CMB.TECH & Euronav | Financial Report 2024 |
2 |
CMB.TECH & Euronav | Financial Report 2024 |
3 |
CMB.TECH & Euronav | Financial Report 2024 |
4 |
Note | June 30, 2024 | December 31, 2023 | ||||||
ASSETS | ||||||||
Non-current assets | ||||||||
Vessels | 12 | |||||||
Assets under construction | 12 | |||||||
Right-of-use assets | 12 | |||||||
Other tangible assets | 12 | |||||||
Prepayments | 12 | |||||||
Intangible assets | 13 | |||||||
Receivables | 20 | |||||||
Investments | 25 | |||||||
Deferred tax assets | - | |||||||
Total non-current assets | ||||||||
CMB.TECH & Euronav | Financial Report 2024 |
5 |
Current assets | ||||||||
Inventory | 21 | |||||||
Trade and other receivables | 22 | |||||||
Current tax assets | - | |||||||
Cash and cash equivalents | - | |||||||
Non-current assets held for sale | 8 | |||||||
Total current assets | ||||||||
TOTAL ASSETS | ||||||||
EQUITY and LIABILITIES | ||||||||
Equity | ||||||||
Share capital | - | |||||||
Share premium | - | |||||||
Translation reserve | 14 | ( | ||||||
Hedging reserve | 14 | |||||||
Treasury shares | 14 | ( | ( | |||||
Retained earnings | - | |||||||
Equity attributable to owners of the Company | ||||||||
Non-current liabilities | ||||||||
Bank loans | 16 | |||||||
Other notes | 16 | |||||||
Other borrowings | 16 | |||||||
Lease liabilities | 16 | |||||||
Other payables | 17 | |||||||
Employee benefits | - | |||||||
Provisions | 23 | |||||||
Deferred tax liabilities | - | |||||||
Total non-current liabilities | ||||||||
Current liabilities | ||||||||
Trade and other payables | 17 | |||||||
Current tax liabilities | - | |||||||
Bank loans | 16 | |||||||
Other notes | 16 | |||||||
Other borrowings | 16 | |||||||
Lease liabilities | 16 | |||||||
Provisions | 23 | |||||||
Total current liabilities | ||||||||
TOTAL EQUITY and LIABILITIES | ||||||||
The accompanying notes on pages 13 to 51 are an integral part of these condensed interim financial statements | ||||||||
CMB.TECH & Euronav | Financial Report 2024 |
6 |
Note | 2024 | 2023 | ||||||
Jan. 1 - Jun. 30, 2024 | Jan. 1 - Jun. 30, 2023 | |||||||
Shipping income | ||||||||
Revenue | 9 | |||||||
Gains on disposal of vessels/other tangible assets | 12 | |||||||
Other operating income | 9 | |||||||
Total shipping income | ||||||||
Operating expenses | ||||||||
Raw materials and consumables | - | ( | ||||||
Voyage expenses and commissions | 10 | ( | ( | |||||
Vessel operating expenses | 10 | ( | ( | |||||
Charter hire expenses | - | ( | ( | |||||
Depreciation tangible assets | 12 | ( | ( | |||||
Depreciation intangible assets | 13 | ( | ( | |||||
General and administrative expenses | 10 | ( | ( | |||||
Total operating expenses | ( | ( | ||||||
RESULT FROM OPERATING ACTIVITIES | ||||||||
Finance income | 11 | |||||||
Finance expenses | 11 | ( | ( | |||||
Net finance expenses | ( | ( | ||||||
Share of profit (loss) of equity accounted investees (net of income tax) | 25 | ( | ||||||
PROFIT (LOSS) BEFORE INCOME TAX | ||||||||
Income tax benefit (expense) | - | ( | ||||||
PROFIT (LOSS) FOR THE PERIOD | ||||||||
Attributable to: | ||||||||
Owners of the company | 15 | |||||||
Basic earnings per share | 15 | |||||||
Diluted earnings per share | 15 | |||||||
Weighted average number of shares (basic) | 15 | |||||||
Weighted average number of shares (diluted) | 15 | |||||||
The accompanying notes on pages 13 to 51 are an integral part of these condensed interim financial statements |
CMB.TECH & Euronav | Financial Report 2024 |
7 |
Note | 2024 | 2023 | ||||||
Jan. 1 - Jun. 30, 2024 | Jan. 1 - Jun. 30, 2023 | |||||||
Profit/(loss) for the period | ||||||||
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 | - | ( | ||||||
Cash flow hedges - effective portion of changes in fair value | 14 | ( | ||||||
Equity-accounted investees - share of other comprehensive income | 25 | |||||||
Other comprehensive income (expense), net of tax | ( | |||||||
Total comprehensive income (expense) for the period | ||||||||
Attributable to: | ||||||||
Owners of the company | ||||||||
The accompanying notes on pages 13 to 51 are an integral part of these condensed interim financial statements | ||||||||
CMB.TECH & Euronav | Financial Report 2024 |
8 |
(in thousands of USD) | Note | Share capital | Share premium | Translation reserve | Hedging reserve | Treasury shares | Retained earnings | Total equity |
Balance at January 1, 2023 | ( | ( | ||||||
Profit (loss) for the period | — | — | — | — | — | — | ||
Total other comprehensive income (expense) | — | — | — | ( | — | ( | ||
Total comprehensive income (expense) | — | — | ( | — | ||||
Transactions with owners of the company | ||||||||
Dividends to equity holders | — | — | ( | — | — | — | ( | ( |
Treasury shares delivered in respect of share-based payment plans | — | — | — | — | — | — | ||
Equity-settled share-based payment | — | — | — | — | — | — | ( | ( |
Total transactions with owners | — | ( | — | — | ( | ( | ||
Balance at June 30, 2023 | ( |
CMB.TECH & Euronav | Financial Report 2024 |
9 |
Note | Share capital | Share premium | Translation reserve | Hedging reserve | Treasury shares | Retained earnings | Total equity | |
Balance at January 1, 2024 | ( | |||||||
Profit (loss) for the period | — | — | — | — | — | — | ||
Total other comprehensive income (expense) | 14 | — | — | ( | — | |||
Total comprehensive income (expense) | — | — | ( | — | ||||
Transactions with owners of the company | ||||||||
Business Combination | 24 | — | — | — | — | — | ( | ( |
Dividends to equity holders | 14 | — | ( | — | — | — | ( | ( |
Treasury shares acquired | 14 | — | — | — | — | ( | — | ( |
Total transactions with owners | — | ( | — | — | ( | ( | ( | |
Balance at June 30, 2024 | ( | ( | ||||||
The accompanying notes on pages 13 to 51 are an integral part of these condensed interim financial statements |
CMB.TECH & Euronav | Financial Report 2024 |
10 |
Note | 2024 | 2023 | ||||||
(in thousands of USD) | Jan. 1 - Jun. 30, 2024 | Jan. 1 - Jun. 30, 2023 | ||||||
Cash flows from operating activities | ||||||||
Profit (loss) for the period | ||||||||
Adjustments for: | ( | |||||||
Depreciation of tangible assets | 12 | |||||||
Depreciation of intangible assets | 13 | |||||||
Provisions | - | ( | ( | |||||
Income tax (benefits)/expenses | - | ( | ||||||
Share of profit of equity-accounted investees, net of tax | 25 | ( | ||||||
Net finance expense | 11 | |||||||
(Gain)/loss on disposal of assets | 12 | ( | ( | |||||
(Gain)/loss on disposal of subsidiaries | 9 | ( | ||||||
Changes in working capital requirements | ( | |||||||
Change in cash guarantees | - | ( | ( | |||||
Change in inventory | 21 | ( | ||||||
Change in receivables from contracts with customers | 22 | ( | ||||||
Change in accrued income | 22 | ( | ||||||
Change in deferred charges | 22 | ( | ||||||
Change in other receivables | 22 | ( | ||||||
Change in trade payables | 17 | |||||||
Change in accrued payroll | 17 | ( | ||||||
Change in accrued expenses | 17 | ( | ( | |||||
Change in deferred income | 17 | ( | ||||||
Change in other payables | - | ( | ||||||
Change in provisions for employee benefits | - | ( | ||||||
Income taxes paid during the period | - | ( | ( | |||||
Interest paid | - | ( | ( | |||||
Interest received | - | |||||||
Net cash from (used in) operating activities | ||||||||
Acquisition of vessels and vessels under construction | 12 | ( | ( | |||||
Proceeds from the sale of vessels | 12 | |||||||
Acquisition of other tangible assets | 12 | ( | ( | |||||
Acquisition of intangible assets | 13 | ( | ( | |||||
Proceeds from the sale of other (in)tangible assets | 12 | |||||||
Net cash on deconsolidation / sale of subsidiaries | - | |||||||
Investments in other companies | 20 | ( | ||||||
Net cash paid in business combinations and joint ventures | 24/25 | ( |
CMB.TECH & Euronav | Financial Report 2024 |
11 |
Lease payments received from finance leases | - | |||||||
Advances on proceeds from the sale of vessels | - | |||||||
Net cash from (used in) investing activities | ( | ( | ||||||
(Purchase of) Proceeds from sale of treasury shares | 14 | ( | ||||||
Proceeds from new borrowings | 16 | |||||||
Repayment of borrowings | 16 | ( | ( | |||||
Repayment of lease liabilities | 16 | ( | ( | |||||
Repayment of commercial paper | 16 | ( | ( | |||||
Repayment of sale and leaseback | 16 | ( | ( | |||||
Transaction costs related to issue of loans and borrowings | 16 | ( | ( | |||||
Dividends paid | 14 | ( | ( | |||||
Net cash from (used in) financing activities | ( | ( | ||||||
Net increase (decrease) in cash and cash equivalents | ( | ( | ||||||
Net cash and cash equivalents at the beginning of the period | - | |||||||
Effect of changes in exchange rates | - | ( | ||||||
Net cash and cash equivalents at the end of the period | - | |||||||
of which restricted cash | - | |||||||
The accompanying notes on pages 13 to 51 are an integral part of these condensed interim financial statements |
CMB.TECH & Euronav | Financial Report 2024 |
12 |
Note 1 - Reporting entity |
Note 2 - Basis of preparation |
Note 3 - Use of judgements and estimates |
Note 4 - Changes in significant accounting policies |
Note 5 - Changes in consolidation scope |
Note 6 - Significant events |
Note 7 - Segment reporting |
Note 8 - Assets held for sale and discontinued operations |
Note 9 - Revenue and other operating income |
Note 10 - Expenses for shipping activities |
Note 11 - Net finance expenses |
Note 12 - Property, plant and equipment |
Note 13 - Intangible assets |
Note 14 - Equity |
Note 15 - Earnings per share |
Note 16 - Interest-bearing loans and borrowings |
Note 17 - Trade and other payables |
Note 18 - Financial instruments |
Note 19 - Deferred tax assets and liabilities |
Note 20 - Non-current receivables |
Note 21 - Bunker inventory |
Note 22 - Trade and other receivables |
Note 23 - Provisions and contingencies |
Note 24 - Business Combination |
Note 25 - Investments |
Note 26 - Subsequent events |
Note 27 - Standards issued but not yet effective |
Note 28 - Statement on the true and fair view of the consolidated financial statements and the fair overview of the management report |
CMB.TECH & Euronav | Financial Report 2024 |
13 |
CMB.TECH & Euronav | Financial Report 2024 |
14 |
CMB.TECH & Euronav | Financial Report 2024 |
15 |
CMB.TECH & Euronav | Financial Report 2024 |
16 |
CMB.TECH & Euronav | Financial Report 2024 |
17 |
CMB.TECH & Euronav | Financial Report 2024 |
18 |
June 30, 2024 | ||||||||||
Marine | H2 Infra | Industry | Less: Eliminations | Total | ||||||
Euronav | Bocimar | Delphis | Bochem | Windcat | Other | |||||
Revenue | ||||||||||
Profit (loss) before income tax | ( | ( | ( | |||||||
Non-current assets | ( | |||||||||
Current assets | ( | |||||||||
TOTAL ASSETS | ( | |||||||||
Equity | ( | ( | ||||||||
Non-current liabilities | ( | |||||||||
Current liabilities | ( | |||||||||
TOTAL LIABILITIES | ( |
19 |
June 30, 2023 | |||
Marine | Less: Eliminations | Total | |
Euronav | |||
Revenue | |||
Profit (loss) before income tax | |||
December 31, 2023 | |||
Marine | Less: Eliminations | Total | |
Euronav | |||
Non-current assets | |||
Current assets | |||
TOTAL ASSETS | |||
Equity | |||
Non-current liabilities | |||
Current liabilities | |||
TOTAL LIABILITIES |
CMB.TECH & Euronav | Financial Report 2024 |
20 |
CMB.TECH & Euronav | Financial Report 2024 |
21 |
June 30, 2024 | June 30, 2023 | |||||||||||||
Marine | H2 INFRA | H2 INDUSTRY | Less: Eliminations | Total | Marine | Less: Eliminations | Total | |||||||
Euronav | Bocimar | Delphis | Bochem | Windcat | Other | Total | Euronav | |||||||
Pool Revenue | ||||||||||||||
Spot Voyages | ||||||||||||||
Revenue from contracts with customers | ||||||||||||||
Time Charters | ||||||||||||||
Lease income | ||||||||||||||
Total revenue | ||||||||||||||
Other income | ( |
CMB.TECH & Euronav | Financial Report 2024 |
22 |
For the six month period ended | ||||||
(in thousands of USD) | June 30, 2024 | June 30, 2023 | ||||
Commissions paid | ( | ( | ||||
Bunkers | ( | ( | ||||
Other voyage related expenses | ( | ( | ||||
Total voyage expenses and commissions | ( | ( | ||||
For the six month period ended | ||||||
(in thousands of USD) | June 30, 2024 | June 30, 2023 | ||||
Operating expenses | ( | ( | ||||
Insurance | ( | ( | ||||
Total vessel operating expenses | ( | ( | ||||
CMB.TECH & Euronav | Financial Report 2024 |
23 |
For the six month period ended | |||||||
(in thousands of USD) | June 30, 2024 | June 30, 2023 | |||||
Wages and salaries | ( | ( | |||||
Social security costs | ( | ( | |||||
Equity-settled share-based payments | |||||||
Activated costs | |||||||
Other employee benefits | ( | ( | |||||
Employee benefits | ( | ( | |||||
Administrative expenses | ( | ( | |||||
Tonnage Tax | ( | ( | |||||
Claims | ( | ( | |||||
Provisions | |||||||
Total general and administrative expenses | ( | ( | |||||
CMB.TECH & Euronav | Financial Report 2024 |
24 |
For the six month period ended | |||||
(in thousands of USD) | June 30, 2024 | June 30, 2023 | |||
Interest income | |||||
Change in fair value of fuel derivatives recognized in P&L | |||||
Foreign exchange gains | |||||
Finance income | |||||
Interest expense on financial liabilities measured at amortized cost | ( | ( | |||
Interest leasing | ( | ( | |||
Change in fair value of fuel derivatives recognized in P&L | ( | ||||
Fair value adjustment on interest rate swaps | |||||
Other financial charges | ( | ( | |||
Foreign exchange losses | ( | ( | |||
Finance expense | ( | ( | |||
Net finance expense recognized in profit or loss | ( | ( | |||
CMB.TECH & Euronav | Financial Report 2024 |
25 |
(in thousands of USD) | Note | Vessels | Vessels under construction | Right-of- use assets | Other tangible assets | Pre- payments | Total PPE |
At January 1, 2024 | |||||||
Cost | — | ||||||
Depreciation & impairment losses | — | ( | ( | ( | ( | ||
Net carrying amount | |||||||
Acquisitions | — | ||||||
Acquisitions through business combinations | 24 | ||||||
Disposals and cancellations | — | ( | ( | ( | ( | ||
Depreciation charges | — | ( | ( | ( | ( | ||
Transfer to assets held for sale | 8 | ( | ( | ||||
Transfers | — | ( | |||||
Exit from the consolidation scope | ( | ( | ( | ||||
Translation differences | — | ( | ( | ( | ( | ( | ( |
Balance at June 30, 2024 | |||||||
At June 30, 2024 | |||||||
Cost | — | ||||||
Depreciation & impairment losses | — | ( | ( | ( | ( | ||
Net carrying amount |
CMB.TECH & Euronav | Financial Report 2024 |
26 |
(in thousands of USD) | Note | Sale price | Book Value | Gain | Loss |
Cap Charles - Sale | — | ||||
At June 30, 2023 | |||||
Sale price | Book Value | Gain | Loss | ||
Alice - Sale | — | ||||
Anne - Sale | — | ||||
Aquitaine - Sale | — | ||||
Dominica - Sale | — | ||||
Desirade - Sale | — | ||||
Alboran - Sale | — | ||||
Aral - Sale | — | ||||
Andaman - Sale | — | ||||
Hatteras - Sale | — | ||||
Delos - Sale | — | ||||
Doris - Sale | — | ||||
Derius - Sale | — | ||||
Camus - Sale | — | ||||
Oceania - Sale | — | ||||
Noble - Sale | — | ||||
Nectar - Sale | — | ||||
Newton - Sale | — | ||||
CMA CGM Baikal - Sale | |||||
Corporate - Sale | |||||
At June 30, 2024 | |||||
CMB.TECH & Euronav | Financial Report 2024 |
27 |
CMB.TECH & Euronav | Financial Report 2024 |
28 |
(in thousands of USD) | Total | 2024 | 2025 | 2026 | 2027 | ||||||
Commitments in respect of: | |||||||||||
Tankers | |||||||||||
Dry bulk vessels | — | — | — | ||||||||
Container vessels | |||||||||||
Chemical tankers | |||||||||||
CSOVs | |||||||||||
Total | |||||||||||
CMB.TECH & Euronav | Financial Report 2024 |
29 |
(in thousands USD) | Note | Customer contracts | Other intangible assets | Total intangible assets | |||
At January 1, 2024 | |||||||
Cost | - | ||||||
Depreciation | - | ( | ( | ( | |||
Net carrying amount | |||||||
Acquisitions | - | ||||||
Acquisitions through business combinations | 24 | ||||||
Depreciation charges | - | ( | ( | ( | |||
Exit from the consolidation scope | - | ( | ( | ||||
Translation differences | - | ( | ( | ||||
Balance at June 30, 2024 | |||||||
At June 30, 2024 | |||||||
Cost | - | ||||||
Depreciation & impairment losses | - | ( | ( | ( | |||
Net carrying amount |
CMB.TECH & Euronav | Financial Report 2024 |
30 |
June 30, 2024 | ||||||
(in thousands of USD) | Notional Value | Fair Value - Assets | Fair Value - Liabilities | Change recognized in OCI | ||
Interest rate swaps | ||||||
USD | ||||||
June 30, 2023 | ||||||
(in thousands of USD) | Notional Value | Fair Value - Assets | Fair Value - Liabilities | Change recognized in OCI | ||
Interest rate swaps | ||||||
USD Pembroke | ||||||
USD Port Arthur | ( | |||||
USD | ( | |||||
USD | ||||||
USD | ||||||
USD loan | ||||||
Fx swaps | ||||||
Fx Euro hedges | ( | |||||
CMB.TECH & Euronav | Financial Report 2024 |
31 |
CMB.TECH & Euronav | Financial Report 2024 |
32 |
CMB.TECH & Euronav | Financial Report 2024 |
33 |
For the six month period ended | ||||||
June 30, 2024 | June 30, 2023 | |||||
Result for the period (in USD) | ||||||
Weighted average number of ordinary shares | ||||||
Basic earnings per share (in USD) |
(in shares) | Shares issued | Treasury shares | Shares outstanding | Weighted number of shares | |
On issue at January 1, 2024 | |||||
Issuance of shares | |||||
Purchases of treasury shares | ( | ( | |||
Withdrawal of treasury shares | |||||
Transfer of treasury shares | |||||
On issue at June 30, 2024 | |||||
(in shares) | June 30, 2024 | June 30, 2023 | ||||
Weighted average of ordinary shares outstanding (basic) | ||||||
Effect of share-based payment arrangements | ||||||
Weighted average number of ordinary shares (diluted) |
CMB.TECH & Euronav | Financial Report 2024 |
34 |
(in thousands of USD) | Note | Bank loans | Other Notes | Lease liabilities | Other borrowings | Total |
More than 5 years | — | |||||
Between 1 and 5 years | — | |||||
More than 1 year | ||||||
Less than 1 year | — | |||||
At January 1, 2024 | ||||||
New loans | — | |||||
Scheduled repayments | — | ( | ( | ( | ( | |
Early repayments | — | ( | ( | |||
Acquisitions through business combinations | 24 | |||||
Other changes | — | ( | ||||
Exit from the consolidation scope | — | ( | ( | |||
Translation differences | — | ( | ( | ( | ( | |
Balance at June 30, 2024 | ||||||
More than 5 years | — | |||||
Between 1 and 5 years | — | |||||
More than 1 year | ||||||
Less than 1 year | — | |||||
Balance at June 30, 2024 | ||||||
CMB.TECH & Euronav | Financial Report 2024 |
35 |
(in thousands of USD) | June 30, 2024 | December 31, 2023 | |||||||
Cur r. | Nominal interest rate | Year of mat. | Facility size | Drawn | Carrying value | Facility size | Drawn | Carrying value | |
Unsecured Revolving loan | EUR | SOFR + CAS + | 2026 | ( | |||||
Secured FSO loan | USD | SOFR + | 2030 | ||||||
Secured vessels loan Refi - Revolving facility | USD | SOFR + | 2028 | ( | |||||
Secured vessels loan Refi - Transition facility | USD | SOFR + | 2025 | ||||||
Secured vessels loan Refi - Newbuild facility | USD | SOFR + | 2028 | ||||||
Credit Line Belfius Windcat EUR | EUR | SOFR + | — | ||||||
Credit Line KBC Windcat EUR | EUR | SOFR + | — | ||||||
Loan BNPPF | EUR | Euribor + | 2037 | ||||||
Loan CEXIM I | USD | SOFR + | 2036 | ||||||
Loan CEXIM II | USD | SOFR + | 2035 | ||||||
Loan CEXIM III | USD | SOFR + | 2038 | ||||||
Loan KBC/Belfius Windcat EUR | EUR | Euribor + | 2027 | ||||||
Loan SocGen EUR | EUR | Euribor + | 2037 | ||||||
Loan SocGen EUR | EUR | Euribor + | 2033 | ||||||
Total interest-bearing bank loans | |||||||||
CMB.TECH & Euronav | Financial Report 2024 |
36 |
(in thousands of USD) | June 30, 2024 | December 31, 2023 | |||||||
Curr. | Nominal interest rate | Year of mat. | Facility size | Drawn | Carrying value | Facility size | Drawn | Carrying value | |
Unsecured notes | USD | 2026 | |||||||
Total other notes | |||||||||
CMB.TECH & Euronav | Financial Report 2024 |
37 |
(in thousands of USD) | June 30, 2024 | December 31, 2023 |
Less than one year | ||
Between one and five years | ||
More than five years | ||
Total future lease payables | ||
CMB.TECH & Euronav | Financial Report 2024 |
38 |
(in thousands of USD) | June 30, 2024 | December 31, 2023 | ||||
Derivatives | ||||||
Total non-current other payables | ||||||
Trade payables | ||||||
Accrued expenses | ||||||
Accrued payroll | ||||||
Dividends payable | ||||||
Deferred income | ||||||
Other payables | ||||||
Total current trade and other payables | ||||||
CMB.TECH & Euronav | Financial Report 2024 |
39 |
Carrying amount | Fair value | |||||||||||
(in thousands of USD) | Note | Fair value - Hedging instruments | Financial assets at amortized cost | Other financial liabilities | Total | Level 1 | Level 2 | Level 3 | Total | |||
December 31, 2023 | ||||||||||||
Financial assets measured at fair value | ||||||||||||
Forward exchange contracts | 22 | — | — | |||||||||
Interest rate swaps | 20-22 | — | — | |||||||||
— | — | |||||||||||
Financial assets not measured at fair value | ||||||||||||
Non-current receivables | 20 | — | — | |||||||||
Lease receivables | 20 | — | — | |||||||||
Trade and other receivables * | 22 | — | — | |||||||||
Cash and cash equivalents | — | — | — | |||||||||
— | — |
CMB.TECH & Euronav | Financial Report 2024 |
40 |
Financial liabilities measured at fair value | ||||||||||||
Interest rate swaps | 17 | — | — | |||||||||
— | — | |||||||||||
Financial liabilities not measured at fair value | ||||||||||||
Secured bank loans | 16 | — | — | |||||||||
Unsecured other notes | 16 | — | — | |||||||||
Other borrowings | 16 | — | — | |||||||||
Lease liabilities | 16 | — | — | |||||||||
Trade and other payables * | 17 | — | — | |||||||||
— | — |
CMB.TECH & Euronav | Financial Report 2024 |
41 |
Carrying amount | Fair value | |||||||||||||
(in thousands of USD) | Note | Fair value - Hedging instruments | Financial assets at amortized cost | Other financial liabilities | Total | Level 1 | Level 2 | Level 3 | Total | |||||
June 30, 2024 | ||||||||||||||
Financial assets measured at fair value | ||||||||||||||
Interest rate swaps | 20-22 | — | — | |||||||||||
— | — | |||||||||||||
Financial assets not measured at fair value | ||||||||||||||
Non-current receivables | 20 | — | — | |||||||||||
Lease receivables | 20 | — | — | |||||||||||
Trade and other receivables * | 22 | — | — | |||||||||||
Cash and cash equivalents | — | — | — | |||||||||||
— | — | |||||||||||||
Financial liabilities measured at fair value | ||||||||||||||
Forward exchange contracts | 16 | — | — | |||||||||||
— | — | |||||||||||||
Financial liabilities not measured at fair value | ||||||||||||||
Secured bank loans | 16 | — | — | |||||||||||
Unsecured bank loans | 16 | — | — | |||||||||||
Unsecured other notes | 16 | — | — | |||||||||||
Other borrowings | 16 | — | — | |||||||||||
Lease liabilities | 16 | — | — | |||||||||||
Trade and other payables * | 17 | — | — | |||||||||||
— | — | |||||||||||||
CMB.TECH & Euronav | Financial Report 2024 |
42 |
Financial instruments measured at fair value | |||||||
Type | Valuation Techniques | Significant unobservable inputs | |||||
Forward exchange contracts | Forward pricing: the fair value is determined using quoted forward exchange rates at the reporting date and present value calculations based on high credit quality yield curve in the respective currencies. | Not applicable | |||||
Interest rate swaps | Swap models: the fair value is calculated as the present value of the estimated future cash flows. Estimates of future floating-rate cash flows are based on quoted swap rates, futures prices and interbank borrowing rates. | Not applicable | |||||
Commodity derivatives | Fair value is determined based on the present value of the quoted forward price. | Not applicable | |||||
Financial instruments not measured at fair value | |||||||
Type | Valuation Techniques | Significant unobservable inputs | |||||
Non-current receivables (consisting primarily of shareholders' loans) | Discounted cash flow | Discount rate and forecasted cash flows | |||||
Lease receivables | Discounted cash flow | Discount rate | |||||
Other financial liabilities (consisting of secured and unsecured bank loans and lease liabilities) | Discounted cash flow | Discount rate | |||||
Other financial notes (consisting of unsecured notes) | List price | Not applicable | |||||
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Contractual cash flows December 31, 2023 | ||||||||||
(in thousands of USD) | Note | Carrying Amount | Total | Less than 1 year | Between 1 and 5 years | More than 5 years | ||||
Non derivative financial liabilities | ||||||||||
Bank loans and other notes | 16 | |||||||||
Other borrowings | 16 | |||||||||
Lease liabilities | 16 | |||||||||
Current trade and other payables * | 17 | |||||||||
Derivative financial liabilities | ||||||||||
Interest rate swaps | 17 | ( | ( | |||||||
( | ( | |||||||||
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Contractual cash flows June 30, 2024 | ||||||||||
(in thousands of USD) | Carrying Amount | Total | Less than 1 year | Between 1 and 5 years | More than 5 years | |||||
Non derivative financial liabilities | ||||||||||
Bank loans and other notes | 16 | |||||||||
Other borrowings | 16 | |||||||||
Lease liabilities | 16 | |||||||||
Current trade and other payables * | 17 | |||||||||
Derivative financial liabilities | ||||||||||
Interest rate swaps | 17 | ( | ||||||||
( |
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(in thousands of USD) | June 30, 2024 | December 31, 2023 | ||
Shareholders loans to joint ventures | ||||
Derivatives | ||||
Cash guarantees and deposits | ||||
Other non-current receivables | ||||
Lease receivables | ||||
Total non-current receivables | ||||
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(in thousands of USD) | June 30, 2024 | December 31, 2023 | ||||
Receivable from contracts with customers | ||||||
Receivable from contracts with customers - TI Pool | ||||||
Accrued income | ||||||
Accrued interest | ||||||
Deferred charges | ||||||
Deferred fulfillment costs | ||||||
Other receivables | ||||||
Lease receivables | ||||||
Derivatives | ||||||
Total trade and other receivables | ||||||
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(in thousands of USD) | Note | Onerous contract | Total | ||
At January 1, 2024 | |||||
Provisions used during the year | - | ( | ( | ||
Balance at June 30, 2024 | |||||
Non-current | - | ||||
Current | - | ||||
Total | |||||
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(in thousands of USD) | Note | ||||
Vessels | 12 | ||||
Assets under construction | 12 | ||||
Other tangible assets | 12 | ||||
Intangible assets | 13 | ||||
Investments in equity accounted investees | 25 | ||||
Receivables | - | ||||
Deferred tax assets | - | ||||
Current assets | - | ||||
Cash and cash equivalents | - | ||||
LT loans and borrowings | - | ( | |||
Provisions | - | ( | |||
Current liabilities | - | ( | |||
Total identifiable net assets acquired | |||||
(in thousands of USD) | |||||
Consideration transferred | - | ||||
Total identifiable net assets acquired | - | ||||
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(in thousands of USD) | June 30, 2024 | December 31, 2023 | ||||
Assets | ||||||
Interest in joint ventures | ||||||
TOTAL ASSETS | ||||||
ASSET | ||||
(in thousands of USD) | Investments in equity accounted investees | Shareholders loans | ||
Gross balance | ||||
Offset investment with shareholders loan | ( | |||
Balance at January 1, 2023 | ||||
Reversal prior year offset investment with shareholders loan | ( | |||
Group's share of profit (loss) for the period | ( | |||
Gross balance | ( | |||
Offset investment with shareholders loan | ( | |||
Balance at December 31, 2023 | ||||
Reversal prior year offset investment with shareholders loan | ( | |||
Group's share of profit (loss) for the period | ||||
Movement shareholders loans to joint ventures | ( | |||
Capital increase / (decrease) in joint ventures | ||||
Translation differences | ( | |||
Business combinations | ||||
Gross balance | ||||
Offset investment with shareholders loan | ( | |||
Balance at June 30, 2024 | ||||
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EURONAV NV | ||
(Registrant) | ||
Dated: August 13, 2024 | By: | /s/ Alexander Saverys |
Alexander Saverys | ||
Chief Executive Officer |
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