fleet of the euronav group as per 31 december 2015

156 Pages·2016·28.2 MB·English

Letter of the Chairman 01
Quick facts 02
Highlights 05
Special Report: Getting Smarter Through Pooling 06
CORPORATE REPORT
DIRECTORS’ REPORT
Vision and Mission 12
Company Profile 14
Highlights 2015 16
Corporate Governance Statement 30
The Euronav Group 54
ACTIVITY REPORT
Products and Services 56
Ship Management 60
Fleet of the Euronav Group as per 31 December 2015 62
CORPORATE SOCIAL RESPONSIBILITY
Health, Safety, Quality, Environment and Society 66
Human Resources 72
GLOSSARY 74
FINANCIAL REPORT 78
KEY FIGURES
CONSOLIDATED STATEMENT OF PROFIT OR LOSS 2008 - 2015
2015 2014 2013 2012 2011 2010 2009 2008
(in thousands of USD)
*Restated
Revenues 846,507 473,985 304,622 410,701 394,457 525,075 467,844 858,983
EBITDA 562,178 172,481 82,244 120,719 128,368 260,298 195,265 657,452
EBIT 351,972 11,527 -54,714 -56,794 -40,155 88,152 31,362 512,579
Net profit 350,301 -45,797 -89,683 -118,596 -95,986 19,680 -17,614 402,468
TCE** year average 2015 2014 2013 2012 2011 2010 2009 2008
VLCC 55,055 27,625 18,300 19,200 18,100 36,100 33,000 95,700
Suezmax 35,790 25,930 22,000 24,100 27,100 30,600 31,750 41,650
Spot Suezmax 41,686 23,382 16,600 16,300 15,400 18,000 20,800 -
In USD per share 2015 2014 2013 2012 2011 2010 2009 2008
Number of shares*** 155,872,171 116,539,017 50,230,437 50,000,000 50,000,000 50,000,000 50,000,000 50,080,137
EBITDA 3.61 1.48 1.64 2.41 2.57 5.21 3.91 13.13
EBIT 2.26 0.10 -1.09 -1.14 -0.80 1.76 0.63 10.24
Net profit 2.25 -0.39 -1.79 -2.37 -1.92 0.39 -0.35 8.04
In EUR per share 2015 2014 2013 2012 2011 2010 2009 2008
Rate of exchange 1.0887 1.2141 1.3791 1.3194 1.2939 1.3362 1.4406 1.3917
EBITDA 3.31 1.22 1.19 1.83 1.98 3.90 2.71 9.43
EBIT 2.07 0.08 -0.79 -0.86 -0.62 1.32 0.44 7.35
Net profit 2.06 -0.32 -1.29 -1.80 -1.48 0.29 -0.24 5.77
History of dividend per
share 2015 2014 2013 2012 2011 2010 2009 2008
Dividend 1.69**** 0.00 0.00 0.00 0.00 0.10 0.10 2.60
Of which interim div. of 0.62 0.00 0.00 0.00 0.00 0.10 0.10 1.00
Pay-out ratio***** 80% N/A - - - - - 46%
* The comparative figures for 2013 have been restated following the application of IFRS 10 & IFRS 11 on Joint Arrangements.
** Time Charter Equivalent.
*** Excluding 466,667 shares held by the Company in 2015 (2014: 1,750,000 shares).
**** The total gross dividend paid in relation to 2015 of USD 1.69 per share is the sum of the dividends paid in May and September 2015 in
addition to the proposed amount of USD 0.82 per share proposed to the Annual Shareholder’s Meeting of 12 May 2016.
***** Ratio is based on the actual exchange rate EUR/USD on the day of the dividend announcement if any.
Since 2008, the Board of Directors follows a policy of always considering paying out an interim dividend and proposing a final dividend
subject only to results, investment decisions and outlook.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION 2008 - 2015
(in thousands of USD) 31.12.2015 31.12.2014 31.12.2013 31.12.2012 31.12.2011 31.12.2010 31.12.2009 31.12.2008
ASSETS *Restated
Non-current assets 2,665,694 2,558,505 1,728,993 2,065,448 2,159,442 2,337,131 2,500,550 2,279,701
Current assets 375,052 537,855 191,768 297,431 291,874 307,083 286,116 341,452
TOTAL ASSETS 3,040,746 3,096,360 1,920,761 2,362,879 2,451,316 2,644,214 2,786,666 2,621,243
LIABILITIES
Equity 1,905,749 1,472,708 800,990 866,970 980,988 1,078,508 1,071,629 1,178,326
Non-current liabilities 955,490 1,328,257 874,979 1,186,139 1,221,349 1,314,341 1,463,456 1,181,793
Current liabilities 179,507 295,395 244,792 309,770 248,979 251,365 251,581 261,124
TOTAL LIABILITIES 3,040,746 3,096,360 1,920,761 2,362,879 2,451,316 2,644,214 2,786,666 2,621,243
* The comparative figures for 2013 have been restated following the application of IFRS 10 & IFRS 11 on Joint Arrangements.
The Euronav share
Share price evolution 2015 Daily volume of traded shares 2015
(in USD) (aggregate of NYSE and Euronext Brussels)
■ Share price NYSE in USD
■ Share price Euronext Brussels adjusted into USD
17 50,000,000
45,000,000
16
40,000,000
15 35,000,000
30,000,000
14
25,000,000
13
20,000,000
12 15,000,000
10,000,000
11
5,000,000
10 0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Convertible notes
On 24 September 2009 the Company issued 1,500 subordinated, fixed- Perpetual securities
rate, non-guaranteed convertible bonds maturing 31 January 2015 for On 13 January 2014 Euronav issued 60 perpetual convertible preferred
a total of USD 150 million. equity instruments for a total issuance amount of USD 150,000,000.
The instruments were issued at par and bear an interest of 6% during
On 1 February 2013 the Company launched an exchange offer on all the first five years payable annually in arrears in cash or in shares at
outstanding bonds with maturity 31 January 2015 in exchange for newly the option of the Company. The price against which the instruments
issued convertible bonds maturing 31 January 2018. In aggregate, could be contributed was EUR 5.776000 (or USD 7.928715 at a EUR/
1,250 bonds (USD 125 million) were offered meaning that only 250 USD exchange rate of 1.372700) per ordinary share. The Company
bonds, maturing in 2015, remained outstanding, representing a total had an option to force the contribution if (i) the share price reached
amount of USD 25 million. a certain level over a certain period of time and (ii) the Company had
completed a listing in New York (NYSE or NASDAQ).
On 31 January 2015 the 250 remaining outstanding notes issued in
2009 and due in 2015 with a face value of USD 100,000 each, were fully On 6 February 2014 the Company’s share capital was increased
redeemed at par. Euronav held 18 of these notes. As of 9 April 2014 all following the voluntary contribution in kind of 30 perpetual convertible
notes due in 2018 were converted or redeemed. Currently, there are no preferred equity instruments which resulted in the issuance of
convertible notes that remain outstanding. 9,459,286 new ordinary shares.
On 30 January 2015 Euronav issued a mandatory contribution notice
to exercise its right to request the contribution of the 30 outstanding
perpetual convertible preferred equity securities which on 6 February
2015 resulted in the issuance of 9,459,283 new ordinary shares.
Currently, there are no perpetual convertible preferred equity
instruments outstanding.
Euronav’s shareholders’ structure
According to the information available to the Company at the
time of preparing this annual report and taking into account
the latest declarations, the shareholders’ structure is as
shown in the table:
Shareholder Number of shares Percentage
Saverco NV1 17,026,896 10.69%
Victrix NV1 9,245,393 5.81%
Euronav (treasury shares) 850,000 0.53%
Other 132,086,660 82.97%
Total 159,208,949 100.00%
1 Including shares held directly or indirectly by or for the benefit of the
ultimate beneficial owner
Euronav’s shareholders’ structure Shareholders’ diary 2016
According to the information available to the Company at the Thursday 28 July 2016
time of preparing this annual report and taking into account Announcement of second quarter results 2016
the latest declarations, the shareholders’ structure is as
shown in the table: Thursday 25 August 2016
Announcement of final half year results 2016
Shareholder Number of shares Percentage
Saverco NV1 17,026,896 10.69% Wednesday 31 August 2016
Victrix NV1 9,245,393 5.81% Half year report 2016 available on website
Euronav (treasury shares) 850,000 0.53%
Other 132,086,660 82.97% Monday 31 October 2016
Total 159,208,949 100.00% Announcement of third quarter results 2016
Thursday 26 January 2017
1 Including shares held directly or indirectly by or for the benefit of the
ultimate beneficial owner Announcement of fourth quarter results 2016
Representation by the persons responsible for the financial
statements and for the management report
The Board of Directors, represented by Carl Steen, its
Chairman, and the Executive Committee, represented by Paddy
Shareholders’ diary 2016 Rodgers, CEO, and Hugo De Stoop, CFO, hereby confirm that,
Thursday 28 July 2016 to the best of their knowledge:
Announcement of second quarter results 2016
• The financial statements as of 31 December 2015 presented
Thursday 25 August 2016 in this annual report were established in accordance
Announcement of final half year results 2016 with applicable accounting standards (IFRS or standard
accounting legislation) and give a true and fair view, as
Wednesday 31 August 2016 defined by these standards, of the assets, liabilities, financial
Half year report 2016 available on website position and results of Euronav NV.
• This annual report includes a true and fair view of the
Monday 31 October 2016 evolution of the activities, results and situation of Euronav
Announcement of third quarter results 2016 NV and contains a description of the main risks and
uncertainties the Company may face.
Thursday 26 January 2017
Announcement of fourth quarter results 2016
Representation by the persons responsible for the financial
statements and for the management report
The Board of Directors, represented by Carl Steen, its
Chairman, and the Executive Committee, represented by Paddy
Rodgers, CEO, and Hugo De Stoop, CFO, hereby confirm that,
to the best of their knowledge:
• The financial statements as of 31 December 2015 presented
in this annual report were established in accordance
with applicable accounting standards (IFRS or standard
accounting legislation) and give a true and fair view, as
defined by these standards, of the assets, liabilities, financial
position and results of Euronav NV.
• This annual report includes a true and fair view of the
evolution of the activities, results and situation of Euronav
NV and contains a description of the main risks and
uncertainties the Company may face.
Dear Shareholder,
The year 2015 has been a momentous year for Euronav. Euronav in particular is able to generate strong cash flows and
Following the acquisitions and capital raising investors can directly benefit thanks to the Company’s clear
transactions of the last two years, the tanker shipping policy to return value to shareholders.
market provided the environment for those transactions to
deliver meaningful results for you, the shareholder, as well as On behalf of the Board and the Company I would like to
for the other stakeholders. This was the best year, financially, express our particular thanks and appreciation to the former
since 2008 for Euronav, delivering earnings per share of USD Chairmen of Euronav who left the Board during the last year.
2.25. The Company is rightly proud of its anticipation, good Peter G. Livanos (Chair 2014 to 2015) and Marc Saverys (Chair
planning, hard work and effective execution, but all of this 2003 to 2014) have been the key architects of Euronav, working
still depended on a supportive market structure. In a spirit together for over a decade to combine a strong entrepreneurial
of enlightened self-interest, the Company and the Tankers culture with one of service and commitment to the industry.
International Pool have continued to lead sector thoughts Their ‘longer view and vision’ is embedded in the Company
and expectations and to drive ambitions for the industry as a and is essential in prospering in shipping and in retaining that
whole, and can take great satisfaction from the outcome. prosperity, particularly in turbulent financial markets.
Many energy and some shipping commentators still have I have a long history in shipping and offshore and particularly
not understood that the currently low oil price is caused by in the fields of finance and risk. I am looking forward to adding
oversupply rather than weak demand. This lower price, this experience to the skill set of the Board and sharing it
caused by oversupply, has not only reduced the most important with the excellent management team who have such a strong
variable cost for operating tankers, that is fuel, but more proven track record in this sector.
importantly stimulated demand by putting oil back in the price
range of lower income users. This is much needed as oil had 2016 has started well for our business, and whilst capital
been marginalized by excessive price for the seven years from markets are facing numerous headwinds, Euronav will
2008 until the second half of 2014. If the price now goes back continue to look for opportunities to grow from its well
up as a result of greater demand, this should also be good for established position of strength whilst continuing to reward
tanker operators as demand is the key issue, not price. your participation.
This misunderstanding has held back the share price at “
different times during the last year, and more recently the THE TANKER INDUSTRY
share has also been affected by the general equity market
SHOULD BENEFIT FROM A
sell off. Nevertheless, the Company is well positioned to be
an unusually good alternative investment for energy investors
LOW OIL PRICE. EURONAV
who have been severely hit by a low oil price environment.
Unlike most of the oil services companies, the tanker industry IN PARTICULAR IS ABLE TO
should benefit from a low oil price.
GENERATE STRONG CASH
FLOWS AND INVESTORS
CAN BENEFIT THANKS TO
THE COMPANY’S CLEAR
POLICY TO RETURN VALUE TO
“
SHAREHOLDERS.
Thank you for your continued support,
Carl Steen
Chairman

Letter of the Chairman1
QUICK FACTS
562,178,000
EBITDA
55* VESSELS
THE WORLD’S LARGEST, INDEPENDENT,
QUOTED CRUDE TANKER PLATFORM
2 FSO
2.8 MILLION BARRELS
AVERAGE AGE: 10 YEARS
22 SUEZMAX
1 MILLION BARRELS
AVERAGE AGE: 10 YEARS
EURN
30 VLCC
LISTED
2 MILLION BARRELS
EURONEXT
AVERAGE AGE: 6 YEARS
EURN
1 V-PLUS
LISTED
3 MILLION BARRELS
NYSE
AVERAGE AGE: 12 YEARS
* Including TBN Anne which is expected to be delivered in May 2016.

2Quick facts
EMPLOYEES
About 2,700 seafarers of many different nationalities work aboard Euronav
vessels. Their nationalities are marked by a dot on the map above.
2,847
In addition, Euronav has approximately 147 employees troughout its shore-
based offices in London, Nantes, Antwerp, Singapore and Piraeus. This
geographical span across Europe reflects a deep-rooted maritime history
and culture built up over generations.

Quick facts3
4Highlights
HIGHLIGHTS
28 JANUARY 2015
Euronav successfully concludes its IPO on the
New York Stock Exchange, the most reputable
stock market in the world, and becomes the
world’s largest independent quoted crude
tanker platform.
1 APRIL 2015
Euronav announced its intention to return 80%
of its annual result to shareholders.
16 JUNE 2015
Euronav acquires four VLCCs as resales of
existing newbuilding contracts for an aggregate
purchase price of USD 384 million or USD 96
million per vessel. The Antigone, Alice and
Alex have been delivered in September 2015,
January 2016 and March 2016 respectively. The
Anne is expected to be delivered in May 2016.
1 OCTOBER 2015
Euronav was awarded Company of the Year
by Lloyd’s List. The Lloyd’s List Awards are a
celebration of the best the shipping industry
has to offer.
3 DECEMBER 2015
Euronav’s Board of Directors unanimously co-
opted Mr. Carl Steen as member of the Board
and elected him Chairman. In addition to his
leading role in banking, Mr. Steen has many
years of experience on boards of publicly traded
companies.

Highlights5