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ANNUAL REPORT 2019 Shareholder Letter 01 2019 report Annual ANNUAL REPORT 2019 Shareholder letter 01 Quick facts 02 Highlights 2019 04 Special report Future capital access for tanker shipping: new set of rules is emerging 8 Directors’ report Vision and Mission 18 Company profi le 19 Highlights 2019 20 Corporate Governance Statement 32 The Euronav Group 61 Activity report Products and services 67 In-house Ship Management 69 Fleet of the Euronav group as of 31 December 2019 72 Human resources 76 Environment, Social and Corporate Governance ESG at Euronav, it’s in the DNA 80 Glossary 92 Key fi gures Consolidated statement of profit or loss 2011 - 2019 (in thousands of USD) 2019 H 2018 G 2017 2016 2015 2014 2013 2012 2011 Restated A Revenues 932,377 600,024 513,368 684,265 846,507 473,985 304,622 410,701 394,457 EBITDAB 540,668 231,513 273,451 475,005 612,659 202,767 100,096 120,719 128,368 EBIT 202,966 (39,179) 43,579 247,241 402,453 41,814 (36,862) (56,794) (40,155) Net profit 112,230 (110,070) 1,383 204,049 350,301 (45,797) (89,683) (118,596) (95,986) TCE C YEAR AVERAGE 2019 2018 2017 2016 2015 2014 2013 2012 2011 VLCC 35,874 23,005 27,773 41,863 55,055 27,625 18,300 19,200 18,100 Suezmax 37,747 30,481 22,131 26,269 35,790 25,930 22,000 24,100 27,100 Shareholders’ diary 2020 Spot Suezmax 24,119 15,784 18,002 27,498 41,686 23,382 16,600 16,300 15,400 THURSDAY 7 MAY 2020 Announcement of fi rst quarter results 2020 IN USD PER SHARE 2019 2018 2017 2016 2015 2014 2013 2012 2011 Number of shares D 216,029,171 191,994,398 158,166,534 158,262,268 155,872,171 116,539,017 50,230,437 50,000,000 50,000,000 WEDNESDAY 20 MAY 2020 EBITDA 2.50 1.21 1.73 3.00 3.93 1.74 1.99 2.41 2.57 Annual General Meeting of Shareholders 2020 EBIT 0.94 (0.20) 0.28 1.56 2.58 0.36 (0.73) (1.14) (0.80) Net profit 0.52 (0.57) 0.01 1.29 2.25 (0.39) (1.79) (2.37) (1.92) THURSDAY 6 AUGUST 2020 Announcement of second quarter results 2020 IN EUR PER SHARE 2019 2018 2017 2016 2015 2014 2013 2012 2011 TUESDAY 11 AUGUST 2020 Rate of exchange 1.1234 1.1450 1.1993 1.0541 1.0887 1.2141 1.3791 1.3194 1.2939 Half year report 2020 available on website EBITDA 2.23 1.05 1.44 2.85 3.61 1.43 1.44 1.83 1.98 EBIT 0.84 (0.18) 0.23 1.48 2.37 0.30 (0.53) (0.86) (0.62) THURSDAY 5 NOVEMBER 2020 Net profit 0.46 (0.50) 0.01 1.22 2.06 (0.32) (1.29) (1.80) (1.48) Announcement of third quarter results 2020 HISTORY OF DIVIDEND 2019 2018 2017 2016 2015 2014 2013 2012 2011 THURSDAY 4 FEBRUARY 2021 PER SHARE Announcement of fourth quarter results 2020 Dividend (USD per share) 0.35 E 0.12 0.12 0.77 1.69 0.00 0.00 0.00 0.00 Of which interim div. of 0.06 0.06 0.06 0.55 0.62 0.00 0.00 0.00 0.00 A The comparative figures for 2013 have been restated following the application of IFRS 10 & IFRS 11 on Joint Arrangements. B EBITDA (a non-IFRS measure) represents operating earnings before interest expense, income taxes and depreciation expense attributable to us. EBITDA is presented to provide investors with meaningful additional information that management uses to monitor ongoing operating results and evaluate trends over comparative periods. We believe that EBITDA is useful to investors as the shipping industry is capital intensive which often brings significant cost of financing. EBITDA should not be considered a substitute for profit/(loss) attributable to us or Representation by the persons cash flow from operating activities prepared in accordance with IFRS as adopted by the European Union or as a measure of profitability or liquidity. The definition of EBITDA used here may not be comparable to that used by other companies. responsible for the fi nancial statements C Time Charter Equivalent. D Excluding 4,946,216 shares held by the Company in 2019 (2018: 1,237,901 shares and 2017: 1,042,415 shares). and for the management report E The total gross dividend paid in relation to 2019 of USD 0.35 per share is the sum of the interim dividend paid in October 2019 in addition to the proposed amount of USD 0.29 per share Mr Carl Steen, Chairman of the Board of Directors, Mr Hugo De proposed to the Annual Shareholder’s Meeting of 20 May 2020. F Ratio is based on the actual exchange rate EUR/USD on the day of the dividend announcement if any. Stoop, CEO and Mrs Lieve Logghe, CFO, hereby certify that, to G The Group initially applied IFRS 15 and IFRS 9 at 1 January 2018. Under the transaction methods chosen, comparative information is not restated. the best of their knowledge, H The Group initially applied IFRS 16 at 1 January 2019, using the modified retrospective approach. Under this approach, comparative information is not restated. (a) the consolidated fi nancial statements as of and for the Consolidated statement of financial position 2011 - 2019 year ended 31 December 2019, which have been prepared in accordance with International Financial Reporting Standards (in thousands of USD) 31.12.2019 31.12.2018 31.12.2017 31.12.2016 31.12.2015 31.12.2014 31.12.2013 31.12.2012 31.12.2011 A (IFRS) as adopted by the European Union, give a true and fair Restated view of the assets, liabilities, fi nancial position and results of Euronav NV and the entities included in the consolidation, and ASSETS (b) the annual report includes a true and fair view of the Non-current assets 3,362,594 3,606,210 2,530,337 2,673,523 2,665,694 2,558,505 1,728,993 2,065,448 2,159,442 Current assets 802,249 521,141 280,636 373,388 375,052 537,855 191,768 297,431 291,874 evolution of the activities, results and situation of Euronav NV and the entities included in the consolidation, and contains a TOTAL ASSETS 4,164,843 4,127,351 2,810,973 3,046,911 3,040,746 3,096,360 1,920,761 2,362,879 2,451,316 description of the main risks and uncertainties they may face. LIABILITIES Equity 2,311,855 2,260,523 1,846,361 1,887,956 1,905,749 1,472,708 800,990 866,970 980,988 Non-current liabilities 1,536,938 1,579,706 805,872 969,860 955,490 1,328,257 874,979 1,186,139 1,221,349 Current liabilities 316,050 287,122 158,740 189,095 179,507 295,395 244,792 309,770 248,979 TOTAL LIABILITIES 4,164,843 4,127,351 2,810,973 3,046,911 3,040,746 3,096,360 1,920,761 2,362,879 2,451,316 Key fi gures Consolidated statement of profit or loss 2011 - 2019 (in thousands of USD) 2019 H 2018 G 2017 2016 2015 2014 2013 2012 2011 Restated A Revenues 932,377 600,024 513,368 684,265 846,507 473,985 304,622 410,701 394,457 EBITDAB 540,668 231,513 273,451 475,005 612,659 202,767 100,096 120,719 128,368 EBIT 202,966 (39,179) 43,579 247,241 402,453 41,814 (36,862) (56,794) (40,155) Net profit 112,230 (110,070) 1,383 204,049 350,301 (45,797) (89,683) (118,596) (95,986) TCE C YEAR AVERAGE 2019 2018 2017 2016 2015 2014 2013 2012 2011 VLCC 35,874 23,005 27,773 41,863 55,055 27,625 18,300 19,200 18,100 Suezmax 37,747 30,481 22,131 26,269 35,790 25,930 22,000 24,100 27,100 Spot Suezmax 24,119 15,784 18,002 27,498 41,686 23,382 16,600 16,300 15,400 IN USD PER SHARE 2019 2018 2017 2016 2015 2014 2013 2012 2011 Number of shares D 216,029,171 191,994,398 158,166,534 158,262,268 155,872,171 116,539,017 50,230,437 50,000,000 50,000,000 EBITDA 2.50 1.21 1.73 3.00 3.93 1.74 1.99 2.41 2.57 EBIT 0.94 (0.20) 0.28 1.56 2.58 0.36 (0.73) (1.14) (0.80) Net profit 0.52 (0.57) 0.01 1.29 2.25 (0.39) (1.79) (2.37) (1.92) IN EUR PER SHARE 2019 2018 2017 2016 2015 2014 2013 2012 2011 Rate of exchange 1.1234 1.1450 1.1993 1.0541 1.0887 1.2141 1.3791 1.3194 1.2939 EBITDA 2.23 1.05 1.44 2.85 3.61 1.43 1.44 1.83 1.98 EBIT 0.84 (0.18) 0.23 1.48 2.37 0.30 (0.53) (0.86) (0.62) Net profit 0.46 (0.50) 0.01 1.22 2.06 (0.32) (1.29) (1.80) (1.48) HISTORY OF DIVIDEND 2019 2018 2017 2016 2015 2014 2013 2012 2011 PER SHARE Dividend (USD per share) 0.35 E 0.12 0.12 0.77 1.69 0.00 0.00 0.00 0.00 Of which interim div.
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