CMB JAARVERSLAG 2014

CMB JAARVERSLAG 2014

Maatschappelijke zetel De Gerlachekaai 20 | BE 2000 Antwerpen Tel.: 323-2475911 | Fax: 323-2480906 E-mail: [email protected] | Website: www.cmb.be RPR Antwerpen VAT BE 0404 535 431 Beelden: Polar Circles 2014 Voor de illustratie van dit jaarverslag werd gebruik gemaakt van beelden gemaakt tijdens Groenland ICE expeditie. Met deze expeditie slaagden Belg Dixie Dansercoer en Canadees Eric McNair er als eerste in om na 55 dagen de volledige ijskap van Groenland volledig per kite rond te gaan. De expeditie startte op 10 april 2014 en eindigde 55 dagen later op 4 juni 2014. Meer informatie is beschikbaar op www.greendlandice.be Verantwoordelijke uitgever: Marc Saverys, De Gerlachekaai 20, BE 2000 Antwerpen. This year report is also available in English.

CMB nv Belgische Scheepvaartmaatschappij Verslagen over het boekjaar 2014 voorgelegd aan de algemene vergadering van aandeelhouders van 12 mei 2015

INHOUD

VERSLAG VAN DE RAAD VAN BESTUUR

5

10

Corporate Governance verklaring

6 Activiteitsgebieden

25

Risico’s en onzekerheden

9

27

Jaaroverzicht 2014

30

Vlootoverzicht op 31 december 2014

2

CMB–Groep samengevat Brief van de voorzitter

OVERZICHT EN GECONSOLIDEERDE

GECONSOLIDEERDE REKENINGEN

SLEUTELCIJFERS PER DIVISIE: 10 xxx 35

Bocimar – droge bulk

41

ASL Aviation – luchtvaart

44

Andere activiteiten

49 Resultaatverwerking 50 Kalender

STATUTAIRE REKENINGEN 10 xxx

3

4

CMB De nv CMB, Belgische Scheepvaartmaatschappij, is een maritieme groep met maatschappelijke zetel te Antwerpen. Haar aandelen worden genoteerd op NYSE Euronext Brussel en maken deel uit van de Next 150 index en van de BelMid. De belangrijkste deelnemingen van de CMB-Groep zijn actief in het zeevervoer van droge bulk, de uitbating van containerschepen en in de luchtvaart.

CMB-Groep GECONSOLIDEERDE SLEUTELCIJFERS

2014

2013

omzet

495.871

440.292

EBITDA

44.685

104.130

afschrijvingen en bijzondere waardeverminderingen

-96.523

-99.152

EBIT (bedrijfsresultaat

-51.838

4.978

netto financiële kost

-10.066

15.337

andeel in het resultaat van geassocieerde deelnemingen

34.266

29.417

resultaat vóór belasting

-27.638

49.732

-110

-38

-27.748

49.694

-27.748

49.694

0

0

materiële vaste activa

1.326.791

1.499.031

eigen vermogen

1.033.471

1.081.972

487.853

609.389

EBITDA

1,28

3,01

EBIT (bedrijfsresultaat)

-1,48

0,14

resultaat over de periode

-0,79

1,44

eigen vermogen

29,53

31,27

Brutodividend

0,00

0,24

Nettodividend

0,00

0,18

Hoogste koers van het aandeel

22,81

22,78

Laagste koers van het aandeel

13,89

14,17

35.000.000

34.598.750

in duizenden USD

belastingen resultaat na belasting toerekenbaar aan eigenaars van de moedermaatschappij minderheidsbelangen

leningen op meer dan één jaar in USD per aandeel

in EUR per aandeel

Aantal aandelen

5

ACTIVITEITSGEBIEDEN

BOCIMAR DROGE BULK Bocimar is een reder gespecialiseerd in het vervoer van droge

Bocimar ook actief als koper en verkoper van zowel tweedehands- als

bulkgoederen. Bocimar beschikt over een moderne vloot van zowel

nieuwbouwschepen.

eigen als ingehuurde schepen van het type capesize (> 150.000  dwt),

Eind 2014 bestaat de vloot van Bocimar, in volledige of gedeeltelijke

panamax (70.000 tot 85.000 dwt), postpanamax (85.000 tot

eigendom, uit 25 capesize-eenheden (waarvan 1 in aanbouw), 2 post-

100.000  dwt), supramax (50.000 tot 65.000 dwt) en handysize

panamaxeenheden (waarvan 1 in bestelling), 4 supramaxeenheden

(25.000  tot 37.000 dwt). Naast het vervoer van droge bulkgoederen is

en 16 handysize-eenheden.

6

ASL AVIATION LUCHTVAART

ANDERE ACTIVITEITEN

ASL Aviation is gespecialiseerd in luchtvaartoperaties, dienstverlening

De CMB-Groep houdt een deelneming aan in de groepsvennoot­

en leasingactiviteiten.

schap RESLEA (vastgoed), in de scheepsmanager ANGLO-EASTERN

Per 31 december 2014 baat de ASL-Groep een vloot van 86 vliegtuigen

MANAGEMENT GROUP (AEMG) en in CHEMTOGETHER (50%).

uit, waarvan 58 in eigendom. De vloot omvat zowel Boeing B737,

Op het einde van 2014 heeft CMB 3 chemicaliëntankers in gedeelte­

ATR 42 en 72 als Hercules L382.

lijke eigendom in aanbouw en 4 containerschepen in aanbouw

ASL is een joint venture tussen CMB (51%) en 3P Air Freighters (49%)

of bestelling.

(een privaat equity fonds beheerd door Petercam). 7

8

Dames en Heren, Geachte aandeelhouders,

Het is voor mij een grote eer om Burggraaf Stevy Davignon te kunnen opvolgen als Voorzitter van uw Raad van Bestuur. Hij maakt sinds 1985 deel uit van onze Raad en hij heeft zich steeds met volle energie ingezet voor de ontwikkeling van onze Groep. Zijn wijze raad heeft ons dikwijls geholpen om de zware stormen, eigen aan onze industrie, te trotseren. Het is me dan ook een groot genoegen dat hij bereid is de functie van Ondervoorzitter op te nemen. 2014 was een moeilijk en ontgoochelend jaar. Tegen alle verwachtingen in, en ondanks een kleine opflakkering in het derde kwartaal, zijn de drogebulktarieven gedaald tot de historisch laagste niveaus sinds 1986. Een vertraging van de groei in China en Zuidoost Azië, en vooral het enorme aanbod aan nieuwe schepen ten gevolge van speculatieve bestellingen van de laatste jaren, hebben geleid tot een drastische verstoring van het evenwicht tussen vraag en aanbod. Deze dramatische vrachtenmarkten hebben in het vierde kwartaal van 2014 en het eerste kwartaal van 2015 al aanleiding gegeven tot een sterke stijging in het verschroten van oudere tonnage, het annuleren of vertragen van het bestaande orderboek en het uitblijven van nieuwe bestellingen. Dit zal op termijn leiden tot een beter evenwicht tussen vraag en aanbod en uiteindelijk tot een verhoging van de vrachten. ASL zette in 2014 een goed resultaat neer. Met de overname van de Zwitserse Farnair Groep heeft ASL haar positie in het cargosegment verder kunnen verstevigen. In het passagierssegment heeft ASL een succesvolle opstart gehad van de Zuid-Afrikaanse low-cost maatschappij FlySafair waarin ze een belang heeft van 25%. 2015 wordt ook het jaar van de integratie van de containeractiviteiten van Delphis in CMB. De vooruitzichten voor de containervaart zien er weer gunstiger uit. Zowel de vrachttarieven als de waarde van de schepen gaan in stijgende lijn. Op basis van de resultaten van het jaar 2014 zal geen dividend uitgekeerd worden. Het behouden van een belangrijke cash-reserve zou de Groep moeten toelaten om in te spelen op aantrekkelijke investeringsopportuniteiten in onze scheepvaartsectoren. Ten slotte wens ik alle medewerkers van de Groep te bedanken en feliciteren voor hun inzet en toewijding tijdens het turbulente afgelopen jaar.

Marc Saverys

9

CORPORATE GOVERNANCE-VERKLARING CMB verbindt zich tot het naleven van alle toepasselijke wettelijke bepalingen inzake corporate governance en hanteert de principes uit de 2009 Belgische corporate governance code als referentie. CMB beschikt sinds 2006 over een corporate governance charter. De meest recente versie (2014) van het CMB corporate governance charter is beschikbaar op de website van de vennootschap (http://www.cmb.be onder de hoofding Investor Relations doorklikken naar Corporate Governance Charter). In dit hoofdstuk bespreekt de raad van bestuur de feitelijke informatie aangaande het gevoerde corporate governance beleid van de vennootschap. Indien van toepassing zal er, in dit hoofdstuk, tevens toelichting gegeven worden bij de redenen waarom de vennootschap afwijkt van sommige bepalingen van de code. In overeenstemming met artikel 34 van het koninklijk besluit van 14 november 2007 dienen beursgenoteerde vennootschappen in hun jaarverslag relevante informatie op te nemen die een impact kan hebben in het geval van een openbaar overnamebod. De elementen bedoeld in vermelde regelgeving die van toepassing zijn op de vennootschap worden eveneens in dit hoofdstuk behandeld (met name een overzicht van de kapitaalstructuur van de vennootschap, belangrijke aandelenparticipaties van derden die de door de wet en de statuten voorgeschreven drempels overschrijden, de statutaire regels voor benoeming en vervanging van de bestuurders en voor de wijziging van de statuten en de bevoegdheid van de raad van bestuur tot inkoop van eigen aandelen). De andere elementen voorzien in hogervermeld artikel 34 zijn momenteel niet van toepassing op de vennootschap. De relevante gebeurtenissen die plaatsvonden in het boekjaar 2014 worden besproken in het hoofdstuk “Jaaroverzicht”.

1/ Belangrijkste kenmerken van de interne controle- en risicobeheersystemen van de vennootschap De inschatting van de risico’s eigen aan de activiteiten van de Groep en de evaluatie van de doeltreffendheid van de interne controle behoren tot de verantwoordelijkheid van de raad van bestuur. De raad van bestuur wordt voor wat haar opdracht van risicobeoordeling en –beheer betreft, bijgestaan door het auditcomité. Het auditcomité onderzoekt op regelmatige basis die gebieden die door de interne audit geïdentificeerd werden als gebieden waar risico’s een grote impact kunnen hebben op de financiële situatie en reputatie van de Groep. Het is de verantwoordelijkheid van het management om passende interne controles en risicobeheersystemen te ontwikkelen en te handhaven. Deze controles moeten toelaten om een redelijke zekerheid te bieden omtrent de betrouwbaarheid van de financiële informatie, mits naleving van de toepasselijke vereisten. De controle- en risicobeheersystemen worden op continue basis bijgewerkt en aangepast. Ze zijn ontworpen om fouten en onvolkomenheden in de financiële verslaggeving tijdig te ontdekken en te voorkomen. CMB heeft een corporate governance charter en een deontologische code (“code of conduct”) opgesteld. Deze zorgen ervoor dat de bestuurders en het personeel van de Groep zich houden aan alle wettelijke bepalingen en aan de corporate governance beginselen. Het management ziet toe op de naleving hiervan.

10

2/ Kapitaal, aandelen, aandeelhouders CMB stelt haar rekeningen op in USD en het maatschappelijk kapitaal is tevens in USD uitgedrukt. Op 31 december 2014 bedroeg het kapitaal van de vennootschap nog steeds 35.000.000 USD, vertegenwoordigd door 35.000.000 gewone aandelen zonder vermelding van nominale waarde. Het kapitaal is volledig volstort. Alle aandelen zijn genoteerd op NYSE Euronext Brussel (CMB: ISIN BE0003817344). Toegestaan kapitaal: bij besluit van de buitengewone algemene vergadering de dato 13 mei 2014 werd aan de raad van bestuur de bevoegdheid verleend om binnen een periode van vijf jaar te rekenen van de datum van de bekendmaking van het besluit (zijnde 30 mei 2014), in één of meer malen, op de wijze en tegen de voorwaarden die de raad zal bepalen, het kapitaal te verhogen met een maximumbedrag van 10.400.000 USD. Sinds september 2013 heeft CMB geen eigen aandelen meer in de portefeuille. De buitengewone algemene vergadering van 13 mei 2014 heeft de machtiging verleend aan de raad van bestuur om, onder bepaalde voorwaarden, eigen aandelen van de vennootschap in te kopen, hernieuwd. Deze machtiging is geldig gedurende 5 jaar. In het kader van de OBA-wetgeving ontving CMB in augustus 2014 een update van de initiële aanmelding van Saverco NV. Deze informatie is beschikbaar op de CMB-website (http://www.cmb.be onder de hoofding Investor Relations doorklikken naar The CMB Share). Op dezelfde plaats kan eveneens alle informatie met betrekking tot het CMB-aandeel en de aandeelhoudersstructuur geraadpleegd worden. Op basis van de meest recente kennisgevingen evenals informatie die publiek beschikbaar is, ziet de aandeelhoudersstructuur er sinds 3 november 2014 als volgt uit:

SAVERCO NV/Marc Saverys VICTRIX NV/Virginie Saverys Derden

Aantal aandelen

%

17.740.092

50,69 %

5.617.543

16,05 %

11.642.365

33,26 %

35.000.000

100,00 %

De vennootschap heeft geen weet van aandeelhouders die in onderling overleg handelen of van aandeelhoudersovereenkomsten. Er zijn geen statutaire beperkingen voor de overdracht van aandelen.

11

In de loop van 2014 evolueerde de koers van het CMB-aandeel als volgt: EVOLUTIE KOERS CMB-AANDEEL JAN 2014 – DEC 2014 EVOLUTIE KOERS CMB AANDEEL JAN 2014  DEC 2014

in EUR 24.00

22.00

20.00

18.00

16.00

14.00

12.00 jan

feb

maa

apr

mei

jun

jul

aug

sep

okt

nov

dec

3/ Algemene aandeelhoudersvergadering Overeenkomstig de statutaire bepalingen vindt de jaarlijkse (gewone) algemene aandeelhoudersvergadering van CMB plaats op de tweede dinsdag van mei om 14u30. In 2015 zal de gewone algemene vergadering doorgaan te 2000 Antwerpen, Schaliënstraat 5 in de Philippe Saverys room (5de  verdieping). De regels voor de bijeenroeping, deelname (registratieformaliteiten en vertegenwoordiging), aandeelhoudersrechten, het verloop van de vergaderingen, de uitoefening van het stemrecht, agenda en alle andere informatie en/of documenten met betrekking tot de vergaderingen zijn beschikbaar op de CMB-website (http://www.cmb.be onder de hoofding Investor Relations doorklikken naar General Assemblies). Deze informatie wordt eveneens per brief overgemaakt aan alle aandeelhouders op naam. Iedere wijziging van de statuten dient ter goedkeuring voorgelegd te worden aan een buitengewone algemene aandeel­ houdersvergadering. Voor wijzigingen van de statuten van CMB moet de algemene vergadering voldoen aan de aanwezigheids- en meerderheidsvereisten zoals voorgeschreven in het W.Venn. en artikel 38 van de gecoördineerde statuten van CMB.

4/ Raad van bestuur en comités 4.1. SAMENSTELLING RAAD VAN BESTUUR Op 31 december 2014 bestond de raad van bestuur uit tien leden, waarvan vier uitvoerende bestuurders en zes niet-uitvoerende bestuurders. Van de niet-uitvoerende bestuurders zijn er momenteel drie onafhankelijke bestuurders die allen voldoen aan de strengere onafhankelijkheidscriteria zoals bepaald in het artikel 526ter W.Venn. Op 23 september 2014 heeft de raad van bestuur besloten haar samenstelling te wijzigen. De heer Etienne Davignon heeft het voorzitterschap doorgegeven aan de heer Marc Saverys. De heer Davignon werd benoemd tot ondervoorzitter en de heer Alexander Saverys werd benoemd tot gedelegeerd bestuurder van CMB. De heer Marc Saverys blijft een uitvoerend bestuurder van CMB.

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Overeenkomstig huidige wetgeving dient de samenstelling van de raad van bestuur van CMB - als beursgenoteerde vennootschap met een free float van minder dan 50% - vanaf 1 januari 2019 tevens te voldoen aan de vereisten inzake genderdiversiteit. Om in overeenstemming te zijn met de geldende bepalingen qua genderdiversiteit zou bij eventuele vervanging of benoeming van een bestuurder nog één vrouwelijke bestuurder aangesteld moeten worden.

UITVOERENDE BESTUURDERS: Marc Saverys (1954), bestuurder sinds 1991, voorzitter sinds 23 september 2014 Gedelegeerd bestuurder van 1992 tot september 2014. Zijn ambtsperiode loopt af op de jaarlijkse algemene vergadering van 2015. Alexander Saverys (1978), bestuurder sinds 2006, gedelegeerd bestuurder sinds 23 september 2014 Zijn ambtsperiode loopt af op de jaarlijkse algemene vergadering van 2015. Ludwig Criel (1951), bestuurder sinds 1991 Zijn ambtsperiode loopt af op de jaarlijkse algemene vergadering van 2015. Benoît Timmermans (1960), bestuurder sinds 2004 Zijn ambtsperiode loopt af op de jaarlijkse algemene vergadering van 2016.

NIET–UITVOERENDE BESTUURDERS: Etienne Davignon (1932), bestuurder sinds 1985, vicevoorzitter sinds 23 september 2014 Voorzitter van CMB van 1989 tot 1998 en van 2002 tot september 2014. Zijn ambtsperiode loopt af op de jaarlijkse algemene vergadering van 2017. Zijn belangrijkste functie buiten CMB is voorzitter van Genfina (Groep GDF Suez) en voorzitter van Brussels Airlines. Jean-Pierre Blumberg1 (1957), bestuurder sinds 2011 Zijn ambtsperiode loopt af op de jaarlijkse algemene vergadering van 2017. Zijn belangrijkste functie buiten CMB is Managing Partner Europe bij Linklaters. Jean-Pierre Hansen1 (1948), bestuurder sinds 2011 Zijn ambtsperiode loopt af op de jaarlijkse algemene vergadering van 2017. Zijn belangrijkste functie buiten CMB is raadgever bij GDF Suez. Fiona Morrison1 (1959), bestuurder sinds 2011 Haar ambtsperiode loopt af op de jaarlijkse algemene vergadering van 2016. Haar belangrijkste functie buiten CMB is gedelegeerd bestuurder van de firma BVBA J. Thienpont en Master of Wine. NV Victrix met als vaste vertegenwoordiger Virginie Saverys (1960), bestuurder sinds 1993, mandaat via rechtspersoon sinds mei 2010 De ambtsperiode van NV Victrix loopt af op de jaarlijkse algemene vergadering van 2016. De belangrijkste functie van mevrouw Virginie Saverys buiten CMB is eigenaar en voorzitter van de wijngaard Avignonesi (Montepulciano, Italië). NV A.P.E. met als vaste vertegenwoordiger Eric Verbeeck (1944), bestuurder sinds 2001, mandaat via rechtspersoon sinds mei 2010 De ambtsperiode van NV A.P.E. loopt af op de jaarlijkse algemene vergadering van 2016. De belangrijkste functie van de heer Eric Verbeeck buiten CMB is bestuurder van Interbuild.

1

Onafhankelijke bestuurders.

13

Op datum van de algemene vergadering van 12 mei 2015 vervallen de bestuurdersmandaten van drie bestuurders, met name van de heren Marc Saverys, Alexander Saverys en Ludwig Criel. Vermelde bestuurders zijn herkiesbaar. Voorts wordt de heer Carl Steen voorgedragen als nieuw lid van de raad van bestuur. De raad van bestuur zal, na advies van het benoemings- en remuneratiecomité, aan de aandeelhoudersvergadering de volgende voorstellen van besluit ter goedkeuring voorleggen: Voorstellen van besluit:

“(a) het mandaat van uitvoerend bestuurder van de heer Marc Saverys te hernieuwen voor een periode van drie jaar, vervallend na de gewone algemene vergadering van 2018.



(b) het mandaat van uitvoerend bestuurder van de heer Ludwig Criel te hernieuwen voor een periode van drie jaar, vervallend na de gewone algemene vergadering van 2018.



(c) het mandaat van de heer Alexander Saverys, voortaan als uitvoerend bestuurder, te hernieuwen voor een periode van drie jaar, vervallend na de gewone algemene vergadering van 2018.



(d) een mandaat van niet-uitvoerend bestuurder toe te vertrouwen aan de heer Carl Steen voor een eerste periode van één jaar, vervallend na de gewone algemene vergadering van 2016.”

4.2. BENOEMING BESTUURDERS Bestuurders worden benoemd, herbenoemd of ontslagen bij meerderheid van stemmen door de aandeelhoudersvergadering. De raad van bestuur legt de voorstellen met betrekking tot de benoeming of herbenoeming van bestuurders voor aan de aandeelhoudersvergadering, voorzien van een aanbeveling van het benoemings- en remuneratiecomité. Indien wegens overlijden, ontslag of een andere reden, een plaats van bestuurder vrijkomt, hebben de overige leden van de raad van bestuur het recht tijdelijk in de vacature te voorzien tot aan de eerstvolgende algemene vergadering die tot de definitieve vervanging overgaat. De bestuurder die in vermelde omstandigheden wordt aangesteld, wordt slechts benoemd voor de tijd nodig om het mandaat van de bestuurder die hij vervangt te voleindigen. De raad van bestuur heeft besloten de benoeming van de heer Carl Steen als niet-uitvoerend bestuurder voor te stellen aan de algemene vergadering. De heer Steen zal gezien zijn rijke ervaring in de financiële wereld als lid van het directiecomité van de Noorse bank Nordea, een belangrijke bijdrage leveren aan de werking van de raad van bestuur. 4.3. WERKING VAN DE RAAD VAN BESTUUR Tijdens de vergaderingen van de raad van bestuur werden in het bijzonder – naast de wettelijk verplichte onderwerpen zoals het opstellen van de rekeningen, van het jaarverslag en van het halfjaarlijks verslag, het opstellen van persberichten of het voorbereiden van algemene vergaderingen – de volgende onderwerpen behandeld: bedrijfsstrategie en bedrijfsstructuur, budgetten, tussentijdse resultaten en vooruitzichten, overzicht van de gang van zaken bij de voornaamste dochterondernemingen, investeringen en desinvesteringen in materiële vaste activa en deelnemingen, portefeuille en thesaurie, vloot en in- en verkoop van eigen aandelen. De door de raad van bestuur behandelde onderwerpen worden vooraf uitgebreid in een dossier toegelicht.

14

De raad van bestuur komt samen telkens het belang van de vennootschap zulks vereist, en telkens ten minste drie bestuurders het vragen. De werking van de raad van bestuur wordt geregeld door de statuten en de bepalingen van het charter van CMB. Zoals bepaald in de statuten van CMB is, in uitzonderlijke gevallen, wanneer de dringende noodzakelijkheid en het belang van de vennootschap zulks vereisen, een geschreven besluit, ondertekend en goedgekeurd door alle bestuurders, even geldig en bindend als een besluit genomen op een vergadering van de raad van bestuur die regelmatig werd bijeengeroepen en gehouden; om het even welkdanig besluit mag uit meer dan één document bestaan in soortgelijke vorm, elkeen getekend of voor echt verklaard door één of meerdere bestuurders. Een geschreven besluit is niet toegelaten voor de vaststelling van de jaarrekening en de aanwending van het toegestane kapitaal. De beslissingen in de raad van bestuur worden genomen in overeenstemming met artikel 22 van de statuten dat onder meer voorziet dat, in geval van staking van stemmen, de stem van de voorzitter doorslaggevend is. Tot nu toe heeft dit zich nog nooit voorgedaan. Sinds de buitengewone algemene vergadering van 9 mei 2003 blijven de leden van de raad van bestuur in functie voor een periode van maximum drie jaar. De statuten voorzien momenteel geen leeftijdsgrens voor de leden van de raad van bestuur. In 2014 kwam de raad van bestuur van CMB zeven maal samen, met name op 25 maart, 13 mei (informele vergadering), 16 juni, 26 augustus, 23 september, 28 oktober en 16 december. Voor alle vergaderingen waren alle bestuurders aanwezig, met uitzondering van NV A.P.E. (de heer Eric Verbeeck) en de heer Jean-Pierre Blumberg, voor wat de vergadering van 16 juni betreft, en mevrouw Fiona Morrison, voor de vergadering van 23 september. In 2014 werden door de raad van bestuur geen schriftelijke besluiten genomen. In 2014 heeft de raad van bestuur, naast wat hierboven vermeld staat, onder andere het volgende besproken en goedgekeurd: -

annulatie van acht scheepsbouwcontracten met Samjin;

-

annulatie van twee scheepsbouwcontracten met Imabari;

-

de verkoop van de Mineral Manila;

-

de verkoop van de bargeactiviteiten van Interbarge;

In de loop van het jaar heeft de secretaris een zelfevaluatie van de raad van bestuur georganiseerd. Uit deze enquête is vooral gebleken dat er een vraag was naar meer inductie voor de bestuurders en mogelijk bijkomende vergaderingen teneinde de algemene bedrijfsstrategie te bespreken. De raad van bestuur is op 28 oktober samengekomen om die strategie onder de loep te nemen.

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4.4. GEDRAGSREGELS INZAKE BELANGENCONFLICTEN Het beleid van de raad van bestuur inzake belangenconflicten wordt toegelicht in het CMB corporate governance charter (III.7 en V.7). Als algemene regel geldt dat eventuele verrichtingen tussen de vennootschap (of met haar verbonden vennootschappen) en bestuurders/leden van het directiecomité steeds aan marktconforme voorwaarden dienen te geschieden. Momenteel verleent Saverco nv administratieve diensten aan de CMB-Groep. Deze diensten worden gefactureerd aan marktconforme voorwaarden. Verder heeft de vennootschap geen weet van enige rechtstreekse en onrechtstreekse banden tussen de vennootschap en de belangrijkste aandeelhouders. In de loop van 2014 heeft er zich bij één gelegenheid een belangenconflict voorgedaan, met name met betrekking tot de goed­ keuring van de voorgestelde overname van de vloot van containerschepen van Delphis. De bepalingen van artikel 523 en 524 van het W. Venn. werden nageleefd. Ondanks het feit dat strikt cijfermatig deze procedure niet diende toegepast te worden, werd de procedure voorgeschreven in art 524 W.Venn toch nageleefd gezien het strategisch belang en de belangrijke impact van de voorgestelde transactie op de balans van CMB. De heren Marc Saverys, Ludwig Criel, Alexander Saverys en Benoit Timmermans hebben aldus niet deelgenomen aan de beraadslagingen en aan de stemming van de raad van bestuur voor dit agendapunt omwille van een persoonlijk belangenconflict conform art 523 W.Venn. Uit de notulen van de raad van bestuur van 16 december 2014 is gebleken dat: 1. Rapport van onafhankelijke bestuurders

Ondanks het feit dat strikt cijfermatig deze procedure niet diende toegepast te worden, werd de procedure voorgeschreven in art 524 W. Venn toch nageleefd gezien het strategisch belang en de belangrijke impact van de voorgestelde transactie op de balans van CMB. De heren Marc Saverys, Ludwig Criel, Alexander Saverys en Benoit Timmermans hebben aldus niet deelgenomen aan de beraadslagingen en aan de stemming van de raad van bestuur voor dit agendapunt omwille van een persoonlijk belangenconflict conform art 523 W. Venn.



Beoordeling voorgestelde transactie:



De raad van bestuur heeft het voorstel van het management en het verslag van het comité van onafhankelijke bestuurders besproken. Het verslag van het comité van onafhankelijke bestuurders besluit dat de voorgestelde transactie niet kennelijk onrechtmatig is en ook geen nadeel betekent voor de vennootschap noch strijdig is met de belangen van de vennootschap.



De raad van bestuur is verder van oordeel dat de voorgestelde transactie – die uitvoerig omschreven wordt in het rapport van onafhankelijke bestuurders dat aangehecht is aan de notulen – in het strategisch belang is van de vennootschap.



Niet alleen worden potentiële belangenconflicten op het niveau van de Saverco-Groep geëlimineerd maar biedt de transactie een interessante mogelijkheid voor de vennootschap om in de container business te stappen.



Er dient echter wel opgemerkt te worden dat de voorgestelde transactie nog moet worden goedgekeurd door de financierende banken. Deze goedkeuring wordt verwacht voor begin januari 2015.



Beoordeling modaliteiten:



Teneinde de modaliteiten van de transactie te beoordelen heeft het comité van onafhankelijke bestuurders zich laten bijstaan door financiële en juridische experten die op hun beurt beroep hebben gedaan op een aantal gevestigde scheepsmakelaars teneinde een aantal waarderingen te toetsen.

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De raad van bestuur heeft vandaag akte genomen van de bevindingen van het comité van onafhankelijke bestuurders en merkt in het bijzonder het volgende op: (i)

De negatieve prijs van - 2.564.658 USD dient vergeleken te worden met de door de financiële experten vooropgestelde equity value prognoses voor de voorgestelde transactie samen met de simultane transactie waarbij de andere 50 pct van de schepen van Fair Hope Limited worden aangekocht door CMB voor 4.750.000 USD (wat de globale prijs van de transactie voor CMB op 2.185.342 USD brengt). Die equity value prognoses geven 240.5 USD miljoen volgens de managementprognoses, 74.9 USD miljoen voor een base case en 16.9 USD miljoen voor een low case. Deze equity value prognoses worden voornamelijk beïnvloed door de zeven tijdsbevrachtingsovereenkomsten voor de ice-class schepen die onder Fair Hope vallen.

(ii) Er wordt verwacht dat door de voorgestelde transactie samen met de aankoop van de schepen van Fair Hope de earnings-per-share zullen toenemen van - 0.54 USD tot - 0.42 USD. (iii) De voorgestelde transactie zal de vennootschap toelaten haar portefeuille van schepen en inkomstenbronnen in de scheepsmarkten te diversifiëren. (iv) De voorgestelde transactie biedt de vennootschap de mogelijkheid om schepen te kopen aan aantrekkelijke prijzen die voldoende ruimte laten voor opwaarts potentieel. De scheepsmakelaars die werden geconsulteerd delen de mening van het management dat de containermarkten een positieve toekomst tegemoet gaan, vooral in het ‘ice-class’-marktsegment.

De voorgestelde transactie zal ook de schuldgraad van de groep substantieel verhogen maar blijft desondanks onder het gemiddelde van de sectorgenoten. De raad van bestuur verzoekt het management wel om bijzondere aandacht te besteden aan de naleving van de financiële covenanten op het vlak van de cash en het werkkapitaal en zo nodig de gepaste maatregelen te nemen.



Besluit van de raad van bestuur:



Alle hierboven vermelde elementen in acht genomen en in het licht van de grondige analyses van het comité van onafhankelijke bestuurders alsmede van de financiële en juridische experten, keurt de raad van bestuur de voorgestelde transactie door het management goed onder voorbehoud van de goedkeuring van de financierende banken.

De Commissaris verklaart dat zijn nazicht van bovenvermelde procedure niet resulteerde in bevindingen die een belangrijke invloed zouden kunnen hebben op de getrouwheid van de gegevens vermeld in het advies van het Comité van Onafhankelijke Bestuurders de dato 13 december 2014 en in de notulen van de raad van bestuur de dato 16 december 2014. 4.5. COMITÉS VAN DE RAAD VAN BESTUUR De raad van bestuur wordt bijgestaan door twee gespecialiseerde adviserende comités, met name het auditcomité en het benoemingsen remuneratiecomité. AUDITCOMITÉ CMB beschikt over een auditcomité in overeenstemming met artikel 526bis van het W.Venn en samengesteld in overeenstemming met de Corporate Governance bepalingen. In overeenstemming met artikel 96 9° van het W. Venn. wordt bevestigd dat de heer Jean-Pierre Hansen, voorzitter van het auditcomité, deskundig is op het gebied van boekhouding en audit. Leden: Jean–Pierre Hansen – voorzitter Etienne Davignon Fiona Morrison

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De samenstelling, bevoegdheden, opdrachten, werking en evaluatie van het auditcomité worden uitvoerig toegelicht in het CMB‑charter. Het auditcomité kwam in 2014 driemaal samen, met name op 25 maart, 26 augustus en 16 december. Op alle vergaderingen was iedereen aanwezig. In 2014 heeft het auditcomité de raad van bestuur bijgestaan in de uitoefening van zijn verantwoordelijkheden voor het opvolgen van de controle in de meest ruime zin. Tijdens de vergaderingen werden onder andere de volgende onderwerpen behandeld: – nazicht van de geconsolideerde – zowel jaarlijkse als halfjaarlijkse - financiële staten van CMB, met voor wat de jaarrekening betreft, bijzondere aandacht voor de waardering van de vloot, de waardering van de beleggingsportefeuille en hangende geschillen; – beoordelen van de afdoendheid van het interne controle- en risicobeheersysteem van CMB met inbegrip van de procedures voor de inschatting van de risico’s op het gebied van afgeleide producten; – aanstelling en evaluatie van de interne auditfunctie; – bespreking van de diverse interne controleopdrachten, uitgevoerd door de interne audit; – nakijken van de persberichten, voornamelijk met betrekking tot de financiële resultaten van de Groep; – nazicht van de teksten in het jaarverslag met betrekking tot de financiële informatie van CMB; – toezicht en opvolging van de onafhankelijkheid van de commissaris en nazicht van de aard en omvang van niet-auditdiensten van de commissaris. Na elke vergadering brengt de voorzitter van het auditcomité verslag uit aan de raad van bestuur over de aangelegenheden die besproken werden in het comité en formuleert de aanbevelingen van het comité aan de raad van bestuur voor besluitvorming. BENOEMINGS– EN REMUNERATIECOMITÉ De raad van bestuur heeft op 31 maart 1998 een benoemings- en remuneratiecomité opgericht. In overeenstemming met de richtlijnen van de corporate governance code, evenals artikel 526quater W.Venn., bestaat het benoemingsen remuneratiecomité momenteel uitsluitend uit niet-uitvoerende bestuurders, waarvan de meerderheid onafhankelijk is. Leden: Etienne Davignon – voorzitter Jean–Pierre Blumberg Jean–Pierre Hansen De samenstelling, bevoegdheden, opdrachten, werking en evaluatie van het benoemings- en remuneratiecomité worden uitvoerig toegelicht in het CMB-charter. Ingevolge hun opleiding en uitgeoefende functies tijdens hun loopbaan beschikken de leden van het benoemings- en remuneratiecomité over de vereiste ervaring met betrekking tot de verloning van bestuurders en directieleden.

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Het benoemings- en remuneratiecomité kwam in 2014 tweemaal samen (met name op 23 september en op 16 december). Alle leden waren aanwezig. Onder andere de volgende agendapunten werden behandeld: – herziening van de jaarlijkse vergoeding van de niet-uitvoerende bestuurders, van de leden van het directiecomité en de werknemers; – voorbereiding van het remuneratieverslag, zoals vermeld onder punt 5; – aanbevelingen doen aan de raad van bestuur met betrekking tot de (her)benoeming van (onafhankelijke) bestuurders, de samenstelling van de adviserende comités en de door de raad van bestuur toegekende volmachten met betrekking tot de vertegenwoordigingsbevoegdheid van de vennootschap. Na de vergadering brengt de voorzitter van het benoemings- en remuneratiecomité verslag uit aan de raad van bestuur over de aangelegenheden die besproken werden in het comité en formuleert de aanbevelingen van het comité aan de raad van bestuur voor besluitvorming. 4.6. CEO – DIRECTIECOMITÉ Het directiecomité - in de zin van artikel 524 bis van het W.Venn. - werd op 20 juni 2003 door de raad van bestuur opgericht. Tijdens dezelfde vergadering werd tevens het reglement van orde van het directiecomité bepaald. De machten, bevoegdheden, voorwaarden voor benoeming van de leden van het directiecomité, hun ontslag, vergoeding en duur van hun benoeming worden bepaald door de raad van bestuur. De bevoegdheden, werking en evaluatie van het directiecomité worden toegelicht in het CMB-charter. Op 23 september 2014 werd de samenstelling van het directiecomité gewijzigd als volgt: Ludwig Criel - voorzitter Marc Saverys Alexander Saverys Ludovic Saverys Michaël Saverys Benoit Timmermans Tijdens een vergadering van de raad van bestuur op 23 september 2014 werd besloten in het kader van artikel 524 W.Venn. een comité van onafhankelijke bestuurders samen te stellen teneinde de voorgestelde overname van de vloot van containerschepen van Delphis door CMB te beoordelen. Het directiecomité vergadert tweewekelijks. Tijdens elke vergadering van de raad van bestuur brengt het directiecomité verslag uit aan de leden van de raad van bestuur. Op basis van deze verslagen, mondeling of schriftelijk, kan de raad van bestuur toezicht uitoefenen op de activiteiten van het directiecomité.

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5/ Remuneratieverslag Het hierna vermelde remuneratieverslag werd opgesteld in overeenstemming met de belangrijkste aanbevelingen geformuleerd door de Commissie Corporate Governance evenals de wet tot versterking van het deugdelijk bestuur, dewelke onder meer een grotere transparantie met betrekking tot de verloning van het topmanagement nastreven. Niet-uitvoerende bestuurders: remuneratiebeleid/remuneratie voor het boekjaar 2014 De vergoeding van niet-uitvoerende bestuurders bestaat uit een vaste basisvergoeding ter vergoeding van de algemene verantwoordelijkheid die ze opnemen desgevallend aangevuld met een vergoeding voor lidmaatschap van een comité (auditcomité en/of benoemings- en remuneratiecomité). In overeenstemming met het belang van zijn rol voorziet men voor de voorzitter van de raad van bestuur een hogere vergoeding die het driedubbele van een gewone bestuurdersvergoeding bedraagt. Hierbovenop wordt aan elke bestuurder een zitpenning toegekend per bijgewoonde vergadering. De bestuurders die in 2014 deel uitmaakten van het directiecomité hebben verzaakt aan deze vaste vergoeding (inclusief zitpenningen). Omwille van het feit dat de huidige voorzitter een uitvoerende functie bekleedt, wordt de voor deze functie voorziene vergoeding momenteel niet uitgekeerd, dit voor zover en voor zolang de voorzitter een uitvoerende functie blijft bekleden. De vergoeding van de uitvoerende bestuurders is in overeenstemming met het remuneratiebeleid van de Groep (zie verder) en is verbonden aan de functie die zij uitoefenen binnen de Groep. Deze vergoeding wordt door het benoemings- en remuneratiecomité periodiek getoetst op markconformiteit (o.a. vergelijking met andere beursgenoteerde vennootschappen). De door het benoemings- en remuneratiecomité voorgestelde aanpassingen worden, indien nodig, vervolgens ter goedkeuring voorgelegd aan de algemene vergadering. De bedragen voor de vergoeding van de niet-uitvoerende bestuurders werden voor het laatst in 2005 aangepast en goedgekeurd door de aandeelhoudersvergadering. Sindsdien worden ze jaarlijks ter bevestiging aan de aandeelhoudersvergadering voorgelegd. Momenteel ontvangen de bestuurders voor de uitoefening van hun bestuursmandaat een vaste vergoeding van 25.000 EUR. Voor de voorzitter (indien niet-uitvoerend) bedraagt de vaste vergoeding 75.000 EUR. Verder wordt aan elke bestuurder een zitpenning van 5.000 EUR betaald per bijgewoonde vergadering van de raad van bestuur. Voor een mandaat binnen het auditcomité wordt een vergoeding van 12.500 EUR per jaar betaald. Voor de voorzitter van het auditcomité bedraagt deze vergoeding 25.000 EUR. Voor een mandaat binnen het benoemings- en remuneratiecomité wordt een vergoeding van 3.000 EUR per jaar betaald. Niet-uitvoerende bestuurders ontvangen geen andere compensatie-elementen of variabele vergoedingen, zoals bonussen, aandelengerelateerde incentives, pensioen of andere voordelen. De vennootschap verleende aan geen enkele bestuurder leningen, waarborgen of voorschotten. Het remuneratiebeleid voorziet momenteel geen aandelenoptieplannen op het CMB-aandeel voor bestuurders, leden van het directiecomité of werknemers.

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Overzicht van de tijdens het boekjaar 2014 door de niet-uitvoerende bestuurders ontvangen vergoedingen Het totale brutobedrag van de vergoedingen uitbetaald in 2014, aan alle niet-uitvoerende bestuurders, voor hun prestaties in de raad van bestuur en/of comités (waar toepasbaar) bedraagt 525.250 EUR. TOTAAL 2014 in EUR

Vaste vergoeding

Zitpenning

Auditcomité

Benoemings- en remuneratiecomité

Totaal

BLUMBERG

Jean–Pierre

25.000

50.000 (x)

–

3.000

78.000

DAVIGNON

Etienne

62.500

30.000

12.500

3.000

108.000

HANSEN

Jean–Pierre

25.000

55.000 (x)

25.000

3.000

108.000

MORRISON

Fiona

25.000

50.000 (x)

12.500

–

87.500

SAVERYS

Alexander (tem 23/9)

18.750

20.000

–

–

38.750

VICTRIX NV

Virginie Saverys

25.000

30.000

–

–

55.000

A.P.E. NV

Eric Verbeeck

25.000

25.000

_

–

50.000

(x)

Totaal 525.250  eze bedragen bevatten een extra vergoeding voor werkzaamheden vervuld als lid van het comité van onafhankelijke bestuurders benoemd overeenkomstig art. 524. D W.Venn. a rato van 5.000 EUR per vergadering. Dit comité is vijfmaal bijeengekomen buiten de normale vergaderingen van de raad van bestuur.

Directiecomité: remuneratiebeleid/remuneratie voor het boekjaar 2014 Het verloningsbeleid voor de leden van het directiecomité (inclusief de CEO) wordt bepaald door de raad van bestuur, na advies van het benoemings- en remuneratiecomité. Principieel bestaat de globale remuneratie voor de uitvoerende bestuurders/leden van het directiecomité (met inbegrip van de CEO) uit de volgende componenten: – een vaste vergoeding (het basissalaris) gelinkt aan de functie die de betrokkene bekleedt, zijn verantwoordelijkheden binnen de vennootschap, competenties en het niveau van ervaring. Het gehanteerde verloningsbeleid dat regelmatig getoetst wordt op marktconformiteit, dient te voorzien in een competitieve en op de markt aantrekkelijke vergoeding die tegemoetkomt aan de belangen van het management en van de aandeelhouders; – een variabele vergoeding met een – conform de bonuspolitiek van CMB/BOCIMAR - korte termijnhorizon. Gezien de negatieve resultaten werd, op advies van het benoemings- en remuneratiecomité, beslist voor 2014 geen variabele vergoeding toe te kennen. – een verzekeringspakket (bestaande uit pensioenvorming, dekking overlijdensrisico, dekking invaliditeit, ongevallenverzekering, hospitalisatieverzekering, reisbijstandsverzekering). – diverse andere verloningscomponenten in lijn met wat gebruikelijk is in de markt, waaronder als belangrijkste elementen: gebruik van een bedrijfswagen, gsm en maaltijdcheques. De verschillende verloningscomponenten van de leden van het directiecomité (inclusief de CEO) worden jaarlijks, doorgaans op de vergadering van het benoemings- en remuneratiecomité van december, geëvalueerd en getoetst op hun markconformiteit. Om een vergoedingsniveau te handhaven in overeenstemming met vergelijkbare bedrijven in de maritieme sector, kan het benoemings- en remuneratiecomité, indien wenselijk, het advies inroepen van een externe onafhankelijke consulent (onder andere voor benchmarking). Tijdens vermelde vergadering worden door het comité tevens de voorstellen geformuleerd met betrekking tot de individuele verloningspaketten van de leden van het directiecomité.

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Op 23 september 2014 werd de samenstelling van het directiecomité aangepast en wordt sinds vermelde datum de functie van CEO en voorzitter van het directiecomité niet langer uitgeoefend door dezelfde persoon. In functie hiervan werd de hieronder vermelde rapportering aangepast en werden de bedragen, waar nodig, geproratiseerd in functie van de correcte periode (voor en na 23 september  2014). Overzicht van de tijdens het boekjaar 2014 door de CEO en voorzitter van het directiecomité ontvangen vergoedingen De rapportering van de CEO betreft de geproratiseerde bedragen voor de heren Marc Saverys (tot 23 september 2014) en Alexander Saverys (met ingang van 23 september 2014). De vergoeding betaald aan de heer Marc Saverys voor de periode van 23 september tot en met 31 december 2014 werd opgenomen onder de rapportering voor de “overige leden van het directiecomité”. Naam van de CEO

SAVERYS Marc/SAVERYS Alexander

Statuut van de CEO

zelfstandig bedrijfsleider

Vaste remuneratie

723.340,91 EUR

Variabele remuneratie

0 EUR

TOTAAL

723.340,91 EUR

Pensioen

De geprorateerde bijdrage voor 2014 bedroeg 247.184,80 EUR.

Andere voordelen, met als belangrijkste elementen: hospitalisatieverzekering, reisbijstandverzekering, ongevallenverzekering, invaliditeitsdekking, gebruik bedrijfswagen, gebruik gsm, maaltijdcheques

46.784,29 EUR

Met ingang van 23 september 2014 werd de heer Ludwig Criel benoemd tot voorzitter van het directiecomité. Hierna vindt u de rapportering van de geproratiseerde bedragen van de vergoeding voor de heer Ludwig Criel met ingang van vermelde datum. De vergoeding voor de periode voorafgaand aan de benoeming werd opgenomen onder de rapportering voor de “overige leden van het directiecomité”. Naam van de voorzitter van het directiecomité

CRIEL Ludwig

Statuut van de voorzitter van het directiecomité

zelfstandig bedrijfsleider

Vaste remuneratie

128.500 EUR

Variabele remuneratie

0 EUR

TOTAAL

128.500 EUR

Pensioen

De geprorateerde bijdrage voor 2014 bedroeg 63.789,28 EUR.

Andere voordelen, met als belangrijkste elementen: hospitalisatieverzekering, reisbijstandverzekering, ongevallenverzekering, invaliditeitsdekking, gebruik bedrijfswagen, gebruik gsm, maaltijdcheques

11.083,03 EUR

Voor de CEO en de voorzitter van het directiecomité zijn momenteel geen incentiveplannen voorzien die gerelateerd zijn aan een prestatieperiode van langer dan één jaar. De vennootschap voorziet momenteel geen toekenning van aandelen van de vennootschap in het kader van een incentiveplan.

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Overzicht van de tijdens het boekjaar 2014 door de overige leden van het directiecomité ontvangen vergoedingen (op globale basis en rekening houdend met de gewijzigde samenstelling van het directiecomité voor en na 23 september 2014) Het betreft hier de remuneratie van de overige leden van het directiecomité, waarvan vijf met het statuut van zelfstandig bedrijfsleider en één als loontrekkende (arbeidsovereenkomst voor bedienden van onbepaalde duur). Vaste remuneratie

1.510.786,17 EUR

Variabele remuneratie

0 EUR

TOTAAL

1.510.786,17 EUR

Pensioen

Het totaal aan betaalde bijdragen in 2014 bedroeg 446.221,17 EUR

Andere voordelen, met als belangrijkste elementen: hospitalisatieverzekering, reisbijstandverzekering, ongevallenverzekering, invaliditeitsdekking, gebruik bedrijfswagen, gebruik gsm, maaltijdcheques

136.572,32 EUR

Voor de overige leden van het directiecomité zijn momenteel geen incentiveplannen voorzien die gerelateerd zijn aan een prestatieperiode van langer dan één jaar. De vennootschap voorziet momenteel geen toekenning van aandelen van de vennootschap in het kader van een incentiveplan. Het relatieve belang van elke component in de totale vergoeding van de leden van het directiecomité was in 2014 als volgt: Vast: gemiddeld 74,5% voor de functie van CEO, 63% voor de functie van voorzitter van het directiecomité en 72% voor de overige leden van het directiecomité Variabel: 0% Pensioen: gemiddeld 19,5% voor de functie van CEO, 31% voor de functie van voorzitter van het directiecomité en 21% voor de overige leden van het directiecomité Andere verloningselementen: gemiddeld 6% voor de functie van CEO, 6% voor de functie van voorzitter van het directiecomité en 7% voor de overige leden van het directiecomité

Remuneratiebeleid/Remuneratie 2015 Het remuneratiebeleid voor 2015 voorziet geen belangrijke wijzigingen. Beschrijving van de voornaamste bepalingen van de contractuele relatie betreffende vertrekvergoeding met de leden van het directiecomité (inclusief de CEO) Met de zes leden van het directiecomité die het statuut van zelfstandige bedrijfsleider hebben, bestaan geen afspraken betreffende enige vorm van vertrekvergoeding. Na 1 juli 2009 werd geen enkele overeenkomst afgesloten met de CEO of een ander lid van het directiecomité.

23

6/ Controle van de vennootschap Externe controle: Het mandaat van commissaris werd op 14 mei 2013, voor een periode van 3 jaar, toevertrouwd aan KLYNVELD PEAT MARWICK GOERDELER bedrijfsrevisoren met de heer Serge Cosijns als vaste vertegenwoordiger. Voor meer informatie over de vergoeding die in 2014 aan de commissaris werd betaald voor controle- en andere werkzaamheden, wordt verwezen naar toelichting 29 van de geconsolideerde jaarrekening. Interne controle: Zoals vermeld in het CMB-charter wordt de interne auditfunctie momenteel uitbesteed. In 2013 werd de aanstelling van ERNST & YOUNG bedrijfsrevisoren om de interne auditfunctie van CMB en haar dochtervennootschappen waar te nemen, hernieuwd voor een periode van drie jaar (tot 31/12/2016). De interne controleactiviteiten worden uit­gevoerd op basis van een door het auditcomité jaarlijks goedgekeurd en opgevolgd plan. Deze interne controleactiviteiten omvatten een uiteenlopende reeks onderwerpen en zijn gericht op de evaluatie en verbetering van de specifieke controlesystemen.

7/ Maatregelen genomen in overeenstemming met de wetgeving in verband met marktmisbruik Het CMB-charter omvat, onder bijlage III “dealing code”, een reeks richtlijnen inzake de handel in financiële instrumenten – waaronder financiële instrumenten CMB. De bedoeling van deze code is ervoor te zorgen dat de bestuurders of werknemers van de CMB-Groep, of de personen die nauw verbonden zijn aan hen, met name echtgenoten/partners, kinderen, andere familieleden die meer dan één jaar deel uitmaken van hetzelfde huishouden, en bepaalde rechtspersonen (bijv. patrimoniumvennootschappen), geen misbruik maken van, zichzelf niet verdacht maken van misbruik, en de vertrouwelijkheid bewaren van koersgevoelige informatie waarover ze zouden beschikken, vooral in periodes voorafgaand aan de bekendmaking van financiële resultaten. Binnen CMB werd een compliance officer aangesteld die belast is met het toezicht op en de naleving van het beleid inzake insider trading en marktmanipulatie door bestuurders, leden van het directiecomité, werknemers van de CMB-Groep en andere personen. Voor meer informatie over de dealing code, wordt verwezen naar het CMB-charter.

8/ Comply or explain Principe 4.12. Momenteel voorziet de jaarlijkse planning geen vergadering waarop enkel de niet-uitvoerende bestuurders aanwezig zijn ter bespreking van hun interactie met het uitvoerend management. Principe 4.7. De aanstelling als voorzitter van de raad van bestuur van de heer Marc Saverys die vroeger als CEO heeft gefungeerd werd ingegeven door het behouden binnen de onderneming van de enorme ervaring van de heer Saverys en de kennis van de bedrijfsactiviteiten alsmede het belang van het toezien op de overdracht van de uitvoerende leiding van de vennootschap naar de nieuwe CEO, de heer Alexander Saverys.

24

RISICO’S EN ONZEKERHEDEN Bij het uitoefenen van haar activiteiten is de Groep onderhevig aan risico’s en onzekerheden. Deze kunnen in een drietal categorieën samengevat worden: Strategische risico’s: macro-economische omgeving, financiële omstandigheden, reputatie van de Groep, politieke en wetgevende ontwikkelingen. Operationele risico’s: wijzigingen in de marktomstandigheden, kredieten, relaties met zakenpartners, human resources, IT-infrastructuur, veiligheid van activa en gegevens. Financiële risico’s: thesaurie, belastingen, vooruitzichten en budgettering, juiste en tijdige rapportering, naleven van boekhoudnormen, schommelingen in interesten en wisselkoersen, indekkingen. De voornaamste specifieke risico’s en onzekerheden per activiteit zijn als volgt: BOCIMAR: – de aangroei van de wereldvloot die de groei van de vraag overtreft; – volatiliteit van de scheepvaartmarkten; – wijzigende scheepvaartroutes; – piraterij in de Golf van Aden, de Indische Oceaan en West-Afrika; – ernstige fluctuaties in de grondstoffenprijzen (ijzererts en steenkool); – tegenpartijrisico’s. De meeste van deze risico’s zijn voldoende afgedekt door de politiek van termijnindekking met gerenommeerde tegenpartijen. Mede dankzij de recente Belgische wetgeving die toelaat gewapende milities aan boord te zetten van Belgische schepen die in de Indische Oceaan opereren, wordt het risico op piraterij ingeperkt. ASL AVIATION: – belangrijke wijzigingen in de waarde van vliegtuigen. De waarde van vliegtuigen is onderhevig aan wijzigingen naar aanleiding van technologische factoren, veranderende regelingen en brandstofprijzen; – tegenpartijrisico op de leasingportfolio; – verminderen van de vraag naar passagiersvluchten omwille van politieke instabiliteit in bestemmingslanden; – ontwrichting van het luchtverkeer naar aanleiding van natuurfenomenen. Naast deze specifieke risico’s wordt de Groep in al haar activiteiten geconfronteerd met een wisselkoers- en interestrisico. De Groep gebruikt diverse financiële instrumenten om deze risico’s in te dekken. Dit wordt toegelicht in toelichting 23 bij de geconsolideerde rekeningen.

25

26

JAAROVERZICHT 2014

JANUARI 1 januari:

Opschorting van alle rechten van nog in omloop zijnde toonderaandelen. Per 1 januari 2014 worden de rechten van alle nog in omloop zijnde effecten aan toonder opgeschort. Een aandeelhouder kan zijn rechten pas opnieuw laten gelden als deze – via zijn financiële instelling - zijn “papieren” toondereffect laat dematerialiseren of laat omzetten op naam.

14 januari:

Vlootuitbreiding. Twee nieuwbouw handysizeschepen worden aan de vloot in aanbouw toegevoegd naar aanleiding van het uitoefenen van aankoopopties. Dit brengt het totaal aan schepen in bestelling bij Samjin op 12 eenheden.

29 januari:

Afsluiten van joint venture met CLdN Cobelfret. De Groep sluit een joint venture met de Luxemburgse rederij CLdN Cobelfret voor de aankoop van twee nieuwbouw stainless steel chemicaliëntankers van 19.500 dwt. De twee schepen werden besteld bij de Japanse werf Kitanihon en zijn voorzien voor oplevering in de loop van het derde kwartaal van 2015 en het eerste kwartaal van 2016. Deze bestelling voorziet ook nog een optie voor de aankoop van een derde eenheid.

FEBRUARI 28 februari:

Bocimar en Argenmar verkopen hun deelneming in SCFCo Holdings. SCFCo baat bargeconvooien uit voor het vervoer van ijzererts en granen op de rivieren Paraguay en Paraná.

APRIL 1 april:

Bocimar vereenvoudigt joint venture in twee bulkschepen. Bocimar en haar joint venture partner Drylog beslissen om hun joint venture met Wah Kwong in de schepen Lara Venture (2011-93.701 dwt) en Nadine Venture (2011-93.758 dwt) te vereenvoudigen. Zo wordt de joint venture Bocimar/Drylog de volle eigenaar van de Nadine Venture en Wah Kwong van de Lara Venture. Het uiteindelijke aandeel van Bocimar in de Nadine Venture bedraagt aldus 50%.

14 april:

ASL verkoopt een ATR 72-212 vliegtuig. De meerwaarde (aandeel Groep) op deze verkoop bedraagt 837.000 USD.

18 april:

Bestelling van een derde chemicaliëntanker van 19.500 dwt. Het betreft een zusterschip van de twee eenheden die eerder dit jaar besteld werden bij de Japanse werf Kitanihon. De oplevering van deze eenheid is voorzien voor de tweede helft van 2016. Dit derde schip zal ook eigendom worden van de joint venture tussen CMB en CLdN Cobelfret.

MEI 23 mei:

Betaalbaarstelling dividend 2013. Bij beslissing van de gewone algemene aandeelhoudersvergadering van 13 mei 2014 werd over het boekjaar 2013 een brutodividend van 0,24 EUR per aandeel (0,18 EUR per aandeel netto) uitgekeerd. Het dividend werd betaalbaar gesteld op 23 mei 2014.

JUNI 17 juni:

Vlootuitbreiding. Bocimar voegt, na het uitoefenen van aankoopopties, nog twee nieuwbouw handysizeschepen toe aan de vloot in aanbouw bij Samjin.

25 juni:

ASL verkoopt een Boeing 737-400. Op deze verkoop wordt een meerwaarde (aandeel Groep) van 1.122.000 USD gerealiseerd.

27

JULI / AUGUSTUS 29 juli:

Bocimar annuleert de bestelling van Samjin 1052, 1054 en 1055.

1 augustus:

Bocimar annuleert de bestelling van Samjin 1053.



Aangezien de werf de contractuele afleveringsdatum niet kon respecteren, besliste Bocimar de bestelling van voornoemde schepen te annuleren. Alle betaalde voorschotten – inbegrepen een interestvergoeding –werden terugbetaald.

SEPTEMBER 9 september:

Verkoop van de Moonlight Venture. CMB en haar partner Wah Kwong verkopen het joint venture schip Moonlight Venture (2006–61.204 dwt). De netto verkoopprijs bedraagt 22 miljoen USD. Het aandeel van CMB in de meerwaarde bedraagt ongeveer 2 miljoen USD. De verkoop levert CMB ruim 5 miljoen USD aan cash op.

29 september: Bocimar annuleert bestelling van 6 schepen bij Samjin. Bocimar beslist – naar aanleiding van het faillissement van de werf Samjin – om de bestelling van 6 eenheden te annuleren. Voor alle geannuleerde schepen werden de betaalde voorschotten, inclusief interesten, terugbetaald. OKTOBER 17 oktober:

Bekendmaking dat CMB de mogelijke overname van Delphis Hong Kong onderzoekt. Delphis Hong Kong is een 100% dochteronderneming van Delphis nv dat op zijn beurt een dochter is van Saverco nv, één van de referentieaandeelhouders van CMB.

23 oktober:

ASL kondigt de aankoop van de FARNAIR-Groep aan.

NOVEMBER 10 november:

Verkoop van de Mineral Manila.



Bocimar verkoopt de capesize-eenheid Mineral Manila (2011-179.842 dwt). Op deze verkoop wordt een verlies van 5.335.000 USD gerealiseerd. De verkoop leverde de Groep wel ruim 17,7 miljoen USD aan cash op.

13 november:

CMB bestelt twee nieuwbouw containerschepen bij het Koreaanse Hanjin Heavy Industries and Construction (HHIC). Het betreft twee schepen van 2.000 TEU van het type ijsklasse 1A. Bovendien zullen het de grootste schepen ter wereld zijn die door het Kiel kanaal kunnen varen en hebben zij een ultra-ecologisch ontwerp. De oplevering is voorzien in 2016 in de loop van de maanden mei en juni.

14 november - 21 november: Bevestiging aankoop twee panamaxcontainerschepen. Gebruikmakend van de extreem lage tweedehandsprijzen ging de Groep over tot de aankoop van twee panamaxcontainerschepen. De twee schepen van 4.100 TEU werden gebouwd in 2004 en 2006 in Korea bij Hyundai Heavy Industries (HHI). De schepen zijn voorzien de CMB-vloot te vervoegen in de loop van het eerste kwartaal van 2015.

28

DECEMBER 4 december:

Overname FARNAIR gerealiseerd.



ASL Aviation Groep (ASL) heeft de eerder aangekondigde aankoop van de Farnair-Groep afgerond.



Farnair Switzerland, met hoofdkwartier in Basel, werd 30 jaar geleden opgericht en baat momenteel een vloot van 20  vliegtuigen uit in zowel passagiers- als cargoconfiguraties. De Farnair Groep omvat vier luchtvaartmaatschappijen: Farnair Switzerland, Farnair Hungary, - beide in volle eigendom – en twee joint ventures: Quikjet in India en K-Mile in Zuid-Oost Azië.

14 december:

ASL verkoopt 4 vliegtuigen van het type ATR 42. De meerwaarde (aandeel Groep) op deze verkopen bedraagt ruim 2.900.000 USD.

16 december:

CMB diversifieert in de containervaart. De raad van bestuur van CMB heeft tijdens de vergadering van 16 december de voorgestelde overname van de vloot van containerschepen van Delphis goedgekeurd. Delphis is een 100% dochteronderneming van Saverco , één van de referentieaandeelhouders van CMB. In het kader van de wettelijke voorschriften rond belangenconflicten werd de transactie voorafgaandelijk beoordeeld door een comité van onafhankelijke bestuurders. Delphis baat vandaag een vloot van 14 containerschepen uit, waarvan 7 in volledige eigendom en 7 in joint venture. Van de 7 joint venture schepen zijn er 6 op lange termijn verhuurd aan het Deense Maersk. 7 van de 14 schepen zijn van het type ijsklasse 1A en dus geschikt om door ijs te varen. De 6 schepen die uitgecharterd zijn aan Maersk zijn bovendien de grootste ijsklasse schepen ter wereld. Tegelijk met de overname van de Delphis vloot zal CMB ook het belang van de partner in de 7 joint venture schepen overnemen. De globale prijs voor beide transacties bedraagt 2,2 miljoen USD en is gebaseerd op de huidige marktwaarde van de schepen en van de tijdbevrachtingsovereenkomsten. CMB verwacht de transacties – die nog onderworpen zijn aan een aantal goedkeuringen, waaronder het akkoord van de financierende banken – begin 2015 te kunnen afronden.

30 december:

Bocimar en Imabari/Itochu sluiten een globale overeenkomst voor de herschikking van een aantal contracten. Zo zal Bocimar de CMB Pauillac (2012-95.707 dwt) - die momenteel op langetermijn ingehuurd wordt – aankopen en worden de nieuwbouwcontacten voor twee eenheden van 206.000 dwt geannuleerd. Deze twee schepen zullen voor een periode van 10 jaar ingehuurd worden. De reeds betaalde voorschotten worden terugbetaald.

Volgende gebeurtenissen vonden plaats na balansdatum: JANUARI 2015 16 januari 2015:

De aankoop van de CMB Pauillac wordt afgerond.

FEBRUARI 2015 21 februari 2015:

Bocimar verkoopt de handymaxeenheid CMB Biwa (2002-53.505 dwt).



Op deze verkoop wordt een verlies van bijna 3 miljoen USD gerealiseerd.

29

VLOOTOVERZICHT per 31 december 2014 Naam

Bouwjaar

DWT

% eigendom

handysize handysize handysize handysize handysize handysize handysize handysize handysize handysize handysize handysize handysize handysize handysize handysize

HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK HK

2011 2011 2011 2012 2010 2010 2012 2011 2011 2011 2010 2009 2011 2011 2010 2011

32.662 33.660 33.637 32.618 32.626 32.648 34.297 33.684 33.660 33.644 33.694 29.130 33.645 32.519 33.717 33.638

100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

CMB Biwa* CMB Coralie CMB Jialing CMB Maxime

supramax supramax supramax supramax

BE HK HK HK

2002 2009 2010 2010

53.505 53.463 55.090 57.982

90% 100% 100% 100%

postpanamax

HK

2011

93.758

50%

capesize capesize capesize capesize capesize capesize capesize capesize capesize capesize capesize capesize capesize capesize capesize capesize capesize capesize capesize capesize capesize capesize capesize capesize

HK HK HK HK PA BE HK BE BE BE HK HK HK BE PA BE BE BE BE HK BE HK BE BE

2012 2012 2012 2011 2003 2004 2005 2003 2009 2008 2012 2012 2012 2004 2006 2011 2010 2009 2004 2010 2010 2011 2004 1999

205.097 205.236 205.619 179.418 172.424 174.083 173.806 178.062 180.171 178.062 175.619 181.408 175.590 180.310 180.211 179.842 175.841 178.120 170.649 177.921 175.713 179.397 174.095 170.202

100% 100% 100% 100% 50% 100% 100% 100% 100% 100% 100% 100% 100% 100% 50% 100% 100% 100% 100% 50% 100% 50% 100% 100%

FMG Cloudbreak FMG Grace FMG Matilda Lake Dolphin Mineral Antwerpen Mineral Beijing Mineral Belgium Mineral China Mineral Dalian Mineral Dragon Mineral Faith Mineral Honshu Mineral Hope Mineral Kyoto Mineral Kyushu Mineral Manila* Mineral New York Mineral Ningbo Mineral Noble Mineral Oak Mineral Stonehenge Mineral Subic Mineral Tianjin Mineral Water

30

DROGEBULKSCHEPEN Vlag

CMB Adrien CMB Ariane CMB Boris CMB Catrine CMB Charlotte CMB Edouard CMB Giulia CMB Julliette CMB Kristine CMB Liliane CMB Maé CMB Mistral CMB Paule CMB Virginie CMB Weihai CMB Yasmine

Nadine Venture

Type

VLOOTOVERZICHT per 31 december 2014 Naam IN AANBOUW / IN BESTELLING

Type

CMB Pauillac Imabari S2560

DROGEBULKSCHEPEN Vlag

Bouwjaar

DWT

% eigendom

postpanamax

BE

2012

95.707

100%

capesize

-

2016

180.000

51%

dwt: ton draagvermogen handysize: 25.000 tot 37.000 dwt - supramax: 50.000 tot 65.000 dwt panamax: 70.000 tot 85.000 dwt - postpanamax: 85.000 tot 100.000 dwt - capesize: > 150.000 dwt * verkocht

Naam IN AANBOUW / IN BESTELLING

Type

CONTAINERSCHEPEN Vlag Bouwjaar

TEU

Ijsklasse

% eigendom

Grouse Hunter Duck Hunter

container container

HK HK

2006 2004

4.130 4.132

-

100% 100%

Hanjin N-263 Hanjin N-264

container container

-

2016 2016

1.900 1.900

1A 1A

100% 100%

teu: capaciteit in twintig voet containers

Naam IN AANBOUW / IN BESTELLING Kitanihon H602 Kitanihon H606 Kitanihon Hxxx

CHEMICALIËNTANKERS Type Vlag roestvrij stalen tanks roestvrij stalen tanks roestvrij stalen tanks

-

Bouwjaar

DWT

% eigendom

2015 2015 2016

20.000 20.000 20.000

50% 50% 50%

dwt: ton draagvermogen

31

32

VLOOTOVERZICHT per 31 december 2014 MSN

VLIEGTUIGEN Registratie

Bouwjaar

Configuratie

26850 29336 29333 28898 25124 24388 24387 24789 27143 26961 25261 25184 25181 24446 24440 28492 28494 29000 25095 25096 24917 26065 32635 32634 32633 32632 32631

FR FR FR FR FR FR ZA FR ZA ZA EC FR FR IE IE HS HA HA ZA ZA ZA ZA ZA ZA ZA ZA ZA

1992 1999 1998 1997 1991 1989 1989 1990 1994 1995 1991 1991 1991 1994 1992 1996 1996 1998 1992 1992 1991 1992 2003 2003 2002 2002 2002

quick change quick change quick change quick change quick change quick change quick change vracht combi combi vracht vracht vracht vracht vracht vracht vracht vracht passagier passagier passagier passagier passagier passagier passagier passagier passagier

681 679 674 387 395 210 183 157 154 222 232 265 341 364 419 381 389 195 198 108 313 264 149 121

CZ CZ CZ IE IE IE IE IE HB HB HB HB HB HB HB HB HB HB P2 HB HB HB IE HB

2001 2001 2001 1994 1994 1992 1990 1989 1989 1991 1991 1991 1992 1993 1994 1993 1994 1990 1990 1989 1992 1991 1989 1988

passagier passagier passagier passagier vracht vracht vracht vracht vracht vracht vracht vracht vracht vracht vracht vracht (LCD) vracht (LCD) vracht (LCD) vracht (LCD) vracht (LCD) vracht (LCD) passagier vracht vracht

UE-16

HA

1992

vracht

4695 4673 4565 4562 4475 4248

ZA ZA ZA ZA ZA ZA

1976 1976 1974 1974 1973 1967

standaard standaard standaard standaard standaard standaard

Boeing B737-300 B737-300 B737-300 B737-300 B737-300 B737-300 B737-300 B737-300 B737-400 B737-400 B737-400 B737-400 B737-400 B737-400 B737-400 B737-400 B737-400 B737-400 B737-400 B737-400 B737-400 B737-400 B737-800 B737-800 B737-800 B737-800 B737-800

ATR ATR 72-500 ATR 72-500 ATR 72-500 ATR 72-212 ATR 72-212 F ATR 72-200 F ATR 72-200 F ATR 72-200 F ATR 72-200 F ATR 72-200 F ATR 72-200 F ATR 72-200 F ATR 72-200 F ATR 72-200 F ATR 72-200 F ATR 72-200 F ATR 72-200 F ATR 72-200 F ATR 72-200 F ATR 72-200 F ATR 72-200 F ATR 42-300 ATR 42-300 F ATR 42-320 F

Beech Beech 1900D Freighter

Hercules L-382 L-382 L-382 L-382 L-382 L-382

MSN: bouwnummer (manufacturer serial number) - LCD: grote cargo deur (large cargo door) Alle vliegtuigen zijn volledige eigendom van de ASL-Groep.

33

BOCIMAR DROGE BULK

34

BOCIMAR International

BOCIMAR BELGIUM

BOCIMAR HONG KONG

BOHANDYMAR

35

De droge bulkmarkten hebben in 2014 een zeer teleurstellend verloop gekend. De markten – in het bijzonder het capesizesegment – werden positief ondersteund door: - een record in de groei van de export van ijzererts. Het wereldwijde zeevervoer van ijzererts kende met een toename van 135 miljoen ton een groei van meer dan 10%. China alleen voerde 113 miljoen ton meer in dan vorig jaar; een toename van meer dan 13%. De Chinese staalproductie kende een marginale groei wat duidelijk wijst op een continue substitutie van lokaal ontgonnen ijzererts door ingevoerd erts; - een eerder beperkte aangroei van de wereldvloot; - toegenomen importvolumes van grondstoffen in India; - en – tenminste gedurende negen maanden – hoge brandstofprijzen die aanzetten tot “slow” en “superslow steaming” en bijgevolg geen extra capaciteit vrijmaken. Deze positieve invloeden werden, anderzijds, meer dan teniet gedaan door: - de sterke daling van de grondstoffenprijzen wat aanleiding gaf tot een daling van de voorraadopbouw en het uitstellen van termijnaankopen; - de groei van de steenkoolmarkt die onder de verwachtingen bleef. Voor het eerst sinds het begin van de jaren 90 werd een daling van het wereldzeevervoer aan steenkool opgetekend. De Chinese import van steenkool viel met bijna 15% terug. Deze terugval is duidelijk het gevolg van overheidsmaatregelen zoals invoertaksen en antiverontreiningingsmaatregelen door het beperken van de invoer van steenkool met een hoog zwavel –en asgehalte en de sterke groei van waterkracht; - de zware impact van het Indonesische verbod op de export van minerale ertsen; - een vermindering van de congestie in zowel de laad- als loshavens ingevolge een verbetering van de logistiek en het uitblijven van weersgebonden aanvoerverstorende factoren; - een verdere aangroei van de wereldvloot (+/- 5% in dwt). Los van alle positieve en negatieve factoren die de droge bulkmarkten in 2014 beïnvloed hebben, is het vooral de aanwezige overcapaciteit die de markten parten speelt. De gemiddelde opbrengsten van Bocimar zijn als volgt samen te vatten:

USD/DAG 2014

2013

capesize

20.029

panamax/postpanamax

10.893

25.188 13.609 9.800 8.092

supramax

7.887

handysize

7.740

36

Rekening houdend met een vertraging in de groei van de import van kolen en ijzererts in China en de verwachte aangroei van de wereldvloot ziet Bocimar de markten in 2015 niet onmiddellijk heropleven. Bocimar sluit echter niet uit dat in 2015 het fundament gelegd wordt van een nieuw en duurzaam evenwicht vanaf 2016, dankzij intensieve verschroting, opschorting of wijziging van bestaande nieuwbouworders en het uitblijven van nieuwe bestellingen. GEMIDDELDE BALTIC TC-TARIEVEN (JAN 2012 - DEC 2014) in USD/dag

4TC capesize

4TC panamax

5 TC supramac

6 TC handysize

45.000 40.000 35.000 30.000 25.000 20.000 15.000 10.000 5.000

14 20 Jul

14 20 Jan

13 20 Jul

13 20 Jan

12 20 Jul

Jan

20

12

0

bron : Clarkson Research Services

Bron: Clarkson Research Services

In 2015 en 2016 worden die schepen opgeleverd die einde 2012 en in de loop van 2013 besteld werden. Voor beide jaren wordt een aangroei van de capesizevloot met een honderdtal nieuwe eenheden verwacht. Het uitstellen van nieuwbouwleveringen (slippage) en de mogelijke omvorming van bestaande bestellingen in andere scheepstypes kan een impact hebben op de aangroei van de vloot. Hetzelfde geldt voor verschroting van andere eenheden. De laatste maanden is het verschil tussen de schrootwaarde en de tweedehandswaarde van een 15 jaar oud capesize schip aanzienlijk geslonken. Dit in combinatie met de huidige extreem lage vrachtenmarkten zet reders er toe aan om oudere eenheden te verschroten. De verwachte beperkte groei van het wereldzeevervoer – in het bijzonder naar China en India – is mogelijkerwijs voldoende om de toename aan de aanbodzijde van schepen op te vangen en geen verdere negatieve impact op de vrachtenmarkten te hebben. Deze evolutie zou in positieve zin beïnvloed kunnen worden indien er versneld zou verschroot worden. Zo is 9% van de droge bulkvloot (uitgedrukt in dwt) ouder dan 20 jaar en 19% van de vloot ouder dan 15 jaar. Een negatieve invloed zou kunnen komen van een aanhoudende vertraging in de groei van de Chinese economie dat één van de belangrijkste stuwende krachten blijft van het wereldzeevervoer. Bocimar draagt -44.629.000 USD (2013: 3.467.000 USD) bij aan het geconsolideerd resultaat. Deze bijdrage houdt rekening met een verlies van 5.335.000 USD op de verkoop van de capesize-eenheid Mineral Manila (2011-179.842 dwt).

37

38

EVOLUTIE VERVOERDE VOLUMES in miljoen ton 60

50

40

30

20

10

0 2005

steenkool

2006

2007

ijzererts

2008

graan

2009

2010

2011

2012

2013

2014

andere * volume Bocimar & partners

GECONSOLIDEERDE SLEUTELCIJFERS in duizenden USD omzet EBITDA afschrijvingen en bijzondere waardeverminderingen EBIT (bedrijfsresultaat) netto financiële kost aandeel in het resultaat van geassocieerde deelnemingen resultaat vóór belasting belastingen resultaat na belasting toerekenbaar aan eigenaars van de moedermaatschappij minderheidsbelangen materiële vaste activa eigen vermogen leningen op meer dan één jaar

2014*

2013

485.019

409.104

74.646

143.758

-102.710

-111.818

-28.064

31.940

-16.554

-25.811

-

-2.655

-44.618

3.474

-11

-7

-44.629

3.467

-44.629

3.467

-

-

1.403.186

1.591.754

136.240

220.593

529.063

645.006

* Bovenstaande cijfers worden voorgesteld zonder toepassing van IFRS 11-Gezamenlijke overeenkomsten; dit betekent dat gezamenlijk gecontroleerde ondernemingen op proportionele basis opgenomen worden.

39

ASL AVIATION LUCHTVAART

40

AIRLINES 51%

ASL AVIATION

LEASING

SUPPORT

41

ASL heeft in 2014 een goed resultaat neergezet en dit ondanks de moeilijke marktomstandigheden binnen de luchtvaartindustrie. De overname van de Zwitserse Farnair-Groep is ongetwijfeld de belangrijkste gebeurtenis van het afgelopen jaar. Farnair stelt wereldwijd 300 personen te werk en haar vloot in eigendom omvat 19 vliegtuigen (15 ATR, 3 Boeing 737-400 en 1 Beech 1900 D). Met deze overname breidt ASL haar aanwezigheid uit van Europa en Afrika naar de volop groeiende markten van Zuid-Oost Azië en India. Bovendien versterkt ASL met deze transactie haar positie als de neutrale leverancier van luchtvaartdiensten aan de belangrijkste expressdiensten wereldwijd. Het globale activiteitsniveau van EAP kende in 2014 een kleine terugval. In de loop van het jaar werd het aantal passagiersvluchten verder uitgebreid en werden nieuwe routes en bestemmingen toegevoegd aan het vliegschema. De passagiersactiviteit kende dan ook een sterke groei; zo werden in 2014 ruim 20% meer passagiers vervoerd. Het aandeel van de cargovluchten neemt weliswaar af maar blijft een belangrijke bijdrage leveren. De betrouwbaarheid van de cargovluchten blijft van een bijzonder hoog niveau. 2014

2013

totaal aantal vlieguren

27.750

28.750

aantal vlieguren cargo aantal ton vervoerde cargo

8.523 46.362

12.400 52.971

aantal vlieguren passagiers aantal vervoerde passagiers

19.227 763.930

16.350 639.272

betrouwbaarheid cargovluchten

99,70%

98,56%

Air Contractors (ACL) heeft in 2014 een verdere evolutie gekend. Met de verdere uitbouw van de Boeing 737 activiteiten bewijst ACL over voldoende flexibiliteit te beschikken om vlot in te spelen op de steeds veranderende noden van haar klanten. Het contract met Air Lingus voor het uitvoeren van transatlantische vluchten draagt in 2014 aanzienlijk bij aan het aantal vluchturen. Momenteel worden er drie Boeing 757-200 ingezet voor dit contract. De betrouwbaarheid van de vluchten uitgevoerd door ACL blijft zeer stabiel en van een uitzonderlijk hoog niveau.

ATR 42 ATR 72 A300 B737 B757

42

aantal vliegtuigen

2014 aantal vlieguren

betrouwbaarheid

aantal vliegtuigen

2013 aantal vlieguren

betrouwbaarheid

6 11 2 4 3

6.120 9.723 2.573 6.623 10.852

99,20% 99,00% 97,30% 94,30% 98,30%

6 11 3 4 -

5.412 10.263 3.484 5.275 -

98,50% 98,60% 96,80% 95,80% -

De leasingactiviteit presteerde zoals verwacht. In Zuid-Afrika blijft Safair zich toeleggen op het inzetten van Hercules en Boeing Combi toestellen. Deze worden hoofdzakelijk ingezet voor het vervoer van hulpgoederen. Ook in Zuid-Afrika bouwt de Groep haar positie in passagiersvervoer verder uit. Zo was er in de loop van het vierde kwartaal de succesvolle opstart van de lagekosten luchtvaartmaatschappij FlySafair. ASL heeft een belang van 25% in deze operatie. ASL zal in 2015 blijven verder bouwen op de sterke relatie met haar bestaande klanten en op haar langetermijncontracten. Rekening houdend met diverse initiatieven binnen de Groep, zowel op het vlak van het vervoer van passagiers als cargo, ziet ASL 2015 met vertrouwen tegemoet. De Groep ASL draagt 12.667.000 USD (2013: 12.686.000 USD) bij aan het geconsolideerd resultaat. Deze bijdrage houdt rekening met 4.859.000 USD (2013: 4.344.000 USD) aan meerwaarden op de verkoop van vliegtuigen.

GECONSOLIDEERDE SLEUTELCIJFERS in duizenden USD omzet EBITDA afschrijvingen en bijzondere waardeverminderingen EBIT (bedrijfsresultaat) netto financiële kost aandeel in het resultaat van geassocieerde deelnemingen resultaat vóór belasting belastingen resultaat na belasting toerekenbaar aan eigenaars van de moedermaatschappij minderheidsbelangen materiële vaste activa eigen vermogen leningen op meer dan één jaar

2014*

2013

226.753

219.573

40.821

41.354

-22.072

-21.675

18.749

19.679

-2.480

-3.267

-4

1

16.265

16.413

-3.598

-3.727

12.667

12.686

12.667

12.686

-

–

180.091

174.519

120.519

111.759

82.879

67.027

* Bovenstaande cijfers worden voorgesteld zonder toepassing van IFRS 11-Gezamenlijke overeenkomsten; dit betekent dat gezamenlijk gecontroleerde ondernemingen op proportionele basis opgenomen worden.

43

ANDERE ACTIVITEITEN

44

50%

RESLEA

29,26%

ANGLO–EASTERN MANAGEMENT GROUP

50%

CHEMTOGETHER

45

46

De Andere activiteiten omvatten hoofdzakelijk: CMB (moedermaatschappij), 50% in de vastgoedvennootschap RESLEA, het belang in de scheepsmanager Anglo-Eastern Management Groep (AEMG – 29,26%) en CHEMTOGETHER (50%). AEMG draagt 6.334.000 USD (2013: 6.138.000 USD) bij aan het geconsolideerd resultaat. Op het einde van 2014 heeft AEMG een vloot van 459 schepen in beheer. De bijdrage van de chemicaliëntankers aan het geconsolideerd resultaat bedraagt -2.512.000 USD (2013: -6.878.000 USD). Ter herinnering, de commerciële uitbating van deze schepen werd toevertrouwd aan het Noorse Hansa Tankers dat gespecialiseerd is in de uitbating van dit type schip. De markten waarop deze schepen actief zijn, vertonen tekenen van een duurzaam herstel. Dit is ook positief voor de joint venture met CLdN dat drie chemicaliëntankers in aanbouw heeft waarvan de oplevering voorzien is voor 2015 en 2016. De globale bijdrage voor 2014 van de Andere activiteiten aan het geconsolideerd resultaat bedraagt 4.214.000 USD (2013: 33.541.000 USD). De bijdrage houdt rekening met een meerwaarde van 1.941.000 USD op de verkoop van de joint venture tanker Moonlight Venture (2006‑61.204  dwt). In 2013 werd de bijdrage sterk beïnvloed door een meerwaarde van 35.728.000 USD gerealiseerd op de verkoop van aandelen FMG.

GECONSOLIDEERDE SLEUTELCIJFERS in duizenden USD

2014*

2013

omzet EBITDA afschrijvingen en bijzondere waardeverminderingen EBIT (bedrijfsresultaat) netto financiële kost aandeel in het resultaat van geassocieerde deelnemingen resultaat vóór belasting belastingen resultaat na belasting toerekenbaar aan eigenaars van de moedermaatschappij minderheidsbelangen

42.022 -5.587 -1.190 -6.777 4.837 6.334 4.394 -180 4.214

58.932

materiële vaste activa eigen vermogen leningen op meer dan één jaar

4.214 27.690 776.712 7.686

-9.852 -1.440 -11.292 38.724 6.138 33.570 -29 33.541 33.541 22.619 749.620 25.596

* Bovenstaande cijfers worden voorgesteld zonder toepassing van IFRS 11-Gezamenlijke overeenkomsten, dit betekent dat gezamenlijk gecontroleerde ondernemingen op proportionele basis opgenomen worden.

47

48

RESULTAATVERWERKING Het te bestemmen resultaat van het boekjaar bedraagt 35.882.705,35 USD. Met inbegrip van de overdracht van vorig boekjaar ad 747.946.437,49 USD geeft dit een te verdelen saldo van: 783.829.142,84 USD Aan de algemene aandeelhoudersvergadering van 12 mei 2015 zal voorgesteld worden om over het boekjaar 2014 geen dividend uit te keren. Op basis hiervan ziet de verwerking van het resultaat er als volgt uit: – aan de aandeelhouders – overdracht naar volgend boekjaar

0,00 USD 783.829.142,84 USD

Antwerpen, 24 maart 2015 DE RAAD VAN BESTUUR

49

KALENDER Bekendmaking halfjaarresultaten 2015

donderdag 23 juli 2015

Bekendmaking resultaten derde kwartaal 2015

donderdag 22 oktober 2015

Bekendmaking resultaten vierde kwartaal 2015

donderdag 21 januari 2016

Jaarvergadering

50

tweede dinsdag van mei om 14.30 uur 2016: dinsdag 10 mei

51

52

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014



Consolidated financial statements

58

Consolidated statement of financial position

60

Consolidated statement of profit or loss

61

Consolidated statement of comprehensive income

62

Consolidated statement of changes in equity

63

Consolidated statement of cash flows

64

Notes to the consolidated financial statements

110

Statutory auditors’ report

111

Financial statements of CMB nv

Een Nederlandstalige versie van de rekeningen kan op aanvraag verkregen worden op de maatschappelijke zetel van de vennootschap en is eveneens beschikbaar op de website van de vennootschap: www.cmb.be.

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

CONSOLIDATED STATEMENT OF FINANCIAL POSITION in thousands of USD

note

31.12.2013 restated*

31.12.2014

1.1.2013 restated*

ASSETS NON-CURRENT ASSETS

1.571.999

1.730.206

1.765.062

1.326.791

1.499.031

1.538.459

Vessels

1.305.479

1.448.514

1.509.801

Aircraft

-

-

-

Property, plant and equipment

11

Investment property Land and buildings Assets under construction Other tangible assets Intangible assets

-

-

-

-

600

694

858

15.438

48.429

26.318

5.274

1.394

1.482

5.464

6.264

6.932

Financial assets

-

239.744

224.911

219.671

Investments in equity accounted investees

12

184.815

174.242

167.129

Investments in securities

12

2

5

6

Non-current receivables

14

54.927

50.664

52.536

Deferred tax assets

13

-

-

-

193.384

164.638

246.486

CURRENT ASSETS Inventories

-

-

-

-

Trade and other receivables

15

129.494

109.042

119.342

Current tax asset

-

14

756

664

Short-term investments

12

701

4.413

60.852

Cash and cash equivalents

16

20.605

36.644

51.018

Assets classified as held for sale

6

42.570

13.783

14.610

1.765.383

1.894.844

2.011.548

TOTAL ASSETS

58

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

in thousands of USD

note

31.12.2013 restated*

31.12.2014

1.1.2013 restated*

EQUITY and LIABILITIES EQUITY

1.033.471

1.081.972

1.059.073

17

1.033.471

1.081.972

1.059.073

Share capital

-

35.000

35.000

35.000

Translation reserves

9

18.579

23.131

21.805

Fair value reserve

9

445

4.157

45.578

Hedging reserve

9

-

-444

-1.381

Remeasurement reserve

9

-2.993

-1.686

-3.501

Treasury shares

-

-

-

-13.285

Retained earnings

-

982.440

1.021.814

974.857

Non-controlling interest

-

-

-

-

544.769

677.698

737.575 654.926

Equity attributable to owners of the Company

NON-CURRENT LIABILITIES Loans and borrowings

19

487.853

609.389

Finance leases

-

-

-

Bank loans

-

487.853

609.389

Other loans

-

-

-

Trade and other payables

22

49.930

61.902

73.874

Deferred tax liabilities

13

-

-

-

Employee benefits

20

3.437

2.376

3.681

Provisions

21

3.549

4.031

5.094

187.143

135.174

214.900

60.756

67.778

111.291

CURRENT LIABILITIES Trade and other payables

22

654.926

Current tax liability

-

120

232

20

Loans and borrowings

19

122.372

66.461

96.006

Provisions

21

3.895

703

7.583

Liabilities classified as held for sale

6

-

-

1.765.383

1.894.844

TOTAL EQUITY and LIABILITIES

2.011.548

* The comparative figures for 2013 have been restated following the application of IFRS 10 and 11 on Joint Arrangements. The accompanying notes 1 through 32 form an integral part of these consolidated financial statements

59

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

CONSOLIDATED STATEMENT OF PROFIT OR LOSS in thousands of USD

note

2013 restated*

2014

Turnover

-

495.871

440.292

Gain on disposal of vessels

7

-

-

Other operating income

7

9.112

38.915

Services and other goods

8

-443.790

-366.284

Loss on disposal of vessels

8

-5.335

-975

Depreciation and amortisation expenses

8

-96.523

-97.664

Impairment losses (-) / reversals (+)

8

-

-1.488

Staff costs

8

-7.836

-8.805

Other operating expenses

8

-4.997

8.792

Net result on freight and other similar derivatives

23

1.660

-7.805

-51.838

4.978

-

13.899

48.264

Finance expenses

-

-23.965

-32.927

Net finance expense

9

-10.066

15.337

Share of result of equity-accounted investees, net of tax

12

34.266

29.417

-27.638

49.732

-110

-38

-27.748

49.694

Result from operating activities Finance income

Result before tax Income tax expense

10

Result for the period

Attributable to: Owners of the Company

-

-27.748

49.694

Non-controlling interest

-

-

-

Weighted number of shares

18

35.000.000

34.598.750

Basic and diluted earnings per share (in USD)

18

-0,79

1,44

* The comparative figures for 2013 have been restated following the application of IFRS 10 and 11 on Joint Arrangements. The accompanying notes 1 through 32 form an integral part of these consolidated financial statements.

60

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME in thousands of USD

note

2013 restated*

2014

Result for the period

-27.748

49.694

Other comprehensive income Items that will never be reclassified to profit or loss: Revaluation of property, plant and equipment

-

-

-

Remeasurements of the defined benefit liability (asset)

9

-1.616

1.354

Equity-accounted investees - share of OCI

12

-43

621

Related tax

-

-

-

-1.659

1.975

Items that are or may be reclassified subsequently to profit or loss: Foreign currency translation differences

9

190

323

Available-for-sale financial assets

9

-3.712

-41.421

Cash flow hedges

9

199

645

Equity-accounted investees - share of OCI

12

-4.145

1.135

Related tax

-

-

-

-7.468

-39.318

-9.127

-37.343

-36.875

12.351

Other comprehensive income for the period, net of income tax Total comprehensive income for the period

Attributable to: Owners of the Company

-

-36.875

12.351

Non-controlling interest

-

-

-

* The comparative figures for 2013 have been restated following the application of IFRS 10 and 11 on Joint Arrangements. The accompanying notes 1 through 32 form an integral part of these consolidated financial statements.

61

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

in thousands of USD Balance at 1 January 2013

Share capital

Share premium

Translation reserve

Fair value reserve

Hedging reserve

Remeasurement reserve

Treasury shares

Retained earnings

Equity attributable to owners of the Company

35.000

-

21.805

45.578

-1.381

-3.501

-13.285

974.857

1.059.073

Total comprehensive income for the period Result for the period Total other comprehensive income Total comprehensive income for the period

-

-

1.326 1.326

-41.421 -41.421

937 937

1.815 1.815

-

49.694 49.694

49.694 -37.343 12.351

Contributions by and distributions to owners Dividends to equity holders Treasury shares Total contributions by and distributions to owners Total changes in ownership interests in subsidiaries Transfer Total transactions with owners

-

-

-

-

-

-

13.285 13.285 13.285

-3.676 1.102 -2.574 -163 -2.737

-3.676 14.387 10.711 -163 10.548

Balance at 31 December 2013

35.000

-

23.131

4.157

-444

-1.686

-

1.021.814

1.081.972

Balance at 1 January 2014

35.000

-

23.131

4.157

-444

-1.686

-

1.021.814

1.081.972

Total comprehensive income for the period Result for the period Total other comprehensive income Total comprehensive income for the period

-

-

-4.552 -4.552

-3.712 -3.712

444 444

-1.307 -1.307

-

-27.748 -27.748

-27.748 -9.127 -36.875

Contributions by and distributions to owners Dividends to equity holders Treasury shares Total contributions by and distributions to owners Total changes in ownership interests in subsidiaries Transfer Total transactions with owners

-

-

-

-

-

-

-

-11.603 -11.603 -23 -11.626

-11.603 -11.603 -23 -11.626

35.000

-

18.579

445

-

-2.993

-

982.440

1.033.471

Balance at 31 December 2014

The accompanying notes 1 through 32 form an integral part of these consolidated financial statements

62

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

CONSOLIDATED STATEMENT OF CASH FLOWS

in thousands of USD

note

Net cash and cash equivalents at the beginning of the period

2013 restated*

2014

36.644

16.505

Result before income tax

-

-27.638

49.732

Adjustments for non-cash transactions

-

96.736

29.268

Adjustments for items disclosed seperately or under investing or financing activities

-

-22.049

-20.822

Changes in working capital

-

-30.233

-4.472

Income taxes paid during the period

-

519

81

Interest paid

-

-22.974

-23.150

Interest received

-

7.482

2.112

Dividends received

-

19.442

34.317

21.285

67.066

Cash flows from operating activities Acquisition of vessels

11

-15.438

-59.611

Proceeds from the sale of vessels

11

48.429

4.102

Acquisition of other (in)tangible assets

11

-4.525

-653

Proceeds from the sale of other (in)tangible assets

11

-1.628

39

Investment in securities

12

-

-

Capital increase/decrease in subsidiaries, joint ventures & associates

-

11.608

-3.121

Proceeds from the sale of securities

12

3.591

51.791

Loans to related parties

15

-8.385

-19.110

Repayment of loans to related parties

15

9.015

11.094

Proceeds of disposals of subsidiaries & joint ventures net of cash disposed of and of associates

-

-

-

Purchase of subsidiaries, joint ventures & associates net of cash acquired

-

-1.871

-339

40.796

-15.808

Cash flows from investing activities Proceeds from issue of share capital

17

-

-

Repurchase / sale of treasury shares

17

-

14.331

New long-term borrowings

19

-

26.250

Repayment of long-term borrowings

19

-66.553

-69.129

Proceeds from loans from related parties

19

-72

1.310

Repayment of loans from related parties

19

-

-

Dividends paid

-

-11.625

-3.635

-78.250

-30.873

130

-246

20.605

36.644

Cash flows from financing activities Effect of changes in exchange rates Net cash and cash equivalents at the end of the period

16

* The comparative figures for 2013 have been restated following the application of IFRS 10 and 11 on Joint Arrangements. The accompanying notes 1 through 32 form an integral part of these consolidated financial statements

63

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

1 - Reporting entity 2 - Basis of preparation 3 - Functional and presentation currency 4 - Use of estimates and judgements 5 - Segment reporting 6 - Assets and liabilities classified as held for sale and discontinued operations 7 - Operating revenue and other operating income 8 - Operating expenses 9 - Net finance expense 10 - Tax expense 11 - Property, plant and equipment 12 - Financial assets 13 - Deferred tax assets and liabilities 14 - Non-current receivables 15 - Trade and other receivables 16 - Cash and cash equivalents 17 - Equity 18 - Earnings per share 19 - Interest-bearing loans and borrowings 20 - Employee benefits 21 - Provisions & contingencies 22 - Trade and other payables 23 - Financial instruments - Market and other risks 24 - Operating leases 25 - Related parties 26 - Group entities 27 - Major exchange rates 28 - Subsequent events 29 - Remuneration of the statutory auditors 30 - Statement on the true and fair view of the consolidated financial statements and the fair overview of the management report 31 - Changes in accounting policies 32 - Significant accounting policies

64

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

1 - REPORTING ENTITY CMB (the “Company”) is a company domiciled in Belgium. The address of the Company’s registered office is De Gerlachekaai 20, 2000 Antwerpen. The consolidated financial statements of the Company for the year ended 31 December 2014 comprise the Company and its subsidiaries (together referred to as the “Group”) and the Group’s interest in associates and jointly controlled entities.

2 - BASIS OF PREPARATION Statement of compliance The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB) as adopted by the European Union on 31 December 2014. The financial statements were authorised for issue by the Board of Directors on 24 March 2015. Basis of measurement The consolidated financial statements have been prepared on the historical cost basis except for the following material items in the statement of financial position: • Derivative financial instruments are measured at fair value; • Non-derivative financial instruments at fair value through profit or loss are measured at fair value; • Available for sale financial assets are measured at fair value.

3 - FUNCTIONAL AND PRESENTATION CURRENCY The consolidated financial statements are presented in USD, which is the Company’s functional and presentation currency. All financial information presented in USD has been rounded to the nearest thousand except when otherwise indicated.

4 - USE OF ESTIMATES AND JUDGEMENTS The preparation of consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which are the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Information about critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the consolidated financial statements is included in the following notes: • Note 11 – Property, plant and equipment; • Note 24 – Operating leases. Information about assumptions and estimation uncertainties that have a significant risk on resulting in a material adjustment within the next financial year are included in the following notes: • Note 11 – Property, plant and equipment; • Note 21 – Provisions and contingencies.

5 - SEGMENT REPORTING The Group distinguishes 3 reportable segments: Bocimar, ASL Aviation and Other activities. The Bocimar segment is comprised of all of CMB’s subsidiaries, associates and joint-ventures that are active in dry bulk shipping; i.e. mainly CMB’s dry bulk activity, Bocimar International and Bocimar Hong Kong. The ASL Aviation segment comprises all of CMB’s interests in the aviation industry; i.e. the participating interest in ASL Aviation and its subsidiaries and joint-ventures. The segment Other activities is made up of all other participating interests and/or subsidiaries and joint-ventures that have activities that are not directly related to any of the two other areas of activity. The performance of the individual segments is measured on the basis of contribution to the consolidated result. It was decided by the Chief Operating Decision Makers (CODM) to present the figures per segment based on proportionate consolidation for the joint ventures and not by applying equity accounting. The reconciliation between the figures of all segments combined on the one hand and with the consolidated statements of financial position and profit or loss on the other hand is presented under the heading Equity-accounted investees.

65

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

5 - SEGMENT REPORTING (CONTINUED) Consolidated statement of financial position in thousands of USD

2013 restated Intersegment

Total for reportable segments

Equityaccounted investees

Bocimar

NON-CURRENT ASSETS

1.598.199

177.027

80.049

-25.963

1.829.312

-99.106

1.730.206

Property, plant and equipment Intangible assets Financial assets Deferred tax assets

1.591.754 6.264 181 -

174.519 705 1.294 509

22.619 57.430 -

-25.963 -

1.788.892 6.969 32.942 509

-289.861 -705 191.969 -509

1.499.031 6.264 224.911 -

CURRENT ASSETS

164.336

89.281

736.692

-724.776

265.533

-100.895

164.638

Inventories Trade and other receivables Current tax assets Short-term investments Cash and cash equivalents Assets classified as held for sale

103.766 9 4.055 42.723 13.783

11.018 40.341 133 37.593 196

4 712.498 747 358 23.085 -

11.022 154.390 889 4.413 80.840 13.979

-11.022 -45.348 -133 -44.196 -196

109.042 756 4.413 36.644 13.783

1.762.535

266.308

816.741

2.094.845

-200.001

1.894.844

TOTAL ASSETS

ASL Aviation

Other activities

ASSETS

-702.215

-22.561 -750.739

Total assets

2014

in thousands of USD

Intersegment

Total for reportable segments

Equityaccounted investees

Bocimar

NON-CURRENT ASSETS

1.411.428

196.263

87.017

-25.959

1.668.749

-96.750

1.571.999

Property, plant and equipment Intangible assets Financial assets Deferred tax assets

1.403.186 5.464 2.778 -

180.091 11.741 3.984 447

27.690 59.327 -

-25.959 -

1.610.967 17.205 40.130 447

-284.176 -11.741 199.614 -447

1.326.791 5.464 239.744 -

CURRENT ASSETS

195.970

99.797

719.147

-711.549

303.365

-109.981

193.384

Inventories Trade and other receivables Current tax assets Short-term investments Cash and cash equivalents Assets classified as held for sale

133.821 12 323 19.244 42.570

13.682 42.727 169 43.153 66

3 709.373 2 378 9.391 -

-708.901 -2.648 -

13.685 177.020 183 701 69.140 42.636

-13.685 -47.526 -169 -48.535 -66

129.494 14 701 20.605 42.570

1.607.398

296.060

806.164

-737.508

1.972.114

-206.731

1.765.383

TOTAL ASSETS

66

ASL Aviation

Other activities

ASSETS

Total assets

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

5 - SEGMENT REPORTING (CONTINUED) Consolidated statement of financial position in thousands of USD EQUITY and LIABILITIES

2013 restated Bocimar

ASL Aviation

Other activities

Total for reportable segments

Intersegment

Equityaccounted investees

Total equity and liabilities

EQUITY

220.593

111.759

749.620

-

1.081.972

-

1.081.972

Equity attributable to owners of the Company Non-controlling interest

220.593 -

111.759 -

749.620 -

-

1.081.972 -

-

1.081.972 -

NON-CURRENT LIABILITIES

707.936

90.574

31.014

-25.926

803.598

-125.900

677.698

Loans and borrowings Trade and other payables Deferred tax liabilities Employee benefits Provisions

645.006 61.902 1.028 -

67.027 17.196 4.922 1.429

25.596 40 1.348 4.030

-25.926 -

711.703 61.902 17.236 7.298 5.459

-102.314 -17.236 -4.922 -1.428

609.389 61.902 2.376 4.031

CURRENT LIABILITIES

834.006

63.975

36.107

-724.813

209.275

-74.101

135.174

Trade and other payables Current tax liabilities Loans and borrowings Provisions Liabilities classified as held for sale

66.672 194 766.462 678 -

40.259 579 21.969 1.168 -

11.604 39 24.439 25 -

-7.784 -717.029 -

110.751 812 95.841 1.871 -

-42.973 -580 -29.380 -1.168 -

67.778 232 66.461 703 -

1.762.535

266.308

816.741

-750.739

2.094.845

-200.001

1.894.844

TOTAL EQUITY and LIABILITIES

2014

in thousands of USD EQUITY and LIABILITIES

Bocimar

ASL Aviation

Other activities

Total for reportable segments

Intersegment

Equityaccounted investees

Total equity and liabilities

EQUITY

136.240

120.519

776.712

-

1.033.471

-

1.033.471

Equity attributable to owners of the Company Non-controlling interest

136.240 -

120.519 -

776.712 -

-

1.033.471 -

-

1.033.471 -

NON-CURRENT LIABILITIES

580.589

108.004

13.110

-25.926

675.777

-131.008

544.769

Loans and borrowings Trade and other payables Deferred tax liabilities Employee benefits Provisions

529.063 49.930 1.596 -

82.879 18.469 5.869 787

7.686 34 1.841 3.549

-25.926 -

593.702 49.930 18.503 9.306 4.336

-105.849 -18.503 -5.869 -787

487.853 49.930 3.437 3.549

CURRENT LIABILITIES

890.569

67.537

16.342

-711.582

262.866

-75.723

187.143

Trade and other payables Current tax liabilities Loans and borrowings Provisions Liabilities classified as held for sale

62.760 21 823.893 3.895 -

38.083 3.258 24.222 1.974 -

12.701 101 3.540 -

-12.185 -699.397 -

101.359 3.380 152.258 5.869 -

-40.603 -3.260 -29.886 -1.974 -

60.756 120 122.372 3.895 -

1.607.398

296.060

806.164

-737.508

1.972.114

-206.731

1.765.383

TOTAL EQUITY and LIABILITIES

67

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

5 - SEGMENT REPORTING (CONTINUED) Consolidated statement of profit or loss in thousands of USD

2013 restated Bocimar

ASL Aviation

Other activities

Total for reportable segments

Intersegment

Equityaccounted investees

Total

Turnover Gains on disposal of vessels Other operating income

409.104 1.467 34.866

219.573 9.551

58.982 6.573

-50 -1.339

687.609 1.467 49.651

-247.317 -1.467 -10.736

440.292 38.915

Services and other goods Losses on disposal of vessels Depreciation and amortisation expense Impairment losses (-) / reversals (+) Staff costs Other operating expenses

-295.438 -975 -104.419 -7.399 -5.392 7.931

-142.760 -21.675 -44.537 -473

-72.733 -1.440 -3.535 861

1.389 -

-509.542 -975 -127.534 -7.399 -53.464 8.319

143.258 29.870 5.911 44.659 473

-366.284 -975 -97.664 -1.488 -8.805 8.792

Net result on freight and other similar derivatives

-7.805

-

-

-

-7.805

-

-7.805

Result from operating activities

31.940

19.679

-11.292

-

40.327

-35.349

4.978

Net finance expense. Share of result of equity accounted investees (net of tax)

-25.811 -2.655

-3.267 1

38.724 6.138

-

9.646 3.484

5.691 25.933

15.337 29.417

3.474

16.413

33.570

-

53.457

-3.725

49.732

-7

-3.727

-29

-

-3.763

3.725

-38

Result for the period

3.467

12.686

33.541

-

49.694

-

49.694

Attributable to: Owners of the Company Non-controlling interest

3.467 -

12.686 -

33.541 -

-

49.694 -

-

49.694 -

Result before tax Tax expense

2014

in thousands of USD Bocimar

ASL Aviation

Other activities

Total for reportable segments

Intersegment

Equityaccounted investees

Total

Turnover Gains on disposal of vessels Other operating income

485.019 7.968

226.753 5.182

42.072 1.941 3.404

-50 -1.175

753.794 1.941 15.379

-257.923 -1.941 -6.267

495.871 9.112

Services and other goods Losses on disposal of vessels Depreciation and amortisation expense Impairment losses (-) / reversals (+) Staff costs Other operating expenses

-403.093 -5.335 -102.710 -5.052 -6.521

-148.347 -22.072 -43.036 269

-50.123 -1.190 -2.904 23

1.225 -

-600.338 -5.335 -125.972 -50.992 -6.229

156.548 29.449 43.156 1.232

-443.790 -5.335 -96.523 -7.836 -4.997

Net result on freight and other similar derivatives

1.660

-

-

-

1.660

-

1.660

Result from operating activities

-28.064

18.749

-6.777

-

-16.092

-35.746

-51.838

Net finance expense. Share of result of equity accounted investees (net of tax)

-16.554 -

-2.480 -4

4.837 6.334

-

-14.197 6.330

4.131 27.936

-10.066 34.266

Result before tax

-44.618

16.265

4.394

-

-23.959

-3.679

-27.638

Tax expense

-11

-3.598

-180

-

-3.789

3.679

-110

Result for the period

-44.629

12.667

4.214

-

-27.748

-

-27.748

Attributable to: Owners of the Company Non-controlling interest

-44.629 -

12.667 -

4.214 -

-

-27.748 -

-

-27.748 -

68

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

5 - SEGMENT REPORTING (CONTINUED) Other items in thousands of USD

2013 restated Bocimar

Capital expenditure Impairment losses Impairment losses reversed

ASL Aviation

62.557 -1.488 -

Total

116 -

62.673 -1.488 -

2014

in thousands of USD Bocimar Capital expenditure Impairment losses Impairment losses reversed

-

Other activities

ASL Aviation

9.781 -

-

Other activities

Total

10.124 -

19.905 -

The company’s internal organisation and management structure does not distinguish any geographical segments. Hence no geographical segment information is presented. The Group has no client that represents more than 10% of the Group’s total turnover.

6 - ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE AND DISCONTINUED OPERATIONS Assets classified as held for sale in thousands of USD

2014 Bocimar

Vessels Land and buildings Assets under construction Other tangible assets Financial assets Non-current receivables Trade and other receivables Cash and cash equivalents Total

ASL Aviation

42.570 42.570

Liabilities classified as held for sale in thousands of USD

-

Bocimar

Total -

42.570 42.570

ASL Aviation

13.783 13.783

2014 Bocimar

Provisions Loans and borrowings Deferred tax liabilities Trade and other payables Total

2013 restated Other activities

ASL Aviation -

-

Other activities

-

Total -

13.783 13.783

2013 restated Other activities

Bocimar

Total -

-

ASL Aviation -

-

Other activities

Total -

-

The Assets held for sale in the Bocimar segment consist of the value of the Mineral Manila that was sold end 2014 but with delivery to its new owner in early 2015. For 2013, the Assets held for sale in the Bocimar segment consist of the value of the participating interest in SCFCo Holdings which the Group sold on 28 February 2014. Discontinued operations As per 31 December 2014 the Group has no operations that meet the qualifications of a discontinued operation.

69

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

7 - OPERATING REVENUE AND OTHER OPERATING INCOME Gain on disposal of vessels in thousands of USD Gains on the sale of vessels Gains on the transfer of time charter contracts Total

Other operating income in thousands of USD Gains on disposal of other (in)tangible assets Gains on disposal of subsidiaries & associates Government grants Reversal of unused provisions Recharge of expenses and compensations received Total

2013 restated

2014 -

2014 12 9.100 9.112

-

2013 restated 11 917 37.987 38.915

The Recharge of expenses and compensations received mainly consists of the write-back of the indemnity received previously under the charterer’s default insurance. In 2013 it was in relation to 4 vessels; as from 2014 it only relates to 1 vessel.

8 - OPERATING EXPENSES Services and other goods in thousands of USD

2014

Operating expenses Charter hire Voyage expenses Raw materials and consumables used Tonnage tax Administrative expenses Sub-total Bocimar

-104.582 -134.317 -150.149 -778 -7.025 -396.851

-92.427 -111.257 -83.533 -717 -9.041 -296.975

Operating expenses Charter hire Voyage expenses Raw materials and consumables used Administrative expenses Sub-total Other activities

-7 -37.818 -2.648 -7.563 -48.036

-4.985 -38.247 -19.337 -7.872 -70.441

Eliminations Total

1.097 -443.790

1.132 -366.284

Depreciation and amortisation expenses in thousands of USD

2014

Depreciation of property, plant and equipment Amortisation of intangible assets Total

-95.665 -858 -96.523

2013 restated

2013 restated -96.812 (see also Note 11) -852 -97.664

The Amortisation of intangible assets represents the amortisation of the value attached to the time charter of the Lake Dolphin that was acquired in the course of 2012.

70

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

8 - OPERATING EXPENSES (CONTINUED) Impairment in thousands of USD

2013 restated

2014

Impairment losses (-) / reversals (+) of property, plant and equipment Impairment losses (-) / reversals (+) of intangible assets Impairment losses (-) / reversals (+) of assets held for sale Total

-

-1.488 -1.488

The Impairment losses of assets held for sale consist of the estimated loss on the planned sale of the participating interest in SCFCO Holdings (see also Note 6).

Loss on disposal of vessels in thousands of USD Loss on the sale of vessels

2013 restated

2014 -5.335

-975

The loss for 2014 relates to the sale of the Mineral Manila (2011 - 179.842 dwt). The loss on the sale of vessels for 2013 refers to a loss realised on the sale of the Rio Negro (1999 – 20.501 dwt). Staff costs in thousands of USD Wages and salaries Social security costs Provision for employee benefits Other staff costs Total Average number of full time equivalents

Other operating expenses in thousands of USD Impairment loss on remeasurement of disposal group Claims Provisions Amounts written off stocks & current receivables Losses on disposal of other (in)tangible assets Losses on disposal of subsidiaries & associates Total

2014

2013 restated

-5.409 -1.341 206 -1.292 -7.836

-5.558 -1.361 139 -2.025 -8.805

61,55

60,25

2014

2013 restated

-3.192 -135 -1.670 -4.997

7.914 908 -30 8.792

The Provisions mainly represent the movements of provisions for onerous contracts (see also Note 21).

71

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

9 - NET FINANCE EXPENSE Recognised in profit or loss in thousands of USD

2014

2013 restated

Interest income on available-for-sale investments Interest income on bank deposits Fair value adjustment on forward exchange contracts Dividend income on available-for-sale investments Gain on disposal of available-for-sale investments Net change in fair value of available-for-sale financial assets transferred from equity Net change in fair value of financial assets at fair value through profit or loss Foreign exchange gains Finance income

7.277 7 106 3.482 3.027 13.899

2.290 7 45.203 764 48.264

Interest expense on financial liabilities measured at amortised cost Fair value adjustment on interest rate swaps Fair value adjustment on forward exchange contracts Loss on disposal of available-for-sale investments Net change in fair value of available-for-sale financial assets transferred from equity Net change in fair value of financial assets at fair value through profit or loss Impairment losses (-), reversals (+) on financial assets Foreign exchange losses Finance expenses

-22.043 493 -2.415 -23.965

-24.284 1.489 -30.472 22.041 -1.701 -32.927

Net finance expense recognised in profit or loss

-10.066

15.337

The above finance income and expenses include the following in respect of assets (liabilities) not at fair value through profit and loss: Total interest income on financial assets Total interest expense on financial liabilities

7.277 -22.043

2.290 -24.284

Recognised directly in equity in thousands of USD

2014

2013 restated

Foreign currency translation differences Remeasurements of the defined benefit liability (asset) Net change in fair value of available-for-sale financial assets Net change in fair value of available-for-sale financial assets transferred to profit or loss Net change in fair value of cash flow hedges Net change in fair value of cash flow hedges transferred to profit or loss Net finance expense recognised directly in equity

-4.198 -1.659 -230 -3.482 442 -9.127

1.163 1.975 3.782 -45.203 940 -37.343

Attributable to: Owners of the Company Non-controlling interest Net finance expense recognised directly in equity

-9.127 -9.127

-37.343 -37.343

-4.552 -3.712 444 -1.307 -9.127

1.326 -41.421 937 1.815 -37.343

Recognised in: Translation reserve Fair value reserve Hedging reserve Remeasurement reserve

The net finance expense includes an amount of USD 3.588.000 (2013: USD 36.772.000) of gains and losses realised on the sale of available-for-sale financial assets. It concerns a capital gain realised on the sale of shares Korea Line and Panocean (2013: shares FMG).

72

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

10 - TAX EXPENSE in thousands of USD Current tax Current period Adjustments for prior years Total Deferred tax Origination and reversal of temporary differences Benefit of tax losses recognised Total Total income tax expense

2013 restated

2014

-110 -110

-55 17 -38

-

-

-110

-38

Reconciliation of effective tax in thousands of USD Result before income tax Tax at domestic rate Effects on tax of : Share of result of equity-accounted investees reported net of tax Losses not subject to tax Tax exempt profit / loss Non-deductible expenses Benefit of tax losses recognised Unrecognised tax losses, tax credits and tax allowances Adjustment for tax of previous years Tax rates in foreign jurisdictions Total taxes

2013 restated

2014 -27.638 -33,99%

9.394

49.732 -33,99%

11.647 -7.251 -502 -411 -14.568 1.581 0,40%

-110

-16.904 9.999 -11.923 12.822 -398 6.315 17 34

-0,08%

-38

73

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

11 - PROPERTY, PLANT AND EQUIPMENT

At 1 January 2013 restated Cost Depreciation & impairment losses Net carrying amount

1.812.206 -302.405 1.509.801

-

2.530 -2.530 -

1.773 -915 858

26.318 26.318

-

4.561 -3.079 1.482

1.847.388 -308.929 1.538.459

40.093 -5.077 -96.303 -

-

-

-11 -153 -

22.111 -

-

469 -58 -498 -1 -

62.673 -5.135 -96.812 -154 -

Balance at 31 December 2013 restated

1.448.514

-

-

694

48.429

-

1.394

1.499.031

At 1 January 2014 Cost Depreciation & impairment losses Net carrying amount

1.846.626 -398.112 1.448.514

-

2.530 -2.530 -

1.455 -761 694

48.429 48.429

-

4.760 -3.366 1.394

1.903.800 -404.769 1.499.031

-95.130 -47.905 -

-

-

-11 -83 -

15.438 -48.429 -

-

4.467 -30 -524 -33 -

19.905 -48.459 -95.665 -47.905 -116 -

Balance at 31 December 2014

1.305.479

-

-

600

15.438

-

5.274

1.326.791

At 31 December 2014 Cost Depreciation & impairment losses Net carrying amount

1.789.735 -484.256 1.305.479

-

2.530 -2.530 -

1.276 -676 600

15.438 15.438

-

8.803 -3.529 5.274

1.817.782 -490.991 1.326.791

Acquisitions Disposals and cancellations Depreciation charge Impairment losses Reversal of impairment losses Acquisitions through business combinations Disposals of subsidiaries Transfer to assets held for sale Other transfers Translation differences Other changes

Tankers

Land and buildings

Other equipment & vehicles

Dry bulk vessels

Acquisitions Disposals and cancellations Depreciation charge Impairment losses Reversal of impairment losses Acquisitions through business combinations Disposals of subsidiaries Transfer to assets held for sale Other transfers Translation differences Other changes

Investment property

Vessels Other assets under under construction construction

in thousands of USD

Total

At 31 December 2014, vessels with a total carrying amount of USD 1.305.479.000 (2013: USD 1.448.514.000) have been mortgaged to secure bank loans (see also Note 19).

74

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

11 - PROPERTY, PLANT AND EQUIPMENT (CONTINUED) Impairment Bocimar In recent years the dry bulk markets - especially the capesize market - have been characterised by high volatility and declining asset values as a consequence of the huge number of newbuilding deliveries. Based on a current valuation - as prepared by two independent shipping brokers - the carrying value of the fleet as per 31 December 2014 exceeds the market value by USD 386 million. Management considered the foregoing as an indicator of possible impairment following which an impairment test was performed. The impairment test calculates what level of income - expressed as a rate in USD/day - is needed for the remaining life of the respective cash generating units to arrive at a recoverable amount equalling the bookvalue of the assets concerned. The calculated rate is benchmarked against 10 year historical average freight rates on both the spot and timecharter markets. The company distinguishes four cash generating units, i.e. Capesize, Post Panamax, Supramax and Handysize. Other assumptions used in calculating the value in use are: - a WACC (weighted average cost of capital) of 8,54% in line with industry wide used percentages, - indexation of operating expenses of 2,5% per year, - a maximum useful life of 20 years with no residual value. Management is of the opinion that the assumptions used are reasonable and appropriate. However, such assumptions remain highly subjective. The impairment test - as performed on 31 December 2014 - did not result in any need to record an impairment loss in the 2014 consolidated accounts. ASL Aviation As per 31 December 2014 there were no indications of impairment in respect of the aircraft fleet.

Vessels under construction in thousands of USD

2014

2013 restated

Capesize bulkcarriers Handysize bulkcarriers Sub-total Bocimar

5.610 5.610

48.429 48.429

Container vessels Sub-total Other activities

9.828 9.828

-

15.438

48.429

Total

Capital commitments At 31 December 2014, the Group has capital commitments amounting to USD 183.990.000 (2013: USD 314.800.000). These can be detailed as follows:

in thousands of USD Capesize bulkcarriers Post Panamax bulkcarriers Chemical carriers Container vessels Total of which related to joint ventures

total 22.440 30.200 42.900 88.450 183.990

2015 5.610 30.200 29.700 40.655 106.165

65.340

35.310

payments scheduled for 2016 2017 16.830 13.200 47.795 77.825 30.030

-

2018

2019 -

-

-

-

75

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

12 - FINANCIAL ASSETS Investments in equity accounted investees Carrying amount in thousands of USD

2014

Interests in associates Interests in material joint ventures Interests in other joint ventures Total

33.353 120.519 30.943 184.815

2013 restated 31.450 111.759 31.033 174.242

Total comprehensive income attributable to the Group in thousands of USD Interests in associates Interests in material joint ventures Interests in other joint ventures Total comprehensive income Result for the period. Other comprehensive income.

76

2014 6.140 8.760 15.178 30.078 34.266 -4.188

2013 restated 5.815 14.368 10.990 31.173 29.417 1.756

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

12 - FINANCIAL ASSETS (CONTINUED) Interests in associates The Group has one associate that is material to the Group. It concerns Anglo-Eastern Management Group Limited (AEMG) in which the Group acquired a 27% stake in 2007. AEMG primarily focuses its activities on the provision of ship management, crew management and newbuilding consultancy services. AEMG is taken up in the consolidated accounts of the Group as from September 2007 and is equity accounted. In the course of 2008, 2012, 2013 and 2014 the Group increased its stake in AEMG slightly. As per 31 December 2014 the Group’s stake amounts to 29,26% (2013: 28,09%). The following is summarised financial information for AEMG based on its consolidated financial statements prepared in accordance with Hong Kong Financial Reporting Standards, which are equivalent to IFRS. in thousands of USD

2014

2013

Revenues Profit from continuing operations Other comprehensive income

186.840 22.729 -

185.804 22.232 -

Total comprehensive income

22.729

22.232

Current assets Non-current assets

115.163 13.326

114.519 14.044

Total assets

128.489

128.563

Current liabilities Non-current liabilities

106.113 135

106.577 128

Total liabilities

106.248

106.705

Net assets

22.241

21.858

Attributable to non-controlling interests Attributable to investee's shareholders

22.241

21.858

in thousands of USD Group’s interest in net assets of investee at the beginning of the year Acquisitions & additional investments Disposals and repayments Total comprehensive income attributable to the Group Dividends received during the year Transfers Other changes Group’s interest in net assets of investee at the end of the year Goodwill Other adjustments Carrying amount of interest in investees at the end of the year including goodwill

2014

2013 restated

6.140

6.919

219 6.140 -6.085 64

120 5.815 -6.360 -354

6.478

6.140

26.921 -46

25.269 41

33.353

31.450

77

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

12 - FINANCIAL ASSETS (CONTINUED) Interests in material joint ventures The ASL Group as a whole is structured as a separate vehicle and has two reference shareholders. Although the Group has a 51% interest in ASL Aviation Group Ltd - the parent company of the ASL Group - the Group has classified its interest in ASL as a joint venture on the basis of the shareholders’ agreement that was agreed between the two reference shareholders. The principal activities of ASL are: provision of air cargo transport services to the integrator and postal markets; provision of air passenger services; aircraft leasing; aircraft spares trading and other aviation related services. In the course of the year ASL acquired the Farnair Group of companies (see also Note 26). The Farnair Group of companies is taken up in the consolidated financial statements of ASL as from 1 December 2014. Following the acquisition, net assets of ASL increased with EUR 51.432.000 and goodwill increased with EUR 16.180.000. The contribution of 1 month of the Farnair Group to revenue and result for the period was EUR 5.280.000 and EUR 689.000 respectively. The following is summarised financial information for the ASL Group based on its consolidated financial statements prepared in accordance with IFRS. in thousands of EUR

2014

2013

Revenue Profit from continuing operations (1) Other comprehensive income

331.672 17.138 16.143

322.760 17.018 -4.689

Total comprehensive income

33.281

12.329

Attributable to non-controlling interests Attributable to investee's shareholders (1) Includes: - depreciation and amortisation - finance cost - income tax expense

1.317 31.964

1.464 10.865

-31.845 -4.617 -4.840

-31.398 -5.630 -5.137

Current assets (2) Non-current assets

152.238 321.011

118.002 251.479

Total assets

473.249

369.481

Current liabilities (3) Non-current liabilities (4)

108.961 175.290

125.112 88.382

Total liabilities

284.251

213.494

Net assets

188.998

155.987

Attributable to non-controlling interests Attributable to investee's shareholders (2) Includes cash and cash equivalents of which restricted (3) Includes current financial liabilities (4) Includes non-current financial liabilities

9.623 179.375 62.960 7.140 39.140 130.509

8.307 147.680 50.775 7.830 67.083 52.671

in thousands of USD

2014

Group’s interest in net assets of investee at the beginning of the year Acquisitions & additional investments Disposals and repayments Total comprehensive income attributable to the Group Dividends received during the year Transfers Other changes Group’s interest in net assets of investee at the end of the year

115.107

105.091

8.760 -445

14.368 -4.100 -252

123.422

115.107

-2.903

-3.348

120.519

111.759

Goodwill Other adjustments Carrying amount of interest in investees at the end of the year including goodwill

2013 restated

The Other adjustments mainly relate to goodwill and translation differences in the ASL consolidated accounts that are eliminated upon integration in the consolidated accounts of the Group. Other comprehensive income in the ASL consolidated accounts (expressed in EUR) includes translation differences that are eliminated upon integration in the consolidated accounts of the Group that are presented in USD, the functional and presentation currency of the Group.

78

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

12 - FINANCIAL ASSETS (CONTINUED) Interests in other joint ventures In its other operating segments the Group conducts its business through a number of unlisted joint arrangements in which it has joint control and a 50% ownership interest. The joint ventures in the Bocimar segment represent group entities in relation to the ownership of 5 vessels. The joint ventures in the segment Other activities relate to 3 companies in which the Group has joint control and a 50% ownership interest. It concerns a real estate company, a company that has 3 chemical carriers under construction and a company that owns 1 panamax oil tanker (this vessel was sold in the course of 2014). 2014

in thousands of USD

Other activities

Bocimar number of joint venture companies Carrying amount of interest in investees at the beginning of the year Acquisitions & additional investments Disposals and repayments Total comprehensive income attributable to the Group Dividends received during the year Transfers Other changes Carrying amount of interest in investees at the end of the year Goodwill Carrying amount of interest in investees at the end of the year including goodwill

9 24.932

2013 restated Total for reportable segments 3 12

Other activities

Bocimar 13

Total for reportable segments 2 15

6.101

31.033

29.192

5.251

34.443

365 -250 12.058 -7.000 -2.045 -

3.120 -6.350 12 -

365 -250 15.178 -13.350 -2.033 -

2.750 -13 10.140 -23.850 6.713 -

850 -

2.750 -13 10.990 -23.850 6.713 -

28.060

2.883

30.943

24.932

6.101

31.033

-

-

-

-

-

-

28.060

2.883

30.943

24.932

6.101

31.033

The Transfers mainly represent transfers to non-current receivables.

79

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

12 - FINANCIAL ASSETS (CONTINUED) Investments in securities in thousands of USD

Dry bulk vessels

Investment property

Tankers

Total

At 1 January 2013 restated Cost Revaluation Impairment losses Net carrying amount

38.046 45.578 -22.766 60.858

-

-

38.046 45.578 -22.766 60.858

Acquisitions & additional investments Disposals and repayments Revaluation transferred to profit/loss Net change in fair value through profit/loss Revaluation Impairment losses Reversal of impairment losses Business combinations Transfers Translation differences Other changes

-37.060 -45.203 3.782 22.041 -

-

-

-37.060 -45.203 3.782 22.041 -

Balance at 31 December 2013 restated

4.418

-

-

4.418

At 1 January 2014 Cost Revaluation Impairment losses Net carrying amount

986 4.157 -725 4.418

-

-

986 4.157 -725 4.418

Acquisitions & additional investments Disposals and repayments Revaluation transferred to profit/loss Net change in fair value through profit/loss Revaluation Impairment losses Reversal of impairment losses Business combinations Transfers Translation differences Other changes

-3 -3.482 -230 -

-

-

-3 -3.482 -230 -

Balance at 31 December 2014

703

-

-

703

At 31 December 2014 Cost Revaluation Impairment losses Net carrying amount

983 445 -725 703

-

-

983 445 -725 703

80

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

12 - FINANCIAL ASSETS (CONTINUED)

in thousands of USD Available-for-sale - quoted - unquoted

non-current 2013 2014 restated 2 2

current 2014 5 5

701 701

2013 restated 4.413 4.413

Sensitivity analysis - equity price risk Nearly all of the Group’s equity investments are listed on international markets like NYSE Euronext, the Stock Exchange of Hong Kong Limited or the Korea Exchange. A two percent increase at the reporting date would have increased equity and profit or loss by the amounts shown below. The analysis for 2013 is performed on the same basis. in thousands of USD Equity Profit or loss

2014 14 -

2013 restated

88 -

13 - DEFERRED TAX ASSETS AND LIABILITIES Recognised deferred tax assets and liabilities The Group has no recognised deferred tax assets and liabilities.

Unrecognised deferred tax assets and liabilities Deferred tax assets and liabilities have not been recognised in respect of the following items: in thousands of USD Deductible temporary differences Taxable temporary differences Unused tax losses & tax credits Offset Total

2014 Assets Liabilities 7.663 -3.752 50.125 57.788 -3.752 -3.752 3.752 54.036 -

2013 restated Assets Liabilities 9.533 -4.958 51.547 61.080 -4.958 -4.958 4.958 56.122 -

The unrecognised tax asset in respect of unused tax losses & tax credits is related to tax losses carried forward, investment deduction allowances and notional interest deduction. None of the amounts have an expiration date. Deferred tax assets have not been recognised because it is not probable that future taxable profit will be available against which the Group can utilise the benefits therefrom or because the future taxable profits cannot be measured on a reliable basis. The unrecognised tax liabilities in respect of taxable temporary differences relate to tax liabilities in respect of non distributed reserves of subsidiaries that will be taxed when distributed as a dividend. No deferred tax liability has been recognised because there is no intention to distribute these reserves.

81

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

14 - NON-CURRENT RECEIVABLES in thousands of USD Loans to related parties Loans to associates Finance lease receivable Other non-current receivables Total

2013 restated

2014 54.777 150 54.927

50.498 166 50.664

15 - TRADE AND OTHER RECEIVABLES 2013 restated

in thousands of USD

2014

Trade receivables Loans to related parties Finance lease receivable Derivatives Accrued income Deferred charges Other receivables Total

35.505 2.281 15 21.263 32.310 38.120 129.494

45.148 6.972 787 21.596 30.657 3.882 109.042

The Other receivables mainly consists of advance payments on newbuilding vessels that are scheduled to be repaid following the cancellation of certain newbuilding contracts with Samjin and Imabari. The amounts mentioned under Derivatives can be detailed as follows (see also note 23): in thousands of USD

2013 restated

2014

Forward Freight Agreements Interest rate swaps, caps and floors Forward exchange contracts Total

15 15

787 787

16 - CASH AND CASH EQUIVALENTS in thousands of USD Bank deposits Cash at bank and in hand Total Less: Bank overdrafts and credit lines used for cash management purposes Short-term loans from related parties Net cash and cash equivalent in the cash flow statement

82

2013 restated

2014 7.000 13.605 20.605

5.004 31.640 36.644

-

-

20.605

36.644

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

17 - EQUITY Share capital and share premium in shares On issue at 1 January Share split On issue at 31 December - fully paid

2014

2013

35.000.000 35.000.000 35.000.000 35.000.000

At 31 December 2014 the share capital is represented by 35.000.000 shares. The shares have no par value. There are no preference shares and no share options. At 31 December 2014, the authorised share capital amounts to USD 10.400.000 (2013: USD 10.400.000) or the equivalent of 10.400.000 shares (2013: 10.400.000 shares). The holders of ordinary shares are entitled to receive dividends when declared and are entitled to one vote per share at the meetings of the Company. Translation reserve The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations. Fair value reserve The fair value reserve includes the cumulative net change in the fair value of available-for-sale financial assets until the asset is derecognised or impaired. Hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to hedged transactions that have not yet occurred. Remeasurement reserve The remeasurement reserve comprises the remeasurements of the net defined benefit liability that are recognised in Other comprehensive income. Treasury shares As per 31 December 2014 the Company does not own any treasury shares. Dividends In the course of the year the Board of Directors approved the payment of the following interim dividends. Interim dividends are shown as paid and are deducted from equity. in thousands of EUR

2014

EUR 0,00 per ordinary share (2013: EUR 0,00) in thousands of USD

2013 -

-

After the balance sheet date the following final dividends were proposed by the directors. The dividends have not been provided for and there are no income tax consequences. in thousands of EUR EUR 0,00 per ordinary share (2013: EUR 0,24) in thousands of USD

2014

2013 -

8.400 11.603

Dividend limitations The Company is subject to a dividend covenant in relation to the USD 300 million senior secured reducing revolving credit facility that was concluded in December 2012 (see Note 19). The covenant states that until the second anniversary of the facility, dividends shall not exceed 25% of the consolidated net income, thereafter dividends shall not exceed 50% of the consolidated net income.

83

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

18 - EARNINGS PER SHARE Basic earnings per share The calculation of basic earnings per share at 31 December 2014 was based on a loss attributable to ordinary shares of USD -27.748.000 (2013: USD 49.694.000) and a weighted average number of shares outstanding during the year ended 31 December 2014 of 35.000.000 (2013: 34.598.750), calculated as follows: Profit attributable to ordinary shares in thousands of USD Profit or Loss for the period Weighted average number of ordinary shares in shares

On issue at 31 December 2012 purchases of treasury shares withdrawal of treasury shares sales of treasury shares private placement of treasury shares On issue at 31 December 2013 purchases of treasury shares withdrawal of treasury shares sales of treasury shares private placement of treasury shares On issue at 31 December 2014

84

2014

2013

-27.748

shares issued

49.694

treasury shares

35.000.000 35.000.000 35.000.000

shares outstanding

weighted number of shares

535.000 34.465.000 34.465.000 -535.000

34.465.000 34.465.000 34.465.000 35.000.000

- 35.000.000 34.598.750 -

35.000.000 35.000.000 35.000.000 35.000.000

- 35.000.000 35.000.000

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

19 - INTEREST-BEARING LOANS AND BORROWINGS Long-term loans and borrowings in thousands of USD

Bank loans

Loans from related Other loans parties -

Total

More than 5 years Between 1 and 5 years More than 1 year Less than 1 year

282.591 372.335 654.926 61.493

At 1 January 2013 restated

716.419

-

-

716.419

New loans Scheduled repayments Early repayments Refinancing Business combinations Disposals of subsidiaries Transfer to liabilities held for sale Transfers Translation differences Other changes

26.250 -62.521 -6.608 1.000

-

-

26.250 -62.521 -6.608 1.000

Balance at 31 December 2013 restated

674.540

-

-

674.540

More than 5 years Between 1 and 5 years More than 1 year Less than 1 year

185.425 423.964 609.389 65.151

-

-

185.425 423.964 609.389 65.151

At 1 January 2014

674.540

-

-

674.540

New loans Scheduled repayments Early repayments Refinancing Business combinations Disposals of subsidiaries Transfer to liabilities held for sale Transfers Translation differences Other changes

-65.220 -1.333 1.000

-

-

-65.220 -1.333 1.000

Balance at 31 December 2014

608.987

-

-

608.987

More than 5 years Between 1 and 5 years More than 1 year Less than 1 year

72.661 415.192 487.853 121.134

-

-

72.661 415.192 487.853 121.134

Balance at 31 December 2014

608.987

-

-

608.987

282.591 372.335 654.926 61.493

The bank loans relating to the financing of vessels are secured by a first preferred mortgage on the assets concerned. The amount of the original mortgages registered amounts to USD 1.136.075.000 (2013: USD 1.136.075.000). On 18 December 2012 CMB refinanced its existing senior secured non-amortising revolving credit facility. The new USD 300 million senior secured reducing revolving credit facility has a term of 6 years and 1 month and bears interets at a rate of LIBOR +3,00%. On the undrawn portion of the facility a commitment fee of 1,00% will be paid. A total of USD 3.900.000 was paid as arrangement fee. Over the 6 year term the loan amount reduces to USD 140 million. As per 31 December 2014 an amount of USD 205 million (2013: USD 214 million) was drawn under the facility.

85

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

19 - INTEREST-BEARING LOANS AND BORROWINGS (CONTINUED) Short-term loans and borrowings in thousands of USD

2014

Current portion of long-term loans.

121.134

65.151

-

-

1.238

1.310

122.372

66.461

Bank overdrafts and credit lines used for cash management purposes Commercial paper Short-term loans from related parties Total

2013 restated

Undrawn borrowing facilities At 31 December 2014 the Group has undrawn borrowing facilities amounting to USD 46.743.000 (2013: USD 53.095.000). Additionally the Group also has a commercial paper program for a total amount of EUR 173.500.000 or USD 210.629.000 calculated using the closing rate of exchange, of which USD 0 has been drawn on 31 December 2014 (2013: USD 0).

Terms and debt repayment schedule The main terms and conditions of outstanding loans are as follows: in thousands of USD Currency

Nominal

Year of maturity

Face value

2014 Carrying value

2013 restated Face value Carrying value

Secured vessel loans

USD

libor +0,70%/ ... /+3,00%

2015 - 2022

600.887

598.987

667.440

664.540

Unsecured credit facility. Commercial paper Bank overdrafts

USD EUR EUR

libor +2,40% market libor/euribor at market

2015 -

10.000 210.629 46.743

10.000 -

10.000 239.274 53.095

10.000 -

868.259

608.987

969.809

674.540

Total interest-bearing liabilities

86

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

20 - EMPLOYEE BENEFITS Funded status in thousands of USD

2014

2013 restated

Defined benefit obligation Fair value of plan assets

-8.412 4.975

-7.437 5.061

Funded status

-3.437

-2.376

Defined benefit (Liability)/Asset in thousands of USD Defined benefit (Liability)/Asset

2014 -3.437

2013 restated -2.376

The Group contributes to a defined benefit plan that provides pension benefits for employees upon retirement; the plan is fully insured through an insurance company.

Current pension expense in thousands of USD

2014

2013 restated

Service cost component Finance component Administration cost Expected return on plan assets Net actuarial gains/(losses) recognised in year Past service cost Gains/losses on curtailments and settlements

-180 -69 -28 -

-244 -79 -29 -

Total pension expense

-277

-352

Reconcilliation of defined benefit (Liability)/Asset in thousands of USD

2014

2013 restated

Net liability at 1 January

-2.376

-3.681

Employer contributions Current pension expense Amount recognised in OCI Change in accounting policy (OCI, IFRIC 14) Foreign currency translation difference

413 -277 -1.616 419

412 -352 1.354 -109

Net liability at 31 December

-3.437

-2.376

87

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

21 - PROVISIONS & CONTINGENCIES Provisions in thousands of USD

Claims

Onerous contracts

Other

Total

Non-current provisions Current provisions

4.940 -

148 7.583

6 -

5.094 7.583

At 1 January 2013 restated

4.940

7.731

6

12.677

-917 2 -

703 -8.617 886 -

-

703 -8.617 -917 886 2 -

Balance at 31 December 2013 restated

4.025

703

6

4.734

Non-current provisions Current provisions

4.025 -

703

6 -

4.031 703

At 1 January 2014

4.025

703

6

4.734

-482 -

3.870 -678 -

-

3.870 -678 -482 -

Balance at 31 December 2014

3.543

3.895

6

7.444

Non-current provisions Current provisions

3.543 -

3.895

6 -

3.549 3.895

Balance at 31 December 2014

3.543

3.895

6

7.444

Provisions made during the period Provisions used during the period Reversal of unused provisions Unwind of discount Business combinations Disposals of subsidiaries Transfer to liabilities held for sale Other transfers Translation differences Other changes

Provisions made during the period Provisions used during the period Reversal of unused provisions Unwind of discount Business combinations Disposals of subsidiaries Transfer to liabilities held for sale Other transfers Translation differences Other changes

The provision for claims relates to a provision for the balance sheet guarantee granted within the framework of the sale of Hesse-Noord Natie to PSA. Contingencies Several Group companies are involved in a number of disputes in connection with their day-to-day activities, both as claimant and defendant. Such disputes and the associated expenses of legal representation are generally covered by insurance. Moreover, they are not of a magnitude that lies outside the ordinary, and their scope is not of such a nature that they could jeopardise the Group’s financial position. In March 2006 Hessenatie Logistics commenced arbitration proceedings against Sanoma Magazines Belgium in respect of the unilateral termination of a co-operation agreement between the parties. During 2010 hearings were held in April and September. In its decision of 9 November 2011 the Arbitral Tribunal decided that Sanoma Magazines Belgium had rightfully terminated the co-operation agreement. On 26 September 2012 the Arbitral Tribunal decided to appoint an expert to examine the damage claims. The expert has finalised his consultations and investigations and has presented his findings to the Arbitral Tribunal. A hearing was held on 5 February 2015. By arbitral award of 16 February 2015 the Arbitral Tribunal has ordered Sanoma Magazines Belgium to submit its new distribution agreement. Parties have now the possibility to submit an additional trial brief regarding the consequences of this new agreement. Subsequently, a new hearing will be held on 18 June 2015. A final decision of the Arbitral Tribunal may be expected by the end of 2015, although this is by no means certain. Based on the foregoing, no reliable estimate of a possible economic outflow can be determined. Hence no provision is recognised.

88

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

22 - TRADE AND OTHER PAYABLES Non-current liabilities in thousands of USD

2013 restated

2014

Deferred income Other payables

49.930 -

61.902 -

Total

49.930

61.902

The amounts concern the non-current part of the indemnity received following the termination of a counterparty default insurance. The movement represents the transfer of the current portion to current liabilities. Current liabilities in thousands of USD

2013 restated

2014

Trade payables Staff costs Dividends payable Derivatives Accrued expenses Deferred income Other payables

12.390 599 123 27.194 20.388 62

10.537 703 145 3.279 28.067 24.930 117

Total

60.756

67.778

The amounts mentioned under Derivatives can be detailed as follows (see also note 23): in thousands of USD

2013 restated

2014

Forward Freight Agreements Interest rate swaps, caps and floors Forward exchange contracts

-

2.584 695 -

Total

-

3.279

89

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

23 - FINANCIAL INSTRUMENTS - MARKET AND OTHER RISKS In the course of its normal business, the Group is exposed to market, credit, liquidity, interest rate and currency risks. The Group uses various derivative financial instruments to hedge its exposure to fluctuations in market rates, exchange rates and interest rates. Market risk The Group uses Forward Freight Agreements (FFAs) to hedge its exposure to fluctuations in the dry bulk shipping markets. The current hedging portfolio is considered as a freestanding instrument meaning that at each balance sheet date, the Group remeasures the fair value of these instruments and recognises any resulting adjustment in net profit or loss for the period. The impact of the current FFA portfolio on the statement of financial position can be summarised as follows: in thousands of USD Cash and cash equivalents Trade and other receivables Trade and other payables Net fair value Recognised in profit or loss Recognised as translation difference Recognised in retained earnings Recognised directly in equity

hedge -

2014 trading -7.013 15 -6.998 -4.222 -2.776 -

total -7.013 15 -6.998 -4.222 -2.776 -

The impact on the income statement can be summarised as follows: in thousands of USD

2014

Income/(Expenses) Fair value adjustment

5.882 -4.222

Total

1.660

Sensitivity analysis A USD 1.000/day change in the FFA rate as at 31 December 2014 would have increased (decreased) equity and profit or loss by the amounts shown below. The analysis is performed on the same basis for 2013. Effect on profit or loss of a USD 1.000/day in thousands of USD

increase

decrease

Effect on equity of a USD 1.000/day increase

decrease

2013 restated Cash flow sensitivity (net)

-71

68

-

-

178

-176

-

-

2014 Cash flow sensitivity (net)

Credit risk The Group has no formal credit policy. Credit evaluations - when necessary - are performed on an ongoing basis. At the balance sheet date there were no significant concentrations of credit risk. The maximum exposure to credit risk is represented by the carrying amount of each financial asset, including derivative financial instruments, in the balance sheet. The majority of derivate financial instruments are cleared on a daily basis and represent as such little or no credit risk. As per 31 December 2014 the Group has no trade and other receivables outstanding that are past their due date. Any past due amounts are not impaired when collection is still considered to be likely, for instance if management is confident the outstanding amounts can be recovered. Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group’s reputation.

90

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

23 - FINANCIAL INSTRUMENTS - MARKET AND OTHER RISKS (CONTINUED) The following are the contractual maturities of financial liabilities, including estimated interest payments: Non derivative financial liabilities in thousands of USD Bank and Trade and Bank loans Other loans overdraft commercial other payables paper More than 5 years Between 1 and 5 years Less than 1 year

214.624 492.627 76.411

-

-

5.056 56.846 67.778

At 31 December 2013

783.662

-

-

129.680

Bank and Trade and Other loans overdraft commercial other payables paper

Bank loans More than 5 years Between 1 and 5 years Less than 1 year

81.086 464.235 136.180

-

-

4.558 45.372 60.756

At 31 December 2014

681.501

-

-

110.686

Derivative financial liabilities in thousands of USD More than 5 years Between 1 and 5 years Less than 1 year At 31 December 2013

More than 5 years Between 1 and 5 years Less than 1 year

Forward Interest rate freight swaps agreements 2.584 991 2.584

-

-

991

Forward Interest rate freight swaps agreements -

At 31 December 2014

Forward exchange contracts

Forward exchange contracts

-

-

Interest rate risk From time to time, the Group hedges part of its exposure to changes in interest rates on borrowings. The Group uses various interest rate related derivatives (IRS, caps and floors) to achieve an appropriate mix of fixed and floating rate exposure as defined by the Group. Presently the Group has no outstanding interest related derivatives. All interest derivatives the Group had previously in portfolio came to maturity in the course of 2014. At 31 December 2014, the Group has hedged USD 0 (2013: USD 46.964.000) of its outstanding debt by means of interest related derivatives that are classified as freestanding financial instruments. As per 31 December 2014, USD 0 (2013: USD 24.350.000) of the outstanding shipping debt is covered by financial instruments. The impact of interest related derivatives on the income statement can be summarised as follows: in thousands of USD Income/(Expenses) Fair value adjustment Total

2014 -711 493 -218

At the reporting date the interest rate profile of the Group’s interest-bearing financial liabilities was: Carrying amount 2013 in thousands of USD 2014 restated Fixed rate instruments Variable rate instruments Total

608.987 608.987

674.540 674.540

91

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

23 - FINANCIAL INSTRUMENTS - MARKET AND OTHER RISKS (CONTINUED) Fair value sensitivity analysis for fixed rate instruments The Group does not account for any fixed rate financial assets and liabilities at fair value through profit or loss, and the Group does not designate derivatives (interest rate swaps) as hedging instruments under a fair value hedge accounting model. Therefore a change in interest rates at the reporting date would not affect profit or loss nor equity. Cash flow sensitivity analysis for variable rate instruments A change of 50 basis points (bp) in interest rates at the reporting date would have increased (decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. The analysis is performed on the same basis for 2013.

effect in thousands of USD

Effect on profit or loss of a 50 bp increase decrease

Effect on equity of a 50 bp increase decrease

2013 restated Variable rate instruments Interest rate swaps

-3.557 -

3.557 -

-

-

Cash flow sensitivity (net)

-3.557

3.557

-

-

2014 Variable rate instruments Interest rate swaps

-3.216 -

3.216 -

-

-

Cash flow sensitivity (net)

-3.216

3.216

-

-

Currency risk The Group’s exposure to currency risk is rather limited. In Bocimar - the Group’s most important subsidiary - the major part of income and expenses are expressed in USD. Within the ASL Group there is a certain exposure to fluctuations in the EUR/USD exchange rate. This risk is actively managed, mostly on the basis of forward exchange contracts. For the remainder, the Group’s currency risk is - to a large extent - limited to a translation risk and to EUR exposure on the overheads of the parent company.

Sensitivity analysis A 10 percent strengthening of the EUR against the USD at 31 December 2014 would have increased (decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant. The analysis is performed on the same basis for 2013. in thousands of USD Equity Profit or loss

2014 10.283 1.126

2013 restated 9.095 1.100

A 10 percent weakening of the EUR against the USD at 31 December 2014 would have had the equal but opposite effect on the above currencies to the amounts shown above, on the basis that all other variables remain constant. Capital management CMB is continuously optimising its capital structure (mix between debt and equity). The main objective is to maximise shareholder value while keeping the desired financial flexibility to execute the strategic projects. Some of the company’s other key drivers when making capital structure decisions are pay-out restrictions and the maintenance of the strong financial health of the Company. Besides the statutory minimum equity funding requirements that apply to the Group's subsidiaries in the various countries, the Company is also subject to covenants in relation to some of its secured credit facilities in respect of shipping loans. These covenants are: cash and cash equivalents shall at all times be greater than USD 30 million; current assets minus current liabilities shall not be less than USD 0 and the ratio of equity to total assets has to be no less than 30% at all times. Additionally, the Company is also subject to a dividend covenant (see Note 17). It should be noted that compliance with covenants is calculated on basis of a balance sheet established without application of IFRS 11 as presented in Note 5 Segment reporting under the heading Total for reportable segments. When analysing the Company’s capital structure, the same debt/equity classification as applied in the IFRS reporting is used.

92

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

23 - FINANCIAL INSTRUMENTS - MARKET AND OTHER RISKS (CONTINUED) Fair values Fair values versus carrying amounts The fair values of financial assets and liabilities, together with the carrying amounts shown in the statement of financial position, are as follows: 2014

in thousands of USD Carrying amount Assets carried at fair value Available-for-sale financial assets . Forward Freight Agreements used for hedging Interest rate swaps used for hedging Forward exchange contracts used for hedging Assets carried at amortised cost Loans and receivables Cash and cash equivalents

Fair value

Fair value

703 15 718

703 15 718

4.418 787 5.205

4.418 787 5.205

184.406 20.605 205.011

184.406 20.605 205.011

158.919 36.644 195.563

158.919 36.644 195.563

-

-

-2.584 -695 -3.279

-2.584 -695 -3.279

-598.987 -11.238 -110.686 -720.911

-598.987 -11.238 -110.686 -720.911

-664.540 -11.310 -126.401 -802.251

-664.540 -11.310 -126.401 -802.251

Liabilities carried at fair value Forward Freight Agreements used for hedging Interest rate swaps used for hedging Forward exchange contracts used for hedging Liabilities carried at amortised cost Secured bank loans Unsecured facilities Other loans Trade and other payables Commercial paper Bank overdraft

2013 restated Carrying amount

Fair value hierarchy The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows: – Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities – Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices) – Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs). effect in thousands of USD 2013 restated Available-for-sale financial assets Derivative financial assets Assets carried at amortised cost

Derivative financial liabilities Liabilities carried at amortised cost

2014 Available-for-sale financial assets Derivative financial assets Assets carried at amortised cost

Derivative financial liabilities Liabilities carried at amortised cost

Level 1

Level 2

Level 3

Total

4.413 4.413

5 787 195.563 196.355

-

4.418 787 195.563 200.768

-

-3.279 -802.251 -805.530

-

-3.279 -802.251 -805.530

701 701

2 15 205.011 205.028

-

703 15 205.011 205.729

-

-720.911 -720.911

-

-720.911 -720.911

93

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

23 - FINANCIAL INSTRUMENTS - MARKET AND OTHER RISKS (CONTINUED) The following summarises the significant methods and assumptions used in estimating the fair values of financial instruments used throughout the notes. Investments in equity and debt securities The fair value of financial assets at fair value through profit or loss, held-to-maturity investments and available-for-sale financial assets is determined by reference to their quoted closing bid price at the reporting date. The fair value of held-to-maturity investments is determined for disclosure purposes only. Derivatives The fair value of FFAs is calculated by reference to the market prices - obtained from brokers or clearing houses - valid at the reporting date. The fair value of interest rate swaps is based on broker quotes and on commonly used valuation techniques based on market inputs from reliable providers of financial information. The fair value of forward exchange contracts is based on information provided by the financial institution with whom the contracts have been concluded. Fair values reflect the credit risk of the instrument and include adjustments to take account of the credit risk of the Group entity and counterparty when appropriate. Non-derivative financial liabilities Fair value is equal to the carrying amounts. Trade and other receivables Fair value is equal to the carrying amount.

94

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

24 - OPERATING LEASES Leases as lessee Time charter commitments The Group leases in some of its vessels under time charter agreements (operating leases). The future minimum lease payments under non-cancellable leases are as follows: 2013 restated

in thousands of USD

2014

Less than 1 year Between 1 and 5 years More than 5 years

-138.839 -576.450 -217.776

-134.568 -501.614 -183.437

Total

-933.065

-819.619

The Group’s total commitment in respect of time charter covers a total of 49.198 vessel days (2013: 44.198) between 2015 and 2028. On some of the abovementioned vessels the Group has options to extend the charter period and/or options to acquire the vessels. Neither the option periods nor the purchase options have been taken into account when calculating the future minimum lease payments. Other leasing commitments The future minimum lease payments under non-cancellable leases are as follows: in thousands of USD Less than 1 year Between 1 and 5 years More than 5 years Total

2014

2013 restated

-216 -705 -287

-273 -833 -522

-1.208

-1.628

The other leasing commitments mainly relate to the leasing of offices and cover periods till 2021. Optional periods have not been taken into consideration. Leases as lessor Time charter rights The Group leases out some of its vessels under time charter agreements (operating leases). The future minimum lease receivables under non-cancellable leases are as follows: 2013 restated

in thousands of USD

2014

Less than 1 year Between 1 and 5 years More than 5 years

78.985 247.867 50.168

99.951 268.664 31.614

Total

377.020

400.229

The total number of TC out days amounts to 14.893 (2013: 15.870) and covers a period from 2015 till 2021. On some of the abovementioned vessels the Group has granted an option to extend the charter period. These option periods have not been taken into account when calculating the future minimum lease receivables.

95

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

25 - RELATED PARTIES Identity of related parties The Group has a related party relationship with its subsidiaries and joint ventures (see Notes 12 and 26) and with its majority shareholders, directors and executive officers. Transactions with majority shareholders Saverco, major shareholder in CMB, renders certain administrative and general services to the Group. As per 31 December 2014 Saverco invoiced for a total amount of USD 283.000 (2013: USD 203.000). In its turn, CMB also renders some services to Saverco. In 2014 CMB invoiced for a total amount of USD 57.000 (2013: USD 101.000). All services are supplied on an arms’ length basis. Transactions with directors and key management personnel The total amount of the remuneration paid to all non-executive directors for their services as members of the board and committees (if applicable) is as follows: in thousands of EUR Total remuneration

2013 restated

2014 525

414

The nominating and remuneration committee annually reviews the remuneration of the members of the executive committee. The remuneration consists of a fixed and a variable component and can be summarised as follows: in thousands of EUR Total fixed remuneration of which Cost of pension Other benefits Total variable remuneration of which Non CMB-share related option plan

2013 restated

2014 3.314

3.156

757 195

647 170

-

516

-

169

All figures mentioned refer to the executive committee in its composition throughout the year. In the course of 2014 no stock options on CMB shares, loans or advances were granted to any of the directors or members of the executive committee. Transactions with subsidiaries and joint ventures The Group has time and/or bareboat charter agreements for certain of its vessels with some of its subsidiaries or joint ventures and subsequently trades these vessels on the dry bulk markets. The Group has supplied funds in the form of shareholder’s advances to some of its joint ventures. The terms and conditions of such shareholder advances are always the same for all joint venture partners. Transactions with other related parties In the course of 2010 the Group granted a loan to Strategic Shipping CV - the joint venture partner in Interbarge Partners LLC and SCFCo Holdings. The loan was rescheduled and has been accounted for as a current asset following the decision to dispose of the participating interest in SCFCo Holdings. As per 31 December 2014 an amount of USD 2.281.000 is outstanding under the new loan agreement. The faciltiy carries an interest of 10% per annum. Guarantees The Group guarantees certain bank loans of some of its subsisidaries and or joint ventures.

96

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

26 - GROUP ENTITIES Country of incorporation

Consolidation method

Ownership interest 2014 2013 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 100,00% 50,00% 50,00% 50,00% 50,00% 100,00% 100,00% 50,00% 50,00% 50,00% 50,00% 50,00% 50,00% 50,00% 50,00% 50,00% 50,00% 50,00% 25,00% 50,00% 50,00%

Blue Dolphin Shipping Ltd Bocimar Belgium nv Bocimar International nv Bocimar Lux sa Bocimar nv Bocimar Securities Ltd Bocimar Singapore Pte Ltd Bohandymar Ltd CMB Japan Limited Ever Progress Trading Ltd Green Dolphin Shipping Limited Interbarge Partners LLC Labaco Investment Ltd. Ocean Capes Limited Ocean Dream Investments Ltd Ocean Dream Ltd Ocean Wise Ltd Peg Shipping Company Limited Regal Land International Ltd Winnington Limited

Hong Kong Belgium Belgium Luxembourg. Belgium Hong Kong Singapore. Hong Kong Japan Hong Kong Hong Kong Marshall Islands Hong Kong Hong Kong Hong Kong Hong Kong Liberia Liberia Hong Kong Marshall Islands

full full full full full full full full full full equity equity full equity equity equity equity equity equity equity

ACL Air Limited ACL Aircraft Trading Ltd ACL Aviation Limited ACLAS Global Ltd ACL Leasing Limited Air Contractors (Ireland) Ltd Air Contractors (UK) Ltd ACLAS Technics Ltd ASL Aircraft Investment Ltd ASL Aviation Group Ltd Cobiias AG EAP Holding sa Europe Air Post sa Farnair Handling Kft Farnair Holding sa Farnair Hungary Kft Farnair Rail GmbH Farnair Rail Logistics GmbH & Co KG Farnair Switzerland AG Farnair Trading and Leasing Ltd Farnair Training GmbH K-Mile OFSB Ltd Safair Holdings Pty Ltd Safair (Ireland) Limited Safair Lease Finance Pty Ltd Safair Operations Pty Ltd SLF (Ireland) Limited SLF 72 Limited SLF 72 PTC Limited Quickjet Cargo Airline Pvt

Ireland UK Ireland UK Ireland Ireland UK UK Ireland Ireland Switzerland France France Hungary Switzerland Hungary Germany Germany Switzerland Ireland Austria Thailand Bermuda South Africa Ireland South Africa South Africa Ireland Ireland Cayman Islands India

equity equity equity equity equity equity equity equity equity equity equity equity equity equity equity equity equity equity equity equity equity equity equity equity equity equity equity equity equity equity equity

75,50% 51,00% 75,50% 51,00% 75,50% 51,00% 51,00% 51,00% 51,00% 51,00% 37,74% 51,00% 51,00% 51,00% 51,00% 51,00% 51,00% 51,00% 51,00% 51,00% 51,00% 22,95% 51,00% 51,00% 51,00% 51,00% 12,75% 51,00% 51,00% 51,00% 26,01%

AMI nv Anglo Eastern Management Group Bocimar Chemical Pte Ltd Bocimar Hong Kong Limited Bright Time Holding Ltd CMB nv ChemTogether Ltd Coral Dolphin Shipping Limited Reslea nv Sakura International KK

Belgium Hong Kong Singapore Hong Kong Hong Kong Belgium Hong Kong Hong Kong Belgium Japan

full equity full full equity full equity full equity full

100,00% 29,26% 100,00% 100,00% 50,00% 100,00% 50,00% 100,00% 50,00% 100,00%

75,50% 51,00% 75,50% 51,00% 75,50% 51,00% 51,00% 51,00% 51,00% 51,00%

- (1)

51,00% 51,00% -

(1) (1) (1) (1) (1) (1) (1) (1) (1) (1)

51,00% 51,00% 51,00% 12,75% 51,00% 51,00% 51,00%

- (1)

100,00% 28,09% 100,00% 100,00% 50,00% 100,00% 50,00% 100,00%

(1) : These entities became part of the Group following the acquistion of the Farnair group of companies by ASL.

97

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

26 - GROUP ENTITIES (CONTINUED)

Country of incorporation

Consolidation method

Ownership interest

The following companies were liquidated in the course of the year 2014 following the cessation of their activities: Entarco sa Meko Shipping Inc. Welluck Co. Limited Super Venture International Limited

Belgium Liberia Marshall Islands Hong Kong

full equity equity equity

-

100,00% 50,00% 50,00% 50,00%

The following companies were sold in the course of the year 2014: Belvedere Capital Trading Ltd SCFCo Holdings LLC

British Virgin Islands Marshall Islands

equity equity

-

25,00% 25,00%

98

2014

2013

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

27 - MAJOR EXCHANGE RATES The following major exchange rates have been used in preparing the consolidated financial statements:

1 USD = x,xxxx XXX

closing rates 2014 2013

average rates 2014 2013

EUR GBP HKD JPY ZAR

0,8237 0,6415 7,7564 119,6195 11,5603

0,7492 0,6051 7,7561 105,2292 10,7768

0,7251 0,6045 7,7538 104,9380 10,5620

0,7542 0,6400 7,7564 96,2284 9,6010

28 - SUBSEQUENT EVENTS January 2015 16 January 2015: The acquisition of the CMB Pauillac (2012-95.707 dwt) is finalised. 23 January 2015:The Mineral Manila is delivered to its new owner. February 2015 21 February 2015: Bocimar sells the handymax unit CMB Biwa (2002-53.505 dwt). This sale results in a loss of nearly USD 3 million.

29 - REMUNERATION OF THE STATUTORY AUDITORS The worldwide audit and other fees in respect of services provided by the statutory auditors KPMG can be summarised as follows: 2013 in thousands of USD 2014 restated Audit services for the annual financial statements Audit related services Tax services Other non-audit assignments

-552 -15 -21 -

-593 -34 -

Total

-588

-627

30 - STATEMENT ON THE TRUE AND FAIR VIEW OF THE CONSOLIDATED FINANCIAL STATEMENTS AND THE FAIR OVERVIEW OF THE MANAGEMENT REPORT The board of directors, represented by Marc Saverys, and the executive committee, represented by Ludwig Criel and Alexander Saverys hereby confirm that, to the best of their knowledge, the consolidated financial statements for the period ended 31 December 2014, which have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) as adopted by the European Union, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the entities included in the consolidation as a whole, and that the management report includes a fair overview of the important events that have occurred during the financial year and of the major transactions with the related parties, and their impact on the consolidated financial statements, together with a description of the principal risks and uncertainties they are exposed to.

99

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

31 - CHANGES IN ACCOUNTING POLICIES Except as described below, the accounting policies have been applied consistently to all periods presented and for all group entities as included in these consolidated financial statements. Except as described below, the accounting policies and calculation methods adopted in the preparation of the consolidated financial statements for the period ended 31 December 2014 are consistent with those applied in the preparation of the consolidated financial statements for the year ended 31 December 2013. Changes in accounting policies A number of new standards, amendments to standards and interpretations became effective for annual periods beginning on or after 1 January 2014. With the exception of IFRS 11 Joint arrangements none of these had an impact on the Group’s consolidated financial statements. As a result of IFRS 11, the Group has changed its accounting policy for its interests in joint arrangements. Under IFRS 11, the Group has to classify its interests in joint arrangements as either a joint operation or as a joint venture. When making this assessment, the Group considered the structure of the arrangements, the legal form of any separate vehicles, the contractual terms of the arrangements and other facts and circumstances. Consequently, all of the of the Group’s Jointly Controlled Entities that classify as a Joint Arrangement under IFRS 11 that were previously accounted for using the proportionate consolidation method are now included in the consolidated accounts on the basis of equity accounting. In the Bocimar segment it concerns 13 Group entities in relation to 6 vessels. The ASL segment is affected in its entirety. In the segment Other activities it concerns 2 Group companies. Although the application of IFRS 11 does not impact the result for the period, the application impacts on most of the line items in the Group’s statement of financial position. The following tables summarise the quantitative impact on the Group’s financial position, income and cash flows.

Consolidated statement of financial position 1 januari 2013 in thousands of USD

Effect of changes in accounting policy As previously reported

Defined benefit plans

As restated

NON-CURRENT ASSETS

1.904.813

-139.751

1.765.062

Property, plant and equipment Intangible assets Financial assets Deferred tax assets

1.858.114 13.795 32.388 516

-319.655 -6.863 187.283 -516

1.538.459 6.932 219.671 -

378.903

-132.417

246.486

TOTAL ASSETS

2.283.716

-272.168

2.011.548

EQUITY

1.059.073

-

1.059.073

NON-CURRENT LIABILITIES

868.901

-131.326

737.575

Loans and borrowings Trade and other payables Deferred tax liabilities Employee benefits Provisions

761.506 73.874 14.969 8.411 10.141

-106.580 -14.969 -4.730 -5.047

654.926 73.874 3.681 5.094

CURRENT LIABILITIES

355.742

-140.842

214.900

2.283.716

-272.168

2.011.548

CURRENT ASSETS

TOTAL EQUITY and LIABILITIES

100

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

31 - CHANGES IN ACCOUNTING POLICIES (CONTINUED) Consolidated statement of financial position 31 december 2013 in thousands of USD

Effect of changes in accounting policy As previously reported

IFRS 11

As restated

NON-CURRENT ASSETS

1.829.312

-99.106

1.730.206

Property, plant and equipment Intangible assets Financial assets Deferred tax assets

1.788.892 6.969 32.942 509

-289.861 -705 191.969 -509

1.499.031 6.264 224.911 -

CURRENT ASSETS

265.533

-100.895

164.638

TOTAL ASSETS

2.094.845

-200.001

1.894.844

EQUITY

1.081.972

-

1.081.972

NON-CURRENT LIABILITIES

803.598

-125.900

677.698

Loans and borrowings Trade and other payables Deferred tax liabilities Employee benefits Provisions

711.703 61.902 17.236 7.298 5.459

-102.314 -17.236 -4.922 -1.428

609.389 61.902 2.376 4.031

CURRENT LIABILITIES

209.275

-74.101

135.174

2.094.845

-200.001

1.894.844

TOTAL EQUITY and LIABILITIES Consolidated statement of profit or loss 31 december 2013 in thousands of USD Turnover Capital gains on disposal of vessels Other operating income Services and other goods Capital losses on disposal of vessels Depreciation and amortisation expense Impairment losses (-) / reversals (+) Staff costs Other operating expenses

Effect of changes in accounting policy As previously reported 687.609 1.467 49.651 -509.542 -975 -127.534 -7.399 -53.464 8.319

IFRS 11

As restated

-247.317 -1.467 -10.736

440.292 38.915

143.258 29.870 5.911 44.659 473

-366.284 -975 -97.664 -1.488 -8.805 8.792 -7.805

Net result on freight and other similar derivatives

-7.805

-

Result from operating activities

40.327

-35.349

4.978

Net finance expense Share of result of equity-accounted investees, net of tax Result before tax

9.646 3.484

5.691 25.933

15.337 29.417

53.457

-3.725

49.732

Income tax expense

-3.763

3.725

-38

Result for the period

49.694

-

49.694

Attributable to: Equity holders of the Company Non-controlling interes

49.694 -

-

49.694 -

Consolidated statement of cash flows 31 december 2013 in thousands of USD Net cash and cash equivalents at the beginning of the period Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Effect of changes in exchange rates Net cash and cash equivalents at the end of the period

Effect of changes in accounting policy As previously reported 70.292 79.356 15.401 -84.320 111 80.840

IFRS 11 -53.787 -12.290 -31.209 53.447 -357 -44.196

As restated 16.505 67.066 -15.808 -30.873 -246 36.644

101

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

32 - SIGNIFICANT ACCOUNTING POLICIES (a) (i)



Basis of consolidation Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that currently are exercisable. For acquisitions on or after 1 January 2010, the Group measures goodwill at the acquisition date as: the fair value of the consideration transferred; plus • the recognised amount of any non-controlling interests in the acquiree; plus if the business combination is achieved in stages, the fair value of the existing equity interest in the • acquire ; less the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. • When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss.



The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts generally are recognised in profit or loss.



Transaction costs, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred.



Any contingent consideration payable is measured at fair value at the acquisition date. If the contingent consideration is classified as equity, then it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes in the fair value of the contingent consideration are recognised in profit or loss.

(ii) Subsidiaries Subsidiaries are those entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable return from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. (iii) Non-controlling interests NCI are measured at their proportionate share of the acquiree’s identifiable net assets at the date of acquisition.

Changes in the Group’s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.

(iv) Loss of control On the loss of control over a subsidiary, the Group derecognises the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognised in profit or loss. If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently it is accounted for as an equity-accounted investee or as an available-for-sale financial asset depending on the level of influence retained. (v)

Interests in equity-accounted investees The Group’s interests in equity-accounted investees comprise interests in associates and joint ventures.



Associates are those entities in which the Group has significant influence, but not control or joint control, over the financial and operating policies. A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to the net assets of the arrangements, rather than rights to its assets and obligations for its liabilities. The Group’s investment includes goodwill identified on acquisition, net of any accumulated impairment losses.



Interest in associates and joint ventures are accounted for using the equity method. They are recognised initially at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Group’s share of the profit or loss and OCI of equity-accounted investees, until the date on which significant influence or joint control ceases.



Interests in associates and joint ventures include any long-term interests that, in substance, form part of the Group’s investment in those associates or joint ventures and include unsecured shareholder loans for which settlement is neither planned nor likely to occur in the foreseeable future, which, therefore, are an extension of the Group’s investment in those associates and joint ventures. The Group’s share of losses that exceeds its investment is applied to the carrying amount of those loans. After the Group’s interest is reduced to zero, a liability is recognised to the extent that the Group has a legal or constructive obligation to fund the associates’ or joint ventures’ operations or has made payments on their behalf.

(vi) Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with equity accounted investees are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. (b) (i)





102

Foreign currency Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of Group entities at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the foreign exchange rate ruling at that date. The currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortised cost in foreign currency translated at the exchange rate at the end of the year. Foreign currency differences arising on retranslation are recognised in profit or loss, except for the following differences which are recognised in other comprehensive income arising on the retranslation of: Available-for-sale equity investments • (except on impairment in which case foreign currency differences that have been recognised in other comprehensive income are reclassified to profit or loss); Qualifying cash flow hedges to the extent that the hedges are effective. • Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

32 - SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (ii)

Foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated to USD at exchange rates at the reporting date. The income and expenses of foreign operations are translated to USD at exchange rates at the dates of the transactions.



Foreign currency differences are recognised in other comprehensive income, and presented in the foreign currency translation reserve (translation reserve) in equity. However, if the foreign operation is a non-wholly owned subsidiary, than the relevant proportion of the translation difference is allocated to non-controlling interests.



When a foreign operation is disposed of such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. When the Group disposes of only part of its interest in a subsidiary that includes a foreign operation while retaining control, the relevant proportion of the cumulative amount is reattributed to non-controlling interests. When the Group disposes of only part of its investment in an associate or joint venture that includes a foreign operation while retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss.

(c) (i)

Financial instruments Non-derivative financial assets The Group initially recognises loans and receivables on the date that they are originated. All other financial assets (including assets designated as at fair value through profit or loss) are recognised initially on the trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument.



The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in such transferred financial assets that is created or retained by the Group is recognised as a separate asset or liability.



Financial assets and liabilities are offset and the net amount presented in the statement of financial position when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.



The fair values of quoted investments are based on current bid prices. If the market for a financial asset is not active (and for unlisted securities), the Group establishes fair value by using valuation techniques. These include the use of recent arm’s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, and option pricing models refined to reflect the issuer’s specific circumstances.



The Group classifies non-derivative financial assets into the following categories: financial assets at fair value through profit or loss, loans and receivables, held-to-maturity financial assets and available-for-sale financial assets. The Company determines the classification of its investments at initial recognition and re-evaluates this designation at every reporting date.



Financial assets at fair value through profit or loss A financial asset is classified as at fair value through profit or loss if it is classified as held for trading or is designated as such on initial recognition. Financial assets are designated as at fair value through profit or loss if the Group manages such investments and makes purchase and sale decisions based on their fair value in accordance with the Group’s documented risk management or investment strategy. Attributable transaction costs are recognised in profit or loss as incurred. Financial assets at fair value through profit or loss are measured at fair value and changes therein, which takes into account any dividend income, are recognised in profit or loss.



Financial assets designated as at fair value through profit or loss comprise equity securities that otherwise would have been classified as available for sale.



Assets in this category are classified as current assets if they are expected to be realised within 12 months of the balance sheet date.



Loans and receivables Loans and receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, loans and receivables are measured at amortised cost using the effective interest method, less any impairment losses.



They arise when the Group provides money, goods or services directly to a debtor with no intention of trading the receivable. They are included in current assets, except for maturities greater than 12 months after the balance sheet date. These are classified as non-current assets. Loans and receivables are included in trade and other receivables in the balance sheet.



Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits with maturities of three months or less from the acquisition date that are subject to an insignificant risk of changes in their fair value, and are used by the Group in the management of its short-term commitments.



Held-to-maturity investments If the Group has the positive intent and ability to hold debt securities to maturity, then such financial assets are classified as held-to-maturity. Held-to-maturity financial assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, held-to-maturity financial assets are measured at amortised cost using the effective interest method, less any impairment losses.



Held-to-maturity financial assets comprise debentures.



Subsequent to initial recognition, they are measured at fair value and changes therein, other than impairment losses and foreign currency differences on available-for-sale debt instruments, are recognised in other comprehensive income and presented in the fair value reserve in equity. When an investment is derecognised, the gain or loss accumulated in equity is reclassified to profit or loss.



Available-for-sale financial assets comprise equity securities and debt securities.



They are included in non-current assets unless the Company intends to dispose of the investment within 12 months of the balance sheet date.

Available-for-sale financial assets Available-for-sale financial assets are non-derivatives that are either designated in this category or not classified in any of the other categories. Available-for-sale financial assets are recognised initially at fair value plus any directly attributable transaction costs.

103

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

32 - SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (ii)

Non-derivative financial liabilities The Group initially recognises debt securities issued and subordinated liabilities on the date that they are originated. All other financial liabilities (including liabilities designated as at fair value through profit or loss) are recognised initially on the trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument.



The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expire.



The Group classifies non-derivative financial liabilities into the other financial liabilities category. Such financial liabilities are recognised initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortised cost using the effective interest method.



Other financial liabilities comprise loans and borrowings, bank overdrafts, and trade and other payables.



Bank overdrafts that are repayable on demand and form an integral part of the Group’s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows.

(iii) Share capital Ordinary and Preference share capital Ordinary share capital is classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects.

Repurchase of share capital When share capital recognised as equity is repurchased, the amount of the consideration paid, including directly attributable costs, net of any tax effects, is recognised as a deduction from equity. Repurchased shares are classified as treasury shares and presented in the reserve for own shares. When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in equity, and the resulting surplus or deficit on the transaction is presented in share premium.

(iv) Derivative financial instruments The Group holds derivative financial instruments to hedge its exposure to market fluctuations, foreign currency and interest rate risks arising from operational, financing and investment activities.

On initial designation of the derivative as a hedging instrument, the Group formally documents the relationship between the hedging instrument(s) and hedged item(s), including the risk management objectives and strategy in undertaking the hedge transaction and the hedged risk, together with the methods that will be used to assess the effectiveness of the hedging relationship. The Group makes an assessment, both at the inception of the hedge relationship as well as on an ongoing basis, whether the hedging instruments are expected to be “highly effective” in offsetting the changes in the fair value or cash flows of the respective hedged items attributable to the hedged risk, and whether the actual results of each hedge are within a range of 80-125 percent. For a cash flow hedge of a forecast transaction, the transaction should be highly probable to occur and should present an exposure to variations in cash flows that could ultimately affect reported profit or loss.



Derivative financial instruments are recognised initially at fair value; attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, all derivatives are measured at fair value, and changes therein are accounted for as follows:



Cash flow hedges When a derivative is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction that could affect profit or loss, the effective portion of changes in the fair value of the derivative is recognised in other comprehensive income and presented in the hedging reserve in equity.



The amount recognised in other comprehensive income is removed and included in profit or loss in the same period as the hedged cash flows affect profit or loss under the same line item in the statement of comprehensive income as the hedged item. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss.



When the hedged item is a non-financial asset, the amount accumulated in equity is included in the carrying amount of the asset when the asset is recognised. In other cases, the amount accumulated in equity is reclassified to profit or loss in the same period that the hedged item affects profit or loss. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated, exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. If the forecast transaction is no longer expected to occur, then the balance in equity is reclassified to profit or loss.

Other non-trading derivatives When a derivative financial instrument is not designated in a hedge relationship that qualifies for hedge accounting, all changes in its fair value are recognised immediately in profit or loss. (d) Intangible assets (i) Goodwill Goodwill represents amounts arising on an acquisition of subsidiaries, associates and joint ventures. For the measurement of goodwill at initial recognition, see note (f)(i). Goodwill is recognised as an asset and initially at its cost. After initial recognition goodwill shall be remeasured at cost less any accumulated impairment losses (refer accounting policy (l)). In respect of equity accounted investees, the carrying amount of goodwill is included in the carrying amount of the investment, and any impairment loss is allocated to the carrying amount of the equity accounted investee as a whole. (ii)

Other intangible assets Other intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortisation and impairment losses (see accounting policy (l)). The cost of an intangible asset acquired in a separate acquisition is the cash paid or the fair value of any other consideration given. The cost of an internally generated intangible asset includes the directly attributable expenditure of preparing the asset for its intended use.

(iii) Subsequent expenditure Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates and its cost can be measured reliably. All other expenditure is recognised in profit or loss as incurred.

104

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

32 - SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (iv) Amortisation Except for goodwill, intangible assets are amortised on a straight-line basis over the estimated useful lives of the intangible asset as from the date they are available for use. The estimated useful life is as follows: • software 3 – 5 years

Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.

(e) (i)

Vessels, property, plant and equipment Owned assets when acquired as part of a business combination) less accumulated depreciation (see below) and accumulated impairment losses (refer accounting policy (l)) if any.



Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the following: • The cost of materials and direct labour; • Any other costs directly attributable to bringing the asset to a working condition for their intended use; • When the Group has an obligation to remove the asset or restore the site, an estimate of the costs of dismantling and removing the items and restoring the site on which they are located; and • Capitalised borrowing costs.



Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment.



Where an item of property, plant and equipment comprises major components having different useful lives, they are accounted for as separate items of property, plant and equipment (see also (viii) Depreciation).



Gains and losses on disposal of a vessel, aircraft or of another item of property, plant and equipment are determined by the difference of the proceeds from disposal and the carrying amount of the vessel or the item of property, plant and equipment and are recognised in profit or loss. For the sale of vessels and aircraft, transfer of risk and rewards usually occurs upon delivery of the vessel or aircraft to the new owner.

(ii)

Leased assets Leases in terms of which the Group assumes substantially all the risks and rewards of ownership are classified as finance leases. On initial recognition plant and equipment acquired by way of finance lease is measured at an amount equal to the lower of its fair value and the present value of the minimum lease payments. Subsequent to initial recognition, the asset is accounted for in accordance with the accounting policy applicable to that asset.



Other leases are operating leases and are not recognised in the Group’s statement of financial position.

(iii) Investment property Investment property is property held either to earn rental income or for capital appreciation or for both, but not for sale in the ordinary course of business, use in the production or supply of goods or services or for administrative purposes. Investment property is measured at cost less accumulated depreciation and impairment losses. As such, the rules as described in accounting policy note (j) Vessels, property, plant and equipment apply. Rental income from investment property is accounted for as described in accounting policy (p(iii)).

Cost includes expenditure that is directly attributable to the acquisition of the investment property. The cost of self-constructed investment property includes the cost of materials and direct labour, any other costs directly attributable to bringing the investment property to a working condition for their intended use and capitalised borrowing costs.



Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in profit or loss.

(iv) Assets under construction Assets under construction, especially newbuilding vessels, are accounted for in accordance with the stage of completion of the newbuilding contract. Typical stages of completion are the Assets under construction, especially newbuilding vessels, are accounted for in accordance with the stage of completion of the newbuilding contract. Typical stages of completion are the milestones that are usually part of a newbuilding contract: signing or receipt of refund guarantee, steel cutting, keel laying, launching and delivery. All stages of completion are guaranteed by a refund guarantee provided by the shipyard. (v) Subsequent expenditure Subsequent expenditure is capitalised only when it is probable that the future economic benefits associated with the expenditure will flow to the Group. The carrying amount of the replaced part is derecognised. All other expenditure is recognised in the income statement as an expense as incurred.

Ongoing repairs and maintenance is expensed as incurred.

(vi) Borrowing costs Borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised as part of the cost of that asset. (vii) Depreciation Vessels and items of property, plant and equipment are depreciated on a straight-line basis in profit or loss over the estimated useful lives of each component. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term. Land is not depreciated.

Vessels and items of property, plant and equipment are depreciated from the date that they are installed and are ready for use, in respect of internally constructed assets, from the date that the asset is completed and ready for use.

105

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

32 - SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)



The estimated maximum useful lives for the current and comparative years of significant items of property, plant and equipment are as follows: • bulk vessels 20 years • tankers 20 years • buildings 33 years • plant and equipment 5 - 20 years • office equipment and vehicles 5 - 10 years • other tangible assets 3 - 20 years. Aircraft are depreciated on a component basis. The components are aircraft specific but typically include the airframe, engines, landing gear and major overhaul and inspection modules. Engines, landing gear and major overhaul and inspection items are depreciated over the period of the maintenance interval to estimated residual core value which does not exceed 8 years. Airframes are depreciated over a period from 4 to 22 years depending on the age of the aircraft at acquisition.



Aircraft which are leased out on longer term operating leases that provide for minimum return conditions at the end of the lease are depreciated as a single component to estimated residual value over the lease term.



Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.



Furthermore, the Board of Directors can decide to record an additional and irreversible depreciation on ‘surplus prices’ paid for assets as a consequence of extreme circumstances. In such case, the decision of the Board of Directors shall be disclosed in a separate note to the consolidated accounts.

(f) Inventories Inventories of spare parts and consumables are measured at the lower of cost and net realisable value. The cost of inventories is based on the first-in first-out principle, and includes expenditure incurred in acquiring the inventories and bringing them to their existing location and condition. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. (g) Impairment (i) Non-derivative financial assets A financial asset not classified as at fair value through profit or loss is assessed at each reporting date whether there is objective evidence that it is impaired. A financial asset is impaired if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset, and that loss event(s) had an impact on the estimated future cash flows of that asset that can be estimated reliably.

Objective evidence that financial assets are impaired includes default or delinquency by a debtor, restructuring of an amount due to the Group on terms that the Group would not consider otherwise, indications that a debtor or issuer will enter bankruptcy, adverse changes in the payment status of borrowers or issuers, economic conditions that correlate with defaults or the disappearance of an active market for a security. In addition, for an investment in an equity security a significant or prolonged decline in the fair value of the security below its cost is objective evidence of impairment.



Financial assets measured at amortised cost The Group considers evidence of impairment for financial assets measured at amortised cost (loans and receivables and held-to-maturity investment securities) at both a specific asset and collective level. All individually significant assets are assessed for specific impairment. Those found not to be specifically impaired are then collectively assessed for any impairment that has been incurred but not yet identified. Assets that are not individually significant are collectively assessed for impairment by grouping together assets with similar risk characteristics.



In assessing collective impairment, the Group uses historical trends of the probability of default, the timing of recoveries and the amount of loss incurred, adjusted for management’s judgement as to whether current economic and credit conditions are such that the actual losses are likely to be greater or less than suggested by historical trends.



An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset’s original effective interest rate. Losses are recognised in profit or loss and reflected in an allowance account against loans and receivables or held-to-maturity investment securities. Interest on the impaired asset continues to be recognised. When an event occurring after the impairment was recognised causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss.



Available-for-sale financial assets Impairment losses on available-for-sale financial assets are recognised by reclassifying the losses accumulated in the fair value reserve in equity to profit or loss. The cumulative loss that is reclassified from equity to profit or loss is the difference between the acquisition cost, net of any principal repayment and amortisation, and the current fair value, less any impairment loss recognised previously in profit or loss. Changes in cumulative impairment losses attributable to the application of the effective interest method are reflected as a component of interest income. If, in a subsequent period, the fair value of an impaired available-for-sale debt security increases and the increase can be related objectively to an event occurring after the impairment loss was recognised, then the impairment loss is reversed, with the amount of the reversal recognised in profit or loss. However, any subsequent recovery in the fair value of an impaired available-for-sale equity security is recognised in other comprehensive income.

(ii)

Non-financial asset The carrying amounts of the Group’s non-financial assets, other than inventories and deferred tax assets (refer accounting policy (t)), are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated. Goodwill and indefinite-lived intangible assets are tested annually for impairment. An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit (CGU) exceeds its recoverable amount.



The recoverable amount of an asset or CGU is the greater of its fair value less cost to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. Future cash flows are based on current market conditions, historical trends as well as future expectations. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGU’s. Subject to an operating segment ceiling test, CGU’s to which goodwill has been allocated are aggregated so that the level at which impairment testing is performed reflects the lowest level at which goodwill is monitored for internal reporting purposes. Goodwill acquired in a business combination is allocated to groups of CGU’s that are expected to benefit from the synergies of the combination.



Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGU’s are allocated first to reduce the carrying amount of any goodwill allocated to the CGU (group of CGU’s), and then to reduce the carrying amounts of the other assets in the CGU (group of CGU’s) on a pro rata basis.

106

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

32 - SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

An impairment loss recognised for goodwill shall not be reversed. For other assets, an impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.



Details on the determination of the CGUs by segment are disclosed in Note 11 – Property, plant and equipment.

(h)

(i) (i)

Assets held for sale Non-current assets, or disposal groups comprising assets and liabilities, that are expected to be recovered primarily through sale rather than through continuing use are classified as held for sale. Immediately before classification as held for sale, the assets, or components of a disposal group, are remeasured in accordance with the Group’s accounting policies. Thereafter generally the assets or disposal group are measured at the lower of their carrying amount and fair value less cost to sell. Any impairment loss on a disposal group is allocated first to goodwill, and then to the remaining assets and liabilities on pro rata basis, except that no loss is allocated to inventories, financial assets, deferred tax assets, employee benefit assets or investment property, which continue to be measured in accordance with the Group’s accounting policies. Impairment losses on initial classification as held for sale and subsequent gains and losses on remeasurement are recognised in profit or loss. Gains are not recognised in excess of any cumulative impairment loss. Once classified as held for sale, intangible assets and property, plant and equipment are no longer amortised or depreciated, and any equity-accounted investee is no longer equity accounted. Employee benefits Defined contribution plans A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and has no legal or constructive obligation to pay further amounts.



Obligations for contributions to defined contribution plans are expensed as the related service is provided. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in future payments is available.

(ii)

Defined benefit plans A defined benefit plan is a post-employment benefit plan other than a defined contribution plan.



The Group’s net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods; discounting that amount and deducting the fair value of any plan assets.



The calculation of defined benefit obligations is performed annually by a qualified actuary using the projected unit credit method. When the calculation results in a potential asset for the Group, the recognised asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. To calculate the present value of economic benefits, consideration is given to any applicable minimum funding requirements.



Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognised immediately in OCI. The Group determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability (asset), taking into account any changes in the net defined benefit liability (asset) during the period as a result of contributions and benefit payments. Net Interest expense and other expenses related to defined benefit plans are recognised in profit or loss.



When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the gain or loss on curtailment is recognised immediately in profit or loss. The Group recognises gains and losses on the settlement of a defined benefit plan when the settlement occurs.

(iii) Other long term employee benefits The Group’s net obligation in respect of long-term service benefits, other than pension plans, is the amount of future benefit that employees have earned in return for their service in the current and prior periods. The obligation is calculated using the projected unit credit method and is discounted to its present value and the fair value of any related assets is deducted. The discount rate is the yield at the reporting date on AA credit rated bonds that have maturity dates approximating the terms of the Group’s obligations and that are denominated in the currency in which the benefits are expected to be paid. Any actuarial gains and losses are recognised in profit or loss in the period in which they arise. (iv) Termination benefits Termination benefits are recognised as an expense when the Group is demonstrably committed, without realistic possibility or withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognised as an expense if the Group has made an offer of voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably. If benefits are payable more than 12 months after the reporting date, then they are discounted to their present value. (v) Short-term employee benefit Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably. (j) Provisions A provision is recognised when the Group has a legal or constructive obligation that can be estimated reliably, as result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. The provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. The unwinding of the discount is recognised as finance cost. Restructuring A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan, and the restructuring has either commenced or has been announced publicly. Future operating costs are not provided for. Onerous contracts A provision for onerous contracts is recognised when the expected benefits to be derived by the Group from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Group recognises any impairment loss on the assets associated with that contract.

107

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

32 - SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) (k) Revenue (i) Goods sold and services rendered Revenue from the sale of goods in the course of ordinary activities is measured at the fair value of the consideration received or receivable, net of trade discounts. Revenue is recognised when persuasive evidence exists, usually in the form of an executed sales agreement, that the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, there is no continuing management involvement with the goods, and the amount of revenue can be measured reliably. If it is probable that discounts will be granted and the amount can be measured reliably, then the discount is recognised as a reduction of revenue as the sales are recognised.

The timing of the transfers of risk and rewards varies depending on the individual terms of the sales agreement. For the sale of vessels and aircraft, transfer usually occurs upon delivery of the vessel or aircraft to the new owner.

(ii) Service Revenue from services rendered is recognised in profit or loss in proportion to the stage of completion of the transaction at the reporting date. The stage of completion of spot voyages is assessed by reference to the percentage of the estimated duration of the voyage completed at the reporting date. Revenue from time charters and bareboat charters is recognised on a daily basis over the term of the charter.

No revenue is recognised if there are significant uncertainties regarding recovery of the consideration due, associated costs or the possible return of goods.

(iii) Rental income Rental income from investment property is recognised as revenue on a straight-line basis over the term of the lease. Lease incentives granted are recognised as an integral part of the total rental income, over the term of the lease. Rental income from other property is recognised as other income.

Rental income from the leasing of aircraft under operating leases is recognised on a straight-line basis over the term of the lease.

(l)

Gain on disposal of vessels Losses on disposal of vessels In view of its importance the Group reports capital gains and losses on the sale of vessels as a separate line item in the income statement. Whenever a vessel is sold it is treated as an asset held for sale as from the moment of receipt of the customary deposit and accounted for in accordance with accounting policy (m).

(m) Leases Lease payments Payments made under operating leases are recognised in the income statement on a straight-line basis over the term of the lease. Lease incentives received are recognised as an integral part of the total lease expense, over the term of the lease.

Minimum lease payments made under finance leases are apportioned between the finance expense and the reduction of the outstanding liability. The finance expense is allocated to each period during the lease term so as to produce a constant period rate of interest on the remaining balance of the liability.

(n)

Finance income and finance cost Finance costs comprise interest expense on borrowings, unwinding of the discount on provisions and deferred consideration, losses on disposal of available-for-sale financial assets, fair value losses on financial assets at fair value through profit or loss, impairment losses recognised on financial assets (other than trade receivables), losses on hedging instruments that are recognised in profit or loss and reclassifications of amounts previously recognised in other comprehensive income.



Finance income comprises interest income on funds invested (including available-for-sale financial assets), dividend income, gains on the disposal of available-for-sale financial assets, fair value gains on financial assets at fair value through profit or loss, gains on the remeasurement to fair value of any pre-existing interest in an acquire, gains on hedging instruments that are recognised in profit or loss and reclassifications of amounts previously recognised in other comprehensive income and foreign exchange gains. Interest income is recognised as it accrues in profit or loss, using the effective interest method. Dividend income is recognised in profit or loss on the date that the Group’s right to receive payment is established, which in the case of quoted securities is normally the ex-dividend date.



Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method.



Foreign currency gains and losses are reported on a net basis as either finance income or finance cost depending on whether foreign currency movements are in a net gain or net loss position.

(o)

Income tax Tax expenses comprise current and deferred tax. Current tax and deferred tax is recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly to equity or in other comprehensive income.



Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantially enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Current tax payable also includes any tax liability arising from the declaration of dividends.



Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for: Taxable temporary differences arising on initial recognition of goodwill; • Temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affect neither accounting nor taxable profit or loss; • Temporary differences relating to investments in subsidiaries and jointly controlled entities to the extent that they will probably not reverse in the foreseeable future. •



Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they arise, using tax rates enacted or substantially enacted at the reporting date.



In determining the amount of current and deferred tax the Company takes into account the impact of uncertain tax positions and whether additional taxes and interest may be due. The Company believes that its accruals for tax liabilities are adequate for all open tax years based on its assessment of many factors, including interpretations of tax law and prior experience. This assessment relies on estimates and assumptions and may involve a series of judgements about future events. New information may become available that causes the Company to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made.

108

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

32 - SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax asset and liabilities will be realised simultaneously.



A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.



In application of an IFRIC agenda decision on IAS 12 Income taxes, tonnage tax is not accounted for as income taxes in accordance with IAS 12 and is not presented as part of income tax expense in the income statement but is shown as a separate line item under the heading Other operating expenses (Note 8).

(p)

(q)

Segment reporting A segment is a distinguishable component of the Group that is engaged either in providing products or services (business segment), or in providing products or services within a particular economic environment (geographical segment), which is subject to risks and rewards that are different from those of other segments. The business segments of the CMB group are: Bocimar (dry bulk), ASL Aviation (Aviation) and Other activities. Segment results that are reported to the CEO only include items directly attributable to a segment. Discontinued operations A discontinued operation is a component of the Group’s business that represents a separate major line of business or geographical area of operations that has been disposed of or is held for sale, or is a subsidiary acquired exclusively with a view to resale. Classification as a discontinued operation occurs upon disposal or when the operation meets the criteria to be classified as held for sale, if earlier. When an operation is classified as a discontinued operation, the comparative statement of comprehensive income is re-presented as if the operation had been discontinued from the start of the comparative year.

(w) New standards and interpretations not yet adopted A number of new standards and amendments to standards are not yet effective for the year ended 31 December 2014, and have not been applied in preparing these consolidated financial statements:

IFRIC 21 Levies provides guidance on accounting for levies in accordance with the requirements of



IAS 37 Provisions, Contingent Liabilities and Contingent Assets. The interpretation will become mandatory for the Group’s 2015 consolidated financial statements, with retrospective application. It is expected not to have a material impact on the Group’s consolidated financial statements.



IFRS 9 Financial Instruments published in July 2014 replaces the existing guidance in IAS 39 Financial Instruments: Recognition and Measurement. IFRS 9 includes revised guidance on the classification and measurement of financial instruments, including a new expected credit loss model for calculating impairment on financial assets, and the new general hedge accounting requirements, which align hedge accounting more closely with risk management. It also carries forward the guidance on recognition and derecognition of financial instruments from IAS 39. IFRS 9 is effective for annual periods beginning on or after 1 January 2018, with early adoption permitted. This new standard has not yet been endorsed by the EU and it is expected not to have a material impact on the Group’s consolidated financial statements.



Annual Improvements to IFRS 2010-2012 cycle is a collection of minor improvements to 6 existing standards. This collection, which becomes mandatory for the Group’s 2015 consolidated financial statements, is not expected to have a material impact on the Group’s consolidated financial statements.



Annual Improvements to IFRS 2011-2013 cycle is a collection of minor improvements to 4 existing standards. This collection, which becomes mandatory for the Group’s 2015 consolidated financial statements, is not expected to have a material impact on the Group’s consolidated financial statements.



Amendments to IAS 19 Employee Benefits – Defined Benefit Plans: Employee Contributions introduce a relief that will reduce the complexity and burden of accounting for certain contributions from employees or third parties. The amendments which become mandatory for the Group’s 2015 consolidated financial statements, are not expected to have a material impact on the Group’s consolidated financial statements.



IFRS 15 Revenue from Contracts with Customers establishes a comprehensive framework for determining whether, how much and when revenue is recognized. It replaces existing revenue recognition guidance, including IAS 18 Revenue, IAS 11 Construction Contracts and IFRIC 13 Customer Loyalty Programmes. IFRS 15 is effective for the annual reports beginning on or after 1 January 2017, with early adoption permitted. This standard has not yet been endorsed by the EU. The Group is assessing the potential impact on its consolidated financial statements resulting from the application of IFRS 15.



Annual Improvements to IFRS 2012-2014 cycle is a collection of minor improvements to 4 existing standards. This collection, which becomes mandatory for the Group’s 2016 consolidated financial statements, is not expected to have a material impact on the Group’s consolidated financial statements. These changes have not yet been endorsed by the EU.



Accounting for Acquisitions of Interests in Joint Operations (Amendments to IFRS 11) determines that when an entity acquires an interest in a joint operation that is a business, as defined in IFRS 3, it shall apply all of the principles on business combinations accounting in IFRS 3, and other IFRSs, that do not conflict with the guidance in this IFRS. The amendments which become mandatory for the Group’s 2016 consolidated financial statements, are not expected to have a material impact on the Group’s consolidated financial statements. These amendments have not yet been endorsed by the EU.



Clarification of Acceptable Methods of Depreciation and Amortisation (Amendments to IAS 16 and IAS 38) emphasises that a depreciation method that is based on revenue that is generated by an activity that includes the use of an asset is not appropriate for property, plant and equipment. For intangible assets, only in limited circumstances revenue-based amortisation can be permitted. The amendments which become mandatory for the Group’s 2016 consolidated financial statements, are not expected to have a material impact on the Group’s consolidated financial statements. These amendments have not yet been endorsed by the EU.



Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28) provides guidance on the recognition of the gain or loss when accounting for the sale or contribution of a subsidiary to an associate or joint venture. The amendments which become mandatory for the Group’s 2016 consolidated financial statements are not expected to have a material impact on the Group’s consolidated financial statements. These amendments have not yet been endorsed by the EU.

109

109

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2014

STATUTORY AUDITOR’S REPORT TO THE GENERAL MEETING OF CMB SA AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2014 In accordance with the legal requirements, we report to you in the context of our statutory auditor’s mandate. This report includes our report on the consolidated financial statements as of and for the year ended December 31, 2014, as defined below, as well as our report on other legal and regulatory requirements. Report on the consolidated financial statements - unqualified opinion We have audited the consolidated financial statements of CMB SA (“the Company”) and its subsidiaries (jointly “the Group”), prepared in accordance with International Financial Reporting Standards as adopted by the European Union, and with the legal and regulatory requirements applicable in Belgium. These consolidated financial statements comprise the consolidated statement of financial position as at December 31, 2014 and the consolidated income statement and the consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising a summary of significant accounting policies and other explanatory information. The total of the consolidated statement of financial position amounts to USD 1.765.383K and the consolidated statement of profit or loss shows a loss for the year of USD 27.748K. Board of directors’ responsibility for the preparation of the consolidated financial statements The board of directors is responsible for the preparation of these consolidated financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the European Union, and with the legal and regulatory requirements applicable in Belgium, and for such internal control as the board of directors determines, is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Statutory auditor’s responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the statutory auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the statutory auditor considers internal control relevant to the Group’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the board of directors, as well as evaluating the overall presentation of the consolidated financial statements. We have obtained from the Company’s officials and the board of directors the explanations and information necessary for performing our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our unqualified opinion. Unqualified Opinion In our opinion, the consolidated financial statements give a true and fair view of the Group’s equity and consolidated financial position as at December 31, 2014 and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the European Union, and with the legal and regulatory requirements applicable in Belgium. Report on other legal and regulatory requirements The board of directors is responsible for the preparation and the content of the annual report on the consolidated financial statements. In the context of our mandate and in accordance with the Belgian standard which is complementary to the International Standards on Auditing as applicable in Belgium, our responsibility is to verify, in all material respects, compliance with certain legal and regulatory requirements. On this basis, we provide the following additional statement which does not modify our opinion on the consolidated financial statements: • The annual report on the consolidated financial statements includes the information required by law, is consistent, in all material respects, with the consolidated financial statements and does not present any material inconsistencies with the information that we became aware of during the performance of our mandate. Kontich, April 3, 2015 KPMG Réviseurs d’Entreprises / Bedrijfsrevisoren Statutory Auditor represented by Serge Cosijns Réviseur d’Entreprises / Bedrijfsrevisor

110

FINANCIAL STATEMENTS OF CMB NV FOR THE YEAR ENDED 31 DECEMBER 2014

The annual accounts of CMB nv are presented hereafter in summarised form. In accordance with the Company Law, the annual accounts of CMB nv, together with the annual report and the statutory auditor’s report have been deposited with the National Bank of Belgium. These documents can be obtained upon demand at the registered offices of the company and are available on the company website www.cmb.be. The statutory auditor did not express any reservations in respect of the annual accounts of CMB nv.

111

FINANCIAL STATEMENTS OF CMB NV FOR THE YEAR ENDED 31 DECEMBER 2014

STATEMENT OF FINANCIAL POSITION

in thousands of USD

2014

2013

ASSETS FIXED ASSETS

211.156

219.036

Intangible assets

5.301

6.117

Tangible assets

97.021

104.275

Financial assets

108.834

108.644

CURRENT ASSETS

1.201.061

1.244.645

Amounts receivable after one year

404.342

498.017

Amounts receivable within one year

779.734

713.310

Investments

7.045

5.049

Cash at bank and in hand

1.646

17.139

Deferred charges and accrued income

8.294

11.130

1.412.217

1.463.681

TOTAL ASSETS

2014

2013

LIABILITIES CAPITAL AND RESERVES Capital Share premium account Reserves

822.560

786.677

35.000

35.000

-

-

3.730

3.730

783.830

747.947

PROVISIONS AND DEFERRED TAXES

3.961

4.272

Provisions and deferred taxes

3.961

4.272

CREDITORS

585.696

672.732

Amounts payable after one year

454.425

567.075

Amounts payable within one year

127.485

97.846

3.786

7.811

1.412.217

1.463.681

Accumulated profits

Accrued charges and deferred income TOTAL LIABILITIES

112

FINANCIAL STATEMENTS OF CMB NV FOR THE YEAR ENDED 31 DECEMBER 2014

INCOME STATEMENT

in thousands of USD

2014

2013

Operating income

66.868

52.686

Operating charges

76.771

64.895

Operating result

-9.903

-12.209

Financial income

66.082

159.297

Financial charges

20.063

19.724

Result on ordinary activities before taxes

36.116

127.364

5

647

Extraordinary income Extraordinary charges Result for the year before taxes

23

41

36.098

127.970

Income taxes

215

129

35.883

127.841

Transfer from untaxed reserves

-

-

Transfer to untaxed reserves

-

-

35.883

127.841

Result for the year

Result for the year available for appropriation

APPROPRIATION ACCOUNT

in thousands of USD

Result to be appropriated Transfers to capital and reserves Transfers to capital and reserves Result to be carried forward Distribution of result

2014

2013

783.830

746.265

-

-13.285

-

-

783.830

747.947

-

11.603

113

CMB JAARVERSLAG 2014

Maatschappelijke zetel De Gerlachekaai 20 | BE 2000 Antwerpen Tel.: 323-2475911 | Fax: 323-2480906 E-mail: [email protected] | Website: www.cmb.be RPR Antwerpen VAT BE 0404 535 431 Beelden: Polar Circles 2014 Voor de illustratie van dit jaarverslag werd gebruik gemaakt van beelden gemaakt tijdens Groenland ICE expeditie. Met deze expeditie slaagden Belg Dixie Dansercoer en Canadees Eric McNair er als eerste in om na 55 dagen de volledige ijskap van Groenland volledig per kite rond te gaan. De expeditie startte op 10 april 2014 en eindigde 55 dagen later op 4 juni 2014. Meer informatie is beschikbaar op www.greendlandice.be Verantwoordelijke uitgever: Marc Saverys, De Gerlachekaai 20, BE 2000 Antwerpen. This year report is also available in English.