REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
The information contained in Exhibit 99.1 of this Report on Form 6-K, except for the commentary of Lieve Logghe and the section entitled “Conference Call”, is
hereby incorporated by reference into the Company’s registration statement on Form F-3 (File No. 333-272785) that was filed with the U.S. Securities and Exchange Commission effective June 20, 2023.
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.
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PRESS RELEASE
Regulated information
2 November 2023 – 08.00 am CET
_______________________________________
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EURONAV ANNOUNCES THIRD QUARTER 2023 RESULTS
HIGHLIGHTS
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Rates during Q3 2023 strong compared to historic Q3 average since 1990
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Two-year VLCC time charter signed with blue-chip partner
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Announcement of agreement for forward path with two reference shareholders
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No Q3 2023 dividend to be paid as part of CMB/Frontline transaction
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Q4 2023 spot rates to-date: 49% fixed at 34,000 USD per day for VLCC fleet and 52% fixed at 34,000 USD for Suezmax fleet, however rates have strongly rallied since last week.
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ANTWERP, Belgium, 2 November 2023 – Euronav NV (NYSE: EURN & Euronext: EURN) (“Euronav” or the “Company”) reported its
non-audited financial results today for the third quarter ended 30 September 2023.
Lieve Logghe, CFO and CEO ad interim of Euronav said: “The third quarter exhibited a relatively typical trading pattern as
the tanker markets adapted to the extra OPEC production and export reductions, along with indications of a slight decline in crude oil demand. The Euronav platform was expanded with a key time charter and two more
VLCC new build contracts. After many months of uncertainty, a transaction between our two reference shareholders was agreed. We believe this will leverage the value that Euronav and its people have created through many years of hard work. It
represents a balanced outcome for shareholders, who now have the choice between realizing that value in cash or following Euronav in a new strategic direction under a new controlling shareholder.”
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PRESS RELEASE
Regulated information
2 November 2023 – 08.00 am CET
_______________________________________
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Key figures
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The most important key figures (unaudited) are:
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(in thousands of USD)
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Third Quarter 2023
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Third Quarter 2022
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YTD 2023
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YTD 2022
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Revenue
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278,378
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223,539
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966,494
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486,601
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Other operating income
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4,737
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2,879
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19,505
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10,515
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Voyage expenses and commissions
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(32,127
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(55,595
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(103,672
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(130,047
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Vessel operating expenses
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(55,471
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)
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(56,039
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(173,488
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(157,560
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Charter hire expenses
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(898
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(372
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(2,429
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(4,828
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General and administrative expenses
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(13,800
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(14,930
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(40,549
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)
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(38,101
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Net gain (loss) on disposal of tangible assets
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27,053
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—
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49,117
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33,244
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Depreciation
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(59,716
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(58,791
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(171,623
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(165,042
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Net finance expenses
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(26,582
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(20,227
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(86,726
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)
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(82,091
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Share of profit (loss) of equity accounted investees
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(3
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2,982
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(12
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17,556
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Result before taxation
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121,571
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23,446
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456,617
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(29,753
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Tax benefit (expense)
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(6,994
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(6,998
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(5,174
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(2,075
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Profit (loss) for the period
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114,577
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16,448
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451,443
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(31,828
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Attributable to: Owners of the Company
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114,577
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16,448
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451,443
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(31,828
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The contribution to the result is as follows:
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(in thousands of USD)
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Third Quarter 2023
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Third Quarter 2022
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YTD 2023
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YTD 2022
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Tankers
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110,616
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8,738
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440,370
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(61,218
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FSO
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3,961
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7,710
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11,073
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29,390
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Result after taxation
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114,577
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16,448
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451,443
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(31,828
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Information per share:
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(in USD per share)
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Third Quarter 2023
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Third Quarter 2022
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YTD 2023
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YTD 2022
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Weighted average number of shares (basic) *
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201,912,942
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201,783,532
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201,856,648
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201,735,976
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Result after taxation
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0.57
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0.08
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2.24
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(0.16
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*
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The number of shares issued on 30 September 2023 is 220,024,713. However, the number of shares excluding the owned shares held by Euronav at 30
September 2023 is 201,912,942.
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PRESS RELEASE
Regulated information
2 November 2023 – 08.00 am CET
_______________________________________
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EBITDA reconciliation (unaudited):
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(in thousands of USD)
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Third Quarter 2023
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Third Quarter 2022
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YTD 2023
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YTD 2022
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Profit (loss) for the period
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114,577
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16,448
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451,443
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(31,828
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+ Net interest expenses
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28,338
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20,323
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87,518
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81,341
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+ Depreciation of tangible and intangible assets
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59,716
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58,791
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171,623
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165,042
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+ Income tax expense (benefit)
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6,994
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6,998
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5,174
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2,075
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EBITDA (unaudited)
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209,625
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102,560
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715,758
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216,630
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+ Net interest expenses JV
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—
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(384
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—
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(745
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+ Depreciation of tangible and intangible assets JV
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—
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—
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—
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3,149
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+ Income tax expense (benefit) JV
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—
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(2,583
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—
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(1,599
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Proportionate EBITDA
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209,625
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99,593
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715,758
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217,435
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Proportionate EBITDA per share:
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(in USD per share)
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Third Quarter 2023
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Third Quarter 2022
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YTD 2023
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YTD 2022
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Weighted average number of shares (basic)
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201,912,942
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201,783,532
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201,856,648
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201,735,976
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Proportionate EBITDA
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1.04
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0.49
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3.55
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1.08
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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 third quarter of 2023, the Company realized a net gain of USD 114.6 million or USD 0.57 per share (third quarter 2022: a net gain of 16.4 USD million or USD
0.08 per share). Proportionate EBITDA (a non-IFRS measure) for the same period was USD 209.6 million (third quarter 2022: USD 99.6 million).
TCE
The average daily time charter equivalent rates (TCE, a non IFRS-measure) can be summarized as follows:
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In USD per day
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Third quarter 2023
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Third quarter 2022
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VLCC
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Average spot rate (in TI Pool)*
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42,250
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22,250
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Average time charter rate**
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48,250
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47,000
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SUEZMAX
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Average spot rate***
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42,750
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34,000
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Average time charter rate
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30,250
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30,500
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*Euronav owned ships in TI Pool (excluding technical off-hire days)
**Including profit share where applicable
*** Including profit share where applicable (excluding technical off-hire days)
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PRESS RELEASE
Regulated information
2 November 2023 – 08.00 am CET
_______________________________________
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EURONAV TANKER FLEET DEVELOPMENTS
Two-year time charter with blue chip partner
On 7 September 2023 – Euronav announced it had signed a two-year time charter with a blue-chip partner for the VLCC Donoussa (2016 dwt – 299.999). This contract will
generate approximately USD 24 million in cash for Euronav over the duration of the contract.
Purchase option VLCC Nectar lifted
Euronav NV has decided to lift its purchase option on VLCC Nectar (2008 – 307,284 dwt), crystallizing a potential capital
gain by taking back full ownership of the vessel and creating as such additional capacity for the ongoing tanker cycle. The vessel was returned to Euronav ownership as of 27 September 2023.
Fleet expansion - one new VLCC ordered and option for additional VLCC exercised
On 16 August 2023, Euronav revealed an agreement to purchase one new build VLCC. The purchase will cost USD 112.2 million with highly favorable payment terms and
schedule. The vessel is expected to be delivered in Q3 2026.
On 9 October 2023, Euronav lifted an option at the same Chinese shipyard for another new build VLCC for the same purchase price, with delivery anticipated also in Q3
2026.
Update - Newbuilding delivery schedule
The outstanding capital expenditure for the four Suezmaxes and two VLCC’s currently under construction at the end of Q3 2023 was USD 394.2 million, of which USD
55.6 million is still due in 2023 (2024: USD 136.6 million; 2025: USD 67.2 million; 2026: USD 134.6 million).
OTHER CORPORATE DEVELOPMENTS
On 19 October 2023, the UK Supreme court refused to grant Unicredit permission to appeal against a judgement in favour of Euronav over an alleged misdelivery claim
concerning MT Sienna (2007 – 150,205 dwt). The claim is now concluded in full.
TANKER MARKET & OUTLOOK
Seasonal factors that have often been absent in large crude tanker markets re-asserted their influence during Q3 2023, with freight rates falling modestly throughout
the quarter. VLCC rates moved from low USD 40k per day to low/mid USD 30k per day by quarter end, while Suezmax rates followed a steeper trajectory from high USD 30k per day to P&L breakeven levels in low/mid USD 20k per day.
Four factors drove this trading pattern (1) reduced activity as quarter progressed from refinery sector as maintenance programmes kicked in (2) inventory drawdown
continued as oil prices rose in response to (3) additional OPEC+ production/export cuts augmented by Saudi Arabia and (4) some demand softening as global GDP growth succumbs to global interest rate rises over the past 18 months.
The first three factors above are likely to reverse at some point in the coming quarters with demand concerns assuaged by agencies such as IEA still forecasting more
than 1m bpd consumption growth for 2024.
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PRESS RELEASE
Regulated information
2 November 2023 – 08.00 am CET
_______________________________________
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Crude oil demand & supply
Saudi Arabia’s surprise commitment to firstly extend on a monthly basis their 1m bpd production/export cut, and then increase this to calendar year-end, helped to
push oil prices toward USD 100 per barrel toward the end of Q3 which was likely a factor in curbing demand forecasts. The IEA reduced its 2023 global demand forecast growth from 2.3 million bpd to 2 million bpd during Q3.
Vessel Supply
During Q2, commentary focused on the uptick in Suezmax contracting with 15 orders in total moving the orderbook-to-fleet ratio higher. This trend continued during Q3
with a further 12 Suezmax contracts and the VLCC sector joining the trend with 12 new build contracts of its own. This brings the orderbook-to-fleet ratio to 8.3% for Suezmax vessels and 2.3% for the VLCC sector.
VLCC market has improved due to increased frequency of loadings from higher USA crude production leading to increased utilisation and ton miles for VLCC
segment over others. Greater berth availability, lower ticket price and higher optionality for Suezmax vessels (post Russia-Ukraine
dislocation on trade lanes) are key factors driving higher sector contracting. However, ordering has continued to originate from highly reputable and disciplined owners with large established fleets as part of fleet renewal programmes. Delivery
dates remain long (over 30 months) and orderbook-to-fleet ratios remain low by historical standards with VLCC at 2.3% and Suezmax at 8.3% (versus a 19.2% average for VLCCs and 21.3% for Suezmaxes since 1990 – according to Clarksons).
Unsurprisingly, there was no recycling of Suezmax or VLCC vessels for a third consecutive quarter given such buoyant freight rates, low orderbook and limited vessel
supply over the next 12-18 months.
Some evidence is emerging of softer prices in more mature VLCC assets based on Clarksons data. Whilst new build VLCC prices rose to USD 128 million from June to
October 2023 (USD 126 million) 5-, 10- and 15- year prices were down 2.0%, 1.3% and 3.4% respectively over the same period. Suezmax asset prices held firm over the same period and were unchanged across all vintages.
Freight rates – reverting to the mean but remaining profitable
Freight rates reverted to their traditional seasonal patterns during Q3, buffeted by initial OPEC+ production and export cuts being increased unilaterally in size and
duration by Saudi Arabia. Along with concerns over underlying demand for crude and further global inventory drawdowns, these factors provided sustained headwinds the large crude tanker market during Q3.
Freight rates for both VLCC and Suezmax consequently drifted lower through the quarter but some context is needed. The quarterly spot rates of USD 42.2k per day for
VLCC and USD 42.8k per day for Suezmax delivered compare favourably with the averages since 1990. VLCC rates for Q3 2023 were in the 26th percentile since 1990 and Suezmax in the 23rd percentile for the period. VLCC spot rates
since 1990 averaged USD 30.5k per day for Q3 with Suezmax at USD 23.6k per day for Q3.
So far in the fourth quarter, Euronav VLCCs in the Tankers International Pool have earned USD 34k per day with 49% of the available days fixed.
Euronav’s Suezmax fleet trading on the spot market has earned USD 34k per day on average with 52% of the available days fixed. However, since last week both Suezmax as well as VLCC’s are enjoying a strong rally as charterers rush to secure supply head of any widening MEG conflict.
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PRESS RELEASE
Regulated information
2 November 2023 – 08.00 am CET
_______________________________________
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DISTRIBUTION TO SHAREHOLDERS
Q3 2023 Dividend
As a result of the announcement of 9 October 2023 (https://www.euronav.com/investors/company-news-reports/press-releases/2023/agreement-between-reference-shareholders/) no dividend will be distributed until the interdependent transactions have been completed.
AGREEMENT WITH THE REFERENCE SHAREHOLDERS
On 9 October 2023 Euronav’s two reference shareholders, CMB NV (“CMB”) and Frontline plc/Famatown Finance Limited (“Frontline”), reached agreement on a transaction
involving the Company that puts an end to uncertainties and risks arising from their entrenched differences over strategy, while offering other shareholders the opportunity to realise substantial cash value for their investment or remain as
shareholders of the Company under the new strategy.
The transaction comprises three interdependent agreements, under the terms of which:
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•
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CMB will acquire Frontline’s [26.12%] stake in the Company for $18.43 per share;
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•
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Frontline will acquire 24 VLCC tankers from the Euronav fleet for $2.35 billion (the “Vessel Sale”), subject to completion of the above-mentioned share
purchase and to subsequent approval by shareholders voting at a Special General Meeting;
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•
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The Company’s pending arbitration action against Frontline and affiliates will be settled.
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Following its acquisition of Euronav shares from Frontline, CMB will own more than [53%] of the Company. In compliance with Belgian market rules, CMB will launch a
mandatory takeover offer (“the Offer”) for all outstanding shares in Company, at a price of $18.43 per share, paid in cash, less dividend that would be paid.
The agreements to which the Company is party, namely the sale of vessels for a price reflecting market value at a high point in the cycle and the settlement of the
arbitration case, fall within the scope of the related parties transactions procedure under Belgian law. The transaction was agreed by the Euronav Supervisory Board, on the recommendation of the Independent Directors’ Committee. If not resolved,
the deadlock between Euronav’s reference shareholders would, in the Committee’s view, have become detrimental to the Company’s business and shareholder value.
The transaction details and more information on the mandatory takeover offer can be found in the press release we announced on 9 October 2023 (https://www.euronav.com/investors/company-news-reports/press-releases/2023/agreement-between-reference-shareholders/).
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PRESS RELEASE
Regulated information
2 November 2023 – 08.00 am CET
_______________________________________
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SUSTAINABILITY UPDATE
Biofuels
During Q3, Euronav continued with the adoption and consumption of biofuel blends within our fleet to reduce our GHG emissions and CO2 Footprint. We loaded 2 DMA, B-30
blends out of Rotterdam, taking advantage of the price discrepancy of standard petroleum fuel to bio-blended fuel afforded by the carbon credit scheme implemented by the government of the Netherlands. We loaded 250 MT of B-30 Bio-blended DMA on
the MT Saphirra and 250 MT of Bio-blended DMA on the MT Ardeche. The fuel was procured from Goodfuels, a leading supplier of biofuels in Europe. This fuel will be used primarily during ECA zone transits as well as in port operations. The fuel would
provide a 28% reduction in our CO2 emissions based on the ICSS certification provided to Euronav by the suppliers. Euronav will continue to seek opportunities to further supply bio-blended Residual and Gasoil fuels to our fleet to help reduce our
CO2 and GHG emissions.
CONFERENCE CALL
No earnings call will be organised as Euronav is at an inflection point in its development with the strong likelihood of a change in controlling interest and
strategic direction adopted.
|
|
PRESS RELEASE
Regulated information
2 November 2023 – 08.00 am CET
_______________________________________
|
Contact:
Contact: Brian Gallagher – Head of IR Communications & Management Board member
Tel: +44 20 78 70 04 36
Email: IR@euronav.com
Special General Meeting to vote on transaction – 21 November 2023
About Euronav NV
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 1 V-Plus vessel, 40 VLCCs (with a further two under construction), 24 Suezmaxes (with a further two under construction) and 2 FSO
vessels.
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.
|
|
PRESS RELEASE
Regulated information
2 November 2023 – 08.00 am CET
_______________________________________
|
Condensed consolidated statement of financial position (unaudited)
(in thousands of USD)
| |
|
|
|
|
|
|
| |
|
September 30,2023
|
|
|
December 31, 2022
|
|
|
ASSETS
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
Non-current assets
|
|
|
|
|
|
|
|
Vessels
|
|
|
3,254,853
|
|
|
|
3,057,933
|
|
|
Assets under construction
|
|
|
115,005
|
|
|
|
228,429
|
|
|
Right-of-use assets
|
|
|
6,963
|
|
|
|
21,493
|
|
|
Other tangible assets
|
|
|
603
|
|
|
|
762
|
|
|
Prepayments
|
|
|
1,233
|
|
|
|
—
|
|
|
Intangible assets
|
|
|
14,583
|
|
|
|
15,746
|
|
|
Receivables
|
|
|
28,285
|
|
|
|
34,825
|
|
|
Investments in equity accounted investees
|
|
|
1,423
|
|
|
|
1,423
|
|
|
Deferred tax assets
|
|
|
295
|
|
|
|
1,403
|
|
| |
|
|
|
|
|
|
|
|
|
Total non-current assets
|
|
|
3,423,243
|
|
|
|
3,362,014
|
|
| |
|
|
|
|
|
|
|
|
|
Non-current assets held for sale
|
|
|
—
|
|
|
|
18,459
|
|
| |
|
|
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Bunker inventory
|
|
|
33,900
|
|
|
|
41,643
|
|
|
Trade and other receivables
|
|
|
385,663
|
|
|
|
366,789
|
|
|
Current tax assets
|
|
|
800
|
|
|
|
239
|
|
|
Cash and cash equivalents
|
|
|
160,402
|
|
|
|
179,929
|
|
| |
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
580,765
|
|
|
|
588,600
|
|
| |
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
|
4,004,008
|
|
|
|
3,969,073
|
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
EQUITY and LIABILITIES
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Equity
|
|
|
|
|
|
|
|
|
|
Share capital
|
|
|
239,148
|
|
|
|
239,148
|
|
|
Share premium
|
|
|
1,466,529
|
|
|
|
1,678,336
|
|
|
Translation reserve
|
|
|
(33
|
)
|
|
|
(24
|
)
|
|
Hedging reserve
|
|
|
30,067
|
|
|
|
33,053
|
|
|
Treasury shares
|
|
|
(161,523
|
)
|
|
|
(163,024
|
)
|
|
Retained earnings
|
|
|
518,549
|
|
|
|
385,976
|
|
| |
|
|
|
|
|
|
|
|
|
Equity attributable to owners of the Company
|
|
|
2,092,737
|
|
|
|
2,173,465
|
|
| |
|
|
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
|
Bank loans
|
|
|
1,380,996
|
|
|
|
1,264,243
|
|
|
Other notes
|
|
|
198,052
|
|
|
|
197,556
|
|
|
Other borrowings
|
|
|
—
|
|
|
|
71,011
|
|
|
Lease liabilities
|
|
|
4,079
|
|
|
|
5,824
|
|
|
Other payables
|
|
|
—
|
|
|
|
404
|
|
|
Employee benefits
|
|
|
1,635
|
|
|
|
1,635
|
|
|
Provisions
|
|
|
353
|
|
|
|
597
|
|
| |
|
|
|
|
|
|
|
|
|
Total non-current liabilities
|
|
|
1,585,115
|
|
|
|
1,541,270
|
|
| |
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
Trade and other payables
|
|
|
113,225
|
|
|
|
90,469
|
|
|
Current tax liabilities
|
|
|
2,495
|
|
|
|
5,927
|
|
|
Bank loans
|
|
|
82,617
|
|
|
|
68,941
|
|
|
Other borrowings
|
|
|
119,972
|
|
|
|
65,851
|
|
|
Lease liabilities
|
|
|
7,531
|
|
|
|
22,855
|
|
|
Provisions
|
|
|
316
|
|
|
|
295
|
|
| |
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
326,156
|
|
|
|
254,338
|
|
| |
|
|
|
|
|
|
|
|
|
TOTAL EQUITY and LIABILITIES
|
|
|
4,004,008
|
|
|
|
3,969,073
|
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
PRESS RELEASE
Regulated information
2 November 2023 – 08.00 am CET
_______________________________________
|
Condensed consolidated statement of profit or loss (unaudited)
(in thousands of USD except per share amounts)
| |
|
|
|
|
|
|
| |
|
2023
|
|
|
2022
|
|
| |
|
Jan. 1 - Sep. 30, 2023
|
|
|
Jan. 1 - Sep. 30, 2022
|
|
|
Shipping income
|
|
|
|
|
|
|
|
Revenue
|
|
|
966,494
|
|
|
|
486,601
|
|
|
Gains on disposal of vessels/other tangible assets
|
|
|
49,117
|
|
|
|
33,591
|
|
|
Other operating income
|
|
|
19,505
|
|
|
|
10,515
|
|
|
Total shipping income
|
|
|
1,035,116
|
|
|
|
530,707
|
|
| |
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
Voyage expenses and commissions
|
|
|
(103,672
|
)
|
|
|
(130,047
|
)
|
|
Vessel operating expenses
|
|
|
(173,488
|
)
|
|
|
(157,560
|
)
|
|
Charter hire expenses
|
|
|
(2,429
|
)
|
|
|
(4,828
|
)
|
|
Loss on disposal of vessels/other tangible assets
|
|
|
—
|
|
|
|
(347
|
)
|
|
Depreciation tangible assets
|
|
|
(170,419
|
)
|
|
|
(164,441
|
)
|
|
Depreciation intangible assets
|
|
|
(1,204
|
)
|
|
|
(601
|
)
|
|
General and administrative expenses
|
|
|
(40,549
|
)
|
|
|
(38,101
|
)
|
|
Total operating expenses
|
|
|
(491,761
|
)
|
|
|
(495,925
|
)
|
| |
|
|
|
|
|
|
|
|
|
RESULT FROM OPERATING ACTIVITIES
|
|
|
543,355
|
|
|
|
34,782
|
|
| |
|
|
|
|
|
|
|
|
|
Finance income
|
|
|
35,934
|
|
|
|
14,471
|
|
|
Finance expenses
|
|
|
(122,660
|
)
|
|
|
(96,562
|
)
|
|
Net finance expenses
|
|
|
(86,726
|
)
|
|
|
(82,091
|
)
|
| |
|
|
|
|
|
|
|
|
|
Share of profit (loss) of equity accounted investees (net of income tax)
|
|
|
(12
|
)
|
|
|
17,556
|
|
| |
|
|
|
|
|
|
|
|
|
PROFIT (LOSS) BEFORE INCOME TAX
|
|
|
456,617
|
|
|
|
(29,753
|
)
|
| |
|
|
|
|
|
|
|
|
|
Income tax benefit (expense)
|
|
|
(5,174
|
)
|
|
|
(2,075
|
)
|
| |
|
|
|
|
|
|
|
|
|
PROFIT (LOSS) FOR THE PERIOD
|
|
|
451,443
|
|
|
|
(31,828
|
)
|
| |
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
|
|
Owners of the company
|
|
|
451,443
|
|
|
|
(31,828
|
)
|
| |
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
2.24
|
|
|
|
(0.16
|
)
|
|
Diluted earnings per share
|
|
|
2.24
|
|
|
|
(0.16
|
)
|
| |
|
|
|
|
|
|
|
|
|
Weighted average number of shares (basic)
|
|
|
201,856,648
|
|
|
|
201,735,976
|
|
|
Weighted average number of shares (diluted)
|
|
|
201,906,663
|
|
|
|
201,982,230
|
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
PRESS RELEASE
Regulated information
2 November 2023 – 08.00 am CET
_______________________________________
|
Condensed consolidated statement of comprehensive income (unaudited)
(in thousands of USD)
| |
|
|
|
|
|
|
| |
|
2023
|
|
|
2022
|
|
| |
|
Jan. 1 - Sep. 30, 2023
|
|
|
Jan. 1 - Sep. 30, 2022
|
|
| |
|
|
|
|
|
|
|
Profit/(loss) for the period
|
|
|
451,443
|
|
|
|
(31,828
|
)
|
| |
|
|
|
|
|
|
|
|
|
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
|
|
|
(9
|
)
|
|
|
(1,125
|
)
|
|
Cash flow hedges - effective portion of changes in fair value
|
|
|
(2,986
|
)
|
|
|
30,931
|
|
|
Equity-accounted investees - share of other comprehensive income
|
|
|
—
|
|
|
|
159
|
|
| |
|
|
|
|
|
|
|
|
|
Other comprehensive income (expense), net of tax
|
|
|
(2,995
|
)
|
|
|
29,965
|
|
| |
|
|
|
|
|
|
|
|
|
Total comprehensive income (expense) for the period
|
|
|
448,448
|
|
|
|
(1,863
|
)
|
| |
|
|
|
|
|
|
|
|
|
Attributable to:
|
|
|
|
|
|
|
|
|
|
Owners of the company
|
|
|
448,448
|
|
|
|
(1,863
|
)
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
PRESS RELEASE
Regulated information
2 November 2023 – 08.00 am CET
_______________________________________
|
Condensed consolidated statement of changes in equity (unaudited)
(in thousands of USD)
| |
|
Share
capital
|
|
|
Share premium
|
|
|
Translation reserve
|
|
|
Hedging reserve
|
|
|
Treasury shares
|
|
|
Retained earnings
|
|
|
Total equity
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2022
|
|
|
239,148
|
|
|
|
1,702,549
|
|
|
|
453
|
|
|
|
2,396
|
|
|
|
(164,104
|
)
|
|
|
180,140
|
|
|
|
1,960,582
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the period
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(31,828
|
)
|
|
|
(31,828
|
)
|
|
Total other comprehensive income (expense)
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,125
|
)
|
|
|
30,931
|
|
|
|
—
|
|
|
|
159
|
|
|
|
29,965
|
|
|
Total comprehensive income (expense)
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,125
|
)
|
|
|
30,931
|
|
|
|
—
|
|
|
|
(31,669
|
)
|
|
|
(1,863
|
)
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners of the company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to equity holders
|
|
|
—
|
|
|
|
(18,160
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(18,160
|
)
|
|
Treasury shares delivered in respect of share-based payment plans
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,080
|
|
|
|
—
|
|
|
|
1,080
|
|
|
Equity-settled share-based payment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,963
|
|
|
|
2,963
|
|
|
Total transactions with owners
|
|
|
—
|
|
|
|
(18,160
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
1,080
|
|
|
|
2,963
|
|
|
|
(14,117
|
)
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at September 30, 2022
|
|
|
239,148
|
|
|
|
1,684,389
|
|
|
|
(672
|
)
|
|
|
33,327
|
|
|
|
(163,024
|
)
|
|
|
151,434
|
|
|
|
1,944,602
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
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
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
451,443
|
|
|
|
451,443
|
|
|
Total other comprehensive income (expense)
|
|
|
—
|
|
|
|
—
|
|
|
|
(9
|
)
|
|
|
(2,986
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
(2,995
|
)
|
|
Total comprehensive income (expense)
|
|
|
—
|
|
|
|
—
|
|
|
|
(9
|
)
|
|
|
(2,986
|
)
|
|
|
—
|
|
|
|
451,443
|
|
|
|
448,448
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners of the company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends to equity holders
|
|
|
—
|
|
|
|
(211,807
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(319,214
|
)
|
|
|
(531,021
|
)
|
|
Treasury shares delivered in respect of share-based payment plans
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,501
|
|
|
|
—
|
|
|
|
1,501
|
|
|
Equity-settled share-based payment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
344
|
|
|
|
344
|
|
|
Total transactions with owners
|
|
|
—
|
|
|
|
(211,807
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
1,501
|
|
|
|
(318,870
|
)
|
|
|
(529,176
|
)
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at September 30, 2023
|
|
|
239,148
|
|
|
|
1,466,529
|
|
|
|
(33
|
)
|
|
|
30,067
|
|
|
|
(161,523
|
)
|
|
|
518,549
|
|
|
|
2,092,737
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
PRESS RELEASE
Regulated information
2 November 2023 – 08.00 am CET
_______________________________________
|
Condensed consolidated statement of cash flows (unaudited)
(in thousands of USD)
| |
|
|
|
|
|
|
| |
|
2023
|
|
|
2022
|
|
| |
|
Jan. 1 - Sep. 30, 2023
|
|
|
Jan. 1 - Sep. 30, 2022
|
|
|
Cash flows from operating activities
|
|
|
|
|
|
|
|
Profit (loss) for the period
|
|
|
451,443
|
|
|
|
(31,828
|
)
|
| |
|
|
|
|
|
|
|
|
|
Adjustments for:
|
|
|
214,196
|
|
|
|
198,210
|
|
|
Depreciation of tangible assets
|
|
|
170,420
|
|
|
|
164,441
|
|
|
Depreciation of intangible assets
|
|
|
1,204
|
|
|
|
601
|
|
|
Provisions
|
|
|
(222
|
)
|
|
|
(198
|
)
|
|
Income tax (benefits)/expenses
|
|
|
5,174
|
|
|
|
2,075
|
|
|
Share of profit of equity-accounted investees, net of tax
|
|
|
12
|
|
|
|
(17,556
|
)
|
|
Net finance expense
|
|
|
86,725
|
|
|
|
82,091
|
|
|
(Gain)/loss on disposal of assets
|
|
|
(49,117
|
)
|
|
|
(33,244
|
)
|
| |
|
|
|
|
|
|
|
|
|
Changes in working capital requirements
|
|
|
(4,111
|
)
|
|
|
(11,963
|
)
|
|
Change in cash guarantees
|
|
|
(25
|
)
|
|
|
103
|
|
|
Change in inventory
|
|
|
7,744
|
|
|
|
156
|
|
|
Change in receivables from contracts with customers
|
|
|
(14,981
|
)
|
|
|
(43,255
|
)
|
|
Change in accrued income
|
|
|
(262
|
)
|
|
|
(10,108
|
)
|
|
Change in deferred charges
|
|
|
(4,445
|
)
|
|
|
(2,628
|
)
|
|
Change in other receivables
|
|
|
3,324
|
|
|
|
(2,742
|
)
|
|
Change in trade payables
|
|
|
6,469
|
|
|
|
49,266
|
|
|
Change in accrued payroll
|
|
|
1,037
|
|
|
|
100
|
|
|
Change in accrued expenses
|
|
|
(2,779
|
)
|
|
|
(2,121
|
)
|
|
Change in deferred income
|
|
|
(3,487
|
)
|
|
|
722
|
|
|
Change in other payables
|
|
|
1,449
|
|
|
|
(545
|
)
|
|
Change in provisions for employee benefits
|
|
|
1,845
|
|
|
|
(911
|
)
|
| |
|
|
|
|
|
|
|
|
|
Income taxes paid during the period
|
|
|
(8,060
|
)
|
|
|
3,394
|
|
|
Interest paid
|
|
|
(95,904
|
)
|
|
|
(74,278
|
)
|
|
Interest received
|
|
|
20,414
|
|
|
|
2,557
|
|
|
Dividends received from equity-accounted investees
|
|
|
—
|
|
|
|
1,150
|
|
| |
|
|
|
|
|
|
|
|
|
Net cash from (used in) operating activities
|
|
|
577,978
|
|
|
|
87,242
|
|
| |
|
|
|
|
|
|
|
|
|
Acquisition of vessels and vessels under construction
|
|
|
(265,604
|
)
|
|
|
(449,254
|
)
|
|
Proceeds from the sale of vessels
|
|
|
94,423
|
|
|
|
198,011
|
|
|
Acquisition of other tangible assets
|
|
|
(1,496
|
)
|
|
|
(166
|
)
|
|
Acquisition of intangible assets
|
|
|
(42
|
)
|
|
|
(16,569
|
)
|
|
Payments received from loans to related parties
|
|
|
—
|
|
|
|
32,794
|
|
|
Repayment of loans from related parties
|
|
|
—
|
|
|
|
(10,215
|
)
|
|
Lease payments received from finance leases
|
|
|
1,324
|
|
|
|
1,525
|
|
| |
|
|
|
|
|
|
|
|
|
Net cash from (used in) investing activities
|
|
|
(171,395
|
)
|
|
|
(243,874
|
)
|
| |
|
|
|
|
|
|
|
|
|
(Purchase of) Proceeds from sale of treasury shares
|
|
|
—
|
|
|
|
1,080
|
|
|
Proceeds from new borrowings
|
|
|
1,187,080
|
|
|
|
1,141,384
|
|
|
Repayment of borrowings
|
|
|
(675,049
|
)
|
|
|
(617,526
|
)
|
|
Repayment of lease liabilities
|
|
|
(17,790
|
)
|
|
|
(18,797
|
)
|
|
Repayment of commercial paper
|
|
|
(339,501
|
)
|
|
|
(251,880
|
)
|
|
Repayment of sale and leaseback
|
|
|
(68,036
|
)
|
|
|
(16,953
|
)
|
|
Transaction costs related to issue of loans and borrowings
|
|
|
(2,700
|
)
|
|
|
(1,725
|
)
|
|
Dividends paid
|
|
|
(509,549
|
)
|
|
|
(18,177
|
)
|
| |
|
|
|
|
|
|
|
|
|
Net cash from (used in) financing activities
|
|
|
(425,545
|
)
|
|
|
217,406
|
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
(18,962
|
)
|
|
|
60,774
|
|
| |
|
|
|
|
|
|
|
|
|
Net cash and cash equivalents at the beginning of the period
|
|
|
179,929
|
|
|
|
152,528
|
|
|
Effect of changes in exchange rates
|
|
|
(565
|
)
|
|
|
(9,630
|
)
|
| |
|
|
|
|
|
|
|
|
|
Net cash and cash equivalents at the end of the period
|
|
|
160,402
|
|
|
|
203,672
|
|
| |
|
|
|
|
|
|
|
|
|
of which restricted cash
|
|
|
—
|
|
|
|
—
|
|
| |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|