Euronav NV | CIK:0001604481 | 3

  • Filed: 4/17/2018
  • Entity registrant name: Euronav NV (CIK: 0001604481)
  • Generator: Workiva (WebFilings)
  • SEC filing page: http://www.sec.gov/Archives/edgar/data/1604481/000160448118000007/0001604481-18-000007-index.htm
  • XBRL Instance: http://www.sec.gov/Archives/edgar/data/1604481/000160448118000007/eurn-20171231.xml
  • XBRL Cloud Viewer: Click to open XBRL Cloud Viewer
  • EDGAR Dashboard: https://edgardashboard.xbrlcloud.com/edgar-dashboard/?cik=0001604481
  • Open this page in separate window: Click

    • ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory

    Segment reporting
    The Group distinguishes two operating segments: the operation of crude oil tankers in the international markets (the Tankers Segment) and the floating production, storage and offloading operations (the FSO/FpSO Segment). These two divisions operate in completely different markets, where in the latter the assets are tailor made or converted for specific long term projects. The tanker market requires a different marketing strategy as this is considered a very volatile market, contract duration is often less than two years and the assets are to a large extent standardized. The segment profit or loss figures and key assets as set out below are presented to the executive committee on at least a quarterly basis to help the key decision makers in evaluating the respective segments. The Chief Operating Decision Maker (CODM) also receives the information per segment based on proportionate consolidation for the joint ventures and not by applying equity accounting. The reconciliation between the figures of all segments combined on the one hand and with the consolidated statements of financial position and profit or loss on the other hand is presented in a separate column Equity-accounted investees.
    The Group has one client in the Tankers segment that represented 10% of the Tankers segment total revenue in 2017 (2016: two clients which represented 10% each and in 2015 one client which represented 11%). All the other clients represent less than 10% of total revenues of the Tankers segment.
    The Group did not identify any relevant geographic areas.
    Consolidated statement of financial position
    (in thousands of USD)
     
    December 31, 2017
     
    December 31, 2016
    ASSETS
     
    Tankers
     
    FSO
     
    Less: Equity-accounted investees
     
    Total
     
    Tankers
     
    FSO
     
    Less: Equity-accounted investees
     
    Total
    Vessels
     
    2,271,500

     
    168,100

     
    (168,100
    )
     
    2,271,500

     
    2,383,163

     
    186,170

     
    (186,170
    )
     
    2,383,163

    Assets under construction
     
    63,668

     
    —

     
    —

     
    63,668

     
    86,136

     
    —

     
    —

     
    86,136

    Other tangible assets
     
    1,663

     
    —

     
    —

     
    1,663

     
    777

     
    —

     
    —

     
    777

    Intangible assets
     
    72

     
    —

     
    —

     
    72

     
    156

     
    —

     
    —

     
    156

    Receivables
     
    163,382

     
    10,739

     
    (13,769
    )
     
    160,352

     
    204,079

     
    9,414

     
    (29,579
    )
     
    183,914

    Investments in equity accounted investees
     
    1,695

     
    —

     
    28,900

     
    30,595

     
    1,546

     
    —

     
    16,867

     
    18,413

    Deferred tax assets
     
    2,487

     
    223

     
    (223
    )
     
    2,487

     
    964

     
    —

     
    —

     
    964

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Total non-current assets
     
    2,504,467

     
    179,062

     
    (153,192
    )
     
    2,530,337

     
    2,676,821

     
    195,584

     
    (198,882
    )
     
    2,673,523

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Total current assets
     
    281,132

     
    11,581

     
    (12,077
    )
     
    280,636

     
    375,037

     
    43,048

     
    (44,697
    )
     
    373,388

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    TOTAL ASSETS
     
    2,785,599

     
    190,643

     
    (165,269
    )
     
    2,810,973

     
    3,051,858

     
    238,632

     
    (243,579
    )
     
    3,046,911

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    EQUITY and LIABILITIES
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Total equity
     
    1,820,887

     
    25,473

     
    1

     
    1,846,361

     
    1,892,836

     
    (4,879
    )
     
    (1
    )
     
    1,887,956

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Bank and other loans
     
    653,730

     
    162,762

     
    (162,762
    )
     
    653,730

     
    966,443

     
    203,512

     
    (203,512
    )
     
    966,443

    Convertible and other Notes
     
    147,619

     
    —

     
    —

     
    147,619

     
    —

     
    —

     
    —

     
    —

    Other payables
     
    539

     
    —

     
    —

     
    539

     
    533

     
    1,118

     
    (1,118
    )
     
    533

    Deferred tax liabilities
     
    —

     
    1,680

     
    (1,680
    )
     
    —

     
    —

     
    —

     
    —

     
    —

    Employee benefits
     
    3,984

     
    —

     
    —

     
    3,984

     
    2,846

     
    —

     
    —

     
    2,846

    Amounts due to equity-accounted joint ventures
     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

    Provisions
     
    —

     
    —

     
    —

     
    —

     
    38

     
    —

     
    —

     
    38

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Total non-current liabilities
     
    805,872

     
    164,442

     
    (164,442
    )
     
    805,872

     
    969,860

     
    204,630

     
    (204,630
    )
     
    969,860

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Total current liabilities
     
    158,840

     
    728

     
    (828
    )
     
    158,740

     
    189,162

     
    38,881

     
    (38,948
    )
     
    189,095

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    TOTAL EQUITY and LIABILITIES
     
    2,785,599

     
    190,643

     
    (165,269
    )
     
    2,810,973

     
    3,051,858

     
    238,632

     
    (243,579
    )
     
    3,046,911




    Consolidated statement of profit or loss
    (in thousands of USD)
     
    2017
     
    2016
     
    2015
     
     
    Tankers
    FSO
    Less: Equity-accounted investees
    Total
     
    Tankers
    FSO
    Less: Equity-accounted investees
    Total
     
    Tankers
    FSO
    Less: Equity-accounted investees
    Total
    Shipping income
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Revenue
     
    513,398

    59,513

    (59,543
    )
    513,368

     
    704,766

    65,125

    (85,626
    )
    684,265

     
    898,495

    64,504

    (116,492
    )
    846,507

    Gains on disposal of vessels/other tangible assets
     
    36,538

    —

    —

    36,538

     
    50,397

    —

    —

    50,397

     
    13,302

    —

    —

    13,302

    Other operating income
     
    4,902

    234

    (234
    )
    4,902

     
    6,765

    327

    (96
    )
    6,996

     
    6,798

    808

    (180
    )
    7,426

    Total shipping income
     
    554,838

    59,747

    (59,777
    )
    554,808

     
    761,928

    65,452

    (85,722
    )
    741,658

     
    918,595

    65,312

    (116,672
    )
    867,235

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Operating expenses
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Voyage expenses and commissions
     
    (62,035
    )
    (304
    )
    304

    (62,035
    )
     
    (63,305
    )
    (476
    )
    4,221

    (59,560
    )
     
    (83,896
    )
    (473
    )
    13,132

    (71,237
    )
    Vessel operating expenses
     
    (150,390
    )
    (9,157
    )
    9,120

    (150,427
    )
     
    (164,478
    )
    (9,679
    )
    13,958

    (160,199
    )
     
    (160,894
    )
    (10,074
    )
    17,250

    (153,718
    )
    Charter hire expenses
     
    (31,173
    )
    —

    —

    (31,173
    )
     
    (17,713
    )
    —

    —

    (17,713
    )
     
    (25,849
    )
    —

    —

    (25,849
    )
    Losses on disposal of vessels/other tangible assets
     
    (21,027
    )
    —

    —

    (21,027
    )
     
    (1
    )
    —

    (1
    )
    (2
    )
     
    (8,002
    )
    —

    —

    (8,002
    )
    Loss on disposal of investments in equity accounted investees
     
    —

    —

    —

    —

     
    (24,150
    )
    —

    —

    (24,150
    )
     
    —

    —

    —

    —

    Depreciation tangible assets
     
    (229,777
    )
    (18,071
    )
    18,071

    (229,777
    )
     
    (233,368
    )
    (18,071
    )
    23,775

    (227,664
    )
     
    (221,399
    )
    (18,071
    )
    29,314

    (210,156
    )
    Depreciation intangible assets
     
    (95
    )
    —

    —

    (95
    )
     
    (99
    )
    —

    —

    (99
    )
     
    (50
    )
    —

    —

    (50
    )
    General and administrative expenses
     
    (46,871
    )
    (30
    )
    33

    (46,868
    )
     
    (44,152
    )
    (80
    )
    181

    (44,051
    )
     
    (46,433
    )
    (283
    )
    465

    (46,251
    )
    Total operating expenses
     
    (541,368
    )
    (27,562
    )
    27,528

    (541,402
    )
     
    (547,266
    )
    (28,306
    )
    42,134

    (533,438
    )
     
    (546,523
    )
    (28,901
    )
    60,161

    (515,263
    )
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    RESULT FROM OPERATING ACTIVITIES
     
    13,470

    32,185

    (32,249
    )
    13,406

     
    214,662

    37,146

    (43,588
    )
    208,220

     
    372,072

    36,411

    (56,511
    )
    351,972

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Finance income
     
    7,267

    197

    (198
    )
    7,266

     
    6,864

    57

    (66
    )
    6,855

     
    3,313

    22

    (23
    )
    3,312

    Finance expenses
     
    (50,730
    )
    (1,026
    )
    1,027

    (50,729
    )
     
    (52,420
    )
    (2,552
    )
    3,277

    (51,695
    )
     
    (52,590
    )
    (3,663
    )
    5,311

    (50,942
    )
    Net finance expenses
     
    (43,463
    )
    (829
    )
    829

    (43,463
    )
     
    (45,556
    )
    (2,495
    )
    3,211

    (44,840
    )
     
    (49,277
    )
    (3,641
    )
    5,288

    (47,630
    )
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Share of profit (loss) of equity accounted investees (net of income tax)
     
    150

    —

    29,932

    30,082

     
    334

    —

    40,161

    40,495

     
    185

    —

    51,407

    51,592

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Profit (loss) before income tax
     
    (29,843
    )
    31,356

    (1,488
    )
    25

     
    169,440

    34,651

    (216
    )
    203,875

     
    322,980

    32,770

    184

    355,934

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Income tax expense
     
    1,358

    (1,488
    )
    1,488

    1,358

     
    174

    (216
    )
    216

    174

     
    (5,633
    )
    184

    (184
    )
    (5,633
    )
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Profit (loss) for the period
     
    (28,485
    )
    29,868

    —

    1,383

     
    169,614

    34,435

    —

    204,049

     
    317,347

    32,954

    —

    350,301

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Attributable to:
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Owners of the company
     
    (28,485
    )
    29,868

    —

    1,383

     
    169,614

    34,435

    —

    204,049

     
    317,347

    32,954

    —

    350,301


    Summarized consolidated statement of cash flows
    (in thousands of USD)
     
    2017
     
    2016
     
    2015
     
     
    Tankers
     
    FSO
     
    Less: Equity-accounted investees
     
    Total
     
    Tankers
     
    FSO
     
    Less: Equity-accounted investees
     
    Total
     
    Tankers
     
    FSO
     
    Less: Equity-accounted investees
     
    Total
    Net cash from operating activities
     
    211,310

     
    49,684

     
    (49,698
    )
     
    211,295

     
    427,926

     
    49,013

     
    (38,737
    )
     
    438,202

     
    505,821

     
    58,747

     
    (114,036
    )
     
    450,532

    Net cash from (used in) investing activities
     
    (40,243
    )
     
    —

     
    1

     
    (40,242
    )
     
    (90,891
    )
     
    —

     
    (9,724
    )
     
    (100,615
    )
     
    (248,770
    )
     
    —

     
    42,897

     
    (205,873
    )
    Net cash from (used in) financing activities
     
    (234,921
    )
     
    (78,421
    )
     
    78,367

     
    (234,976
    )
     
    (264,714
    )
     
    (32,929
    )
     
    36,483

     
    (261,160
    )
     
    (350,429
    )
     
    (20,557
    )
     
    5,671

     
    (365,315
    )
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Capital expenditure
     
    (177,901
    )
     
    —

     
    —

     
    (177,901
    )
     
    (342,698
    )
     
    —

     
    —

     
    (342,698
    )
     
    (361,754
    )
     
    —

     
    1,611

     
    (360,143
    )
    Impairment losses
     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

    Impairment losses reversed
     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —