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Annual Report 2010 110382 AN N UAL REPO r T 2010 Vision & Mission 03 Interview with the Chairman and the CEO 04 Company Profile 09 COrPOrATE REPOrT Highlights 2010 12 Products and Services 22 Tanker Shipping Floating, Production, Storage and Offloading/ Floating, Storage and Offloading (FPSO/FSO) The Euronav Group 26 Ship Management 28 Health, Safety, Quality, Environment and Society 30 Fleet 38 Human Resources 42 Corporate Governance Statement 44 REGISTErED OFFICES RESPONSIBLE EDITOr De Gerlachekaai 20 Marc Saverys Glossary 63 B-2000 Antwerpen - Belgium De Gerlachekaai 20 tel. + 32 3 247 44 11 B-2000 Antwerpen - Belgium fax + 32 3 247 44 09 e-mail [email protected] Registered within the jurisdiction of the website www.euronav.com Commercial Court of Antwerp - VAT BE 0860 402 767 ANNUAL REPOrT 2010 FINANCIAL REPOrT Consolidated Financial Statements 69 Notes to the Consolidated Financial Statements 76 Dit verslag is ook beschikbaar in het Nederlands. This report can be downloaded on our website: www.euronav.com Statutory Financial Statements Euronav NV 119 110382 EURONAV COVER JAARVERSLAG ENG 1 6/04/11 16:24 110382 AN N UAL REPO r T 2010 Vision & Mission 03 Interview with the Chairman and the CEO 04 Company Profile 09 COrPOrATE REPOrT Highlights 2010 12 Products and Services 22 Tanker Shipping Floating, Production, Storage and Offloading/ Floating, Storage and Offloading (FPSO/FSO) The Euronav Group 26 Ship Management 28 Health, Safety, Quality, Environment and Society 30 Fleet 38 Human Resources 42 Corporate Governance Statement 44 REGISTErED OFFICES RESPONSIBLE EDITOr De Gerlachekaai 20 Marc Saverys Glossary 63 B-2000 Antwerpen - Belgium De Gerlachekaai 20 tel. + 32 3 247 44 11 B-2000 Antwerpen - Belgium fax + 32 3 247 44 09 e-mail [email protected] Registered within the jurisdiction of the website www.euronav.com Commercial Court of Antwerp - VAT BE 0860 402 767 ANNUAL REPOrT 2010 FINANCIAL REPOrT Consolidated Financial Statements 69 Notes to the Consolidated Financial Statements 76 Dit verslag is ook beschikbaar in het Nederlands. This report can be downloaded on our website: www.euronav.com Statutory Financial Statements Euronav NV 119 110382 EURONAV COVER JAARVERSLAG ENG 1 6/04/11 16:24 KeY FiGures The Euronav share Convertible bond Share price evolution in 2010 (in Euro) On 4 September 2009, Euronav NV launched an offering of fixed EUrONAV P&L 2005 - 2010 rate senior unsecured convertible bonds, due 2015. The offering 20 circular and more detailed information on the convertible bonds (in thousands of USD) 2010 2009 2008 2007 2006 2005 19 can be consulted on our website: www.euronav.com. The main Revenues 525,075 467,844 858,983 563,136 688,855 587,511 characteristics of the convertible bond are: EBITDA 260,298 195,265 657,452 344,027 431,965 372,383 18 EBIT 88,152 31,362 512,579 190,329 288,507 255,515 17 ISSUEr EURONAV Net Profit 19,680 -17,614 402,468 101,055 218,042 209,420 16 Currency USD Issue amount 150,000,000 TCE* year average 2010 2009 2008 2007 2006 2005 15 Issue date 24 September 2009 14 VLCC 36,100 33,000 95,700 44,600 65,750 70,000 Maturity 31 January 2015 Suezmax 30,600 31,750 41,650 32,200 34,370 n/a 13 Coupon 6.50% Spot Suezmax 18,000 20,800 12 Coupon payment Semi-annually Issue price 100% 11 In USD per share 2010 2009 2008 2007 2006 2005 Conversion premium 25% 10 Initial conversion price EUR 16.2838 Number of shares** 50,000,000 50,000,000 50,080,137 51,861,762 52,518,862 52,518,862 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Stock exchange Luxembourg EBITDA 5.21 3.91 13.13 6.65 8.22 7.09 EBIT 1.76 0.63 10.24 3.68 5.49 4.87 ISIN code BE6000351286 Net profit 0.39 -0.35 8.04 1.95 4.15 3.99 Daily volume of traded shares in 2010 In EUR per share 2010 2009 2008 2007 2006 2005 Rate of exchange 1.3362 1.4406 1.3917 1.4721 1.3170 1.1797 400,000 Shareholders’ diary 2011 EBITDA 3.90 2.71 9.43 4.51 6.25 6.01 EBIT 1.32 0.44 7.35 2.50 4.17 4.12 300,000 Tuesday 19 July 2011 Net Profit 0.29 -0.24 5.77 1.33 3.15 3.38 Announcement of second quarter results 2011 200,000 Wednesday 31 August 2011 History of dividend 100,000 2010 2009 2008 2007 2006 2005 Announcement of final half year results 2011 (gross) in EUR per share 0 Tuesday 6 September 2011 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Dividend 0.10 0.10 2.60 0.80 1.68 1.60 Half year report 2011 available on website Of which interim div. of 0.10 0.10 1.00 Pay-out ratio*** - - 46% 64% 53% 47% Tuesday 18 October 2011 Announcement of third quarter results 2011 * Time charter equivalent Tuesday 17 January 2012 ** Excluding shares of the Company Announcement of fourth quarter results 2011 *** Ratio is based on actual exchange rate EUR/USD on the day of the dividend announcement. Since 2008, the board of directors follows a policy of always considering paying out an interim dividend and proposing a final dividend subject only to results, investment decisions and outlook. The Euronav shareholders’ structure Representation by the persons responsible for the financial statements and for the management report According to the information available to the company at the time The board of directors, represented by Marc Saverys, its chairman, EURONAV BALANCE SHEET 2005 - 2010 of preparing this annual report, and taking into account the latest and the executive committee, represented by Paddy Rodgers, CEO declarations, the shareholders’ structure and its history is as shown (in thousands of USD) 31.12.2010 31.12.2009 31.12.2008 31.12.2007 31.12.2006 31.12.2005 and Hugo De Stoop, CFO, hereby confirm that, to the best of their ASSETS in the table: knowledge: Non-current assets 2,337,131 2,500,550 2,279,701 2,092,395 2,165,302 2,003,205 Shareholder Shares % Current assets 307,083 286,116 341,452 182,295 174,892 214,900 Saverco NV 15,000,000 28.99 ■ The financial statements as of 31 December 2010 presented in TOTAL ASSETS 2,644,214 2,786,666 2,621,243 2,274,693 2,340,194 2,218,105 Tanklog Ltd. 10,854,805 20.97 this annual report were established in accordance with applicable accounting standards (IFRS or standard accounting legislation) LIABILITIES Victrix NV 5,330,121 10.30 Equity 1,078,508 1,071,629 1,178,326 984,492 1,022,483 906,319 Euronav NV (treasury shares) 1,750,000 3.38 and give a true and fair view, as defined by these standards, of Non-current liabilities 1,314,341 1,463,456 1,181,793 963,340 1,107,555 1,133,029 Third Parties 18,815,074 36.36 the assets, liabilities, financial position and results of Euronav NV. Current liabilities 251,365 251,581 261,124 326,861 210,156 178,757 Total 51,750,000 100.00 ■ This annual report includes a true and fair view of the evolution of Total liabilities 2,644,214 2,786,666 2,621,243 2,274,693 2,340,194 2,218,105 the activities, results and situation of Euronav NV and contains a de- scription of the main risks and uncertainties the company may face. 110382 EURONAV COVER JAARVERSLAG ENG 2 6/04/11 16:24 KEY FIGURES The Euronav share Convertible bond Share price evolution in 2010 (in Euro) On 4 September 2009, Euronav NV launched an offering of fixed EURONAV P&L 2005 - 2010 rate senior unsecured convertible bonds, due 2015. The offering 20 circular and more detailed information on the convertible bonds (in thousands of USD) 2010 2009 2008 2007 2006 2005 19 can be consulted on our website: www.euronav.com. The main Revenues 525,075 467,844 858,983 563,136 688,855 587,511 characteristics of the convertible bond are: EBITDA 260,298 195,265 657,452 344,027 431,965 372,383 18 EBIT 88,152 31,362 512,579 190,329 288,507 255,515 17 ISSUER EURONAV Net Profit 19,680 -17,614 402,468 101,055 218,042 209,420 16 Currency USD Issue amount 150,000,000 TCE* year average 2010 2009 2008 2007 2006 2005 15 Issue date 24 September 2009 14 VLCC 36,100 33,000 95,700 44,600 65,750 70,000 Maturity 31 January 2015 Suezmax 30,600 31,750 41,650 32,200 34,370 n/a 13 Coupon 6.50% Spot Suezmax 18,000 20,800 12 Coupon payment Semi-annually Issue price 100% 11 In USD per share 2010 2009 2008 2007 2006 2005 Conversion premium 25% 10 Initial conversion price EUR 16.2838 Number of shares** 50,000,000 50,000,000 50,080,137 51,861,762 52,518,862 52,518,862 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Stock exchange Luxembourg EBITDA 5.21 3.91 13.13 6.65 8.22 7.09 EBIT 1.76 0.63 10.24 3.68 5.49 4.87 ISIN code BE6000351286 Net profit 0.39 -0.35 8.04 1.95 4.15 3.99 Daily volume of traded shares in 2010 In EUR per share 2010 2009 2008 2007 2006 2005 Rate of exchange 1.3362 1.4406 1.3917 1.4721 1.3170 1.1797 400,000 Shareholders’ diary 2011 EBITDA 3.90 2.71 9.43 4.51 6.25 6.01 EBIT 1.32 0.44 7.35 2.50 4.17 4.12 300,000 Tuesday 19 July 2011 Net Profit 0.29 -0.24 5.77 1.33 3.15 3.38 Announcement of second quarter results 2011 200,000 Wednesday 31 August 2011 History of dividend 100,000 2010 2009 2008 2007 2006 2005 Announcement of final half year results 2011 (gross) in EUR per share 0 Tuesday 6 September 2011 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Dividend 0.10 0.10 2.60 0.80 1.68 1.60 Half year report 2011 available on website Of which interim div.
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