EURONAV NV
|
||
(Registrant)
|
||
Dated: January 27, 2017
|
||
By:
|
/s/ Hugo De Stoop
|
|
Hugo De Stoop
|
||
Chief Financial Officer
|
· |
Muted Q4 freight rate performance from extended seasonal weakness
|
· |
Encouraging start for Q1 but confluence of factors likely to impact from February
|
· |
Euronav balance sheet bolstered by sale & leaseback and new financing facility
|
· |
Letter of award for FSO for five-year contract starting Q3 2017
|
· |
Return to shareholders' policy confirmed
|
|
||||||||||||||||
The most important key figures (unaudited) are:
|
||||||||||||||||
|
||||||||||||||||
(in thousands of USD)
|
Fourth Quarter 2016
|
Fourth Quarter 2015
|
Full Year 2016
|
Full Year 2015
|
||||||||||||
|
||||||||||||||||
Revenue
|
146,280
|
225,644
|
684,265
|
846,507
|
||||||||||||
Other operating income
|
1,463
|
1,154
|
6,996
|
7,426
|
||||||||||||
|
||||||||||||||||
Voyage expenses and commissions
|
(16,481
|
) |
(15,956
|
) |
(59,560
|
) |
(71,237
|
) | ||||||||
Vessel operating expenses
|
(37,361
|
) |
(38,812
|
) |
(160,199
|
) |
(153,718
|
) | ||||||||
Charter hire expenses
|
(2,920
|
) |
(6,438
|
) |
(17,713
|
) |
(25,849
|
) | ||||||||
General and administrative expenses
|
(11,418
|
) |
(16,122
|
) |
(44,051
|
) |
(46,251
|
) | ||||||||
Net gain (loss) on disposal of tangible assets
|
36,576
|
11,165
|
50,395
|
5,300
|
||||||||||||
Net gain (loss) on disposal of investments in equity accounted investees
|
−
|
−
|
(24,150
|
) |
−
|
|||||||||||
Depreciation
|
(59,125
|
) |
(54,896
|
) |
(227,709
|
) |
(210,206
|
) | ||||||||
|
||||||||||||||||
Net finance expenses
|
(16,095
|
) |
(9,799
|
) |
(44,849
|
) |
(47,630
|
) | ||||||||
Share of profit (loss) of equity accounted investees
|
8,637
|
13,520
|
40,194
|
51,592
|
||||||||||||
Result before taxation
|
49,556
|
109,461
|
203,619
|
355,934
|
||||||||||||
|
||||||||||||||||
Tax benefit (expense)
|
475
|
(4,602
|
) |
174
|
(5,633
|
) | ||||||||||
Profit (loss) for the period
|
50,031
|
104,859
|
203,793
|
350,301
|
||||||||||||
|
||||||||||||||||
Attributable to: Owners of the company
|
50,031
|
104,859
|
203,793
|
350,301
|
||||||||||||
|
||||||||||||||||
|
||||||||||||||||
|
||||||||||||||||
|
||||||||||||||||
The contribution to the result is as follows:
|
||||||||||||||||
|
||||||||||||||||
(in thousands of USD)
|
Fourth Quarter 2016
|
Fourth Quarter 2015
|
Full Year 2016
|
Full Year 2015
|
||||||||||||
|
||||||||||||||||
Tankers
|
41,630
|
96,697
|
169,324
|
317,347
|
||||||||||||
FSO
|
8,401
|
8,162
|
34,469
|
32,954
|
||||||||||||
Result after taxation
|
50,031
|
104,859
|
203,793
|
350,301
|
||||||||||||
|
||||||||||||||||
|
||||||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Information per share:
|
||||||||||||||||
|
||||||||||||||||
(in USD per share)
|
Fourth Quarter 2016
|
Fourth Quarter 2015
|
Full Year 2016
|
Full Year 2015
|
||||||||||||
|
||||||||||||||||
Weighted average number of shares (basic) *
|
158,166,534
|
158,628,151
|
158,262,268
|
155,872,171
|
||||||||||||
Result after taxation
|
0.32
|
0.66
|
1.29
|
2.25
|
||||||||||||
|
||||||||||||||||
|
||||||||||||||||
|
||||||||||||||||
* The number of shares issued on 31 December 2016 is 159,208,949.
|
||||||||||||||||
|
|
||||||||||||||||
EBITDA reconciliation (unaudited):
|
||||||||||||||||
|
||||||||||||||||
(in thousands of USD)
|
Fourth Quarter 2016
|
Fourth Quarter 2015
|
Full Year 2016
|
Full Year 2015
|
||||||||||||
|
||||||||||||||||
Profit (loss) for the period
|
50,031
|
104,859
|
203,793
|
350,301
|
||||||||||||
+ Depreciation
|
59,125
|
54,896
|
227,709
|
210,206
|
||||||||||||
+ Net finance expenses
|
16,095
|
9,799
|
44,849
|
47,630
|
||||||||||||
+ Tax expense (benefit)
|
(475
|
)
|
4,602
|
(174
|
)
|
5,633
|
||||||||||
|
||||||||||||||||
EBITDA
|
124,776
|
174,156
|
476,177
|
613,770
|
||||||||||||
|
||||||||||||||||
+ Depreciation equity accounted investees
|
4,776
|
7,428
|
23,774
|
29,314
|
||||||||||||
+ Net finance expenses equity accounted investees
|
521
|
966
|
3,212
|
5,288
|
||||||||||||
+ Tax expense (benefit) equity accounted investees
|
66
|
(184
|
)
|
182
|
(184
|
)
|
||||||||||
|
||||||||||||||||
Proportionate EBITDA
|
130,139
|
182,366
|
503,345
|
648,188
|
||||||||||||
|
||||||||||||||||
|
|
||||||||||||||||
Proportionate EBITDA per share:
|
||||||||||||||||
|
||||||||||||||||
(in USD per share)
|
Fourth Quarter 2016
|
Fourth Quarter 2015
|
Full Year 2016
|
Full Year 2015
|
||||||||||||
|
||||||||||||||||
Weighted average number of shares (basic) *
|
158,166,534
|
158,628,151
|
158,262,268
|
155,872,171
|
||||||||||||
Proportionate EBITDA
|
0.82
|
1.15
|
3.18
|
4.16
|
||||||||||||
|
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
|
Fourth quarter 2016
|
Fourth quarter 2015
|
Full year 2016
|
Full year 2015
|
VLCC
|
||||
Average spot rate (in TI pool)
|
33,161
|
61,482
|
41,863
|
55,055
|
Average time charter rate
|
43,833
|
41,776
|
42,618
|
41,981
|
SUEZMAX
|
||||
Average spot rate
|
21,243
|
41,596
|
27,498
|
41,686
|
Average time charter rate
|
24,662
|
36,042
|
26,269
|
35,790
|
Webcast Information
|
|
Event Type:
|
Audio webcast with user-controlled slide presentation
|
Event Date:
|
26 January 2017
|
Event Time:
|
09:30 a.m. EST / 3:30 p.m. CET
|
Event Title:
|
"Q4 2016 Earnings Conference Call"
|
Event Site/URL:
|
http://services.choruscall.com/links/euronav1701263ox6XmZ1.html
|
December 31, 2016
|
December 31, 2015
|
|||||||
ASSETS
|
||||||||
Non-current assets
|
||||||||
Vessels
|
2,383,217
|
2,288,036
|
||||||
Assets under construction
|
86,136
|
93,890
|
||||||
Other tangible assets
|
777
|
1,048
|
||||||
Prepayments
|
−
|
2
|
||||||
Intangible assets
|
156
|
238
|
||||||
Receivables
|
183,947
|
259,908
|
||||||
Investments in equity accounted investees
|
18,079
|
21,637
|
||||||
Deferred tax assets
|
964
|
935
|
||||||
Total non-current assets
|
2,673,276
|
2,665,694
|
||||||
Current assets
|
||||||||
Trade and other receivables
|
166,342
|
219,080
|
||||||
Current tax assets
|
357
|
114
|
||||||
Cash and cash equivalents
|
206,689
|
131,663
|
||||||
Non-current assets held for sale
|
−
|
24,195
|
||||||
Total current assets
|
373,388
|
375,052
|
||||||
TOTAL ASSETS
|
3,046,664
|
3,040,746
|
||||||
EQUITY and LIABILITIES
|
||||||||
Equity
|
||||||||
Share capital
|
173,046
|
173,046
|
||||||
Share premium
|
1,215,227
|
1,215,227
|
||||||
Translation reserve
|
120
|
(50
|
)
|
|||||
Treasury shares
|
(16,102
|
)
|
(12,283
|
)
|
||||
Retained earnings
|
515,404
|
529,809
|
||||||
Equity attributable to owners of the Company
|
1,887,695
|
1,905,749
|
||||||
Non-current liabilities
|
||||||||
Bank loans
|
966,443
|
952,426
|
||||||
Other payables
|
533
|
590
|
||||||
Employee benefits
|
2,860
|
2,038
|
||||||
Provisions
|
38
|
436
|
||||||
Total non-current liabilities
|
969,874
|
955,490
|
||||||
Current liabilities
|
||||||||
Trade and other payables
|
69,859
|
79,078
|
||||||
Tax liabilities
|
−
|
1
|
||||||
Bank loans
|
119,119
|
100,022
|
||||||
Provisions
|
117
|
406
|
||||||
Total current liabilities
|
189,095
|
179,507
|
||||||
TOTAL EQUITY and LIABILITIES
|
3,046,664
|
3,040,746
|
||||||
2016
|
2015
|
|||||||
Jan. 1 - Dec 31, 2016
|
Jan. 1 - Dec 31, 2015
|
|||||||
Shipping revenue
|
||||||||
Revenue
|
684,265
|
846,507
|
||||||
Gains on disposal of vessels/other tangible assets
|
50,397
|
13,302
|
||||||
Other operating income
|
6,996
|
7,426
|
||||||
Total shipping revenue
|
741,658
|
867,235
|
||||||
Operating expenses
|
||||||||
Voyage expenses and commissions
|
(59,560
|
)
|
(71,237
|
)
|
||||
Vessel operating expenses
|
(160,199
|
)
|
(153,718
|
)
|
||||
Charter hire expenses
|
(17,713
|
)
|
(25,849
|
)
|
||||
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
|
(227,610
|
)
|
(210,156
|
)
|
||||
Depreciation intangible assets
|
(99
|
)
|
(50
|
)
|
||||
General and administrative expenses
|
(44,051
|
)
|
(46,251
|
)
|
||||
Total operating expenses
|
(533,384
|
)
|
(515,263
|
)
|
||||
RESULT FROM OPERATING ACTIVITIES
|
208,274
|
351,972
|
||||||
Finance income
|
6,838
|
3,312
|
||||||
Finance expenses
|
(51,687
|
)
|
(50,942
|
)
|
||||
Net finance expenses
|
(44,849
|
)
|
(47,630
|
)
|
||||
Share of profit(loss) of equity accounted investees (net of income tax)
|
40,194
|
51,592
|
||||||
PROFIT (LOSS) BEFORE INCOME TAX
|
203,619
|
355,934
|
||||||
Income tax benefit (expense)
|
174
|
(5,633
|
)
|
|||||
PROFIT (LOSS) FOR THE PERIOD
|
203,793
|
350,301
|
||||||
Attributable to:
|
||||||||
Owners of the company
|
203,793
|
350,301
|
||||||
Basic earnings per share
|
1.29
|
2.25
|
||||||
Diluted earnings per share
|
1.29
|
2.22
|
||||||
Weighted average number of shares (basic)
|
158,262,268
|
155,872,171
|
||||||
Weighted average number of shares (diluted)
|
158,429,057
|
157,529,562
|
||||||
2016
|
2015
|
|||||||
Jan. 1 - Dec 31, 2016
|
Jan. 1 - Dec 31, 2015
|
|||||||
Profit/(loss) for the period
|
203,793
|
350,301
|
||||||
Other comprehensive income, net of tax
|
||||||||
Items that will never be reclassified to profit or loss:
|
||||||||
Remeasurements of the defined benefit liability (asset)
|
(651
|
)
|
(44
|
)
|
||||
Items that are or may be reclassified to profit or loss:
|
||||||||
Foreign currency translation differences
|
170
|
(429
|
)
|
|||||
Equity-accounted investees - share of other comprehensive income
|
1,224
|
1,610
|
||||||
Other comprehensive income, net of tax
|
743
|
1,137
|
||||||
Total comprehensive income for the period
|
204,536
|
351,438
|
||||||
Attributable to:
|
||||||||
Owners of the company
|
204,536
|
351,438
|
||||||
Share capital
|
Share premium
|
Translation reserve
|
Hedging reserve
|
Treasury shares
|
Retained earnings
|
Capital and reserves
|
Other equity interest
|
Total equity
|
||
Balance at January 1, 2015
|
142,441
|
941,770
|
379
|
−
|
(46,062)
|
359,180
|
1,397,708
|
75,000
|
1,472,708
|
|
Profit (loss) for the period
|
−
|
−
|
−
|
−
|
−
|
350,301
|
350,301
|
−
|
350,301
|
|
Total other comprehensive income
|
−
|
−
|
(429)
|
−
|
−
|
1,565
|
1,136
|
−
|
1,136
|
|
Total comprehensive income
|
−
|
−
|
(429)
|
−
|
−
|
351,866
|
351,437
|
−
|
351,437
|
|
Transactions with owners of the company
|
||||||||||
Issue of ordinary shares
|
20,324
|
208,738
|
−
|
−
|
−
|
(19,357)
|
209,705
|
−
|
209,705
|
|
Issue and conversion perpetual convertible preferred equity
|
10,281
|
64,719
|
−
|
−
|
−
|
−
|
75,000
|
(75,000)
|
−
|
|
Dividends to equity holders
|
−
|
−
|
−
|
−
|
−
|
(138,001)
|
(138,001)
|
−
|
(138,001)
|
|
Treasury shares
|
−
|
−
|
−
|
−
|
33,779
|
(25,516)
|
8,263
|
−
|
8,263
|
|
Equity-settled share-based payment
|
−
|
−
|
−
|
−
|
−
|
1,637
|
1,637
|
−
|
1,637
|
|
Total transactions with owners
|
30,605
|
273,457
|
−
|
−
|
33,779
|
(181,237)
|
156,604
|
(75,000)
|
81,604
|
|
Balance at December 31, 2015
|
173,046
|
1,215,227
|
(50)
|
−
|
(12,283)
|
529,809
|
1,905,749
|
−
|
1,905,749
|
|
Share capital
|
Share premium
|
Translation reserve
|
Hedging reserve
|
Treasury shares
|
Retained earnings
|
Capital and reserves
|
Other equity interest
|
Total equity
|
||
Balance at January 1, 2016
|
173,046
|
1,215,227
|
(50)
|
−
|
(12,283)
|
529,809
|
1,905,749
|
−
|
1,905,749
|
|
Profit (loss) for the period
|
−
|
−
|
−
|
−
|
−
|
203,793
|
203,793
|
−
|
203,793
|
|
Total other comprehensive income
|
−
|
−
|
170
|
−
|
−
|
573
|
743
|
−
|
743
|
|
Total comprehensive income
|
−
|
−
|
170
|
−
|
−
|
204,366
|
204,536
|
−
|
204,536
|
|
Transactions with owners of the company
|
||||||||||
Dividends to equity holders
|
−
|
−
|
−
|
−
|
−
|
(216,838)
|
(216,838)
|
−
|
(216,838)
|
|
Treasury shares
|
−
|
−
|
−
|
−
|
(3,819)
|
(2,339)
|
(6,158)
|
−
|
(6,158)
|
|
Equity-settled share-based payment
|
−
|
−
|
−
|
−
|
−
|
406
|
406
|
−
|
406
|
|
Total transactions with owners
|
−
|
−
|
−
|
−
|
(3,819)
|
(218,771)
|
(222,590)
|
−
|
(222,590)
|
|
Balance at December 31, 2016
|
173,046
|
1,215,227
|
120
|
−
|
(16,102)
|
515,404
|
1,887,695
|
−
|
1,887,695
|
|
2016
|
2015
|
|||||||
Jan. 1 - Dec 31, 2016
|
Jan. 1 - Dec 31, 2015
|
|||||||
Cash flows from operating activities
|
||||||||
Profit (loss) for the period
|
203,793
|
350,301
|
||||||
Adjustments for:
|
205,714
|
208,305
|
||||||
Depreciation of tangible assets
|
227,610
|
210,156
|
||||||
Depreciation of intangible assets
|
99
|
50
|
||||||
Loss (gain) on disposal of investments in equity accounted investees
|
24,150
|
−
|
||||||
Provisions
|
(603
|
)
|
91
|
|||||
Tax (benefits)/expenses
|
(174
|
)
|
5,633
|
|||||
Share of profit of equity-accounted investees, net of tax
|
(40,194
|
)
|
(51,592
|
)
|
||||
Net finance expense
|
44,849
|
47,630
|
||||||
(Gain)/loss on disposal of assets
|
(50,395
|
)
|
(5,300
|
)
|
||||
Equity-settled share-based payment transactions
|
406
|
1,637
|
||||||
Amortization of Deferred Capital Gain
|
(34
|
)
|
−
|
|||||
Changes in working capital requirements
|
38,487
|
(57,692
|
)
|
|||||
Change in cash guarantees
|
107
|
1
|
||||||
Change in trade receivables
|
(755
|
)
|
12,330
|
|||||
Change in accrued income
|
21,049
|
(13,175
|
)
|
|||||
Change in deferred charges
|
239
|
11,090
|
||||||
Change in other receivables
|
35,905
|
(34,654
|
)
|
|||||
Change in trade payables
|
(6,817
|
)
|
1,190
|
|||||
Change in accrued payroll
|
(138
|
)
|
255
|
|||||
Change in accrued expenses
|
(7,547
|
)
|
(1,649
|
)
|
||||
Change in deferred income
|
(3,591
|
)
|
6,612
|
|||||
Change in other payables
|
(226
|
)
|
(39,800
|
)
|
||||
Change in provisions for employee benefits
|
261
|
108
|
||||||
Income taxes paid during the period
|
(100
|
)
|
(109
|
)
|
||||
Interest paid
|
(33,378
|
)
|
(50,810
|
)
|
||||
Interest received
|
209
|
262
|
||||||
Dividends received from equity-accounted investees
|
23,478
|
275
|
||||||
Net cash from (used in) operating activities
|
438,203
|
450,532
|
||||||
Acquisition of vessels
|
(342,502
|
)
|
(351,596
|
)
|
||||
Proceeds from the sale of vessels
|
223,016
|
112,890
|
||||||
Acquisition of other tangible assets
|
(172
|
)
|
(8,289
|
)
|
||||
Acquisition of intangible assets
|
(18
|
)
|
(258
|
)
|
||||
Proceeds from the sale of other (in)tangible assets
|
32
|
95
|
||||||
Loans from (to) related parties
|
22,047
|
39,785
|
||||||
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
|
(100,615
|
)
|
(205,873
|
)
|
||||
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
|
)
|
8,263
|
|||||
Proceeds from new borrowings
|
740,286
|
931,270
|
||||||
Repayment of borrowings
|
(774,015
|
)
|
(1,367,871
|
)
|
||||
Transaction costs related to issue of loans and borrowings
|
(4,436
|
)
|
(8,680
|
)
|
||||
Dividends paid
|
(216,838
|
)
|
(138,003
|
)
|
||||
Net cash from (used in) financing activities
|
(261,160
|
)
|
(365,315
|
)
|
||||
Net increase (decrease) in cash and cash equivalents
|
76,428
|
(120,656
|
)
|
|||||
Net cash and cash equivalents at the beginning of the period
|
131,663
|
254,086
|
||||||
Effect of changes in exchange rates
|
(1,402
|
)
|
(1,767
|
)
|
||||
Net cash and cash equivalents at the end of the period
|
206,689
|
131,663
|
||||||