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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Euronav NV | NYSE:EURN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.45 | 2.66% | 17.36 | 17.44 | 17.09 | 17.13 | 360,966 | 01:00:00 |
EURONAV NV
|
||
(Registrant)
|
||
Dated: March 17, 2017
|
||
By:
|
/s/ Hugo De Stoop
|
|
Hugo De Stoop
|
||
Chief Financial Officer
|
· |
Year of two contrasting halves: robust fundamentals drove strong market until June but increased vessel supply aggravated seasonal trading patterns until Q4
|
· |
Euronav balance sheet bolstered by sale & leaseback and new financing facility
|
· |
Award for FSO for five-year contract starting Q3 2017
|
· |
Further growth via addition of 2 VLCC resales delivered to fleet in January 2017
|
· |
Long term time charter (7 years) signed for two new 1C ice-class Suezmax vessels to be built
|
· |
2017 outlook will see challenges from the peak of new vessel supply and production cuts but medium term prospects remain encouraging
|
Information per share:
|
||||||||||||||||
|
||||||||||||||||
(in USD per share)
|
Fourth Quarter 2016
|
Fourth Quarter 2015
|
Full Year 2016
|
Full Year 2015
|
||||||||||||
|
||||||||||||||||
Weighted average number of shares (basic) *
|
158,166,534
|
158,628,151
|
158,262,268
|
155,872,171
|
||||||||||||
Result after taxation
|
0.32
|
0.66
|
1.29
|
2.25
|
||||||||||||
|
||||||||||||||||
|
Highlights 2016
January
On 15 January 2016 Euronav sold the VLCC
Famenne
(2001 – 298,412 dwt), one of its two oldest VLCC vessels, for USD 38.4 million. The capital gain on that sale of USD 13.8 million was recorded at delivery on 9 March 2016.
On 26 January 2016 Euronav took delivery of the second vessel of the four VLCCs which were acquired as resales of existing newbuilding contracts as announced on 16 June 2015: VLCC
Alice
(2016 - 299,320 dwt).
As reported on 26 January 2016, Euronav bought back 500,000 of its own shares in several transactions from 15 January until 25 January 2016 at an average price of EUR 9.5256 per share.
March
On 24 March 2016 Euronav took delivery of the third vessel of the four VLCCs which were acquired as resales of existing newbuilding contracts as announced on 16 June 2015: VLCC
Alex
(2016 - 299,445 dwt).
|
May
On 12 May 2016 the Annual General Meeting of Shareholders approved an additional dividend of USD 0.82 bringing the full gross dividend to USD 1.69 per share as proposed by the Board of Directors.
On 13 May 2016 Euronav took delivery of the fourth and last vessel of the four VLCCs which were acquired as resales of existing newbuilding contracts as announced on 16 June 2015: the VLCC
Anne
(2016 – 299,533 dwt).
On 20 May 2016 Euronav announced that it had agreed with Bretta Tanker Holdings, Inc. ('Bretta') to terminate its Suezmax joint venture. The joint venture covered four Suezmax vessels: the
Captain Michael
(2012 – 157,648 dwt), the
Maria
(2012 – 157,523 dwt), the
Eugenie
(2010 – 157,672 dwt) and the
Devon
(2011 – 157,642 dwt). Euronav has assumed full ownership of the two youngest vessels, the
Captain
Michael
and the
Maria
, and Bretta has assumed full ownership of the
Eugenie
and the
Devon
.
June
On 2 June 2016 Euronav announced the formation of a commercial joint venture with Diamond S Management LLC and Frontline Ltd under the name Suezmax Chartering. The aim of the joint venture is to create a single point of contact for cargo owners to access a large fleet of more than 40 modern Suezmax vessels, including newbuildings, operated on the spot market.
As reported on 1 July 2016, Euronav bought back 192,415 of its own shares in transactions on 24 and 27 June 2016 at an average price of EUR 7.9423 per share.
August
On 16 August 2016 Euronav entered into a binding agreement for the acquisition through resale of two VLCCs which are completing construction at Hyundai Heavy Industries for an aggregate purchase price of USD 169 million or USD 84.5 million per unit.
October
On 3 October 2016 Euronav signed two long-term time charter contracts of seven years each starting in 2018 with Valero Energy Inc. for Suezmax vessels with specialized Ice Class 1C capability. In order to fulfil these contracts, Euronav has ordered two high specification Ice Class Suezmax vessels from Hyundai Heavy Industries shipyard in South Korea. Delivery of these vessels is expected in early 2018 in good time for commencement of the charters.
|
On 13 October 2016 Euronav agreed with Hyundai Heavy Industries shipyard in South Korea to defer the delivery of the two VLCC ex-yard resale vessels it purchased on 16 August 2016 to the first quarter of 2017. These vessels, previously expected to be delivered between October and November 2016, were delivered in January 2017.
On 27 October 2016 the VLCC
KHK Vision
(2007 – 305,749 dwt), which was time chartered in, was redelivered to its owner.
November
On 1 November 2016 Euronav agreed to purchase the VLCC
V.K. Eddie
(2005 – 305,261 dwt) from its 50% joint venture Seven Seas Shipping Ltd at a price of USD 39 million. Euronav received full control of the Daewoo-built vessel on 23 November 2016.
December
On 16 December 2016 Euronav signed a new USD 410 million senior secured amortizing revolving credit facility for the purpose of refinancing 11 vessels as well as Euronav's general corporate purposes. The credit facility was used to refinance the USD 500 million senior secured credit facility dated 25 March 2014 and will mature on 31 January 2023 carrying a rate of LIBOR plus a margin of 2.25%.
On 22 December 2016 together with joint venture partner International Seaways, Inc. ("INSW"), Euronav was awarded a five-year contract for the service of its two FSO units. The existing contracts will remain in force until expiry in the third quarter of 2017. If negotiations and documentation are successfully concluded, the new contracts are expected to generate revenues for the joint venture in excess of USD 360 million over their full duration, excluding reimbursement for agreed operating expenses. The signing of final services contracts remains subject to an agreement on substantive business terms and no assurance can be given that such agreement will be reached.
On 22 December 2016 Euronav also entered into a five-year sale and leaseback agreement for four VLCC vessels with investment vehicles advised by Wafra Capital Partners Inc., a private equity partnership. The four VLCCs are the
Nautilus
(2006 - 307,284 dwt),
Navarin
(2007 - 307,284 dwt),
Neptun
(2007 - 307,284 dwt) and
Nucleus
(2007 - 307,284 dwt). The terms of the transaction include an aggregate sales price of USD 186 million, resulting in a capital gain of USD 36.5 million. The leaseback transaction is accounted for as an operating lease under IFRS and includes certain contingent elements linked to the fair market value of the vessels during and at the expiry of the charter period. As per our return to shareholders' policy, this capital gain will not be eligible for dividend distribution. After repayment of the existing debt, the transaction generated in excess of USD 100 million free cash. Euronav has leased back the four vessels, which were built by Dalian Shipbuilding Industry Co., Ltd, under a five-year bareboat contract at an average rate of USD 22,000 per day per vessel and at the expiry of each contract the vessels will be redelivered to their new owners.
Events occurred after the end of the financial year ending 31 December 2016
On 10 January 2017 the naming ceremony for the two VLCC resales, the
Ardeche
(2017 – 298,642 dwt) and the
Aquitaine
(2017 – 298,767 dwt) took place at the Hyundai Samho yard in Mokpo, South Korea. Euronav took delivery of these on 12 January and on 20 January 2017 respectively.
On 30 January 2017 the Group signed a loan agreement with DnB Bank for an amount of USD 110.0 million facility with the purpose of financing the two VLCCs, as mentioned above, as a resale of contract.
|
Paddy Rodgers
|
Carl Steen
|
Chief Executive Officer
|
Chairman of the Board of Director
|
December 31, 2016
|
December 31, 2015
|
|||||||
ASSETS
|
||||||||
Non-current assets
|
||||||||
Vessels
|
2,383,163
|
2,288,036
|
||||||
Assets under construction
|
86,136
|
93,890
|
||||||
Other tangible assets
|
777
|
1,048
|
||||||
Prepayments
|
−
|
2
|
||||||
Intangible assets
|
156
|
238
|
||||||
Receivables
|
183,914
|
259,908
|
||||||
Investments in equity accounted investees
|
18,413
|
21,637
|
||||||
Deferred tax assets
|
964
|
935
|
||||||
Total non-current assets
|
2,673,523
|
2,665,694
|
||||||
Current assets
|
||||||||
Trade and other receivables
|
166,342
|
219,080
|
||||||
Current tax assets
|
357
|
114
|
||||||
Cash and cash equivalents
|
206,689
|
131,663
|
||||||
Non-current assets held for sale
|
−
|
24,195
|
||||||
Total current assets
|
373,388
|
375,052
|
||||||
TOTAL ASSETS
|
3,046,911
|
3,040,746
|
||||||
EQUITY and LIABILITIES
|
||||||||
Equity
|
||||||||
Share capital
|
173,046
|
173,046
|
||||||
Share premium
|
1,215,227
|
1,215,227
|
||||||
Translation reserve
|
120
|
(50
|
)
|
|||||
Treasury shares
|
(16,102
|
)
|
(12,283
|
)
|
||||
Retained earnings
|
515,665
|
529,809
|
||||||
Equity attributable to owners of the Company
|
1,887,956
|
1,905,749
|
||||||
Non-current liabilities
|
||||||||
Bank loans
|
966,443
|
952,426
|
||||||
Other payables
|
533
|
590
|
||||||
Employee benefits
|
2,846
|
2,038
|
||||||
Provisions
|
38
|
436
|
||||||
Total non-current liabilities
|
969,860
|
955,490
|
||||||
Current liabilities
|
||||||||
Trade and other payables
|
69,859
|
79,078
|
||||||
Current tax liabilities
|
−
|
1
|
||||||
Bank loans
|
119,119
|
100,022
|
||||||
Provisions
|
117
|
406
|
||||||
Total current liabilities
|
189,095
|
179,507
|
||||||
TOTAL EQUITY and LIABILITIES
|
3,046,911
|
3,040,746
|
||||||
2016
|
2015
|
|||||||
Jan. 1 - Dec 31, 2016
|
Jan. 1 - Dec 31, 2015
|
|||||||
Shipping income
|
||||||||
Revenue
|
684,265
|
846,507
|
||||||
Gains on disposal of vessels/other tangible assets
|
50,397
|
13,302
|
||||||
Other operating income
|
6,996
|
7,426
|
||||||
Total shipping income
|
741,658
|
867,235
|
||||||
Operating expenses
|
||||||||
Voyage expenses and commissions
|
(59,560
|
)
|
(71,237
|
)
|
||||
Vessel operating expenses
|
(160,199
|
)
|
(153,718
|
)
|
||||
Charter hire expenses
|
(17,713
|
)
|
(25,849
|
)
|
||||
Loss on disposal of vessels/other tangible assets
|
(2
|
)
|
(8,002
|
)
|
||||
Loss on disposal of investments in equity accounted investees
|
(24,150
|
)
|
−
|
|||||
Depreciation tangible assets
|
(227,664
|
)
|
(210,156
|
)
|
||||
Depreciation intangible assets
|
(99
|
)
|
(50
|
)
|
||||
General and administrative expenses
|
(44,051
|
)
|
(46,251
|
)
|
||||
Total operating expenses
|
(533,438
|
)
|
(515,263
|
)
|
||||
RESULT FROM OPERATING ACTIVITIES
|
208,220
|
351,972
|
||||||
Finance income
|
6,855
|
3,312
|
||||||
Finance expenses
|
(51,695
|
)
|
(50,942
|
)
|
||||
Net finance expenses
|
(44,840
|
)
|
(47,630
|
)
|
||||
Share of profit(loss) of equity accounted investees (net of income tax)
|
40,495
|
51,592
|
||||||
PROFIT (LOSS) BEFORE INCOME TAX
|
203,875
|
355,934
|
||||||
Income tax benefit (expense)
|
174
|
(5,633
|
)
|
|||||
PROFIT (LOSS) FOR THE PERIOD
|
204,049
|
350,301
|
||||||
Attributable to:
|
||||||||
Owners of the company
|
204,049
|
350,301
|
||||||
Basic earnings per share
|
1.29
|
2.25
|
||||||
Diluted earnings per share
|
1.29
|
2.22
|
||||||
Weighted average number of shares (basic)
|
158,262,268
|
155,872,171
|
||||||
Weighted average number of shares (diluted)
|
158,429,057
|
157,529,562
|
||||||
2016
|
2015
|
|||||||
Jan. 1 - Dec 31, 2016
|
Jan. 1 - Dec 31, 2015
|
|||||||
Profit/(loss) for the period
|
204,049
|
350,301
|
||||||
Other comprehensive income, net of tax
|
||||||||
Items that will never be reclassified to profit or loss:
|
||||||||
Remeasurements of the defined benefit liability (asset)
|
(646
|
)
|
(44
|
)
|
||||
Items that are or may be reclassified to profit or loss:
|
||||||||
Foreign currency translation differences
|
170
|
(429
|
)
|
|||||
Equity-accounted investees - share of other comprehensive income
|
1,224
|
1,610
|
||||||
Other comprehensive income, net of tax
|
748
|
1,136
|
||||||
Total comprehensive income for the period
|
204,797
|
351,437
|
||||||
Attributable to:
|
||||||||
Owners of the company
|
204,797
|
351,437
|
||||||
Share capital
|
Share premium
|
Translation reserve
|
Hedging reserve
|
Treasury shares
|
Retained earnings
|
Capital and reserves
|
Other equity interest
|
Total equity
|
||||||||||||||||||||||||||||
Balance at January 1, 2015
|
142,441
|
941,770
|
379
|
−
|
(46,062
|
)
|
359,180
|
1,397,708
|
75,000
|
1,472,708
|
||||||||||||||||||||||||||
Profit (loss) for the period
|
−
|
−
|
−
|
−
|
−
|
350,301
|
350,301
|
−
|
350,301
|
|||||||||||||||||||||||||||
Total other comprehensive income
|
−
|
−
|
(429
|
)
|
−
|
−
|
1,565
|
1,136
|
−
|
1,136
|
||||||||||||||||||||||||||
Total comprehensive income
|
−
|
−
|
(429
|
)
|
−
|
−
|
351,866
|
351,437
|
−
|
351,437
|
||||||||||||||||||||||||||
Transactions with owners of the company
|
||||||||||||||||||||||||||||||||||||
Issue of ordinary shares
|
20,324
|
208,738
|
−
|
−
|
−
|
(19,357
|
)
|
209,705
|
−
|
209,705
|
||||||||||||||||||||||||||
Conversion perpetual convertible preferred equity
|
10,281
|
64,719
|
−
|
−
|
−
|
−
|
75,000
|
(75,000
|
)
|
−
|
||||||||||||||||||||||||||
Dividends to equity holders
|
−
|
−
|
−
|
−
|
−
|
(138,001
|
)
|
(138,001
|
)
|
−
|
(138,001
|
)
|
||||||||||||||||||||||||
Treasury shares sold
|
−
|
−
|
−
|
−
|
33,779
|
(25,516
|
)
|
8,263
|
−
|
8,263
|
||||||||||||||||||||||||||
Equity-settled share-based payment
|
−
|
−
|
−
|
−
|
−
|
1,637
|
1,637
|
−
|
1,637
|
|||||||||||||||||||||||||||
Total transactions with owners
|
30,605
|
273,457
|
−
|
−
|
33,779
|
(181,237
|
)
|
156,604
|
(75,000
|
)
|
81,604
|
|||||||||||||||||||||||||
Balance at December 31, 2015
|
173,046
|
1,215,227
|
(50
|
)
|
−
|
(12,283
|
)
|
529,809
|
1,905,749
|
−
|
1,905,749
|
|||||||||||||||||||||||||
Share capital
|
Share premium
|
Translation reserve
|
Hedging reserve
|
Treasury shares
|
Retained earnings
|
Capital and reserves
|
Other equity interest
|
Total equity
|
||||||||||||||||||||||||||||
Balance at January 1, 2016
|
173,046
|
1,215,227
|
(50
|
)
|
−
|
(12,283
|
)
|
529,809
|
1,905,749
|
−
|
1,905,749
|
|||||||||||||||||||||||||
Profit (loss) for the period
|
−
|
−
|
−
|
−
|
−
|
204,049
|
204,049
|
−
|
204,049
|
|||||||||||||||||||||||||||
Total other comprehensive income
|
−
|
−
|
170
|
−
|
−
|
578
|
748
|
−
|
748
|
|||||||||||||||||||||||||||
Total comprehensive income
|
−
|
−
|
170
|
−
|
−
|
204,627
|
204,797
|
−
|
204,797
|
|||||||||||||||||||||||||||
Transactions with owners of the company
|
||||||||||||||||||||||||||||||||||||
Dividends to equity holders
|
−
|
−
|
−
|
−
|
−
|
(216,838
|
)
|
(216,838
|
)
|
−
|
(216,838
|
)
|
||||||||||||||||||||||||
Treasury shares acquired
|
−
|
−
|
−
|
−
|
(6,889
|
)
|
−
|
(6,889
|
)
|
−
|
(6,889
|
)
|
||||||||||||||||||||||||
Treasury shares sold
|
−
|
−
|
−
|
−
|
3,070
|
(2,339
|
)
|
731
|
−
|
731
|
||||||||||||||||||||||||||
Equity-settled share-based payment
|
−
|
−
|
−
|
−
|
−
|
406
|
406
|
−
|
406
|
|||||||||||||||||||||||||||
Total transactions with owners
|
−
|
−
|
−
|
−
|
(3,819
|
)
|
(218,771
|
)
|
(222,590
|
)
|
−
|
(222,590
|
)
|
|||||||||||||||||||||||
Balance at December 31, 2016
|
173,046
|
1,215,227
|
120
|
−
|
(16,102
|
)
|
515,665
|
1,887,956
|
−
|
1,887,956
|
||||||||||||||||||||||||||
2016
|
2015
|
|||||||
Jan. 1 - Dec 31, 2016
|
Jan. 1 - Dec 31, 2015
|
|||||||
Cash flows from operating activities
|
||||||||
Profit (loss) for the period
|
204,049
|
350,301
|
||||||
Adjustments for:
|
205,457
|
208,305
|
||||||
Depreciation of tangible assets
|
227,664
|
210,156
|
||||||
Depreciation of intangible assets
|
99
|
50
|
||||||
Loss (gain) on disposal of investments in equity accounted investees
|
24,150
|
−
|
||||||
Provisions
|
(603
|
)
|
91
|
|||||
Tax (benefits)/expenses
|
(174
|
)
|
5,633
|
|||||
Share of profit of equity-accounted investees, net of tax
|
(40,495
|
)
|
(51,592
|
)
|
||||
Net finance expense
|
44,839
|
47,630
|
||||||
(Gain)/loss on disposal of assets
|
(50,395
|
)
|
(5,300
|
)
|
||||
Equity-settled share-based payment transactions
|
406
|
1,637
|
||||||
Amortization of deferred capital gain
|
(34
|
)
|
−
|
|||||
Changes in working capital requirements
|
38,487
|
(57,692
|
)
|
|||||
Change in cash guarantees
|
107
|
1
|
||||||
Change in trade receivables
|
(755
|
)
|
12,330
|
|||||
Change in accrued income
|
21,049
|
(13,175
|
)
|
|||||
Change in deferred charges
|
239
|
11,090
|
||||||
Change in other receivables
|
35,905
|
(34,654
|
)
|
|||||
Change in trade payables
|
(6,817
|
)
|
1,190
|
|||||
Change in accrued payroll
|
(138
|
)
|
255
|
|||||
Change in accrued expenses
|
(7,547
|
)
|
(1,649
|
)
|
||||
Change in deferred income
|
(3,591
|
)
|
6,612
|
|||||
Change in other payables
|
(226
|
)
|
(39,800
|
)
|
||||
Change in provisions for employee benefits
|
261
|
108
|
||||||
Income taxes paid during the period
|
(100
|
)
|
(109
|
)
|
||||
Interest paid
|
(33,378
|
)
|
(50,810
|
)
|
||||
Interest received
|
209
|
262
|
||||||
Dividends received from equity-accounted investees
|
23,478
|
275
|
||||||
Net cash from (used in) operating activities
|
438,202
|
450,532
|
||||||
Acquisition of vessels
|
(342,502
|
)
|
(351,596
|
)
|
||||
Proceeds from the sale of vessels
|
223,016
|
112,890
|
||||||
Acquisition of other tangible assets and prepayments
|
(178
|
)
|
(8,289
|
)
|
||||
Acquisition of intangible assets
|
(18
|
)
|
(258
|
)
|
||||
Proceeds from the sale of other (in)tangible assets
|
38
|
95
|
||||||
Loans from (to) related parties
|
22,047
|
39,785
|
||||||
Proceeds from capital decreases in joint ventures
|
3,737
|
1,500
|
||||||
Acquisition of subsidiaries, net of cash acquired
|
(6,755
|
)
|
−
|
|||||
Net cash from (used in) investing activities
|
(100,615
|
)
|
(205,873
|
)
|
||||
Proceeds from issue of share capital
|
−
|
229,063
|
||||||
Transaction costs related to issue of share capital
|
−
|
(19,357
|
)
|
|||||
(Purchase of) Proceeds from sale of treasury shares
|
(6,157
|
)
|
8,263
|
|||||
Proceeds from new borrowings
|
740,286
|
931,270
|
||||||
Repayment of borrowings
|
(774,015
|
)
|
(1,367,871
|
)
|
||||
Transaction costs related to issue of loans and borrowings
|
(4,436
|
)
|
(8,680
|
)
|
||||
Dividends paid
|
(216,838
|
)
|
(138,003
|
)
|
||||
Net cash from (used in) financing activities
|
(261,160
|
)
|
(365,315
|
)
|
||||
Net increase (decrease) in cash and cash equivalents
|
76,427
|
(120,656
|
)
|
|||||
Net cash and cash equivalents at the beginning of the period
|
131,663
|
254,086
|
||||||
Effect of changes in exchange rates
|
(1,401
|
)
|
(1,767
|
)
|
||||
Net cash and cash equivalents at the end of the period
|
206,689
|
131,663
|
||||||
1 Year Euronav NV Chart |
1 Month Euronav NV Chart |
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