EURONAV NV
|
||
(Registrant)
|
||
Dated: April 4, 2024
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||
By:
|
/s/ Ludovic Saverys
|
|
Ludovic Saverys
|
||
Chief Financial Officer
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PRESS RELEASE
Regulated Information
Thursday 4 April 2024 – 08:00 a.m. CET
_______________________________________
|
∗
|
New chapter for Euronav, new Management and Supervisory Board since November 2023
|
∗
|
Further fleet optimisation with 5 VLCCs, 2 Bitumen tankers, 2 Suezmaxes and 2 Newcastlemaxes contracted in 2023 & Q1 2024
|
∗
|
Acquisition CMB.TECH finalised in Q1 2024
|
∗
|
Dividend of USD 4.57 per share to be proposed at annual shareholders' meeting
|
PRESS RELEASE
Regulated Information
Thursday 4 April 2024 – 08:00 a.m. CET
_______________________________________
|
•
|
2x new Suezmax time chartered to Valero. The two newbuilding ice classed Suezmax orders at Daehan Shipbuilding have been long term time chartered to Valero. Delivery of these
vessels is expected in April/May 2026 when each of the time charter contracts will begin.
|
•
|
2x Bitumen tankers have been ordered for delivery in 2026. They will be fitted with dual-fuel diesel-green methanol engines that are ready to be retrofitted for
operation on ammonia in the future. They have both been long term time chartered to a strong counterparty for 10 years.
|
•
|
Total of 5x new VLCCs under construction at Qingdao Beihai Shipyard (China). The vessels are expected to be delivered in 2026 & Q1 2027 and will be ready to be powered by a
dual-fuel diesel-ammonia engine.
|
•
|
Euronav & CMB.TECH took delivery of the fourth super-eco Newcastlemax Mineral France (2024 – 210,000 DWT).
|
•
|
Euronav concluded an order for an additional two Newcastlemaxes for delivery in the first half of 2027. This brings the total Newcastlemax fleet to 4 ships on the water and 24
on order for delivery in 2024-2027.
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PRESS RELEASE
Regulated Information
Thursday 4 April 2024 – 08:00 a.m. CET
_______________________________________
|
•
|
Sale of Suezmax Cap Charles (2006 - 158,881 DWT).
|
•
|
Sale VLCC Nautica to United Nations for salvage operation
|
•
|
All 24 vessels that were included in the deal, have been sold and delivered to Frontline.
|
•
|
Euronav has sold the ULCC Oceania (2003 - 441,561 DWT). The Oceania was debt free and was delivered to her new owner on 15 January 2024.
|
•
|
3 N-class vessels sold: Euronav has sold the VLCC Nectar (2008 – 307,284 DWT), VLCC Newton (2009 – 307,208 DWT), and VLCC Noble (2008 – 307,284 DWT). Delivery of the vessels is
expected during Q2 2024.
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PRESS RELEASE
Regulated Information
Thursday 4 April 2024 – 08:00 a.m. CET
_______________________________________
|
The most important key figures are:
|
|||||||||||
(in thousands of USD)
|
Fourth Quarter 2023
|
Fourth Quarter 2022
|
YTD 2023
|
YTD 2022
|
|||||||
Revenue
|
268,633
|
368,068
|
1,235,127
|
854,669
|
|||||||
Other operating income
|
3,811
|
4,626
|
23,316
|
15,141
|
|||||||
Voyage expenses and commissions
|
(38,418)
|
(45,140)
|
(142,090)
|
(175,187)
|
|||||||
Vessel operating expenses
|
(57,545)
|
(58,534)
|
(231,033)
|
(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
|
(18,004)
|
(23,778)
|
(104,729)
|
(105,869)
|
|||||||
Share of profit (loss) of equity accounted investees
|
(915)
|
94
|
(927)
|
17,650
|
|||||||
Result before taxation
|
407,419
|
235,809
|
864,036
|
206,055
|
|||||||
Tax benefit (expense)
|
(835)
|
(729)
|
(6,009)
|
(2,804)
|
|||||||
Profit (loss) for the period
|
406,584
|
235,079
|
858,027
|
203,251
|
|||||||
Attributable to: Owners of the Company
|
406,584
|
235,079
|
858,027
|
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
|
404,228
|
232,341
|
844,598
|
171,123
|
|||||||
FSO
|
2,356
|
2,738
|
13,429
|
32,128
|
|||||||
Result after taxation
|
406,584
|
235,079
|
858,027
|
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
|
2.01
|
1.17
|
4.25
|
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.
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PRESS RELEASE
Regulated Information
Thursday 4 April 2024 – 08:00 a.m. CET
_______________________________________
|
EBITDA reconciliation
|
|||||||||||
(in thousands of USD)
|
Fourth Quarter 2023
|
Fourth Quarter 2022
|
YTD 2023
|
YTD 2022
|
|||||||
Profit (loss) for the period
|
406,584
|
235,079
|
858,027
|
203,251
|
|||||||
+ Net interest expenses
|
17,592
|
24,436
|
105,110
|
105,777
|
|||||||
+ Depreciation of tangible and intangible assets
|
49,416
|
57,554
|
221,040
|
222,597
|
|||||||
+ Income tax expense (benefit)
|
835
|
729
|
6,009
|
2,804
|
|||||||
EBITDA
|
474,427
|
317,798
|
1,190,186
|
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
|
474,427
|
317,798
|
1,190,186
|
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
|
2.35
|
1.58
|
5.89
|
2.65
|
|||||||
In USD per day
|
Full Year
2023
|
Full Year
2022
|
VLCC
|
||
Average spot rate (in TI Pool)*
|
47,600
|
27,600
|
Average time charter rate**
|
48,500
|
42,900
|
Suezmax
|
||
Average spot rate***
|
55,700
|
31,200
|
Average time charter rate
|
30,500
|
30,400
|
PRESS RELEASE
Regulated Information
Thursday 4 April 2024 – 08:00 a.m. CET
_______________________________________
|
Euronav highlights in 2023
9 January 2023
Frontline informed Euronav of its intention to no longer proceed with the combination agreement between the two
companies announced in July 2022.
11 January 2023
Euronav took delivery of the VLCC newbuilding Cassius (2023 – 299,158 dwt).
26 January 2023
Euronav was included in the Bloomberg Gender-Equality Index (GEI) for the sixth consecutive year since the Index was
established in 2018.
28 February 2023
Euronav took delivery of the VLCC newbuilding Camus (2023 – 299,158 dwt).
10 March 2023
Euronav announced it had signed an agreement with the United Nations (UN) to sell the Nautica, a VLCC, as part of a
wider salvage operation for the FSO Safer located in Yemen.
23 March 2023
Euronav held a Special General Meeting for Shareholders. The Shareholders voted to maintain independent directors
Grace Reksten Skaugen, Anita Odedra, Carl Trowell and to terminate the mandates of Anne-Hélène Monsellato and Steven Smith. The shareholders also approved the appointment of four new directors: John Fredriksen and Cato H. Stonex,
representing Famatown; and Marc Saverys and Patrick De Brabandere, representing CMB.
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PRESS RELEASE
Regulated Information
Thursday 4 April 2024 – 08:00 a.m. CET
_______________________________________
|
16 May 2023
Euronav announced the departure of its CEO Hugo De Stoop with immediate effect by mutual agreement. Mr. De Stoop was
succeeded by Group CFO Lieve Logghe, who was appointed CEO ad interim.
17 May 2023
Euronav held its annual shareholders' meeting with the resignation of supervisory board members Carl Trowell and
Anita Odedra. Julie de Nul and Ole Henrik Bjorge were elected by shareholders as independent members of the board of directors.
30 May 2023
Euronav took delivery of the VLCC newbuilding Clovis.
30 May 2023
Euronav received an award at the first-ever ESG Shipping Awards in Greece.
19 July 2023
Euronav announced the sale of the VLCC Nautica (2008 – 307,284 DWT).
16 August 2023
Euronav announced the order of a VLCC newbuilding at Qingdao Beihai Shipyard in China. The vessel is expected to be
delivered in 2026.
9 October 2023
Euronav announced that its two reference shareholders, CMB NV (“CMB”) and Frontline plc/Famatown Finance Limited
(“Frontline”), have reached agreement on a transaction involving the Company.
12 October 2023
Euronav announced an agreement to lift the option for a second VLCC newbuilding at Qingdao Beihai Shipyard in China
for delivery in 2026.
21 November 2023
Euronav held a Special General Meeting. Consequently, the following transactions became effective:
• the sale of 24 VLCCs to Frontline
• the mandatory takeover offer by CMB NV for all outstanding shares of the Company
22 November 2023
Euronav announced changes in the Supervisory and Management Board.
The resulting composition of the new Supervisory Board is as follows: Julie De Nul (independent), Catharina Scheers
(independent), Patrick Molis (independent), Marc Saverys (non-independent - Chair), Patrick De Brabandere (non-independent) & Bjarte Bøe (non-independent).
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PRESS RELEASE
Regulated Information
Thursday 4 April 2024 – 08:00 a.m. CET
_______________________________________
|
The Supervisory Board unanimously decided to appoint the following Management Board members upon recommendation of
the Corporate Governance & Nomination committee.: 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).
7 December 2023
Euronav lifted the option on one additional VLCC newbuilding at Qingdao Beihai Shipyard in China and ordered two
Suezmaxes at Daehan Shipbuilding in South Korea, all for delivery in 2026.
22 December 2023
Euronav announced that it had entered into a share purchase agreement for the acquisition of 100% of the shares in
CMB.TECH NV (“CMB.TECH”) subject to approval by a Special General Meeting in February 2024.
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Events occurred after the end of the financial year ending 31 December 2023
On November 8, 2023, the Company sold the ULCC Oceania (2003 - 441,561 dwt), for USD 43.1 million. The vessel was
accounted for as a non-current asset held for sale as at December 31, 2023, and had a carrying value of USD 8.3 million. The vessel was delivered to her new owner on January 15, 2024. A capital gain of USD 34.8 million has been recognized
in the consolidated statement of profit or loss in the first quarter of 2024. This sale has been made possible through the payment of a cash security of 45,7M USD, required to lift the arrest of the vessel in an ongoing legal procedure.
On December 4, 2023, the Company entered into a sale and leaseback agreement for the Suezmax Cedar (2022 – 157,310).
The vessel was sold and was leased back under a 14-year bareboat contract. The vessel was delivered to her new owner at January 10, 2024.
On February 6, 2024, the Company took delivery of Suezmax Bristol (2024 – 156,851).
On February 7, 2024, Euronav held a Special Meeting of Shareholders to approve the purchase of 100% of the shares of
CMB.TECH NV for a total purchase price of USD 1.150 billion in cash. CMB.TECH is a diversified cleantech maritime group. CMB.TECH builds, owns, operates and designs large marine and industrial applications that run on dual-fuel
diesel-hydrogen and diesel-ammonia engines and monofuel hydrogen engines. CMB.TECH offers hydrogen and ammonia fuel that it either produces or sources from external produces to its customers. CMB.TECH is active throughout the full hydrogen
value chain through four different divisions: Marine, Technology & Development, H2 infra, and Industry. The value creation of the new strategy is driven by CMB.TECH’s “future-proof” (or low carbon emitting) fleet of 106 low carbon
vessels, of which 46 are under construction. The Transaction fits into the Company’s renewed strategy of diversification, decarbonisation and accelerated optimisation of the Company’s current crude oil tanker fleet. The parties believe that
the Transaction will lead to the creation of the leading, future proof shipping platform, with the Company becoming the reference in sustainable shipping. CMB and Euronav believe that the addition of CMB.TECH to Euronav’s business will
enable a flywheel strategy – positioning the group to tap into each step of the energy transition towards low carbon shipping, with a clear vision on value creation for its shareholders. The Company is currently assessing the accounting
treatment of the acquisition and preliminary concludes that the transaction will be accounted for as a common control transaction. Therefore IFRS 3 will not be applied. Shareholders voted the voluntary resignation of Mrs. Grace Reksten
Skaugen, Mr. Ole Henrik Bjorge, Mr. Cato H. Stonex, Mr. John Fredriksen and Mr. Patrick De Brabandere as members of the Supervisory Board. They approved the co-optation of Mr. Patrick Molis and Mrs. Catharina Scheers as independent members
of the Supervisory Board, Mr. Bjarte Boe and Debemar BV, permanently represented by Mr. Patrick De Brabandere, as members of the Supervisory Board. Shareholders also approved the interim discharge of the Supervisory Board: Mrs. Grace
Reksten Skaugen, Mr. Ole Hendrik Bjorge, Mr. Cato H. Stonex, Mr. John F. Fredriksen and Mr. Patrick De Brabandere.
|
PRESS RELEASE
Regulated Information
Thursday 4 April 2024 – 08:00 a.m. CET
_______________________________________
|
On 12 February 2024, CMB.TECH, in partnership with Yara Clean Ammonia, North Sea Container Line, and Yara
International, announced the commissioning of the world's first ammonia-powered container ship, Yara Eyde. This pioneering vessel, constructed at Qingdao Yangfan Shipbuilding, marks a significant milestone in decarbonising shipping,
operating on clean ammonia between Norway and Germany. Owned by Delphis, a division of CMB.TECH, and operated by NCL Oslofjord AS, this collaboration sets a new standard for sustainable maritime transport.
On February 14, 2024, the Company announced the launch of the mandatory public takeover bid by CMB on all the shares
in Euronav. The acceptance period in respect of the bid opened on 14 February 2024 and closed on 15 March 2024. The bid price amounts to USD 17.86 per share in cash, i.e. USD 18.43 per share less USD 0.57 dividend per share.
On 26 February 2024, the Company announced that it has concluded an order for two bitumen tankers with China
Merchants Jinling Shipyard (Yangzhou) Dingheng Co. (Yangzhou, China). The vessels are expected to be delivered in the fourth quarter of 2026 and have been chartered to a strong counterparty for 10 years upon delivery from the shipyard.
The vessels will have dual-fuel green methanol engines that are ready to be retrofitted for future operation on ammonia.
On 27 February 2024, the Company announced it has been informed that certain funds managed by FourWorld Capital
Management LLC (“FourWorld”) have filed a complaint in the United States District Court for the Southern District of New York in connection with CMB’s U.S. takeover bid for the shares of the Company. The Company is not involved in these
proceedings. On March 14, 2024, the Company has been informed that the claim has been rejected by the United States District Court for the Southern District of New York.
On 4 March 2024, the Company announced it has been informed that certain funds managed by FourWorld Capital
Management LLC (“FourWorld”) have also filed a request with the Market Court in Belgium in connection with CMB’s Belgian offer for the shares of the Company. The Company is not involved in these proceedings. On March 15, 2024, the Company
has been informed that the Market Court in Belgium has denied the request to suspend the closing of the Belgian offer.
On 18 March 2024, the Company confirmed that the acceptance period of the mandatory public takeover bid launched by
CMB NV (the "Bidder") for all shares issued by Euronav NV (“Euronav”) not already owned by CMB or its affiliates (the "Bid"), expired on March 15, 2024. During the acceptance period, 69,241,955 shares in Euronav, representing 31.47% of
the outstanding shares in Euronav, were tendered into the Bid. As a result, the Bidder will hold a total of 177,147,299 shares in Euronav, representing 80.51% of the outstanding shares in Euronav. Taking into account the 17,790,716
treasury shares held by Euronav and the 24,400 shares held by Saverco NV, the Bidder and persons affiliated with it together will hold 194,962,415 shares, representing 88.61% of the outstanding shares in Euronav.
On 20 March 2024 Euronav announced that The Supervisory Board will propose to the Annual Shareholders’ Meeting of 16
May 2024 to distribute USD 4.57 per share to all shareholders. This payout is proposed as a combination of a dividend (USD 0.27 per share) and a repayment from the share issue premium (USD 4.30 per share). This distribution approach will
be optimal for shareholders as the share issuance payment part of the distribution will represent more than 90% of the distribution. This distribution is exempt from any withholding tax.
On 20 March 2024, the Company announced it has sold the VLCC Nectar (2008 – 307,284 dwt), VLCC Newton (2009 –
307,208 dwt), and VLCC Noble (2008 – 307,284 dwt). This transaction will generate a capital gain of approximately USD 78,9 million which will be recognized upon delivery to her new owner.
On 22 March 2024, the Company announced it has purchased on the NYSE and on Euronext Brussels a total of 4.719.534
of its own shares. Following these transactions, the Company now owns 22.510.249 shares (10.23% of the total outstanding share count).
On 29 March 2024, the Company announced it has purchased on the NYSE and on Euronext Brussels a total of 2,620,931
of its own shares. Following these transactions, the Company now owns 25,131,181 shares (11.42% of the total outstanding share count).
|
PRESS RELEASE
Regulated Information
Thursday 4 April 2024 – 08:00 a.m. CET
_______________________________________
|
Financial calendar 2024
8 May 2024
Announcement of first quarter results 2024
16 May 2024
Annual General Meeting of Shareholders
01 August 2024
Announcement of second quarter results 2024
7 August 2023
Half year report 2024 available on website
7 November 2024
Announcement of third quarter results 2024
06 February 2025
Announcement of fourth quarter results 2024
|
Alexander Saverys
|
Marc Saverys
|
Chief Executive Officer
|
Chairman of the Supervisory Board
|
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
|
32,936
|
21,493
|
||||
Other tangible assets
|
644
|
762
|
||||
Intangible assets
|
14,194
|
15,746
|
||||
Receivables
|
2,888
|
34,825
|
||||
Investments in equity accounted investees
|
518
|
1,423
|
||||
Deferred tax assets
|
280
|
1,403
|
||||
Total non-current assets
|
1,787,543
|
3,362,014
|
||||
Current assets
|
||||||
Bunker inventory
|
22,511
|
41,643
|
||||
Trade and other receivables
|
307,111
|
366,789
|
||||
Current tax assets
|
869
|
239
|
||||
Cash and cash equivalents
|
429,370
|
179,929
|
||||
759,861
|
588,600
|
|||||
Non-current assets held for sale
|
871,876
|
18,459
|
||||
Total current assets
|
1,631,737
|
607,059
|
||||
TOTAL ASSETS
|
3,419,280
|
3,969,073
|
||||
EQUITY and LIABILITIES
|
||||||
Equity
|
||||||
Share capital
|
239,148
|
239,148
|
||||
Share premium
|
1,466,529
|
1,678,336
|
||||
Translation reserve
|
235
|
(24)
|
||||
Hedging reserve
|
1,140
|
33,053
|
||||
Treasury shares
|
(157,595)
|
(163,024)
|
||||
Retained earnings
|
807,916
|
385,976
|
||||
Equity attributable to owners of the Company
|
2,357,373
|
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
|
124,013
|
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
|
33,493
|
22,855
|
||||
Provisions
|
324
|
295
|
||||
Total current liabilities
|
424,753
|
254,338
|
||||
TOTAL EQUITY and LIABILITIES
|
3,419,280
|
3,969,073
|
||||
2023
|
2022
|
|||||
Jan. 1 - Dec. 31, 2023
|
Jan. 1 - Dec. 31, 2022
|
|||||
Shipping income
|
||||||
Revenue
|
1,235,127
|
854,669
|
||||
Gains on disposal of vessels/other tangible assets
|
372,444
|
96,160
|
||||
Other operating income
|
23,316
|
15,141
|
||||
Total shipping income
|
1,630,887
|
965,970
|
||||
Operating expenses
|
||||||
Voyage expenses and commissions
|
(142,090)
|
(175,187)
|
||||
Vessel operating expenses
|
(231,033)
|
(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
|
(661,195)
|
(671,696)
|
||||
RESULT FROM OPERATING ACTIVITIES
|
969,692
|
294,274
|
||||
Finance income
|
67,168
|
27,140
|
||||
Finance expenses
|
(171,897)
|
(133,009)
|
||||
Net finance expenses
|
(104,729)
|
(105,869)
|
||||
Share of profit (loss) of equity accounted investees (net of income tax)
|
(927)
|
17,650
|
||||
PROFIT (LOSS) BEFORE INCOME TAX
|
864,036
|
206,055
|
||||
Income tax benefit (expense)
|
(6,009)
|
(2,804)
|
||||
PROFIT (LOSS) FOR THE PERIOD
|
858,027
|
203,251
|
||||
Attributable to:
|
||||||
Owners of the company
|
858,027
|
203,251
|
||||
Basic earnings per share
|
4.25
|
1.01
|
||||
Diluted earnings per share
|
4.25
|
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
|
||||
2023
|
2022
|
|||||
Jan. 1 - Dec. 31, 2023
|
Jan. 1 - Dec. 31, 2022
|
|||||
Profit/(loss) for the period
|
858,027
|
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
|
259
|
(477)
|
||||
Cash flow hedges - effective portion of changes in fair value
|
(6,164)
|
30,657
|
||||
Cash flow hedges - recycling into P&L
|
(25,749)
|
—
|
||||
Equity-accounted investees - share of other comprehensive income
|
—
|
159
|
||||
Other comprehensive income (expense), net of tax
|
(31,770)
|
31,281
|
||||
Total comprehensive income (expense) for the period
|
826,257
|
234,532
|
||||
Attributable to:
|
||||||
Owners of the company
|
826,257
|
234,532
|
||||
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
|
—
|
—
|
—
|
—
|
—
|
858,027
|
858,027
|
Total other comprehensive income (expense)
|
—
|
—
|
259
|
(31,913)
|
—
|
(116)
|
(31,770)
|
Total comprehensive income (expense)
|
—
|
—
|
259
|
(31,913)
|
—
|
857,911
|
826,257
|
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
|
235
|
1,140
|
(157,595)
|
807,916
|
2,357,373
|
2023
|
2022
|
|||||
Jan. 1 - Dec. 31, 2023
|
Jan. 1 - Dec. 31, 2022
|
|||||
Cash flows from operating activities
|
||||||
Profit (loss) for the period
|
858,027
|
203,251
|
||||
Adjustments for:
|
(40,034)
|
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
|
6,009
|
2,804
|
||||
Share of profit of equity-accounted investees, net of tax
|
927
|
(17,650)
|
||||
Net finance expense
|
104,729
|
105,869
|
||||
(Gain)/loss on disposal of assets
|
(372,444)
|
(95,813)
|
||||
Changes in working capital requirements
|
105,881
|
(82,727)
|
||||
Change in cash guarantees
|
12,234
|
570
|
||||
Change in inventory
|
19,132
|
27,391
|
||||
Change in receivables from contracts with customers
|
43,036
|
(105,538)
|
||||
Change in accrued income
|
(2,286)
|
(2,941)
|
||||
Change in deferred charges
|
2,096
|
1,263
|
||||
Change in other receivables
|
1,163
|
(4,600)
|
||||
Change in trade payables
|
17,336
|
(1,316)
|
||||
Change in accrued payroll
|
603
|
(39)
|
||||
Change in accrued expenses
|
8,686
|
(2,808)
|
||||
Change in deferred income
|
(187)
|
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
|
(6,675)
|
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
|
837,380
|
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
|
246,173
|
33,813
|
||||
Net cash and cash equivalents at the beginning of the period
|
179,929
|
152,528
|
||||
Effect of changes in exchange rates
|
3,268
|
(6,412)
|
||||
Net cash and cash equivalents at the end of the period
|
429,370
|
179,929
|
||||
of which restricted cash
|
—
|
—
|
||||