UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2023

Commission File Number: 001-36810

EURONAV NV

De Gerlachekaai 20
2000 Antwerpen
Belgium

011-32-3-247-4411
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F [X]       Form 40-F [  ]




INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached hereto as Exhibit 99.1 is a copy of the press release of Euronav NV (the “Company”), dated November 2, 2023, announcing the Company’s financial results for the third quarter ended September 30, 2023.

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.




SIGNATURES
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.

 
EURONAV NV
 
(Registrant)
   
Dated: November 2, 2023
 
   
 
By:
/s/ Lieve Logghe
   
Lieve Logghe
   
Interim Chief Executive Officer and Chief Financial Officer





EXHIBIT 99.1


PRESS RELEASE
 
Regulated information
2 November 2023 – 08.00 am CET
_______________________________________
EURONAV ANNOUNCES THIRD QUARTER 2023 RESULTS
HIGHLIGHTS


Rates during Q3 2023 strong compared to historic Q3 average since 1990

Two new VLCCs on order

Two-year VLCC time charter signed with blue-chip partner

Announcement of agreement for forward path with two reference shareholders

No Q3 2023 dividend to be paid as part of CMB/Frontline transaction

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.

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.”



PRESS RELEASE
 
Regulated information
2 November 2023 – 08.00 am CET
_______________________________________

Key figures


 
 
                       
 
The most important key figures (unaudited) are:
                       
 
 
                       
 
(in thousands of USD)
 
Third Quarter 2023
   
Third Quarter 2022
   
YTD 2023
   
YTD 2022
 
 
 
                       
 
Revenue
   
278,378
     
223,539
     
966,494
     
486,601
 
 
Other operating income
   
4,737
     
2,879
     
19,505
     
10,515
 
 
 
                               
 
Voyage expenses and commissions
   
(32,127
)
   
(55,595
)
   
(103,672
)
   
(130,047
)
 
Vessel operating expenses
   
(55,471
)
   
(56,039
)
   
(173,488
)
   
(157,560
)
 
Charter hire expenses
   
(898
)
   
(372
)
   
(2,429
)
   
(4,828
)
 
General and administrative expenses
   
(13,800
)
   
(14,930
)
   
(40,549
)
   
(38,101
)
 
Net gain (loss) on disposal of tangible assets
   
27,053
     
     
49,117
     
33,244
 
 
Depreciation
   
(59,716
)
   
(58,791
)
   
(171,623
)
   
(165,042
)
 
 
                               
 
Net finance expenses
   
(26,582
)
   
(20,227
)
   
(86,726
)
   
(82,091
)
 
Share of profit (loss) of equity accounted investees
   
(3
)
   
2,982
     
(12
)
   
17,556
 
 
Result before taxation
   
121,571
     
23,446
     
456,617
     
(29,753
)
 
 
                               
 
Tax benefit (expense)
   
(6,994
)
   
(6,998
)
   
(5,174
)
   
(2,075
)
 
Profit (loss) for the period
   
114,577
     
16,448
     
451,443
     
(31,828
)
 
 
                               
 
Attributable to: Owners of the Company
   
114,577
     
16,448
     
451,443
     
(31,828
)
 
 
                               

 
 
                       
 
The contribution to the result is as follows:
                       
 
 
                       
 
(in thousands of USD)
 
Third Quarter 2023
   
Third Quarter 2022
   
YTD 2023
   
YTD 2022
 
 
 
                       
 
Tankers
   
110,616
     
8,738
     
440,370
     
(61,218
)
 
FSO
   
3,961
     
7,710
     
11,073
     
29,390
 
 
Result after taxation
   
114,577
     
16,448
     
451,443
     
(31,828
)
 
 
                               

                           
 
Information per share:
                       
 
 
                       
 
(in USD per share)
 
Third Quarter 2023
   
Third Quarter 2022
   
YTD 2023
   
YTD 2022
 
 
 
                       
 
Weighted average number of shares (basic) *
   
201,912,942
     
201,783,532
     
201,856,648
     
201,735,976
 
 
Result after taxation
   
0.57
     
0.08
     
2.24
     
(0.16
)
 
 
                               
 
 
                               

*
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.




PRESS RELEASE
 
Regulated information
2 November 2023 – 08.00 am CET
_______________________________________



 
 
                       
 
EBITDA reconciliation (unaudited):
                       
 
 
                       
 
(in thousands of USD)
 
Third Quarter 2023
   
Third Quarter 2022
   
YTD 2023
   
YTD 2022
 
 
 
                       
 
Profit (loss) for the period
   
114,577
     
16,448
     
451,443
     
(31,828
)
 
+ Net interest expenses
   
28,338
     
20,323
     
87,518
     
81,341
 
 
+ Depreciation of tangible and intangible assets
   
59,716
     
58,791
     
171,623
     
165,042
 
 
+ Income tax expense (benefit)
   
6,994
     
6,998
     
5,174
     
2,075
 
 
EBITDA (unaudited)
   
209,625
     
102,560
     
715,758
     
216,630
 
 
 
                               
 
+ Net interest expenses JV
   
     
(384
)
   
     
(745
)
 
+ Depreciation of tangible and intangible assets JV
   
     
     
     
3,149
 
 
+ Income tax expense (benefit) JV
   
     
(2,583
)
   
     
(1,599
)
 
Proportionate EBITDA
   
209,625
     
99,593
     
715,758
     
217,435
 
 
 
                               

 
 
                       
 
Proportionate EBITDA per share:
                       
 
 
                       
 
(in USD per share)
 
Third Quarter 2023
   
Third Quarter 2022
   
YTD 2023
   
YTD 2022
 
 
 
                       
 
Weighted average number of shares (basic)
   
201,912,942
     
201,783,532
     
201,856,648
     
201,735,976
 
 
Proportionate EBITDA
   
1.04
     
0.49
     
3.55
     
1.08
 
 
 
                               
 
 
                               

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:

In USD per day
 
Third quarter 2023
Third quarter 2022
VLCC
Average spot rate (in TI Pool)*
42,250
22,250
Average time charter rate**
48,250
47,000
SUEZMAX
Average spot rate***
42,750
34,000
Average time charter rate
30,250
30,500

*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)


PRESS RELEASE
 
Regulated information
2 November 2023 – 08.00 am CET
_______________________________________


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.


PRESS RELEASE
 
Regulated information
2 November 2023 – 08.00 am CET
_______________________________________


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.


PRESS RELEASE
 
Regulated information
2 November 2023 – 08.00 am CET
_______________________________________


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:

CMB will acquire Frontline’s [26.12%] stake in the Company for $18.43 per share;

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;

The Company’s pending arbitration action against Frontline and affiliates will be settled.

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/).


PRESS RELEASE
 
Regulated information
2 November 2023 – 08.00 am CET
_______________________________________

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
   
     
 
                 
                 






Euronav NV (NYSE:EURN)
Historical Stock Chart
From Jan 2024 to Feb 2024 Click Here for more Euronav NV Charts.
Euronav NV (NYSE:EURN)
Historical Stock Chart
From Feb 2023 to Feb 2024 Click Here for more Euronav NV Charts.