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
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    • ifrs-full:DisclosureOfEmployeeBenefitsExplanatory

    Employee benefits
    The amounts recognized in the balance sheet are as follows:
    (in thousands of USD)
     
    December 31, 2017
     
    December 31, 2016
     
    December 31, 2015
    NET LIABILITY AT BEGINNING OF PERIOD
     
    (2,846
    )
     
    (2,038
    )
     
    (2,108
    )
    Recognized in profit or loss
     
    (827
    )
     
    (261
    )
     
    (108
    )
    Recognized in other comprehensive income
     
    64

     
    (646
    )
     
    (44
    )
    Foreign currency translation differences
     
    (375
    )
     
    99

     
    222

    NET LIABILITY AT END OF PERIOD
     
    (3,984
    )
     
    (2,846
    )
     
    (2,038
    )
     
     
     
     
     
     
     
    Present value of funded obligation
     
    (3,537
    )
     
    (2,846
    )
     
    (852
    )
    Fair value of plan assets
     
    2,760

     
    2,117

     
    539

     
     
    (777
    )
     
    (729
    )
     
    (313
    )
    Present value of unfunded obligations
     
    (3,207
    )
     
    (2,117
    )
     
    (1,725
    )
    NET LIABILITY
     
    (3,984
    )
     
    (2,846
    )
     
    (2,038
    )
     
     
     
     
     
     
     
    Amounts in the balance sheet:
     
     
     
     
     
     
    Liabilities
     
    (3,984
    )
     
    (2,846
    )
     
    (2,038
    )
    Assets
     
    —

     
    —

     
    —

    NET LIABILITY
     
    (3,984
    )
     
    (2,846
    )
     
    (2,038
    )

    Liability for defined benefit obligations
    The Group makes contributions to three defined benefit plans that provide pension benefits for employees upon retirement.
    One plan - the Belgian plan - is fully insured through an insurance company. The second and third - French and Greek plans - are uninsured and unfunded. The unfunded obligations include provisions in respect of LTIP 2016 and LTIP 2017 (see Note 13).
    The Group expects to contribute the following amount to its defined benefit pension plans in 2018: USD 255,814.