Euronav NV | CIK:0001604481 | 3

  • Filed: 4/17/2018
  • Entity registrant name: Euronav NV (CIK: 0001604481)
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  • ifrs-full:DisclosureOfInterestsInJointArrangementsExplanatory

     
     
    Country of incorporation
     
    Consolidation method
     
    Ownership interest
     
     
     
     
     
     
    December 31, 2017

     
    December 31, 2016

     
    December 31, 2015

    Parent
     
     
     
     
     
     
     
     
     
     
    Euronav NV
     
    Belgium
     
    full
     
    100.00
    %
     
    100.00
    %
     
    100.00
    %
     
     
     
     
     
     
     
     
     
     
     
    Subsidiaries
     
     
     
     
     
     
     
     
     
     
    Euronav Tankers NV
     
    Belgium
     
    full
     
    100.00
    %
     
    100.00
    %
     
    100.00
    %
    Euronav Shipping NV
     
    Belgium
     
    full
     
    100.00
    %
     
    100.00
    %
     
    100.00
    %
    Euronav (UK) Agencies Limited
     
    UK
     
    full
     
    100.00
    %
     
    100.00
    %
     
    100.00
    %
    Euronav Luxembourg SA
     
    Luxembourg
     
    full
     
    100.00
    %
     
    100.00
    %
     
    100.00
    %
    Euronav sas
     
    France
     
    full
     
    100.00
    %
     
    100.00
    %
     
    100.00
    %
    Euronav Ship Management sas
     
    France
     
    full
     
    100.00
    %
     
    100.00
    %
     
    100.00
    %
    Euronav Ship Management Ltd
     
    Liberia
     
    full
     
    100.00
    %
     
    100.00
    %
     
    100.00
    %
    Euronav Ship Management Hellas (branch office)
     
     
     
     
     
     
     
     
     
     
    Euronav Hong Kong
     
    Hong Kong
     
    full
     
    100.00
    %
     
    100.00
    %
     
    100.00
    %
    Euro-Ocean Ship Management (Cyprus) Ltd
     
    Cyprus
     
    full
     
    100.00
    %
     
    100.00
    %
     
    100.00
    %
    Euronav Singapore
     
    Singapore
     
    full
     
    100.00
    %
     
    100.00
    %
     
    100.00
    %
    Fiorano Shipholding Ltd
     
    Hong Kong
     
    full
     
    100.00
    %
     
    100.00
    %
     
    NA

    Larvotto Shipholding Ltd
     
    Hong Kong
     
    full
     
    100.00
    %
     
    100.00
    %
     
    NA

    Euronav MI Inc
     
    Marshall Islands
     
    full
     
    100.00
    %
     
    NA

     
    NA

     
     
     
     
     
     
     
     
     
     
     
    Joint ventures
     
     
     
     
     
     
     
     
     
     
    Fiorano Shipholding Ltd
     
    Hong Kong
     
    equity
     
    NA

     
    NA

     
    50.00
    %
    Fontvieille Shipholding Ltd
     
    Hong Kong
     
    equity
     
    NA

     
    NA

     
    50.00
    %
    Great Hope Enterprises Ltd
     
    Hong Kong
     
    equity
     
    NA

     
    NA

     
    50.00
    %
    Kingswood Co. Ltd
     
    Marshall Islands
     
    equity
     
    50.00
    %
     
    50.00
    %
     
    50.00
    %
    Larvotto Shipholding Ltd
     
    Hong Kong
     
    equity
     
    NA

     
    NA

     
    50.00
    %
    Moneghetti Shipholding Ltd
     
    Hong Kong
     
    equity
     
    NA

     
    NA

     
    50.00
    %
    TI Africa Ltd
     
    Hong Kong
     
    equity
     
    50.00
    %
     
    50.00
    %
     
    50.00
    %
    TI Asia Ltd
     
    Hong Kong
     
    equity
     
    50.00
    %
     
    50.00
    %
     
    50.00
    %
    Tankers Agencies (UK) Ltd
     
    UK
     
    equity
     
    50.00
    %
     
    NA

     
    NA

    Tankers International LLC
     
    Marshall Islands
     
    equity
     
    50.00
    %
     
    NA

     
    NA

     
     
     
     
     
     
     
     
     
     
     
    Associates
     
     
     
     
     
     
     
     
     
     
    Tankers International LLC
     
    Marshall Islands
     
    equity
     
    NA

     
    40.00
    %
     
    40.00
    %
    The following table summarizes the terms and debt repayment profile of the bank loans held by the joint ventures:
    (in thousands of USD)
     
     
     
     
     
     
     
    December 31, 2017
     
    December 31, 2016
     
     
    Curr.
     
    Nominal interest rate
     
    Year of mat.
     
    Facility size
     
    Drawn
     
    Carrying value
     
    Facility size
     
    Drawn
     
    Carrying value
    TI Asia Ltd *
     
    USD
     
    libor +1.15%
     
    2017

     
    —

     
    —

     
    —

     
    75,343

     
    75,343

     
    75,343

    Total interest-bearing bank loans
     
     
     
    —

     
    —

     
    —

     
    75,343

     
    75,343

     
    75,343

    * The mentioned secured bank loans are subject to loan covenants such as an Asset Protection clause.
    The following table contains summarized financial information for all of the Group's joint ventures:
     
     
    Asset
     
    Liability
    (in thousands of USD)
     
    Great Hope Enterprises Ltd

     
    Kingswood Co. Ltd

     
    Seven Seas Shipping Ltd

     
    Fiorano Shipholding Ltd

     
    Fontvieille Shipholding Ltd

     
    Larvotto Shipholding Ltd

     
    Moneghetti Shipholding Ltd

     
    TI Africa Ltd

     
    TI Asia Ltd

     
    Total

     
    Africa Conversion Corp

     
    Asia Conversion Corp

     
    Total

    December 31, 2015
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Percentage ownership interest
     
    50
    %
     
    50
    %
     
    50
    %
     
    50
    %
     
    50
    %
     
    50
    %
     
    50
    %
     
    50
    %
     
    50
    %
     
    50
    %
     
    50
    %
     
    50
    %
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Non-Current assets
     
    —

     
    520

     
    33,052

     
    78,031

     
    65,837

     
    73,234

     
    70,159

     
    215,184

     
    208,405

     
    744,422

     
    —

     
    —

     
    —

    of which Vessel
     
    —

     
    —

     
    33,052

     
    78,031

     
    65,837

     
    73,234

     
    70,159

     
    208,030

     
    200,452

     
    728,795

     
    —

     
    —

     
    —

    Current Assets
     
    102

     
    489

     
    7,463

     
    6,498

     
    4,195

     
    7,873

     
    7,219

     
    12,144

     
    41,744

     
    87,727

     
    —

     
    —

     
    —

    of which cash and cash equivalents
     
    59

     
    —

     
    1,528

     
    552

     
    186

     
    1,578

     
    4,891

     
    880

     
    30,465

     
    40,139

     
    —

     
    —

     
    —

    Non-Current Liabilities
     
    —

     
    —

     
    521

     
    84,094

     
    77,485

     
    81,424

     
    79,647

     
    303,018

     
    223,552

     
    849,740

     
    —

     
    —

     
    —

    Of which bank loans
     
    —

     
    —

     
    —

     
    27,813

     
    30,470

     
    29,143

     
    43,750

     
    —

     
    75,343

     
    206,519

     
    —

     
    —

     
    —

    Current Liabilities
     
    15

     
    2

     
    239

     
    5,981

     
    6,656

     
    6,621

     
    7,099

     
    1,155

     
    30,832

     
    58,601

     
    —

     
    —

     
    —

    Of which bank loans
     
    —

     
    —

     
    —

     
    4,250

     
    4,000

     
    3,970

     
    4,000

     
    —

     
    28,858

     
    45,078

     
    —

     
    —

     
    —

    Net assets (100%)
     
    87

     
    1,007

     
    39,755

     
    (5,546
    )
     
    (14,109
    )
     
    (6,939
    )
     
    (9,368
    )
     
    (76,845
    )
     
    (4,235
    )
     
    (76,192
    )
     
    —

     
    —

     
    —

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Group's share of net assets
     
    43

     
    504

     
    19,878

     
    (2,773
    )
     
    (7,054
    )
     
    (3,469
    )
     
    (4,684
    )
     
    (38,423
    )
     
    (2,118
    )
     
    (38,096
    )
     
    —

     
    —

     
    —

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Shareholders loans to joint venture
     
    —

     
    —

     
    —

     
    28,141

     
    23,507

     
    26,141

     
    17,949

     
    149,615

     
    72,397

     
    317,750

     
    —

     
    —

     
    —

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Net Carrying amount of interest in joint venture
     
    43

     
    504

     
    19,878

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    20,424

     
    —

     
    —

     
    —

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Remaining shareholders loan to joint venture
     
    —

     
    —

    —

    —

    —

    25,368

    —

    16,453

    —

    22,672

    —

    13,265

    —

    111,193

    —

    70,280

    —

    259,229

    —

    —

    —

    —

    —

    —

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Revenue
     
    1

     
    —

     
    18,701

     
    21,050

     
    21,509

     
    22,837

     
    21,317

     
    64,627

     
    64,382

     
    234,425

     
    —

     
    —

     
    —

    Depreciations and amortization
     
    —

     
    —

     
    (3,601
    )
     
    (4,852
    )
     
    (4,832
    )
     
    (4,571
    )
     
    (4,630
    )
     
    (18,209
    )
     
    (17,933
    )
     
    (58,628
    )
     
    —

     
    —

     
    —

    Interest Expense
     
    —

     
    —

     
    (102
    )
     
    (530
    )
     
    (851
    )
     
    (644
    )
     
    (1,170
    )
     
    (1,220
    )
     
    (6,106
    )
     
    (10,623
    )
     
    —

     
    —

     
    —

    Income tax expense
     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    259

     
    106

     
    365

     
    —

     
    —

     
    —

    Profit (loss) for the period (100%)
     
    3

     
    (4
    )
     
    11,791

     
    6,361

     
    6,330

     
    6,762

     
    5,661

     
    35,329

     
    30,580

     
    102,814

     
    —

     
    —

     
    —

    Other comprehensive income (100%)
     
    —

     
    —

     
    —

     
    —

     
    —

     
     
     
    —

     
    —

     
    3,220

     
    3,220

     
    —

     
    —

     
    —

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Group's share of profit (loss) for the period
     
    2

     
    (2
    )
     
    5,895

     
    3,181

     
    3,165

     
    3,381

     
    2,831

     
    17,664

     
    15,290

     
    51,407

     
    —

     
    —

     
    —

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Group's share of other comprehensive income
     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    1,610

     
    1,610

     
    —

     
    —

     
    —

     
     
    Asset
     
    Liability
    (in thousands of USD)
     
    Great Hope Enterprises Ltd

     
    Kingswood Co. Ltd

     
    Seven Seas Shipping Ltd

     
    Fiorano Shipholding Ltd

     
    Fontvieille Shipholding Ltd

     
    Larvotto Shipholding Ltd

     
    Moneghetti Shipholding Ltd

     
    TI Africa Ltd

     
    TI Asia Ltd

     
    Total

     
    Africa Conversion Corp

     
    Asia Conversion Corp

     
    Total

    At December 31, 2016
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Percentage ownership interest
     
    50
    %
     
    50
    %
     
    50
    %
     
    50
    %
     
    50
    %
     
    50
    %
     
    50
    %
     
    50
    %
     
    50
    %
     
     
     
    50
    %
     
    50
    %
     
     
    Non-Current assets
     
    —

     
    946

     
    —

     
    —

     
    —

     
    —

     
    —

     
    198,826

     
    192,344

     
    392,116

     
    —

     
    —

     
    —

    of which Vessel
     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    189,821

     
    182,519

     
    372,340

     
    —

     
    —

     
    —

    Current Assets
     
    —

     
    76

     
    3,221

     
    —

     
    —

     
    —

     
    —

     
    38,206

     
    47,889

     
    89,392

     
    —

     
    —

     
    —

    of which cash and cash equivalents
     
    —

     
    —

     
    555

     
    —

     
    —

     
    —

     
    —

     
    26,928

     
    36,591

     
    64,074

     
    —

     
    —

     
    —

    Non-Current Liabilities
     
    —

     
    —

     
    946

     
    —

     
    —

     
    —

     
    —

     
    276,498

     
    132,763

     
    410,207

     
    —

     
    —

     
    —

    Of which bank loans
     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

    Current Liabilities
     
    —

     
    2

     
    132

     
    —

     
    —

     
    —

     
    —

     
    863

     
    76,899

     
    77,896

     
    —

     
    —

     
    —

    Of which bank loans
     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    75,343

     
    75,343

     
    —

     
    —

     
    —

    Net assets (100%)
     
    —

     
    1,020

     
    2,143

     
    —

     
    —

     
    —

     
    —

     
    (40,329
    )
     
    30,571

     
    (6,595
    )
     
    —

     
    —

     
    —

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Group's share of net assets
     
    —

     
    510

     
    1,072

     
    —

     
    —

     
    —

     
    —

     
    (20,165
    )
     
    15,285

     
    (3,298
    )
     
    —

     
    —

     
    —

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Shareholders loans to joint venture
     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    137,615

     
    65,897

     
    203,512

     
    —

     
    —

     
    —

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Net Carrying amount of interest in joint venture
     
    —

     
    510

     
    1,072

     
    —

     
    —

     
    —

     
    —

     
    —

     
    15,285

     
    16,867

     
    —

     
    —

     
    —

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Remaining shareholders loan to joint venture
     
    —

     
    —

    —

    —

    —

    —

    —

    —

    —

    —

    —

    —

    —

    117,451

    —

    65,897

    —

    183,348

    —

    —

    —

    —

    —

    —

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Revenue
     
    —

     
    —

     
    13,646

     
    7,182

     
    6,404

     
    6,901

     
    7,471

     
    65,188

     
    65,063

     
    171,855

     
    —

     
    —

     
    —

    Depreciations and amortization
     
    —

     
    —

     
    (3,344
    )
     
    (2,047
    )
     
    (2,037
    )
     
    (1,929
    )
     
    (2,049
    )
     
    (18,209
    )
     
    (17,933
    )
     
    (47,548
    )
     
    —

     
    —

     
    —

    Interest Expense
     
    —

     
    —

     
    (3
    )
     
    (223
    )
     
    (377
    )
     
    (288
    )
     
    (537
    )
     
    (400
    )
     
    (4,703
    )
     
    (6,531
    )
     
    —

     
    —

     
    —

    Income tax expense
     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    (326
    )
     
    (106
    )
     
    (432
    )
     
    —

     
    —

     
    —

    Profit (loss) for the period (100%)
     
    (32
    )
     
    12

     
    7,469

     
    1,146

     
    500

     
    1,082

     
    1,270

     
    36,515

     
    32,359

     
    80,322

     
    —

     
    —

     
    —

    Other comprehensive income (100%)
     
    —

     
    —

     
    —

     
    —

     
    —

     
     
     
    —

     
    —

     
    2,448

     
    2,448

     
    —

     
    —

     
    —

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Group's share of profit (loss) for the period
     
    (16
    )
     
    6

     
    3,735

     
    573

     
    250

     
    541

     
    635

     
    18,257

     
    16,180

     
    40,161

     
    —

     
    —

     
    —

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Group's share of other comprehensive income
     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    1,224

     
    1,224

     
    —

     
    —

     
    —

     
    Asset
     
    Liability
    (in thousands of USD)
     
    Kingswood Co. Ltd

     
    Seven Seas Shipping Ltd

     
    TI Africa Ltd

     
    TI Asia Ltd

     
    Tankers Agencies (UK) Ltd (see Note 23)

     
    TI LLC (see Note 23)

     
    Total

     
    Africa Conversion Corp

     
    Asia Conversion Corp

     
    Total

    At December 31, 2017
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Percentage ownership interest
     
    50
    %
     
    50
    %
     
    50
    %
     
    50
    %
     
    50
    %
     
    50
    %
     
     
     
    50
    %
     
    50
    %
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Non-Current assets
     
    629

     
    —

     
    182,298

     
    175,826

     
    363

     
    98

     
    359,214

     
    —

     
    —

     
    —

    of which Vessel
     
    —

     
    —

     
    171,612

     
    164,587

     
    —

     
    —

     
    336,199

     
    —

     
    —

     
    —

    Current Assets
     
    —

     
    993

     
    12,639

     
    10,521

     
    149,650

     
    1,108

     
    174,912

     
    —

     
    —

     
    —

    of which cash and cash equivalents
     
    —

     
    689

     
    4,062

     
    1,968

     
    1,889

     
    —

     
    8,608

     
    —

     
    —

     
    —

    Non Current Liabilities
     
    —

     
    629

     
    200,231

     
    128,653

     
    —

     
    —

     
    329,514

     
    —

     
    —

     
    —

    Of which bank loans
     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

     
    —

    Current Liabilities
     
    111

     
    91

     
    766

     
    687

     
    147,453

     
    975

     
    150,083

     
    —

     
    —

     
    —

    Of which bank loans
     
    —

     
    —

     
    —

     
    —

     
    43,000

     
    —

     
    43,000

     
    —

     
    —

     
    —

    Net assets (100%)
     
    518

     
    273

     
    (6,060
    )
     
    57,007

     
    2,560

     
    232

     
    54,530

     
    —

     
    —

     
    —

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Group's share of net assets
     
    259

     
    137

     
    (3,030
    )
     
    28,503

     
    1,559

     
    136

     
    27,565

     
    —

     
    —

     
    —

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Shareholders loans to joint venture
     
    —

     
    —

     
    100,115

     
    62,647

     
    —

     
    —

     
    162,762

     
    —

     
    —

     
    —

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Net Carrying amount of interest in joint venture
     
    259

     
    137

     
    —

     
    28,503

     
    1,559

     
    136

     
    30,595

     
    —

     
    —

     
    —

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Remaining shareholders loan to joint venture
     
    —


    —


    97,085


    62,647


    —

     
    —

     
    159,732


    —


    —

    —

    —

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Revenue
     
    —

     
    61

     
    61,015

     
    58,011

     
    —

     
    —

     
    119,087

     
    —

     
    —

     
    —

    Depreciations and amortization
     
    —

     
    —

     
    (18,209
    )
     
    (17,933
    )
     
    —

     
    —

     
    (36,142
    )
     
    —

     
    —

     
    —

    Interest Expense
     
    —

     
    —

     
    (90
    )
     
    (1,961
    )
     
    —

     
    —

     
    (2,052
    )
     
    —

     
    —

     
    —

    Income tax expense
     
    —

     
    —

     
    383

     
    (3,359
    )
     
    —

     
    —

     
    (2,976
    )
     
    —

     
    —

     
    —

    Profit (loss) for the period (100%)
     
    (2
    )
     
    130

     
    34,269

     
    25,467

     
    —

     
    —

     
    59,865

     
    —

     
    —

     
    —

    Other comprehensive income (100%)
     
    —

     
    —

     
    —

     
    966

     
    —

     
    —

     
    966

     
    —

     
    —

     
    —

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Group's share of profit (loss) for the period
     
    (1
    )
     
    65

     
    17,135

     
    12,734

     
    —

     
    —

     
    29,932

     
    —

     
    —

     
    —

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
    Group's share of other comprehensive income
     
    —

     
    —

     
    —

     
    483

     
    —

     
    —

     
    483

     
    —

     
    —

     
    —

    Cash and cash equivalents
    (in thousands of USD)
     
    2017
     
    2016
     
     
     
     
     
    Cash and cash equivalents of the joint ventures
     
    8,608

     
    64,074

    Group's share of cash and cash equivalents
     
    4,304

     
    32,037

    of which restricted cash
     
    —

     
    6,789

    (in thousands of USD)
     
    December 31, 2017
     
    December 31, 2016
    Assets
     
     
     
     
    Interest in joint ventures
     
    30,595

     
    16,867

    Interest in associates
     
    —

     
    1,546

    TOTAL ASSETS
     
    30,595

     
    18,413

     
     
     
     
     
    Liabilities
     
     
     
     
    Interest in joint ventures
     
    —

     
    —

    Interest in associates
     
    —

     
    —

    TOTAL LIABILITIES
     
    —

     
    —