EURONAV NV
|
||
(Registrant)
|
||
Dated: May 8, 2024
|
||
By:
|
/s/ Ludovic Saverys
|
|
Ludovic Saverys
|
||
Chief Financial Officer
|
![]() |
PRESS RELEASE
Regulated information
8 May 2024 – 08.00 am CET
_______________________________________
|
• |
Profit of USD 495 million in Q1 2024
|
• |
Acquisition of CMB.TECH completed
|
• |
Opening and closing of CMB’s mandatory bid
|
• |
Euronav & Anglo-Eastern join forces
|
• |
Sale of 3 older VLCCs
|
• |
Newbuilding order of 2 Newcastlemaxes, 2 bitumen tankers and 1 container vessel
|
• |
First hydrogen production and refuelling station in Africa
|
• |
First hydrogen vessel in Africa
|
• |
Full year 2023 distribution of USD 4.57 per share proposed at AGM in May
|
• |
Q1 2024 distribution of USD 1.15 per share will be proposed at SGM in July
|
• |
Share buy-back
|
![]() |
PRESS RELEASE
Regulated information
8 May 2024 – 08.00 am CET
_______________________________________
|
The most important key figures (unaudited) are:
|
|||||||
(in thousands of USD)
|
First Quarter 2024
|
First Quarter 2023
|
|||||
Revenue
|
240,377
|
339,955
|
|||||
Other operating income
|
7,596
|
4,694
|
|||||
Raw materials consumables
|
(1,243)
|
—
|
|||||
Voyage expenses and commissions
|
(36,917)
|
(34,815)
|
|||||
Vessel operating expenses
|
(49,472)
|
(56,076)
|
|||||
Charter hire expenses
|
(18)
|
(778)
|
|||||
General and administrative expenses
|
(17,706)
|
(16,524)
|
|||||
Net gain (loss) on disposal of tangible assets
|
407,562
|
22,064
|
|||||
Depreciation
|
(40,238)
|
(56,284)
|
|||||
Net finance expenses
|
(15,441)
|
(30,462)
|
|||||
Share of profit (loss) of equity accounted investees
|
541
|
(6)
|
|||||
Result before taxation
|
495,041
|
171,768
|
|||||
Tax benefit (expense)
|
208
|
3,278
|
|||||
Profit (loss) for the period
|
495,249
|
175,046
|
|||||
Attributable to: Owners of the Company
|
495,249
|
175,046
|
|||||
Information per share:
|
||||||
(in USD per share)
|
First Quarter 2024
|
First Quarter 2023
|
||||
Weighted average number of shares (basic) *
|
201,521,800
|
201,783,532
|
||||
Result after taxation
|
2.46
|
0.87
|
||||
* |
The number of shares issued on 31 March 2024 is 220,024,713. However, the number of shares excluding the owned shares held by Euronav at 31 March
2024 is 194,893,532.
|
EBITDA reconciliation (unaudited):
|
|||||||
(in thousands of USD)
|
First Quarter 2024
|
First Quarter 2023
|
|||||
Profit (loss) for the period
|
495,249
|
175,046
|
|||||
+ Net interest expenses
|
15,260
|
30,475
|
|||||
+ Depreciation of tangible and intangible assets
|
40,238
|
56,284
|
|||||
+ Income tax expense (benefit)
|
(208)
|
(3,278)
|
|||||
EBITDA (unaudited)
|
550,539
|
258,527
|
|||||
![]() |
PRESS RELEASE
Regulated information
8 May 2024 – 08.00 am CET
_______________________________________
|
EBITDA per share:
|
|||||||
(in USD per share)
|
First Quarter 2024
|
First Quarter 2023
|
|||||
Weighted average number of shares (basic)
|
201,521,800
|
201,783,532
|
|||||
EBITDA
|
2.73
|
1.28
|
|||||
In USD per day
|
Q1 2024
|
Q1 2023
|
TANKERS
|
||
VLCC
|
||
Average spot rate (in TI Pool)*
|
41,700
|
51,400
|
Average time charter rate**
|
46,300
|
48,500
|
SUEZMAX
|
||
Average spot rate***
|
58,000
|
70,600
|
Average time charter rate
|
30,700
|
31,700
|
DRY-BULK VESSELS
|
||
Average spot rate***
|
23,924
|
|
CONTAINER VESSELS
|
||
Average time charter rate
|
29,378
|
|
CHEMICAL TANKERS
|
||
Average spot rate
|
25,545
|
|
OFF-SHORE WIND (CTV)
|
||
Average time charter rate
|
2,889
|
![]() |
PRESS RELEASE
Regulated information
8 May 2024 – 08.00 am CET
_______________________________________
|
![]() |
PRESS RELEASE
Regulated information
8 May 2024 – 08.00 am CET
_______________________________________
|
![]() |
PRESS RELEASE
Regulated information
8 May 2024 – 08.00 am CET
_______________________________________
|
![]() |
PRESS RELEASE
Regulated information
8 May 2024 – 08.00 am CET
_______________________________________
|
![]() |
PRESS RELEASE
Regulated information
8 May 2024 – 08.00 am CET
_______________________________________
|
1. |
Report of the Supervisory Board and of the statutory auditor for the financial year closed on 31 December 2023
|
2. |
Acknowledgment and approval of the remuneration report
|
3. |
Approval of the annual accounts of the Company for the financial year closed on 31 December 2023
|
![]() |
PRESS RELEASE
Regulated information
8 May 2024 – 08.00 am CET
_______________________________________
|
4. |
Allocation of the result for the financial year closed on 31 December 2023
|
5. |
Shareholder distribution of USD 4.30 per share out of the available share premium1
|
6. |
Discharge (release of liability) granted to the members of the Supervisory Board and to the statutory auditor, by means of separate voting, for the execution of their mandate in the
course of the financial year 2023
|
7. |
Remuneration of the members of the Supervisory Board
|
8. |
Remuneration of the statutory auditor
|
9. |
Proxy Crossroad Bank for Enterprises, counters for enterprises, registers of the enterprise court, administrative agencies and fiscal administrations
|
10. | Miscellaneous |
Webcast Information
|
|
Event Type:
|
Audio webcast with user-controlled slide presentation
|
Event Date:
|
8 May 2024
|
Event Time:
|
8 a.m. EST / 2 p.m. CET
|
Event Title:
|
“Q1 2024 Earnings Conference Call”
|
Event Site/URL:
|
https://events.teams.microsoft.com/event/39533602-5fe3-4eb7-9105-1f474d34ba01@d0b2b045-83aa-4027-8cf2-ea360b91d5e4
|
![]() |
PRESS RELEASE
Regulated information
8 May 2024 – 08.00 am CET
_______________________________________
|
About Euronav NV & CMB.TECH
Euronav is listed on Euronext Brussels and on the NYSE under the symbol EURN.
Euronav plans to change the group's name to CMB.TECH. Euronav will remain the crude oil tanker shipping company within the group.
![]() |
PRESS RELEASE
Regulated information
8 May 2024 – 08.00 am CET
_______________________________________
|
![]() |
PRESS RELEASE
Regulated information
8 May 2024 – 08.00 am CET
_______________________________________
|
March 31, 2024
|
December 31, 2023
|
|||||
ASSETS
|
||||||
Non-current assets
|
||||||
Vessels
|
2,107,656
|
1,629,570
|
||||
Assets under construction
|
582,345
|
106,513
|
||||
Right-of-use assets
|
3,735
|
32,936
|
||||
Other tangible assets
|
22,298
|
644
|
||||
Prepayments
|
1,878
|
—
|
||||
Intangible assets
|
17,240
|
14,194
|
||||
Receivables
|
65,216
|
2,888
|
||||
Investments in equity accounted investees
|
13,275
|
518
|
||||
Deferred tax assets
|
5,756
|
280
|
||||
Total non-current assets
|
2,819,399
|
1,787,543
|
||||
Current assets
|
||||||
Inventory
|
30,345
|
22,511
|
||||
Trade and other receivables
|
302,471
|
307,111
|
||||
Current tax assets
|
3,301
|
869
|
||||
Cash and cash equivalents
|
508,852
|
429,370
|
||||
844,969
|
759,861
|
|||||
Non-current assets held for sale
|
80,246
|
871,876
|
||||
Total current assets
|
925,215
|
1,631,737
|
||||
TOTAL ASSETS
|
3,744,614
|
3,419,280
|
||||
EQUITY and LIABILITIES
|
||||||
Equity
|
||||||
Share capital
|
239,148
|
239,148
|
||||
Share premium
|
1,466,529
|
1,466,529
|
||||
Translation reserve
|
(142)
|
235
|
||||
Hedging reserve
|
2,296
|
1,140
|
||||
Treasury shares
|
(273,160)
|
(157,595)
|
||||
Retained earnings
|
506,195
|
807,916
|
||||
Equity attributable to owners of the Company
|
1,940,866
|
2,357,373
|
||||
Non-current liabilities
|
||||||
Bank loans
|
726,697
|
362,235
|
||||
Other notes
|
198,385
|
198,219
|
||||
Other borrowings
|
238,956
|
71,248
|
||||
Lease liabilities
|
3,753
|
3,363
|
||||
Other payables
|
—
|
146
|
||||
Employee benefits
|
1,667
|
1,669
|
||||
Provisions
|
191
|
274
|
||||
Deferred tax liabilities
|
110
|
—
|
||||
Total non-current liabilities
|
1,169,759
|
637,154
|
||||
Current liabilities
|
||||||
Trade and other payables
|
211,539
|
124,013
|
||||
Current tax liabilities
|
5,870
|
4,768
|
||||
Bank loans
|
315,069
|
166,124
|
||||
Other borrowings
|
97,238
|
92,298
|
||||
Lease liabilities
|
3,347
|
33,493
|
||||
Provisions
|
318
|
324
|
||||
Total current liabilities
|
633,989
|
424,753
|
||||
TOTAL EQUITY and LIABILITIES
|
3,744,614
|
3,419,280
|
||||
![]() |
PRESS RELEASE
Regulated information
8 May 2024 – 08.00 am CET
_______________________________________
|
2024
|
2023
|
|||||
Jan. 1 - Mar. 31, 2024
|
Jan. 1 - Mar. 31, 2023
|
|||||
Shipping income
|
||||||
Revenue
|
240,377
|
339,955
|
||||
Gains on disposal of vessels/other tangible assets
|
407,562
|
22,064
|
||||
Other operating income
|
7,596
|
4,694
|
||||
Total shipping income
|
655,535
|
366,713
|
||||
Operating expenses
|
||||||
Raw materials and consumables
|
(1,243)
|
—
|
||||
Voyage expenses and commissions
|
(36,917)
|
(34,815)
|
||||
Vessel operating expenses
|
(49,472)
|
(56,076)
|
||||
Charter hire expenses
|
(18)
|
(778)
|
||||
Depreciation tangible assets
|
(39,616)
|
(55,888)
|
||||
Depreciation intangible assets
|
(622)
|
(396)
|
||||
General and administrative expenses
|
(17,706)
|
(16,524)
|
||||
Total operating expenses
|
(145,594)
|
(164,477)
|
||||
RESULT FROM OPERATING ACTIVITIES
|
509,941
|
202,236
|
||||
Finance income
|
15,326
|
6,689
|
||||
Finance expenses
|
(30,767)
|
(37,151)
|
||||
Net finance expenses
|
(15,441)
|
(30,462)
|
||||
Share of profit (loss) of equity accounted investees (net of income tax)
|
541
|
(6)
|
||||
PROFIT (LOSS) BEFORE INCOME TAX
|
495,041
|
171,768
|
||||
Income tax benefit (expense)
|
208
|
3,278
|
||||
PROFIT (LOSS) FOR THE PERIOD
|
495,249
|
175,046
|
||||
Attributable to:
|
||||||
Owners of the company
|
495,249
|
175,046
|
||||
Basic earnings per share
|
2.46
|
0.87
|
||||
Diluted earnings per share
|
2.46
|
0.87
|
||||
Weighted average number of shares (basic)
|
201,521,800
|
201,783,532
|
||||
Weighted average number of shares (diluted)
|
201,521,800
|
201,965,893
|
||||
![]() |
PRESS RELEASE
Regulated information
8 May 2024 – 08.00 am CET
_______________________________________
|
2024
|
2023
|
|||||
Jan. 1 - Mar. 31,
2024
|
Jan. 1 - Mar. 31,
2023
|
|||||
Profit/(loss) for the period
|
495,249
|
175,046
|
||||
Other comprehensive income (expense), 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
|
(377)
|
145
|
||||
Cash flow hedges - effective portion of changes in fair value
|
1,156
|
(6,939)
|
||||
Equity-accounted investees - share of other comprehensive income
|
—
|
—
|
||||
Other comprehensive income (expense), net of tax
|
779
|
(6,794)
|
||||
Total comprehensive income (expense) for the period
|
496,028
|
168,252
|
||||
Attributable to:
|
||||||
Owners of the company
|
496,028
|
168,252
|
||||
![]() |
PRESS RELEASE
Regulated information
8 May 2024 – 08.00 am CET
_______________________________________
|
Share
capital
|
Share
premium
|
Translation
reserve
|
Hedging
reserve
|
Treasury
shares
|
Retained
earnings
|
Total equity
|
|
Balance at January 1, 2023
|
239,148
|
1,678,336
|
(24)
|
33,053
|
(163,024)
|
385,976
|
2,173,465
|
Profit (loss) for the period
|
—
|
—
|
—
|
—
|
—
|
175,046
|
175,046
|
Total other comprehensive income (expense)
|
—
|
—
|
145
|
(6,939)
|
—
|
—
|
(6,794)
|
Total comprehensive income (expense)
|
—
|
—
|
145
|
(6,939)
|
—
|
175,046
|
168,252
|
Transactions with owners of the company
|
|||||||
Dividends to equity holders
|
—
|
—
|
—
|
—
|
—
|
(6,053)
|
(6,053)
|
Equity-settled share-based payment
|
—
|
—
|
—
|
—
|
—
|
1,564
|
1,564
|
Total transactions with owners
|
—
|
—
|
—
|
—
|
—
|
(4,489)
|
(4,489)
|
Balance at March 31, 2023
|
239,148
|
1,678,336
|
121
|
26,114
|
(163,024)
|
556,533
|
2,337,228
|
Share
capital
|
Share
premium
|
Translation
reserve
|
Hedging
reserve
|
Treasury
shares
|
Retained
earnings
|
Total equity
|
|
Balance at January 1, 2024
|
239,148
|
1,466,529
|
235
|
1,140
|
(157,595)
|
807,916
|
2,357,373
|
Profit (loss) for the period
|
—
|
—
|
—
|
—
|
—
|
495,249
|
495,249
|
Total other comprehensive income (expense)
|
—
|
—
|
(377)
|
1,156
|
—
|
—
|
779
|
Total comprehensive income (expense)
|
—
|
—
|
(377)
|
1,156
|
—
|
495,249
|
496,028
|
Transactions with owners of the company
|
|||||||
Business Combination
|
—
|
—
|
—
|
—
|
—
|
(796,970)
|
(796,970)
|
Treasury shares acquired
|
—
|
—
|
—
|
—
|
(115,565)
|
—
|
(115,565)
|
Total transactions with owners
|
—
|
—
|
—
|
—
|
(115,565)
|
(796,970)
|
(912,535)
|
Balance at March 31, 2024
|
239,148
|
1,466,529
|
(142)
|
2,296
|
(273,160)
|
506,195
|
1,940,866
|
![]() |
PRESS RELEASE
Regulated information
8 May 2024 – 08.00 am CET
_______________________________________
|
2024
|
2023
|
|||||
Jan. 1 - Mar. 31,
2024
|
Jan. 1 - Mar. 31,
2023
|
|||||
Cash flows from operating activities
|
||||||
Profit (loss) for the period
|
495,249
|
175,046
|
||||
Adjustments for:
|
(352,720)
|
61,328
|
||||
Depreciation of tangible assets
|
39,616
|
55,888
|
||||
Depreciation of intangible assets
|
622
|
396
|
||||
Provisions
|
(88)
|
(82)
|
||||
Income tax (benefits)/expenses
|
(208)
|
(3,278)
|
||||
Share of profit of equity-accounted investees, net of tax
|
(541)
|
6
|
||||
Net finance expense
|
15,441
|
30,462
|
||||
(Gain)/loss on disposal of assets
|
(407,562)
|
(22,064)
|
||||
Changes in working capital requirements
|
91,545
|
(3,151)
|
||||
Change in cash guarantees
|
(45,689)
|
—
|
||||
Change in inventory
|
3,199
|
(3,046)
|
||||
Change in receivables from contracts with customers
|
49,926
|
4,102
|
||||
Change in accrued income
|
1,353
|
(14,855)
|
||||
Change in deferred charges
|
(2,884)
|
(11,544)
|
||||
Change in other receivables
|
2,195
|
1,275
|
||||
Change in trade payables
|
(2,556)
|
20,606
|
||||
Change in accrued payroll
|
111
|
212
|
||||
Change in accrued expenses
|
78,809
|
(232)
|
||||
Change in deferred income
|
5,294
|
(492)
|
||||
Change in other payables
|
1,787
|
(741)
|
||||
Change in provisions for employee benefits
|
—
|
1,564
|
||||
Income taxes paid during the period
|
(1,008)
|
74
|
||||
Interest paid
|
(16,987)
|
(33,406)
|
||||
Interest received
|
10,075
|
3,190
|
||||
Dividends received from equity-accounted investees
|
—
|
—
|
||||
Net cash from (used in) operating activities
|
226,154
|
203,081
|
||||
Acquisition of vessels and vessels under construction
|
(138,502)
|
(131,208)
|
||||
Proceeds from the sale of vessels
|
1,278,401
|
40,523
|
||||
Acquisition of other tangible assets
|
(1,426)
|
(399)
|
||||
Acquisition of intangible assets
|
(138)
|
(23)
|
||||
Loans from (to) related parties
|
—
|
—
|
||||
Lease payments received from finance leases
|
389
|
519
|
||||
Net cash from (used in) investing activities
|
(10,047)
|
(90,588)
|
||||
Proceeds from new borrowings
|
278,333
|
270,754
|
||||
Repayment of borrowings
|
(41,971)
|
(218,436)
|
||||
Repayment of lease liabilities
|
(31,373)
|
(6,534)
|
||||
Repayment of commercial paper
|
(116,886)
|
(89,930)
|
||||
Repayment of sale and leaseback
|
(88,627)
|
(34,194)
|
||||
Transaction costs related to issue of loans and borrowings
|
(3,361)
|
(700)
|
||||
Dividends paid
|
(15,758)
|
(5,699)
|
||||
Net cash from (used in) financing activities
|
(135,208)
|
(84,739)
|
||||
Net increase (decrease) in cash and cash equivalents
|
80,899
|
27,754
|
||||
Net cash and cash equivalents at the beginning of the period
|
429,370
|
179,929
|
||||
Effect of changes in exchange rates
|
(1,417)
|
1,566
|
||||
Net cash and cash equivalents at the end of the period
|
508,852
|
209,249
|
||||
of which restricted cash
|
—
|
—
|
||||