Euronav NV Announces Final Results 2015

Mar 17, 2016, 03:00 ET from Euronav NV

ANTWERP, Belgium, March 17, 2016 /PRNewswire/ --

HIGHLIGHTS 

  • Dividend of USD 0.82 per share in line with our return to shareholders policy
  • Best year for Euronav since 2008 with net profit of USD 350 million for 2015
  • First quarter 2016 stronger than first quarter 2015
  • AGM to approve dividend 12 May with anticipated ex-dividend date 17 May

Euronav NV (NYSE: EURN & Euronext: EURN) ("Euronav" or the "Company") today reported its audited financial results for the fourth quarter and full year 2015.

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

Paddy Rodgers, CEO of Euronav, commented on the final results: "2015 was a landmark year for Euronav with the Company achieving a number of key objectives such as delivery of the most profitable year since 2008, full listing on the NYSE and the appointment of Carl Steen as an independent Chairman. I would like to take this opportunity to thank the Board of Directors, management and staff for all their hard work and dedication in helping the group to accomplish so much during 2015."

Paddy Rodgers outlined the following thoughts on the current market: "Euronav continues to experience robust and fundamental strength in the VLCC and Suezmax sectors. The first quarter of 2016 is not only substantially better than the first quarter of 2015 but it should also beat the fourth quarter of 2015 which was the best of the four quarters for that year. We believe the current market fundamentals are not reflected in our share price."

"Vessel supply always needs to be considered in the context of the anticipated demand for oil. In the context of robust oil demand (IEA forecast 1.2 mbpd growth for 2016) and with potential for further demand stimulation from a low oil price, we believe that the supply of VLCCs and Suezmaxes is a manageable prospect for the tanker sector. At the same time, capital markets delevering and a structural restriction of availability of financing for tankers have substantially reduced the rate of large tanker ordering in the past six months. This critical factor along with a sustained positive ton-mile expansion and the likelihood of persistently high global oil production provide support for a positive outlook for large tanker markets through 2016 and beyond."

So far in the first quarter of 2016 the Euronav VLCC fleet operated in the Tankers International Pool has earned about USD 62,275 per day and 92% of the available days have been fixed. Euronav's Suezmaxes trading on the spot market have earned about USD 37,500 per day on average with 99% of the available days fixed for the first quarter.

Consolidated financial results 2015 summary 


   

      Results ytd December 2015

      The most important key figures are:

                                         Fourth        Fourth
                                         Quarter       Quarter      Full Year     Full Year
      in thousands of USD                 2015          2014           2015          2014

      Revenue                            225,644       144,866       846,507       473,985
      Other operating Income               1,154         4,853         7,426        11,411

      Voyage expenses and commissions    (15,956)      (27,176)      (71,237)     (118,303)
      Vessel operating expenses          (38,812)      (37,000)     (153,718)     (124,089)
      Charter hire expenses               (6,438)      (10,014)      (25,849)      (35,664)
      General and administrative
      expenses                           (16,122)      (12,286)      (46,251)      (40,565)
      Net Gain (loss) on disposal
      of tangible
      assets                              11,165         4,345         5,300         5,706

      EBITDA                             160,635        67,588       562,178       172,481

      Depreciation                       (54,896)      (47,894)     (210,206)     (160,954)
      EBIT (result from operating
      activities)                        105,739        19,694       351,972        11,527

      Net finance expenses                (9,799)      (37,458)      (47,630)      (93,353)
      Share of profit (loss) of
      equity accounted investees          13,520         7,992        51,592        30,286
      Result before taxation             109,461        (9,772)      355,934       (51,540)

      Tax Benefit (Expense)               (4,602)        5,837        (5,633)        5,743
      Profit (loss) for the period       104,859        (3,935)      350,301       (45,797)

      Attributable to:
         Owners of the company           104,859        (3,935)      350,301       (45,797)
         Non-controlling intrests           -             -             -             -

      The contribution to the
      result is as follows

                                          Fourth        Fourth
                                          Quarter       Quarter      Full Year    Full Year
      in thousands of USD                  2015          2014         2015           2014

      Tankers                             96,697       (11,243)      317,347       (75,250)
      FSO                                  8,162         7,308        32,954        29,453
      result after taxation              104,859        (3,935)      350,301       (45,797)

      Information per share:

                                         Fourth        Fourth
                                         Quarter       Quarter       Full Year    Full Year
      in thousands of USD                 2015          2014            2015         2014

      Weighted average number of
      shares (basic) *               158,628,151   129,300,666     155,872,171 116,539,018
      EBITDA                                1.01          0.52            3.61        1.48
      EBIT (operating result)               0.67          0.15            2.26        0.10
      Result after taxation                 0.66         (0.03)           2.25       (0.39)


      All figures have been prepared under IFRS as adopted by EU (International Financial Reporting Standards) and have been audited by the statutory auditor.
      * The number of shares outstanding on 31 December 2015 is 159,208,949.

2015 Dividend  

It will be proposed to the Annual Shareholders' meeting of 12 May 2016 to distribute a gross dividend in the amount of USD 0.82 per share to all shareholders. Subject to shareholder approval, this would bring the total gross dividend paid in relation to 2015 to USD 1.69. Taking into account the gross dividend of USD 0.87 per share already paid in 2015 (on 28 May and 22 September 2015), a balance of a gross amount of USD 0.82 per share will be payable as from 26 May 2016. The share will trade ex-dividend as from 17 May 2016 (record date 18 May 2016).[1] The dividend to holders of Euronav shares listed and tradeable on Euronext Brussels will be paid in EUR at the USD/EUR exchange rate of the record date. The dividend calculation is aligned with our policy which refers to 80% payout of net profits excluding exceptional items such as capital gains made on vessel disposals. Exceptional items for 2015 refer to capital gains on the Antarctica (USD 2.1m) and Cap Laurent (USD 11.5m).

Highlights 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 that 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.

--------------------------------------------------

1. Shareholders be herewith informed that in view of the proposed dividend payment with record date 18 May 2016, shares cannot be repositioned between the Belgian share register and the U.S. share register as from [Monday 16] May 2016, 9 a.m. CET until [Thursday 19] May 2016, 9 a.m. CET (such period, a "Freeze Period").

Likewise, in view of the record date of 28 April 2016 relating to the Company's shareholders' meeting on 12 May 2016, another Freeze Period will run from [Wednesday 27] April 9 a.m. CET until [Friday 29] April 2016, 9 a.m. CET.

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 tradeable on Euronext Brussels were repositioned pursuant to the U.S. Exchange Offer into an equal number of shares listed and tradeable on the NYSE.


April 


On 1 April 2015 Euronav announced the adoption of a new return to shareholders policy for the group to distribute 80% of its annual net result, excluding exceptional items such as capital gains made on vessel disposals.


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 tradeable on the NYSE and its ordinary shares tradeable 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. Total daily volume is therefore the aggregate of volumes of both exchanges.


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 dividend policy for 2015.


June 


On 16 June 2015 Euronav announced the acquisition through resale of newbuilding contracts of four VLCCs - at the time of acquisition under construction at Hyundai Heavy Industries - for an aggregate purchase price of USD 384 million or USD 96 million per vessel. In addition and against the payment of an option fee of an aggregate amount of USD 8 million, the seller 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.

July 


Euronav was selected as one of the five finalists that made it onto Lloyd's List Company of the Year shortlist from an international list of shipping companies. The Lloyds List Awards are a celebration of the best the shipping industry has to offer. As the awards are adjudicated by an independent panel of shipping industry experts, to be selected for an award is to be recognized by peers.


August 


On 19 August 2015 Euronav signed a new USD 750 million senior secured amortizing revolving credit facility for the purpose of (i) refinancing 21 vessels; and (ii) financing four newbuilding VLCCs vessels as well as (iii) Euronav's general corporate and working capital purposes. The facility was used to refinance two existing facilities: the USD 750 million loan agreement dated 22 June 2011 and the USD 65 million facility signed on 23 December 2011.


September 


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 in 2015 to USD 0.87. The interim dividend of USD 0.62 was paid as from 22 September 2015.


On 25 September 2015 Euronav took delivery of the first vessel of four VLCCs which were recently acquired as resales of existing newbuilding contracts announced on 16 June 2015: the Antigone (2015 - 299,421 dwt).


October 


As announced in June when reporting the acquisition of four VLCCs, the Company was granted an option to acquire a further four VLCCs with delivery windows late 2016 and 2017. After careful consideration, the Board decided not to exercise the option to purchase four VLCCs. As a consequence, the value of these options was written off to zero and a USD 8 million non-recurring charge (non-cash) was taken for the third quarter.


Euronav was awarded Company of the Year by Lloyd's List as the Company delivered on a number of strategic goals to become the world's largest, independent quoted crude tanker platform.


November 


Euronav sold its Suezmax Cap Laurent (1998 - 146,145 dwt) for USD 22.25 million. The vessel was wholly owned by Euronav. The capital gain on that sale of about USD 11.1 million was recorded in the fourth quarter. The vessel was delivered to its new owner on 26 November 2015.

December 


Euronav's Board of Directors unanimously co-opted Mr. Carl Steen as member of the Board and elected him Chairman, following the resignation of the following non-independent directors: Mr. Peter G. Livanos, Mr. Marc Saverys and Mr. Julian Metherell, all of which took effect from the close of the meeting of the Board of Directors of the Company on 3 December 2015. The new Chairman has a breadth of experience in finance and shipping as the former head of the Shipping, Oil Services and International Division of Nordea Bank, one of the largest lenders to the shipping and offshore markets. In addition to his leading role in banking, Mr. Steen has many years of experience on boards of publicly traded companies. His standing in the international shipping and investment communities makes him a real asset to the Company. These changes are part of a process to further increase the independence and diversification of the board as the Company has completed its migration to an independent public company with a highly liquid share and a wide shareholder base. Since listing on the NYSE in January 2015, Euronav has been cognizant of the need to refresh the Board in order to deal with the increasing regulation and complexity that comes from a dual listing.


Events occurred after the end of the financial year ending 31 December 2015 


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 vessel was wholly owned by Euronav. The capital gain on that sale of about USD 13.8 million was recorded at delivery on 9 March 2016.


On 26 January 2016 Euronav announced the buyback of 500,000 of its own shares on Euronext Brussels at an aggregate cost of EUR 4,762,784.20. Following this transaction, the Company now owns 850,000 own shares (0.53% of the total outstanding shares).


On 26 January 2016 Euronav took delivery of the second vessel of four VLCCs which were acquired as resales of existing newbuilding contracts as announced on 16 June 2015: the VLCC Alice (2016 - 343,057 dwt).


In the course of February 2016, Bretta Tanker Holdings Inc., the joint venture partner of Euronav in the four joint ventures formed for the purpose of ordering and owning four Suezmax tankers, expressed their willingness to sell their share in the joint venture companies. Given the current Sale and Purchase (S&P) market volatility and in order to avoid any conflict of interest with a related party, both partners decided to start marketing the four Suezmaxes Eugenie (2010 - 157,672 dwt), Devon (2011 - 157,642 dwt), Maria (2012 - 157,523 dwt), Captain Michael (2012 - 157,648 dwt) for a potential sale in 2016 in order to determine the fair value of each ship. Euronav holds a right of last refusal and may choose to exercise such right should the best offered price for any of the vessels be considered by Euronav as attractive.


Financial calendar 2016 

Tuesday 5 April 2016 

Annual report 2015 available on website

Wednesday 27 April 2016 

Announcement of first quarter results 2016

Thursday 12 May 2016 

Annual General Meeting of Shareholders 2016

Thursday 28 July 2016 

Announcement of second quarter results 2016

Thursday 25 August 2016 

Announcement of final half year results 2016

Wednesday 31 August 2016 

Half year report 2016 available on website

Monday 31 October 2016 

Announcement of third quarter results 2016

Thursday 26 January 2017 

Announcement of fourth quarter results 2016

The Board of Directors, represented by Carl Steen, 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 financial statements as of 31 December 2015 presented herein were established in accordance with applicable accounting standards (IFRS as adopted by the EU) and give a true and fair view, as defined by these standards, of the assets, liabilities, financial position and results of Euronav NV.

On behalf of the Board of Directors:

Paddy Rodgers
Chief Executive Officer                        

Carl Steen
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, dry-docking 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.

*

*  *

Annual report 2015 available on website: Tuesday 5 April 2016

 

About Euronav 

Euronav is an independent tanker company engaged in the ocean transportation and storage of crude oil and petroleum products. 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 55 double hulled vessels being one V-Plus vessel, 28 VLCCs (of which 1 in 50%-50% joint venture), two VLCCs under construction which were recently acquired as resales of existing newbuilding contracts, 22 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.  


   

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

                                         December 31, 2015               December 31, 2014

     ASSETS

     Current assets
     Trade and other receivables               219,080                         194,733
     Current tax assets                            114                              36
     Cash and cash equivalents                 131,663                         254,086
     Non-current assets held for sale           24,195                          89,000

     Total current assets                      375,052                         537,855

     Non-current assets
     Vessels                                 2,288,036                       2,258,334
     Assets under construction                  93,890                               -
     Other tangible assets                       1,048                           1,226
     Prepayments                                     2                          16,601
     Intangible assets                             238                              29
     Receivables                               259,908                         258,447
     Investments in equity-accounted
     investees                                  21,637                          17,332
     Deferred tax assets                           935                           6,536

     Total non-current assets                2,665,694                       2,558,505

     TOTAL ASSETS                            3,040,746                       3,096,360

     EQUITY and LIABILITIES

     Current liabilities
     Trade and other payables                   79,078                         125,555
     Tax liabilities                                 1                               1
     Bank loans                                100,022                         146,303
     Convertible and other Notes                     -                          23,124
     Provisions                                    406                             412

     Total current liabilities                 179,507                         295,395

     Non-current liabilities
     Bank loans                                952,426                       1,088,026
     Convertible and other Notes                     -                         231,373
     Other payables                                590                             489
     Deferred tax liabilities                        -                               -
     Employee benefits                           2,038                           2,108
     Amounts due to equity-accounted
     joint ventures                                  -                           5,880
     Provisions                                    436                             381

     Total non-current liabilities             955,490                       1,328,257

     Equity
     Share capital                             173,046                         142,441
     Share premium                           1,215,227                         941,770
     Translation reserve                           (50)                            379
     Hedging reserve                                 -                               -
     Treasury shares                           (12,283)                        (46,062)
     Other equity interest                           -                          75,000
     Retained earnings                         529,809                         359,180

     Equity attributable to owners of
     the Company                             1,905,749                       1,472,708

     TOTAL EQUITY and LIABILITIES            3,040,746                       3,096,360



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

                                                2015                      2014
                                          Jan. 1 - Dec 31, 2015     Jan. 1 - Dec 31, 2014

    Shipping revenue
    Revenue                                     846,507                   473,985
    Gains on disposal of vessels/
    other tangible assets                        13,302                    13,122
    Other operating income                        7,426                    11,411
    Total shipping revenue                      867,235                   498,518

    Operating expenses
    Voyage expenses and commissions             (71,237)                 (118,303)
    Vessel operating expenses                  (153,718)                 (124,089)
    Charter hire expenses                       (25,849)                  (35,664)
    Losses on disposal of vessels/
    other tangible assets                        (8,002)                        -
    Impairment on non-current assets
    held for sale                                     -                    (7,416)
    Depreciation tangible assets               (210,156)                 (160,934)
    Depreciation intangible assets                  (50)                      (20)
    General and administrative expenses         (46,251)                  (40,565)
    Total operating expenses                   (515,263)                 (486,991)         

    RESULT FROM OPERATING ACTIVITIES            351,972                    11,527

    Finance income                                3,312                     2,617
    Finance expenses                            (50,942)                  (95,970)
    Net finance expenses                        (47,630)                  (93,353)

    Share of profit (loss) of equity
    accounted investees
    (net of income tax)                          51,592                    30,286

    PROFIT (LOSS) BEFORE INCOME TAX             355,934                   (51,540)

    Income tax benefit (expense)                 (5,633)                    5,743

    PROFIT (LOSS) FOR THE PERIOD                350,301                   (45,797)

    Attributable to:
    Owners of the company                       350,301                   (45,797)

    Basic earnings per share                       2.25                     (0.39)
    Diluted earnings per share                     2.22                     (0.39)

    Weighted average number of
    shares (basic)                          155,872,171               116,539,018
    Weighted average number of
    shares (diluted)                        157,529,562               116,539,018

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

                                                 2015                    2014
                                          Jan. 1 - Dec 31, 2015   Jan. 1 - Dec 31, 2014

    Profit/(loss) for the period              350,301                   (45,797)

    Other comprehensive income,
    net of tax
    Items that will never be
    reclassified to profit or loss:
    Remeasurements of the defined
      benefit liability (asset)                     (44)                     (393)

    Items that are or may be
    reclassified to profit or loss:
    Foreign currency translation
      differences                                  (429)                     (567)
    Cash flow hedges - effective
    portion of changes in fair value                -                     1,291
    Equity-accounted investees -
    share of other
    comprehensive income                        1,610                     2,106

    Other comprehensive income, net
    of tax                                      1,136                     2,437

    Total comprehensive income for
    the period                                351,437                   (43,360)

    Attributable to:
    Owners of the company                     351,437                   (43,360)



   

                                             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            -         -       (567)   1,291        -   
    Total comprehensive income                  -         -       (567)   1,291        - 

    Transactions with owners of the
    company
     Issue of ordinary shares               53,119   421,881           -       -        - 
    Issue and conversion convertible
    Notes                                  20,103    89,597           -       -        -  
    Issue and conversion perpetual
    convertible
    preferred equity                       10,282    64,718           -       -        -  
    Equity-settled share-based payment          -         -           -       -        -    
    Total transactions with owners         83,504   576,196           -       -        - 

    Balance at December 31, 2014          142,441   941,770         379       - (46,062)  

TABLE CONTINUED BELOW



                                            Consolidated statement of changes in equity
                                          (in thousands of USD except per share amounts)

                                                         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              (45,797)  (45,797)        -    (45,797)
    Total other comprehensive income            1,713     2,437         -      2,437
    Total comprehensive income                (44,084)  (43,360)        -    (43,360)

    Transactions with owners of the
    company
    Issue of ordinary shares                 (12,694)   462,306         -    462,306
    Issue and conversion convertible
    Notes                                     (7,422)   102,278        -     102,278
    Issue and conversion perpetual
    convertible
    preferred equity                          (3,500)    71,500   75,000     146,500
    Equity-settled share-based payment         3,994      3,994        -       3,994
    Total transactions with owners           (19,622)   640,078   75,000     715,078

    Balance at December 31, 2014              359,180 1,397,708   75,000   1,472,708



                                                                                                       
                                             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              -         -       (429)       -        -   
    Total comprehensive income                    -         -       (429)       -        -  

    Transactions with owners of the company
    Issue of ordinary shares                 20,324   208,738           -       -        - 
    Conversion perpetual convertible
    preferred equity                         10,281    64,719           -       -        -  
      Dividends to equity holders                   -         -           -       -        - 
    Treasury shares                               -         -           -       -    33,779 
    Equity-settled share-based payment            -         -           -       -        -    
    Total transactions with owners           30,605   273,457           -       -    33,779

    Balance at December 31, 2015            173,046 1,215,227         (50)      -   (12,283)

TABLE CONTINUED BELOW

                                                          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                350,301   350,301        -     350,301
    Total other comprehensive income              1,565     1,136        -       1,136
    Total comprehensive income                  351,866   351,437        -     351,437

    Transactions with owners of the
    company
    Issue of ordinary shares                    (19,357)  209,705        -     209,705
    Conversion perpetual convertible
    preferred
    equity                                            -    75,000  (75,000)          -
    Dividends to equity holders                (138,001) (138,001)       -    (138,001)
    Treasury shares                             (25,516)    8,263        -       8,263
    Equity-settled share-based payment            1,637     1,637        -       1,637
    Total transactions with owners             (181,237)  156,604  (75,000)     81,604

    Balance at December 31, 2015                529,809 1,905,749        -   1,905,749



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

                                                   2015                           2014
                                            Jan. 1 - Dec 31, 2015      Jan. 1 - Dec 31, 2014

    Cash flows from operating activities
    Profit (loss) for the period                    350,301                   (45,797)

    Adjustments for:                                208,305                   217,410
    Depreciation of tangible assets                 210,156                   160,934
    Depreciation of intangible assets                    50                        20
    Impairment on non-current assets
    held for sale                                         -                     7,416
    Provisions                                           91                       840
    Tax (benefits)/expenses                           5,633                    (5,743)
    Share of profit of equity-accounted
    investees, net of tax                           (51,592)                  (30,286)
    Net finance expense                              47,630                    93,353
    (Gain)/loss on disposal of assets                (5,300)                  (13,118)
    Equity-settled share-based payment
    transactions                                      1,637                     3,994

    Changes in working capital
    requirements                                    (57,692)                 (112,280)
    Change in cash guarantees                             1                      (658)
    Change in trade receivables                      12,330                   (23,755)
    Change in accrued income                        (13,175)                   (8,577)
    Change in deferred charges                       11,090                    (2,124)
    Change in other receivables                     (34,654)                  (64,299)
    Change in trade payables                          1,190                   (10,512)
    Change in accrued payroll                           255                       166
    Change in accrued expenses                       (1,649)                    9,581
    Change in deferred income                         6,612                    (2,016)
    Change in other payables                        (39,800)                  (10,171)
    Change in provisions for employee
    benefits                                            108                        85

    Income taxes paid during the
    period                                             (109)                       67
    Interest paid                                   (50,810)                  (54,449)
    Interest received                                   262                       421
    Dividends received from equity-
    accounted investees                                 275                     9,410

    Net cash from (used in) operating
    activities                                      450,532                    14,782

    Acquisition of vessels                         (351,596)               (1,053,939)
    Proceeds from the sale of vessels               112,890                   123,609
    Acquisition of other tangible assets             (8,289)                 (123,188)
    Acquisition of intangible assets                   (258)                      (19)
    Proceeds from the sale of other
    (in)tangible assets                                  95                         22
    Loans from (to) related parties                  39,785                     29,508
    Proceeds from capital decreases in
    joint ventures                                    1,500                      1,000
    Purchase of joint ventures, net of
    cash acquired                                         -                          -

    Net cash from (used in) investing
    activities                                     (205,873)                (1,023,007)

    Proceeds from issue of share capital            229,063                    475,000
    Transaction costs related to issue
    of share capital                                (19,357)                   (12,694)
    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             8,263                          -
    Proceeds from new long-term borrowings          931,270                  1,395,392
    Repayment of long-term borrowings            (1,367,871)                  (799,891)
    Transaction costs related to issue of
    loans and borrowings                             (8,680)                   (15,284)
    Dividends paid                                 (138,003)                        (2)

    Net cash from (used in) financing
    activities                                     (365,315)                  1,189,021

    Net increase (decrease) in cash and
    cash equivalents                               (120,656)                    180,796

    Net cash and cash equivalents at the
    beginning of the period                         254,086                      74,309
    Effect of changes in exchange rates              (1,767)                     (1,019)

    Net cash and cash equivalents at the
    end of the period                               131,663                     254,086

SOURCE Euronav NV