CMB.TECH & Euronav |
Financial Report 2024 |
2 |
CMB.TECH & Euronav |
Financial Report 2024 |
3 |
CMB.TECH & Euronav |
Financial Report 2024 |
4 |
Note |
June 30, 2024 |
December 31, 2023 |
||||||
ASSETS |
||||||||
Non-current assets |
||||||||
Vessels |
12 |
2,035,607 |
1,629,570 |
|||||
Assets under construction |
12 |
678,498 |
106,513 |
|||||
Right-of-use assets |
12 |
2,204 |
32,936 |
|||||
Other tangible assets |
12 |
22,110 |
644 |
|||||
Prepayments |
12 |
1,886 |
— |
|||||
Intangible assets |
13 |
16,661 |
14,194 |
|||||
Receivables |
20 |
63,998 |
2,887 |
|||||
Investments |
25 |
61,238 |
519 |
|||||
Deferred tax assets |
- |
5,604 |
280 |
|||||
Total non-current assets |
2,887,806 |
1,787,543 |
||||||
CMB.TECH & Euronav |
Financial Report 2024 |
5 |
Current assets |
||||||||
Inventory |
21 |
32,787 |
22,511 |
|||||
Trade and other receivables |
22 |
280,985 |
307,111 |
|||||
Current tax assets |
- |
3,366 |
869 |
|||||
Cash and cash equivalents |
- |
343,899 |
429,370 |
|||||
661,037 |
759,861 |
|||||||
Non-current assets held for sale |
8 |
182,806 |
871,876 |
|||||
Total current assets |
843,843 |
1,631,737 |
||||||
TOTAL ASSETS |
3,731,649 |
3,419,280 |
||||||
EQUITY and LIABILITIES |
||||||||
Equity |
||||||||
Share capital |
- |
239,148 |
239,148 |
|||||
Share premium |
- |
631,397 |
1,466,529 |
|||||
Translation reserve |
14 |
(74) |
235 |
|||||
Hedging reserve |
14 |
2,408 |
1,140 |
|||||
Treasury shares |
14 |
(284,508) |
(157,595) |
|||||
Retained earnings |
- |
638,309 |
807,916 |
|||||
Equity attributable to owners of the Company |
1,226,680 |
2,357,373 |
||||||
Non-current liabilities |
||||||||
Bank loans |
16 |
1,212,215 |
362,235 |
|||||
Other notes |
16 |
198,551 |
198,219 |
|||||
Other borrowings |
16 |
476,693 |
71,248 |
|||||
Lease liabilities |
16 |
2,183 |
3,363 |
|||||
Other payables |
17 |
— |
146 |
|||||
Employee benefits |
- |
1,157 |
1,669 |
|||||
Provisions |
23 |
125 |
274 |
|||||
Deferred tax liabilities |
- |
13 |
— |
|||||
Total non-current liabilities |
1,890,937 |
637,154 |
||||||
Current liabilities |
||||||||
Trade and other payables |
17 |
94,219 |
124,013 |
|||||
Current tax liabilities |
- |
7,110 |
4,768 |
|||||
Bank loans |
16 |
405,261 |
166,124 |
|||||
Other notes |
16 |
3,733 |
3,733 |
|||||
Other borrowings |
16 |
100,480 |
92,298 |
|||||
Lease liabilities |
16 |
2,919 |
33,493 |
|||||
Provisions |
23 |
310 |
324 |
|||||
Total current liabilities |
614,032 |
424,753 |
||||||
TOTAL EQUITY and LIABILITIES |
3,731,649 |
3,419,280 |
||||||
The accompanying notes on pages 13 to 51 are an integral part of these condensed interim financial statements | ||||||||
CMB.TECH & Euronav |
Financial Report 2024 |
6 |
Note |
2024 |
2023 |
||||||
Jan. 1 - Jun. 30, 2024 |
Jan. 1 - Jun. 30, 2023 |
|||||||
Shipping income |
||||||||
Revenue |
9 |
492,377 |
688,116 |
|||||
Gains on disposal of vessels/other tangible assets |
12 |
502,547 |
22,064 |
|||||
Other operating income |
9 |
38,245 |
14,768 |
|||||
Total shipping income |
1,033,169 |
724,948 |
||||||
Operating expenses |
||||||||
Raw materials and consumables |
- |
(1,678) |
— |
|||||
Voyage expenses and commissions |
10 |
(85,903) |
(71,545) |
|||||
Vessel operating expenses |
10 |
(100,013) |
(118,017) |
|||||
Charter hire expenses |
- |
(17) |
(1,531) |
|||||
Depreciation tangible assets |
12 |
(80,529) |
(111,109) |
|||||
Depreciation intangible assets |
13 |
(1,348) |
(798) |
|||||
General and administrative expenses |
10 |
(36,287) |
(26,749) |
|||||
Total operating expenses |
(305,775) |
(329,749) |
||||||
RESULT FROM OPERATING ACTIVITIES |
727,394 |
395,199 |
||||||
Finance income |
11 |
23,416 |
23,505 |
|||||
Finance expenses |
11 |
(69,396) |
(83,649) |
|||||
Net finance expenses |
(45,980) |
(60,144) |
||||||
Share of profit (loss) of equity accounted investees (net
of income tax)
|
25 |
2,570 |
(9) |
|||||
PROFIT (LOSS) BEFORE INCOME TAX |
683,984 |
335,046 |
||||||
Income tax benefit (expense) |
- |
(4,364) |
1,820 |
|||||
PROFIT (LOSS) FOR THE PERIOD |
679,620 |
336,866 |
||||||
Attributable to: |
||||||||
Owners of the company |
15 |
679,620 |
336,866 |
|||||
Basic earnings per share |
15 |
3.43 |
1.67 |
|||||
Diluted earnings per share |
15 |
3.43 |
1.67 |
|||||
Weighted average number of shares (basic) |
15 |
197,886,375 |
201,828,035 |
|||||
Weighted average number of shares (diluted) |
15 |
197,886,375 |
201,878,050 |
|||||
The accompanying notes on pages 13 to 51 are an integral part of these condensed interim financial statements |
CMB.TECH & Euronav |
Financial Report 2024 |
7 |
Note |
2024 |
2023 |
||||||
Jan. 1 - Jun. 30,
2024
|
Jan. 1 - Jun. 30,
2023
|
|||||||
Profit/(loss) for the period |
679,620 |
336,866 |
||||||
Other comprehensive income (expense), net of tax |
||||||||
Items that will never be reclassified to profit or loss: |
||||||||
Remeasurements of the defined benefit liability (asset) |
- |
182 |
— |
|||||
Items that are or may be reclassified to profit or loss: |
||||||||
Foreign currency translation differences |
- |
(309) |
171 |
|||||
Cash flow hedges - effective portion of changes in fair
value
|
14 |
1,268 |
(1,666) |
|||||
Equity-accounted investees - share of other
comprehensive income
|
25 |
— |
— |
|||||
Other comprehensive income (expense), net of tax |
1,141 |
(1,495) |
||||||
Total comprehensive income (expense) for the
period
|
680,761 |
335,371 |
||||||
Attributable to: |
||||||||
Owners of the company |
680,761 |
335,371 |
||||||
The accompanying notes on pages 13 to 51 are an integral part of these condensed interim financial statements | ||||||||
CMB.TECH & Euronav |
Financial Report 2024 |
8 |
(in thousands of USD) |
Note |
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 |
— |
— |
— |
— |
— |
— |
336,866 |
336,866 |
Total other comprehensive income (expense) |
— |
— |
— |
171 |
(1,666) |
— |
— |
(1,495) |
Total comprehensive income (expense) |
— |
— |
171 |
(1,666) |
— |
336,866 |
335,371 |
|
Transactions with owners of the company |
||||||||
Dividends to equity holders |
— |
— |
(211,807) |
— |
— |
— |
(157,684) |
(369,491) |
Treasury shares delivered in respect of share-based
payment plans
|
— |
— |
— |
— |
— |
1,501 |
— |
1,501 |
Equity-settled share-based payment |
— |
— |
— |
— |
— |
— |
(851) |
(851) |
Total transactions with owners |
— |
(211,807) |
— |
— |
1,501 |
(158,535) |
(368,841) |
|
Balance at June 30, 2023 |
239,148 |
1,466,529 |
147 |
31,387 |
(161,523) |
564,307 |
2,139,995 |
CMB.TECH & Euronav |
Financial Report 2024 |
9 |
Note |
Share
capital
|
Share
premium
|
Translation
reserve
|
Hedging
reserve
|
Treasury
shares
|
Retained
earnings
|
Total
equity
|
|
Balance at January 1, 2024 |
239,148 |
1,466,529 |
235 |
1,140 |
(157,595) |
807,916 |
2,357,373 |
|
Profit (loss) for the period |
— |
— |
— |
— |
— |
— |
679,620 |
679,620 |
Total other comprehensive income (expense) |
14 |
— |
— |
(309) |
1,268 |
— |
182 |
1,141 |
Total comprehensive income (expense) |
— |
— |
(309) |
1,268 |
— |
679,802 |
680,761 |
|
Transactions with owners of the company |
||||||||
Business Combination |
24 |
— |
— |
— |
— |
— |
(796,970) |
(796,970) |
Dividends to equity holders |
14 |
— |
(835,132) |
— |
— |
— |
(52,439) |
(887,571) |
Treasury shares acquired |
14 |
— |
— |
— |
— |
(126,913) |
— |
(126,913) |
Total transactions with owners |
— |
(835,132) |
— |
— |
(126,913) |
(849,409) |
(1,811,454) |
|
Balance at June 30, 2024 |
239,148 |
631,397 |
(74) |
2,408 |
(284,508) |
638,309 |
1,226,680 |
|
The accompanying notes on pages 13 to 51 are an integral part of these condensed interim financial statements |
CMB.TECH & Euronav |
Financial Report 2024 |
10 |
Note |
2024 |
2023 |
||||||
(in thousands of USD) |
Jan. 1 - Jun. 30,
2024
|
Jan. 1 - Jun. 30,
2023
|
||||||
Cash flows from operating activities |
||||||||
Profit (loss) for the period |
679,620 |
336,866 |
||||||
Adjustments for: |
(392,766) |
148,027 |
||||||
Depreciation of tangible assets |
12 |
80,529 |
111,109 |
|||||
Depreciation of intangible assets |
13 |
1,348 |
798 |
|||||
Provisions |
- |
(163) |
(149) |
|||||
Income tax (benefits)/expenses |
- |
4,364 |
(1,820) |
|||||
Share of profit of equity-accounted investees, net of
tax
|
25 |
(2,570) |
9 |
|||||
Net finance expense |
11 |
45,980 |
60,144 |
|||||
(Gain)/loss on disposal of assets |
12 |
(502,547) |
(22,064) |
|||||
(Gain)/loss on disposal of subsidiaries |
9 |
(19,707) |
— |
|||||
Changes in working capital requirements |
12,767 |
(33,886) |
||||||
Change in cash guarantees |
- |
(44,494) |
(25) |
|||||
Change in inventory |
21 |
757 |
(1,615) |
|||||
Change in receivables from contracts with customers |
22 |
45,353 |
(21,652) |
|||||
Change in accrued income |
22 |
3,770 |
(10,809) |
|||||
Change in deferred charges |
22 |
4,002 |
(7,728) |
|||||
Change in other receivables |
22 |
8,356 |
(1,568) |
|||||
Change in trade payables |
17 |
3,331 |
17,031 |
|||||
Change in accrued payroll |
17 |
(865) |
636 |
|||||
Change in accrued expenses |
17 |
(15,216) |
(6,058) |
|||||
Change in deferred income |
17 |
1,735 |
(511) |
|||||
Change in other payables |
- |
6,038 |
(736) |
|||||
Change in provisions for employee benefits |
- |
— |
(851) |
|||||
Income taxes paid during the period |
- |
(4,253) |
(6,268) |
|||||
Interest paid |
- |
(42,489) |
(56,001) |
|||||
Interest received |
- |
13,910 |
12,842 |
|||||
Net cash from (used in) operating activities |
266,789 |
401,580 |
||||||
Acquisition of vessels and vessels under construction |
12 |
(444,570) |
(208,629) |
|||||
Proceeds from the sale of vessels |
12 |
1,511,765 |
40,523 |
|||||
Acquisition of other tangible assets |
12 |
(3,077) |
(511) |
|||||
Acquisition of intangible assets |
13 |
(386) |
(42) |
|||||
Proceeds from the sale of other (in)tangible assets |
12 |
2,000 |
— |
|||||
Net cash on deconsolidation / sale of subsidiaries |
- |
822 |
— |
|||||
Investments in other companies |
20 |
(45,000) |
— |
|||||
Net cash paid in business combinations and joint
ventures
|
24/25 |
(1,149,886) |
— |
CMB.TECH & Euronav |
Financial Report 2024 |
11 |
Lease payments received from finance leases |
- |
782 |
944 |
|||||
Advances on proceeds from the sale of vessels |
- |
— |
27,500 |
|||||
Net cash from (used in) investing activities |
(127,550) |
(140,215) |
||||||
(Purchase of) Proceeds from sale of treasury shares |
14 |
(126,913) |
1,501 |
|||||
Proceeds from new borrowings |
16 |
1,365,022 |
746,013 |
|||||
Repayment of borrowings |
16 |
(206,701) |
(402,652) |
|||||
Repayment of lease liabilities |
16 |
(32,291) |
(11,586) |
|||||
Repayment of commercial paper |
16 |
(213,545) |
(220,157) |
|||||
Repayment of sale and leaseback |
16 |
(100,980) |
(41,907) |
|||||
Transaction costs related to issue of loans and
borrowings
|
16 |
(4,477) |
(3,919) |
|||||
Dividends paid |
14 |
(903,331) |
(346,671) |
|||||
Net cash from (used in) financing activities |
(223,216) |
(279,378) |
||||||
Net increase (decrease) in cash and cash
equivalents
|
(83,977) |
(18,013) |
||||||
Net cash and cash equivalents at the beginning of the
period
|
- |
429,370 |
179,929 |
|||||
Effect of changes in exchange rates |
- |
(1,494) |
2,616 |
|||||
Net cash and cash equivalents at the end of the
period
|
- |
343,899 |
164,532 |
|||||
of which restricted cash |
- |
— |
— |
|||||
The accompanying notes on pages 13 to 51 are an integral part of these condensed interim financial statements |
CMB.TECH & Euronav |
Financial Report 2024 |
12 |
Note 1 - Reporting entity |
Note 2 - Basis of preparation |
Note 3 - Use of judgements and estimates |
Note 4 - Changes in significant accounting policies |
Note 5 - Changes in consolidation scope |
Note 6 - Significant events |
Note 7 - Segment reporting |
Note 8 - Assets held for sale and discontinued operations |
Note 9 - Revenue and other operating income |
Note 10 - Expenses for shipping activities |
Note 11 - Net finance expenses |
Note 12 - Property, plant and equipment |
Note 13 - Intangible assets |
Note 14 - Equity |
Note 15 - Earnings per share |
Note 16 - Interest-bearing loans and borrowings |
Note 17 - Trade and other payables |
Note 18 - Financial instruments |
Note 19 - Deferred tax assets and liabilities |
Note 20 - Non-current receivables |
Note 21 - Bunker inventory |
Note 22 - Trade and other receivables |
Note 23 - Provisions and contingencies |
Note 24 - Business Combination |
Note 25 - Investments |
Note 26 - Subsequent events |
Note 27 - Standards issued but not yet effective |
Note 28 - Statement on the true and fair view of the consolidated financial statements and the fair overview of the
management report
|
CMB.TECH & Euronav |
Financial Report 2024 |
13 |
CMB.TECH & Euronav |
Financial Report 2024 |
14 |
CMB.TECH & Euronav |
Financial Report 2024 |
15 |
CMB.TECH & Euronav |
Financial Report 2024 |
16 |
CMB.TECH & Euronav |
Financial Report 2024 |
17 |
CMB.TECH & Euronav |
Financial Report 2024 |
18 |
June 30, 2024 |
||||||||||
Marine |
H2 Infra |
Industry |
Less:
Eliminations
|
Total |
||||||
Euronav |
Bocimar |
Delphis |
Bochem |
Windcat |
Other |
|||||
Revenue |
425,189 |
29,881 |
9,011 |
10,683 |
17,060 |
553 |
— |
— |
— |
492,377 |
Profit (loss) before income
tax
|
671,532 |
4,154 |
17,236 |
2,142 |
(618) |
(9,972) |
(1,987) |
1,497 |
— |
683,984 |
Non-current assets |
3,343,616 |
631,928 |
141,309 |
195,559 |
207,206 |
32,668 |
15,518 |
7,039 |
(1,687,038) |
2,887,806 |
Current assets |
1,013,501 |
14,710 |
41,802 |
8,504 |
15,532 |
487,207 |
1,720 |
20,335 |
(759,467) |
843,843 |
TOTAL ASSETS |
4,357,117 |
646,638 |
183,111 |
204,063 |
222,738 |
519,875 |
17,238 |
27,374 |
(2,446,505) |
3,731,649 |
Equity |
2,342,432 |
(547) |
63,668 |
3,155 |
26,891 |
248,120 |
11,556 |
16,733 |
(1,485,328) |
1,226,680 |
Non-current liabilities |
1,424,560 |
318,117 |
91,894 |
125,997 |
123,467 |
8,009 |
171 |
422 |
(201,700) |
1,890,937 |
Current liabilities |
590,125 |
329,068 |
27,549 |
74,911 |
72,380 |
263,746 |
5,511 |
10,219 |
(759,477) |
614,032 |
TOTAL LIABILITIES |
4,357,117 |
646,638 |
183,111 |
204,063 |
222,738 |
519,875 |
17,238 |
27,374 |
(2,446,505) |
3,731,649 |
19 |
June 30, 2023 |
|||
Marine |
Less: Eliminations |
Total |
|
Euronav |
|||
Revenue |
688,116 |
— |
688,116 |
Profit (loss) before income tax |
335,046 |
— |
335,046 |
December 31, 2023 |
|||
Marine |
Less: Eliminations |
Total |
|
Euronav |
|||
Non-current assets |
1,787,543 |
— |
1,787,543 |
Current assets |
1,631,737 |
— |
1,631,737 |
TOTAL ASSETS |
3,419,280 |
— |
3,419,280 |
Equity |
2,357,373 |
— |
2,357,373 |
Non-current liabilities |
637,154 |
— |
637,154 |
Current liabilities |
424,753 |
— |
424,753 |
TOTAL LIABILITIES |
3,419,280 |
— |
3,419,280 |
CMB.TECH & Euronav |
Financial Report 2024 |
20 |
CMB.TECH & Euronav |
Financial Report 2024 |
21 |
June 30, 2024 |
June 30, 2023 |
|||||||||||||
Marine |
H2 INFRA |
H2
INDUSTRY
|
Less:
Eliminations
|
Total |
Marine |
Less:
Eliminations
|
Total |
|||||||
Euronav |
Bocimar |
Delphis |
Bochem |
Windcat |
Other |
Total |
Euronav |
|||||||
Pool Revenue |
113,125 |
— |
— |
8,889 |
— |
— |
122,014 |
— |
— |
— |
122,014 |
362,745 |
— |
362,745 |
Spot Voyages |
219,780 |
29,705 |
— |
— |
— |
— |
249,485 |
— |
— |
— |
249,485 |
243,381 |
— |
243,381 |
Revenue from
contracts with
customers
|
332,905 |
29,705 |
— |
8,889 |
— |
— |
371,499 |
— |
— |
— |
371,499 |
606,126 |
— |
606,126 |
Time Charters |
92,284 |
176 |
9,011 |
1,794 |
17,060 |
553 |
120,878 |
— |
— |
— |
120,878 |
81,990 |
— |
81,990 |
Lease income |
92,284 |
176 |
9,011 |
1,794 |
17,060 |
553 |
120,878 |
— |
— |
— |
120,878 |
81,990 |
— |
81,990 |
Total revenue |
425,189 |
29,881 |
9,011 |
10,683 |
17,060 |
553 |
492,377 |
— |
— |
— |
492,377 |
688,116 |
— |
688,116 |
Other income |
35,774 |
1,130 |
263 |
— |
— |
754 |
37,921 |
362 |
841 |
(879) |
38,245 |
14,768 |
— |
14,768 |
CMB.TECH & Euronav |
Financial Report 2024 |
22 |
For the six month period ended |
||||||
(in thousands of USD) |
June 30, 2024 |
June 30, 2023 |
||||
Commissions paid |
(9,158) |
(8,363) |
||||
Bunkers |
(59,270) |
(50,720) |
||||
Other voyage related expenses |
(17,475) |
(12,462) |
||||
Total voyage expenses and commissions |
(85,903) |
(71,545) |
||||
For the six month period ended |
||||||
(in thousands of USD) |
June 30, 2024 |
June 30, 2023 |
||||
Operating expenses |
(92,813) |
(107,614) |
||||
Insurance |
(7,200) |
(10,403) |
||||
Total vessel operating expenses |
(100,013) |
(118,017) |
||||
CMB.TECH & Euronav |
Financial Report 2024 |
23 |
For the six month period ended |
|||||||
(in thousands of USD) |
June 30, 2024 |
June 30, 2023 |
|||||
Wages and salaries |
(7,332) |
(3,849) |
|||||
Social security costs |
(1,603) |
(512) |
|||||
Equity-settled share-based payments |
— |
851 |
|||||
Activated costs |
358 |
— |
|||||
Other employee benefits |
(750) |
(570) |
|||||
Employee benefits |
(9,327) |
(4,080) |
|||||
Administrative expenses |
(25,780) |
(21,031) |
|||||
Tonnage Tax |
(866) |
(1,766) |
|||||
Claims |
(477) |
(20) |
|||||
Provisions |
163 |
148 |
|||||
Total general and administrative expenses |
(36,287) |
(26,749) |
|||||
CMB.TECH & Euronav |
Financial Report 2024 |
24 |
For the six month period ended |
|||||
(in thousands of USD) |
June 30, 2024 |
June 30, 2023 |
|||
Interest income |
13,292 |
10,945 |
|||
Change in fair value of fuel derivatives recognized in P&L |
— |
3,210 |
|||
Foreign exchange gains |
10,124 |
9,350 |
|||
Finance income |
23,416 |
23,505 |
|||
Interest expense on financial liabilities measured at amortized cost |
(53,869) |
(61,058) |
|||
Interest leasing |
(198) |
(438) |
|||
Change in fair value of fuel derivatives recognized in P&L |
— |
(6,445) |
|||
Fair value adjustment on interest rate swaps |
— |
137 |
|||
Other financial charges |
(5,111) |
(5,394) |
|||
Foreign exchange losses |
(10,218) |
(10,451) |
|||
Finance expense |
(69,396) |
(83,649) |
|||
Net finance expense recognized in profit or loss |
(45,980) |
(60,144) |
|||
CMB.TECH & Euronav |
Financial Report 2024 |
25 |
(in thousands of USD) |
Note |
Vessels |
Vessels
under
construction
|
Right-of-
use assets
|
Other
tangible
assets
|
Pre-
payments
|
Total PPE |
At January 1, 2024 |
|||||||
Cost |
— |
3,265,939 |
106,513 |
56,241 |
4,717 |
— |
3,433,410 |
Depreciation & impairment
losses
|
— |
(1,636,369) |
— |
(23,304) |
(4,072) |
— |
(1,663,745) |
Net carrying amount |
1,629,570 |
106,513 |
32,937 |
645 |
— |
1,769,665 |
|
Acquisitions |
— |
41,582 |
402,988 |
— |
1,243 |
1,834 |
447,647 |
Acquisitions through
business combinations
|
24 |
425,564 |
477,565 |
1,431 |
22,219 |
670 |
927,449 |
Disposals and cancellations |
— |
(108,749) |
— |
(30,000) |
— |
(595) |
(139,344) |
Depreciation charges |
— |
(77,916) |
— |
(955) |
(1,658) |
— |
(80,529) |
Transfer to assets held for
sale
|
8 |
(182,806) |
— |
— |
— |
— |
(182,806) |
Transfers |
— |
308,470 |
(308,470) |
— |
— |
— |
— |
Exit from the consolidation
scope
|
— |
— |
(1,184) |
(137) |
— |
(1,321) |
|
Translation differences |
— |
(108) |
(98) |
(25) |
(202) |
(23) |
(456) |
Balance at June 30, 2024 |
2,035,607 |
678,498 |
2,204 |
22,110 |
1,886 |
2,740,305 |
|
At June 30, 2024 |
|||||||
Cost |
— |
3,528,029 |
678,498 |
5,340 |
30,180 |
1,886 |
4,243,933 |
Depreciation & impairment
losses
|
— |
(1,492,422) |
— |
(3,136) |
(8,070) |
— |
(1,503,628) |
Net carrying amount |
2,035,607 |
678,498 |
2,204 |
22,110 |
1,886 |
2,740,305 |
CMB.TECH & Euronav |
Financial Report 2024 |
26 |
(in thousands of USD) |
Note |
Sale price |
Book Value |
Gain |
Loss |
Cap Charles - Sale |
— |
40,523 |
18,459 |
22,064 |
— |
At June 30, 2023 |
40,523 |
18,459 |
22,064 |
— |
|
Sale price |
Book Value |
Gain |
Loss |
||
Alice - Sale |
— |
85,965.6 |
61,626 |
24,340 |
— |
Anne - Sale |
— |
86,275.4 |
62,820 |
23,455 |
— |
Aquitaine - Sale |
— |
90,268 |
58,657 |
31,611 |
— |
Dominica - Sale |
— |
82,685 |
52,826 |
29,859 |
— |
Desirade - Sale |
— |
85,965 |
56,071 |
29,894 |
— |
Alboran - Sale |
— |
86,418 |
56,362 |
30,056 |
— |
Aral - Sale |
— |
86,472 |
56,445 |
30,027 |
— |
Andaman - Sale |
— |
86,976 |
56,636 |
30,340 |
— |
Hatteras - Sale |
— |
90,310 |
59,368 |
30,942 |
— |
Delos - Sale |
— |
112,888 |
83,611 |
29,277 |
— |
Doris - Sale |
— |
113,010 |
84,438 |
28,572 |
— |
Derius - Sale |
— |
104,627 |
81,458 |
23,169 |
— |
Camus - Sale |
— |
123,420 |
92,228 |
31,192 |
— |
Oceania - Sale |
— |
43,120 |
8,294 |
34,826 |
— |
Noble - Sale |
— |
53,955 |
25,716 |
28,239 |
— |
Nectar - Sale |
— |
53,955 |
23,873 |
30,082 |
— |
Newton - Sale |
— |
53,955 |
33,285 |
20,670 |
— |
CMA CGM Baikal - Sale |
71,500 |
55,879 |
15,621 |
— |
|
Corporate - Sale |
2,000 |
1,625 |
375 |
— |
|
At June 30, 2024 |
1,513,765 |
1,011,218 |
502,547 |
— |
|
CMB.TECH & Euronav |
Financial Report 2024 |
27 |
CMB.TECH & Euronav |
Financial Report 2024 |
28 |
(in thousands of USD) |
Total |
2024 |
2025 |
2026 |
2027 |
||||||
Commitments in respect of: |
|||||||||||
Tankers |
755,340 |
129,340 |
95,370 |
463,310 |
67,320 |
||||||
Dry bulk vessels |
1,316,062 |
311,773 |
— |
573,421 |
— |
355,518 |
— |
75,350 |
|||
Container vessels |
143,373 |
90,802 |
15,009 |
37,562 |
— |
||||||
Chemical tankers |
214,272 |
68,972 |
47,200 |
98,100 |
— |
||||||
CSOVs |
264,725 |
35,646 |
143,853 |
60,499 |
24,728 |
||||||
Total |
2,693,772 |
636,533 |
874,853 |
1,014,989 |
167,398 |
||||||
CMB.TECH & Euronav |
Financial Report 2024 |
29 |
(in thousands USD) |
Note |
Customer
contracts
|
Other intangible
assets
|
Total intangible
assets
|
|||
At January 1, 2024 |
|||||||
Cost |
- |
16,569 |
1,267 |
17,836 |
|||
Depreciation |
- |
(2,469) |
(1,173) |
(3,642) |
|||
Net carrying amount |
14,100 |
94 |
14,194 |
||||
Acquisitions |
- |
— |
386 |
386 |
|||
Acquisitions through business combinations |
24 |
— |
3,538 |
3,538 |
|||
Depreciation charges |
- |
(776) |
(572) |
(1,348) |
|||
Exit from the consolidation scope |
- |
— |
(67) |
(67) |
|||
Translation differences |
- |
— |
(42) |
(42) |
|||
Balance at June 30, 2024 |
13,324 |
3,337 |
16,661 |
||||
At June 30, 2024 |
|||||||
Cost |
- |
16,569 |
6,222 |
22,791 |
|||
Depreciation & impairment losses |
- |
(3,245) |
(2,885) |
(6,130) |
|||
Net carrying amount |
13,324 |
3,337 |
16,661 |
CMB.TECH & Euronav |
Financial Report 2024 |
30 |
June 30, 2024 |
||||||
(in thousands of USD) |
Notional
Value
|
Fair Value -
Assets
|
Fair Value -
Liabilities
|
Change
recognized
in OCI
|
||
Interest rate swaps |
||||||
USD 150.0 million facility |
87,090 |
2,408 |
— |
1,268 |
||
June 30, 2023 |
||||||
(in thousands of USD) |
Notional
Value
|
Fair Value -
Assets
|
Fair Value -
Liabilities
|
Change
recognized
in OCI
|
||
Interest rate swaps |
||||||
USD 173.6 million facility - Cap Quebec and Cap
Pembroke
|
53,511 |
1,807 |
— |
22 |
||
USD 173.6 million facility - Cap Corpus Christi and Cap
Port Arthur
|
56,838 |
4,689 |
— |
(503) |
||
USD 713.0 million facility |
216,889 |
15,557 |
— |
(2,199) |
||
USD 73.45 million facility |
68,859 |
5,477 |
— |
13 |
||
USD 150.0 million facility |
100,013 |
3,049 |
254 |
547 |
||
USD 447.0 million facility - part USD 140.0 million term
loan
|
70,000 |
1,039 |
64 |
901 |
||
Fx swaps |
||||||
Fx Euro hedges |
31,000 |
671 |
78 |
(447) |
||
CMB.TECH & Euronav |
Financial Report 2024 |
31 |
CMB.TECH & Euronav |
Financial Report 2024 |
32 |
CMB.TECH & Euronav |
Financial Report 2024 |
33 |
For the six month period ended |
||||||
June 30, 2024 |
June 30, 2023 |
|||||
Result for the period (in USD) |
679,620,307 |
336,866,321 |
||||
Weighted average number of ordinary shares |
197,886,375 |
201,828,035 |
||||
Basic earnings per share (in USD) |
3.43 |
1.67 |
(in shares) |
Shares issued |
Treasury
shares
|
Shares
outstanding
|
Weighted number
of shares
|
|
On issue at January 1, 2024 |
220,024,713 |
17,790,716 |
202,233,997 |
202,233,997 |
|
Issuance of shares |
— |
— |
— |
— |
|
Purchases of treasury shares |
— |
8,017,162 |
(8,017,162) |
(4,347,622) |
|
Withdrawal of treasury shares |
— |
— |
— |
— |
|
Transfer of treasury shares |
— |
— |
— |
— |
|
On issue at June 30, 2024 |
220,024,713 |
25,807,878 |
194,216,835 |
197,886,375 |
|
(in shares) |
June 30, 2024 |
June 30, 2023 |
||||
Weighted average of ordinary shares outstanding (basic) |
197,886,375 |
201,828,035 |
||||
Effect of share-based payment arrangements |
— |
50,015 |
||||
Weighted average number of ordinary shares (diluted) |
197,886,375 |
201,878,050 |
CMB.TECH & Euronav |
Financial Report 2024 |
34 |
(in thousands of USD) |
Note |
Bank loans |
Other Notes |
Lease
liabilities
|
Other
borrowings
|
Total |
More than 5 years |
— |
30,203 |
— |
206 |
52,337 |
82,746 |
Between 1 and 5
years
|
— |
332,032 |
198,219 |
3,157 |
18,911 |
552,319 |
More than 1 year |
362,235 |
198,219 |
3,363 |
71,248 |
635,065 |
|
Less than 1 year |
— |
166,124 |
3,733 |
33,493 |
92,298 |
295,648 |
At January 1, 2024 |
528,359 |
201,952 |
36,856 |
163,546 |
930,713 |
|
New loans |
— |
960,666 |
— |
— |
404,356 |
1,365,022 |
Scheduled
repayments
|
— |
(101,701) |
— |
(32,092) |
(220,500) |
(354,293) |
Early repayments |
— |
(105,000) |
— |
— |
— |
(105,000) |
Acquisitions through
business
combinations
|
24 |
332,529 |
— |
1,500 |
234,491 |
568,520 |
Other changes |
— |
4,267 |
332 |
— |
(2,072) |
2,527 |
Exit from the
consolidation scope
|
— |
— |
— |
(1,137) |
— |
(1,137) |
Translation
differences
|
— |
(1,644) |
— |
(25) |
(2,648) |
(4,317) |
Balance at June 30,
2024
|
1,617,476 |
202,284 |
5,102 |
577,173 |
2,402,035 |
|
More than 5 years |
— |
252,468 |
— |
282 |
392,253 |
645,003 |
Between 1 and 5
years
|
— |
959,747 |
198,551 |
1,901 |
84,440 |
1,244,639 |
More than 1 year |
1,212,215 |
198,551 |
2,183 |
476,693 |
1,889,642 |
|
Less than 1 year |
— |
405,261 |
3,733 |
2,919 |
100,480 |
512,393 |
Balance at June 30,
2024
|
1,617,476 |
202,284 |
5,102 |
577,173 |
2,402,035 |
|
CMB.TECH & Euronav |
Financial Report 2024 |
35 |
(in thousands of USD) |
June 30, 2024 |
December 31, 2023 |
|||||||
Cur
r.
|
Nominal
interest
rate
|
Year
of
mat.
|
Facility
size
|
Drawn |
Carrying
value
|
Facility
size
|
Drawn |
Carrying
value
|
|
Unsecured Revolving
loan 80.0M
|
EUR |
SOFR + CAS
+ 1.45%
|
2026 |
85,000 |
85,000 |
85,149 |
88,400 |
— |
(66) |
Secured FSO loan 150M |
USD |
SOFR +
2.15%
|
2030 |
116,120 |
116,120 |
115,195 |
124,809 |
124,809 |
123,728 |
Secured vessels loan
Refi - Revolving facility
932M*
|
USD |
SOFR +
2.30% -
2.90%
|
2028 |
932,432 |
778,681 |
772,381 |
725,000 |
— |
(8,398) |
Secured vessels loan
Refi - Transition facility
293M
|
USD |
SOFR +
2.30% -
2.90%
|
2025 |
293,415 |
293,415 |
291,258 |
368,225 |
368,225 |
365,662 |
Secured vessels loan
Refi - Newbuild facility
190M
|
USD |
SOFR +
2.30% -
2.90%
|
2028 |
— |
— |
— |
47,500 |
47,500 |
47,433 |
Credit Line Belfius
Windcat EUR 1.25M
|
EUR |
SOFR +
1.83%
|
— |
1,338 |
1,338 |
1,338 |
— |
— |
— |
Credit Line KBC Windcat
EUR 1.25M
|
EUR |
SOFR +
2.40%
|
— |
1,338 |
1,338 |
1,338 |
— |
— |
— |
Loan BNPPF 100M |
EUR |
Euribor +
1.00%
|
2037 |
107,197 |
57,449 |
57,449 |
— |
— |
— |
Loan CEXIM I 152M |
USD |
SOFR +
2.06%
|
2036 |
151,993 |
44,811 |
43,983 |
— |
— |
— |
Loan CEXIM II 280M |
USD |
SOFR +
1.80%
|
2035 |
279,910 |
175,077 |
171,060 |
— |
— |
— |
Loan CEXIM III 224M |
USD |
SOFR +
2.06%
|
2038 |
224,000 |
— |
— |
— |
— |
— |
Loan KBC/Belfius
Windcat EUR 78M
|
EUR |
Euribor +
3.25%
|
2027 |
83,481 |
44,229 |
43,883 |
— |
— |
— |
Loan SocGen EUR 50M |
EUR |
Euribor +
1.00%
|
2037 |
53,646 |
25,439 |
25,439 |
— |
— |
— |
Loan SocGen EUR 8.8M |
EUR |
Euribor +
1.10%
|
2033 |
8,949 |
8,949 |
9,003 |
— |
— |
— |
Total interest-bearing bank loans |
2,338,819 |
1,631,847 |
1,617,476 |
1,353,934 |
540,534 |
528,359 |
|||
CMB.TECH & Euronav |
Financial Report 2024 |
36 |
(in thousands of
USD)
|
June 30, 2024 |
December 31, 2023 |
|||||||
Curr. |
Nominal
interest
rate
|
Year of
mat.
|
Facility
size
|
Drawn |
Carrying
value
|
Facility
size
|
Drawn |
Carrying
value
|
|
Unsecured
notes
|
USD |
6.25% |
2026 |
200,000 |
200,000 |
202,284 |
200,000 |
200,000 |
201,952 |
Total other
notes
|
200,000 |
200,000 |
202,284 |
200,000 |
200,000 |
201,952 |
|||
CMB.TECH & Euronav |
Financial Report 2024 |
37 |
(in thousands of USD) |
June 30, 2024 |
December 31, 2023 |
Less than one year |
19,841 |
4,547 |
Between one and five years |
85,406 |
19,130 |
More than five years |
395,308 |
52,828 |
Total future lease payables |
500,555 |
76,505 |
CMB.TECH & Euronav |
Financial Report 2024 |
38 |
(in thousands of USD) |
June 30, 2024 |
December 31, 2023 |
||||
Derivatives |
— |
146 |
||||
Total non-current other payables |
— |
146 |
||||
Trade payables |
40,495 |
42,032 |
||||
Accrued expenses |
28,610 |
43,898 |
||||
Accrued payroll |
1,890 |
2,724 |
||||
Dividends payable |
541 |
16,301 |
||||
Deferred income |
22,500 |
17,355 |
||||
Other payables |
183 |
1,703 |
||||
Total current trade and other payables |
94,219 |
124,013 |
||||
CMB.TECH & Euronav |
Financial Report 2024 |
39 |
Carrying amount |
Fair value |
|||||||||||
(in thousands of USD) |
Note |
Fair value -
Hedging
instruments
|
Financial
assets at
amortized
cost
|
Other
financial
liabilities
|
Total |
Level 1 |
Level 2 |
Level 3 |
Total |
|||
December 31, 2023 |
||||||||||||
Financial assets measured at fair value |
||||||||||||
Forward exchange contracts |
22 |
1,515 |
— |
— |
1,515 |
— |
1,515 |
— |
1,515 |
|||
Interest rate swaps |
20-22 |
1,286 |
— |
— |
1,286 |
— |
1,286 |
— |
1,286 |
|||
2,801 |
— |
— |
2,801 |
|||||||||
Financial assets not measured at fair value |
||||||||||||
Non-current receivables |
20 |
— |
1,624 |
— |
1,624 |
— |
— |
1,535 |
1,535 |
|||
Lease receivables |
20 |
— |
2,854 |
— |
2,854 |
— |
2,268 |
— |
2,268 |
|||
Trade and other receivables * |
22 |
— |
279,775 |
— |
279,775 |
— |
— |
— |
— |
|||
Cash and cash equivalents |
— |
— |
429,370 |
— |
429,370 |
— |
— |
— |
— |
|||
— |
713,623 |
— |
713,623 |
CMB.TECH & Euronav |
Financial Report 2024 |
40 |
Financial liabilities measured at fair value |
||||||||||||
Interest rate swaps |
17 |
146 |
— |
— |
146 |
— |
146 |
— |
146 |
|||
146 |
— |
— |
146 |
|||||||||
Financial liabilities not measured at fair value |
||||||||||||
Secured bank loans |
16 |
— |
— |
528,359 |
528,359 |
— |
540,096 |
— |
540,096 |
|||
Unsecured other notes |
16 |
— |
— |
201,952 |
201,952 |
196,563 |
— |
— |
196,563 |
|||
Other borrowings |
16 |
— |
— |
163,546 |
163,546 |
— |
164,261 |
— |
164,261 |
|||
Lease liabilities |
16 |
— |
— |
36,856 |
36,856 |
— |
33,359 |
— |
33,359 |
|||
Trade and other payables * |
17 |
— |
— |
106,613 |
106,613 |
— |
— |
— |
— |
|||
— |
— |
1,037,326 |
1,037,326 |
CMB.TECH & Euronav |
Financial Report 2024 |
41 |
Carrying amount |
Fair value |
|||||||||||||
(in thousands of USD) |
Note |
Fair value -
Hedging
instruments
|
Financial
assets at
amortized
cost
|
Other
financial
liabilities
|
Total |
Level 1 |
Level 2 |
Level 3 |
Total |
|||||
June 30, 2024 |
||||||||||||||
Financial assets measured at fair value |
||||||||||||||
Interest rate swaps |
20-22 |
2,408 |
— |
— |
2,408 |
— |
2,408 |
— |
2,408 |
|||||
2,408 |
— |
— |
2,408 |
|||||||||||
Financial assets not measured at fair value |
||||||||||||||
Non-current receivables |
20 |
— |
62,660 |
— |
62,660 |
— |
— |
62,660 |
62,660 |
|||||
Lease receivables |
20 |
— |
2,072 |
— |
2,072 |
— |
1,609 |
— |
1,609 |
|||||
Trade and other receivables * |
22 |
— |
239,456 |
— |
239,456 |
— |
— |
— |
— |
|||||
Cash and cash equivalents |
— |
— |
343,899 |
— |
343,899 |
— |
— |
— |
— |
|||||
— |
648,087 |
— |
648,087 |
|||||||||||
Financial liabilities measured at fair value |
||||||||||||||
Forward exchange contracts |
16 |
299 |
— |
— |
299 |
— |
299 |
— |
299 |
|||||
299 |
— |
— |
299 |
|||||||||||
Financial liabilities not measured at fair value |
||||||||||||||
Secured bank loans |
16 |
— |
— |
1,532,476 |
1,532,476 |
— |
1,555,592 |
— |
1,555,592 |
|||||
Unsecured bank loans |
16 |
— |
— |
85,000 |
85,000 |
— |
85,149 |
— |
85,149 |
|||||
Unsecured other notes |
16 |
— |
— |
202,284 |
202,284 |
197,785 |
— |
— |
197,785 |
|||||
Other borrowings |
16 |
— |
— |
577,173 |
577,173 |
— |
571,142 |
— |
571,142 |
|||||
Lease liabilities |
16 |
— |
— |
5,102 |
5,102 |
— |
4,554 |
— |
4,554 |
|||||
Trade and other payables * |
17 |
— |
— |
71,649 |
71,649 |
— |
— |
— |
— |
|||||
— |
— |
2,473,684 |
2,473,684 |
|||||||||||
CMB.TECH & Euronav |
Financial Report 2024 |
42 |
Financial instruments measured at fair value |
|||||||
Type |
Valuation Techniques |
Significant unobservable inputs |
|||||
Forward exchange contracts |
Forward pricing: the fair value is determined using quoted forward
exchange rates at the reporting date and present value calculations based
on high credit quality yield curve in the respective currencies.
|
Not applicable |
|||||
Interest rate swaps |
Swap models: the fair value is calculated as the present value of the
estimated future cash flows. Estimates of future floating-rate cash flows
are based on quoted swap rates, futures prices and interbank borrowing
rates.
|
Not applicable |
|||||
Commodity derivatives |
Fair value is determined based on the present value of the quoted forward
price.
|
Not applicable |
|||||
Financial instruments not measured at fair value |
|||||||
Type |
Valuation Techniques |
Significant unobservable inputs |
|||||
Non-current receivables (consisting primarily of
shareholders' loans)
|
Discounted cash flow |
Discount rate and forecasted cash flows |
|||||
Lease receivables |
Discounted cash flow |
Discount rate |
|||||
Other financial liabilities (consisting of secured
and unsecured bank loans and lease liabilities)
|
Discounted cash flow |
Discount rate |
|||||
Other financial notes (consisting of unsecured
notes)
|
List price |
Not applicable |
|||||
CMB.TECH & Euronav |
Financial Report 2024 |
43 |
Contractual cash flows December 31, 2023 |
||||||||||
(in thousands of USD) |
Note |
Carrying Amount |
Total |
Less than 1 year |
Between 1 and 5 years |
More than 5 years |
||||
Non derivative financial liabilities |
||||||||||
Bank loans and other notes |
16 |
730,311 |
837,126 |
217,328 |
587,681 |
32,117 |
||||
Other borrowings |
16 |
163,546 |
214,641 |
99,058 |
40,363 |
75,220 |
||||
Lease liabilities |
16 |
36,856 |
37,732 |
33,806 |
3,651 |
276 |
||||
Current trade and other payables * |
17 |
106,613 |
106,613 |
106,613 |
— |
— |
||||
1,037,326 |
1,196,112 |
456,805 |
631,694 |
107,613 |
||||||
Derivative financial liabilities |
||||||||||
Interest rate swaps |
17 |
146 |
(9) |
(876) |
797 |
70 |
||||
146 |
(9) |
(876) |
797 |
70 |
||||||
CMB.TECH & Euronav |
Financial Report 2024 |
44 |
Contractual cash flows June 30, 2024 |
||||||||||
(in thousands of USD) |
Carrying Amount |
Total |
Less than 1 year |
Between 1 and 5 years |
More than 5 years |
|||||
Non derivative financial liabilities |
||||||||||
Bank loans and other notes |
16 |
1,819,760 |
2,164,574 |
649,802 |
1,214,901 |
299,870 |
||||
Other borrowings |
16 |
577,173 |
810,706 |
134,888 |
186,643 |
489,175 |
||||
Lease liabilities |
16 |
5,102 |
5,635 |
3,075 |
2,214 |
346 |
||||
Current trade and other payables * |
17 |
71,649 |
71,649 |
71,649 |
— |
— |
||||
2,473,684 |
3,052,564 |
859,414 |
1,403,758 |
789,391 |
||||||
Derivative financial liabilities |
||||||||||
Interest rate swaps |
17 |
— |
719 |
(148) |
860 |
7 |
||||
— |
719 |
(148) |
860 |
7 |
CMB.TECH & Euronav |
Financial Report 2024 |
45 |
(in thousands of USD) |
June 30, 2024 |
December 31, 2023 |
||
Shareholders loans to joint ventures |
11,805 |
2 |
||
Derivatives |
1,008 |
— |
||
Cash guarantees and deposits |
46,173 |
1,616 |
||
Other non-current receivables |
4,682 |
6 |
||
Lease receivables |
330 |
1,263 |
||
Total non-current receivables |
63,998 |
2,887 |
||
CMB.TECH & Euronav |
Financial Report 2024 |
46 |
(in thousands of USD) |
June 30, 2024 |
December 31, 2023 |
||||
Receivable from contracts with customers |
137,854 |
88,544 |
||||
Receivable from contracts with customers - TI Pool |
87,115 |
169,339 |
||||
Accrued income |
12,877 |
13,706 |
||||
Accrued interest |
835 |
1352 |
||||
Deferred charges |
35,426 |
17,601 |
||||
Deferred fulfillment costs |
705 |
2,278 |
||||
Other receivables |
3,030 |
11,414 |
||||
Lease receivables |
1,742 |
1,591 |
||||
Derivatives |
1,401 |
1,286 |
||||
Total trade and other receivables |
280,985 |
307,111 |
||||
CMB.TECH & Euronav |
Financial Report 2024 |
47 |
(in thousands of USD) |
Note |
Onerous contract |
Total |
||
At January 1, 2024 |
598 |
598 |
|||
Provisions used during the year |
- |
(163) |
(163) |
||
Balance at June 30, 2024 |
435 |
435 |
|||
Non-current |
- |
125 |
125 |
||
Current |
- |
310 |
310 |
||
Total |
435 |
435 |
|||
CMB.TECH & Euronav |
Financial Report 2024 |
48 |
(in thousands of USD) |
Note |
||||
Vessels |
12 |
425,564 |
|||
Assets under construction |
12 |
478,235 |
|||
Other tangible assets |
12 |
23,650 |
|||
Intangible assets |
13 |
3,538 |
|||
Investments in equity accounted investees |
25 |
12,399 |
|||
Receivables |
- |
16,514 |
|||
Deferred tax assets |
- |
5,414 |
|||
Current assets |
- |
57,128 |
|||
Cash and cash equivalents |
- |
4,176 |
|||
LT loans and borrowings |
- |
(532,439) |
|||
Provisions |
- |
(111) |
|||
Current liabilities |
- |
(138,038) |
|||
Total identifiable net assets acquired |
356,030 |
||||
(in thousands of USD) |
|||||
Consideration transferred |
- |
1,153,000 |
|||
Total identifiable net assets acquired |
- |
356,030 |
|||
796,970 |
CMB.TECH & Euronav |
Financial Report 2024 |
49 |
(in thousands of USD) |
June 30, 2024 |
December 31, 2023 |
||||
Assets |
||||||
Interest in joint ventures |
16,237 |
518 |
||||
TOTAL ASSETS |
16,237 |
518 |
||||
ASSET |
||||
(in thousands of USD) |
Investments in
equity accounted
investees
|
Shareholders loans |
||
Gross balance |
597 |
850 |
||
Offset investment with shareholders loan |
826 |
(826) |
||
Balance at January 1, 2023 |
1,423 |
24 |
||
Reversal prior year offset investment with shareholders loan |
(826) |
826 |
||
Group's share of profit (loss) for the period |
(927) |
— |
||
Gross balance |
(330) |
850 |
||
Offset investment with shareholders loan |
848 |
(848) |
||
Balance at December 31, 2023 |
518 |
2 |
||
Reversal prior year offset investment with shareholders loan |
(848) |
848 |
||
Group's share of profit (loss) for the period |
2,570 |
— |
||
Movement shareholders loans to joint ventures |
— |
(44) |
||
Capital increase / (decrease) in joint ventures |
1,063 |
— |
||
Translation differences |
(216) |
113 |
||
Business combinations |
12,399 |
11,638 |
||
Gross balance |
15,485 |
12,557 |
||
Offset investment with shareholders loan |
752 |
(752) |
||
Balance at June 30, 2024 |
16,237 |
11,805 |
||
CMB.TECH & Euronav |
Financial Report 2024 |
50 |
CMB.TECH & Euronav |
Financial Report 2024 |
51 |
EURONAV NV |
||
(Registrant) |
||
Dated: August **, 2024 |
By: |
/s/ Alexander Saverys |
Alexander Saverys |
||
Chief Executive Officer |
CMB.TECH & Euronav |
Financial Report 2024 |
52 |