UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of April 2022
Commission File Number: 001-36810
EURONAV NV
De Gerlachekaai 20
2000 Antwerpen
Belgium
011-32-3-247-4411
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ].
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ].
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached hereto as Exhibit 99.1 is a copy of the press release of Euronav NV (the “Company”), dated March 31, 2022, announcing the Company’s final financial results for the full year ended December 31, 2021.
The information contained in Exhibit 99.1 of this Report on Form 6-K, excluding the commentary of Hugo De Stoop, is hereby incorporated by reference into the Company's registration statement on Form F-3 (File No. 333-238472) that was filed with the U.S. Securities and Exchange Commission effective May 18, 2020.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
EURONAV NV | ||
(Registrant) | ||
Dated: April 5, 2022 | ||
By: | /s/ Lieve Logghe | |
Lieve Logghe | ||
Chief Financial Officer |
EXHIBIT 99.1
![]() | PRESS RELEASE Regulated information Wednesday 31 March 2022 – 8 a.m. CET _______________________________________ |
EURONAV ANNOUNCES FINAL YEAR
RESULTS 2021
RESULTS 2021
2021 HIGHLIGHTS
• | Challenging year for crude tanker markets throughout 2021 |
• | Oversupply of vessels combined with Omicron variant and slower than expected return to normalised levels of economic activity key drivers of low freight rates |
• | Medium term thesis of freight recovery remains intact with supportive industry fundamentals |
• | Euronav counter-cyclically invested in 8 new eco-vessels (5 Suezmaxes & 3 VLCCs) at advantageous prices |
• | Continued to diversify funding sources with new USD 200 million corporate bond; sustainability linked financing now over 40% of total funding |
• | Depreciation charge reduced by USD 100 million per annum as from 2022 and certain cost elements reclassified to ensure comparability within the sector |
ANTWERP, Belgium, 31 March 2022 – Euronav NV (NYSE: EURN & Euronext: EURN) (“Euronav” or the “Company”) reported its final financial results today for the full year to 31 December 2021.
The return of oil consumption at a global scale was going to be a key driver to freight market recovery in 2021. When COVID vaccinations started being administered throughout the world, this recovery seemed to be imminent. Unfortunately, this did not evolve at the pace desired or expected.
The first half of 2021 was still impacted by a static and relatively low oil and related product consumption averaging just 96 million barrels per day. This compared to pre-COVID highs of more than 105 million barrels for Q4 2019. Some control over the virus from Q3 2021 onwards delivered small but sequential improvement in freight rates. Demand for oil was also boosted during Q4 by extreme price increases and volatility in energy and fuel prices. This prompted some substitution into oil and an increase in oil demand. While estimates vary, this event has resulted in an additional oil demand of 1 million barrels per day.
In early 2021, Euronav took the opportunity to counter cyclically invest by taking over a number of resale contracts for new vessels and proactively ordering new tonnage. This totalled 8 new vessels during 2021, with all vessels to be scrubber fitted and “future proofed” via investment in vessel infrastructure allowing later retrofitting of new technologies as and when they become available. Prices today are 25% higher for such tonnage and this investment represents a 15% increase in our fleet size on an underlying basis.
![]() | PRESS RELEASE Regulated information Wednesday 31 March 2022 – 8 a.m. CET _______________________________________ |
The year also saw global oil inventories decline significantly, and all major OECD hubs saw commercial crude oil stocks fall below the 5-year range. Replenishment of these reserves is necessary at a time when energy security has become a key issue following the Russian invasion of Ukraine at the end of the year.
Oil supply is another important factor in the recovery of the freight market. Production cuts began to taper in May 2021 and the OPEC alliance has gradually added more oil supply to the market progressively. This started to become visible to the tanker market going into the fourth quarter of 2021, as cargo numbers started to reflect the recovery in the oil market. The Arabian Gulf in particular is seeing crude cargo liftings on VLCCs approach the levels seen before the pandemic.
On the vessel supply side of the equation, the market remained oversupplied of tonnage. Historical precedents suggest that during periods of challenging freight rates, tanker owners are induced to recycle their older tonnage, therefore reducing the global trading fleet. While we saw some fleet exits during the year, this was not to the extent that history may have predicted. Some analysts suggest that older tonnage has instead been used for 'illicit trade' that has developed around sanctioned cargoes, therefore no longer being accessible for the regular commercial trade. A question remains as to whether these vessels will ever rejoin the commercial fleet, be it due to old age or because of now being earmarked as unlawful tonnage.
As for the contracting of new tonnage, the dual-fuel commitment from owners reflects the growing structural focus on emissions reduction from participants across the industry, from investors to charterers, to financiers. This will in turn increase pressure on older, higher emission tonnage with the potential to drive a strong phaseout programme at some point. In the second half of the year no new orders were placed in either segment. Alternative shipping sectors, such as container liners and dry bulk carriers, have experienced an earnings boom through 2021 and much of the extra cash has been invested in new tonnage of these types. This left tanker owners unable to compete with increasing newbuilding prices and many yards are now full into 2025. The new supply picture until then is therefore very clear and supportive of an improving tonnage balance in the near to medium term.
![]() | PRESS RELEASE Regulated information Wednesday 31 March 2022 – 8 a.m. CET _______________________________________ |
2021 Key figures
In order to improve the relevancy of the accounting information of the income statement, the Company reclassified certain cost elements without impact on the profit (loss) for the period. These changes have been adopted in 2021 to improve comparability within the sector. It has been applied retrospectively and comparative information has been revised. (*)
The most important key figures are: | |||||||||||
(in thousands of USD) | Fourth Quarter 2021 | Fourth Quarter 2020 * | Full Year 2021 | Full Year 2020 * | |||||||
Revenue | 117,423 | 134,284 | 419,770 | 1,210,341 | |||||||
Other operating income | 3,143 | 2,260 | 10,255 | 10,112 | |||||||
Voyage expenses and commissions | (35,223) | (26,938) | (118,808) | (125,430) | |||||||
Vessel operating expenses | (51,568) | (55,292) | (220,706) | (218,390) | |||||||
Charter hire expenses | (1,552) | (704) | (9,750) | (7,954) | |||||||
General and administrative expenses | (7,933) | (11,670) | (32,408) | (37,333) | |||||||
Net gain (loss) on disposal of tangible assets | 4,500 | (1) | 15,068 | 22,727 | |||||||
Depreciation | (85,982) | (77,848) | (344,994) | (319,751) | |||||||
Net finance expenses | (20,085) | (17,135) | (80,607) | (70,057) | |||||||
Share of profit (loss) of equity accounted investees | 5,892 | (4,741) | 22,976 | 10,917 | |||||||
Result before taxation | (71,385) | (57,785) | (339,204) | 475,182 | |||||||
Tax benefit (expense) | (797) | (419) | 427 | (1,944) | |||||||
Profit (loss) for the period | (72,180) | (58,204) | (338,777) | 473,238 | |||||||
Attributable to: Owners of the Company | (72,180) | (58,204) | (338,777) | 473,238 | |||||||
The contribution to the result is as follows: | |||||||||||
(in thousands of USD) | Fourth Quarter 2021 | Fourth Quarter 2020 | Full Year 2021 | Full Year 2020 | |||||||
Tankers | (78,249) | (54,830) | (364,045) | 463,536 | |||||||
FSO | 6,069 | (3,374) | 25,268 | 9,702 | |||||||
Result after taxation | (72,180) | (58,204) | (338,777) | 473,238 | |||||||
Information per share: | ||||||||||
(in USD per share) | Fourth Quarter 2021 | Fourth Quarter 2020 | Full Year 2021 | Full Year 2020 | ||||||
Weighted average number of shares (basic) ** | 201,677,981 | 203,392,860 | 201,677,981 | 210,193,707 | ||||||
Result after taxation | (0.36) | (0.29) | (1.68) | 2.25 | ||||||
** | The number of shares issued on 31 December 2021 is 220,024,713. However, the number of shares excluding the owned shares held by Euronav on 31 December 2021 is 201,677,981. |
![]() | PRESS RELEASE Regulated information Wednesday 31 March 2022 – 8 a.m. CET _______________________________________ |
EBITDA reconciliation (unaudited): | |||||||||||
(in thousands of USD) | Fourth Quarter 2021 | Fourth Quarter 2020 | Full Year 2021 | Full Year 2020 | |||||||
Profit (loss) for the period | (72,180) | (58,204) | (338,777) | 473,238 | |||||||
+ Net interest expenses | 19,881 | 16,483 | 80,006 | 69,086 | |||||||
+ Depreciation of tangible and intangible assets | 85,982 | 77,848 | 344,994 | 319,751 | |||||||
+ Income tax expense (benefit) | 797 | 419 | (427) | 1,944 | |||||||
EBITDA (unaudited) | 34,480 | 36,546 | 85,796 | 864,019 | |||||||
+ Net interest expenses JV | 616 | 1,064 | 2,937 | 4,806 | |||||||
+ Depreciation of tangible and intangible assets JV | 3,108 | 3,710 | 12,333 | 20,274 | |||||||
+ Income tax expense (benefit) JV | 631 | 8,943 | 2,636 | 10,266 | |||||||
Proportionate EBITDA | 38,835 | 50,263 | 103,702 | 899,365 | |||||||
Proportionate EBITDA per share: | |||||||||||
(in USD per share) | Fourth Quarter 2021 | Fourth Quarter 2020 | Full Year 2021 | Full Year 2020 | |||||||
Weighted average number of shares (basic) | 201,677,981 | 203,392,860 | 201,677,981 | 210,193,707 | |||||||
Proportionate EBITDA | 0.19 | 0.25 | 0.51 | 4.28 | |||||||
All figures, except for Proportionate EBITDA, have been prepared under IFRS as adopted by the EU (International Financial Reporting Standards) and have not been audited nor reviewed by the statutory auditor.
For the fourth quarter of 2021, the Company realized a net loss of USD 72.2 million or USD 0.36 per share (fourth quarter 2020: a net loss of USD 58.2 million or USD 0.29 per share). Proportionate EBITDA (a non-IFRS measure) for the same period was USD 38.8 million (fourth quarter 2020: USD 50.3 million).
TCE
The average daily time charter equivalent rates (TCE, a non IFRS-measure) can be summarized as follows:
In USD per day | Fourth Quarter 2021 | Fourth Quarter 2020 | Full Year 2021 | Full Year 2020 |
VLCC | ||||
Average spot rate (in TI Pool)* | 12,500 | 20,500 | 11,300 | 54,600 |
Average time charter rate** | 46,900 | 44,700 | 46,500 | 39,700 |
SUEZMAX | ||||
Average spot rate*** | 11,300 | 12,300 | 11,100 | 39,100 |
Average time charter rate | 30,400 | 29,300 | 29,800 | 29,600 |
*Euronav owned ships in TI Pool (excluding technical offhire days)
**Including profit share where applicable
*** Including profit share where applicable (excluding technical offhire days)
![]() | PRESS RELEASE Regulated information Wednesday 31 March 2022 – 8 a.m. CET _______________________________________ |
Difference between the preliminary results and final results
The final result of USD (338.8) million reported is USD 0.4 million better than the preliminary results reported on 3 February 2022 of USD (339.2) million. This difference is related to the integration of 2021 results of our joint ventures TI LLC and TUKA Ltd. Furthermore, some balance sheet reclassifications have been processed without impact on the net result to improve presentation
Procedures of the independent auditor
The statutory auditor, KPMG Bedrijfsrevisoren - Réviseurs d’Entreprises, represented by Herwig Carmans, has confirmed that the audit procedures, which have been substantially completed, have not revealed any material misstatement in the accounting information included in the Company’s annual announcement.
Euronav highlights in 2021 January On 11 January 2021 Euronav became a signatory of the ‘Neptune Declaration on Seafarer Wellbeing and Crew Change’. On 27 January 2021, Euronav was included in the Bloomberg Gender-Equality Index (“GEI”) for the fourth consecutive year and managed to improve her score. February On 3 February 2021 Euronav entered into an agreement for the acquisition through resale of two eco-Suezmax newbuilding contracts. On 23 February 2021 Euronav announced that it has entered into a sale and leaseback agreement for the VLCC Newton (2009 – 307,284 dwt). On 24 February 2021 Euronav held its second virtual naming ceremony for the inauguration of Doris and Dickens. March On 1 March 2021, Euronav became a member of the Maritime Anti-Corruption Network. April On 12 April 2021 Euronav signed an EUR 80 million unsecured revolving credit facility. On 22 April 2021 Euronav entered into an agreement for the acquisition through resale of two VLCC newbuilding contracts (with the option to add a third). June On 7 June 2021, Euronav announced that the Suezmax Filikon (2002 – 149,989 dwt) was sold for USD 16.3 million and delivered to her new owners on June 4th. July On 6 July 2021 Euronav announced a Joint Development Program to help accelerate the development of dual fuel Ammonia (NH3) fitted VLCC and Suezmax vessels. On 6 July 2021 Euronav confirmed that it has entered into new contracts for the construction of 3 Suezmax newbuildings and that it had lifted the option to build a third VLCC. September On 2 September 2021 Euronav Luxembourg S.A., a wholly owned subsidiary of Euronav NV, announced a successful placement of USD 200 million senior unsecured bonds. On 28 September 2021 Euronav became a signatory of the 'Call to Action for Shipping Decarbonization'. October On 7 October 2021 Euronav successfully completed a B30 biofuel test on the Suezmax Statia (2006 – 150,205 dwt). November On 18 November 2021 Euronav successfully concluded a four-month trial of a B50 biofuel blend on the Suezmax Marlin Sardinia (2019 – 156,607 dwt). December On 2 December 2021 Euronav signed an EUR 73.45 million unsecured revolving credit facility. On 9 December 2021 Euronav obtained a ‘B’-score for taking coordinated action on climate issues by the Carbon Disclosure Project (CDP). On 14 December 2021 Euronav held its virtual naming ceremony to welcome Cedar and Cypress. |
![]() | PRESS RELEASE Regulated information Wednesday 31 March 2022 – 8 a.m. CET _______________________________________ |
Events occurred after the end of the financial year ending 31 December 2021 In January, two newbuilding Suezmaxes, Cedar and Cypress, joined our fleet. Cedar was delivered on the 7th of January and Cypress on the 20th of January. Both were constructed at Daehan Shipbuilding (DHSC) in South Korea. On 26 January 2022, Euronav announced that the company will book a USD 18 million capital gain on disposal of assets upon the redelivery of 4 VLCCs, which occurs at the maturity of a five-year sale and leaseback agreement. The four VLCCs are: the Nautilus (2006; 307,284 dwt), Navarin (2007; 307,284 dwt), Neptun (2007; 307,284 dwt) and the Nucleus (2007; 307,284 dwt). As the first ship was redelivered on 15 December 2021, USD 4.5 million was booked in the fourth quarter of 2021, whereas the remaining USD 13.5 million will be booked in the first quarter of 2022. On January 27, Euronav was included in the annual Bloomberg Gender-Equality Index (GEI), for the fifth consecutive year. The GEI provides transparency in gender-based practices and policies at publicly listed companies, increasing the breadth of environmental, social, governance (ESG) data available to investors. Euronav is one of 414 companies with a combined market capitalization of USD 1 trillion, headquartered in 45 countries and regions across 11 sectors, that are included in this year’s index. The Company’s score is 62.84%, which is higher than the average score of the Transportation and Logistics sector of 47.61%. On March 18, 2022, the Company announced that the Financial Supervisory Authority of Norway has approved the base prospectus with appendices prepared by Euronav Luxembourg S.A. (“Euronav Luxembourg”) in connection with the listing on the Oslo Stock Exchange of Euronav Luxembourg’s USD 200 million senior unsecured bonds, due September 2026. The USD 200 million senior unsecured bonds, issued by Euronav Luxembourg and guaranteed by the Company, are listed on the Oslo Stock Exchange as of March 22, 2022 Recent developments in the Ukraine region have contributed to further economic instability in the global financial markets and international commerce. At the time of writing this press release, the outcome was not clear and the Company acknowledges that any escalation could potentially affect the shipping industry. In February 2022, US and EU led economic sanctions against Russia in connection with the aforementioned conflicts in the Ukraine region. These sanctions may adversely impact our business, given Russia’s role as a major global exporter of crude oil and natural gas. Our business could also be adversely impacted by trade tariffs, trade embargoes or other economic sanctions that limit trading activities. The invasion and subsequent war between Russia and Ukraine will impact our business in the following areas: Freight rates – due to the self-sanctioning being performed by oil traders, refiners, and shippers of Russian petroleum products, the market has evolved short term towards longer tonnage and different cargo specifications. The longer-term prognosis is that ton miles may increase due to the adjustment of trade flows to compensate refineries and markets for the lack of Russian oil flows. The Company has suspended its operations with Russian customers, which represents an insignificant portion of the Company’s turnover (below 5%). Bunker Fuel Cost – the price of marine fuels has increased as a consequence of the conflict and is anticipated to remain elevated for the foreseeable future. This is due to Russia supplying bunker markets with 20% of the global fuel demand in HSFO, VLSFO and MGO markets. These price increases will negatively impact the cost structure of the vessels, making it more expensive to ship freight on long haul voyages. The spread between HSFO and VLSFO was at a high level pre-invasion, but has begun to correct as the removal of Russian origin HSFO from the market has begun to tighten up supplies in Europe and in the Mediterranean. Cybersecurity risks have increased, and the Company took additional measures. Crew issues – the current conflict makes the ability to perform regular crew changes problematic, as travel may not be available nor the ability to repatriate a crew member to his or her home. This could impact operations of vessels as new officers and crews which may not have the familiarity of the vessel are joining. This could result in an extra crew cost on a yearly basis of max USD 500000. Going forward, it remains difficult to estimate the future impact of this war situation in the economies where we are active, and hence difficult to quantify the impact these factors might have on our financial results. |
COVID-19 update and impact on oil demand
The COVID-19 outbreak from early 2020 impacted many countries around the world and disrupted the lives of many millions of people. The Company has been taking the risks associated with the outbreak extremely seriously, and the safety and wellbeing of its employees is of paramount importance.
In that respect, the biggest operational challenge was to conduct crew changes. Apart from serious humanitarian and crew welfare concerns, there is an increasing risk that fatigue will lead to serious maritime accidents. To resolve the difficult situation, Euronav’s management decided to accommodate deviations by ships to facilitate crew changes.
Many Euronav employees shifted from office to remote working in no time. We explicitly want to mention and are proud of the reaction of our people, where our global workforce bonded together to support one another.
Going forward, it remains difficult to estimate the future impact of the pandemic on the economies where we are active, and hence the impact these factors might have on the financial results.
Financial calendar 2022 14 April 2022 Annual report 2021 available on website 12 May 2022 Announcement of first quarter results 2022 19 May 2022 Annual General Meeting of Shareholders 04 August 2022 Announcement of second quarter results 2022 9 August 2021 Half year report 2022 available on website 27 October 2022 Announcement of third quarter results 2022 02 February 2023 Announcement of fourth quarter results 2022 |
The Supervisory Board, represented by Carl E. Steen, its Chairman, and the Management Board, represented by Hugo De Stoop, Chief Executive Officer, and Lieve Logghe, Chief Financial Officer, hereby confirm, in the name and for account of Euronav that, to the best of their knowledge the consolidated financial statements as of and for the year ended 31 December 2021 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 Supervisory Board and the Management Board:
Hugo De Stoop | Carl E. Steen |
Chief Executive Officer | Chairman of the Supervisory Board |
![]() | PRESS RELEASE Regulated information Wednesday 31 March 2022 – 8 a.m. CET _______________________________________ |
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbour 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 harbour provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbour 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.
Contact:
Brian Gallagher – Head of IR, Research and Communications & Management Board member
Tel: +44 20 78 70 04 36
Email: IR@euronav.com
Annual report 2021 available on website: Thursday 14 April 2022
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 2 V-Plus vessels, 41 VLCCs (three to be delivered), 27 Suezmaxes (of which one is in a joint venture, two vessels that are time chartered in and three vessels to be delivered) and 2 FSO vessels (both owned in 50%-50% joint venture).
Regulated information within the meaning of the Royal Decree of 14 November 2007.
Condensed consolidated statement of financial position
(in thousands of USD)
December 31, 2021 | December 31, 2020 | |||||
ASSETS | ||||||
Non-current assets | ||||||
Vessels | 2,967,787 | 2,865,308 | ||||
Assets under construction | 181,293 | 207,069 | ||||
Right-of-use assets | 29,001 | 52,955 | ||||
Other tangible assets | 1,218 | 1,759 | ||||
Intangible assets | 186 | 161 | ||||
Receivables | 55,639 | 55,054 | ||||
Investments in equity accounted investees | 72,446 | 51,703 | ||||
Deferred tax assets | 1,546 | 1,357 | ||||
Total non-current assets | 3,309,116 | 3,235,366 | ||||
Current assets | ||||||
Bunker inventory | 69,035 | 75,780 | ||||
Trade and other receivables | 237,745 | 214,479 | ||||
Current tax assets | 99 | 136 | ||||
Cash and cash equivalents | 152,528 | 161,478 | ||||
Total current assets | 459,407 | 451,873 | ||||
TOTAL ASSETS | 3,768,523 | 3,687,239 | ||||
EQUITY and LIABILITIES | ||||||
Equity | ||||||
Share capital | 239,148 | 239,148 | ||||
Share premium | 1,702,549 | 1,702,549 | ||||
Translation reserve | 453 | 935 | ||||
Hedging reserve | 2,396 | (7,456) | ||||
Treasury shares | (164,104) | (164,104) | ||||
Retained earnings | 180,140 | 540,714 | ||||
Equity attributable to owners of the Company | 1,960,582 | 2,311,786 | ||||
Non-current liabilities | ||||||
Bank loans | 1,175,835 | 836,318 | ||||
Other notes | 196,895 | 198,279 | ||||
Other borrowings | 86,198 | 100,056 | ||||
Lease liabilities | 16,759 | 21,172 | ||||
Other payables | 3,490 | 6,893 | ||||
Employee benefits | 6,839 | 7,987 | ||||
Provisions | 892 | 1,154 | ||||
Total non-current liabilities | 1,486,908 | 1,171,859 | ||||
Current liabilities | ||||||
Trade and other payables | 83,912 | 85,150 | ||||
Current tax liabilities | 366 | 629 | ||||
Bank loans | 29,313 | 20,542 | ||||
Other notes | 67,025 | — | ||||
Other borrowings | 117,863 | 51,297 | ||||
Lease liabilities | 22,292 | 45,749 | ||||
Provisions | 262 | 227 | ||||
Total current liabilities | 321,033 | 203,594 | ||||
TOTAL EQUITY and LIABILITIES | 3,768,523 | 3,687,239 | ||||
Condensed consolidated statement of profit or loss
(in thousands of USD except per share amounts)
2021 | 2020 * | |||||
Jan. 1 - Dec. 31, 2021 | Jan. 1 - Dec. 31, 2020 | |||||
Shipping income | ||||||
Revenue | 419,770 | 1,210,341 | ||||
Gains on disposal of vessels/other tangible assets | 15,068 | 22,728 | ||||
Other operating income | 10,255 | 10,112 | ||||
Total shipping income | 445,093 | 1,243,181 | ||||
Operating expenses | ||||||
Voyage expenses and commissions | (118,808) | (125,430) | ||||
Vessel operating expenses | (220,706) | (218,390) | ||||
Charter hire expenses | (9,750) | (7,954) | ||||
Loss on disposal of vessels/other tangible assets | — | (1) | ||||
Depreciation tangible assets | (344,904) | (319,652) | ||||
Depreciation intangible assets | (90) | (99) | ||||
General and administrative expenses | (32,408) | (37,333) | ||||
Total operating expenses | (726,666) | (708,859) | ||||
RESULT FROM OPERATING ACTIVITIES | (281,573) | 534,322 | ||||
Finance income | 14,934 | 21,496 | ||||
Finance expenses | (95,541) | (91,553) | ||||
Net finance expenses | (80,607) | (70,057) | ||||
Share of profit (loss) of equity accounted investees (net of income tax) | 22,976 | 10,917 | ||||
PROFIT (LOSS) BEFORE INCOME TAX | (339,204) | 475,182 | ||||
Income tax benefit (expense) | 427 | (1,944) | ||||
PROFIT (LOSS) FOR THE PERIOD | (338,777) | 473,238 | ||||
Attributable to: | ||||||
Owners of the company | (338,777) | 473,238 | ||||
Basic earnings per share | (1.68) | 2.25 | ||||
Diluted earnings per share | (1.68) | 2.25 | ||||
Weighted average number of shares (basic) | 201,677,981 | 210,193,707 | ||||
Weighted average number of shares (diluted) | 201,773,240 | 210,206,403 | ||||
* In order to improve the relevancy of the accounting information of the income statement, the Company reclassified certain cost elements without impact on the profit (loss) for the period. These changes have been adopted in 2021 to improve comparability within the sector. It has been applied retrospectively and comparative information has been revised.
Condensed consolidated statement of comprehensive income
(in thousands of USD)
2021 | 2020 | |||||
Jan. 1 - Dec. 31, 2021 | Jan. 1 - Dec. 31, 2020 | |||||
Profit/(loss) for the period | (338,777) | 473,238 | ||||
Other comprehensive income (expense), net of tax | ||||||
Items that will never be reclassified to profit or loss: | ||||||
Remeasurements of the defined benefit liability (asset) | 1,453 | (97) | ||||
Items that are or may be reclassified to profit or loss: | ||||||
Foreign currency translation differences | (482) | 636 | ||||
Cash flow hedges - effective portion of changes in fair value | 9,852 | (2,873) | ||||
Equity-accounted investees - share of other comprehensive income | 951 | (2) | ||||
Other comprehensive income (expense), net of tax | 11,774 | (2,336) | ||||
Total comprehensive income (expense) for the period | (327,003) | 470,902 | ||||
Attributable to: | ||||||
Owners of the company | (327,003) | 470,902 | ||||
Condensed consolidated statement of changes in equity
(in thousands of USD)
Share capital | Share premium | Translation reserve | Hedging reserve | Treasury shares | Retained earnings | Total equity | |
Balance at January 1, 2020 | 239,148 | 1,702,549 | 299 | (4,583) | (45,616) | 420,058 | 2,311,855 |
Profit (loss) for the period | — | — | — | — | — | 473,238 | 473,238 |
Total other comprehensive income (expense) | — | — | 636 | (2,873) | — | (99) | (2,336) |
Total comprehensive income (expense) | — | — | 636 | (2,873) | — | 473,139 | 470,902 |
Transactions with owners of the company | |||||||
Dividends to equity holders | — | — | — | — | — | (352,483) | (352,483) |
Treasury shares acquired | — | — | — | — | (118,488) | — | (118,488) |
Total transactions with owners | — | — | — | — | (118,488) | (352,483) | (470,971) |
Balance at December 31, 2020 | 239,148 | 1,702,549 | 935 | (7,456) | (164,104) | 540,714 | 2,311,786 |
Share capital | Share premium | Translation reserve | Hedging reserve | Treasury shares | Retained earnings | Total equity | |
Balance at January 1, 2021 | 239,148 | 1,702,549 | 935 | (7,456) | (164,104) | 540,714 | 2,311,786 |
Profit (loss) for the period | — | — | — | — | — | (338,777) | (338,777) |
Total other comprehensive income (expense) | — | — | (482) | 9,852 | — | 2,404 | 11,774 |
Total comprehensive income (expense) | — | — | (482) | 9,852 | — | (336,373) | (327,003) |
Transactions with owners of the company | |||||||
Dividends to equity holders | — | — | — | — | — | (24,201) | (24,201) |
Total transactions with owners | — | — | — | — | — | (24,201) | (24,201) |
Balance at December 31, 2021 | 239,148 | 1,702,549 | 453 | 2,396 | (164,104) | 180,140 | 1,960,582 |
Condensed consolidated statement of cash flows
(in thousands of USD)
2021 | 2020 | |||||
Jan. 1 - Dec. 31, 2021 | Jan. 1 - Dec. 31, 2020 | |||||
Cash flows from operating activities | ||||||
Profit (loss) for the period | (338,777) | 473,238 | ||||
Adjustments for: | 386,903 | 357,720 | ||||
Depreciation of tangible assets | 344,904 | 319,652 | ||||
Depreciation of intangible assets | 90 | 99 | ||||
Provisions | (227) | (388) | ||||
Income tax (benefits)/expenses | (427) | 1,944 | ||||
Share of profit of equity-accounted investees, net of tax | (22,976) | (10,917) | ||||
Net finance expense | 80,607 | 70,057 | ||||
(Gain)/loss on disposal of assets | (15,068) | (22,727) | ||||
Changes in working capital requirements | (20,504) | 180,576 | ||||
Change in cash guarantees | 8 | (12,339) | ||||
Change in inventory | 6,745 | 107,602 | ||||
Change in receivables from contracts with customers | (25,485) | 85,830 | ||||
Change in accrued income | (331) | 12,667 | ||||
Change in deferred charges | (1,285) | (263) | ||||
Change in other receivables | 4,070 | (3,826) | ||||
Change in trade payables | (1,215) | 4,490 | ||||
Change in accrued payroll | (3,689) | 2,536 | ||||
Change in accrued expenses | 2,698 | (10,675) | ||||
Change in deferred income | (5,594) | (4,645) | ||||
Change in other payables | 2,953 | (148) | ||||
Change in provisions for employee benefits | 621 | (653) | ||||
Income taxes paid during the period | 12 | 78 | ||||
Interest paid | (60,999) | (56,084) | ||||
Interest received | 3,425 | 6,723 | ||||
Dividends received from equity-accounted investees | 4,635 | 7,534 | ||||
Net cash from (used in) operating activities | (25,305) | 969,785 | ||||
Acquisition of vessels and vessels under construction | (413,062) | (224,904) | ||||
Proceeds from the sale of vessels | 55,844 | 78,075 | ||||
Acquisition of other tangible assets | (142) | (285) | ||||
Acquisition of intangible assets | (115) | (221) | ||||
Loans from (to) related parties | 2,242 | 26,443 | ||||
Proceeds from sale (Purchase of) of shares in equity-accounted investees | — | 2,000 | ||||
Lease payments received from finance leases | 1,987 | 1,786 | ||||
Net cash from (used in) investing activities | (353,246) | (117,106) | ||||
(Purchase of) Proceeds from sale of treasury shares | — | (118,488) | ||||
Proceeds from new borrowings | 1,509,580 | 893,827 | ||||
Repayment of borrowings | (726,032) | (994,989) | ||||
Repayment of lease liabilities | (54,928) | (37,779) | ||||
Repayment of commercial paper | (303,426) | (359,295) | ||||
Repayment of sale and leaseback | (22,667) | (22,853) | ||||
Transaction costs related to issue of loans and borrowings | (4,422) | (8,083) | ||||
Dividends paid | (24,212) | (352,041) | ||||
Net cash from (used in) financing activities | 373,893 | (999,701) | ||||
Net increase (decrease) in cash and cash equivalents | (4,658) | (147,022) | ||||
Net cash and cash equivalents at the beginning of the period | 161,478 | 296,954 | ||||
Effect of changes in exchange rates | (4,292) | 11,546 | ||||
Net cash and cash equivalents at the end of the period | 152,528 | 161,478 | ||||
of which restricted cash | — | — | ||||