Euronav: Final Half Year Results 2015

Aug 20, 2015, 02:00 ET from Euronav NV

ANTWERP, Belgium, August 20, 2015 /PRNewswire/ --

HIGHLIGHTS 

  • Interim dividend of USD 0.62 (to be paid in September)
  • Adding the USD 0.25 already paid in May, brings the total dividend paid in 2015 under the new dividend policy to USD 0.87 equivalent to 80% of net earnings
  • IEA increase demand for oil estimate to 1.6m bpd for 2015 underpinning confidence in tanker sector  

During its meeting of 18 August 2015, the Board of Directors of Euronav NV (NYSE: EURN & Euronext: EURN) ("Euronav" or the "Company") approved the final condensed consolidated financial statements for the period ended 30 June 2015. This press release also refers to the press release distributed on 30 July 2015.

     (Logo: http://photos.prnewswire.com/prnh/20150206/728388 )

Paddy Rodgers, CEO of Euronav, said: "Delivery on our dividend commitment is an important step for Euronav. We are delighted to reward shareholders a tangible return on their investment. We are not surprised by the current rate environment for this season. Management expects the market to rebound in the winter and with robust fundamentals in place it is confident of further progress going forward."


   
    The most important key figures are:

                                                 First      Second       First       First
                                               Quarter     Quarter    Semester    Semester
    in thousands of USD                           2015        2015        2015        2014

    Revenue                                    204,521     212,008     416,529     201,157
    Other operating Income                       2,488       1,808       4,296       3,534
                                                                          -
    Voyage expenses and commissions            (21,916)    (15,749)    (37,665)    (54,586)
    Vessel operating expenses                  (36,809)    (39,970)    (76,779)    (52,144)
    Charter hire expenses                       (9,052)     (4,674)    (13,726)    (11,121)
    General and administrative expenses        (10,020)    (11,106)    (21,126)    (17,223)
    Net Gain (loss) on disposal of tangible
    assets                                       2,120           6       2,126      (1,026)

    EBITDA                                     131,332     142,323     273,655      68,591

    Depreciation                               (49,116)    (52,583)   (101,699)    (67,684)
    EBIT (result from operating activities)     82,216      89,740     171,956         907

    Net finance expenses                       (16,534)    (10,501)    (27,035)    (36,515)
    Share of profit (loss) of equity accounted
    investees                                   13,624      11,391      25,015      14,393
    Result before taxation                      79,306      90,630     169,936     (21,214)

    Tax Benefit (Expense)                        1,549       1,766       3,315         (38)
    Profit (loss) for the period                80,855      92,396     173,251     (21,252)

    Attributable to:  Owners of the company     80,855      92,396     173,251     (21,252)
                      Non-controlling intrests       -           -           -           -

    The contribution to the result is as follows

                                                 First      Second       First       First
                                               Quarter     Quarter    Semester    Semester
    in thousands of USD                           2015        2015        2015        2014

    Tankers                                     72,772      83,853     156,625     (35,388)
    FSO                                          8,083       8,543      16,626      14,136
    result after taxation                       80,855      92,396     173,251     (21,252)

    Information per share:

                                                 First      Second       First       First
                                               Quarter     Quarter    Semester    Semester
    in USD per share                              2015        2015        2015        2014

    Weighted average number of shares
    (basic) *                              148,065,537 158,023,051 153,071,800 104,324,074
    EBITDA                                        0.89        0.90        1.79        0.66
    EBIT (operating result)                       0.56        0.57        1.12        0.01
    result after taxation                         0.55        0.58        1.13       (0.20)

All figures have been prepared under IFRS as adopted by the EU (International Financial Reporting Standards) and have been reviewed by our auditors

*The number of shares outstanding on 30 June 2015 is 159,208,949.

The half year report including a full version of the condensed consolidated interim financial statements for the six months ended 30 June 2015, prepared in accordance with IAS 34 and including the auditor's review report and the statement on the true and fair view of the condensed consolidated interim financial statements and the fair overview of the interim management report, can be downloaded on http://www.euronav.com . The half year report can be downloaded on http://www.euronav.com as from 31 August 2015.

DIVIDEND 

During its meeting of 18 August 2015, the Board of Directors of Euronav approved an interim dividend for the first semester of USD 0.62. Together with the USD 0.25 dividend paid in May, this brings the total dividend paid this year to USD 0.87 in line with the Company's dividend policy to distribute 80% of net earnings for each fiscal year excluding exceptional items such as gains or losses on the disposal of vessels. The interim dividend of USD 0.62 will be payable as from 22 September 2015. The shares will trade ex-dividend as from 9 September 2015 (record date 10 September 2015). The interim dividend to holders of Euronext shares will be paid in EUR at the USD/EUR exchange rate of the record date. In view of this interim dividend payment, investors are reminded that shareholders cannot reposition their shares between the Belgian share register and the U.S. share register from Wednesday 9 September 2015 until Friday 11 September 2015 at 9 am CET.

Euronav has applied the accounting standards IFRS 10 and IFRS 11 as of 1 January 2014. If the Company would have continued to apply the proportionate consolidation method for its joint ventures for the first half of 2015, the adjusted EBITDA (a non-IFRS measure) would have been USD 316.1 million (first half 2014: USD 108.5 million) and the result after taxation would have remained the same.

Highlights and activity report for the first half year of 2015 

January 

On 15 January 2015 Euronav delivered the VLCC Antarctica (2009 - 315,981 dwt) to its new owners for conversion into an FPSO. Delivery was earlier than expected, resulting in an increased sale price and a corresponding gain on disposal of assets of USD 2.1 million which was recorded in the first quarter of 2015.

On 20 January 2015 Euronav announced the commencement of its underwritten initial public offering in the United States of 13,550,000 ordinary shares.

On 23 January 2015 Euronav announced the upsizing (from the initially announced 13,550,000 shares to 16,260,000 shares) of its initial public offering in the United States as well as pricing of the offering at an issue price per share of USD 12.25. As of this date, Euronav's shares offered in the United States commenced trading on the New York Stock Exchange (the "NYSE") under the ticker symbol "EURN". On the same date Euronav launched its U.S. Exchange Offer which enabled shareholders to reposition their shares that were listed and tradeable on Euronext Brussels into shares listed and tradeable on the NYSE.

On 28 January 2015 Euronav announced the closing of its initial public offering of 18,699,000 shares at a public offering price of USD 12.25 per share for gross proceeds of USD 229,062,750. This includes the exercise in full by the underwriters of their overallotment option of 2,439,000 shares.

On 31 January 2015 the 250 remaining outstanding fixed rate senior unsecured convertible notes due 2015, with a face value of USD 100,000 each, were fully redeemed at par. Euronav held 18 of these notes. Currently, there are no convertible notes outstanding.

February 

On 6 February 2015 Euronav's share capital was increased following the mandatory contribution in kind of 30 outstanding perpetual convertible preferred equity instruments issued on 13 January 2014 which resulted in the issuance of 9,459,283 new ordinary shares. Currently, there are no perpetual convertible preferred equity instruments outstanding.

On 19 February 2015 and following the closing of its initial public offering on the NYSE, Euronav repaid the USD 235.5 million note issued to partly finance the acquisition of 15 VLCCs as announced on 5 January 2014. As the note was issued below par, in accordance with IFRS, the Company amortized USD 20.4 million (non-cash) in the fourth quarter of 2014, bringing the amortization related to this note for the full year 2014 to USD 31.9 million (non-cash) and a further USD 4.1 million (non-cash) in the first quarter of 2015.

On 26 February 2015 Euronav took delivery of the VLCC Hirado (2011 - 302,550 dwt) which was the third vessel delivered as part of the acquisition of four modern Japanese-built VLCC vessels announced on 8 July 2014.

March  

On 23 March 2015 Euronav closed its U.S. Exchange Offer which enabled shareholders to reposition their shares that were listed and tradeable on Euronext Brussels into shares listed and tradeable on the NYSE.

On 30 March 2015 Euronav announced that a total of 42,919,647 shares that were listed and tradable on Euronext Brussels were repositioned pursuant to the U.S. Exchange Offer into an equal number of shares listed and tradable on the NYSE.

April  

On 1 April 2015 Euronav announced the adoption of a new dividend policy for the group going forward. Euronav intends to distribute 80% of its annual net result. The yearly dividend will be paid in two instalments: first as an interim dividend paid in September, then as a payment of the balance corresponding to the final dividend paid in May of the following year after receiving shareholders' approval.

On 9 April 2015 Euronav took delivery of the VLCC Hakata (2010 - 302,550 dwt) which was the last vessel delivered as part of the acquisition of four modern Japanese-built VLCC vessels announced on 8 July 2014.

On 27 April 2015 the temporary difference between Euronav's ordinary shares tradable on the NYSE and its ordinary shares tradable on Euronext Brussels expired. Since this date all ordinary shares have the same rights and privileges in all respects. As of 28 April 2015 all Euronav shares are fully fungible and are able to trade on both NYSE and Euronext Brussels.

May 

On 13 May 2015 the General Meeting of Shareholders approved the gross dividend of USD 0.25 per share as proposed by the Board of Directors. This dividend was paid from profits carried forward over financial year 2014 and on this occasion considered part of the new dividend policy for 2015.

June  

On 16 June 2015 Euronav announced the acquisition through resale of newbuilding contracts of four VLCCs - currently under construction at Hyundai Heavy Industries - for an aggregate purchase price of USD 384 million or USD 96 million per vessel. The vessels are scheduled for prompt delivery as early as September 2015, January 2016, March 2016 and May 2016, respectively. In addition and against the payment of an option fee of an aggregate amount of USD 8 million, the seller has also agreed to grant Euronav an option to acquire up to an additional four VLCCs which are sister vessels to the initial four VLCCs, at a purchase price of USD 98 million each.

Given the volatility of the tanker markets, the Board of Euronav NV has carefully reviewed all potential impairment indicators such as the freight environment as well as the current market value of the fleet compared to its carrying amount. Based on this review, the Board of Directors concluded that no impairment test was required at 30 June 2015. The Board will continue to closely monitor developments in the tanker market and review possible impairment indicators again at each reporting date.

The Board of Directors, represented by Peter G. Livanos, its Chairman, and the Executive Committee, represented by Paddy Rodgers, Chief Executive Officer and Hugo De Stoop, Chief Financial Officer, hereby confirm, in the name and for account of Euronav that, to the best of their knowledge, the condensed consolidated interim financial statements for the six months ended 30 June 2015 which have been prepared in accordance with IAS 34 "Interim Financial Reporting" as adopted by the European Union, give a true and fair view, of the assets, liabilities, financial position and profit or loss of the company and the undertakings included in the consolidation as a whole. The half year management report includes a fair overview of the important events that have occurred during the first half year and of the major transactions with the related parties, and their impact on the condensed consolidated interim financial statements, together with a description of the principal risks and uncertainties for the remainder of the financial year.

On behalf of the Board of directors:


   
    Paddy Rodgers                        Peter G. Livanos
    Chief Executive Officer              Chairman of the Board of Directors

Forward-Looking Statements  

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe", "anticipate", "intends", "estimate", "forecast", "project", "plan", "potential", "may", "should", "expect", "pending" and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the United States Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

Half year report 2015 available on website: Monday, 31 August 2015 

About Euronav 

Euronav is an independent tanker company engaged in the ocean transportation and storage of crude oil. The company is headquartered in Antwerp, Belgium, and has offices throughout Europe and Asia. Euronav is listed on Euronext Brussels and on the NYSE under the symbol EURN. Euronav employs its fleet both on the spot and period market. VLCCs on the spot market are traded in the Tankers International pool of which Euronav is one of the major partners. Euronav's owned and operated fleet consists of 57 double hulled vessels being 1 V-Plus vessel, 27 VLCCs (of which 1 in 50%-50% joint venture), four VLCCs under construction which were recently acquired as resales of existing newbuilding contracts, 23 Suezmaxes (of which four are owned in 50%-50% joint ventures) and two FSO vessels (both owned in 50%-50% joint venture). The company's vessels mainly fly Belgian, Greek, French and Marshall Island flags.

Regulated information within the meaning of the Royal Decree of 14 November 2007.  


   
                    Condensed consolidated statement of financial position
                        (in thousands of USD except per share amounts)

                                                         June 30, 2015 December 31, 2014
    ASSETS

    Current assets
    Trade and other receivables                                225,424           194,733
    Current tax assets                                              33                36
    Cash and cash equivalents                                  148,224           254,086
    Non-current assets held for sale                                 -            89,000

    Total current assets                                       373,681           537,855

    Non-current assets
    Vessels                                                  2,322,408         2,258,334
    Assets under construction                                  122,790                 -
    Other tangible assets                                        1,129             1,226
    Prepayments                                                  8,001            16,601
    Intangible assets                                               83                29
    Receivables                                                269,364           258,447
    Investments in equity-accounted investees                   17,576            17,332
    Deferred tax assets                                          9,815             6,536

    Total non-current assets                                 2,751,166         2,558,505

    TOTAL ASSETS                                             3,124,847         3,096,360

    EQUITY and LIABILITIES

    Current liabilities
    Trade and other payables                                    87,846           125,555
    Tax liabilities                                                136                 1
    Bank loans                                                 167,139           146,303
    Convertible and other Notes                                      -            23,124
    Provisions                                                     449               412

    Total current liabilities                                  255,570           295,395

    Non-current liabilities
    Bank loans                                               1,035,333         1,088,026
    Convertible and other Notes                                      -           231,373
    Other payables                                                 494               489
    Deferred tax liabilities                                         -                 -
    Employee benefits                                            2,096             2,108
    Amounts due to equity-accounted joint ventures               5,880             5,880
    Provisions                                                     621               381

    Total non-current liabilities                            1,044,424         1,328,257

    Equity
    Share capital                                              173,046           142,441
    Share premium                                            1,215,228           941,770
    Translation reserve                                            (12)              379
    Hedging reserve                                                  -                 -
    Treasury shares                                            (15,354)          (46,062)
    Other equity interest                                            -            75,000
    Retained earnings                                          451,945           359,180

    Equity attributable to owners of the Company             1,824,853         1,472,708

    TOTAL EQUITY and LIABILITIES                             3,124,847         3,096,360


   
                      Condensed consolidated statement of profit or loss
                        (in thousands of USD except per share amounts)

                                                    2015                      2014
                                           Jan. 1 - Jun. 30, 2015    Jan. 1 - Jun. 30, 2014
    Shipping revenue
    Revenue                                        416,529                     201,157
    Gains on disposal of vessels/other
    tangible assets                                  2,128                       6,390
    Other operating income                           4,296                       3,534
    Total shipping revenue                         422,953                     211,081

    Operating expenses
    Voyage expenses and commissions                (37,665)                    (54,586)
    Vessel operating expenses                      (76,779)                    (52,144)
    Charter hire expenses                          (13,726)                    (11,121)
    Losses on disposal of vessels/other
    tangible assets                                     (2)                          -
    Impairment on non-current assets held for sale       -                      (7,416)
    Depreciation tangible assets                  (101,688)                    (67,674)
    Depreciation intangible assets                     (11)                        (10)
    General and administrative expenses            (21,126)                    (17,222)
    Total operating expenses                      (250,997)                   (210,173)

    RESULT FROM OPERATING ACTIVITIES               171,956                         908

    Finance income                                     389                         623
    Finance expenses                               (27,424)                    (37,138)
    Net finance expenses                           (27,035)                    (36,515)

    Share of profit (loss) of equity
    accounted investees
    (net of income tax)                             25,015                      14,393

    PROFIT (LOSS) BEFORE INCOME TAX                169,936                    (21,214)

    Income tax benefit (expense)                     3,315                        (38)

    PROFIT (LOSS) FOR THE PERIOD                   173,251                    (21,252)

    Attributable to:
    Owners of the company                          173,251                    (21,252)

    Basic earnings per share                          1.13                      (0.20)
    Diluted earnings per share                        1.11                      (0.20)

    Weighted average number of shares
    (basic)                                    153,071,800                 104,324,074
    Weighted average number of shares
    (diluted)                                  155,915,594                 104,324,074

                       Condensed consolidated statement of comprehensive income
                          (in thousands of USD except per share amounts)

                                                   2015                        2014
                                         Jan. 1 - Jun. 30, 2015      Jan. 1 - Jun. 30, 2014

    Profit/(loss) for the period                   173,251                    (21,252)

    Other comprehensive income, net of tax
    Items that will never be reclassified
    to profit or loss:
    Remeasurements of the defined benefit
    liability (asset)                                    -                          -

    Items that are or may be reclassified
    to profit or loss:
    Foreign currency translation differences          (391)                       (54)
    Cash flow hedges - effective portion
    of changes in fair value                             -                      1,291
    Equity-accounted investees - share of other
    comprehensive income                               718                        960

    Other comprehensive income, net of tax             327                      2,197

    Total comprehensive income for the period      173,578                    (19,055)

    Attributable to:
    Owners of the company                          173,578                    (19,055)
   
                 Condensed consolidated statement of changes in equity
                   (in thousands of USD except per share amounts)

                                                                                           
                                              Share    Share   Translation Hedging Treasury
                                             capital  premium     reserve  reserve  shares

    Balance at January 1, 2014               58,937   365,574         946  (1,291) (46,062)

    Profit (loss) for the period                  -         -           -       -        -
    Total other comprehensive income              -         -        (54)   1,291        -
    Total comprehensive income                    -         -        (54)   1,291        -

    Transactions with owners of the company
    Issue of ordinary shares                 41,645   308,355           -       -        -
    Issue and conversion convertible Notes   20,103    89,597           -       -        -
    Issue and conversion perpetual
    convertible preferred equity             10,281    64,718           -       -        -
    Equity-settled share-based payment            -         -           -       -        -
    Total transactions with owners           72,029   462,670           -       -        -

    Balance at June 30, 2014                130,966   828,244         892       -  (46,062)


    Table cont'd.
                                                      Capital    Other
                                           Retained     and     equity     Total
                                           earnings  reserves  interest   equity

    Balance at January 1, 2014              422,886   800,990        -   800,990

    Profit (loss) for the period            (21,252)  (21,252)       -   (21,252)
    Total other comprehensive income            960     2,197        -     2,197
    Total comprehensive income              (20,292)  (19,055)       -   (19,055)

    Transactions with owners of the company
    Issue of ordinary shares                 (8,601)   341,399       -   341,399
    Issue and conversion convertible Notes   (7,422)   102,278       -   102,278
    Issue and conversion perpetual
    convertible preferred equity             (3,500)    71,499  75,000   146,499
    Equity-settled share-based payment        2,210      2,210       -     2,210
    Total transactions with owners          (17,313)   517,386  75,000   592,386

    Balance at June 30, 2014                385,281  1,299,321  75,000 1,374,321

                                                                                           
                                             Share    Share   Translation Hedging  Treasury
                                            capital  premium    reserve   reserve   shares

    Balance at January 1, 2015              142,441   941,770        379       -   (46,062)

    Profit (loss) for the period                  -         -          -       -         -
    Total other comprehensive income              -         -       (391)      -         -
    Total comprehensive income                    -         -       (391)      -         -

    Transactions with owners of the company
    Issue of ordinary shares                 20,324   208,739          -       -         -
    Issue and conversion convertible Notes        -                    -       -         -
    Issue and conversion perpetual
    convertible preferred equity             10,281    64,719          -       -         -
    Dividends to equity holders                   -         -          -       -         -
    Treasury shares                               -         -          -       -    30,708
    Equity-settled share-based payment            -         -          -       -         -
    Total transactions with owners           30,605   273,458          -       -    30,708

    Balance at June 30, 2015                173,046 1,215,228        (12)       -  (15,354)


    Table cont'd.
                                                       Capital   Other
                                            Retained     and     equity    Total
                                            earnings  reserves  interest  equity

    Balance at January 1, 2015              359,180  1,397,708    75,000 1,472,708

    Profit (loss) for the period            173,251    173,251        -    173,251
    Total other comprehensive income            718        327        -        327
    Total comprehensive income              173,969    173,578        -    173,578

    Transactions with owners of the company
    Issue of ordinary shares                (19,357)   209,706        -    209,706
    Issue and conversion convertible Notes        -          -        -          -
    Issue and conversion perpetual
    convertible preferred equity                  -     75,000   (75,000)        -
    Dividends to equity holders             (39,656)   (39,656)       -    (39,656)
    Treasury shares                         (23,158)     7,550        -      7,550
    Equity-settled share-based payment          967        967        -        967
    Total transactions with owners          (81,204)   253,567   (75,000)  178,567

    Balance at June 30, 2015                451,945  1,824,853        -  1,824,853

   
                        Condensed consolidated statement of cash flows
                        (in thousands of USD except per share amounts)

                                                 2015                        2014                                           
                                         Jan. 1 - Jun. 30, 2015      Jan. 1 - Jun. 30, 2014
    Cash flows from operating activities
    Profit (loss) for the period                 173,251                   (21,252)

    Adjustments for:                              99,507                    93,079
    Depreciation of tangible assets              101,688                    67,674
    Depreciation of intangible assets                 11                        10
    Impairment on non-current assets held for sale     -                     7,415
    Provisions                                       262                         -
    Tax expenses (benefits)                       (3,315)                       38
    Share of profit of equity-accounted
    investees, net of tax                        (25,015)                  (14,393)
    Net finance expense                           27,035                    36,515
    Capital gain (loss) on disposal of assets     (2,126)                   (6,390)
    Equity-settled share-based payment
    transactions                                     967                     2,210

    Changes in working capital requirements      (55,875)                  (52,668)
    Change in cash guarantees                        (39)                        -
    Change in trade receivables                   10,581                    (7,332)
    Change in accrued income                     (12,697)                  (11,483)
    Change in deferred charges                     3,737                   (25,603)
    Change in other receivables                  (32,370)                  (15,134)
    Change in trade payables                      16,746                    (1,817)
    Change in accrued payroll                       (620)                     (825)
    Change in accrued expenses                    (4,348)                   10,132
    Change in deferred income                      3,062                    (2,454)
    Change in other payables                     (39,927)                    1,828
    Change in provisions for employee benefits         -                        20

    Income taxes paid during the period              173                       129
    Interest paid                                (33,460)                  (27,564)
    Interest received                                188                       244
    Dividends received from equity-accounted
    investees                                        275                     9,410

    Net cash from (used in) operating activities 184,059                     1,378

    Acquisition of vessels                      (271,743)                 (452,096)
    Proceeds from the sale of vessels             91,065                    27,900
    Acquisition of other tangible assets          (8,114)                  (88,239)
    Acquisition of intangible assets                 (63)                       (5)
    Proceeds from the sale of other
    (in)tangible assets                               63                         2
    Loans from (to) related parties               12,835                       (38)
    Proceeds of disposals of joint ventures,
    net of cash disposed                           1,500                         -
    Purchase of joint ventures,
    net of cash acquired                               -                         -

    Net cash from (used in) investing
    activities                                  (174,457)                 (512,476)

    Proceeds from issue of share capital         229,063                   350,000
    Transaction costs related to issue
    of share capital                             (19,357)                   (8,601)
    Proceeds from issue of perpetual
    convertible preferred equity                       -                   150,000
    Transaction costs related to issue
    perpetual convertible preferred equity             -                    (3,500)
    Proceeds from sale of treasury shares          7,550                         -
    Proceeds from new long-term borrowings       338,770                   536,399
    Repayment of long-term borrowings           (631,317)                 (300,834)
    Transaction costs related to issue of
    loans and borrowings                               -                   (11,886)
    Dividends paid                               (39,658)                        -

    Net cash from (used in) financing
    activities                                  (114,949)                  711,578

    Net increase (decrease) in cash
    and cash equivalents                        (105,347)                  200,480

    Net cash and cash equivalents at
    the beginning of the period                  254,086                    74,309
    Effect of changes in exchange rates             (515)                     (302)

    Net cash and cash equivalents at the
    end of the period                            148,224                   274,487

SOURCE Euronav NV