EURONAV NV
|
||
(Registrant)
|
||
Dated: November 2, 2023
|
||
By:
|
/s/ Lieve Logghe
|
|
Lieve Logghe
|
||
Interim Chief Executive Officer and Chief Financial Officer
|
PRESS RELEASE
Regulated information
2 November 2023 – 08.00 am CET
_______________________________________
|
|
● |
Rates during Q3 2023 strong compared to historic Q3 average since 1990
|
|
● |
Two new VLCCs on order
|
|
● |
Two-year VLCC time charter signed with blue-chip partner
|
|
● |
Announcement of agreement for forward path with two reference shareholders
|
|
● |
No Q3 2023 dividend to be paid as part of CMB/Frontline transaction
|
|
● |
Q4 2023 spot rates to-date: 49% fixed at 34,000 USD per day for VLCC fleet and 52% fixed at 34,000 USD for Suezmax fleet, however rates have strongly rallied since last week.
|
PRESS RELEASE
Regulated information
2 November 2023 – 08.00 am CET
_______________________________________
|
|
|||||||||||||||||
The most important key figures (unaudited) are:
|
|||||||||||||||||
|
|||||||||||||||||
(in thousands of USD)
|
Third Quarter 2023
|
Third Quarter 2022
|
YTD 2023
|
YTD 2022
|
|||||||||||||
|
|||||||||||||||||
Revenue
|
278,378
|
223,539
|
966,494
|
486,601
|
|||||||||||||
Other operating income
|
4,737
|
2,879
|
19,505
|
10,515
|
|||||||||||||
|
|||||||||||||||||
Voyage expenses and commissions
|
(32,127
|
)
|
(55,595
|
)
|
(103,672
|
)
|
(130,047
|
)
|
|||||||||
Vessel operating expenses
|
(55,471
|
)
|
(56,039
|
)
|
(173,488
|
)
|
(157,560
|
)
|
|||||||||
Charter hire expenses
|
(898
|
)
|
(372
|
)
|
(2,429
|
)
|
(4,828
|
)
|
|||||||||
General and administrative expenses
|
(13,800
|
)
|
(14,930
|
)
|
(40,549
|
)
|
(38,101
|
)
|
|||||||||
Net gain (loss) on disposal of tangible assets
|
27,053
|
—
|
49,117
|
33,244
|
|||||||||||||
Depreciation
|
(59,716
|
)
|
(58,791
|
)
|
(171,623
|
)
|
(165,042
|
)
|
|||||||||
|
|||||||||||||||||
Net finance expenses
|
(26,582
|
)
|
(20,227
|
)
|
(86,726
|
)
|
(82,091
|
)
|
|||||||||
Share of profit (loss) of equity accounted investees
|
(3
|
)
|
2,982
|
(12
|
)
|
17,556
|
|||||||||||
Result before taxation
|
121,571
|
23,446
|
456,617
|
(29,753
|
)
|
||||||||||||
|
|||||||||||||||||
Tax benefit (expense)
|
(6,994
|
)
|
(6,998
|
)
|
(5,174
|
)
|
(2,075
|
)
|
|||||||||
Profit (loss) for the period
|
114,577
|
16,448
|
451,443
|
(31,828
|
)
|
||||||||||||
|
|||||||||||||||||
Attributable to: Owners of the Company
|
114,577
|
16,448
|
451,443
|
(31,828
|
)
|
||||||||||||
|
|
|||||||||||||||||
The contribution to the result is as follows:
|
|||||||||||||||||
|
|||||||||||||||||
(in thousands of USD)
|
Third Quarter 2023
|
Third Quarter 2022
|
YTD 2023
|
YTD 2022
|
|||||||||||||
|
|||||||||||||||||
Tankers
|
110,616
|
8,738
|
440,370
|
(61,218
|
)
|
||||||||||||
FSO
|
3,961
|
7,710
|
11,073
|
29,390
|
|||||||||||||
Result after taxation
|
114,577
|
16,448
|
451,443
|
(31,828
|
)
|
||||||||||||
|
Information per share:
|
|||||||||||||||||
|
|||||||||||||||||
(in USD per share)
|
Third Quarter 2023
|
Third Quarter 2022
|
YTD 2023
|
YTD 2022
|
|||||||||||||
|
|||||||||||||||||
Weighted average number of shares (basic) *
|
201,912,942
|
201,783,532
|
201,856,648
|
201,735,976
|
|||||||||||||
Result after taxation
|
0.57
|
0.08
|
2.24
|
(0.16
|
)
|
||||||||||||
|
|||||||||||||||||
|
*
|
The number of shares issued on 30 September 2023 is 220,024,713. However, the number of shares excluding the owned shares held by Euronav at 30
September 2023 is 201,912,942.
|
PRESS RELEASE
Regulated information
2 November 2023 – 08.00 am CET
_______________________________________
|
|
|||||||||||||||||
EBITDA reconciliation (unaudited):
|
|||||||||||||||||
|
|||||||||||||||||
(in thousands of USD)
|
Third Quarter 2023
|
Third Quarter 2022
|
YTD 2023
|
YTD 2022
|
|||||||||||||
|
|||||||||||||||||
Profit (loss) for the period
|
114,577
|
16,448
|
451,443
|
(31,828
|
)
|
||||||||||||
+ Net interest expenses
|
28,338
|
20,323
|
87,518
|
81,341
|
|||||||||||||
+ Depreciation of tangible and intangible assets
|
59,716
|
58,791
|
171,623
|
165,042
|
|||||||||||||
+ Income tax expense (benefit)
|
6,994
|
6,998
|
5,174
|
2,075
|
|||||||||||||
EBITDA (unaudited)
|
209,625
|
102,560
|
715,758
|
216,630
|
|||||||||||||
|
|||||||||||||||||
+ Net interest expenses JV
|
—
|
(384
|
)
|
—
|
(745
|
)
|
|||||||||||
+ Depreciation of tangible and intangible assets JV
|
—
|
—
|
—
|
3,149
|
|||||||||||||
+ Income tax expense (benefit) JV
|
—
|
(2,583
|
)
|
—
|
(1,599
|
)
|
|||||||||||
Proportionate EBITDA
|
209,625
|
99,593
|
715,758
|
217,435
|
|||||||||||||
|
|
|||||||||||||||||
Proportionate EBITDA per share:
|
|||||||||||||||||
|
|||||||||||||||||
(in USD per share)
|
Third Quarter 2023
|
Third Quarter 2022
|
YTD 2023
|
YTD 2022
|
|||||||||||||
|
|||||||||||||||||
Weighted average number of shares (basic)
|
201,912,942
|
201,783,532
|
201,856,648
|
201,735,976
|
|||||||||||||
Proportionate EBITDA
|
1.04
|
0.49
|
3.55
|
1.08
|
|||||||||||||
|
|||||||||||||||||
|
In USD per day
|
Third quarter 2023
|
Third quarter 2022
|
VLCC
|
||
Average spot rate (in TI Pool)*
|
42,250
|
22,250
|
Average time charter rate**
|
48,250
|
47,000
|
SUEZMAX
|
||
Average spot rate***
|
42,750
|
34,000
|
Average time charter rate
|
30,250
|
30,500
|
PRESS RELEASE
Regulated information
2 November 2023 – 08.00 am CET
_______________________________________
|
PRESS RELEASE
Regulated information
2 November 2023 – 08.00 am CET
_______________________________________
|
PRESS RELEASE
Regulated information
2 November 2023 – 08.00 am CET
_______________________________________
|
•
|
CMB will acquire Frontline’s [26.12%] stake in the Company for $18.43 per share;
|
•
|
Frontline will acquire 24 VLCC tankers from the Euronav fleet for $2.35 billion (the “Vessel Sale”), subject to completion of the above-mentioned share
purchase and to subsequent approval by shareholders voting at a Special General Meeting;
|
•
|
The Company’s pending arbitration action against Frontline and affiliates will be settled.
|
PRESS RELEASE
Regulated information
2 November 2023 – 08.00 am CET
_______________________________________
|
PRESS RELEASE
Regulated information
2 November 2023 – 08.00 am CET
_______________________________________
|
PRESS RELEASE
Regulated information
2 November 2023 – 08.00 am CET
_______________________________________
|
September 30,2023
|
December 31, 2022
|
|||||||
ASSETS
|
||||||||
Non-current assets
|
||||||||
Vessels
|
3,254,853
|
3,057,933
|
||||||
Assets under construction
|
115,005
|
228,429
|
||||||
Right-of-use assets
|
6,963
|
21,493
|
||||||
Other tangible assets
|
603
|
762
|
||||||
Prepayments
|
1,233
|
—
|
||||||
Intangible assets
|
14,583
|
15,746
|
||||||
Receivables
|
28,285
|
34,825
|
||||||
Investments in equity accounted investees
|
1,423
|
1,423
|
||||||
Deferred tax assets
|
295
|
1,403
|
||||||
Total non-current assets
|
3,423,243
|
3,362,014
|
||||||
Non-current assets held for sale
|
—
|
18,459
|
||||||
Current assets
|
||||||||
Bunker inventory
|
33,900
|
41,643
|
||||||
Trade and other receivables
|
385,663
|
366,789
|
||||||
Current tax assets
|
800
|
239
|
||||||
Cash and cash equivalents
|
160,402
|
179,929
|
||||||
Total current assets
|
580,765
|
588,600
|
||||||
TOTAL ASSETS
|
4,004,008
|
3,969,073
|
||||||
EQUITY and LIABILITIES
|
||||||||
Equity
|
||||||||
Share capital
|
239,148
|
239,148
|
||||||
Share premium
|
1,466,529
|
1,678,336
|
||||||
Translation reserve
|
(33
|
)
|
(24
|
)
|
||||
Hedging reserve
|
30,067
|
33,053
|
||||||
Treasury shares
|
(161,523
|
)
|
(163,024
|
)
|
||||
Retained earnings
|
518,549
|
385,976
|
||||||
Equity attributable to owners of the Company
|
2,092,737
|
2,173,465
|
||||||
Non-current liabilities
|
||||||||
Bank loans
|
1,380,996
|
1,264,243
|
||||||
Other notes
|
198,052
|
197,556
|
||||||
Other borrowings
|
—
|
71,011
|
||||||
Lease liabilities
|
4,079
|
5,824
|
||||||
Other payables
|
—
|
404
|
||||||
Employee benefits
|
1,635
|
1,635
|
||||||
Provisions
|
353
|
597
|
||||||
Total non-current liabilities
|
1,585,115
|
1,541,270
|
||||||
Current liabilities
|
||||||||
Trade and other payables
|
113,225
|
90,469
|
||||||
Current tax liabilities
|
2,495
|
5,927
|
||||||
Bank loans
|
82,617
|
68,941
|
||||||
Other borrowings
|
119,972
|
65,851
|
||||||
Lease liabilities
|
7,531
|
22,855
|
||||||
Provisions
|
316
|
295
|
||||||
Total current liabilities
|
326,156
|
254,338
|
||||||
TOTAL EQUITY and LIABILITIES
|
4,004,008
|
3,969,073
|
||||||
PRESS RELEASE
Regulated information
2 November 2023 – 08.00 am CET
_______________________________________
|
2023
|
2022
|
|||||||
Jan. 1 - Sep. 30, 2023
|
Jan. 1 - Sep. 30, 2022
|
|||||||
Shipping income
|
||||||||
Revenue
|
966,494
|
486,601
|
||||||
Gains on disposal of vessels/other tangible assets
|
49,117
|
33,591
|
||||||
Other operating income
|
19,505
|
10,515
|
||||||
Total shipping income
|
1,035,116
|
530,707
|
||||||
Operating expenses
|
||||||||
Voyage expenses and commissions
|
(103,672
|
)
|
(130,047
|
)
|
||||
Vessel operating expenses
|
(173,488
|
)
|
(157,560
|
)
|
||||
Charter hire expenses
|
(2,429
|
)
|
(4,828
|
)
|
||||
Loss on disposal of vessels/other tangible assets
|
—
|
(347
|
)
|
|||||
Depreciation tangible assets
|
(170,419
|
)
|
(164,441
|
)
|
||||
Depreciation intangible assets
|
(1,204
|
)
|
(601
|
)
|
||||
General and administrative expenses
|
(40,549
|
)
|
(38,101
|
)
|
||||
Total operating expenses
|
(491,761
|
)
|
(495,925
|
)
|
||||
RESULT FROM OPERATING ACTIVITIES
|
543,355
|
34,782
|
||||||
Finance income
|
35,934
|
14,471
|
||||||
Finance expenses
|
(122,660
|
)
|
(96,562
|
)
|
||||
Net finance expenses
|
(86,726
|
)
|
(82,091
|
)
|
||||
Share of profit (loss) of equity accounted investees (net of income tax)
|
(12
|
)
|
17,556
|
|||||
PROFIT (LOSS) BEFORE INCOME TAX
|
456,617
|
(29,753
|
)
|
|||||
Income tax benefit (expense)
|
(5,174
|
)
|
(2,075
|
)
|
||||
PROFIT (LOSS) FOR THE PERIOD
|
451,443
|
(31,828
|
)
|
|||||
Attributable to:
|
||||||||
Owners of the company
|
451,443
|
(31,828
|
)
|
|||||
Basic earnings per share
|
2.24
|
(0.16
|
)
|
|||||
Diluted earnings per share
|
2.24
|
(0.16
|
)
|
|||||
Weighted average number of shares (basic)
|
201,856,648
|
201,735,976
|
||||||
Weighted average number of shares (diluted)
|
201,906,663
|
201,982,230
|
||||||
PRESS RELEASE
Regulated information
2 November 2023 – 08.00 am CET
_______________________________________
|
2023
|
2022
|
|||||||
Jan. 1 - Sep. 30, 2023
|
Jan. 1 - Sep. 30, 2022
|
|||||||
Profit/(loss) for the period
|
451,443
|
(31,828
|
)
|
|||||
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
|
(9
|
)
|
(1,125
|
)
|
||||
Cash flow hedges - effective portion of changes in fair value
|
(2,986
|
)
|
30,931
|
|||||
Equity-accounted investees - share of other comprehensive income
|
—
|
159
|
||||||
Other comprehensive income (expense), net of tax
|
(2,995
|
)
|
29,965
|
|||||
Total comprehensive income (expense) for the period
|
448,448
|
(1,863
|
)
|
|||||
Attributable to:
|
||||||||
Owners of the company
|
448,448
|
(1,863
|
)
|
|||||
PRESS RELEASE
Regulated information
2 November 2023 – 08.00 am CET
_______________________________________
|
Share
capital
|
Share premium
|
Translation reserve
|
Hedging reserve
|
Treasury shares
|
Retained earnings
|
Total equity
|
||||||||||||||||||||||
Balance at January 1, 2022
|
239,148
|
1,702,549
|
453
|
2,396
|
(164,104
|
)
|
180,140
|
1,960,582
|
||||||||||||||||||||
Profit (loss) for the period
|
—
|
—
|
—
|
—
|
—
|
(31,828
|
)
|
(31,828
|
)
|
|||||||||||||||||||
Total other comprehensive income (expense)
|
—
|
—
|
(1,125
|
)
|
30,931
|
—
|
159
|
29,965
|
||||||||||||||||||||
Total comprehensive income (expense)
|
—
|
—
|
(1,125
|
)
|
30,931
|
—
|
(31,669
|
)
|
(1,863
|
)
|
||||||||||||||||||
Transactions with owners of the company
|
||||||||||||||||||||||||||||
Dividends to equity holders
|
—
|
(18,160
|
)
|
—
|
—
|
—
|
—
|
(18,160
|
)
|
|||||||||||||||||||
Treasury shares delivered in respect of share-based payment plans
|
—
|
—
|
—
|
—
|
1,080
|
—
|
1,080
|
|||||||||||||||||||||
Equity-settled share-based payment
|
—
|
—
|
—
|
—
|
—
|
2,963
|
2,963
|
|||||||||||||||||||||
Total transactions with owners
|
—
|
(18,160
|
)
|
—
|
—
|
1,080
|
2,963
|
(14,117
|
)
|
|||||||||||||||||||
Balance at September 30, 2022
|
239,148
|
1,684,389
|
(672
|
)
|
33,327
|
(163,024
|
)
|
151,434
|
1,944,602
|
|||||||||||||||||||
Share capital
|
Share premium
|
Translation reserve
|
Hedging reserve
|
Treasury shares
|
Retained earnings
|
Total equity
|
||||||||||||||||||||||
Balance at January 1, 2023
|
239,148
|
1,678,336
|
(24
|
)
|
33,053
|
(163,024
|
)
|
385,976
|
2,173,465
|
|||||||||||||||||||
Profit (loss) for the period
|
—
|
—
|
—
|
—
|
—
|
451,443
|
451,443
|
|||||||||||||||||||||
Total other comprehensive income (expense)
|
—
|
—
|
(9
|
)
|
(2,986
|
)
|
—
|
—
|
(2,995
|
)
|
||||||||||||||||||
Total comprehensive income (expense)
|
—
|
—
|
(9
|
)
|
(2,986
|
)
|
—
|
451,443
|
448,448
|
|||||||||||||||||||
Transactions with owners of the company
|
||||||||||||||||||||||||||||
Dividends to equity holders
|
—
|
(211,807
|
)
|
—
|
—
|
—
|
(319,214
|
)
|
(531,021
|
)
|
||||||||||||||||||
Treasury shares delivered in respect of share-based payment plans
|
—
|
—
|
—
|
—
|
1,501
|
—
|
1,501
|
|||||||||||||||||||||
Equity-settled share-based payment
|
—
|
—
|
—
|
—
|
—
|
344
|
344
|
|||||||||||||||||||||
Total transactions with owners
|
—
|
(211,807
|
)
|
—
|
—
|
1,501
|
(318,870
|
)
|
(529,176
|
)
|
||||||||||||||||||
Balance at September 30, 2023
|
239,148
|
1,466,529
|
(33
|
)
|
30,067
|
(161,523
|
)
|
518,549
|
2,092,737
|
|||||||||||||||||||
PRESS RELEASE
Regulated information
2 November 2023 – 08.00 am CET
_______________________________________
|
2023
|
2022
|
|||||||
Jan. 1 - Sep. 30, 2023
|
Jan. 1 - Sep. 30, 2022
|
|||||||
Cash flows from operating activities
|
||||||||
Profit (loss) for the period
|
451,443
|
(31,828
|
)
|
|||||
Adjustments for:
|
214,196
|
198,210
|
||||||
Depreciation of tangible assets
|
170,420
|
164,441
|
||||||
Depreciation of intangible assets
|
1,204
|
601
|
||||||
Provisions
|
(222
|
)
|
(198
|
)
|
||||
Income tax (benefits)/expenses
|
5,174
|
2,075
|
||||||
Share of profit of equity-accounted investees, net of tax
|
12
|
(17,556
|
)
|
|||||
Net finance expense
|
86,725
|
82,091
|
||||||
(Gain)/loss on disposal of assets
|
(49,117
|
)
|
(33,244
|
)
|
||||
Changes in working capital requirements
|
(4,111
|
)
|
(11,963
|
)
|
||||
Change in cash guarantees
|
(25
|
)
|
103
|
|||||
Change in inventory
|
7,744
|
156
|
||||||
Change in receivables from contracts with customers
|
(14,981
|
)
|
(43,255
|
)
|
||||
Change in accrued income
|
(262
|
)
|
(10,108
|
)
|
||||
Change in deferred charges
|
(4,445
|
)
|
(2,628
|
)
|
||||
Change in other receivables
|
3,324
|
(2,742
|
)
|
|||||
Change in trade payables
|
6,469
|
49,266
|
||||||
Change in accrued payroll
|
1,037
|
100
|
||||||
Change in accrued expenses
|
(2,779
|
)
|
(2,121
|
)
|
||||
Change in deferred income
|
(3,487
|
)
|
722
|
|||||
Change in other payables
|
1,449
|
(545
|
)
|
|||||
Change in provisions for employee benefits
|
1,845
|
(911
|
)
|
|||||
Income taxes paid during the period
|
(8,060
|
)
|
3,394
|
|||||
Interest paid
|
(95,904
|
)
|
(74,278
|
)
|
||||
Interest received
|
20,414
|
2,557
|
||||||
Dividends received from equity-accounted investees
|
—
|
1,150
|
||||||
Net cash from (used in) operating activities
|
577,978
|
87,242
|
||||||
Acquisition of vessels and vessels under construction
|
(265,604
|
)
|
(449,254
|
)
|
||||
Proceeds from the sale of vessels
|
94,423
|
198,011
|
||||||
Acquisition of other tangible assets
|
(1,496
|
)
|
(166
|
)
|
||||
Acquisition of intangible assets
|
(42
|
)
|
(16,569
|
)
|
||||
Payments received from loans to related parties
|
—
|
32,794
|
||||||
Repayment of loans from related parties
|
—
|
(10,215
|
)
|
|||||
Lease payments received from finance leases
|
1,324
|
1,525
|
||||||
Net cash from (used in) investing activities
|
(171,395
|
)
|
(243,874
|
)
|
||||
(Purchase of) Proceeds from sale of treasury shares
|
—
|
1,080
|
||||||
Proceeds from new borrowings
|
1,187,080
|
1,141,384
|
||||||
Repayment of borrowings
|
(675,049
|
)
|
(617,526
|
)
|
||||
Repayment of lease liabilities
|
(17,790
|
)
|
(18,797
|
)
|
||||
Repayment of commercial paper
|
(339,501
|
)
|
(251,880
|
)
|
||||
Repayment of sale and leaseback
|
(68,036
|
)
|
(16,953
|
)
|
||||
Transaction costs related to issue of loans and borrowings
|
(2,700
|
)
|
(1,725
|
)
|
||||
Dividends paid
|
(509,549
|
)
|
(18,177
|
)
|
||||
Net cash from (used in) financing activities
|
(425,545
|
)
|
217,406
|
|||||
Net increase (decrease) in cash and cash equivalents
|
(18,962
|
)
|
60,774
|
|||||
Net cash and cash equivalents at the beginning of the period
|
179,929
|
152,528
|
||||||
Effect of changes in exchange rates
|
(565
|
)
|
(9,630
|
)
|
||||
Net cash and cash equivalents at the end of the period
|
160,402
|
203,672
|
||||||
of which restricted cash
|
—
|
—
|
||||||