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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  • EDGAR Dashboard: https://edgardashboard.xbrlcloud.com/edgar-dashboard/?cik=0001604481
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    • ifrs-full:DisclosureOfFinanceCostExplanatory

    Net finance expense
    Recognized in profit or loss
    (in thousands of USD)
     
    2017
     
    2016
     
    2015
    Interest income
     
    655

     
    217

     
    208

    Foreign exchange gains
     
    6,611

     
    6,638

     
    3,104

    Finance income
     
    7,266

     
    6,855

     
    3,312

     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Interest expense on financial liabilities measured at amortized cost
     
    (38,391
    )
     
    (39,007
    )
     
    (38,246
    )
    Amortization other Notes
     
    —

     
    —

     
    (4,127
    )
    Other financial charges
     
    (5,819
    )
     
    (4,577
    )
     
    (4,355
    )
    Foreign exchange losses
     
    (6,519
    )
     
    (8,111
    )
     
    (4,214
    )
    Finance expense
     
    (50,729
    )
     
    (51,695
    )
     
    (50,942
    )
     
     
     
     
     
     
     
    Net finance expense recognized in profit or loss
     
    (43,463
    )
     
    (44,840
    )
     
    (47,630
    )

    Interest expense on financial liabilities measured at amortized cost decreased during the year ended December 31, 2017, compared to 2016. This decrease was primarily attributable to the fact that the increase in floating interest rates in 2017 was more than offset by a decrease in average outstanding debt during the year ended December 31, 2017, compared to 2016. Other financial charges increased in 2017 compared to 2016, which was primarily attributable to commitment fees paid for available credit lines, of which the total availability increased in 2017.
    The above finance income and expenses include the following in respect of assets (liabilities) not at fair value through profit or loss:
     
     
    2017
     
    2016
     
    2015
    Total interest income on financial assets
     
    655

     
    217

     
    208

    Total interest expense on financial liabilities
     
    (38,391
    )
     
    (39,007
    )
     
    (42,373
    )
    Total other financial charges
     
    (5,819
    )
     
    (4,577
    )
     
    (4,355
    )

    Recognized directly in equity
    (in thousands of USD)
     
    2017
     
    2016
     
    2015
    Foreign currency translation differences for foreign operations
     
    448

     
    170

     
    (429
    )
    Net finance expense recognized directly in equity
     
    448

     
    170

     
    (429
    )
    Attributable to:
     
     
     
     
     
     
    Owners of the Company
     
    448

     
    170

     
    (429
    )
    Net finance expense recognized directly in equity
     
    448

     
    170

     
    (429
    )
    Recognized in:
     
     
     
     
     
     
    Translation reserve
     
    448

     
    170

     
    (429
    )