Euronav(US:EURN)2024-08-09 20:28Financial Performance - Total shipping income for the first half of 2024 reached $1,033,169, a significant increase of 42.5% compared to $724,948 in the same period of 2023[18]. - Profit for the period was $679,620, representing a 101.5% increase from $336,866 in the first half of 2023[20]. - Basic and diluted earnings per share increased to $3.43, up from $1.67 in the prior year, reflecting a growth of 105.4%[18]. - The profit before income tax for the total group was USD 683.98 million as of June 30, 2024, compared to USD 335.05 million for the same period in 2023[75]. - The company reported a result attributable to ordinary shares of USD 679.6 million for the six months ended June 30, 2024, compared to USD 336.9 million for the same period in 2023[130]. Assets and Liabilities - Total non-current assets increased to $2,887,806 thousand as of June 30, 2024, up from $1,787,543 thousand at December 31, 2023, representing a growth of 61.6%[15]. - Total assets reached $3,731,649 thousand, compared to $3,419,280 thousand at the end of 2023, indicating an increase of 9.1%[16]. - Equity attributable to owners of the Company fell to $1,226,680 thousand from $2,357,373 thousand, a decrease of 47.9%[16]. - Non-current liabilities surged to $1,890,937 thousand, up from $637,154 thousand, marking an increase of 196.5%[17]. - Current liabilities rose to $614,032 thousand from $424,753 thousand, reflecting a growth of 44.5%[17]. Cash Flow and Financing - Cash and cash equivalents decreased to $343,899 thousand from $429,370 thousand, a decline of 19.9%[16]. - The company reported a net cash from operating activities of $266,789, a decrease of 33.5% compared to $401,580 in the same period last year[29]. - The Company has a total of $1,212,215 thousand in bank loans, a substantial increase from $362,235 thousand, representing a growth of 234.5%[16]. - Total interest-bearing loans and borrowings as of June 30, 2024, were USD 2.4 billion, with new loans amounting to USD 1.37 billion during the first half of 2024[137]. - The total amount of bank loans as of June 30, 2024, was USD 2.34 billion, with various loans maturing between 2025 and 2038[140]. Investments and Acquisitions - Euronav acquired 100% of CMB.TECH NV for a total purchase price of USD 1.15 billion in cash[51]. - The total identifiable net assets acquired from CMB.TECH amounted to USD 356.0 million, with an adjustment of USD 797 million recognized in retained earnings due to the difference between consideration paid and identifiable net assets[196]. - Since the acquisition, CMB.TECH contributed revenue of USD 67.9 million and a gain of $13.7 million to Euronav's consolidated results for the six months ended June 30, 2024[197]. - The company recorded a capital gain of USD 372.7 million from the sale of 13 VLCC tankers delivered in 2024[78]. - The company incurred approximately USD 1.0 million in acquisition-related costs for the CMB.TECH transaction, which were expensed as incurred[198]. Operational Highlights - The Company reported a significant increase in vessels' value, with total vessels valued at $2,035,607 thousand, up from $1,629,570 thousand, a rise of 24.9%[15]. - The Company took delivery of the super-eco Newcastlemax Mineral France, with a deadweight of 210,000 dwt[64]. - The Company took delivery of the Windcat 57, the first hydrogen-powered CTV, deployed in Scotland[70]. - The average Time Charter Equivalent (TCE) rates for VLCCs decreased to USD 45,600/day in H1 2024 from USD 53,100/day in H1 2023[80]. - The Marine division generated revenue of USD 425.2 million for the six months ended June 30, 2024, a decrease from USD 688.1 million in the same period of 2023[80]. Dividends and Shareholder Returns - The company declared dividends totaling $887,571, significantly higher than $369,491 in the first half of 2023[26]. - A proposal for a cash distribution of USD 1.15 per share has been made, consisting of a dividend of USD 0.27 per share and a repayment from the share issue premium of USD 0.88 per share[126]. - Total dividends declared in the first six months of 2024 amounted to USD 887.6 million, with USD 903.3 million paid out during the same period[128]. - The full year dividend for 2023 was approved at USD 4.57 per share, consisting of a USD 0.27 cash dividend and a USD 4.30 share premium[127]. - Euronav owned 25,807,878 of its own shares as of June 30, 2024, an increase from 17,790,716 shares owned on December 31, 2023, with 8,017,162 shares purchased in the first half of 2024[125]. Compliance and Regulatory - The Company is focusing on new technology and environmental regulations compliance as part of its strategic initiatives[12]. - The Group has adopted all new and revised Standards and Interpretations issued by the IASB effective for the accounting year starting January 1, 2024[50]. - The Group has not applied any new IFRS requirements that are not yet effective as of June 30, 2024[50]. - The Group's hedging instruments have been measured at fair value, with effective changes recognized in other comprehensive income, reflecting the management of interest rate and foreign exchange risks[114]. - The Group's liquidity management strategy aims to ensure sufficient liquidity to meet financial obligations, with a diversified financing approach[166].