|
|
|
|
|
|
|
|
|
Issue of ordinary
shares
|
20,324
|
208,738
|
-
|
-
|
-
|
(19,357)
|
209,706
|
-
|
209,706
|
Issue and conversion perpetual convertible preferred
equity
|
10,281
|
64,719
|
-
|
-
|
-
|
-
|
75,000
|
(75,000)
|
209,706
|
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
|
273,458
|
-
|
-
|
30,708
|
(81,204)
|
253,567
|
(75,000)
|
178,567
|
|
|
|
|
|
|
|
|
|
|
Balance at June
30, 2015
|
173,046
|
1,215,228
|
(12)
|
-
|
(15,354)
|
451,945
|
1,824,853
|
-
|
1,824,853
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
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
|
|
|
173,251
|
|
|
|
|
|
|
|
Adjustments
for:
|
|
|
116,750
|
|
|
99,507
|
Depreciation of tangible
assets
|
|
|
109,447
|
|
|
101,688
|
Depreciation of
intangible assets
|
|
|
50
|
|
|
11
|
Loss (gain) on disposal
of investments in equity accounted investees
|
|
|
24,150
|
|
|
-
|
Provisions
|
|
|
(248)
|
|
|
262
|
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
|
|
|
(55,875)
|
Change in cash
guarantees
|
|
|
59
|
|
|
(39)
|
Change in trade
receivables
|
|
|
(541)
|
|
|
10,581
|
Change in accrued
income
|
|
|
10,441
|
|
|
(12,697)
|
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)
|
|
|
(39,927)
|
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)
|
|
|
(39,658)
|
|
|
|
|
|
|
|
Net cash from
(used in) financing activities
|
|
|
(178,656)
|
|
|
(114,949)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
|
(30,682)
|
|
|
(105,347)
|
|
|
|
|
|
|
|
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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SOURCE EURONAV NV