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 October 29, 2015 - 3:16 AM EDT
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Euronav NV: Third Quarter Results 2015

ANTWERP, Belgium, October 29, 2015 /PRNewswire/ --

HIGHLIGHTS 

  • EBITDA (before non-recurring items) USD 135.9m - strongest Q3 since 2008
  • Decision not to exercise options for 4 VLCCs - value of options written off
  • Resilient quarter for VLCC and Suezmax rates despite seasonal expectations
  • Delivery of first VLCC (the Antigone) from acquisition announced in June (1st of 4)
  • New credit facility agreed covering 50% of fleet; Euronav fully funded

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

Euronav NV (NYSE: EURN & Euronext: EURN) ("Euronav" or the "Company") today reported its non-audited financial results for the three months ended 30 September 2015.

Paddy Rodgers, CEO of Euronav said: "The positive thesis for the tanker sector started in early 2014 continues to evolve as expected. The four key drivers of our business: robust demand for crude oil, moderate vessel supply, high supply of oil and continued ton-mile expansion - all delivered further gains in what is usually a seasonally weak quarter. This resilience of the thesis was demonstrated with a strong recovery in the freight market after a number of external factors simultaneously impacted the market during August. The winter market has started very strongly. Euronav remains committed to its policy of distributing 80% of net income."


   
    The most important key figures are:

                                                   First    Third
                                                Semester  Quarter Year-to-Date Year-to-Date
    in thousands of USD                             2015     2015         2015         2014

    Revenue                                      416,529  204,334      620,863      329,119
    Other operating Income                         4,296    1,976        6,272        6,558

    Voyage expenses and commissions              (37,665) (17,616)     (55,281)     (91,127)
    Vessel operating expenses                    (76,779) (38,126)    (114,905)     (87,088)
    Charter hire expenses                        (13,726)  (5,685)     (19,411)     (25,650)
    General and administrative expenses          (21,126)  (9,004)     (30,130)     (28,278)
    Net Gain (loss) on disposal of tangible
    assets                                         2,126   (7,991)      (5,865)       1,361

    EBITDA                                       273,655  127,888      401,543      104,895

    Depreciation                                (101,699) (53,611)    (155,310)    (113,059)
    EBIT (result from operating activities)      171,956   74,277      246,233       (8,164)

    Net finance expenses                         (27,035) (10,797)     (37,832)     (55,895)
    Share of profit (loss) of equity accounted
    investees                                     25,015   13,056       38,071       22,294
    Result before taxation                       169,936   76,536      246,472      (41,767)

    Tax Benefit (Expense)                          3,315   (4,346)      (1,031)         (94)
    Profit (loss) for the period                 173,251   72,190      245,441      (41,861)

    Attributable to: Owners of the company       173,251   72,190      245,441      (41,861)
                     Non-controlling interests         -        -            -            -


   
    The contribution to the result is as follows

                                              First       Third
                                           Semester     Quarter Year-to-Date Year-to-Date
    in thousands of USD                        2015        2015         2015         2014

    Tankers                                 156,625      64,025      220,650      (64,006)
    FSO                                      16,626       8,165       24,791       22,145
    result after taxation                   173,251      72,190      245,441      (41,861)

    Information per share:

                                              First       Third
                                           Semester     Quarter Year-to-Date Year-to-Date
    in USD per share                           2015        2015         2015         2014

    Weighted average number
    of shares (basic) *                 153,071,800 158,625,615  154,943,416  112,238,388
    EBITDA                                     1.79        0.81         2.59         0.93
    EBIT (operating result)                    1.12        0.47         1.59        (0.07)
    Result after taxation                      1.13        0.46         1.58        (0.37)

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 30 September 2015 is 159,208,949. 

For the third quarter 2015 the Company had a net result of USD 72.2 million (third quarter 2014: USD -20.6 million) or USD 0.46 per share (third quarter 2014: USD -0.16 per share). EBITDA (a non-IFRS measure) for the same period was USD 127.9 million (third quarter 2014: USD 36.3 million).

If the Company had continued to apply the proportionate consolidation method for its joint ventures for the third quarter of 2015, the adjusted EBITDA would have been USD 149.7 million (third quarter 2014: USD 53 million), the adjusted EBIT would have been USD 88.7 million (third quarter 2014: USD 0.3 million) and the result after taxation 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                  
                                         Third quarter   Third quarter
                                             2015             2014
    VLCC
    Average spot rate (in TI pool)          52,368           24,661
    Average time charter rate*              43,516           30,189

    Suezmax
    Average spot rate**                     40,048           21,737
    Average time charter rate*              30,944           21,168

* Including profit share where applicable

** Excluding technical offhire days

CORPORATE 

On 19 August 2015 the Company signed a new USD 750 million senior secured amortizing revolving credit facility for the purpose of (i) refinancing 21 vessels; and (ii) financing four VLCCs which were recently acquired as resales of existing newbuilding contracts announced on 16 June 2015 as well as (iii) Euronav's general corporate and working capital purposes. The facility which was 1.35 times oversubscribed refinances two existing facilities: the USD 750 million loan agreement dated 22 June 2011 and the USD 65 million facility signed on 23 December 2011.

As mentioned in the press release of 16 June 2015 reporting the acquisition of four VLCCs, the Company was also granted an option to acquire a further four VLCCs with delivery windows late 2016 and 2017. These late delivery windows were the reason for management to sign an option rather than including these vessels in the acquisition at that time. The value of the option was to have a sort of hedge against any significant vessel price inflation, which in the meantime has not materialised. After careful consideration, the Board has decided not to exercise the option to purchase four VLCCs. As a consequence, the value of these options has been written off to zero and a USD 8 million non-recurring charge (non-cash) has been taken for Q3.

The remaining capex linked to the three VLCCs that will be delivered early 2016 is USD 195.9 million. Including these three outstanding VLCCs, Euronav is fully funded in its current structure and retains a strong conviction that tanker markets are undergoing a sustained and structural recovery in freight rates. With the vast majority of our fleet currently on the water, Euronav is ideally positioned to benefit from this positive freight market environment but will also remain disciplined as stewards of shareholder capital. The Board believes this course of action is in the best interests of all stakeholders.  

EURONAV TANKER FLEET 

On 25 September 2015 Euronav took delivery of the first vessel of four VLCCs which were recently acquired as resales of existing newbuilding contracts announced on 16 June 2015: the Antigone (2015 - 299,421 dwt).

TANKER MARKET 

Compared with the third quarter 2014, VLCC earnings on the spot market are up 112% for the third quarter.

The quarter was remarkable for the underlying strength of freight rates in what is usually a seasonally weak period. The strength of rates during July and September was the key feature of the Q3 tanker market. A number of factors simultaneously impacted the freight market in August which saw a short, sharp correction - principally in VLCC rates - but such is the strength of the current market fundamentals. This "correction" lasted just five weeks.

August saw a weak patch in freight rates due to (a) crude cargo imports to China and exports from Iraq being slower than usual; (b) owner behaviour on pricing which had been consistently resolute during 2015 giving way temporarily to lower rate setting; (c) low season for cargoes and high season for refinery maintenance and (d) increased number of vessels available as a result of re-letting/speeding up.

Four key drivers of the tanker sector remain positively structured in both the short and medium term. Firstly, ton-mile expansion continues with new longer trade routes, such as Latin America to Far East becoming more frequent.  

Secondly, despite some evidence of US production (shale) marginally declining, global crude oil supply continues to push higher. During the quarter Kuwait, Saudi Arabia, Iraq and Russia all delivered record output. Quite simply more oil produced means more cargoes to be transported or stored.

Thirdly, global oil demand projections remain at elevated levels despite some recent adjustment. The IEA currently forecasts demand growth for 2015 at 1.8m bpd moving to 1.2m bpd for 2016.

Fourthly, whilst the order book - primarily for VLCCs - has continued to grow, the overall build has remained modest by historical standards. Given the average 20 year life of a crude tanker it is often overlooked that there is a natural level of attrition (3-5% per annum) in the global fleet - indicating that a total order book to fleet ratio of 15-20% is manageable.

In addition, over Q2 and Q3 Euronav believes there has been a portion of the VLCC order book which has been accelerated in order to avoid complying with incoming environmental legislation which is applicable from January 2016. Any vessel where the keel is laid after 1 January 2016 must comply with Tier 3 legislation on Nitrogen Oxide emissions. This has had the effect of accelerating newbuilding orders so as to avoid the potential increased costs derived from this new legislation. Euronav retains its view that every new order at the shipyard is value destructive if it is not linked to the direct scrapping of a similar ship or to a long term time charter contract.

A great deal of commentary exists over China. Euronav believes it is important to look at the three key factors when assessing China. Firstly, China imports around 7 million barrels of crude per day. This is a large baseload of demand. Secondly, as the economy deliberately transitions from an industrial to a consumer-based model the demand for crude should be relatively constant. Lastly, the crude tanker sector benefits from two important and supportive drivers - the return of the "teapot" refineries to western markets (before summer 2015 "teapot" or smaller refineries were restricted to purchasing only domestic crude) and building of the Chinese SPR (Strategic Petroleum Reserve). These should underpin further steady crude demand growth from China into the medium term.

As discussed in our Q2 commentary, the theme of port congestion persists. This is taking capacity out of the market and is primarily driven by excess supply of crude unable to find storage on shore. This feature is now largely recognised through higher demurrage rates factored in the commercial structure of freight rates.

OUTLOOK 

Traditionally, the third quarter is seasonally the weakest during the tanker calendar year. However, 2015 saw the average Q3 rates for VLCC and Suezmax broadly in line with Q1 and Q2 and specific cargo rates have hit a seven-year high in the early part of Q4. 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 fourth quarter the Euronav VLCC fleet operated in the Tankers International pool has earned about USD 65,000 per day and over 46% of the available days have been fixed. Euronav's Suezmaxes trading on the spot market have earned about USD 34,600 per day on average with 61% of the available days fixed for the fourth quarter.

Euronav now has 54 vessels on the water with three VLCCs to be delivered in early 2016. With our fleet fully and conservatively financed Euronav has no funding requirements going forward and is well positioned to profit from the strong tanker industry fundamentals in place for at least the next 12 months. An established dividend distribution policy maximizes returns and provides management with a discipline for future growth opportunities.  

CONFERENCE CALL  

Euronav will host a conference call at 9:30 a.m. EST / 2:30 p.m. CET on Thursday 29 October 2015 to discuss the results for the quarter.

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:         29 October 2015
    Event Time:         9:30 a.m. EST / 2:30 p.m. CET
    Event Title:        "Euronav Q3 2015 Earnings Call"
    Event Site/URL      http://services.choruscall.com/links/euronav151029

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/10074160. Pre-registration fields of information to be gathered: name, company, email.

Telephone participants who are unable to pre-register may dial in to 001-877-328-5501 on the day of the call. The international dial-in number is 001-412-317-5471.

A replay of the call will be available until 5 November 2015, beginning at 11:30 a.m. EST / 4:30 p.m. CET on 29 October 2015 by dialing 001-877-344-7529 or 001-412-317-0088 and referencing the conference number 10074154.

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 fourth quarter results 2015: Thursday 28 January 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 57 double hulled vessels being one V-Plus vessel, 28 VLCCs (of which 1 in 50%-50% joint venture), three VLCCs under construction which were recently acquired as resales of existing newbuilding contracts, 23 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 interim financial statements 

for the nine months period ended September 30, 2015 


   

                    Condensed consolidated statement of financial position
                       (in thousands of USD except per share amounts)


   

                                                   September 30, 2015 December 31, 2014
    ASSETS

    Current assets
    Trade and other receivables                               208,584           194,733
    Current tax assets                                             33                36
    Cash and cash equivalents                                 173,442           254,086
    Non-current assets held for sale                                -            89,000

    Total current assets                                      382,059           537,855

    Non-current assets
    Vessels                                                 2,368,008         2,258,334
    Assets under construction                                  92,609                 -
    Other tangible assets                                       1,147             1,226
    Prepayments                                                     1            16,601
    Intangible assets                                             194                29
    Receivables                                               261,888           258,447
    Investments in equity-accounted investees                  19,478            17,332
    Deferred tax assets                                         5,477             6,536

    Total non-current assets                                2,748,802         2,558,505

    TOTAL ASSETS                                            3,130,861         3,096,360

    EQUITY and LIABILITIES

    Current Liabilities
    Trade and other payables                                  100,865           125,555
    Tax liabilities                                                64                 1
    Bank loans                                                164,071           146,303
    Convertible and other Notes                                     -            23,124
    Provisions                                                      -               412

    Total current liabilities                                 265,000           295,395

    Non-current liabilities
    Bank loans                                              1,063,780         1,088,026
    Convertible and other Notes                                     -           231,373
    Other payables                                                603               489
    Deferred tax liabilities                                        -                 -
    Employee benefits                                           2,096             2,108
    Amounts due to equity-accounted joint ventures                  -             5,880
    Provisions                                                      -               381

    Total non-current liabilities                           1,066,479         1,328,257

    Equity
    Share capital                                             173,046           142,441
    Share premium                                           1,215,228           941,770
    Translation reserve                                            33               379
    Hedging reserve                                                 -                 -
    Treasury shares                                           (15,354)          (46,062)
    Other equity interest                                           -            75,000
    Retained earnings                                         426,429           359,180

    Equity attributable to owners of the Company            1,799,382         1,472,708

    TOTAL EQUITY and LIABILITIES                            3,130,861         3,096,360


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


   

                                                             2015              2014
                                                        Jan.1 - Sep 30,   Jan.1 - Sep 30,
                                                             2015              2014
    Shipping revenue
    Revenue                                                 620,863            329,119
    Gains on disposal of vessels/other tangible assets        2,137              8,776
    Other operating income                                    6,272              6,558
    Total shipping revenue                                  629,272            344,453

    Operating expenses
    Voyage expenses and commissions                         (55,281)           (91,127)
    Vessel operating expenses                              (114,905)           (87,088)
    Charter hire expenses                                   (19,411)           (25,650)
    Losses on disposal of vessels/other tangible assets      (8,002)                 -
    Impairment on non-current assets held for sale                -             (7,416)
    Depreciation tangible assets                           (155,286)          (113,045)
    Depreciation intangible assets                              (24)               (14)
    General and administrative expenses                     (30,130)           (28,279)
    Total operating expenses                               (383,039)          (352,619)

    RESULT FROM OPERATING ACTIVITIES                        246,233             (8,166)

    Finance income                                            1,592              1,594
    Finance expenses                                        (39,424)           (57,489)
    Net finance expenses                                    (37,832)           (55,895)

    Share of profit (loss) of equity accounted
    investees (net of income tax)                            38,071             22,294

    PROFIT (LOSS) BEFORE INCOME TAX                         246,472            (41,767)

    Income tax benefit (expense)                             (1,031)               (94)

    PROFIT (LOSS) FOR THE PERIOD                            245,441            (41,861)

    Attributable to:
    Owners of the company                                   245,441            (41,861)

    Basic earnings per share                                   1.58              (0.37)
    Diluted earnings per share                                 1.56              (0.37)

    Weighted average number of shares (basic)           154,943,416        112,238,388
    Weighted average number of shares (diluted)         156,999,003        112,238,388



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

   

    Profit/(loss) for the period                            245,441            (41,861)

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

    Items that are or may be reclassified to
    profit or loss:
    Foreign currency translation differences                   (346)              (442)
    Cash flow hedges - effective portion of
    changes in fair value                                         -              1,291
    Equity-accounted investees - share of
    other comprehensive income                                1,007              1,697

    Other comprehensive income, net of tax                      661              2,546

    Total comprehensive income for the period               246,102            (39,315)

    Attributable to:
    Owners of the company                                   246,102            (39,315)



   
                    Condensed consolidated statement of changes in equity
                        (in thousands of USD except per share amounts)


   
                                             Share   Share  Translation Hedging Treasury
                                            capital premium   reserve   reserve  shares

    Balance at January 1, 2014               58,937 365,574         946 (1,291) (46,062)

    Profit (loss) for the period                  -       -           -       -        -
    Total other comprehensive income              -       -       (442)   1,291        -
    Total comprehensive income                    -       -       (442)   1,291        -

    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 September 30, 2014           142,441 941,770         504       - (46,062)

(table continued) 




                                                              Capital   Other
                                                    Retained    and    equity      Total
                                                    earnings reserves interest    equity

    Balance at January 1, 2014                      422,886   800,990        -   800,990
    Profit (loss) for the period                    (41,861)  (41,861)       -   (41,861)
    Total other comprehensive income                  1,697     2,546        -     2,546
    Total comprehensive income                      (40,164)  (39,315)       -   (39,315)

    Transactions with owners of the company
    Issue of ordinary shares                        (12,558)  462,442        -   462,442
    Issue and conversion convertible Notes           (7,422)  102,278        -   102,278
    Issue and conversion perpetual
    convertible preferred equity                     (3,500)   71,500   75,000   146,500
    Equity-settled share-based payment                3,333     3,333        -     3,333
    Total transactions with owners                  (20,147)  639,553   75,000   714,553

    Balance at September 30, 2014                   362,575 1,401,228   75,000 1,476,228


   
                                             Share    Share   Translation Hedging Treasury
                                            capital  premium    reserve   reserve  shares

    Balance at January 1, 2015              142,441   941,770         379       - (46,062)

    Profit (loss) for the period                  -         -           -       -        -
    Total other comprehensive income              -         -       (346)       -        -
    Total comprehensive income                    -         -       (346)       -        -

    Transactions with owners of the company
    Issue of ordinary shares                 20,324   208,739           -       -        -
    Issue and conversion convertible Notes        -                     -       -        -
    Issue and conversion perpetual
    convertible preferred equity             10,281    64,719           -       -        -
    Dividends to equity holders                   -         -           -       -        -
    Treasury shares                               -         -           -       -   30,708
    Equity-settled share-based payment            -         -           -       -        -
    Total transactions with owners           30,605   273,458           -       -   30,708

    Balance at September 30, 2015           173,046 1,215,228          33       - (15,354)

(table continued) 


   
                                                                       Other
                                              Retained  Capital and   equity      Total
                                              earnings   reserves    interest    equity

    Balance at January 1, 2015                 359,180   1,397,708     75,000   1,472,708

    Profit (loss) for the period               245,441     245,441          -     245,441
    Total other comprehensive income             1,007         661          -         661
    Total comprehensive income                 246,448     246,102          -     246,102

    Transactions with owners of the company
    Issue of ordinary shares                  (19,358)     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)          -   (138,001)
    Treasury shares                           (23,158)       7,550          -       7,550
    Equity-settled share-based payment           1,318       1,318          -       1,318
    Total transactions with owners           (179,199)     155,572   (75,000)      80,572

    Balance at September 30, 2015              426,429   1,799,382          -   1,799,382


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


   

                                                                2015             2014   
                                                           Jan.1 - Sep 30,  Jan.1 - Sep 30,
                                                                2015             2014
    Cash flows from operating activities
    Profit (loss) for the period                                 245,441        (41,861)

    Adjustments for:                                             162,504        148,726
    Depreciation of tangible assets                              155,286        113,045
    Depreciation of intangible assets                                 24             14
    Impairment on non-current assets
    held for sale                                                      -          7,415
    Provisions                                                      (781)             -
    Tax benefits (expenses)                                        1,031             94
    Share of profit of equity-accounted
    investees, net of tax                                        (38,071)       (22,294)
    Net finance expense                                           37,831         55,895
    Capital gain (loss) on disposal of assets                      5,866         (8,776)
    Equity-settled share-based payment transactions                1,318          3,333

    Changes in working capital
    requirements                                                 (48,550)      (108,005)
    Change in cash guarantees                                        (14)             -
    Change in trade receivables                                    9,851        (19,257)
    Change in accrued income                                     (12,211)       (61,477)
    Change in deferred charges                                     4,791        (17,242)
    Change in other receivables                                  (16,344)       (12,503)
    Change in trade payables                                         169          1,730
    Change in accrued payroll                                       (329)          (511)
    Change in accrued expenses                                    (2,175)        14,659
    Change in deferred income                                      5,544         (5,527)
    Change in other payables                                     (37,832)        (7,906)
    Change in provisions for employee benefits                         -             29

    Income taxes paid during the period                               93            170
    Interest paid                                                (42,189)       (44,716)
    Interest received                                                232            361
    Dividends received from
    equity-accounted investees                                       275          9,410

    Net cash from (used in) operating activities                 317,806        (35,915)

    Acquisition of vessels                                      (340,647)      (822,499)
    Proceeds from the sale of vessels                             91,065        119,280
    Acquisition of other tangible assets                          (8,267)      (122,632)
    Acquisition of intangible assets                                (188)             -
    Proceeds from the sale of other (in)tangible assets               72              8
    Loans from (to) related parties                               25,850         29,033
    Proceeds of disposals of joint ventures, net of cash disposed  1,500              -
    Purchase of joint ventures, net of cash acquired                   -              -

    Net cash from (used in) investing activities                (230,615)      (796,810)

    Proceeds from issue of share capital                         229,061        475,000
    Transaction costs related to issue of share capital          (19,357)       (12,558)
    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                          7,550              -
    Proceeds from new long-term borrowings                       901,270        860,379
    Repayment of long-term borrowings                         (1,161,312)      (592,776)
    Transaction costs related to issue of loans
    and borrowings                                                (8,680)       (11,886)
    Dividends paid                                              (115,125)            (1)

    Net cash from (used in) financing activities                (166,593)       864,658

    Net increase (decrease) in cash and cash equivalents         (79,402)        31,933

    Net cash and cash equivalents at the beginning of the period 254,086         74,309
    Effect of changes in exchange rates                           (1,242)          (700)

    Net cash and cash equivalents at the end of the period       173,442        105,542

SOURCE Euronav NV


Source: PR Newswire (October 29, 2015 - 3:16 AM EDT)

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