EURONAV NV
|
||
(Registrant)
|
||
Dated: May 12, 2022
|
||
By:
|
/s/ Lieve Logghe
|
|
Lieve Logghe
|
||
Chief Financial Officer
|
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PRESS RELEASE
Regulated information
Thursday 12 May 2022 – 8 a.m. CET
![]() |
•
|
Further sequential freight rate improvement during late Q1 and into Q2
|
•
|
Dislocation caused by geopolitical events proving to be positive
catalyst
|
•
|
Application of fleet rejuvenation programme with 7 vessels transacted in 2022
|
•
|
Q2 to date spot rates 43% fixed at USD 14,000k per day for VLCC with 44% fixed at USD 19,700k per day for Suezmax
|
![]() |
PRESS RELEASE
Regulated information
Thursday 12 May 2022 – 8 a.m. CET
![]() |
The most important key figures (unaudited) are:
|
|||||||
(in thousands of USD)
|
First Quarter 2022
|
First Quarter 2021*
|
|||||
Revenue
|
114,368
|
108,831
|
|||||
Other operating income
|
2,522
|
2,371
|
|||||
Voyage expenses and commissions
|
(31,041)
|
(21,187)
|
|||||
Vessel operating expenses
|
(51,554)
|
(58,282)
|
|||||
Charter hire expenses
|
(3,590)
|
(2,748)
|
|||||
General and administrative expenses
|
(10,656)
|
(7,569)
|
|||||
Net gain (loss) on disposal of tangible assets
|
13,500
|
1,163
|
|||||
Depreciation
|
(52,601)
|
(83,857)
|
|||||
Net finance expenses
|
(33,655)
|
(16,380)
|
|||||
Share of profit (loss) of equity accounted investees
|
9,372
|
5,934
|
|||||
Result before taxation
|
(43,335)
|
(71,724)
|
|||||
Tax benefit (expense)
|
(37)
|
711
|
|||||
Profit (loss) for the period
|
(43,372)
|
(71,013)
|
|||||
Attributable to: Owners of the Company
|
(43,372)
|
(71,013)
|
|||||
The contribution to the result is as follows:
|
|||||||
(in thousands of USD)
|
First Quarter 2022
|
First Quarter 2021
|
|||||
Tankers
|
(53,460)
|
(77,320)
|
|||||
FSO
|
10,088
|
6,307
|
|||||
Result after taxation
|
(43,372)
|
(71,013)
|
|||||
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PRESS RELEASE
Regulated information
Thursday 12 May 2022 – 8 a.m. CET
![]() |
Information per share:
|
||||||
(in USD per share)
|
First Quarter 2022
|
First Quarter 2021
|
||||
Weighted average number of shares (basic) **
|
201,677,981
|
201,677,981
|
||||
Result after taxation
|
(0.22)
|
(0.35)
|
||||
EBITDA reconciliation (unaudited):
|
|||||||
(in thousands of USD)
|
First Quarter 2022
|
First Quarter 2021
|
|||||
Profit (loss) for the period
|
(43,372)
|
(71,013)
|
|||||
+ Net interest expenses
|
33,396
|
16,446
|
|||||
+ Depreciation of tangible and intangible assets
|
52,601
|
83,857
|
|||||
+ Income tax expense (benefit)
|
37
|
(711)
|
|||||
EBITDA (unaudited)
|
42,662
|
28,579
|
|||||
+ Net interest expenses JV
|
512
|
836
|
|||||
+ Depreciation of tangible and intangible assets JV
|
1,986
|
3,041
|
|||||
+ Income tax expense (benefit) JV
|
(2,253)
|
658
|
|||||
Proportionate EBITDA
|
42,907
|
33,114
|
|||||
Proportionate EBITDA per share:
|
|||||||
(in USD per share)
|
First Quarter 2022
|
First Quarter 2021
|
|||||
Weighted average number of shares (basic)
|
201,677,981
|
201,677,981
|
|||||
Proportionate EBITDA
|
0.21
|
0.16
|
|||||
![]() |
PRESS RELEASE
Regulated information
Thursday 12 May 2022 – 8 a.m. CET
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In USD per day
|
First quarter 2022
|
First quarter 2021
|
VLCC
|
||
Average spot rate (in TI Pool)*
|
13,750
|
14,000
|
Average time charter rate**
|
48,300
|
39,500
|
SUEZMAX
|
||
Average spot rate***
|
15,500
|
11,500
|
Average time charter rate
|
30,500
|
29,500
|
![]() |
PRESS RELEASE
Regulated information
Thursday 12 May 2022 – 8 a.m. CET
![]() |
![]() |
PRESS RELEASE
Regulated information
Thursday 12 May 2022 – 8 a.m. CET
![]() |
![]() |
PRESS RELEASE
Regulated information
Thursday 12 May 2022 – 8 a.m. CET
![]() |
![]() |
PRESS RELEASE
Regulated information
Thursday 12 May 2022 – 8 a.m. CET
![]() |
Webcast Information
|
|
Event Type:
|
Audio webcast with user-controlled slide presentation
|
Event Date:
|
12 May 2022
|
Event Time:
|
8 a.m. EST / 2 p.m. CET
|
Event Title:
|
“Q1 2022 Earnings Conference Call”
|
Event Site/URL:
|
https://event.choruscall.com/mediaframe/webcast.html?webcastid=H9JaHF5q
|
![]() |
PRESS RELEASE
Regulated information
Thursday 12 May 2022 – 8 a.m. CET
![]() |
![]() |
PRESS RELEASE
Regulated information
Thursday 12 May 2022 – 8 a.m. CET
![]() |
![]() |
PRESS RELEASE
Regulated information
Thursday 12 May 2022 – 8 a.m. CET
![]() |
March 31, 2022
|
December 31, 2021
|
|||||
ASSETS
|
||||||
Non-current assets
|
||||||
Vessels
|
2,852,206
|
2,967,787
|
||||
Assets under construction
|
117,257
|
181,293
|
||||
Right-of-use assets
|
23,783
|
29,001
|
||||
Other tangible assets
|
1,125
|
1,218
|
||||
Intangible assets
|
158
|
186
|
||||
Receivables
|
63,938
|
55,639
|
||||
Investments in equity accounted investees
|
81,695
|
72,446
|
||||
Deferred tax assets
|
1,537
|
1,546
|
||||
Total non-current assets
|
3,141,699
|
3,309,116
|
||||
Current assets
|
||||||
Bunker inventory
|
93,965
|
69,035
|
||||
Non-current assets held for sale
|
194,891
|
-
|
||||
Trade and other receivables
|
269,285
|
237,745
|
||||
Current tax assets
|
73
|
99
|
||||
Cash and cash equivalents
|
169,582
|
152,528
|
||||
Total current assets
|
727,796
|
459,407
|
||||
TOTAL ASSETS
|
3,869,495
|
3,768,523
|
||||
EQUITY and LIABILITIES
|
||||||
Equity
|
||||||
Share capital
|
239,148
|
239,148
|
||||
Share premium
|
1,702,549
|
1,702,549
|
||||
Translation reserve
|
303
|
453
|
||||
Hedging reserve
|
17,404
|
2,396
|
||||
Treasury shares
|
(164,104)
|
(164,104)
|
||||
Retained earnings
|
136,927
|
180,140
|
||||
Equity attributable to owners of the Company
|
1,932,227
|
1,960,582
|
||||
Non-current liabilities
|
||||||
Bank loans
|
1,253,691
|
1,175,835
|
||||
Other notes
|
198,030
|
196,895
|
||||
Other borrowings
|
82,608
|
86,198
|
||||
Lease liabilities
|
13,761
|
16,759
|
||||
Other payables
|
994
|
3,490
|
||||
Employee benefits
|
8,054
|
6,839
|
||||
Provisions
|
657
|
892
|
||||
Total non-current liabilities
|
1,557,795
|
1,486,908
|
||||
Current liabilities
|
||||||
Trade and other payables
|
103,157
|
83,912
|
||||
Current tax liabilities
|
528
|
366
|
||||
Bank loans
|
89,191
|
29,313
|
||||
Other notes
|
66,189
|
67,025
|
||||
Other borrowings
|
100,830
|
117,863
|
||||
Lease liabilities
|
19,308
|
22,292
|
||||
Provisions
|
270
|
262
|
||||
Total current liabilities
|
379,473
|
321,033
|
||||
TOTAL EQUITY and LIABILITIES
|
3,869,495
|
3,768,523
|
||||
![]() |
PRESS RELEASE
Regulated information
Thursday 12 May 2022 – 8 a.m. CET
![]() |
2022
|
2021*
|
|||||
Jan. 1 - Mar. 31, 2022
|
Jan. 1 - Mar. 31, 2021
|
|||||
Shipping income
|
||||||
Revenue
|
114,368
|
108,831
|
||||
Gains on disposal of vessels/other tangible assets
|
13,500
|
1,163
|
||||
Other operating income
|
2,522
|
2,371
|
||||
Total shipping income
|
130,390
|
112,365
|
||||
Operating expenses
|
||||||
Voyage expenses and commissions
|
(31,041)
|
(21,187)
|
||||
Vessel operating expenses
|
(51,554)
|
(58,282)
|
||||
Charter hire expenses
|
(3,590)
|
(2,748)
|
||||
Depreciation tangible assets
|
(52,574)
|
(83,836)
|
||||
Depreciation intangible assets
|
(27)
|
(21)
|
||||
General and administrative expenses
|
(10,656)
|
(7,569)
|
||||
Total operating expenses
|
(149,442)
|
(173,643)
|
||||
RESULT FROM OPERATING ACTIVITIES
|
(19,052)
|
(61,278)
|
||||
Finance income
|
5,316
|
6,934
|
||||
Finance expenses
|
(38,971)
|
(23,314)
|
||||
Net finance expenses
|
(33,655)
|
(16,380)
|
||||
Share of profit (loss) of equity accounted investees (net of income tax)
|
9,372
|
5,934
|
||||
PROFIT (LOSS) BEFORE INCOME TAX
|
(43,335)
|
(71,724)
|
||||
Income tax benefit (expense)
|
(37)
|
711
|
||||
PROFIT (LOSS) FOR THE PERIOD
|
(43,372)
|
(71,013)
|
||||
Attributable to:
|
||||||
Owners of the company
|
(43,372)
|
(71,013)
|
||||
Basic earnings per share
|
(0.22)
|
(0.35)
|
||||
Diluted earnings per share
|
(0.21)
|
(0.35)
|
||||
Weighted average number of shares (basic)
|
201,677,981
|
201,677,981
|
||||
Weighted average number of shares (diluted)
|
201,773,240
|
201,690,677
|
||||
![]() |
PRESS RELEASE
Regulated information
Thursday 12 May 2022 – 8 a.m. CET
![]() |
2022
|
2021
|
|||||
Jan. 1 - Mar. 31, 2022
|
Jan. 1 - Mar. 31, 2021
|
|||||
Profit/(loss) for the period
|
(43,372)
|
(71,013)
|
||||
Other comprehensive income (expense), 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
|
(151)
|
(262)
|
||||
Cash flow hedges - effective portion of changes in fair value
|
15,008
|
5,215
|
||||
Equity-accounted investees - share of other comprehensive income
|
159
|
295
|
||||
Other comprehensive income (expense), net of tax
|
15,016
|
5,248
|
||||
Total comprehensive income (expense) for the period
|
(28,356)
|
(65,765)
|
||||
Attributable to:
|
||||||
Owners of the company
|
(28,356)
|
(65,765)
|
||||
![]() |
PRESS RELEASE
Regulated information
Thursday 12 May 2022 – 8 a.m. CET
![]() |
Share capital
|
Share premium
|
Translation reserve
|
Hedging reserve
|
Treasury shares
|
Retained earnings
|
Total equity
|
|
Balance at January 1, 2021
|
239,148
|
1,702,549
|
935
|
(7,456)
|
(164,104)
|
540,714
|
2,311,786
|
Profit (loss) for the period
|
—
|
—
|
—
|
—
|
—
|
(71,013)
|
(71,013)
|
Total other comprehensive income (expense)
|
—
|
—
|
(262)
|
5,215
|
—
|
295
|
5,248
|
Total comprehensive income (expense)
|
—
|
—
|
(262)
|
5,215
|
—
|
(70,718)
|
(65,765)
|
Transactions with owners of the company
|
|||||||
Dividends to equity holders
|
—
|
—
|
—
|
—
|
—
|
(6,050)
|
(6,050)
|
Total transactions with owners
|
—
|
—
|
—
|
—
|
—
|
(6,050)
|
(6,050)
|
Balance at March 31, 2021
|
239,148
|
1,702,549
|
673
|
(2,241)
|
(164,104)
|
463,946
|
2,239,971
|
Share capital
|
Share premium
|
Translation reserve
|
Hedging reserve
|
Treasury shares
|
Retained earnings
|
Total equity
|
|
Balance at January 1, 2022
|
239,148
|
1,702,549
|
453
|
2,396
|
(164,104)
|
180,140
|
1,960,582
|
Profit (loss) for the period
|
—
|
—
|
—
|
—
|
—
|
(43,372)
|
(43,372)
|
Total other comprehensive income (expense)
|
—
|
—
|
(151)
|
15,008
|
—
|
159
|
15,016
|
Total comprehensive income (expense)
|
—
|
—
|
(151)
|
15,008
|
—
|
(43,213)
|
(28,356)
|
Balance at March 31, 2022
|
239,148
|
1,702,549
|
302
|
17,404
|
(164,104)
|
136,927
|
1,932,226
|
![]() |
PRESS RELEASE
Regulated information
Thursday 12 May 2022 – 8 a.m. CET
![]() |
2022
|
2021
|
|||||
Jan. 1 - Mar. 31, 2022
|
Jan. 1 - Mar. 31, 2021
|
|||||
Cash flows from operating activities
|
||||||
Profit (loss) for the period
|
(43,372)
|
(71,013)
|
||||
Adjustments for:
|
63,194
|
92,364
|
||||
Depreciation of tangible assets
|
52,574
|
83,836
|
||||
Depreciation of intangible assets
|
27
|
21
|
||||
Provisions
|
(227)
|
(65)
|
||||
Income tax (benefits)/expenses
|
37
|
(711)
|
||||
Share of profit of equity-accounted investees, net of tax
|
(9,372)
|
(5,934)
|
||||
Net finance expense
|
33,655
|
16,380
|
||||
(Gain)/loss on disposal of assets
|
(13,500)
|
(1,163)
|
||||
Changes in working capital requirements
|
(32,285)
|
36,750
|
||||
Change in cash guarantees
|
15
|
(4)
|
||||
Change in inventory
|
(24,930)
|
41,946
|
||||
Change in receivables from contracts with customers
|
(11,925)
|
(5,832)
|
||||
Change in accrued income
|
(274)
|
(1,782)
|
||||
Change in deferred charges
|
(11,245)
|
(9,604)
|
||||
Change in other receivables
|
(7,646)
|
(1,087)
|
||||
Change in trade payables
|
14,247
|
6,758
|
||||
Change in accrued payroll
|
40
|
49
|
||||
Change in accrued expenses
|
2,541
|
7,092
|
||||
Change in deferred income
|
7,446
|
(2,863)
|
||||
Change in other payables
|
(1,774)
|
1,763
|
||||
Change in provisions for employee benefits
|
1,220
|
314
|
||||
Income taxes paid during the period
|
160
|
290
|
||||
Interest paid
|
(32,936)
|
(10,882)
|
||||
Interest received
|
26
|
1,737
|
||||
Dividends received from equity-accounted investees
|
1,000
|
1,375
|
||||
Net cash from (used in) operating activities
|
(44,213)
|
50,621
|
||||
Acquisition of vessels and vessels under construction
|
(62,494)
|
(227,210)
|
||||
Proceeds from the sale of vessels
|
13,500
|
35,370
|
||||
Acquisition of other tangible assets
|
(62)
|
(57)
|
||||
Acquisition of intangible assets
|
-
|
(42)
|
||||
Loans from (to) related parties
|
2,754
|
(129)
|
||||
Lease payments received from finance leases
|
506
|
481
|
||||
Net cash from (used in) investing activities
|
(45,796)
|
(191,587)
|
||||
Proceeds from new borrowings
|
261,453
|
340,899
|
||||
Repayment of borrowings
|
(36,961)
|
(160,271)
|
||||
Repayment of lease liabilities
|
(6,260)
|
(12,995)
|
||||
Repayment of commercial paper
|
(104,932)
|
(24,623)
|
||||
Repayment of sale and leaseback
|
(5,589)
|
(5,589)
|
||||
Dividends paid
|
(2)
|
(6,056)
|
||||
Net cash from (used in) financing activities
|
107,709
|
131,365
|
||||
Net increase (decrease) in cash and cash equivalents
|
17,700
|
(9,601)
|
||||
Net cash and cash equivalents at the beginning of the period
|
152,528
|
161,478
|
||||
Effect of changes in exchange rates
|
(646)
|
(2,180)
|
||||
Net cash and cash equivalents at the end of the period
|
169,582
|
149,697
|
||||
of which restricted cash
|
—
|
—
|
||||