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 January 28, 2016 - 2:00 AM EST
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Euronav NV: Fourth Quarter Results 2015

ANTWERP, Belgium, January 28, 2016 /PRNewswire/ --

HIGHLIGHTS 

  • EBITDA USD 160.6 million: highest quarterly result since Q3 2008
  • Tanker fundamentals: remain healthy and look sustainable  
  • Ship sales: old vessels sold reducing average age of fleet

Euronav NV (NYSE: EURN & Euronext: EURN) ("Euronav" or the "Company") today reported its non-audited financial results for the fourth quarter and full year 2015.

     (Logo: http://photos.prnewswire.com/prnh/20150206/728388 )

Paddy Rodgers, CEO of Euronav said: "Recent capital market gyrations have oversold the crude tanker market which continues to be robust. With a lower oil price (it fell 18% during Q4 and further since year end) tanker freight nets back to higher results through a reduction in variable cost. Furthermore, one should expect additional stimulation of demand for crude and therefore for crude tankers over 2016. Current vessel supply is well spread over the next 3 years and should therefore be capable of being absorbed by the demand. The winter market started in Q4 with higher TCE averages than in any other quarter of 2015 and has even strengthened in Q1 2016. Consequently, management remains confident of further progress and committed to its policy of distributing 80% of net income excluding exceptional items such as gains on the disposal of vessels."


   

    The most important key figures (unaudited) are:

                                           Fourth      Fourth        Full        Full
    in thousands of                       Quarter     Quarter        Year        Year
    USD                                      2015        2014        2015        2014

    Revenue                               225,644     144,866     846,507     473,985
    Other operating Income                  1,154       4,853       7,426      11,411
    Voyage expenses and commissions       (15,956)    (27,176)    (71,237)   (118,303)
    Vessel operating expenses             (38,812)    (37,000)   (153,718)   (124,089)
    Charter hire expenses                  (6,438)    (10,014)    (25,849)    (35,664)
    General and administrative expenses   (16,122)    (12,286)    (46,251)    (40,565)
    Net Gain (loss) on disposal of
    tangible assets                        11,165       4,345       5,300       5,706
    EBITDA                                160,635      67,588     562,178     172,481
    Depreciation                          (54,896)    (47,894)   (210,206)   (160,954)
    EBIT (result from operating
    activities)                           105,739      19,694     351,972      11,527
    Net finance expenses                   (9,809)    (37,458)    (47,640)    (93,353)
    Share of profit (loss) of
    equity accounted investees             13,335       7,992      51,407      30,286
    Result before taxation                109,266      (9,772)    355,739     (51,540)
    Tax Benefit (Expense)                  (4,602)      5,837      (5,633)      5,743
    Profit (loss) for the period          104,664      (3,935)    350,106     (45,797)
    Attributable to: Owners of the
                     company              104,664      (3,935)    350,106     (45,797)
                     Non-controlling
                     interests                  -           -           -           -

    The contribution to the result is as follows

                                           Fourth      Fourth        Full        Full
    in thousands of                       Quarter     Quarter        Year        Year
    USD                                      2015        2014        2015        2014

    Tankers                                96,503     (11,243)    317,152     (75,250)
    FSO                                     8,162       7,308      32,954      29,453
    result after taxation                 104,665      (3,935)    350,106     (45,797)

    Information per share:

                                           Fourth        Fourth         Full         Full
    in USD per                            Quarter       Quarter         Year         Year
    share                                    2015          2014         2015         2014

    Weighted average number of shares
    (basic)*                          158,628,151   129,300,666  155,872,171  116,539,018
    EBITDA                                   1.01          0.52         3.61         1.48
    EBIT (operating result)                  0.67          0.15         2.26         0.10
    Result after taxation                    0.66         (0.03)        2.25        (0.39)

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. 

* The number of shares outstanding on 31 December 2015 is 159,208,949. 

The Company had a net profit of USD 104.7 million (fourth quarter 2014: net loss of USD -3.9 million) for the three months ended 31 December 2015 or USD 0.66 per share (fourth quarter 2014: USD -0.03 per share). EBITDA (a non IFRS-measure) for the fourth quarter 2015 was USD 160.6 million (fourth quarter 2014: USD 67.6 million). For the full year ending 31 December 2015, the preliminary net profit is USD 350.1 million (2014: USD -45.8 million) or USD 2.25 per share (2014: net loss of USD -0.39 per share).

If the Company had continued to apply the proportionate consolidation method for its joint ventures for the fourth quarter of 2015, the adjusted EBITDA (a non IFRS-measure) would have been USD 182.2 million (fourth quarter 2014: USD 84.5 million), the adjusted EBIT would have been USD 119.9 million (fourth quarter 2014: USD 29.3 million) and the profit for the period would have remained the same.

The average daily time charter equivalent rates (TCE, a non IFRS-measure) can be summarized as follows:


   
    In USD per day
                                       Fourth       Fourth         Full         Full
                                      quarter      quarter         year         year
                                         2015         2014         2015         2014
    VLCC
    Average spot rate (in TI pool)*    61,482       31,650       55,055       27,625
    Average time charter rate**        41,776       29,731       41,981       31,086
    SUEZMAX
    Average spot rate*                 41,596       24,248       41,686       23,382
    Average time-charter rate**        36,042       30,513       35,790       25,930

* Excluding technical offhire days

** Including profit share where applicable

EURONAV TANKER FLEET 

On 11 November 2015 the Company sold the Suezmax Cap Laurent (1998 - 146,145 dwt), for USD 22.25 million. The vessel was wholly owned by Euronav and one of its four oldest Suezmaxes. The capital gain on that sale of USD 11.1 million was recorded in the fourth quarter. The vessel was delivered to its new owner on 26 November 2015.

On 15 January 2016 the Company sold the VLCC Famenne (2001 - 298,412 dwt), one of its two oldest VLCC vessels, for USD 38.4 million. The vessel is wholly owned by Euronav. The capital gain on that sale of about USD 13.8 million will be recorded at delivery which is expected in the first quarter of 2016.

On 26 January 2016 Euronav took delivery of the second vessel of four VLCCs which were acquired as resales of existing newbuilding contracts as announced on 16 June 2015: the VLCC Alice (2016 - 343,057 dwt).

CORPORATE 

On 3 December 2015 Carl Steen was appointed Chairman of the Board of Directors of Euronav. This change is part of a process to further increase the independence and diversification of the Board as the Company has completed its migration to an independent public company with a highly liquid share and a wide shareholder base. As from that date, the Board of Directors comprises Carl Steen (Chairman), Daniel Bradshaw, Ludwig Criel, Alexandros Drouliscos, Anne-Hélène Monsellato, John Michael Radziwill, Paddy Rodgers, Ludovic Saverys, William (Bill) Thomson and Alice Wingfield Digby.

On the finance side, Euronav is fully funded in its current structure and retains a strong conviction that tanker markets are well balanced. The last two VLCCs to be delivered in March 2016 and May 2016 have a combined remaining capex of USD 130.6 million (as at 1 January 2016). With the vast majority of its fleet currently on the water, Euronav is ideally positioned to benefit from this positive freight market environment and will remain disciplined as good steward of shareholder capital.

DIVIDEND  

The final audited results for the year 2015 and the final dividend will be announced at the end of March 2016. The dividend will then need to be approved at the subsequent Annual General Meeting of Shareholders in May.

SHARE BUY BACK  

As reported on 26 January 2016, Euronav has bought back 500,000 shares at an average cost of EUR 9.5256 per share. The Board of Directors remains authorized to buy shares back. The extent to which it does and the timing of these purchases will depend upon a variety of factors, including market conditions, regulatory requirements and other corporate considerations.   

TANKER MARKET 

The fourth quarter saw the return of high volatility of freight rates. Such volatility occurs when the balance between demand and supply is very tight. This is a positive structure for tanker owners. This current market positioning looks sustainable and provides management with a positive outlook.

Demand for crude oil remains firm with current consensus (source: IEA) projecting around 1.2m bpd of additional demand of oil in 2016. Whilst this is lower than the 1.6m bpd delivered in 2015 it is worth noting that, at this stage last year, forecasts were set at 0.9m bpd for 2015. Since the OPEC meeting in early December and the setting of these projections, the oil price has fallen by more than a third. This could potentially bring additional demand to that already forecast.

Whilst the order book growth slowed dramatically since the end of Q3 for both VLCC and Suezmax sectors, the order book itself requires constant monitoring and assessment. This is a critical issue and Euronav would like to point out three thoughts. First, in 2016, the delivery schedule for VLCCs is heavily skewed toward the latter half of the year. Second, based on the current forecasted oil demand and scheduled deliveries of newbuildings, demand and supply are broadly in equilibrium and should remain so. Third, whilst scrapping is expected to be extremely modest when markets are strong, the average 20 year life for a crude tanker implies a natural level of attrition (5% per annum) in the global fleet.

The return of Iran to the global oil markets was confirmed with the lifting of certain sanctions on 17 January 2016. Whilst an important development, we believe it will take time for this impact to be properly felt. We expect the effect will largely be neutral to positive for the tanker sector for two reasons. First, it should be noted that half of the Iranian fleet (circa 40 VLCCs in total) continued to trade mostly to the Far East between 2012-2015. The part of the Iranian fleet (which is not too old) that effectively returns should therefore absorb the anticipated increase in Iranian crude production for export. Second, snapback provisions in the sanctions lifting agreement and other financial dollar based restrictions will take time to be lifted in full, implying full integration of Iran will be over a prolonged period.

The timing of the repeal of the USA crude export ban in December was unexpected but at the same time welcomed. Rather like the Iranian situation management's view is that this development will add incremental ton-miles but will need time to take effect given the current lack of loading infrastructure required in the USA.

OUTLOOK  

Typically, the fourth quarter is seasonally the strongest quarter during the tanker calendar year and 2015 proved this again. This reflects the strong fundamentals that underpin the crude tanker sector currently and which Euronav believes has structural support to drive the market for several years.

So far in the first quarter of 2016 the Euronav VLCC fleet operated in the Tankers International pool has earned about USD 75,000 per day and 46% of the available days have been fixed. Euronav's Suezmaxes trading on the spot market have earned about USD 41,000 per day on average with 47% of the available days fixed for the first quarter.

Euronav is well positioned to benefit from the strong tanker industry fundamentals in place. An established dividend distribution policy maximizes returns to shareholders backed by an active approach toward fleet portfolio management and provides the group with a discipline for future growth opportunities.  

With a constructive structure of crude oil demand, supported by oil prices at twelve year lows and a manageable vessel supply pipeline, Euronav believes that the outlook remains positive for the tanker sector. Euronav now has 56 vessels on the water with two VLCCs to be delivered by May 2016. With its fleet fully financed, Euronav has no funding requirements going forward and is supported by a proven management team, strict capital discipline and an established dividend distribution policy.  

CONFERENCE CALL  

Euronav will host a conference call at 9:30 a.m. EST / 3:30 p.m. CET on Thursday 28 January 2016 to discuss the results for the fourth quarter 2015.

The call will be a webcast with an accompanying slideshow. You can find details of this conference call below and on the "Investors" page of Euronav's website at http://investors.euronav.com.  


   
    Webcast Information
    Event Type:       Audio webcast with user-controlled slide presentation
    Event Date:       28 January 2016
    Event Time:       9:30 a.m. EST / 3:30 p.m. CET
    Event Title:     "Euronav Q4 2015 Earnings Call"

    Event Site/URL   http://services.choruscall.com/links/euronav160128.html

Telephone participants may avoid any delays by pre-registering for the call using the following link to receive a special dial-in number and PIN conference call registration link: http://dpregister.com/10077222. Pre-registration fields of information to be gathered: name, company, email.

Telephone participants located in the U.S. who are unable to pre-register may dial in to 001-877-328-5501 on the day of the call. Others may use the international dial-in number 001-412-317-5471.

A replay of the call will be available until 5 February 2016, beginning at 11:30 a.m. EST / 5:30 p.m. CET on 28 January 2016 by dialing 001-877-344-7529 or 001-412-317-0088 and referencing the conference number 10077222.

Forward-Looking Statements  

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe", "anticipate", "intends", "estimate", "forecast", "project", "plan", "potential", "may", "should", "expect", "pending" and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the United States Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

Announcement of final year results 2015: Thursday 31 March 2016 

About Euronav 

Euronav is an independent tanker company engaged in the ocean transportation and storage of crude oil and petroleum products. The Company is headquartered in Antwerp, Belgium, and has offices throughout Europe and Asia. Euronav is listed on Euronext Brussels and on the NYSE under the symbol EURN. Euronav employs its fleet both on the spot and period market. VLCCs on the spot market are traded in the Tankers International pool of which Euronav is one of the major partners. Euronav's owned and operated fleet consists of 56 double hulled vessels being one V-Plus vessel, 29 VLCCs (of which 1 in 50%-50% joint venture), two VLCCs under construction which were recently acquired as resales of existing newbuilding contracts, 22 Suezmaxes (of which four 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)

                                            December 31, 2015     December 31, 2014
    ASSETS

    Current assets
    Trade and other receivables                       219,080               194,733
    Current tax assets                                    114                    36
    Cash and cash equivalents                         131,663               254,086
    Non-current assets held for sale                   24,195                89,000

    Total current assets                              375,052               537,855

    Non-current assets
    Vessels                                         2,288,036             2,258,334
    Assets under construction                          93,890                     -
    Other tangible assets                               1,048                 1,226
    Prepayments                                             2                16,601
    Intangible assets                                     238                    29
    Receivables                                       259,908               258,447
    Investments in equity-accounted investees          21,452                17,332
    Deferred tax assets                                   935                 6,536

    Total non-current assets                        2,665,509             2,558,505

    TOTAL ASSETS                                    3,040,561             3,096,360

    EQUITY and LIABILITIES

    Current Liabilities
    Trade and other payables                           79,078               125,555
    Tax liabilities                                         1                     1
    Bank loans                                        102,419               146,303
    Convertible and other Notes                             -                23,124
    Provisions                                            406                   412

    Total current liabilities                         181,904               295,395

    Non-current liabilities
    Bank loans                                        950,029             1,088,026
    Convertible and other Notes                             -               231,373
    Other payables                                        590                   489
    Deferred tax liabilities                                -                     -
    Employee benefits                                   2,048                 2,108
    Amounts due to equity-accounted joint ventures          -                 5,880
    Provisions                                            436                   381

    Total non-current liabilities                     953,103             1,328,257

    Equity
    Share capital                                     173,046               142,441
    Share premium                                   1,215,227               941,770
    Translation reserve                                   (50)                  379
    Hedging reserve                                         -                     -
    Treasury shares                                   (12,283)              (46,062)
    Other equity interest                                   -                75,000
    Retained earnings                                 529,614               359,180

    Equity attributable to owners of the Company    1,905,554             1,472,708

    TOTAL EQUITY and LIABILITIES                    3,040,561             3,096,360


   
                      Condensed consolidated statement of profit or loss
                        (in thousands of USD except per share amounts)

                                                               2015                    2014
                                             Jan. 1 - Dec. 31, 2015  Jan. 1 - Dec. 31, 2014
    Shipping revenue
    Revenue                                                 846,507                 473,985
    Gains on disposal of vessels/other tangible assets       13,302                  13,122
    Other operating income                                    7,426                  11,411
    Total shipping revenue                                  867,235                 498,518

    Operating expenses
    Voyage expenses and commissions                         (71,237)               (118,303)
    Vessel operating expenses                              (153,718)               (124,089)
    Charter hire expenses                                   (25,849)                (35,664)
    Losses on disposal of vessels/other tangible assets      (8,002)                      -
    Impairment on non-current assets held for sale                -                  (7,416)
    Depreciation tangible assets                           (210,156)               (160,934)
    Depreciation intangible assets                              (50)                    (20)
    General and administrative expenses                     (46,251)                (40,565)
    Total operating expenses                               (515,263)               (486,991)

    RESULT FROM OPERATING ACTIVITIES                        351,972                  11,527

    Finance income                                            3,302                   2,617
    Finance expenses                                        (50,942)                (95,970)
    Net finance expenses                                    (47,640)                (93,353)

    Share of profit (loss) of equity accounted
    investees (net of income tax)                            51,407                  30,286

    PROFIT (LOSS) BEFORE INCOME TAX                         355,739                 (51,540)

    Income tax benefit (expense)                             (5,633)                  5,743

    PROFIT (LOSS) FOR THE PERIOD                            350,106                 (45,797)

    Attributable to:
    Owners of the company                                   350,106                 (45,797)

    Basic earnings per share                                   2.25                   (0.39)
    Diluted earnings per share                                 2.22                   (0.39)

    Weighted average number of shares (basic)           155,872,171             116,539,018
    Weighted average number of shares (diluted)         157,529,562             116,539,018

                   Condensed consolidated statement of comprehensive income
                        (in thousands of USD except per share amounts)

    Profit/(loss) for the period                            350,106                 (45,797)

    Other comprehensive income, net of tax
    Items that will never be reclassified to profit or loss:
    Remeasurements of the defined benefit liability (asset)     (44)                   (393)

    Items that are or may be reclassified to profit or loss:
    Foreign currency translation differences                   (429)                   (567)
    Cash flow hedges - effective portion of
    changes in fair value                                         -                   1,291
    Equity-accounted investees - share of
    other comprehensive income                                1,610                   2,106

    Other comprehensive income, net of tax                    1,136                   2,437

    Total comprehensive income for the period               351,242                 (43,360)

    Attributable to:
    Owners of the company                                   351,242                 (43,360)



                    Condensed consolidated statement of changes in equity
                        (in thousands of USD except per share amounts)
   
                                                Share            Share   Translation
                                              capital          premium       reserve
    Balance at January 1, 2014                 58,937          365,574           946

    Profit (loss) for the period                    -                -             -
    Total other comprehensive income                -                -          (567)
    Total comprehensive income                      -                -          (567)

    Transactions with owners of the company
    Issue of ordinary shares                   53,119          421,881             -
    Issue and conversion convertible Notes     20,103           89,597             -
    Issue and conversion perpetual
    convertible preferred equity               10,282           64,718             -
    Equity-settled share-based payment              -                -             -
    Total transactions with owners             83,504          576,196             -

    Balance at December 31, 2014              142,441          941,770           379

                                                Share            Share   Translation
                                              capital          premium       reserve
    Balance at January 1, 2015                142,441          941,770           379

    Profit (loss) for the period                    -                -             -
    Total other comprehensive income                -                -          (429)
    Total comprehensive income                      -                -          (429)

    Transactions with owners of the company
    Issue of ordinary shares                   20,324          208,738             -
    Issue and conversion convertible Notes          -                              -
    Issue and conversion perpetual
    convertible preferred equity               10,281           64,719             -
    Dividends to equity holders                     -                -             -
    Treasury shares                                 -                -             -
    Equity-settled share-based payment              -                -             -
    Total transactions with owners             30,605          273,457             -

    Balance at December 31, 2015              173,046        1,215,227           (50)

(table cont.)

   

                                              Hedging         Treasury      Retained
                                              reserve           shares      earnings
     Balance at January 1, 2014                (1,291)         (46,062)      422,886

     Profit (loss) for the period                   -                -       (45,797)
     Total other comprehensive income           1,291                -         1,713
     Total comprehensive income                 1,291                -       (44,084)
     Transactions with owners of the company
     Issue of ordinary shares                       -                -       (12,694)
     Issue and conversion convertible Notes         -                -        (7,422)
     Issue and conversion perpetual
     convertible preferred equity                   -                -        (3,500)
     Equity-settled share-based payment             -                -         3,994
     Total transactions with owners                 -                -       (19,622)

     Balance at December 31, 2014                   -          (46,062)      359,180

                                              Hedging         Treasury      Retained
                                              reserve           shares      earnings
     Balance at January 1, 2015                     -          (46,062)      359,180

     Profit (loss) for the period                   -                -       350,106
     Total other comprehensive income               -                -         1,565
     Total comprehensive income                     -                -       351,671

     Transactions with owners of the company
     Issue of ordinary shares                       -                -       (19,357)
     Issue and conversion convertible Notes         -                -             -
     Issue and conversion perpetual
     convertible preferred equity                   -                -             -
     Dividends to equity holders                    -                -      (138,001)
     Treasury shares                                -           33,779       (25,516)
     Equity-settled share-based payment             -                -         1,637
     Total transactions with owners                 -           33,779      (181,237)

     Balance at December 31, 2015                   -          (12,283)      529,614

(table cont.)


                                                                 Other
                                          Capital and           equity         Total
                                             reserves         interest        equity
    Balance at January 1, 2014                800,990                -       800,990

    Profit (loss) for the period              (45,797)               -       (45,797)
    Total other comprehensive income            2,437                -         2,437
    Total comprehensive income                (43,360)               -       (43,360)

    Transactions with owners of the company
    Issue of ordinary shares                  462,306                -       462,306
    Issue and conversion convertible Notes    102,278                -       102,278
    Issue and conversion perpetual
    convertible preferred equity               71,500           75,000       146,500
    Equity-settled share-based payment          3,994                -         3,994
    Total transactions with owners            640,078           75,000       715,078

    Balance at December 31, 2014            1,397,708           75,000     1,472,708

                                                                 Other
                                          Capital and           equity         Total
                                             reserves         interest        equity
    Balance at January 1, 2015              1,397,708           75,000     1,472,708

    Profit (loss) for the period              350,106                -       350,106
    Total other comprehensive income            1,136                -         1,136
    Total comprehensive income                351,242                -       351,242

    Transactions with owners of the company
    Issue of ordinary shares                  209,705                -       209,705
    Issue and conversion convertible Notes          -                -             -
    Issue and conversion perpetual
    convertible preferred equity               75,000          (75,000)            -
    Dividends to equity holders              (138,001)               -      (138,001)
    Treasury shares                             8,263                -         8,263
    Equity-settled share-based payment          1,637                -         1,637
    Total transactions with owners            156,604          (75,000)       81,604

    Balance at December 31, 2015            1,905,554                -     1,905,554


   
                    Condensed consolidated statement of cash flows
                    (in thousands of USD except per share amounts)

                                                        2015                          2014
                                      Jan. 1 - Dec. 31, 2015         Jan.1 - Dec. 31, 2014
    Cash flows from operating activities
    Profit (loss) for the period                     350,106                       (45,797)

    Adjustments for:                                 208,500                       217,410
    Depreciation of tangible assets                  210,156                       160,934
    Depreciation of intangible assets                     50                            20
    Impairment on non-current assets held for sale         -                         7,416
    Provisions                                            91                           840
    Tax benefits (expenses)                            5,633                        (5,743)
    Share of profit of equity-accounted
    investees, net of tax                            (51,407)                      (30,286)
    Net finance expense                               47,640                        93,353
    Capital gain (loss) on disposal
    of assets                                         (5,300)                      (13,118)
    Equity-settled share-based
    payment transactions                               1,637                         3,994

    Changes in working capital requirements          (57,692)                     (112,280)
    Change in cash guarantees                              1                          (658)
    Change in trade receivables                       12,330                       (23,755)
    Change in accrued income                         (13,175)                       (8,577)
    Change in deferred charges                        11,090                        (2,124)
    Change in other receivables                      (34,654)                      (64,299)
    Change in trade payables                           1,190                       (10,512)
    Change in accrued payroll                            255                           166
    Change in accrued expenses                        (1,649)                        9,581
    Change in deferred income                          6,612                        (2,016)
    Change in other payables                         (39,800)                      (10,171)
    Change in provisions for
    employee benefits                                    108                            85

    Income taxes paid during the period                 (109)                           67
    Interest paid                                    (50,810)                      (54,449)
    Interest received                                    262                           421
    Dividends received from
    equity-accounted investees                           275                         9,410

    Net cash from (used in) operating
    activities                                       450,532                        14,782

    Acquisition of vessels                          (351,596)                   (1,053,939)
    Proceeds from the sale of vessels                112,890                       123,609
    Acquisition of other tangible assets              (8,289)                     (123,188)
    Acquisition of intangible assets                    (258)                          (19)
    Proceeds from the sale of other
    (in)tangible assets                                   95                            22
    Loans from (to) related parties                   39,785                        29,508
    Proceeds of disposals of joint
    ventures, net of cash disposed                     1,500                         1,000
    Purchase of joint ventures, net of
    cash acquired                                          -                             -

    Net cash from (used in)
    investing activities                            (205,873)                   (1,023,007)

    Proceeds from issue of share capital             229,063                       475,000
    Transaction costs related to issue
    of share capital                                 (19,357)                      (12,694)
    Proceeds from issue of perpetual
    convertible preferred equity                           -                       150,000
    Transaction costs related to issue
    perpetual convertible preferred equity                 -                        (3,500)
    Proceeds from sale of treasury shares              8,263                             -
    Proceeds from new long-term borrowings           695,770                     1,395,392
    Repayment of long-term borrowings             (1,132,371)                     (799,891)
    Transaction costs related to issue
    of loans and borrowings                           (8,680)                      (15,284)
    Dividends paid                                  (138,003)                           (2)

    Net cash from (used in)
    financing activities                            (365,315)                    1,189,021

    Net increase (decrease) in cash
    and cash equivalents                            (120,656)                      180,796

    Net cash and cash equivalents at the
    beginning of the period                          254,086                        74,309
    Effect of changes in exchange rates               (1,767)                       (1,019)

    Net cash and cash equivalents at the
    end of the period                                131,663                       254,086

SOURCE Euronav NV


Source: PR Newswire (January 28, 2016 - 2:00 AM EST)

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