Cmb.tech NV · EURONEXT:CMBT
Cmb.tech NV — Euronav — Q1 2016 Earnings Presentation
19 slides from Cmb.tech NV's earnings presentation, Apr 27, 2016
Slide 1: Euronav Q1 - 2016 Results (unaudited)
Euronav Q1 - 2016 Results (unaudited) 27th April 2016
Slide 2: Forward looking statements
Forward looking statements Matters discussed in this presentation may constitute forward-looking statements under U.S. federal securities laws, including the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect the Company’s current views with respect to future events
Slide 3: Agenda
Agenda Q1 - 2016 Highlights Financial Review Market update Outlook Company Market Q&A 2
Slide 4: Highlights
Highlights
Slide 5: 1Q - 2016 Highlights
1Q - 2016 Highlights In USD per day First quarter 2016 First quarter 2015 VLCC Average spot rate (in TI pool)* 60,638 50,845 Average time charter rate** 40,847 44,547 SUEZMAX Average spot rate* 38,386 41,944 Average time-charter rate** 32,251 41,593 * Including profit share where applicable ** Exclu
Slide 6: Financial Overview
Financial Overview
Slide 7: Financial Highlights – Income Statement
Financial Highlights – Income Statement The most important key figures (unaudited) are: First quarter First quarter in thousands of USD 2016 2015 Highlights Revenue 214,875 204,521 Other operating Inc ome 1,724 2,488 Voyage expenses and c ommissions (11,348) (21,916) Highest Q1 Vessel operating ex
Slide 8: Financial Highlights – Balance Sheet
Financial Highlights – Balance Sheet Condensed consolidated statement of financial position (in thousands of USD except per share amounts) March 31, 2016 December 31, 2015 ASSETS Current assets Trade and other receivables 174,255 219,080 Current tax assets 118 114 Cash and cash equivalents 139,744 1
Slide 9: Euronav Fleet Operating Days
Euronav Fleet Operating Days Q1 2016 Forecast FY2016 Suezmax - Suezmax - Fixed Fixed 13% 13% Suezmax - VLCC - Suezmax - VLCC - Floating Floating Floating Floating 26% 50% 25% 51% VLCC - Fixed VLCC - Fixed 11% 11% Dry Docks 2016: 4 VLCC + 8 Suezmax (2 of which are JV) 8
Slide 10: Tanker Market Update
Tanker Market Update
Slide 11: Tanker Fleet Development – VLCC
Tanker Fleet Development – VLCC VLCC – ADDITIONS, SCRAPPING, REMOVALS IMPLIED BUFFER 2010 2011 2012 2013 2014 2015 2016 2017 2018 Q1=9 Q1=12 Q2=9 Q2=4 Q3=8 Q3=4 Q1=10 60 Q4=19 Q4=25 Q2=5 Q3=5 Q4=10 45 45 40 30 62 54 49 20 30 24 23 0 -1 -5 -8 -7 -13 -11 -25 -22 -8 -10 -16 -20 -48 Could be scrapped
Slide 12: Tanker Fleet Development - Suezmax
Tanker Fleet Development - Suezmax SUEZMAX – ADDITIONS, SCRAPPING, REMOVALS IMPLIED BUFFER 2010 2011 2012 2013 2014 2015 2016 2017 2018 55 Q1=16 Q2=10 45 45 Q3=4 Q4=15 Q1=1 Q1=3 35 Q2=4 Q2=4 27 Q1=3 Q3=2 Q3=10 Q2=4 Q4=1 Q4=12 Q3=2 25 45 Q4=1 43 38 15 10 27 5 8 10 -3 -7 -7 -6 -7 -5 -9 -5 -19 -20 -8
Slide 13: Time charter rates
Time charter rates Data as at 21 April 2016 12 12
Slide 14: Vessel Values
Vessel Values Data as at 20 January 2016 13 13
Slide 15: Current Themes
Current Themes MARKET Return of Iran (again) Oil supply & inventory Freight rate volatility = positive 14 14
Slide 16: Tanker cycle – further progress in Q1 2016
Tanker cycle – further progress in Q1 2016 Freight rate expansion Q1 on Q1 Demand underpinned by Finance thesis beginning to bite – strong start to Q2 continued Chinese imports – huge reduction in order rate Average Quarterly Chinese VLCC Earnings 2009-2016 Crude Imports (metric tonnes) VLCC orders
Slide 17: Outlook
Outlook
Slide 18: Euronav Outlook
Euronav Outlook Finance thesis – starting to bite Access to capital now a barrier to entry – 1x VLCC order in Q1 proves new structure Euronav FULLY FUNDED – no financial commitments post delivery final VLCC from Metrostar fleet (May 2016) Decision to turn down 4 x VLCC in October 2015 – vind
Slide 19: Market outlook
Market outlook Demand outlook robust with the lower oil price continuing to stimulate “Seasonally” weaker Q2 off to strong start > 2015 China & India key drivers VLCC & Suezmax order book – manageable Rate of order book growth been slowing since Q2 2015 Dramatic reduction in order rate d