CMB nv. Belgische Scheepvaartmaatschappij. Verslagen over het boekjaar 2013 voorgelegd aan de algemene vergadering van aandeelhouders van 13 mei 2014

JAARverslag 2013 Maatschappelijke zetel De Gerlachekaai 20 | BE 2000 Antwerpen Tel.: 323-2475911 | Fax: 323-2480906 E-mail: [email protected] | Website: www.cmb.be RPR Antwerpen BTW BE 0404 535 431 Dit jaarverslag werd samengesteld met de medewerking en steun van: De Vrienden van de Red Star Line, Antwerpen | Red Star Line Museum, Antwerpen | The Yivo Institute for Jewish Research, Forward Association, New York, USA | Nationaal Scheepvaartmuseum, Antwerpen | SOMA, Brussel | Gemeentelijk Havenbedrijf, Antwerpen | Collectie MAS, Antwerpen | Collectie Paul Pastiells, Antwerpen | Felixarchief, Stadsarchief van Antwerpen | King Baudoin Foundation, US | Collectie Letterenhuis, Antwerpen | Collectie Walter Huyck, Antwerpen | Library of Congres, nr. LC-US262-50904, Washington, USA 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 2013 voorgelegd aan de algemene vergadering van aandeelhouders van 13 mei 2014

inhoud 5

CMB–Groep samengevat

6 Activiteitsgebieden 9

Brief van de voorzitter

VERSLAG VAN DE RAAD VAN BESTUUR 10

Corporate Governance Verklaring

25

Risico’s en onzekerheden

27

Jaaroverzicht 2013

30

Vlootoverzicht BOCIMAR

33

Vlootoverzicht ASL

Overzicht en geconsolideerde sleutelcijfers per divisie: 35

Bocimar – droge bulk

41

ASL Aviation – luchtvaart

45

Andere activiteiten

49 Resultaatverwerking 50 Kalender

GECONSOLIDEERDE REKENINGEN STATUTAIRE REKENINGEN

2

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. Naast holdingactiviteiten zijn de belangrijkste deelnemingen van de CMB-Groep actief in het zeevervoer van droge bulk en in de luchtvaart.

geconsolideerde sleutelcijfers

2013

2012 herwerkt

2011

2010

2009

omzet

687.609

656.389

680.305

645.149

575.694

EBITDA

175.260

169.541

228.909

220.388

255.444

–134.933

–122.517

–99.491

–74.264

–64.128

EBIT (bedrijfsresultaat)

40.327

47.024

129.418

146.124

191.316

financieel resultaat

13.130

93.755

12.835

18.294

–20.335

resultaat vóór belasting

53.457

140.779

142.253

164.418

170.981

belastingen

–3.763

–6.825

–5.103

–3.732

–4.248

resultaat over de periode

49.694

133.954

137.150

160.686

166.733

49.694 –

133.954 –

137.150 –

160.686 –

166.733 –

vaste activa

1.788.892

1.858.114

1.713.287

1.576.766

1.148.004

eigen vermogen

1.081.972

1.059.073

1.080.656

1.128.255

954.861

711.703

761.506

714.544

790.940

572.178

EBITDA

5,07

4,92

6,60

6,33

7,33

EBIT (bedrijfsresultaat)

1,17

1,36

3,73

4,20

5,49

resultaat over de periode

1,44

3,89

3,96

4,62

4,78

31,27

30,73

31,18

32,42

27,38

Brutodividend

0,24

0,08

1,60

1,36

1,28

Nettodividend

0,18

0,06

1,20

1,02

0,96

Hoogste koers van het aandeel

22,78

18,35

23,66

26,50

24,69

Laagste koers van het aandeel

14,17

12,46

14,85

20,45

13,24

34.598.750

34.465.000

34.663.333

34.800.000

34.869.000

in duizenden USD

afschrijvingen en bijzondere waardeverminderingen

toerekenbaar aan eigenaars van de moedermaatschappij minderheidsbelangen

schulden op meer dan één jaar in USD per aandeel

eigen vermogen in EUR per aandeel

Aantal aandelen

5

activiteitsgebieden

BOCIMAR DROGE BULK

Bocimar is een reder gespecialiseerd in het vervoer van droge bulkgoederen. Bocimar beschikt over een moderne vloot van zowel eigen als ingehuurde schepen van het type capesize (> 150.000 dwt), postpanamax (85.000 tot 100.000 dwt), panamax (70.000 tot 80.000 dwt), supramax (50.000 tot 60.000 dwt), en handysize (25.000 tot 37.000 dwt). Naast het vervoer van droge bulkgoederen is Bocimar ook actief als koper en verkoper van zowel tweedehands- als nieuwbouwschepen. Momenteel bestaat de vloot van Bocimar, in volledige of gedeeltelijke eigendom, uit 27 capesize eenheden (waarvan 3 in aanbouw), 2 postpanamaxeenheden, 4 supramaxeenheden en 28 handysize-eenheden (waarvan 12 in aanbouw).

6

ASL AVIATION LUCHTVAART ASL Aviation is gespecialiseerd in luchtvaartoperaties, dienstverlening en leasingactiviteiten. Per 31 december 2013 baat ASL een vloot van 69 vliegtuigen uit, waarvan 41 in eigendom. De vloot omvat zowel Boeing B737, ATR 42 en 72 als Hercules L382. ASL is een joint venture tussen CMB (51%) en 3P Air Freighters (49%) (een privaat equity fonds beheerd door Petercam).

ANDERE ACTIVITEITEN De CMB-Groep houdt een deelneming aan in de groepsvennootschap RESLEA (vastgoed) en in de scheepsmanager ANGLO-EASTERN MANAGEMENT GROUP (AEMG). CMB heeft momenteel 1 panamaxtanker (en 2 chemicaliëntankers in aanbouw) in gedeeltelijke eigendom.

7

8

Mevrouwen, Mijne Heren,

CMB heeft een moeilijk jaar achter de rug.

De drogebulkmarkten waarop Bocimar actief is, beleven sinds 2011 één van de zwaarste crisissen van de afgelopen dertig jaar. Dit was in 2013 vooral merkbaar tijdens de eerste jaarhelft. In de loop van het tweede semester werd een fundamentele trendwijziging merkbaar. Zowel aan de vraag- als aan de aanbodzijde zijn er voldoende indicaties die duiden op een beter evenwicht tussen vraag en aanbod voor de eerstkomende twee jaren. Bocimar houdt wel rekening met een toename van de volatiliteit van de markten, maar is anderzijds uitstekend geplaatst om voordeel te nemen van de heropleving en versteviging van de drogebulkmarkten.

De werkomstandigheden in de luchtvaartsector hebben in 2013 weinig of geen verbetering gezien. Vooral in de markt voor het vervoer van cargo is er een sterke druk op de marges. Desalniettemin is ASL erin geslaagd om voor 2013 een goed resultaat te behalen in lijn met de verwachtingen. Gezien de uitstekende relatie met haar bestaande cliënteel en rekening houdend met een aantal nieuwe ontwikkelingen binnen de Groep ziet ASL 2014 met vertrouwen tegemoet.

De raad van bestuur zal aan de algemene vergadering van dinsdag 13 mei 2014 voorstellen om over het boekjaar 2013 een brutodividend van 0,24 EUR per aandeel (0,18 EUR per aandeel netto) uit te keren. Mits goedkeuring door de algemene vergadering zal dit dividend betaalbaar gesteld worden op 23 mei 2014.

Etienne Davignon

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 (2012) 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 van 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 hoger vermeld artikel 34 zijn momenteel niet van toepassing op de vennootschap. De relevante gebeurtenissen die plaatsvonden in het boekjaar 2013 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.

2/ KAPITAAL, AANDELEN, AANDEELHOUDERS CMB stelt haar rekeningen op in USD en het maatschappelijk kapitaal is tevens in USD uitgedrukt.

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Op 31 december 2013 bedroeg het kapitaal van de vennootschap 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 8 mei 2012 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 4 juni 2012), in één of meerdere 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. Zoals aangekondigd in het halfjaarverslag 2013 had CMB per 30 juni 2013 535.000 eigen aandelen (1,53%) in portefeuille. Ingevolge een private plaatsing van deze aandelen in september 2013 werden alle aandelen verkocht en heeft CMB sindsdien geen eigen aandelen meer in portefeuille. De buitengewone algemene vergadering van 8 mei 2012 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 2013 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 27 september 2013 ontving CMB een kennisgeving van Saverco NV in het kader van de Transparantiewetgeving van 2 mei 2007. Deze informatie is beschikbaar op de CMB-website (http://www.cmb.be onder de hoofding Investor Relations doorklikken naar The CMB Share). Op basis van de meest recente kennisgevingen evenals informatie die publiek beschikbaar is, ziet de aandeelhoudersstructuur er sinds 3 december 2013 als volgt uit:

Aandelen

%

SAVERCO NV/Marc Saverys

17.605.000

50,30 %

VICTRIX NV/Virginie Saverys

5.613.625

16,04 %

Derden

11.781.375

33,66 %

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 2013 evolueerde de koers van het CMB-aandeel als volgt: EVOLUTIE KOERS CMB aandeel jan 2013 – dec 2013 24,00

in EUR

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 2014 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 aandeelhoudersvergadering. 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 COMITES 4.1. Samenstelling raad van bestuur Op 31 december 2013 bestond de raad van bestuur uit tien leden, waarvan drie uitvoerende bestuurders en zeven 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. 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.

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Uitvoerende bestuurders: Marc Saverys (1954), bestuurder sinds 1991, gedelegeerd bestuurder sinds 1992 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, voorzitter sinds 2002 Voorzitter van CMB van 1989 tot 1998 en opnieuw benoemd tot voorzitter door de raad van bestuur op 27 maart 2002. Zijn ambtsperiode loopt af op de jaarlijkse algemene vergadering van 2014. 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 2014. 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 2014. 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. Alexander Saverys (1978), bestuurder sinds 2006 Zijn ambtsperiode loopt af op de jaarlijkse algemene vergadering van 2015. Zijn belangrijkste functie buiten CMB is gedelegeerd bestuurder van Delphis. 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

Op datum van de algemene vergadering van 13 mei 2014 vervallen de bestuurdersmandaten van drie niet-uitvoerende bestuurders, met name van de Heren Etienne Davignon, Jean-Pierre Blumberg en Jean-Pierre Hansen. Vermelde bestuurders zijn herkiesbaar en de raad van bestuur zal aan de aandeelhoudersvergadering voorstellen hun mandaat van niet-uitvoerende bestuurders te hernieuwen voor een periode van drie jaar. De Heren Blumberg en Hansen beantwoorden tevens aan de functionele, familiale en financiële criteria van onafhankelijkheid die worden voorzien door artikel 526ter W.Venn. Bovendien heeft zowel de Heer Blumberg als de Heer Hansen uitdrukkelijk verklaard en oordeelt de raad van bestuur dat zij geen banden onderhouden met de vennootschap die hun onafhankelijkheid in het gedrang zouden brengen. Er zal voorgesteld worden het mandaat als onafhankelijk bestuurder van zowel de Heer Blumberg als van de Heer Hansen te hernieuwen voor een tweede termijn van drie jaar. 13

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 benoemingsen 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. 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 op voorhand uitgebreid in een dossier toegelicht. 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 meerdere documenten 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 2013 kwam de raad van bestuur van CMB vijf maal samen, met name op 26 maart, 14 mei (informele vergadering), 18 juni, 27 augustus en 10 december. Voor alle vergaderingen waren alle bestuurders aanwezig, met uitzondering van NV A.P.E. (de Heer Eric Verbeeck), voor wat betreft de vergadering van 27 augustus, en de Heren Jean-Pierre Hansen en Benoît Timmermans, voor de vergadering van 10 december. In 2013 werden door de raad van bestuur geen schriftelijke besluiten genomen. In 2013 heeft de raad van bestuur, naast wat hierboven vermeld staat, onder andere het volgende besproken: – goedkeuring van een optieplan: Het betreft een optieplan op aandelen van de Bevek Index Fund Euroland Kap NV (Benchmark Euro STOXX50); – verkoop aandelen FMG; – verkoop van 535.000 eigen aandelen in portefeuille.

14

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 2013 heeft er zich bij één gelegenheid een belangenconflict voorgedaan, met name met betrekking tot de goedkeuring van hoger vermeld aandelenoptieplan. De bepalingen van artikel 523 van het W.Venn. werden nageleefd. Uit de notulen van de raad van bestuur van 10 december 2013 is gebleken dat: Vooraleer over te gaan tot behandeling van dit agendapunt, en in navolging van vorige jaren, hebben de heren Marc Saverys, Ludwig Criel en Benoît Timmermans, conform artikel 523 van het Wetboek van Vennootschappen, de overige bestuurders ingelicht omtrent het bestaan van een tegenstrijdig belang van vermogensrechtelijke aard en dit als potentiële begunstigden van een variabele verloning en van het voorgestelde optieplan. Zij nemen verder niet deel aan de beraadslaging en beslissing omtrent dit agendapunt. De overige leden van de raad van bestuur hebben vervolgens hun goedkeuring gehecht aan het voorstel om eventuele variabele verloning, volledig of gedeeltelijk, te ontvangen onder de vorm van een optieplan met de Bevek Index Fund Euroland Kap NV (Benchmark Euro STOXX50) als onderliggend aandeel.

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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. In de loop van het tweede semester heeft mevrouw Fiona Morrison de Heer Eric Verbeeck opgevolgd als lid van het auditcomité. Leden: Jean–Pierre Hansen – voorzitter Etienne Davignon Fiona Morrison De samenstelling, bevoegdheden, opdrachten, werking en evaluatie van het auditcomité worden uitvoerig toegelicht in het CMB-charter. Het auditcomité kwam in 2013 drie maal samen (met name op 26 maart, 27 augustus en 10 december). Alle leden waren aanwezig, met uitzondering van de Heer Hansen die werd verontschuldigd voor de vergadering van 10 december (het voorzitterschap van deze vergadering werd waargenomen door de Heer Etienne Davignon). In 2013 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 controle-opdrachten, 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.

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Benoemings– en remuneratiecomité De raad van bestuur heeft op 31 maart 1998 een benoemingsen 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 benoemingsen remuneratiecomité worden uitvoerig toegelicht in het CMB-charter. Ingevolge hun opleiding en uitgeoefende functies tijdens hun loopbaan beschikken de leden van het benoemingsen remuneratiecomité over de vereiste ervaring met betrekking tot de verloning van bestuurders en directieleden. Het benoemingsen remuneratiecomité kwam in 2013 drie maal samen (met name op 26 maart, 27 augustus en op 10 december). Telkens waren alle leden aanwezig, met uitzondering van de Heer Jean-Pierre Hansen die verontschuldigd werd voor de vergadering van 10 december. 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; – formuleren van aanbevelingen met betrekking tot het jaarlijkse bonusplan voor 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 benoemingsen 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.

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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. Tijdens de vergadering van de raad van bestuur van 26 maart 2013 werd de Heer Michaël Saverys benoemd tot lid van het directiecomité. Sindsdien telt het comité vijf leden. Het voorzitterschap van het directiecomité wordt waargenomen door de Heer Marc Saverys, in zijn hoedanigheid van gedelegeerd bestuurder van de vennootschap (CEO). Huidige samenstelling: Marc Saverys, voorzitter Ludwig Criel Francis Sarre, secretaris van de raad van bestuur Michaël Saverys Benoît Timmermans 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 ondermeer een grotere transparantie met betrekking tot de verloning van het topmanagement nastreven. Niet-uitvoerende bestuurders: remuneratiebeleid/remuneratie voor het boekjaar 2013 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 benoemingsen remuneratiecomité). In overeenstemming met het belang van zijn rol wordt aan de voorzitter van de raad van bestuur een hogere vergoeding toegekend die momenteel het driedubbele van een gewone bestuurdersvergoeding bedraagt. Hierbovenop wordt aan elke bestuurder een zitpenning toegekend per bijgewoonde vergadering. De bestuurders die in 2013 deel uitmaakten van het directiecomité hebben verzaakt aan deze vaste vergoeding (inclusief zitpenningen). Hun vergoeding is in overeenstemming met het remuneratiebeleid van de Groep (zie verder) en is verbonden aan de functie die zij uitoefenen binnen de Groep. De vergoeding van de niet-uitvoerende bestuurders wordt door het benoemingsen remuneratiecomité periodiek getoetst op markconformiteit (o.a. vergelijking met andere beursgenoteerde vennootschappen). De door het benoemingsen remuneratiecomité voorgestelde aanpassingen, indien nodig, worden 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 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 benoemingsen 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 2013 door de niet-uitvoerende bestuurders ontvangen vergoedingen Het totale brutobedrag van de vergoedingen uitbetaald in 2013, aan alle niet-uitvoerende bestuurders, voor hun prestaties in de raad van bestuur en/of comités (waar toepasbaar) bedraagt 414.000 EUR. Totaal 2013 in EUR BLUMBERG

Vaste vergoeding Jean–Pierre

Zitpenning (x)

25.000

20.000

Benoemings- en remuneratiecomité

Audit comité –

Totaal

3.000

48.000

DAVIGNON

Etienne

75.000

20.000

12.500

3.000

110.500

HANSEN

Jean–Pierre

25.000

15.000

25.000

3.000

68.000

MORRISON

Fiona

25.000

20.000

6.250

–

51.250

SAVERYS

Alexander

25.000

20.000

–

–

45.000

VICTRIX NV

Virginie Saverys

25.000

20.000

–

–

45.000

A.P.E. NV

Eric Verbeeck

25.000

15.000

6.250

–

46.250

Totaal (x)

414.000

4 vergaderingen

Directiecomité: remuneratiebeleid/remuneratie voor het boekjaar 2013 Het verloningsbeleid voor de leden van het directiecomité (inclusief de CEO) wordt bepaald door de raad van bestuur, na advies van het benoemingsen 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-termijn horizon. Voor leden van het directiecomité – wiens bijdrage rechtstreeks bepalend is voor het genereren van het resultaat van de Groep – is de variabele remuneratie bijgevolg grotendeels (60%) gelinkt aan het tijdens het boekjaar gerealiseerde geconsolideerd nettoresultaat én in mindere mate (40%) op individuele appreciatie (specifieke beoordeling en functionering van elk individu). Deze beoordeling kan maximaal leiden tot een verhoging van 50% ten opzichte van het vorige jaar. Het gedeelte gelinkt aan het resultaat wordt berekend op basis van de variatie van het resultaat van het boekjaar ten opzichte van het jaar 2007 (de datum van invoering van deze bonuspolitiek) – waarbij de variatie van het recurrent resultaat gewogen wordt aan 2/3 en de variatie van het niet-recurrent resultaat aan 1/3. Het bedrag van de variabele remuneratie wordt momenteel cash uitbetaald of onder de vorm van niet-beursgenoteerde aandelenopties op de Bevek Index Fund Euroland Kap NV (zie verder). Voor het boekjaar 2013 werd de variabele vergoeding van de leden van het directiecomité bepaald zoals hoger vermeld. De evaluatieperiode was het boekjaar 2013. De toegepaste methode was de toetsing van de verschillen tussen budget, verschillende prognoses en het eindresultaat. Indien het uiteindelijk resultaat op substantiële wijze zou afwijken van de basis waarop de variabele remuneratie van de leden van het directiecomité is berekend, kan de raad van bestuur beslissen om het variabele gedeelte van de remuneratie te herzien en desgevallend terug te vorderen. De bonuspolitiek van CMB/BOCIMAR voorziet momenteel geen langetermijnincentives (zoals bijvoorbeeld aandelenoptieplannen op het CMB-aandeel). Verder werd, met betrekking tot de variabele vergoeding van de uitvoerende bestuurders en de leden van het directiecomité, van de algemene aandeelhoudersvergadering van 10 mei 2011, de goedkeuring bekomen om af te wijken van de spreiding van de variabele vergoeding op langere prestatieperioden, vermits dit kadert binnen de door de CMB/BOCIMAR-Groep sinds 2007 gevoerde bonuspolitiek. 20

– een verzekeringspakket (bestaande uit pensioenvorming, dekking overlijdensrisico, dekking invaliditeit, ongevallenverzekering, hospitalisatieverzekering, reisbijstandsverzekering). Tijdens haar vergadering van 26 maart 2013 besliste de raad van bestuur – op aangeven van het benoemingsen remuneratiecomité – om vanaf 2013 de pensioenvorming voor de leden van het directiecomité die het statuut van zelfstandige bedrijfsleider hebben, aan te passen aan de gangbare marktpraktijken. In dit verband baseerde het benoemingsen remuneratiecomité zich op een advies van een onafhankelijk adviesbureau voor personeelsbeloningen. – diverse andere verloningscomponenten in lijn met wat gebruikelijk is in de markt, waaronder als belangrijkste elementen: gebruik van een bedrijfswagen, GSM en maaltijdcheques. Sinds 2006 kan eventuele variabele remuneratie, volledig of gedeeltelijk, ontvangen worden onder de vorm van niet-beursgenoteerde aandelenopties. Voor 2013 was dit tevens het geval. De aandelenopties voor het boekjaar 2013 hebben volgende kenmerken: Bevek Index Fund Euroland Kap NV (Benchmark Euro STOXX50). Aanbod: maart 2014 Uitoefentermijn: de uitoefenperiode gaat in vanaf één jaar na de datum van het aanbod en loopt tot het verstrijken van 10 jaar te rekenen vanaf de datum van het aanbod. Na het verstrijken van de blokkeringsperiode van één jaar kunnen de aandelenopties door de begunstigden verkocht of uitgeoefend worden.

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De verschillende verloningscomponenten van de leden van het directiecomité (inclusief de CEO) worden jaarlijks, doorgaans op de vergadering van het benoemingsen 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 benoemingsen 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 invididuele verloningspaketten van de leden van het directiecomité. Het relatieve belang van elke component in de totale vergoeding van de leden van het directiecomité (exco) was in 2013 als volgt: Vast: +/- 64% Variabel: +/- 11% (voor de CEO) en +/- 15% (voor de overige leden exco) Pensioen: +/- 21% (voor de CEO) +/- 16% (voor de overige leden exco) Andere verloningselementen: +/- 4% (voor de CEO) +/- 5% (voor de overige leden exco) Overzicht van de tijdens het boekjaar 2013 door de CEO ontvangen vergoedingen Naam van de CEO

SAVERYS Marc

Statuut van de CEO

zelfstandige bedrijfsleider

Vaste remuneratie

899.000 EUR

Variabele remuneratie

163.500 EUR

TOTAAL

1.062.500 EUR

Pensioen

systeem van “te bereiken doel”, aangevuld met een individuele pensioentoezegging met vaste bijdragen. De totale bijdrage voor 2013 bedroeg 291.580,09 EUR

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

55.316,73 EUR

Voor de CEO 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 2013 door de overige leden van het directiecomité ontvangen vergoedingen (op globale basis) Het betreft hier de remuneratie van de overige leden van het directiecomité, waarvan drie met het statuut van zelfstandige bedrijfsleider en één als loontrekkende (arbeidsovereenkomst voor bedienden van onbepaalde duur). Om een vergelijkingspunt te behouden met de rapportering van vorige jaren dient vermeld te worden dat: – de raad van bestuur, tijdens haar vergadering van 26 maart 2013 één bijkomend lid van het directiecomité heeft aangesteld, met name de Heer Michaël Saverys; - de cijfergegevens van het loontrekkende lid van het directiecomité tevens rekening houden met de door de vennootschap betaalde patronale RSZ, zijnde de totale kost voor de vennootschap. Vaste remuneratie

1.439.582,13 EUR

Variabele remuneratie

351.595 EUR

TOTAAL

1.791.177,13 EUR

Pensioen

Voor drie leden een vast bijdragenplan en voor één lid een “te bereiken doel” plan. Voor de leden met het statuut van zelfstandig bedrijfsleider werd bijkomend een individuele pensioentoezegging afgesloten met vaste bijdragen. Het totaal aan betaalde bijdragen in 2013 bedroeg 355.277,68 EUR per jaar

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

115.088,91 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.

Remuneratiebeleid/Remuneratie 2014 Het remuneratiebeleid voor 2014 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 vier leden van het directiecomité (inclusief de CEO) die het statuut van zelfstandige bedrijfsleider hebben, bestaan geen afspraken betreffende enige vorm van vertrekvergoeding. Voor het lid van het directiecomité met een bediendenstatuut (Belgische arbeidsovereenkomst) kan de arbeidsovereenkomst door de vennootschap beëindigd worden op de manieren voorzien in de Wet op de Arbeidsovereenkomsten met inachtname van de bestaande regels. Een eventuele verbrekingsvergoeding kan bijgevolg hoger liggen dan de vooropgestelde 12 of 18 maanden. Geen enkele overeenkomst met de CEO of een ander lid van het directiecomité werd afgesloten na 1 juli 2009.

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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 2013 aan de commissaris werd betaald voor controle- en andere werkzaamheden, wordt verwezen naar toelichting 31 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 (bv 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 open 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.

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: – ongecontroleerde aangroei van de wereldvloot die de groei van de vraag overtreft; – volatiliteit van de scheepvaartmarkten; – wijzigende scheepvaartroutes; – piraterij in de Golf van Aden en de Indische Oceaan; – verdere consolidatie en concentratie bij de leveranciers van grondstoffen; – 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 vanwege touroperators; – ontwrichting van het luchtverkeer naar aanleiding van natuurfenomenen. Naast deze specifieke risico’s wordt de Groep in al haar activiteiten geconfronteerd met een wisselkoersen 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 2013

Januari 14 januari:

Overname TNT Airways gaat niet door. De eerder aangekondigde overname van TNT Airways zal niet gerealiseerd kunnen worden nu de fusie tussen UPS en TNT Express niet doorgaat. TNT Express herbekijkt momenteel haar strategie alsook haar netwerk. ASL sluit niet uit dat zij gezien haar ervaring en expertise hierin een rol kan spelen en kijkt er naar uit om de mogelijkheden van een samenwerking met TNT Express verder te onderzoeken.

Februari 15 februari:

ASL koopt vijf tweedehands Boeing vliegtuigen. Deze vliegtuigen zullen de groeiende vloot van B737-400 vrachtvliegtuigen vervoegen en zorgen ook voor een verjonging van de bestaande vloot. Met deze aankoop vergroot ASL niet enkel haar capaciteit maar laat haar ook toe haar cliënteel diensten aan te bieden aan een lagere eenheidskost. Twee van deze vliegtuigen werden weerhouden in hun passagiersconfiguraties en worden ingezet in Afrika. De overige drie vervoegden de vloot van vrachtvliegtuigen die ASL inzet in haar Europees netwerk.

22 februari:

Mineral Kyushu (2006 – 180.211 dwt) wordt opgeleverd. Bocimar en haar joint venture partner Drylog verwerven dit schip naar aanleiding van een aankoopverplichting. Dit schip werd eerder op langetermijn ingehuurd.

Maart 1 maart:

Bocimar annuleert Tsuneishi SC 145. Aangezien de werf de contractuele afleveringsdatum niet kon respecteren, besliste Bocimar de bestelling te annuleren. Alle betaalde voorschotten – inclusief een interestvergoeding – werden op 11 maart 2013 terugbetaald.

26 maart:

Bohandymar bestelt vier bijkomende handysize ECO-type bulkschepen. Bohandymar Limited – een 100% dochteronderneming van CMB – heeft nog vier handysize ECO-type bulkschepen besteld bij Samjin Shipbuilding Industries Korea (Samjin) aan zeer competitieve voorwaarden. De schepen hebben een draagvermogen van 36.000 dwt. De oplevering van de eerste twee eenheden is voorzien voor 2014; de twee overige eenheden zijn gepland voor 2015. Het betreft vier zusterschepen van de zes eenheden die Bocimar in 2011 bestelde.

MEI 24 mei:

Betaalbaarstelling dividend 2012. Bij beslissing van de gewone algemene aandeelhoudersvergadering van 14 mei 2013 werd over het boekjaar 2012 een brutodividend van 0,08 EUR per aandeel (0,06 EUR per aandeel netto) uitgekeerd. Het dividend werd betaalbaar gesteld op 24 mei 2013 (coupon nr. 14 niet-materieel leverbaar).

31 mei:

ASL sluit overeenkomst met Air Lingus. Het betreft een overeenkomst voor een samenwerking op drie transatlantische routes vanuit Ierland naar de Verenigde Staten en Canada. De bestemmingen zullen aangevlogen worden met drie geleasde Boeing 757 die gefaseerd vanaf begin 2014 in dienst zullen worden genomen. Deze samenwerking betekent voor ASL een aanzienlijke verruiming van haar bestaande charteractiviteiten en kan als basis dienen voor een verdere uitbreiding van deze activiteit.

27

JUNI 18 juni:

Verkoop van de Mineral Sines (2002-172.316 dwt) door Bocimar en haar partner Oak Maritime. De netto verkoopprijs van het joint venture schip bedraagt 19 miljoen USD. Bij de oplevering, voorzien voor het derde kwartaal 2013, zal het aandeel van Bocimar in de meerwaarde ongeveer 1,5 miljoen USD bedragen. De verkoop levert Bocimar ruim 9,6 miljoen USD aan cash op.

28 juni:

Vroegtijdige beëindiging van de tijdsbevrachting van de Mineral Subic (2011-179.397 dwt). Dit schip dat eigendom is van Ocean Capes Ltd – een joint venture tussen Bocimar en Boxlog – werd begin 2012 verworven met een langetermijn bevrachting aan STX Panocean. Deze laatste vroeg in de loop van de maand juni bescherming aan tegen haar schuldeisers. Als onderdeel van deze procedures werd het schip teruggeleverd.

SEPTEMBER 27 september: Private plaatsing CMB bevestigt de succesvolle afronding van een private plaatsing van de 535.000 eigen aandelen die zij in portefeuille hield. De plaatsing gebeurde op basis van een ‘accelerated bookbuilding’ bij institutionele beleggers. De plaatsing gebeurde tegen een prijs van 20,50 EUR per aandeel en was 2,7 keer overschreven. In het kader van deze plaatsing hebben Saverco en Victrix – referentie-aandeelhouders van CMB – respectievelijk 105.000 en 17.500 aandelen opgenomen. Deze operatie heeft geen impact op de resultaten van de Groep maar verstevigt de kaspositie van de Groep met bijna 11 miljoen EUR. De private plaatsing werd georganiseerd door Petercam NV. NOVEMBER 8 november:

Oplevering van de Rio Negro (1999 – 20.501 dwt) aan de nieuwe eigenaar.

Op deze verkoop werd een minderwaarde van 975.000 USD gerealiseerd.

12 november:

Vlootuitbreiding. Bocimar heeft haar vloot uitgebreid met vijf nieuwbouw capesizeschepen die allen gebouwd zullen worden bij het Japanse Imabari. Het betreft vier eenheden van 206.000 dwt: twee in volle eigendom, voorzien voor levering in het eerste en tweede kwartaal van 2016 en twee schepen die voor een termijn van 10 jaar ingehuurd worden en in de loop van het tweede en derde kwartaal van 2015 geleverd zullen worden. Het vijfde schip, met een draagvermogen van 180.000 dwt, is een joint venture met National Coal Supply Corporation (NCSC), een onderdeel van de Israeli Electric Corporation, die bovendien het schip voor een periode van 10 jaar ingehuurd heeft.

28

Volgende gebeurtenissen vonden plaats na balansdatum: Januari 2014 1 januari 2014:

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 2014: 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 2014: 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 2014 28 februari 2014: 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.

29

VLOOTOVERZICHT 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%

post panamax post panamax

HK HK

2011 2011

93.701 93.758

25% 25%

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

BOCIMAR 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

Lara Venture Nadine Venture

Type

VLOOTOVERZICHT Naam IN AANBOUW / IN BESTELLING CMB Laszlo (Samjin 1052) CMB Diego (Samjin 1053) CMB Louis (Samjin 1054) CMB Laurence (Samjin 1055) CMB Leon (Samjin 1056) CMB Patrizia (Samjin 1057) CMB George (Samjin 1061) Samjin 1062 Samjin 1063* Samjin 1064* Samjin 1082 Samjin 1083 Imabari SP1 Imabari SP2 Imabari NCSC

Type

BOCIMAR Vlag

Bouwjaar

DWT

% eigendom

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

HK HK HK HK HK HK HK HK -

2014 2014 2014 2014 2015 2015 2015 2015 2015 2015 2015 2015

36.000 36.000 36.000 36.000 36.000 36.000 36.000 36.000 36.000 36.000 36.000 36.000

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

capesize capesize capesize

-

2016 2016 2016

206.000 206.000 180.000

100% 100% 50%

dwt: ton draagvermogen handysize : 25.000 tot 37.000 dwt - supramax : 50.000 tot 60.000 dwt - panamax : 70.000 tot 80.000 dwt postpanamax : 85.000 tot 100.000 dwt - capesize : > 150.000 dwt *: verkocht

Naam Moonlight Venture

Type

CMB Vlag

Bouwjaar

DWT

% eigendom

panamax

HK

2006

61.204

50%

chemicaliën chemicaliën

-

2015 2016

20.000 20.000

50% 50%

IN AANBOUW / IN BESTELLING Kitanihon Kitanihon dwt: ton draagvermogen panamax: 60.000 tot 80.000 dwt

31

32

VLOOTOVERZICHT Manufacturer serial number

ASL AVIATION Registratie

Bouwjaar

Configuratie

26850 29336 29333 28898 25124 24789 24388 24387 24433 27143 26961 25261 25184 25181 24446 24440 32635 32634 32633 32632 32631

FR FR FR FR FR FR FR FR IE ZA US IE IE IE IE IE ZA ZA ZA ZA ZA

1992 1999 1998 1997 1991 1990 1989 1989 1990 1993 1995 1991 1991 1991 1994 1992 2003 2003 2002 2002 2002

quick change quick change quick change quick change quick change quick change quick change quick change freighter combi passenger freighter freighter freighter freighter freighter passenger passenger passenger passenger passenger

681 679 674 405 387 395 210 183 157 639 637 633 115 149

CZ CZ CZ IE IE IE IE IE IE CZ CZ CZ IE IE

2001 2001 2001 1994 1994 1994 1992 1990 1989 2005 2005 2005 1989 1989

passenger passenger passenger passenger passenger freighter freighter freighter freighter passenger passenger passenger passenger freighter

4695 4673 4565 4562 4475 4248

ZA IE ZA ZA ZA ZA

1976 1976 1974 1974 1973 1967

standard standard standard standard standard standard

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 B737-800 B737-800 B737-800 B737-800 B737-800

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

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

Alle vliegtuigen zijn volledige eigendom van de ASL-Groep.

33

34

B O C I M A R - D r o ge bulk

100%

100%

BOCIMAR International

BOCIMAR HONG KONG

100%

100%

BOCIMAR BELGIUM

BOHANDYMAR

35

“Een gemengd beeld: tweede jaarhelft 2013 overklast eerste semester.” Voor het vierde jaar op rij steeg in 2013 de wereldstaalproductie; het betrof een stijging met 3,8% tot 1.605 miljoen ton die uitsluitend toe te rekenen is aan de Chinese productie. Tegelijkertijd groeide het wereldzeevervoer aan steenkool met ruim 6,7% tot 1.187 miljoen ton, met record exportvolumes vanuit Australië en een sterke vraag vanuit China (+10%) en Indië (+14%). Aan de andere kant kende de wereldbulkvloot een verdere aangroei met 60 miljoen dwt. Er werd voor 22 miljoen dwt aan scheepscapaciteit verschroot, wat de globale groei van de vloot op ongeveer 6% brengt. Belangrijk in dit verband is de vaststelling dat bijna 60% van de instroom aan nieuw tonnage zich voordeed in de loop van het eerste semester. In de tweede jaarhelft werd een belangrijke vertraging in het ritme aan opleveringen van nieuwbouwschepen vastgesteld. Het overgrote deel van de groei in het wereldzeevervoer werd – als gevolg van nieuwe mijnbouwprojecten die opgeleverd werden – opgetekend in de loop van de tweede jaarhelft. Dit verklaart ondermeer waarom het gemiddelde Baltic TC tarief voor capesize schepen voor de eerste helft van 2013 6.087 USD/ dag bedroeg en 23.193 USD/dag voor de tweede jaarhelft. Het gemiddelde voor het ganse jaar bedraagt 14.640 USD/dag, hetzij een verbetering van bijna 100% in vergelijking met het gemiddelde tarief voor 2012 van 7.635 USD/dag. Zodoende werd 2013 veel positiever afgesloten dan het begon en met een duidelijke verbetering van de vooruitzichten. Anders dan de capesizemarkt waren de gemiddelde opbrengsten voor handysize en supramax veel minder volatiel. De gemiddelde opbrengsten van Bocimar zijn als volgt samen te vatten:

USD/dag 2013

2012

capesize

25.188

24.868

panamax/postpanamax

13.609

10.660

supramax

9.800

9.563

handysize

8.092

7.713

36

Gemiddelde BALTIC TC tarieven (jan 2011 - dec 2013) 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

jan

201 feb 1 201 apr 1 201 me 1 i 20 1 jun 1 201 aug 1 201 sep 1 201 okt 1 201 dec 1 201 jan 1 201 mr 2 t2 01 apr 2 201 jun 2 201 jul 2 201 aug 2 201 2 okt 201 nov 2 201 dec 2 201 feb 2 201 mr 3 t2 01 me 3 i 20 1 jun 3 201 jul 3 201 3 sep 201 okt 3 201 nov 3 201 3

0

Bron: Clarkson Research Services

“Op weg naar een beter evenwicht tussen vraag en aanbod.” Na enkele jaren waarin de nieuw opgeleverde scheepscapaciteit de groei in het wereldzeevervoer aanzienlijk overtrof, is er een fundamentele trendwijziging merkbaar die – over de volgende twee jaren – vraag en aanbod terug zullen brengen naar een beter evenwicht. In de meeste segmenten van de droge bulkmarkt wordt – rekening houdend met een normaal aantal verschuivingen, annuleringen en verschrotingen – een aangroei van om en nabij de 5% verwacht; een sterke daling in vergelijking met de afgelopen vijf jaar en het laagste sinds 2003. Ondanks het feit dat er in het laatste kwartaal van 2013 flink wat nieuwbouworders – voor levering vanaf 2016 – werden opgetekend, is het aantal nieuwbouwschepen voor oplevering in 2014 en 2015 zo goed als gekend. Zo worden er ‘slechts” 100 nieuwe capesizeeenheden per jaar verwacht. In het handysizesegment wordt een minimale groei verwacht. Het overschot aan schepen van 20 jaar en ouder in combinatie met hoge schrootprijzen kan aanleiding geven tot een aanhoudend hoog verschrotingsritme. Deze ontwikkelingen zullen ook een impact hebben op de marktwaarde van de vloot. Zo is deze in de loop van 2013 al met ruim 20% toegenomen en werd in de eerste maanden van 2014 reeds een verdere toename met 5% opgetekend. Aan de vraagzijde zijn er eveneens positieve indicatoren, zoals de hernieuwde groei in de vraag naar staal alsook de toegenomen vraag naar steenkool voor de productie van elektriciteit.

37

De groei van het wereldzeevervoer van bulkgoederen gaat hand in hand met de groei van de wereldeconomie. Voor 2014 wordt een bescheiden groei van de wereldeconomie vooropgesteld. Zo wordt voor 2014 een groei van 3 à 4% in de wereldstaalproductie verwacht tot een nieuw record van ruim 1.660 miljoen ton. Anderzijds heerst er toch wat onzekerheid over de verwachte groei van de Chinese economie in het algemeen en van het verwachte volume aan import van steenkool in het bijzonder. China is en blijft de belangrijkste bron van onzekerheden voor de scheepvaartindustrie. De belangrijkste indicator is ongetwijfeld de toename in beschikbare cargo. Een aantal nieuwe mijnbouwprojecten - die vertraagd of ingekrompen werden – worden momenteel opgeleverd. Voor 2014 wordt een toename van de productie met ruim 180 miljoen ton verwacht, hetzij een groei met meer dan 10%. “Volatiliteit” De droge bulkmarkten zullen echter, meer dan ooit, getekend worden door volatiliteit. Zo zullen onder meer ongunstige weersomstandigheden, congestie en sterke FFA markten aanleiding geven tot plotse hoogtes en laagtes op de vrachtenmarkten, en dan vooral in het capesize- en panamaxsegment. Bocimar heeft met 16.000 ‘open’ dagen voor 2014 een aanzienlijke blootstelling aan de spotmarkt, de grootste sinds vele jaren. Het succes van Bocimar voor 2014 zal dan ook afhangen van het tijdig nemen van indekking en van het juist positioneren van haar vloot. Bocimar is dan ook goed geplaatst om voordeel te nemen van een opleving van de spotmarkt. Bovendien is Bocimar ervan overtuigd dat de vaarsnelheid, in functie van de markttarieven, een belangrijke factor zal blijven. Zo gaat Bocimar ervan uit dat de brandstofprijzen in de nabije toekomst hoog zullen blijven. Dit zal reders er toe aanzetten om hun vloot op ‘ECO’ speed te laten varen of zelf over te gaan tot “slow” of “super slow steaming”. Op deze manier wordt het aanbod aan beschikbare scheepsruimte met 5 à 10% ingeperkt. De bijdrage van Bocimar aan het geconsolideerd resultaat bedraagt 3.474.000 USD (2012 herwerkt: 53.196.000 USD). Deze bijdrage houdt rekening met: – 5.911.000 USD aan goodwill die ten laste genomen werd naar aanleiding van de vroegtijdige beëindiging van de tijdsbevrachting van de Mineral Subic (2011-179.397 dwt); – een meerwaarde van 1.467.000 USD op de verkoop van de Mineral Sines (2002-172.163 dwt); – een minderwaarde van 975.000 USD naar aanleiding van de verkoop van de Rio Negro (1999-20.501 dwt). Ter herinnering, in 2012 werd de bijdrage van Bocimar aan het geconsolideerd resultaat sterk beïnvloed door een meerwaarde van 51.735.000 USD gerealiseerd op de verkoop van aandelen FMG.

38

evolutie vervoerde volumes

in miljoen ton 45 40 35 30 25 20 15 10 5 0 2004 * steenkool

2005

2006 ijzererts

2007

2008 graan

2009 andere

2010

2011

2012

2013 * volume Bocimar & partners

geconsolideerde sleutelcijfers in duizenden USD omzet EBITDA afschrijvingen en bijzondere waardeverminderingen EBIT (bedrijfsresultaat) financieel resultaat resultaat voor belasting belastingen resultaat over de periode toerekenbaar aan eigenaars van de moedermaatschappij minderheidsbelangen vaste activa eigen vermogen schulden op meer dan één jaar

2013

2012 herwerkt

409.104

368.990

143.758

125.159

–111.818

–97.605

31.940

27.554

–28.466

25.672

3.474

53.226

–7

–30

3.467

53.196

3.467

53.196

–

–

1.591.754

1.648.349

220.593

327.989

645.006

689.384

39

40

A S L A V I A T IO N - L U C H T V A A R T

51% ASL AVIATION

AIRLINES

LEASING

SUPPORT

41

Ondanks sterke druk op de marges, in het bijzonder in de markt voor het vervoer van cargo, slaagt ASL erin een goed resultaat neer te zetten in lijn met de verwachtingen. De luchtvaartbedrijven EAP en Air Contractors blijven – ondanks de moeilijke algemene marktomstandigheden – goede resultaten behalen. EAP zag over 2013 haar algemeen activiteitsniveau terugvallen zowel op het vlak van vervoer van passagiers als cargo. Tijdens het jaar heeft EAP haar focus verlegd naar meer passagiersvluchten door het uitbreiden van het aantal gevlogen routes en bestemmingen. In de loop van het jaar werden twee Boeing 737-700 aan de vloot toegevoegd, wat toelaat om het aanbod aan passagiersvluchten uit te breiden en om in te spelen op de toenemende opportuniteiten in deze sector. EAP blijft ook een sterke relatie onderhouden met nationale en internationale post- en pakjesdiensten en er werden een aantal bestaande contracten verlengd. Daar waar de Boeing 737-300 het belangrijkste werkinstrument blijven, heeft de geleidelijke introductie van de grotere Boeing 737-400 een positieve impact op de bijdrage en op de betrouwbaarheid van de cargovluchten die uitzonderlijk hoog blijft. 2013

2012

totaal aantal vlieguren

28.750

33.223

aantal vlieguren cargo aantal ton vervoerde cargo

12.400 52.971

15.645 75.660

aantal vlieguren passagiers aantal vervoerde passagiers

16.350 639.272

17.578 660.193

betrouwbaarheid cargovluchten

98,56%

99,06%

Air Contractors heeft in de loop van het jaar haar vloot aangepast om beter te kunnen inspelen op nieuwe opportuniteiten en vragen vanuit de markt. Daar waar de ATR-propellervliegtuigen de ruggengraat blijven uitmaken van de operaties, nemen Boeing 737 toestellen de rol over van de A300-B4 die allen verkocht werden. Een belangrijke ontwikkeling tijdens het jaar was de ondertekening van een contract met Air Lingus voor een periode van vier jaar voor het uitvoeren van vluchten op drie transatlantische routes. Dit contract laat ACL toe haar inkomstenstroom te verbreden en minder afhankelijk te worden van het pure transport van cargo. Het succes van ACL is in grote mate te wijten aan de betrouwbaarheid die zeer stabiel en hoog blijft.

ATR 42 ATR 72 A300 B737

42

aantal vliegtuigen

2013 aantal vlieguren

betrouwbaarheid

aantal vliegtuigen

2012 aantal vlieguren

betrouwbaarheid

6 11 3 4

5.412 10.263 3.484 5.275

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

6 11 9 2

5.556 8.462 8.576 2.029

98,90% 98,20% 96,90% 95,20%

Safair blijft met succes de Hercules en Boeing Combi vliegtuigen inzetten, voornamelijk voor het transport van hulpgoederen. Safair onderzoekt bepaalde opportuniteiten voor het vervoer van passagiers binnen Zuid-Afrika. Als onderdeel van een strategische herstructurering binnen de Groep ASL werd de deelneming in Safair Operations afgebouwd van 100% naar 25% (wat het aandeel van CMB op 12,75% brengt). De leasingactiviteit presteerde naar verwachting. Recente verkopen alsook de cyclische impact van hernieuwingen van leasingovereenkomsten hebben geleid tot een tijdelijke vermindering van de leasinginkomsten. ASL blijft wel actief andere nieuwe leasingopportuniteiten opzoeken. De sterke relatie en langetermijncontracten met haar klanten alsook de diverse ontwikkelingen binnen de Groep op het vlak van vervoer van passagiers laten toe om 2014 met een zekere mate van vertrouwen tegemoet te zien. ASL draagt 12.686.000 USD (2012 herwerkt: 19.245.000 USD) bij aan het geconsolideerd resultaat. Deze bijdrage houdt rekening met 4.344.000 USD (2012: 5.103.000 USD) aan meerwaarden gerealiseerd op de verkoop van vliegtuigen.

geconsolideerde sleutelcijfers in duizenden USD omzet EBITDA afschrijvingen en bijzondere waardeverminderingen EBIT (bedrijfsresultaat) financieel resultaat resultaat voor belasting belastingen resultaat over de periode toerekenbaar aan eigenaars van de moedermaatschappij minderheidsbelangen vaste activa eigen vermogen schulden op meer dan één jaar

2013

2012 herwerkt

219.573

252.890

41.354

55.610

–21.675

–23.474

19.679

32.136

–3.266

–6.120

16.413

26.016

–3.727

–6.771

12.686

19.245

12.686

19.245

–

–

174.519

186.177

111.759

101.491

67.027

87.754

43

44

ANDERE ACTIVITEITEN

50%

28,09%

RESLEA

ANGLO–EASTERN MANAGEMENT GROUP

45

De Andere activiteiten omvatten hoofdzakelijk: CMB (moedermaatschappij), 50% in de vastgoedvennootschap RESLEA en het belang in de scheepsmanager Anglo-Eastern Management Groep (AEMG – 28,09%). De bijdrage van AEMG aan het geconsolideerd resultaat bedraagt 6.138.000 USD (2012: 6.805.000 USD). Op het einde van 2013 omvat de door AEMG beheerde vloot 446 eenheden. In 2007 en 2008 zette de Groep CMB samen met JB Ugland (nu overgenomen door een Indiase groep) een joint venture op die zes chemicaliëntankers op langetermijn inhuurde. Het betrof drie schepen van 19.000 dwt en drie van 33.000 dwt die in de loop van 2010 en 2011 in dienst genomen werden. Begin 2013 is gebleken dat de partner zijn verplichtingen niet langer kon nakomen en heeft de Groep de volledige controle over de zes chemicaliëntankers verworven. De commerciële uitbating van deze schepen werd toevertrouwd aan het Noorse Hansa Tankers die gespecialiseerd zijn in de uitbating van dit type schepen. De bijdrage van de Andere activiteiten aan het geconsolideerd resultaat bedraagt 33.541.000 USD (2012 herwerkt: 61.513.000 USD). Deze bijdrage wordt zeer sterk beïnvloed door de meerwaarde van 35.728.000 USD die gerealiseerd werd op de verkoop van aandelen FMG.

geconsolideerde sleutelcijfers in duizenden USD

2013

2012 herwerkt

omzet EBITDA afschrijvingen en bijzondere waardeverminderingen EBIT (bedrijfsresultaat) financieel resultaat resultaat voor belasting belastingen resultaat over de periode toerekenbaar aan eigenaars van de moedermaatschappij minderheidsbelangen

58.932 –9.852 –1.440 –11.292 44.862 33.570 –29 33.541

34.509 –11.228 –1.438 –12.666 74.203 61.537 –24 61.513

33.541 –

61.513 –

vaste activa eigen vermogen schulden op meer dan één jaar

22.619 749.620 25.596

23.588 629.593 18.207

46

47

48

RESULTAATVERWERKING Het te bestemmen resultaat van het boekjaar bedraagt 127.840.692,10 USD. Met inbegrip van de overdracht van vorig boekjaar ad 618.423.768,84 USD en een onttrekking aan de reserves voor eigen aandelen ten belope van 13.284.896,55 USD, geeft dit een te verdelen saldo van: 759.549.357,49 USD Aan de algemene aandeelhoudersvergadering van 13 mei 2014 zal voorgesteld worden om over het boekjaar 2013, aan alle aandeelhouders, een brutodividend van 0,24 EUR per aandeel uit te keren. Op basis hiervan ziet de verwerking van het resultaat er als volgt uit: – aan de aandeelhouders – overdracht naar volgend boekjaar

11.602.920,00 USD 747.946.437,49 USD

Na aftrek van de roerende voorheffing zal een nettodividend uitbetaald worden ten belope van 0,18 EUR per aandeel

Het nettodividend zal op 23 mei 2014 gestort worden aan de houders van aandelen op naam (door de vennootschap) en, vanaf deze datum, aan de houders van gedematerialiseerde aandelen (via hun financiële instelling).

Antwerpen, 25 maart 2014 DE RAAD VAN BESTUUR

49

KALENDER Dividenden Bekendmaking halfjaarresultaten 2014

betaalbaar vanaf 23 mei 2014 donderdag 24 juli 2014

Bekendmaking resultaten derde kwartaal 2014

donderdag 23 oktober 2014

Bekendmaking resultaten vierde kwartaal 2014

donderdag 22 januari 2015

Jaarvergadering

50

tweede dinsdag van mei om 14.30 uur 2015: dinsdag 12 mei

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013

Consolidated financial statements

4

Consolidated statement of financial position

6

Consolidated income statement

7

Consolidated statement of comprehensive income

8

Consolidated statement of changes in equity

9

Consolidated statement of cash flows

10

Notes to the consolidated financial statements

52

Statutory auditors’ report

53

Financial statements of CMB nv

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 2013


CONSOLIDATED STATEMENT OF FINANCIAL POSITION in thousands of USD

2012 restated

2013

note

ASSETS NON-CURRENT ASSETS

1.829.312

1.904.813

1.788.892

1.858.114

Vessels

1.552.187

1.631.669

Aircraft

171.111

180.879

Investment property

10.270

10.202

Land and buildings

2.678

4.281

48.429

26.318

4.217

4.765

-

6.969

13.795

Property, plant and equipment

11

Assets under construction Other tangible assets Intangible assets Financial assets

-

32.942

32.388

Investments in equity accounted investees

12

31.462

31.195

Investments in securities

12

33

33

Non-current receivables

14

1.447

1.160

Deferred tax assets

13

509

516

265.533

378.903

-

11.022

13.067

15

154.390

162.791

-

889

956

CURRENT ASSETS Inventories Trade and other receivables Current tax asset Short-term investments

12

4.413

60.852

Cash and cash equivalents

16

80.840

106.327

6

13.979

34.910

2.094.845

2.283.716

Assets classified as held for sale TOTAL ASSETS

4


in thousands of USD

note

2013

2012 restated

EQUITY and LIABILITIES EQUITY

1.081.972

1.059.073

17

1.081.972

1.059.073

Share capital

-

35.000

35.000

Translation reserves

9

23.131

21.805

Fair value reserve

9

4.157

45.578

Hedging reserve

9

-444

-1.381

Remeasurement reserve

9

-1.686

-3.501

Treasury shares

-

-

-13.285

Retained earnings

-

1.021.814

974.857

Non-controlling interest

-

-

-

803.598

868.901

Equity attributable to owners of the Company

NON-CURRENT LIABILITIES Loans and borrowings

19

711.703

761.506

Finance leases

-

-

-

Bank loans

-

709.909

757.880

Other loans

-

1.794

3.626

Trade and other payables

22

61.902

73.874

Deferred tax liabilities

13

17.236

14.969

Employee benefits

20

7.298

8.411

Provisions

21

5.459

10.141

209.275

355.742

110.751

168.838

CURRENT LIABILITIES Trade and other payables Current tax liability

22 -

812

662

Loans and borrowings

19

95.841

176.178

Provisions

21

1.871

10.064

6

-

-

2.094.845

2.283.716

Liabilities classified as held for sale TOTAL EQUITY and LIABILITIES

5


CONSOLIDATED INCOME STATEMENT in thousands of USD

note

2012 restated

2013

Turnover

-

687.609

656.389

Gain on disposal of vessels

7

1.467

-

Other operating income

7

49.651

53.591

Services and other goods

8

-509.542

-470.716

Loss on disposal of vessels

8

-975

-2.719

Depreciation and amortisation expenses

8

-127.534

-122.517

Impairment losses (-) / reversals (+)

8

-7.399

-

Staff costs

8

-53.464

-57.987

Other operating expenses

8

8.319

-9.483

23

-7.805

466

40.327

47.024

-

49.924

124.241

Finance expenses

-

-40.278

-35.151

Net finance expense

9

9.646

89.090

12

3.484

4.665

53.457

140.779

-3.763

-6.825

49.694

133.954

Net result on freight and other similar derivatives Result from operating activities Finance income

Share of result of equity accounted investees (net of tax) Result before tax Tax expense

10

Result for the period

Attributable to: Owners of the Company

-

49.694

133.954


-

-

-

Weighted number of shares

18

34.598.750

34.465.000

Basic and diluted earnings per share (in USD)

18

1,44

3,89

6


CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME in thousands of USD

note

2012 restated

2013


49.694

133.954

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) Tax on items that will never be reclassified to profit or loss

-

-

-

20

1.975

-3.501

-

-

-

1.975

-3.501

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

9

1.163

140

Available-for-sale financial assets

9

-41.421

-93.987

Cash flow hedges

9

940

657

Tax on items that are or may be reclassified subsequently to profit or loss

-

-

-

-39.318

-93.190

Other comprehensive income for the period, net of income tax

-37.343

-96.691

Total comprehensive income for the period

12.351

37.263

Attributable to: Owners of the Company

-

12.351

37.263


-

-

-

7


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

in thousands of USD Balance at 1 January 2012

Share capital

Share premium

Translation reserve

Fair value reserve

Hedging reserve

Remeasurement reserve

Treasury shares

Retained earnings

Equity attributable to owners of the Company

32.348

330

21.662

139.565

-2.035

-

-13.285

902.071

1.080.656

-

-

143 143

-93.987 -93.987

654 654

-3.501 -3.501

-

133.954 133.954

133.954 -96.691 37.263

2.652 2.652

-330 -330

-

-

-

-

-

-59.779 933 -58.846 2.322 -61.168

-59.779 933 -58.846 -58.846

Restated balance at 31 December 2012

35.000

-

21.805

45.578

-1.381

-3.501

-13.285

974.857

1.059.073

Restated balance at 1 January 2013

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

Transactions 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

35.000

-

23.131

4.157

-444

-1.686

-

1.021.814

1.081.972

Total comprehensive income (restated) Result for the period as restated Total other comprehensive income as restated Total comprehensive income (restated) Transactions 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

Balance at 31 December 2013

8


CONSOLIDATED STATEMENT OF CASH FLOWS

in thousands of EUR

note

Net cash and cash equivalents at the beginning of the period

2012 restated

2013

70.292

104.919

Result before income tax

-

53.457

140.779

Adjustments for non-cash transactions

-

62.236

60.457

Adjustments for items disclosed seperately or under investing or financing activities

-

6.610

-73.941

Changes in working capital

-

-19.454

-24.437

Income taxes paid during the period

-

-1.347

-3.021

Interest paid

-

-31.081

-34.712

Interest received

-

2.568

2.666

Dividends received

-

6.367

7.365

79.356

75.156

Cash flows from operating activities Acquisition of vessels

11

-59.627

-226.877

Proceeds from the sale of vessels

11

33.468

-

Acquisition of other (in)tangible assets

11

-26.130

-34.133

Proceeds from the sale of other (in)tangible assets

11

19.936

25.472

Investment in securities

12

-

-2.192

Capital increase/decrease in subsidiaries, joint ventures & associates

-

-3.121

-1.554

Proceeds from the sale of securities

12

51.791

188.154

Loans to related parties

15

-1.085

-953

Repayment of loans to related parties

15

-

-

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

28

524

-

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

-

-355

-1.332

15.401

-53.415 -

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

77.566

382.329

Repayment of long-term borrowings

19

-172.582

-379.297

Proceeds from loans from related parties

19

-

-

Repayment of loans from related parties

19

-

-

Dividends paid

-

-3.635

-59.028

-84.320

-55.996

111

-372

80.840

70.292

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

16

9

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013 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 - Interest in joint ventures 28 - Subsidiaries 29 - Major exchange rates 30 - Subsequent events 31 - Remuneration of the statutory auditors 32 - Statement on the true and fair view of the consolidated financial statements and the fair overview of the management report 33 - Changes in accounting policies 34 - Significant accounting policies

10

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013

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 2013 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 2013. The financial statements were authorised for issue by the Board of Directors on 25 March 2014. 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.

11


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

2012 restated Other activities

2013 ASL Aviation

Other activities

ASSETS

Bocimar

NON-CURRENT ASSETS

1.598.199

177.027

80.049

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 -

164.336

89.281

1.762.535

EQUITY Equity attributable to owners of the Company Non-controlling interest

ASL Aviation

Total

Bocimar

-25.963

1.829.312

1.661.719

188.308

88.670

-33.884

1.904.813

-25.963 -

1.788.892 6.969 32.942 509

1.648.349 13.183 187 -

186.177 612 1.003 516

23.588 65.082 -

-33.884 -

1.858.114 13.795 32.388 516

736.692

-724.776

265.533

215.173

99.756

644.551

-580.577

378.903

266.308

816.741

-750.739

2.094.845

1.876.892

288.064

733.221

-614.461

2.283.716

220.593

111.759

749.620

-

1.081.972

327.989

101.491

629.593

-

1.059.073

220.593 -

111.759 -

749.620 -

-

1.081.972 -

327.989 -

101.491 -

629.593 -

-

1.059.073 -

NON-CURRENT LIABILITIES

707.936

90.574

31.014

-25.926

803.598

765.236

112.461

25.043

-33.839

868.901

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

689.384 73.874 1.830 148

87.754 14.930 4.730 5.047

18.207 39 1.851 4.946

-33.839 -

761.506 73.874 14.969 8.411 10.141

CURRENT ASSETS TOTAL ASSETS

Eliminations

Eliminations

Total

EQUITY and LIABILITIES

CURRENT LIABILITIES TOTAL EQUITY and LIABILITIES

834.006

63.975

36.107

-724.813

209.275

783.667

74.112

78.585

-580.622

355.742

1.762.535

266.308

816.741

-750.739

2.094.845

1.876.892

288.064

733.221

-614.461

2.283.716

Income statement in thousands of USD


2013 Bocimar

ASL Aviation

Other activities

Eliminations

Total

Bocimar

ASL Aviation

Eliminations

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

368.990 42.925

252.890 7.759

34.638 4.635

-129 -1.728

656.389 53.591

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

-267.423 -2.719 -97.605 -5.148 -11.932

-158.765 -23.474 -48.984 2.710

-46.385 -1.438 -3.855 -261

1.857 -

-470.716 -2.719 -122.517 -57.987 -9.483

-7.805

-

-

-

-7.805

466

-

-

-

466

Net result on freight and other similar derivatives Result from operating activities

31.940

19.679

-11.292

-

40.327

27.554

32.136

-12.666

-

47.024

-25.811

-3.267

38.724

-

9.646

27.812

-6.120

67.398

-

89.090

-2.655

1

6.138

-

3.484

-2.140

-

6.805

-

4.665

3.474

16.413

33.570

-

53.457

53.226

26.016

61.537

-

140.779

-7

-3.727

-29

-

-3.763

-30

-6.771

-24

-

-6.825


3.467

12.686

33.541

-

49.694

53.196

19.245

61.513

-

133.954

Attributable to: Owners of the Company Non-controlling interest

3.467 -

12.686 -

33.541 -

-

49.694 -

53.196 -

19.245 -

61.513 -

-

133.954 -

Net finance expense Share of result of equity accounted investees (net of tax) Result before tax Tax expense

The Group has no client that represents more than 10% of the Group’s total turnover.

12


5 - SEGMENT REPORTING (CONTINUED) Statement of cash flows in thousands of USD

2013 Bocimar

Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Capital expenditure Impairment losses Impairment losses reversed

ASL Aviation

Other activities

Eliminations

Total

Bocimar

ASL Aviation


Eliminations

Total

70.458 -29.819 -202.657

18.319 -5.056 -22.402

109.481 50.276 21.837

-118.902 118.902

79.356 15.401 -84.320

63.527 -143.047 29.798

16.454 262 -29.164

215.180 89.370 -276.635

-220.005 220.005

75.156 -53.415 -55.996

59.980 -7.399 -

24.930 -

116 -

-

85.026 -7.399 -

227.237 -

24.763 -

826 -

-

252.826 -

The company’s internal organisation and management structure does not distinguish any geographical segments. Hence no geographical segment information is presented.

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

2013 Bocimar

Vessels Aircraft Investment property 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

13.783 13.783

Liabilities classified as held for sale in thousands of USD

196 196

Total -

Bocimar

196 13.783 13.979

ASL Aviation

19.688 14.610 34.298

2013 Bocimar

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

2012 Other activities

ASL Aviation -

-

Other activities

612 612

Total -

19.688 612 14.610 34.910

2012 Other activities

Total -

Bocimar -

ASL Aviation -

-

Other activities

Total -

-

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. The Asset held for sale in the ASL Aviation segment relates to the value of an airframe and some aircraft engines that are earmarked to be sold in the course of 2014. For 2012, the Assets held for sale in the Bocimar segment consisted of the value of a ship that was sold in December 2012 and delivered early January 2013 and the value of the participating interest in SCFCo Holdings. The Asset held for sale in the ASL Aviation segment for 2012 relates to the value of an aircraft that was designated to be sold in the course of 2013. Discontinued operations As per 31 December 2013 the Group has no operations that meet the qualifications of a discontinued operation.

13


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

2013

2012

1.467 1.467

-

The Gains on the sale of vessels consist of the capital gain realised on the sale of the Mineral Sines (2002 - 172.316 dwt). 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 4.355 2.864 42.432 49.651

2012 6.255 1.200 46.136 53.591

The Gains on disposal of other (in)tangible assets is mainly composed of capital gains realised on the sale of aircraft. The Recharge of expenses and compensations received mainly consists of the indemnity received under the charterer's default insurance.

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

2013

2012

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

-100.082 -99.545 -85.660 -717 -9.434 -295.438

-94.559 -97.465 -65.938 -669 -8.792 -267.423

Operating expenses Lease expenses Other expenses Raw materials and consumables used Administrative expenses Sub-total ASL Aviation

-102.420 -7.557 -10.788 -16.264 -5.731 -142.760

-113.176 -7.842 -17.719 -12.649 -7.379 -158.765

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

-7.762 -38.247 -19.337 -7.387 -72.733

-9.756 -18.578 -10.736 -7.315 -46.385

Eliminations Total

1.389 -509.542

1.857 -470.716

Depreciation and amortisation expenses in thousands of USD

2013

2012

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

-125.858 -1.676 -127.534

-120.449 (see also Note 11) -2.068 -122.517

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.

14


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

2013

2012

Impairment losses (-) / reversals (+) of property, plant and equipment

-

-

Impairment losses (-) / reversals (+) of intangible assets Impairment losses (-) / reversals (+) of assets held for sale Total

-5.911 -1.488 -7.399

-

The Impairment losses of intangible assets represents the write-off of goodwill paid for the acquisition of the time charter of the Mineral Subic in 2012 following the early termination of said charter in 2013. 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 -975

2012 -2.719

The loss on the sale of vessels refers to a loss realised on the sale of the Rio Negro (1999 – 20.501 dwt). Staff costs 2012 restated

in thousands of USD

2013

Wages and salaries Social security costs Provision for employee benefits Other staff costs Total

-38.783 -11.422 -318 -2.941 -53.464

-42.437 -12.060 -193 -3.297 -57.987

433,98

440,19

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

2013 7.651 717 -30 -19 8.319

2012 -4.250 -2.791 -1.303 -1.139 -9.483

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

15


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

2013

2012 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

2.749 7 45.203 1.965 49.924

2.466 2.482 2.301 101.426 15.566 124.241

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

-31.945 3.141 -52 -30.472 22.041 -2.991 -40.278

-34.052 3.089 -851 -12.834 25.503 -16.006 -35.151

9.646

89.090

Net finance expense recognised in profit or loss

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

2.749 -31.945

2.466 -34.052

Recognised directly in equity 2012 restated

in thousands of USD

2013

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

1.163 1.975 3.782 -45.203 940 -37.343

140 -3.501 7.439 -101.426 575 82 -96.691

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

-37.343 -37.343

-96.691 -96.691

1.326 -41.421 937 1.815 -37.343

143 -93.987 654 -3.501 -96.691

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

The net finance expense includes an amount of USD 36.772.000 (2012: USD 116.396.000) of gains and losses realised on the sale of available-for-sale financial assets. It mainly concerns a capital gain realised on the sale of FMG shares.

16


10 - TAX EXPENSE in thousands of USD

2013

2012

Current tax Current period Adjustments for prior years Total

-1.579 17 -1.562

-2.863 13 -2.850

Deferred tax Origination and reversal of temporary differences Benefit of tax losses recognised Total

-2.273 72 -2.201

-4.621 646 -3.975

Total income tax expense

-3.763

-6.825

Reconciliation of effective tax in thousands of USD Result before income tax Tax at domestic rate Effects on tax of : 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

2012 restated

2013 53.457 -33,99%

-18.170

-7,04%

-15.486 11.332 -1.420 1.064 6.377 17 12.523 -3.763

140.779 -33,99%

-47.851

-4,85%

-17.144 45.198 -2.010 -999 1.737 13 14.231 -6.825

17


11 - PROPERTY, PLANT AND EQUIPMENT

At 1 January 2012 Cost Depreciation & impairment losses Net carrying amount

1.483.548 -234.830 1.248.718

15.932 -4.728 11.204

378.308 -181.586 196.722

16.069 -6.306 9.763

7.259 -2.451 4.808

237.332 237.332

-

13.959 -9.219 4.740

2.152.407 -439.120 1.713.287

-95.772 34.681 -22.407 456.044 -

-799 -

23.733 -18.639 -21.553 616 -

628 -357 -29 197 -

31 -42 -489 93 -120 -

226.877 -22.247 40.400 -456.044 -

-

1.557 -47 -1.479 -64 58 -

252.826 -40.975 -120.449 75.081 -22.407 751 -


1.621.264

10.405

180.879

10.202

4.281

26.318

-

4.765

1.858.114

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

1.951.023 -329.759 1.621.264

15.932 -5.527 10.405

367.949 -187.070 180.879

16.907 -6.705 10.202

7.081 -2.800 4.281

26.318 26.318

-

15.313 -10.548 4.765

2.400.523 -542.409 1.858.114

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

37.516 -13.288 -102.915 -

-795 -

24.235 -15.080 -19.821 -312 1.210 -

-377 -1 446 -

18 -370 -1.025 4 -230 -

22.111 -

-

1.146 -115 -1.580 -94 -3 98 -

85.026 -28.483 -125.858 -1.431 1.524 -


1.542.577

9.610

171.111

10.270

2.678

48.429

-

4.217

1.788.892

At 31 December 2013 Cost Depreciation & impairment losses Net carrying amount

1.963.174 -420.597 1.542.577

15.932 -6.322 9.610

326.135 -155.024 171.111

17.556 -7.286 10.270

5.006 -2.328 2.678

48.429 48.429

-

15.979 -11.762 4.217

2.392.211 -603.319 1.788.892

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

Aircraft

Land and buildings

Other equipment & vehicles

Dry bulk vessels

Tankers

Investment property

Vessels Other assets under under construction construction

in thousands of USD

At 31 December 2013, assets with a total carrying amount of USD 1.664.286.000 (2012: USD 1.755.052.000) have been mortgaged to secure bank loans (see also Note 19).

18

Total


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 2013 exceeds the market value by USD 223 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 9,44% 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 2013 - did not result in any need to record an impairment loss in the 2013 consolidated accounts. ASL Aviation As per 31 December 2013 there were no indications of impairment in respect of the aircraft fleet.

Vessels under construction in thousands of USD

2013

Capesize bulkcarriers Panamax bulkcarriers Supramax bulkcarriers Handysize bulkcarriers Total

48.429 48.429

2012 26.318 26.318

Capital commitments At 31 December 2013, the Group has capital commitments amounting to USD 314.800.000 (2012: USD 211.501.000). These can be detailed as follows:

in thousands of USD Commitments in respect of Capesize bulkcarriers Commitments in respect of Handysize bulkcarriers Commitments in respect of chemical carriers Commitments in respect of aircraft Total of which related to joint ventures

Investment property in thousands of USD Fair value of investment property

total 132.500 150.000 32.300 314.800

2014 39.750 102.500 5.700 147.950

59.800

13.950

payments scheduled for 2015 2016 23.750 69.000 20.900 26.600 26.600 71.250 95.600 29.350

2013 26.846

16.500

2017

2018 -

-

-

-

2012 28.560

The fair value of investment property has been determined on the basis of a valuation report obtained from a qualified real estate broker and taking into account the value of recent transactions.

19


12 - FINANCIAL ASSETS Investments in equity accounted investees in thousands of USD Equity value

Goodwill

Total

At 1 January 2012

16.267

28.122

44.389

Acquisitions & additional investments Disposals and repayments Share in the result Dividends Impairment losses Reversal of impairment losses Business combinations Transfers Translation differences Other changes

1.554 4.665 -4.883 -10.875 -18 59

39 -3.735 -

1.593 4.665 -4.883 -14.610 -18 59


6.769

24.426

31.195

At 1 January 2013

6.769

24.426

31.195

Acquisitions & additional investments Disposals and repayments Share in the result Dividends Impairment losses Reversal of impairment losses Business combinations Transfers Translation differences Other changes

132 3.484 -6.360 2.655 -324 -163

843 -

975 3.484 -6.360 2.655 -324 -163


6.193

25.269

31.462

In 2007 the Group acquired 27% in Anglo-Eastern Management Group Limited (AEMG). 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 accounted for as an investment in an associate. In the course of 2008, 2012 and 2013 the Group increased its stake in AEMG slightly. As per 31 December 2013 the Group’s stake amounts to 28,09%. During 2009 the Group acquired a 50% participating interest in Interbarge Partners LLC (Interbarge). Interbarge in its turn held 50% of the shares in SCFCo Holdings LLC (SCFCo) that was taken up in the consolidated accounts as from September 2009 as an investment in an associate on the basis of a 25% indirect percentage share. End 2012 the investement in SCFCo Holdings was transferred to Assets held for sale. On 28 February 2014 the Group sold its participating interest in SCFCo Holdings (see also Notes 6 and 30). End September 2013 the ASL Group disposed of 75% of its interest in Safair Operations which brings the Group’s indirect share in this company to 12,75%. As from 1 October 2013, Safair Operations is accounted for as an investment in an associate. The Group’s share of profit from AEMG for the year 2013 amounted to USD 6.138.000 (2012: USD 6.805.000). The Group’s share in the result of SCFCo for the year 2013 amounted to USD -2.655.000 (2012: USD -2.140.000). Safair Operations contributes USD 1.000 (2012: USD 0) to the Group’s result. In the course of the year 2013 the Group received dividends amounting to USD 6.360.000 from AEMG (2012: USD 4.883.000). The Transfers represent the transfer to Assets held for sale of the Group’s share in the 2013 result of SCFCo (see also Notes 6 and 30). The following is a summary of financial information for AEMG and Safair Operations (excluding any Group adjustments) for the financial years 2013 and 2012 not adjusted for the percentage ownership held by the Group: AEMG

Safair Operations 2013 2012

in thousands of USD

2013

2012

Current assets Non-current assets Total assets

114.519 14.044 128.563

107.750 15.194 122.944

18.280 4.684 22.964

-

Current liabilities Non-current liabilities Total liabilities

106.577 128 106.705

97.601 146 97.747

21.956 898 22.854

-

Revenues Expenses Profit / (Loss)

185.804 -163.572 22.232

183.948 -160.537 23.411

14.435 -14.425 10

-

No comparative information for 2012 for Safair Operations is presented as it was included as a a subsidiary (51%) in the consolidated accounts.

20


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

Availablefor-sale

Held-tomaturity

Total

Other

At 1 January 2012 Cost Revaluation Impairment losses Net carrying amount

133.141 139.565 -47.871 224.835

-

-

133.141 139.565 -47.871 224.835

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

2.192 -97.261 -101.426 7.439 25.105 1 -

-

-

2.192 -97.261 -101.426 7.439 25.105 1 -


60.885

-

-

60.885

At 1 January 2013 Cost Revaluation Impairment losses Net carrying amount

38.073 45.578 -22.766 60.885

-

-

38.073 45.578 -22.766 60.885

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 1 -

-

-

-37.060 -45.203 3.782 22.041 1 -


4.446

-

-

4.446

At 31 December 2013 Cost Revaluation Impairment losses Net carrying amount

1.014 4.157 -725 4.446

-

-

1.014 4.157 -725 4.446

See also Note 9 for details on disposals. Investments in securities in thousands of USD

non-current 2013 2012

Available-for-sale – quoted – unquoted

33 33

2013 33 33

current

4.413 4.413

2012 60.852 60.852

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 2012 is performed on the same basis. in thousands of USD Equity Profit or loss

2013

2012 88 -

1.217 -

21


13 - DEFERRED TAX ASSETS AND LIABILITIES Recognised deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following: in thousands of USD Property, plant and equipment Financial instruments Untaxed reserves Employee benefits Exchange differences Investments in subsidiaries, joint ventures & associates Unused tax losses & tax credits Offset Total

2013 Liabilities -9.500 -9.505 -89 -19.094 1.858 -17.236

Assets 45 1.800 522 2.367 -1.858 509

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 2013 Assets Deductible temporary differences 9.533 Taxable temporary differences 51.547 Unused tax losses & tax credits 61.080 -4.958 Offset Total 56.122

Liabilities -4.958 -4.958 4.958 -

Net -9.455 -9.505 1.800 433 -16.727 -

Assets 1.461 1.942 1.016 4.419 -3.903 516

2012 Liabilities -8.986 -9.877 -9 -18.872 3.903 -14.969

Net -7.525 -9.877 1.942 1.007 -14.453 -

2012 Assets Liabilities 9.617 -6.102 51.571 61.188 -6.102 -6.102 6.102 55.086 -

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.

Movements in temporary differences during the year in thousands of USD Balance at 1 Jan 2012 Property, plant and equipment Financial instruments Untaxed reserves Employee benefits Exchange differences Investments in subsidiaries, joint ventures & associates Unused tax losses & tax credits and benefit of tax losses recognised Total

-4.370 -9.549 1.258 -6.833 8.998 -10.496 Balance at 1 Jan 2013

Property, plant and equipment Financial instruments Untaxed reserves Employee benefits Exchange differences Investments in subsidiaries, joint ventures & associates Unused tax losses & tax credits and benefit of tax losses recognised Total

22

-7.525 -9.877 1.942 1.007 -14.453

Recognised in Recognised in income equity -3.305 -137 645 6.833 -8.011 -3.975

-

Recognised in Recognised in income equity -2.184 788 -221 -584 -2.201

Other movements

-

Translation differences -

Other movements -10 10 -

150 -191 39 20 18 Translation differences 264 -416 79 -73

Balance at 31 Dec 2012 -7.525 -9.877 1.942 1.007 -14.453 Balance at 31 Dec 2013 -9.455 -9.505 1.800 433 -16.727


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

2013

2012

1.447 1.447

1.160 1.160

15 - TRADE AND OTHER RECEIVABLES in thousands of USD

2013

2012

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

66.274 8.726 834 23.554 32.054 22.948 154.390

87.855 7.641 2 7.966 19.962 39.365 162.791

The amounts mentioned under Derivatives can be detailed as follows (see also note 23): in thousands of USD Forward Freight Agreements Interest rate swaps, caps and floors Forward exchange contracts Total

2013

2012

787 47 834

2 2

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

2013

2012

5.821 75.019 80.840

20.536 85.791 106.327

-

-36.035

80.840

70.292

The Net cash and cash equivalents for the year 2013 includes an amount of USD 6.812.000 (2012: USD 10.550.000) of so-called restricted cash, i.e. cash that is held for account of a lessor and that can only be used to carry out specific maintenance works on certain aircraft.

23


17 - EQUITY Share capital and share premium in shares

2013

2012

On issue at 1 January Share split On issue at 31 December - fully paid

35.000.000 35.000.000

35.000.000 35.000.000

At 31 December 2013 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 2013, the authorised share capital amounts to USD 10.400.000 (2012: USD 10.400.000) or the equivalent of 10.400.000 shares (2012: 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 2012 the Company owned 535.000 treasury shares. Following a private placement on 27 September 2013 all treasury shares were disposed of. 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

2013

EUR 0,00 per ordinary share (2012: EUR 0,00) in thousands of USD

2012 -

-

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 0,24 per ordinary share (2012: EUR 0,08) in thousands of USD

2013 8.400 11.603

2012 2.800 3.676

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.

24


18 - EARNINGS PER SHARE Basic earnings per share The calculation of basic earnings per share at 31 December 2013 was based on the profit attributable to ordinary shares of USD 49.694.000 (2012: USD 133.954.000) and a weighted average number of shares outstanding during the year ended 31 December 2013 of 34.598.750 (2012: 34.465.000), calculated as follows: Profit attributable to ordinary shares in thousands of USD Profit for the period Weighted average number of ordinary shares in shares

On issue at 31 December 2011 purchases of treasury shares purchases of treasury shares withdrawal of treasury shares sales of treasury 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

2012 restated

2013 49.694

shares issued

133.954

treasury shares

35.000.000 35.000.000 35.000.000

shares outstanding

weighted number of shares

535.000 34.465.000 34.663.333 -

34.465.000 34.465.000 34.465.000 34.465.000

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

25


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

Finance lease

Bank loans

Loans from related Other loans parties 3.550 3.550 11.395

Total

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

-

194.776 516.218 710.994 106.552

At 1 January 2012

-

817.546

-

14.945

832.491

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

-

193.579 -120.550 -258.747 192.650 76.878 567 -3.900

-

562 -11.366 -545 30 -

194.141 -131.916 -259.292 192.650 76.878 597 -3.900


-

898.023

-

3.626

901.649


-

307.334 450.546 757.880 140.143

-

3.626 3.626 -

307.334 454.172 761.506 140.143

At 1 January 2013

-

898.023

-

3.626

901.649

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

-

77.871 -144.850 -27.732 1.743 695

-

-1.897 65 -

77.871 -144.850 -29.629 1.808 695


-

805.750

-

1.794

807.544


-

188.585 521.324 709.909 95.841

-

1.794 1.794 -

188.585 523.118 711.703 95.841


-

805.750

-

1.794

807.544

194.776 519.768 714.544 117.947

The bank loans relating to the financing of vessels, aircraft and buildings are secured by a first preferred mortgage on the assets concerned. The amount of the original mortgages registered amounts to USD 1.456.717.000 (2012: USD 1.418.489.000). 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 2013 an amount of USD 214 million (2012: USD 193 million) was drawn under the facility.

26


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

2013

Current portion of long-term loans Bank overdrafts and credit lines used for cash management purposes Commercial paper Total

2012

95.841

140.143

-

36.035

-

-

95.841

176.178

Undrawn borrowing facilities At 31 December 2013 the Group has undrawn borrowing facilities amounting to USD 53.095.000 (2012: USD 51.557.000). Additionally the Group also has a commercial paper program for a total amount of EUR 173.500.000 or USD 239.274.000 calculated using the closing rate of exchange, of which USD 0 has been drawn on 31 December 2013 (2012: USD 0).

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

Face value

2012 Carrying value

Nominal

Year of maturity

Secured vessel loans

USD

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

2015 - 2022

726.955

723.750

816.336

812.436

Secured aircraft loans Secured aircraft loan Secured roll-over facility

USD EUR EUR

3,33% / ... / 5,50% euribor +3,50% euribor +3,00%

2015 - 2018 2015 - 2016 2017

46.041 5.390 9.847

46.041 5.390 9.847

49.933 6.298 14.131

49.933 6.298 14.131

Secured real estate loan

EUR

euribor +1,15%/+2,80%

2018

10.722

10.722

5.225

5.225

Unsecured credit facility . Commercial paper Bank overdrafts

USD EUR EUR

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

2015 -

10.000 239.274 53.095

10.000 -

10.000 224.492 51.557

10.000 36.035

1.101.324

805.750

1.177.972

934.058

Total interest-bearing liabilities

Face value

2013 Carrying value

Currency

27


20 - EMPLOYEE BENEFITS Funded status in thousands of USD

2013

2012 restated

Defined benefit obligation Fair value of plan assets

-12.360 5.062

-13.600 5.189

Funded status

-7.298

-8.411

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

2013 -7.298

2012 restated -8.411

The Group contributes to two defined benefit plans that provide pension benefits for employees upon retirement. One plan - the Belgian plan - is fully insured through an insurance company. The second - French plan - is uninsured and unfunded. Current pension expense in thousands of USD 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 Total pension expense

2013

2012 restated

-793 -221 -29 -

-537 -220 -26 -

-1.043

-783

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

2013

2012 restated

Net liability at 1 January

-8.411

-4.324

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

504 -1.043 1.975 -323

370 -783 -3.338 -163 -173

Net liability at 31 December

-7.298

-8.411

28


21 - PROVISIONS & CONTINGENCIES Provisions in thousands of USD

Claims

Onerous contracts

Other

Total

Non-current provisions Current provisions

5.628 102

152 1.240

6.963 4.653

12.743 5.995

At 1 January 2012

5.730

1.392

11.616

18.738

-102 -693 5 -

8.022 -1.240 -

5.773 -9.662 -507 -129 -

13.795 -11.004 -1.200 -124 -


4.940

8.174

7.091

20.205


4.940 -

148 8.026

5.053 2.038

10.141 10.064

At 1 January 2013

4.940

8.174

7.091

20.205

-917 2 -

703 -8.617 443 -

3.866 -3.603 -1.947 -2.454 -351 -

4.569 -12.220 -2.864 443 -2.454 -349 -


4.025

703

2.602

7.330


4.025 -

703

1.434 1.168

5.459 1.871


4.025

703

2.602

7.330

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. The amount of Other provisions mainly represents the provision for maintenance on leased-in aircraft for which the Group has a present obligation to carry out the maintenance works. 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 but has still to present his findings to the Arbitral Tribunal. Based on the foregoing, no reliable estimate of a possible economic outflow can be determined. Hence no provision is recognised.

29


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

2013

2012

Deferred income Other payables

61.902 -

73.874 -

Total

61.902

73.874

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

2013

2012

16.330 8.567 145 3.534 41.026 27.850 13.299

54.212 10.569 160 6.158 30.287 51.994 15.458

110.751

168.838

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

2013

2012

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

2.584 753 197

1.426 4.637 95

Total

3.534

6.158

30


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 hedge -

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

2013 trading -979 787 -2.584 -2.776 -1.277 -1.499 -

total -979 787 -2.584 -2.776 -1.277 -1.499 -

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

2013

Income/(Expenses) Fair value adjustment

-6.528 -1.277

Total

-7.805

Sensitivity analysis A USD 1.000/day or a USD 1/metric ton change in the FFA rate as at 31 December 2013 would have increased (decreased) equity and profit or loss by the amounts shown below. The analysis is performed on the same basis for 2012. 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

2012 Cash flow sensitivity (net)

-122

-309

-

-

-71

68

-

-

2013 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. The ageing of trade and other receivables is as follows: in thousands of USD

2013

2012

Not past due Past due 0-30 days Past due 31-365 days More than one year

149.830 3.988 477 95

145.656 6.727 10.145 263

Total

154.390

162.791

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.

31

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2013 23 - FINANCIAL INSTRUMENTS - MARKET AND OTHER RISKS (CONTINUED) 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. The following are the contractual maturities of financial liabilities, including estimated interest payments: Non derivative financial liabilities in thousands of USD Bank loans

Bank and Trade and Other loans overdraft commercial other payables paper

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

376.230 554.446 172.559

3.626 -

36.035

5.056 68.818 168.838

At 31 December 2012

1.103.235

3.626

36.035

242.712

Bank loans

Bank and Trade and Other loans overdraft commercial other payables paper

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

218.166 605.279 111.899

1.794 -

-

5.056 56.846 110.751

At 31 December 2013

935.344

1.794

-

172.653

Derivative financial liabilities in thousands of USD More than 5 years Between 1 and 5 years Less than 1 year At 31 December 2012

More than 5 years Between 1 and 5 years Less than 1 year At 31 December 2013

Forward Interest rate freight swaps agreements 1.426 5.137 1.426

5.137

Forward Interest rate freight swaps agreements 2.584 991 2.584

991

Forward exchange contracts 95 95 Forward exchange contracts 197 197

Interest rate risk The Group hedges part of its exposure to changes in interest rates on borrowings. All borrowings contracted for the financing of vessels are on the basis of a floating interest rate, increased by a margin. 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. The interest related derivatives have maturity dates up to 2014. At 31 December 2013, the Group had hedged USD 46.964.000 (2012: USD 225.443.000) of its outstanding debt by means of interest related derivatives that are classified as freestanding financial instruments. At each closing date, these interest related derivatives are remeasured to fair value with any adjustment recognised in net profit or loss for the period. The Group has also entered into a series of Interest Rate Swaps (IRSs) to cover the floating interest rate risk on its shipping related debt. These IRSs are used to hedge the risk related to any fluctuation of the Libor rate and qualify for hedging instruments in a cash flow hedge relationship under IAS 39. These instruments are measured at their fair value; effective changes in fair value are recognised in equity and the ineffective changes in fair value are recognised in profit or loss. These IRSs have durations of up to 5 years. As per 31 December 2013 there is only 1 IRS left that will expire in 2014, as such this IRS is expected to occur and affect profit or loss till its expiry date in 2014. As per 31 December 2013, USD 24.350.000 (2012: USD 24.350.000) of the outstanding shipping debt is covered by this IRS.

32


23 - FINANCIAL INSTRUMENTS - MARKET AND OTHER RISKS (CONTINUED) The Group, through one of its JV companies in connection to real estate, has also concluded an Interest Rate Swap. This IRS is used to hedge the risk related to any fluctuation of the Euribor rate and qualifies for hedging instruments in a cash flow hedge relationship under IAS 39. The instrument is measured at its fair value; effective changes in fair value are recognised in equity and the ineffective changes in fair value are recognised in profit or loss. The IRS has a duration of 5 years. As such the cash flows from this IRS are expected to occur and affect profit or loss as from 2010 throughout 2014. As per 31 December 2013 the outstanding debt covered by this IRS amounts to EUR 3.300.000 (2012: EUR 3.960.000). The impact of the current portfolio of interest related derivatives on the statement of financial position can be summarised as follows: in thousands of USD hedge -184 -477 -661 502 -719 -444

Assets held for sale 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

2013 trading -276 -276 2.639 -2.915 -

total -184 -753 -937 3.141 -3.634 -444

The impact on the income statement can be summarised as follows: in thousands of USD Income/(Expenses Fair value adjustment Total

2013 -4.015 3.141 -874

At the reporting date the interest rate profile of the Group’s interest-bearing financial liabilities was: Carrying amount in thousands of USD

2013

2012

Fixed rate instruments Variable rate instruments

46.041 759.709

49.933 884.125

Total

805.750

934.058

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 2012.

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

2012 Variable rate instruments Interest rate swaps

-4.300 619

4.300 -619

-

-

Cash flow sensitivity (net)

-3.681

3.681

-

-

2013 Variable rate instruments Interest rate swaps

-4.012 -

4.012 -

-

-

Cash flow sensitivity (net)

-4.012

4.012

-

-

33


23 - FINANCIAL INSTRUMENTS - MARKET AND OTHER RISKS (CONTINUED) 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. EAP - the French subsidiary active in aviation - has covered 100% of its USD needs, mainly leasing, insurance premiums and planned maintenance expenses, for the year 2014. It concerns an amount of USD 14.430.000 (Group's share of 51%) or EUR 10.463.000. The Group considers these forward exchange contracts as freestanding financial instruments. At each closing date, these contracts are remeasured to fair value with any adjustment recognised in net profit or loss for the period. 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. The impact of the current portfolio of FX related derivatives on the statement of financial position can be summarised as follows: 2013 trading

in thousands of USD hedge 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

-

47 -197 -150 -52 -5 -93 -

total 47 -197 -150 -52 -5 -93 -

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

2013

Income/(Expenses) Fair value adjustment

-52

Total

-52

Sensitivity analysis A 10 percent strengthening of the EUR against the USD at 31 December 2013 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 2012. in thousands of USD Equity Profit or loss

2013 9.095 1.100

2012 7.449 1.581

A 10 percent weakening of the EUR against the USD at 31 December 2013 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). When analysing the Company’s capital structure, the same debt/equity classification as applied in the IFRS reporting is used.

34


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: 2013

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 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 bank facility Other loans Trade and other payables Commercial paper Bank overdraft

2012

Fair value

Carrying amount

Fair value

4.446 787 47 5.280

4.446 787 47 5.280

60.885 2 60.887

60.885 2 60.887

155.003 80.840 235.843

155.003 80.840 235.843

163.949 106.327 270.276

163.949 106.327 270.276

-2.584 -753 -197 -3.534

-2.584 -753 -197 -3.534

-1.426 -4.637 -95 -6.158

-1.426 -4.637 -95 -6.158

-795.750 -10.000 -1.794 -169.119 -976.663

-795.750 -10.000 -1.794 -169.119 -976.663

-888.023 -888.023 -10.000 -10.000 -3.626 -3.626 -236.554 -236.554 -36.035 -36.035 -1.174.238 -1.174.238

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 2012 Available-for-sale financial assets Derivative financial assets Assets carried at amortised cost

Derivative financial liabilities Liabilities carried at amortised cost

2013 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

-

60.885 2 270.276 331.163

60.852 60.852

33 2 270.276 270.311

-

-6.158 -1.174.238 -1.180.396

4.413 4.413

33 834 235.843 236.710

-

4.446 834 235.843 241.123

-

-3.534 -976.663 -980.197

-

-3.534 -976.663 -980.197

-6.158 - -1.174.238 - -1.180.396

35


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.

36


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: in thousands of USD

2013

2012

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

-138.350 -590.775 -210.352

-108.092 -403.137 -163.506

Total

-939.477

-674.735

The Group’s total commitment in respect of time charter covers a total of 50.086 vessel days (2012: 35.214) between 2014 and 2026. 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

2013

2012


-9.165 -14.058 -5.930

-32.660 -25.545 -6.219

Total

-29.153

-64.424

The other leasing commitments mainly relate to the leasing of aircraft and 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: in thousands of USD

2013

2012


108.834 268.872 31.613

167.064 465.532 84.491

Total

409.319

717.087

The total number of TC out days amounts to 16.094 (2012: 25.520) and covers a period from 2013 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. Other leasing rights The future minimum lease receivables under non-cancellable leases are as follows: in thousands of USD

2013

2012


19.919 49.478 3.476

19.713 51.727 4.082

Total

72.873

75.522

The other leasing rights mainly relate to the leasing of aircraft and offices for periods upto 2021. Any optional periods have not been taken into account.

37


25 - RELATED PARTIES Identity of related parties The Group has a related party relationship with its subsidiaries (see Note 26) and joint ventures (see Note 27) and with its majority shareholders, directors and executive officers. Transactions with majority shareholders Saverco, major shareholder in CMB, renders some administrative and general services to the Group. As per 31 December 2013 Saverco invoiced for a total amount of USD 203.000 (2012: USD 818.000). In its turn, CMB also renders some services to Saverco. In 2013 CMB invoiced for a total amount of USD 101.000 (2012: USD 44.000). 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

2012

414

454

The nominating and remuneration committee annually reviews the remuneration of the members of the executive committee. The remuneration (excluding the CEO) 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

2012

1.910

1.445

355 115

106 93

352

487

69

291

The remuneration of the CEO 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

2012

1.246

982

292 55

53 54

164

327

100

177

All figures mentioned refer to the executive committee in its current composition. It should be noted that, following a decision of the Board of Directors of 26 March 2013, one new member joined the executive committee. In the course of 2013 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. As per 31 December 2013 the outstanding loan amounts to USD 6.972.000 (2012: USD 6.051.000). The loan bears an interest of 15% per year and is secured by a pledge over the shares in Interbarge Partners LLC held by Strategic Shipping CV. The loan was granted for a period of up to 5 years. The loan has been accounted for as a current asset following the decision to dispose of the participating interest in SCFCo Holdings (see also Note 6). Guarantees The Group guarantees certain bank loans of some of its subsisidaries and or joint ventures.

38


26 - GROUP ENTITIES Country of incorporation

Consolidation method

Ownership interest 2013 2012 25,00% 25,00% 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% 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% 50,00% 25,00% 25,00% 25,00% 25,00% 50,00% 50,00% 50,00% 50,00% 50,00% 50,00%

Belvedere Capital Trading Ltd 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 Meko Shipping Inc Ocean Capes Limited Ocean Dream Investments Ltd Ocean Dream Ltd Ocean Wise Ltd Peg Shipping Company Limited Regal Land International Ltd SCFCo Holdings LLC Super Venture International Limited Welluck Co Limited Winnington Limited

British Virgin Islands Hong Kong Belgium Belgium Luxembourg Belgium Hong Kong Singapore Hong Kong Japan Hong Kong Hong Kong Marshall Islands Hong Kong Liberia Hong Kong Hong Kong Hong Kong Liberia Liberia Hong Kong Marshall Islands Hong Kong Marshall Islands Marshall Islands

proportionate full full full full full full full full full full proportionate proportionate full proportionate proportionate proportionate proportionate proportionate proportionate proportionate equity proportionate proportionate proportionate

ACL Air Limited ACL Aircraft Trading Ltd ACL Aviation Limited ACLAS Global Ltd ACL Leasing Limited Air Contractors (Ireland) Ltd Air Contractors (UK) Ltd Air Contractors Engineering Ltd ASL Aircraft Investment Ltd ASL Aviation Group Ltd EAP Holding sa Europe Air Post sa Safair (Ireland) Limited Safair Holdings Pty Ltd Safair Lease Finance Pty Ltd Safair Operations Pty Ltd SLF (Ireland) Limited SLF 72 Limited SLF 72 PTC Limited

Ireland UK Ireland UK Ireland Ireland UK UK Ireland Ireland France France Ireland South Africa South Africa South Africa Ireland Ireland Cayman Islands

proportionate proportionate proportionate proportionate proportionate proportionate proportionate proportionate proportionate proportionate proportionate proportionate proportionate proportionate proportionate equity proportionate proportionate proportionate

75,50% 51,00% 75,50% 51,00% 75,50% 51,00% 51,00% 51,00% 51,00% 51,00% 51,00% 51,00% 51,00% 51,00% 51,00% 12,75% 51,00% 51,00% 51,00%

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

AMI nv Anglo Eastern Management Group Bocimar Chemical Pte Ltd Bocimar Hong Kong Limited Bright Time Holding Ltd CMB nv Entarco sa Reslea nv Sakura International KK

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

full equity full full proportionate full full proportionate full

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

100,00% 27,46% 50,00% 100,00% 50,00% 100,00% 100,00% 50,00% 100,00%

-

50,00% 100,00% 49,00%

The following companies were liquidated in the course of the year 2013 following the cessation of their activities: Komati Shipping Limited Liberia proportionate CMB Services sa Luxembourg full Seaboc Pty Ltd Australia proportionate

39


27 - INTEREST IN JOINT VENTURES The Group has several interests in joint ventures. Included in the consolidated financial statements are the following items that represent the Group’s interest in assets and liabilities, revenues and expenses of the joint ventures: Statement of financial position in thousands of USD

2012 restated

2013 Subsidiaries & associates

Joint ventures

Eliminations

Total

Subsidiaries & associates

Joint ventures

Eliminations

Total

ASSETS NON-CURRENT ASSETS

1.667.027

292.397

-130.112

1.829.312

1.716.375

328.063

-139.625

1.904.813

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

1.499.031 6.264 161.732 -

289.861 705 1.322 509

-130.112 -

1.788.892 6.969 32.942 509

1.538.460 6.932 170.983 -

319.654 6.863 1.030 516

-139.625 -

1.858.114 13.795 32.388 516

150.855

117.483

-2.805

265.533

231.648

151.463

-4.208

378.903

1.817.882

409.880

-132.917

2.094.845

1.948.023

479.526

-143.833

2.283.716

EQUITY

1.005.011

76.961

-

1.081.972

995.283

63.790

-

1.059.073

Equity attributable to owners of the Company Non-controlling interest

1.005.011 -

76.961 -

-

1.081.972 -

995.283 -

63.790 -

-

1.059.073 -

NON-CURRENT LIABILITIES

677.696

256.014

-130.112

803.598

737.574

270.952

-139.625

868.901

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

609.388 61.902 2.376 4.030

232.427 17.236 4.922 1.429

-130.112 -

711.703 61.902 17.236 7.298 5.459

654.926 73.874 3.680 5.094

246.205 14.969 4.731 5.047

-139.625 -

761.506 73.874 14.969 8.411 10.141

CURRENT ASSETS TOTAL ASSETS EQUITY and LIABILITIES

CURRENT LIABILITIES TOTAL EQUITY and LIABILITIES

135.175

76.905

-2.805

209.275

215.166

144.784

-4.208

355.742

1.817.882

409.880

-132.917

2.094.845

1.948.023

479.526

-143.833

2.283.716

Income statement in thousands of USD

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

2012 restated

2013 Subsidiaries & associates 440.292 38.915 -366.284 -975 -97.664 -8.805 8.792

259.598 1.467 11.123

-12.281 -387

Subsidiaries & associates 687.609 341.921 1.467 49.651 44.867

-155.926 -29.870 -7.399 -44.659 -473

12.668 -

-509.542 -975 -127.534 -7.399 -53.464 8.319

Joint ventures

Eliminations

Total

-280.198 -89.206 -8.903 -11.931

Joint ventures

Eliminations

Total

330.281 9.129

-15.813 -405

656.389 53.591

-206.736 -2.719 -33.311 -49.084 2.448

16.218 -

-470.716 -2.719 -122.517 -57.987 -9.483

Net result on freight and other similar derivatives

-7.805

-

-

-7.805

466

-

-

466

Result from operating activities

6.466

33.861

-

40.327

-2.984

50.008

-

47.024

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

15.337 6.138

-5.691 -2.654

-

9.646 3.484

98.606 6.805

-9.516 -2.140

-

89.090 4.665

Result before income tax

27.941

25.516

-

53.457

102.427

38.352

-

140.779

-38

-3.725

-

-3.763

-56

-6.769

-

-6.825


27.903

21.791

-

49.694

102.371

31.583

-

133.954

Attributable to: Owners of the Company Non-controlling interest

27.903 -

21.791 -

-

49.694 -

102.371 -

31.583 -

-

133.954 -

Income tax expense

40


28 - SUBSIDIARIES

In the course of the year 2013 Bocimar Hong Kong acquired an additional 50% stake in Bocimar Chemical Pte Ltd and ASL incorporated a new subsidiary Safair Holdings Pty Ltd. Komati Shipping Limited, CMB Services sa and Seaboc Pty Ltd were liquidated in the course of 2013 following the cessation of their activities (see also Note 26). End September 2013 the ASL Group disposed of 75% of its interest in Safair Operations which brings the Group’s indirect share in this company to 12,75% (see also Note 12). In the course of 2012 no subsidiaries were sold. The effect of the aforementioned disposal on individual assets and liabilities is as follows: in thousands of USD Aircraft Land and buildings Other tangible assets Non-current receivables Inventories Trade and other receivables Cash and cash equivalents Assets classified as held for sale Provisions Trade and other payables Liabilities classified as held for sale Loans from related parties (inter-company)

2013

2012

-312 -1.025 -94 -1.448 -2.868 -5.192 2.930 2.274 5.716

-

Net identifiable assets and liabilities

-19

-

Consideration received in cash Cash and cash equivalents disposed of

524

-

Net cash inflow

524

-

The capital loss included under the heading Other operating expenses (see Note 8) amounts to

-19

-

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

1 USD = x,xxxx XXX

closing rates 2013 2012

average rates 2013 2012

EUR GBP HKD JPY ZAR

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

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

0,7579 0,6185 7,7550 86,1073 8,4680

0,7746 0,6301 7,7576 79,2964 8,1507

30 - SUBSEQUENT EVENTS January 2014 1 January 2014: Suspension of the rights of bearer shares still in circulation As per 1 January 2014 the rights of bearer shares still in circulation are suspended until the owner deposits his shares at a financial institution for conversion into dematerialised form. 14 January 2014: Fleet expansion Bocimar exercised its option to acquire two newbuilding Handysize vessels. This brings the total number of ships on order with Samjin to 12 units. 29 January 2014: Joint venture with CLdN Cobelfret. The Group enters into a joint venture with the Luxembourg shipping company CLdN Cobelfret to acquire two 19.500 dwt newbuilding stainless steel chemical carriers. The ships were ordered at the Japanese yard Kitanihon and are scheduled for delivery in the course of the third quarter of 2015 and the first quarter of 2016. The order also includes an option for the acquisition of a third unit. February 2014 28 February 2014: Bocimar and Argenmar sell their participating interest in SCFCo Holdings. SCFCo operates barge convoys for the transportation of ore and grains on the Paraguay and Paraná rivers.

41


31 - 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 Audit services for the annual financial statements Audit related services Tax services Other non-audit assignments Total

2012

-936 -3 -69 -

-863 -13 -55 -4

-1.008

-935

32 - 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 Etienne Davignon, and the executive committee, represented by Marc Saverys and Ludwig Criel hereby confirm that, to the best of their knowledge, the consolidated financial statements for the period ended 31 December 2013, 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.

33 - 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 2013 are consistent with those applied in the preparation of the consolidated financial statements for the year ended 31 December 2012. 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 2013. With the exception of IAS 19 Employee benefits (2011) none of these had an impact on the Group's consolidated financial statements. Defined benefit plans As a result of IAS 19 (2011), the Group has changed its accounting policy with respect to the basis for determining the income or expense related to defined benefit plans. The impact resulting from this change in accounting policy on the Group’s financial position, profit and loss, comprehensive income and cash flows was very limited and can be summarised as follows: Statement of financial position 31 December 2012 in thousands of USD Total equity Employee benefits Statement of financial position 31 December 2012 in thousands of USD Total equity Employee benefits Total comprehensive income for the period

42

Effect of changes in accounting policy As previously Defined reported benefit plans 1.059.504 -431 7.980 431

As restated 1.059.073 8.411

Effect of changes in accounting policy As previously reported 130.874 -93.180 37.694

Defined benefit plans 3.080 -3.511 -431

As restated 133.954 -96.691 37.263


34 - 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)

Acquisitions of non-controlling interests Acquisitions on non-controlling interests are accounted for as transactions with owners in their capacity as owners and therefore no goodwill is recognised as a result. Adjustments to noncontrolling interests arising from transactions that do not involve the loss of control are based on a proportionate amount of the net assets of the subsidiary.

(iii)

Subsidiaries Subsidiaries are those entities controlled by the Group. Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, potential voting rights that presently are exercisable or convertible are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases.

(iv)

Loss of control On the loss of control, 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)

Investments in associates (equity accounted investees) Associates are those entities in which the Group has significant influence, but not control, over the financial and operating policies. Significant influence is presumed to exist when the Group holds between 20% and 50% of the voting power of another entity. The Group’s investment includes goodwill identified on acquisition, net of any accumulated impairment losses. The consolidated financial statements include the Group’s share of the profit or loss and other comprehensive income of equity-accounted investees, after adjustments to align the accounting policies with those of the Group, from the date that significant influence commences until the date that significant influence ceases. When the Group’s share of losses exceeds its interest in an equity accounted investee, the carrying amount of the investment, including any long-term interests that form part thereof, is reduced to nil and recognition of further losses is discontinued except to the extent that the Group has incurred obligations or has made payments in respect of the investee.

(vi)

Jointly controlled entities Jointly controlled entities are those entities over whose activities the Group has joint control, established by contractual agreement and requiring unanimous consent for strategic financial and operating decisions. The consolidated financial statements include the Group’s proportionate share of the entities’ assets, liabilities, revenue and expenses with items of a similar nature on a line-by-line basis, from the date that joint control commences until the date that joint control ceases.

(vii) Transactions eliminated on consolidation Intragroup 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)

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). 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.

43


34 - 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. 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. 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.

44


34 - 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) (i)

Intangible assets 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.

45


34 - 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.

(j) (i)

Vessels, property, plant and equipment Owned assets Vessels, aircraft and items of property, plant and equipment are measured at cost or fair value at the date of acquisition (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 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.

46


34 - SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 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. 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. (k)

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) (i)

Impairment 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.

47


34 - SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 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. 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)

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

(i) (i)

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.

(o)

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.

48


34 - SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

(k) (i)

Revenue 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 form 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.

49


34 - 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)

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.

(q)

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, amendments to standards and interpretations are not yet effective for the year ended 31 December 2013, and have not been applied in preparing these consolidated financial statements. CMB does not plan to early adopt these standards. IFRS 9 Financial Instruments IFRS 10 Consolidated Financial Statements IFRS 11 Joint Arrangements IFRS 12 Disclosure of Interests in Other Entities Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests in Other Entities: Transition Guidance (Amendments to IFRS 10, IFRS 11 and IFRS 12), IAS 28 Investments in Associates and Joint Ventures (2011) Annual Improvements to IFRS 2010-2012 cycle Annual Improvements to IFRS 2011-2013 cycle Amendments to IAS 19 Employee Benefits – Defined Benefit Plans: Employee Contributions Amendments to IAS 36 Impairment of Assets – Recoverable Amount Disclosures for Non-Financial Assets IFRIC 21 Levies Amendments to IAS 39 Financial Instruments – Novation of Derivatives and Continuation of Hedge Accounting None of these is expected to have a material impact on CMB’s consolidated financial statements, with the exception of IFRS 11 Joint Arrangements, that becomes mandatory for the Group’s 2014 consolidated financial statements, with retrospective application. The Company is presently assessing the impact of IFRS 11 on its consolidated financial statements. The Group currently applies the proportionate consolidation method for its Jointly Controlled Entities, (some of) which are believed to classify as Joint Ventures under IFRS 11 for which equity accounting will need to be applied. Although it is expected that this will not affect the result for the period, the application of IFRS 11 is more than likely to affect most of the main line items in CMB’s statement of financial position, notably decreasing non-current assets, outstanding debt, revenue and expenses to the extent that these are currently related to the Group’s Jointly Controlled Entities. In the Bocimar segment 13 Group entities in relation to 6 vessels are affected. The ASL Aviation segment is affected in its entirety. In the segment Other activities it concerns 2 Group companies. The Company estimates today that – when applying IFRS 11 to its 2013 consolidated accounts – total assets will decrease by about USD 200 million. The most noteworthy change is the change in Property, plant and equipment that is estimated to decrease with approximately USD 290 million (i.e.: USD 104 million in respect of Vessels, USD 171 million in respect of Aircraft and USD 15 million in relation to Investment property, Land and buildings and Other tangible assets). As mentioned, the application of IFRS 11 will not affect the result for the period. However it should be noted that turnover is expected to decrease with about USD 247 million. This decrease will be matched by a net change of the other line items of the income statement; a decrease of expenses and an increase of the Share of result of equity accounted investees.

50

STATUTORY AUDITOR’S REPORT TO THE GENERAL MEETING OF CMB SA FOR THE YEAR ENDED DECEMBER 31, 2013

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, 2013, 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, 2013 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 2.094.845K and the consolidated statement of comprehensive income shows a profit for the year of USD 12.351K. Board of directors’ responsibility for the preparation of the consolidated financial statements The board of directors is responsible for the preparation and fair presentation of these consolidated financial statements 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, 2013 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 (ISAs) 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, March 27, 2014 KPMG Réviseurs d’Entreprises / Bedrijfsrevisoren Statutory Auditor represented by Serge Cosijns Réviseur d’Entreprises / Bedrijfsrevisor

51

52

FINANCIAL STATEMENTS OF CMB NV FOR THE YEAR ENDED 31 DECEMBER 2013

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.

53


STATEMENT OF FINANCIAL POSITION

in thousands of USD

2013

2012

ASSETS FIXED ASSETS

219.036

Intangible assets

200.595

6.117

6.932

Tangible assets

104.275

74.154

Financial assets

108.644

119.509

CURRENT ASSETS

1.244.645

1.204.975

Amounts receivable after one year

498.017

550.142

Amounts receivable within one year

713.310

574.996

5.049

66.741

Cash at bank and in hand

17.139

11.283

Deferred charges and accrued income

11.130

1.813

1.463.681

1.405.570

Investments

TOTAL ASSETS

2013

2012

LIABILITIES CAPITAL AND RESERVES Capital Share premium account Reserves

786.677

670.439

35.000

35.000

-

-

3.730

17.015

747.947

618.424

PROVISIONS AND DEFERRED TAXES

4.272

5.396

Provisions and deferred taxes

4.272

5.396

CREDITORS

672.732

729.735

Amounts payable after one year

567.075

600.957

Amounts payable within one year

97.846

124.426

7.811

4.352

1.463.681

1.405.570

Accumulated profits

Accrued charges and deferred income TOTAL LIABILITIES

54


INCOME STATEMENT

in thousands of USD

2013

2012

Operating income

52.686

22.148

Operating charges

64.895

34.000

Operating result

-12.209

-11.852

Financial income

159.297

269.766

Financial charges

19.724

30.508

127.364

227.406

647

40.594

Result on ordinary activities before taxes Extraordinary income Extraordinary charges Result for the year before taxes

41

9.217

127.970

258.783

Income taxes

129

103

127.841

258.680

Transfer from untaxed reserves

-

-

Transfer to untaxed reserves

-

-

127.841

258.680

Result for the year

Result for the year available for appropriation

APPROPRIATION ACCOUNT

in thousands of USD

2013

2012

Result to be appropriated

746.265

624.688

Transfers to capital and reserves

-13.285

-

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

-

2.588

747.947

618.424

11.603

3.676

55

JAARverslag 2013 Maatschappelijke zetel De Gerlachekaai 20 | BE 2000 Antwerpen Tel.: 323-2475911 | Fax: 323-2480906 E-mail: [email protected] | Website: www.cmb.be RPR Antwerpen BTW BE 0404 535 431 Dit jaarverslag werd samengesteld met de medewerking en steun van: De Vrienden van de Red Star Line, Antwerpen | Red Star Line Museum, Antwerpen | The Yivo Institute for Jewish Research, Forward Association, New York, USA | Nationaal Scheepvaartmuseum, Antwerpen | SOMA, Brussel | Gemeentelijk Havenbedrijf, Antwerpen | Collectie MAS, Antwerpen | Collectie Paul Pastiells, Antwerpen | Felixarchief, Stadsarchief van Antwerpen | King Baudoin Foundation, US | Collectie Letterenhuis, Antwerpen | Collectie Walter Huyck, Antwerpen | Library of Congres, nr. LC-US262-50904, Washington, USA 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 2013 voorgelegd aan de algemene vergadering van aandeelhouders van 13 mei 2014

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