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Q3 2020 Earnings Presentation – Euronav NV

Euronav NV · Nov 2, 2020 · 13 slides

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Slides

  1. Q3 2020 Earnings Presentation – Euronav NV – slide 1
    EARNINGS CALL Q3 2020 1
  2. Q3 2020 Earnings Presentation – Euronav NV – slide 2
    CONTENT 1. Q3 2020 HIGHLIGHTS 2. FINANCIAL REVIEW 3. CURRENT THEMES 4. Q&A 3
  3. Q3 2020 Earnings Presentation – Euronav NV – slide 3
    HIGHLIGHTS Q3 2020 45000 VLCC 40000 35000 Q3 Challenging winter market conditions due to OPEC+ cuts, slower demand 20 30000 recovery due to COVID-19 and increasing vessel capacity P&L 25000 Q3 Dividend: USD 18.5 million or USD…
  4. Q3 2020 Earnings Presentation – Euronav NV – slide 4
    CAPITAL ALLOCATION - EURONAV Q3 2020 Debt Cash Buy Backs Fleet Repayment Dividends Equity & Bonds Growth/Renewal Mandatory debt YTD Dividend Equity Outstanding repayment FY20 1.57 per share YTD 100m buy capex 236m of Term Loan back…
  5. Q3 2020 Earnings Presentation – Euronav NV – slide 5
    FINANCIAL HIGHLIGHTS INCOME KEY KPIs Q3 Revenues : 241 M (in million) Third quarter 2020 Year-to-date 2020 Year-to-date 2019 EBITDA : 145 M Net income : 46.2 M Revenue 241.0 1,092.3 577.2 Other operating income 1.9 7.9 4.6 P&L…
  6. Q3 2020 Earnings Presentation – Euronav NV – slide 6
    FINANCIAL HIGHLIGHTS BALANCE SHEET HIGHLIGHTS (in million) Sep-20 Dec-19 1 Leverage Cash 161.6 297.0 Restricted cash 0.0 0.0 35.8% leverage to book value Other current assets 371.0 505.3 Long term assets: Newbuildings Vessels 130.6…
  7. Q3 2020 Earnings Presentation – Euronav NV – slide 7
    FINANCING ESG IN ACTION Ship Financing traditional model Green Ship Financing model Emission targets IMO All banks to agree 469m revolver First sustainable linked 713m loan signed in sustainable September 2020 linked loan 244m…
  8. Q3 2020 Earnings Presentation – Euronav NV – slide 8
    RECYCLING WHEN VLCC RATES GO BELOW P&L BREAK EVEN = ON AVERAGE 5% FLEET DEPARTS 5% of current fleet = 41 VLCC 9% 30,000 8% 8% 8% 8% 7% 25,000 % of VLCC fleet recycled during year 7% VLCC freight rate for Year 6% 6%…
  9. Q3 2020 Earnings Presentation – Euronav NV – slide 9
    NOT ALL TANKERS ARE EQUAL Market VLCC 15 Year Old VLCC Eco VLCC Fuel Fuel Fuel Fuel Freight Freight Freight TCE TCE x80% TCE Consumption 60 tonnes 70 tonnes 54 tonnes Utilisation 100% 80% 100% Opex + DD 10,095…
  10. Q3 2020 Earnings Presentation – Euronav NV – slide 10
    AND MANY OF THESE FACE SPECIAL SURVEY OVER THE NEXT 3 QUARTERS 25 No of VLCC required to go through SS4 (17.5 yrs) or older 20 20 19 18 18 15 10 5 0 Q4 20 Q1 21 Q2 20 Q3 20
  11. Q3 2020 Earnings Presentation – Euronav NV – slide 11
    FSO 10 YEAR EXTENSION TO 2032 10 year contract extension starting Q3 2022 645m additional Revenue for JV over 10 years Debt free by Q3 2022 100% uptime since original contract 2010 NO additional capex required FSO+ : More than…
  12. Q3 2020 Earnings Presentation – Euronav NV – slide 12
    OUTLOOK TANKER MARKET REMAINS IN TRANSITION PHASE Demand for Supply Vessel Euronav Oil Ton miles Balance of Oil Supply sheet Covid 19 restrictions OPEC+ driving US export growth Orderbook to fleet Liquidity of 1bn lowering…
  13. Q3 2020 Earnings Presentation – Euronav NV – slide 13
    Q&A 14

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