EURONAV NV
|
|||
(Registrant)
|
|||
Dated: February 1, 2024
|
|||
By:
|
/s/ Ludovic Saverys
|
||
Ludovic Saverys
|
|||
Chief Financial Officer
|
PRESS RELEASE
Regulated information
1 February 2024 – 08.00 am CET
_______________________________________
|
|
• |
New chapter for Euronav, changes in corporate governance & company structure
|
|
• |
Fleet expansion with 4 VLCC’s & 2 Suezmaxes on order since Q4
|
|
• |
Q1 2024 spot rates to-date: 46% fixed at 50,430 USD per day for VLCC fleet and 54% fixed at 54,892 USD for Suezmax fleet
|
PRESS RELEASE
Regulated information
1 February 2024 – 08.00 am CET
_______________________________________
|
The most important key figures (unaudited) are:
|
|||||||||||
(in thousands of USD)
|
Fourth Quarter 2023
|
Fourth Quarter 2022
|
YTD 2023
|
YTD 2022
|
|||||||
Revenue
|
270,883
|
368,068
|
1,237,377
|
854,669
|
|||||||
Other operating income
|
3,811
|
4,626
|
23,316
|
15,141
|
|||||||
Voyage expenses and commissions
|
(37,265)
|
(45,140)
|
(140,937)
|
(175,187)
|
|||||||
Vessel operating expenses
|
(57,530)
|
(58,534)
|
(231,018)
|
(216,094)
|
|||||||
Charter hire expenses
|
(2,071)
|
(941)
|
(4,500)
|
(5,769)
|
|||||||
General and administrative expenses
|
(21,983)
|
(13,601)
|
(62,532)
|
(51,702)
|
|||||||
Net gain (loss) on disposal of tangible assets
|
323,327
|
62,569
|
372,444
|
95,813
|
|||||||
Depreciation
|
(49,416)
|
(57,554)
|
(221,040)
|
(222,597)
|
|||||||
Net finance expenses
|
(17,973)
|
(23,778)
|
(104,698)
|
(105,869)
|
|||||||
Share of profit (loss) of equity accounted investees
|
(10)
|
94
|
(22)
|
17,650
|
|||||||
Result before taxation
|
411,773
|
235,809
|
868,390
|
206,055
|
|||||||
Tax benefit (expense)
|
(886)
|
(729)
|
(6,060)
|
(2,804)
|
|||||||
Profit (loss) for the period
|
410,887
|
235,079
|
862,330
|
203,251
|
|||||||
Attributable to: Owners of the Company
|
410,887
|
235,079
|
862,330
|
203,251
|
|||||||
The contribution to the result is as follows:
|
|||||||||||
(in thousands of USD)
|
Fourth Quarter 2023
|
Fourth Quarter 2022
|
YTD 2023
|
YTD 2022
|
|||||||
Tankers
|
408,531
|
232,341
|
848,901
|
171,123
|
|||||||
FSO
|
2,356
|
2,738
|
13,429
|
32,128
|
|||||||
Result after taxation
|
410,887
|
235,079
|
862,330
|
203,251
|
|||||||
Information per share:
|
||||||||||
(in USD per share)
|
Fourth Quarter 2023
|
Fourth Quarter 2022
|
YTD 2023
|
YTD 2022
|
||||||
Weighted average number of shares (basic) *
|
202,035,555
|
201,747,963
|
201,901,743
|
201,747,963
|
||||||
Result after taxation
|
2.03
|
1.17
|
4.27
|
1.01
|
||||||
* |
The number of shares issued on 31 December 2023 is 220,024,713. However, the number of shares excluding the owned shares held by Euronav at 31
December 2023 is 202,233,997.
|
PRESS RELEASE
Regulated information
1 February 2024 – 08.00 am CET
_______________________________________
|
EBITDA reconciliation (unaudited):
|
|||||||||||
(in thousands of USD)
|
Fourth Quarter 2023
|
Fourth Quarter 2022
|
YTD 2023
|
YTD 2022
|
|||||||
Profit (loss) for the period
|
410,887
|
235,079
|
862,330
|
203,251
|
|||||||
+ Net interest expenses
|
16,553
|
24,436
|
104,071
|
105,777
|
|||||||
+ Depreciation of tangible and intangible assets
|
49,416
|
57,554
|
221,040
|
222,597
|
|||||||
+ Income tax expense (benefit)
|
886
|
729
|
6,060
|
2,804
|
|||||||
EBITDA (unaudited)
|
477,742
|
317,798
|
1,193,501
|
534,429
|
|||||||
+ Net interest expenses JV
|
—
|
—
|
—
|
(745)
|
|||||||
+ Depreciation of tangible and intangible assets JV
|
—
|
—
|
—
|
3,149
|
|||||||
+ Income tax expense (benefit) JV
|
—
|
—
|
—
|
(1,599)
|
|||||||
Proportionate EBITDA
|
477,742
|
317,798
|
1,193,501
|
535,234
|
|||||||
Proportionate EBITDA per share:
|
|||||||||||
(in USD per share)
|
Fourth Quarter 2023
|
Fourth Quarter 2022
|
YTD 2023
|
YTD 2022
|
|||||||
Weighted average number of shares (basic)
|
202,035,555
|
201,747,963
|
201,901,743
|
201,747,963
|
|||||||
Proportionate EBITDA
|
2.36
|
1.58
|
5.91
|
2.65
|
|||||||
In USD per day
|
Fourth quarter 2023
|
Fourth quarter 2022
|
Full Year 2023
|
Full Year 2022
|
VLCC
|
||||
Average spot rate (in TI Pool)*
|
41,700
|
57,400
|
47,600
|
27,600
|
Average time charter rate**
|
47,500
|
34,400
|
48,500
|
42,900
|
SUEZMAX
|
||||
Average spot rate***
|
42,800
|
57,800
|
55,700
|
31,200
|
Average time charter rate
|
30,700
|
30,400
|
30,500
|
30,400
|
PRESS RELEASE
Regulated information
1 February 2024 – 08.00 am CET
_______________________________________
|
|
• |
CMB acquired Frontline’s 26.12% stake in the Company for $18.43 per share;
|
|
• |
Frontline acquired 24 VLCC tankers from the Euronav fleet for $2.35 billion (the “Vessel Sale”);
|
|
• |
The Company’s pending arbitration action against Frontline and affiliates has been settled.
|
PRESS RELEASE
Regulated information
1 February 2024 – 08.00 am CET
_______________________________________
|
Supervisory board
|
Audit & Risk
Committee
|
Sustainability
committee
|
Remuneration
committee
|
Corporate governance and
nomination committee
|
Marc Saverys (non-independent - chair)
|
||||
Patrick De Brabandere* (non-independent)
|
Chair
|
Member
|
-
|
|
Bjarte Bøe (non-independent)
|
Member
|
Member
|
||
Julie De Nul (independent)
|
Chair
|
Member
|
||
Catharina Scheers (independent)
|
Member
|
Chair
|
Member
|
|
Patrick Molis (independent)
|
Member
|
Chair
|
- |
Alexander Saverys (Chief Executive Officer)
|
- |
Ludovic Saverys (Chief Financial Officer)
|
- |
Michael Saverys (Chief Chartering Officer)
|
- |
Maxime van Eecke (Chief Commercial Officer)
|
- |
Benoit Timmermans (Chief Strategy Officer)
|
PRESS RELEASE
Regulated information
1 February 2024 – 08.00 am CET
_______________________________________
|
|
• |
7 February 2024: SGM
|
|
• |
8 February 2024: Closing of the Transaction
|
|
• |
Mid-February 2024 Targeted approval date of MTO Prospectus / CMB launches mandatory offer (MTO) for Euronav
|
|
• |
Mid-March 2024 Targeted close of acceptance period for MTO
|
PRESS RELEASE
Regulated information
1 February 2024 – 08.00 am CET
_______________________________________
|
PRESS RELEASE
Regulated information
1 February 2024 – 08.00 am CET
_______________________________________
|
Webcast Information
|
|
Event Type:
|
Webcast with user-controlled slide presentation
|
Event Date:
|
1 February 2024
|
Event Time:
|
14:00 CET
|
Event Title:
|
“Q4 Earnings call”
|
Event Site/URL:
|
Register here
|
PRESS RELEASE
Regulated information
1 February 2024 – 08.00 am CET
_______________________________________
|
PRESS RELEASE
Regulated information
1 February 2024 – 08.00 am CET
_______________________________________
|
December 31, 2023
|
December 31, 2022
|
|||||
ASSETS
|
||||||
Non-current assets
|
||||||
Vessels
|
1,629,570
|
3,057,933
|
||||
Assets under construction
|
106,513
|
228,429
|
||||
Right-of-use assets
|
3,691
|
21,493
|
||||
Other tangible assets
|
644
|
762
|
||||
Intangible assets
|
14,194
|
15,746
|
||||
Receivables
|
2,888
|
34,825
|
||||
Investments in equity accounted investees
|
1,423
|
1,423
|
||||
Deferred tax assets
|
280
|
1,403
|
||||
Total non-current assets
|
1,759,203
|
3,362,014
|
||||
Non-current assets held for sale
|
871,876
|
18,459
|
||||
Current assets
|
||||||
Bunker inventory
|
22,511
|
41,643
|
||||
Trade and other receivables
|
307,988
|
366,789
|
||||
Current tax assets
|
817
|
239
|
||||
Cash and cash equivalents
|
429,370
|
179,929
|
||||
Total current assets
|
760,686
|
588,600
|
||||
TOTAL ASSETS
|
3,391,765
|
3,969,073
|
||||
EQUITY and LIABILITIES
|
||||||
Equity
|
||||||
Share capital
|
239,148
|
239,148
|
||||
Share premium
|
1,466,529
|
1,678,336
|
||||
Translation reserve
|
234
|
(24)
|
||||
Hedging reserve
|
1,140
|
33,053
|
||||
Treasury shares
|
(157,595)
|
(163,024)
|
||||
Retained earnings
|
812,219
|
385,976
|
||||
Equity attributable to owners of the Company
|
2,361,675
|
2,173,465
|
||||
Non-current liabilities
|
||||||
Bank loans
|
362,235
|
1,264,243
|
||||
Other notes
|
198,219
|
197,556
|
||||
Other borrowings
|
71,248
|
71,011
|
||||
Lease liabilities
|
3,363
|
5,824
|
||||
Other payables
|
146
|
404
|
||||
Employee benefits
|
1,669
|
1,635
|
||||
Provisions
|
274
|
597
|
||||
Total non-current liabilities
|
637,154
|
1,541,270
|
||||
Current liabilities
|
||||||
Trade and other payables
|
121,472
|
90,469
|
||||
Current tax liabilities
|
4,768
|
5,927
|
||||
Bank loans
|
166,124
|
68,941
|
||||
Other notes
|
3,733
|
—
|
||||
Other borrowings
|
92,298
|
65,851
|
||||
Lease liabilities
|
4,217
|
22,855
|
||||
Provisions
|
324
|
295
|
||||
Total current liabilities
|
392,936
|
254,338
|
||||
TOTAL EQUITY and LIABILITIES
|
3,391,765
|
3,969,073
|
||||
PRESS RELEASE
Regulated information
1 February 2024 – 08.00 am CET
_______________________________________
|
2023
|
2022
|
|||||
Jan. 1 - Dec. 31, 2023
|
Jan. 1 - Dec. 31, 2022
|
|||||
Shipping income
|
||||||
Revenue
|
1,237,377
|
854,669
|
||||
Gains on disposal of vessels/other tangible assets
|
372,444
|
96,160
|
||||
Other operating income
|
23,316
|
15,141
|
||||
Total shipping income
|
1,633,137
|
965,970
|
||||
Operating expenses
|
||||||
Voyage expenses and commissions
|
(140,937)
|
(175,187)
|
||||
Vessel operating expenses
|
(231,018)
|
(216,094)
|
||||
Charter hire expenses
|
(4,500)
|
(5,769)
|
||||
Loss on disposal of vessels/other tangible assets
|
—
|
(347)
|
||||
Depreciation tangible assets
|
(219,428)
|
(221,576)
|
||||
Depreciation intangible assets
|
(1,612)
|
(1,021)
|
||||
General and administrative expenses
|
(62,532)
|
(51,702)
|
||||
Total operating expenses
|
(660,027)
|
(671,696)
|
||||
RESULT FROM OPERATING ACTIVITIES
|
973,110
|
294,274
|
||||
Finance income
|
67,168
|
27,140
|
||||
Finance expenses
|
(171,866)
|
(133,009)
|
||||
Net finance expenses
|
(104,698)
|
(105,869)
|
||||
Share of profit (loss) of equity accounted investees (net of income tax)
|
(22)
|
17,650
|
||||
PROFIT (LOSS) BEFORE INCOME TAX
|
868,390
|
206,055
|
||||
Income tax benefit (expense)
|
(6,060)
|
(2,804)
|
||||
PROFIT (LOSS) FOR THE PERIOD
|
862,330
|
203,251
|
||||
Attributable to:
|
||||||
Owners of the company
|
862,330
|
203,251
|
||||
Basic earnings per share
|
4.27
|
1.01
|
||||
Diluted earnings per share
|
4.27
|
1.01
|
||||
Weighted average number of shares (basic)
|
201,901,743
|
201,747,963
|
||||
Weighted average number of shares (diluted)
|
201,901,743
|
201,994,217
|
||||
PRESS RELEASE
Regulated information
1 February 2024 – 08.00 am CET
_______________________________________
|
2023
|
2022
|
|||||
Jan. 1 - Dec. 31, 2023
|
Jan. 1 - Dec. 31, 2022
|
|||||
Profit/(loss) for the period
|
862,330
|
203,251
|
||||
Other comprehensive income (expense), net of tax
|
||||||
Items that will never be reclassified to profit or loss:
|
||||||
Remeasurements of the defined benefit liability (asset)
|
(116)
|
942
|
||||
Items that are or may be reclassified to profit or loss:
|
||||||
Foreign currency translation differences
|
258
|
(477)
|
||||
Cash flow hedges - effective portion of changes in fair value
|
(31,913)
|
30,657
|
||||
Equity-accounted investees - share of other comprehensive income
|
—
|
159
|
||||
Other comprehensive income (expense), net of tax
|
(31,771)
|
31,281
|
||||
Total comprehensive income (expense) for the period
|
830,559
|
234,532
|
||||
Attributable to:
|
||||||
Owners of the company
|
830,559
|
234,532
|
||||
PRESS RELEASE
Regulated information
1 February 2024 – 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
|
—
|
—
|
—
|
—
|
—
|
203,251
|
203,251
|
Total other comprehensive income (expense)
|
—
|
—
|
(477)
|
30,657
|
—
|
1,101
|
31,281
|
Total comprehensive income (expense)
|
—
|
—
|
(477)
|
30,657
|
—
|
204,352
|
234,532
|
Transactions with owners of the company
|
|||||||
Dividends to equity holders
|
—
|
(24,213)
|
—
|
—
|
—
|
—
|
(24,213)
|
Treasury shares delivered in respect of share-based payment plans
|
—
|
—
|
—
|
—
|
1,080
|
—
|
1,080
|
Equity-settled share-based payment
|
—
|
—
|
—
|
—
|
—
|
1,484
|
1,484
|
Total transactions with owners
|
—
|
(24,213)
|
—
|
—
|
1,080
|
1,484
|
(21,649)
|
Balance at December 31, 2022
|
239,148
|
1,678,336
|
(24)
|
33,053
|
(163,024)
|
385,976
|
2,173,465
|
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
|
—
|
—
|
—
|
—
|
—
|
862,330
|
862,330
|
Total other comprehensive income (expense)
|
—
|
—
|
258
|
(31,913)
|
—
|
(116)
|
(31,771)
|
Total comprehensive income (expense)
|
—
|
—
|
258
|
(31,913)
|
—
|
862,214
|
830,559
|
Transactions with owners of the company
|
|||||||
Dividends to equity holders
|
—
|
(211,807)
|
—
|
—
|
—
|
(434,487)
|
(646,294)
|
Treasury shares delivered in respect of share-based payment plans
|
—
|
—
|
—
|
—
|
5,429
|
—
|
5,429
|
Equity-settled share-based payment
|
—
|
—
|
—
|
—
|
—
|
(1,484)
|
(1,484)
|
Total transactions with owners
|
—
|
(211,807)
|
—
|
—
|
5,429
|
(435,971)
|
(642,349)
|
Balance at December 31, 2023
|
239,148
|
1,466,529
|
234
|
1,140
|
(157,595)
|
812,219
|
2,361,675
|
PRESS RELEASE
Regulated information
1 February 2024 – 08.00 am CET
_______________________________________
|
2023
|
2022
|
|||||
Jan. 1 - Dec. 31, 2023
|
Jan. 1 - Dec. 31, 2022
|
|||||
Cash flows from operating activities
|
||||||
Profit (loss) for the period
|
862,330
|
203,251
|
||||
Adjustments for:
|
(40,918)
|
217,545
|
||||
Depreciation of tangible assets
|
219,428
|
221,576
|
||||
Depreciation of intangible assets
|
1,612
|
1,021
|
||||
Provisions
|
(295)
|
(262)
|
||||
Income tax (benefits)/expenses
|
6,060
|
2,804
|
||||
Share of profit of equity-accounted investees, net of tax
|
22
|
(17,650)
|
||||
Net finance expense
|
104,699
|
105,869
|
||||
(Gain)/loss on disposal of assets
|
(372,444)
|
(95,813)
|
||||
Changes in working capital requirements
|
102,463
|
(82,727)
|
||||
Change in cash guarantees
|
12,234
|
570
|
||||
Change in inventory
|
19,132
|
27,391
|
||||
Change in receivables from contracts with customers
|
43,137
|
(105,538)
|
||||
Change in accrued income
|
(3,248)
|
(2,941)
|
||||
Change in deferred charges
|
2,096
|
1,263
|
||||
Change in other receivables
|
1,148
|
(4,600)
|
||||
Change in trade payables
|
17,336
|
(1,316)
|
||||
Change in accrued payroll
|
603
|
(39)
|
||||
Change in accrued expenses
|
7,248
|
(2,808)
|
||||
Change in deferred income
|
(1,291)
|
9,998
|
||||
Change in other payables
|
263
|
(2,113)
|
||||
Change in provisions for employee benefits
|
3,805
|
(2,594)
|
||||
Income taxes paid during the period
|
(6,674)
|
2,761
|
||||
Interest paid
|
(130,375)
|
(99,744)
|
||||
Interest received
|
50,556
|
11,446
|
||||
Dividends received from equity-accounted investees
|
—
|
3,021
|
||||
Net cash from (used in) operating activities
|
837,382
|
255,553
|
||||
Acquisition of vessels and vessels under construction
|
(337,195)
|
(523,494)
|
||||
Proceeds from the sale of vessels
|
1,206,636
|
356,730
|
||||
Acquisition of other tangible assets
|
(1,407)
|
(164)
|
||||
Acquisition of intangible assets
|
(60)
|
(16,582)
|
||||
Payments received from loans to related parties
|
—
|
32,844
|
||||
Repayment of loans from related parties
|
—
|
(10,215)
|
||||
Lease payments received from finance leases
|
1,706
|
2,036
|
||||
Net cash from (used in) investing activities
|
869,680
|
(158,845)
|
||||
(Purchase of) Proceeds from sale of treasury shares
|
—
|
1,080
|
||||
Proceeds from new borrowings
|
2,694,127
|
1,270,295
|
||||
Repayment of borrowings
|
(2,933,724)
|
(976,670)
|
||||
Repayment of lease liabilities
|
(21,942)
|
(25,527)
|
||||
Repayment of commercial paper
|
(458,272)
|
(279,314)
|
||||
Repayment of sale and leaseback
|
(96,006)
|
(22,667)
|
||||
Transaction costs related to issue of loans and borrowings
|
(14,530)
|
(5,871)
|
||||
Dividends paid
|
(630,540)
|
(24,221)
|
||||
Net cash from (used in) financing activities
|
(1,460,887)
|
(62,895)
|
||||
Net increase (decrease) in cash and cash equivalents
|
246,175
|
33,813
|
||||
Net cash and cash equivalents at the beginning of the period
|
179,929
|
152,528
|
||||
Effect of changes in exchange rates
|
3,266
|
(6,412)
|
||||
Net cash and cash equivalents at the end of the period
|
429,370
|
179,929
|
||||
of which restricted cash
|
—
|
—
|
||||