Jaarverslag 2012
CMB nv Belgische Scheepvaartmaatschappij Verslagen over het boekjaar 2012 voorgelegd aan de algemene vergadering van aandeelhouders van 14 mei 2013
inhoud 5
CMB–Groep samengevat
7 Activiteitsgebieden 9
Brief van de voorzitter
VERSLAG VAN DE RAAD VAN BESTUUR 10
Corporate Governance Verklaring
27
Risico’s en onzekerheden
29
Jaaroverzicht 2012
33 Vlootoverzicht
BOCIMAR vloot – Energiebesparende maatregelen
Vlootoverzicht
Overzicht en geconsolideerde sleutelcijfers per divisie: 36
Bocimar – droge bulk
42
ASL Aviation – luchtvaart
46
Andere activiteiten
51 Resultaatverwerking 52 Kalender
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.
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geconsolideerde sleutelcijfers
2012
2011
2010
2009
2008
omzet
656.389
680.305
645.149
575.694
713.333
EBITDA
166.241
228.909
220.388
255.444
443.613
–122.517
–99.491
–74.264
–64.128
–62.172
EBIT (bedrijfsresultaat)
43.724
129.418
146.124
191.316
381.441
financieel resultaat
93.975
12.835
18.294
–20.335
–82.494
137.699
142.253
164.418
170.981
298.947
–6.825
–5.103
–3.732
–4.248
14.453
130.874
137.150
160.686
166.733
313.400
130.874 –
137.150 –
160.686 –
166.733 –
313.440 –40
vaste activa
1.858.114
1.713.287
1.576.766
1.148.004
1.176.098
eigen vermogen
1.059.504
1.080.656
1.128.255
954.861
767.318
761.506
714.544
790.940
572.178
591.323
EBITDA
4,82
6,60
6,33
7,33
12,72
EBIT (bedrijfsresultaat)
1,27
3,73
4,20
5,49
10,94
resultaat over de periode
3,80
3,96
4,62
4,78
8,99
30,74
31,18
32,42
27,38
22,01
Brutodividend
0,08
1,60
1,36
1,28
2,24
Nettodividend
0,06
1,20
1,02
0,96
1,68
Hoogste koers van het aandeel
18,35
23,66
26,50
24,69
58,83
Laagste koers van het aandeel
12,46
14,85
20,45
13,24
12,52
34.465.000
34.663.333
34.800.000
34.869.000
34.869.000
in duizenden USD
afschrijvingen
resultaat vóór belasting belastingen resultaat over de periode 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
6
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), panamax (70.000 tot 80.000 dwt), handymax (50.000 tot 60.000 dwt), postpanamax (85.000 tot 100.000 dwt) en handysize (25.000 tot 35.0000 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 eigen dom, uit 26 capesize eenheden, 2 postpanamaxeenheden, 4 handymax eenheden en 27 handysize–eenheden (waarvan 10 in aanbouw).
ASL AVIATION LUCHTVAART ASL Aviation is gespecialiseerd in luchtvaartoperaties, dienstverlening en leasingactiviteiten. Per 31 december 2012 baat ASL een vloot van 82 vliegtuigen uit, waarvan 50 in eigendom. De vloot omvat zowel Airbus A300, Boeing B737, ATR 42 en 72, Fokker F27 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 MANAGE MENT GROUP (AEMG). CMB heeft momenteel 1 panamaxtanker in gedeeltelijke eigendom.
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Mevrouwen, Mijne Heren,
Op 18 maart 2013 overleed Jacques Saverys gewezen bestuurder en gedelegeerd bestuurder van CMB. In naam van mijn collega–bestuurders en mezelf breng ik hulde aan de man die zich gedurende vele jaren heeft ingezet voor de Belgische maritieme wereld in het algemeen en voor Bocimar en CMB in het bijzonder.
De markten waarop Bocimar actief is, hebben in 2012 één van hun ergste crisissen gekend van de afgelopen dertig jaar. De toevloed aan nieuwbouwschepen, de vertraging in de groei van de Chinese economie en van de wereldhandel zijn hier uiteraard niet vreemd aan. De toename in de verschroting en de sterke daling van de nog te leveren schepen alsook van het orderboek, sterkt Bocimar in de overtuiging dat in de tweede helft van 2013 of begin 2014 een beter evenwicht tussen vraag en aanbod kan bereikt worden.
ASL kan – ondanks weinig of geen verbetering in de moeilijke werkomstandigheden voor de luchtvaartsector – in 2012 eens te meer een sterk resultaat neerzetten. Rekening houdend met haar langetermijncontracten en de reeds verkochte passagiersvluchten ziet ASL 2013 met vertrouwen tegemoet.
De raad van bestuur zal aan de algemene vergadering van dinsdag 14 mei 2013 voorstellen om over het boekjaar 2012 een brutodividend van 0,08 EUR per aandeel (0,06 EUR per aandeel netto) uit te keren. Mits goedkeuring door de algemene vergadering zal dit dividend betaalbaar gesteld worden op 24 mei 2013. Ter herinnering, het dividend over het boekjaar 2012 hield rekening met een bijkomend brutodividend van 0,52 EUR per aandeel naar aanleiding van de verkoop van de aandelen Clarksons begin 2012. .
Etienne Davignon
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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 2012 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 Ingevolge een beslissing van de raad van bestuur stelt CMB vanaf boekjaar 2012 haar rekeningen op in USD. In navolging hiervan heeft de buitengewone algemene aandeelhoudersvergadering van 8 mei 2012 beslist het maatschappelijk kapitaal tevens in USD uit te drukken.
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Op 31 december 2012 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: eveneens 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. Verwijzend naar de informatie in het Jaarverslag 2011 en het Halfjaarverslag 2012, bedraagt het totaal aantal eigen aandelen in portefeuille van de vennootschap, per 31 december 2012, 535.000 aandelen (1,53%). De buitengewone algemene vergadering van 8 mei 2012 heeft tevens 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 2012 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. In de loop van het boekjaar 2012 ontving CMB geen kennisgevingen in het kader van de Transparantiewetgeving van 2 mei 2007. Op basis van de meest recente kennisgevingen evenals informatie die publiek beschikbaar is, en rekening houdend met de eigen aandelen in portefeuille, ziet de aandeelhoudersstructuur er sinds 22 maart 2013 als volgt uit:
Aandelen
%
Saverco NV/Marc Saverys
17.140.000
48,97
Victrix NV/Virginie Saverys
5.596.125
15,99
CMB NV
535.000
1,53
Derden
11.728.875
33,51
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.
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In de loop van 2012 evolueerde de koers van het CMB–aandeel als volgt EVOLUTIE KOERS CMB aandeel jan 2012 – dec 2012 in EUR 19,00 18,00 17,00 16,00 15,00 14,00 13,00 12,00 11,00 10,00 Jan
Feb
Maa
Apr
Mei
Jun
Jul
Aug
Sep
Okt
Nov
Dec
3/ ALGEMENE AANDEELHOUDERSVERGADERINGEN Overeenkomstig de statutaire bepalingen vindt de jaarlijkse (gewone) algemene aandeelhoudersvergadering van CMB plaats op de tweede dinsdag van mei om 14u30. In 2013 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 aandeelhouders vergadering. 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 2012 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 vier onafhankelijke bestuurders, waarvan drie 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. In augustus 2011 werd Mevrouw Fiona Morrison tot bestuurder benoemd ter vervanging en voleindiging van het mandaat van de Heer Thomas Leysen. Deze benoeming werd bevestigd door de algemene vergadering van 8 mei 2012. Ingevolge hiervan zou bij eventuele vervanging of benoeming van een bestuurder nog één vrouwelijke bestuurder aangesteld moeten worden om in overeenstemming te zijn met de geldende bepalingen qua genderdiversiteit.
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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 2013.
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 vice–voorzitter van Suez–Tractebel. 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 lid van het uitvoerend comité van GDF Suez. Fiona Morrison1 (1959), bestuurder sinds 2011 Haar benoeming tot bestuurder – ter vervanging en voleindiging van het mandaat van de Heer Thomas Leysen (dat afloopt op de jaarlijkse algemene vergadering van 2013) – werd goedgekeurd door de algemene vergadering van 2012. 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 2013. 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 Verbeeck1 (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 2013. De belangrijkste functie van de Heer Eric Verbeeck buiten CMB is bestuurder van Interbuild. 1
Onafhankelijke bestuurders
Op datum van de algemene vergadering van 14 mei 2013 vervallen de bestuurdersmandaten van één uitvoerende bestuurder, met name van de Heer Benoît Timmermans, en van drie niet–uitvoerende bestuurders, met name van mevrouw Fiona Morrison, de NV A.P.E. (met de Heer Eric Verbeeck als vaste vertegenwoordiger) en de NV VICTRIX (met Mevrouw Virginie Saverys als vaste vertegenwoordiger). Vermelde bestuurders zijn herkiesbaar en de raad van bestuur zal aan de aandeelhoudersvergadering voorstellen hun mandaat van respectievelijk uitvoerende en niet–uitvoerende bestuurders te hernieuwen voor een periode van drie jaar. Mevrouw Morrison beantwoordt tevens aan de functionele, familiale en financiële criteria van onafhankelijkheid die worden voorzien door artikel 526ter W.Venn. Bovendien heeft Mevrouw Morrison uitdrukkelijk verklaard en oordeelt de raad van bestuur dat zij geen banden onderhoudt met de vennootschap die haar onafhankelijkheid in het gedrang zouden brengen. Er zal voorgesteld worden haar mandaat als onafhankelijk bestuurder te hernieuwen voor een tweede termijn van drie jaar.
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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 aandeelhouders vergadering, voorzien van een aanbeveling van het benoemings– en remuneratiecomité. Indien wegens overlijden, ontslag of een andere reden, een plaats van bestuurder vrijkomt, hebben de overige leden van de raad van bestuur het recht tijdelijk in de vacature te voorzien tot aan de eerstvolgende algemene vergadering die tot de definitieve vervanging overgaat. De bestuurder die in vermelde omstandigheden wordt aangesteld, wordt slechts benoemd voor de tijd nodig om het mandaat van de bestuurder die hij vervangt te voleindigen. 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.
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In 2012 kwam de raad van bestuur van CMB zeven maal samen, met name op 16 maart, 23 maart, 27 maart, 8 mei (informele vergadering), 19 juni, 28 augustus en 11 december. De vergaderingen van 16 maart en 23 maart, gehouden in het kader van een belangenconflict (zie verder), werden bijgewoond door de Voorzitter en de onafhankelijke bestuurders. Voor wat betreft de vergadering van 23 maart, gaf de Heer Jean–Pierre Hansen volmacht. Voor alle overige vergaderingen waren alle bestuurders aanwezig, met uitzondering van de Heer Jean–Pierre Hansen, voor wat betreft de vergadering van 28 augustus, en NV VICTRIX en NV A.P.E. voor de vergadering van 19 juni. In 2012 werden door de raad van bestuur geen schriftelijke besluiten genomen. In 2012 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 KBC Index Fund Euroland Kap NV (Benchmark Euro STOXX50); – opening van een kantoor te Singapore en sluiting van het kantoor te Shanghai; – voorstel om de droge–bulk activiteiten van Delphis over te nemen; – studie strategische opties luchtvaartactiviteiten; – herfinanciering van de bestaande revolving facility; – verkoop aandelen Clarksons en FMG; – mogelijke aankoop luchtvaartactiviteiten TNT door ASL. 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.
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In de loop van 2012 heeft er zich bij de volgende gelegenheden een belangenconflict voorgedaan op het niveau van de raad van bestuur, ingevolge waarvan de bepalingen van artikel 523 van het W.Venn. werden toegepast: – met betrekking tot de voorgestelde aankoop door CMB/BOCIMAR van de droge bulk belangen van SAVERCO Uit de notulen van de raad van bestuur van 16 maart 2012 (samengesteld uit de voorzitter van de raad van bestuur en de onafhankelijke bestuurders) is gebleken dat: Dagorde De behandeling van het rapport van onafhankelijke bestuurders gevraagd door het management en de beoordeling van de voorgestelde aankoop door CMB NV en Bocimar van de droge bulk belangen van Saverco (Project Crown). Rapport van onafhankelijke bestuurders Er werd vooreerst akte genomen, conform art. 523 W.Venn, van de melding van het bestaan van een tegenstrijdig belang van vermogensrechtelijke aard en dit als aandeelhouder en/of bestuurder van Saverco NV en/of Delphis NV van de Heren Marc Saverys, Ludwig Criel, Alexander Saverys en Benoit Timmermans. De vennootschap Victrix NV met als vast vertegenwoordiger mevrouw Virginie Saverys meldt ook in haar hoofde een onrechtstreeks tegenstrijdig belang van vermogensrechtelijke aard. De Raad van Bestuur (samengesteld in overeenstemming met art. 22 van de Statuten van CMB NV) heeft kennis genomen van een ontwerp van rapport van onafhankelijke bestuurders van 14 maart 2012 dat door het management werd gevraagd. Het rapport bespreekt de mogelijke aankoop door CMB NV en Bocimar van de droge bulk belangen van Saverco NV. De Raad van Bestuur, zonder dat de voormelde personen hebben deelgenomen aan de beraadslaging, heeft na bespreking van het rapport en in het bijzonder de voorgestelde transactie, een aantal bijkomende vragen gesteld aan het comité van onafhankelijke bestuurders en gevraagd dat de Raad van Bestuur binnen de zeven dagen opnieuw bijeen zou komen om verder te delibereren.
– Uit de notulen van de raad van bestuur van 23 maart 2012 (samengesteld uit de voorzitter van de raad van bestuur en de onafhankelijke bestuurders, met uitzondering van de Heer Hansen die volmacht gaf ) is gebleken dat: Dagorde De verdere behandeling van het rapport van onafhankelijke bestuurders en de beoordeling van de voorgestelde aankoop door CMB NV en Bocimar van de droge bulk belangen van Saverco (Project Crown). Rapport van onafhankelijke bestuurders Er werd opnieuw vergaderd zonder de aanwezigheid van de Heren Marc Saverys, Ludwig Criel, Alexander Saverys en Benoit Timmermans alsook de vennootschap Victrix NV met als vast vertegenwoordiger mevrouw Virginie Saverys die aldus niet deelgenomen hebben aan de beraadslagingen van de Raad van Bestuur. De Heer Jean–Pierre Hansen wordt vertegenwoordigd door de Heer Jean–Pierre Blumberg. Beoordeling Voorgestelde Transactie: Tijdens de vergadering van de Raad van Bestuur van 16 maart 2012 heeft de Raad van Bestuur een eerste maal vergaderd met het comité van onafhankelijke bestuurders en werd er voorgesteld dat de Raad van Bestuur vandaag opnieuw zou vergaderen om het definitieve verslag van het comité te bespreken. De Raad van Bestuur heeft het voorstel van het management en het verslag van het comité van onafhankelijke bestuurders besproken. Het verslag van het comité van onafhankelijke bestuurders besluit dat de voorgestelde transactie niet kennelijk onrechtmatig is en ook geen nadeel betekent voor de vennootschap noch strijdig is met de belangen van de vennootschap. De Raad van Bestuur is verder van oordeel dat de voorgestelde transactie – die uitvoerig omschreven wordt in het rapport van onafhankelijke bestuurders – in het strategisch belang is van de vennootschap. Niet alleen worden potentiële belangenconflicten op het niveau van de Saverco Groep geëlimineerd maar biedt de transactie de mogelijkheid voor de vennootschap om haar vloot uit te breiden tegen een aantrekkelijke prijs.
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Beoordeling Modaliteiten: Teneinde de modaliteiten van de transactie te beoordelen heeft het comité van onafhankelijke bestuurders zich laten bijstaan door financiële en juridische experten. De Raad van Bestuur heeft vandaag akte genomen van de bevindingen van het comité van onafhankelijke bestuurders en merkt in het bijzonder het volgende op: (i)
De prijs van USD 9,1 miljoen voorgesteld door het management bevindt zich aan de onderkant van de prijsvork die door de financiële experten
werd vastgelegd en met name een prijsvork tussen USD 8 miljoen en USD 11,1 miljoen. (ii) Er wordt rekening gehouden met de geldende marktconforme waarden en dit wordt geïllustreerd door het feit dat de prijs voorgesteld door het management in februari USD 13,4 miljoen bedroeg – op basis van makelaarswaarderingen van januari – terwijl op basis van de huidige waarderingen een prijs van USD 9,1 miljoen wordt voorgesteld. (iii) De voorgestelde transactie zal de vennootschap toelaten de gemiddelde aanschafwaarde van de schepen in haar vloot te verlagen, de gemiddelde leeftijd van haar vloot te verminderen en het contractueel dekkingsratio van haar vloot te verbeteren. (iv) De prijs die zou worden betaald voor de profit sharing onder de Dreyfus bevrachtingsovereenkomst (te weten USD 3,75 miljoen), hoewel moeilijk te berekenen omwille van de volatiliteit van de markten en het gebrek aan visibiliteit naar de toekomst toe, kan redelijkerwijze worden vastgesteld op basis van het gemiddelde van de uiteenlopende makelaarswaarderingen daarbij rekening houdend met de historische evolutie van de markten. Besluit van De Raad van Bestuur: In achtgenomen alle hierboven vermelde elementen en in het licht van de grondige analyses van het comité van onafhankelijke bestuurders alsmede van de financiële en juridische experten keurt de Raad van Bestuur de voorgestelde transactie door het management goed. Persbericht: Een ontwerp van persbericht werd besproken en mits een aantal kleine wijzigingen heeft de Raad van Bestuur het persbericht goedgekeurd. De agenda afgehandeld zijnde, wordt de vergadering gesloten.
– met betrekking tot de goedkeuring van hoger vermeld aandelenoptieplan. Uit de notulen van de raad van bestuur van 11 december 2012 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 KBC 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 benoemings– en remuneratiecomité. Auditcomité CMB beschikt over een auditcomité, in overeenstemming met artikel 526bis van het W.Venn. In overeenstemming met de bepalingen van W.Venn, is minstens één lid een onafhankelijk bestuurder. In overeenstemming met artikel 96 9° van het W.Venn. wordt bevestigd dat de Heer Jean–Pierre Hansen, voorzitter van het auditcomité, deskundig is op het gebied van boekhouding en audit. Leden: Jean–Pierre Hansen – voorzitter Etienne Davignon Eric Verbeeck (als vast vertegenwoordiger van NV A.P.E.)
De samenstelling, bevoegdheden, opdrachten, werking en evaluatie van het auditcomité worden uitvoerig toegelicht in het CMB– charter. Het auditcomité kwam in 2012 drie maal samen (met name op 27 maart, 19 juni en 28 augustus). Telkens waren alle leden aanwezig, met uitzondering van de Heer Eric Verbeeck, die verontschuldigd was voor de vergadering van 19 juni. In 2012 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. Benoemings– en remuneratiecomité De raad van bestuur heeft op 31 maart 1998 een benoemings– en remuneratiecomité opgericht. In overeenstemming met de richtlijnen van de corporate governance code, evenals artikel 526quater W.Venn., bestaat het benoemings– en remuneratiecomité momenteel uitsluitend uit niet–uitvoerende bestuurders, waarvan de meerderheid onafhankelijk is.
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Leden: Etienne Davignon – voorzitter Jean–Pierre Blumberg Jean–Pierre Hansen De samenstelling, bevoegdheden, opdrachten, werking en evaluatie van het benoemings– en remuneratiecomité worden uitvoerig toegelicht in het CMB–charter. Ingevolge hun opleiding en uitgeoefende functies tijdens hun loopbaan beschikken de leden van het benoemings– en remuneratiecomité over de vereiste ervaring met betrekking tot de verloning van bestuurders en directieleden. Het benoemings– en remuneratiecomité kwam in 2012 tweemaal samen (met name op 27 maart en op 11 december). Telkens waren alle leden aanwezig. Onder andere de volgende agendapunten werden behandeld: – herziening van de jaarlijkse vergoeding van de niet–uitvoerende bestuurders, van de leden van het directiecomité en de werknemers; – 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; Na de vergadering brengt de voorzitter van het benoemings– en remuneratiecomité verslag uit aan de raad van bestuur over de aangelegenheden die besproken werden in het comité en formuleert de aanbevelingen van het comité aan de raad van bestuur voor besluitvorming. 4.6. CEO – Directiecomité Het directiecomité – in de zin van artikel 524 bis van het W.Venn. – werd op 20 juni 2003 door de raad van bestuur opgericht. Tijdens dezelfde vergadering werd tevens het reglement van orde van het directiecomité bepaald. De machten, bevoegdheden, voorwaarden voor benoeming van de leden van het directiecomité, hun ontslag, vergoeding en duur van hun benoeming worden bepaald door de raad van bestuur. De bevoegdheden, werking en evaluatie van het directiecomité worden toegelicht in het CMB–Charter. Het directiecomité bestaat momenteel uit vier 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 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 het corporate governance committee 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 2012 De vergoeding van niet–uitvoerende bestuurders bestaat uit een vaste basisvergoeding ter vergoeding van de algemene verantwoordelijkheid die ze opnemen desgevallend aangevuld met een vergoeding voor lidmaatschap van een comité (auditcomité en/of benoemings– en remuneratiecomité). In overeenstemming met het belang van zijn rol 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 2012 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 benoemings– en remuneratiecomité periodiek getoetst op markconformiteit (o.a. vergelijking met andere beursgenoteerde vennootschappen). De door het benoemings– en 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 benoemings– en remuneratiecomité wordt een vergoeding van 3.000 EUR per jaar betaald. Niet–uitvoerende bestuurders ontvangen geen andere compensatie–elementen of variabele vergoedingen, zoals bonussen, aandelengerelateerde incentives, pensioen of andere voordelen. De vennootschap verleende aan geen enkele bestuurder leningen, waarborgen of voorschotten. Het remuneratiebeleid voorziet momenteel geen aandelenoptieplannen op het CMB–aandeel voor bestuurders, leden van het directiecomité of werknemers.
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Overzicht van de tijdens het boekjaar 2012 door de niet–uitvoerende bestuurders ontvangen vergoedingen Het totale brutobedrag van de vergoedingen uitbetaald in 2012, aan alle niet–uitvoerende bestuurders, voor hun prestaties in de raad van bestuur en/of comités (waar toepasbaar) bedraagt 454.000 EUR. Totaal 2012 in EUR
Vaste vergoeding
Zitpenning (x)
Benoemings- en remuneratiecomité
Audit comité
Totaal
BLUMBERG
Jean–Pierre
25.000
30.000
–
3.000
58.000
DAVIGNON
Etienne
75.000
30.000
12.500
3.000
120.500
HANSEN
Jean–Pierre
25.000
20.000
25.000
3.000
73.000
MORRISON
Fiona
25.000
30.000
–
–
55.000
SAVERYS
Alexander
25.000
20.000
–
–
45.000
VICTRIX NV
Virginie Saverys
25.000
15.000
–
–
40.000
A.P.E. NV
Eric Verbeeck
25.000
25.000
12.500
– Totaal
(x)
62.500 454.000
6 vergaderingen
Directiecomité: remuneratiebeleid/remuneratie voor het boekjaar 2012 Het verloningsbeleid voor de leden van het directiecomité (inclusief de CEO) wordt bepaald door de raad van bestuur, na advies van het benoemings– en remuneratiecomité. Principieel bestaat de globale remuneratie voor de uitvoerende bestuurders/leden van het directiecomité (met inbegrip van de CEO) uit de volgende componenten: – een vaste vergoeding (het basissalaris) gelinkt aan de functie die de betrokkene bekleedt, zijn verantwoordelijkheden binnen de vennootschap, competenties en het niveau van ervaring. Het gehanteerde verloningsbeleid dat regelmatig getoetst wordt op marktconformiteit, dient te voorzien in een competitieve en op de markt aantrekkelijke vergoeding die tegemoetkomt aan de belangen van het management en van de aandeelhouders; – een variabele vergoeding met een – conform de bonuspolitiek van CMB/BOCIMAR – korte-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 KBC Index Fund Euroland Kap NV (zie verder).
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Voor het boekjaar 2012 werd de variabele vergoeding van de leden van het directiecomité bepaald zoals hoger vermeld. De evaluatieperiode was het boekjaar 2012. 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. – 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 benoemings- en remuneratie comité – 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 benoemings- en 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 2012 was dit tevens het geval. De aandelenopties voor het boekjaar 2012 hebben volgende kenmerken: Bevek KBC Index Fund Euroland Kap NV (Benchmark Euro STOXX50). Aanbod: maart 2013 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. De verschillende verloningscomponenten van de leden van het directiecomité (inclusief de CEO) worden jaarlijks, doorgaans op de vergadering van het benoemings- en remuneratiecomité van december, geëvalueerd en getoetst op hun markconformiteit. Om een vergoedingsniveau te handhaven in overeenstemming met vergelijkbare bedrijven in de maritieme sector, kan het benoemings- en remuneratiecomité, indien wenselijk, het advies inroepen van een externe onafhankelijke consulent (onder andere voor benchmarking). Tijdens vermelde vergadering worden door het comité tevens de voorstellen geformuleerd met betrekking tot de individuele verloningspaketten van de leden van het directiecomité. Het relatieve belang van elke component in de totale vergoeding van de leden van het directiecomité (exco) was in 2012 als volgt: Vast: +/- 67% (voor de CEO) en +/- 65% (voor de overige leden exco) Variabel: +/- 25% (voor de CEO) en +/- 25% (voor de overige leden exco) Pensioen: +/- 4% (voor de CEO) +/- 5% (voor de overige leden exco) Andere verloningselementen: +/- 4% (voor de CEO) +/- 5% (voor de overige leden exco)
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Overzicht van de tijdens het boekjaar 2012 door de CEO ontvangen vergoedingen
Naam van de CEO
SAVERYS Marc
Statuut van de CEO
zelfstandige bedrijfsleider
Vaste remuneratie
875.000 EUR
Variabele remuneratie
327.000 EUR
TOTAAL
1.202.000 EUR
Pensioen
systeem van “te bereiken doel” met een bijdrage van 53.074,03 EUR per jaar
Andere voordelen, met als belangrijkste elementen: hospitalisatie-, verzekering, reisbijstandverzekering, ongevallenverzekering, invaliditeits-, dekking, gebruik bedrijfswagen, gebruik GSM, maaltijdcheques
53.568,90 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. Overzicht van de tijdens het boekjaar 2012 door de overige leden van het directiecomité ontvangen vergoedingen (op globale basis) Het betreft hier de remuneratie van de drie overige leden van het directiecomité waarvan twee 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 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
1.245.952,68 EUR
Variabele remuneratie
487.011,06 EUR
TOTAAL
1.732.963,74 EUR
Pensioen
Voor twee leden een vaste bijdragenplan en voor één lid een “te bereiken doel” plan, met een totaal
aan betaalde bijdragen van 105.787,84 EUR per jaar.
Andere voordelen, met als belangrijkste elementen: hospitalisatieverzekering, reisbijstandverzekering, ongevallenverzekering, invaliditeitsdekking, gebruik bedrijfswagen, gebruik GSM, maaltijdcheques
92.784,06 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.
23
Remuneratiebeleid/Remuneratie 2013 Het remuneratiebeleid voor 2013 voorziet geen belangrijke wijzigingen, met uitzondering van de aanpassing van het pensioenplan voor de leden van het directiecomité met het statuut van zelfstandige bedrijfsleider. Beschrijving van de voornaamste bepalingen van de contractuele relatie betreffende vertrekvergoeding met de leden van het directiecomité (inclusief de CEO) Met de drie 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.
6/ CONTROLE VAN DE VENNOOTSCHAP Externe controle: Het mandaat van commissaris werd op 11 mei 2010 toevertrouwd aan KLYNVELD PEAT MARWICK GOERDELER Bedrijfsrevisoren voor een periode van 3 jaar. Na afloop van de algemene vergadering van 10 mei 2011 werd de Heer Erik Helsen, als vaste vertegenwoordiger, vervangen door de Heer Serge Cosijns. Aan de algemene vergadering van 14 mei 2013 zal voorgesteld worden het mandaat van commissaris voor een periode van drie jaar, vervallend na de gewone algemene vergadering van 2016, toe te vertrouwen aan KLYNVELD PEAT MARWICK GOERDELER Bedrijfsrevisoren met de Heer Serge Cosijns als vaste vertegenwoordiger. Voor meer informatie over de vergoeding die in 2012 aan de commissaris werd betaald voor controle- en andere werkzaamheden, wordt verwezen naar toelichting 27 van de geconsolideerde jaarrekening. Interne controle: Zoals vermeld in het CMB-charter wordt de interne auditfunctie momenteel uitbesteed. In 2011 werd de aanstelling van ERNST & YOUNG Bedrijfsrevisoren om de interne auditfunctie van CMB en haar dochter vennootschappen waar te nemen, hernieuwd voor een periode van drie jaar (tot 31/12/2013). 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.
24
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 op- en de naleving van het beleid inzake insider trading en marktmanipulatie door bestuurders, leden van het directiecomité, werknemers van de CMB-Groep en andere personen. Voor meer informatie over de dealing code, wordt verwezen naar het CMB-charter.
25
8/ COMPLY OR EXPLAIN Principe 4.12. Momenteel voorziet de jaarlijkse planning geen vergadering waarop enkel de niet-uitvoerende bestuurders aanwezig zijn ter bespreking van hun interactie met het uitvoerend management. Principe 5.2./4 Minstens de meerderheid van de leden van het auditcomité is onafhankelijk. De samenstelling van het auditcomité is in overeenstemming met de vereiste voorzien in artikel 526bis §2 W.Venn (één lid beantwoordt aan de onafhankelijkheidscriteria zoals vastgelegd in art. 526ter W.Venn) maar wijkt af van de aanbevelingen voorzien door de Corporate Governance Code (waarbij de meerderheid van de leden zou moeten voldoen aan de strengere onafhankelijkheidscriteria). De raad van bestuur is van mening dat voor sommige bestuurders een langlopend mandaat niet noodzakelijkerwijs hun onafhankelijkheid in gevaar brengt. Alle nieuw benoemde “onafhankelijke” bestuurders zullen echter voldoen aan de criteria zoals bepaald in vermeld artikel.
26
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 wisselkoers- en interestrisico. De Groep gebruikt diverse financiële instrumenten om deze risico’s in te dekken. Dit wordt omstandig toegelicht in toelichting 19 bij de geconsoli deerde rekeningen.
27
28
JAAROVERZICHT 2012
Januari 10 januari:
CMB verkoopt een pakket van 720.000 aandelen Clarksons.
Op deze verkoop wordt een meerwaarde van 8,9 miljoen USD gerealiseerd.
Februari 13 februari:
De CMB Giulia (34.297 dwt) vervoegt de vloot. Deze handysize-eenheid – gebouwd bij het Chinese Zhejiang Jingang Shipbuilding – werd in april 2011 door Bocimar aangekocht. De aankoopprijs bedraagt 21,95 miljoen USD en de oplevering was oorspronkelijk voorzien voor november 2011.
14 februari:
De capesize-eenheid FMG Grace (205.236 dwt) wordt opgeleverd.
15 februari:
Onderzoek naar strategische opties voor ASL. Teneinde ASL in de mogelijkheid te stellen om verder te groeien hebben de Raden van Bestuur van 3P Air Freighters en CMB beslist om Citigroup aan te stellen als raadgever om samen de strategische opties voor ASL verder te onderzoeken.
27 februari:
CMB verkoopt haar belang in Clarksons. Na de eerder aangekondigde verkoop van 720.000 aandelen Clarksons, begin januari, heeft CMB, in de loop van februari, haar investering in Clarksons volledig afgebouwd. In het totaal werden 3.239.650 aandelen Clarksons verkocht voor een totale waarde van 58.500.000 USD. De meerwaarde – die verwerkt zal worden in de resultaten voor het eerste kwartaal – bedraagt 41.502.000 USD.
Maart 5 maart:
Oplevering van de handysize CMB Catrine (32.618 dwt).
23 maart:
CMB verwerft droge bulk activa van Delphis. Tijdens de vergadering van de raad van bestuur van CMB van 23 maart 2012 – die samenkwam in navolging van de wettelijke voorschriften rond belangenconflicten – werd de overname van de droge bulkactiva van Delphis aan marktconforme waarden goedgekeurd. Delphis is een dochteronderneming van SAVERCO, één van de referentieaandeelhouders van CMB. Het betreft een belang van 50% in de joint venture vennootschap Ocean Capes Limited die eigenaar is van de capesizeschepen Mineral Subic (2011-179.397 dwt), Lake Dolphin (2011-179.418 dwt) en Bulk Canada (2012-179.397 dwt). De overige 50% is in handen van joint venture partner Boxlog. De Lake Dolphin en de Bulk Canada worden in naaktrompbevrachting uitgebaat door respectievelijk CMB en Boxlog. De Mineral Subic wordt uitgebaat door de joint venture en is momenteel in tijdsbevrachting bij het Koreaanse STX Panocean voor een periode van 10 jaar. De Lake Dolphin is, eveneens voor 10 jaar, in tijdsbevrachting bij Louis Dreyfus Armateurs. Verder verwerft CMB de totaliteit van de aandelen van Blue Dolphin Shipping Limited, eigenaar van het handysizeschip Rio Negro (1999-20.501 dwt). De globale prijs voor de aankoop van 50% in Ocean Capes Limited en 100% van Blue Dolphin Shipping Limited bedraagt 9 miljoen USD en is gebaseerd op de huidige marktwaarde van de schepen en van de twee tijdsbevrachtingsovereenkomsten.
APRIL 12 april:
Oplevering van de capesize Mineral Honshu (181.408 dwt).
30 april:
Oplevering van de capesize FMG Matilda (205.619 dwt).
29
MEI 18 mei:
Betaalbaarstelling slotdividend 2011. Bij beslissing van de gewone algemene aandeelhoudersvergadering van 8 mei 2012 werd over het boekjaar 2011 een brutodividend van 1,08 EUR per aandeel (0,81 EUR per aandeel netto) uitgekeerd. Hiervan werd reeds 0,28 EUR bruto (0,21 EUR netto) per aandeel uitgekeerd als interim-dividend. Hoger vermelde verkoop van de aandelen Clarksons liet toe een bijkomend brutodividend van 0,52 EUR per aandeel te betalen. Het saldodividend 2011 van 1,32 EUR bruto (0,99 EUR netto) werd betaalbaar gesteld op 18 mei 2012 (coupon nr. 13).
JUNI 12 juni:
De capesize-eenheden Mineral Hope (175.590 dwt) en Mineral Faith (175.619 dwt) vervoegen de vloot.
JULI 18 juli:
Oplevering van de capesize FMG Cloudbreak (205.619 dwt).
augustus 13 augustus:
Bocimar opent een kantoor in Singapore.
OKTOBER 18 oktober:
CMB en 3P Air Freighters beslissen de luchtvaartactiviteiten te behouden. In februari werd Citigroup aangesteld als raadgever om – samen met de raden van bestuur van CMB en 3P Air Freighters (3PAF) – de strategische opties voor verdere groei van ASL te onderzoeken. Uit deze oefening is gebleken dat, in het huidige economische klimaat, het moeilijk is om potentiële partners te vinden op basis van een correcte waardering van het bedrijf. Bovendien is gebleken dat ASL – binnen de luchtvaartindustrie – nog over voldoende groeipotentieel beschikt op basis van de opportuniteiten die zich momenteel aandienen om aldus de aandeelhouderswaarde verder te doen toenemen. De raden van bestuur van CMB en 3PAF, samen met het management van ASL, hebben dan ook beslist de huidige structuur te behouden en een verdere organische groei na te streven.
NOVEMBER 15 november:
ASL verwerft luchtvaartlijnen van TNT EXPRESS.
Op 15 november hebben ASL Aviation (ASL) en TNT Express NV (TNT Express) een akkoord bereikt voor de overname van 100% van de aandelen van TNT Airways SA (TAY) en Pan Air Lineas Areas SA (PNR). De overdracht is nog voorwaardelijk en is afhankelijk van de afwikkeling van de fusie tussen UPS en TNT Express.
DECEMBER 19 december:
Nieuwe kredietfaciliteit van 300 miljoen USD voor CMB/BOCIMAR.
CMB heeft een niet-achtergestelde hernieuwbare gewaarborgde lening ten belope van 300 miljoen USD ondertekend met DNB Bank ASA, Nordea Bank Norge ASA, Belfius Bank nv/sa, Fortis Bank sa/nv, KFW IPEX-Bank GmbH, Skandinaviska Enskilda Banken AB (publ), ABN Amro Bank N.V., KBC Bank NV en Scotiabank Europe plc.
De kredietfaciliteit heeft een looptijd van 6 jaar en één maand aan een interestvoet van LIBOR verhoogd met een marge van 3,00%. Op het niet opgenomen gedeelte van de faciliteit wordt een terbeschikkingstellingsprovisie van 1,00% betaald. Tijdens de termijn van zes jaar zal het geleend bedrag afgebouwd worden tot 140 miljoen USD. Er wordt verwacht dat op het eind van 2012, 219 miljoen USD zal opgenomen zijn. Deze nieuwe lening zal aangewend worden voor de herfinanciering van de uitstaande schuld onder de lening ten belope van 600 miljoen USD van 21 december 2005, de gedeeltelijke financiering van de 6 Samjin nieuwbouwschepen voorzien voor oplevering in 2013 en 2014 en voor algemene ‘corporate’ doeleinden.
30
Met een overinschrijving van 100% was de plaatsing van de kredietfaciliteit zeer succesvol.
21 december:
Bocimar vereenvoudigt joint venture in drie bulkschepen. Bocimar beslist samen met haar joint venture partner Boxlog, om hun joint venture in drie bulkschepen te vereenvoudigen. Zo wordt CMB/Bocimar 100% eigenaar van de Lake Dolphin (2011-179.481 dwt) en wordt de Bulk Canada (2012-179.397 dwt) verkocht aan Boxlog. Het derde schip, de Mineral Subic (2011-179.397), blijft uitgebaat worden in joint venture. Op de verkooptransactie werd een verlies van 2,7 miljoen USD gerealiseerd.
Volgende gebeurtenissen vonden plaats na balansdatum: Januari 2013 14 januari 2013: 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 2013 22 februari 2013: 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 2013 1 maart 2013: 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 2013: Bohandymar bestelt vier bijkomende handysize ECO-type bulkschepen. Bohandymar Limited – een 100% dochteronderneming van CMB – heeft eerder dit jaar nog vier handysize ECOtype 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.
31
32
VLOOTOVERZICHT Naam 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 Rio Negro CMB Biwa CMB Coralie CMB Jialing CMB Maxime Lara Venture Nadine Venture FMG Cloudbreak FMG Grace FMG Matilda Lake Dolphin Mineral Antwerpen Mineral Bejing 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 Sines Mineral Stonehenge Mineral Subic Mineral Tianjin Mineral Water
IN AANBOUW / IN BESTELLING CMB Laszlo (Samjin 1052) CMB Diego (Samjin 1053) CMB Louis (Samjin 1054) CMB Laurence (Samjin 1055) Samjin 1056 Samjin 1057 Samjin 1061 Samjin 1062 Samjin 1063 Samjin 1064
BOCIMAR Type
Vlag
Bouwjaar
DWT
% eigendom
handysize handysize handysize handysize handysize handysize handysize handysize handysize handysize handysize handysize handysize handysize handysize handysize handysize handymax handymax handymax handymax post panamax post panamax capesize 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 HK HK HK HK HK HK HK HK HK HK HK HK HK BE HK HK HK HK HK HK HK HK HK PA BE HK BE BE BE HK HK HK BE HK BE BE BE BE HK PA BE HK BE BE
2011 2011 2011 2012 2010 2010 2012 2011 2011 2011 2010 2009 2011 2011 2010 2011 1999 2002 2009 2010 2010 2011 2011 2012 2012 2012 2011 2003 2004 2005 2003 2009 2008 2012 2012 2012 2004 2006 2011 2010 2009 2004 2010 2002 2010 2011 2004 1999
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 20.501 53.505 53.463 55.090 57.982 93.701 93.758 205.097 205.236 205.619 179.418 172.424 174.083 173.806 178.062 180.171 178.062 175.619 181.408 175.590 180.310 180.211 179.842 175.841 178.120 170.649 177.921 172.316 175.713 179.397 174.095 170.202
100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 90% 100% 100% 100% 25% 25% 100% 100% 100% 100% 50% 100% 100% 100% 100% 100% 100% 100% 100% 100% 50% 100% 100% 100% 100% 50% 50% 100% 50% 100% 100%
handysize handysize handysize handysize handysize handysize handysize handysize handysize handysize
HK HK HK HK HK HK HK HK HK HK
2013 2013 2013 2014 2014 2014 2014 2014 2015 2015
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%
dwt: ton draagvermogen handysize : 25.000 tot 35.0000 dwt - handymax : 50.000 tot 60.000 dwt - panamax : 70.000 tot 80.000 dwt postpanamax : 85.000 tot 100.000 dwt - capesize : > 150.000 dwt
CMB Naam Moonlight Venture
Type
Vlag
Bouwjaar
DWT
% eigendom
panamax
HK
2006
61.204
50%
dwt: ton draagvermogen panamax: 60.000 tot 80.000 dwt
33
BOCIMAR VLOOT – Energiebesparende maatregelen De afgelopen twee jaar heeft Bocimar zich toegelegd op de installatie van energiebesparende maatregelen op haar schepen (zowel deze in eigendom als deze in tijdsbevrachting). Door het brandstofverbruik te beperken doet Bocimar niet alleen de bunkerkosten afnemen, maar neemt tevens de milieubelastende impact van haar vloot af. Dit milieuvriendelijk beleid werd ingevoerd niet alleen voor de bestaande schepen maar ook voor de lopende nieuwbouwprojecten. Het ontwerp van de Handysize bulkschepen dewelke Bocimar momenteel in aanbouw heeft, behoort tot het zogenaamde “Eco”–type. Het “Eco”–type vertegenwoordigt een nieuwe generatie van schepen met momenteel het laagste brandstofverbruik en zijn tevens aangepast aan de huidige en toekomstige maatregelen met betrekking tot het verbranden van zwavelhoudende brandstof in speciale emissie–gecontroleerde gebieden. De maatregelen kunnen opgesplitst worden in twee categorieën: technologische en operationele. De belangrijkste technologische maatregelen zijn: – De vorm van de romp van de nieuwe “Eco”–type schepen verzekert het laagst mogelijke brandstofverbruik. – Ontwerp van de schroef. – Brandstofbesparende apparatuur zoals Mewis duct schroef, Propellor Bos Cap Fin, Rudder bulb en Pre–swirl stator. – Nieuw ontwerp van de hoofdmotor. – Systemen om het brandstofverbruik te controleren. – Optimalisatie van de trim. – Aangroeiwerende verf. – Toename van de dikte van het isolatiemateriaal van de bemanningsverblijven. De tien schepen, met een draagvermogen van 36.000 dwt, die Bocimar in bestelling heeft bij Samjin zullen uitgerust zijn met de meeste van hoger vermelde technologische innovaties. In vergelijking met de vorige generatie zal het nieuwe “Eco” ontwerp een brandstofbesparing van 25% opleveren. Op haar bestaande vloot heeft Bocimar verschillende van de beschikbare technologische innovaties uitgevoerd. De operationele maatregelen bestaan onder andere uit: – Goed bunkerbeheer aan boord. – Maatregelen om havenoperaties efficiënter te laten verlopen. – Routeplanning in functie van de weersomstandigheden en aanpassing van de vaarsnelheid. – Optimalisatie van de trim. – Beheer van de rompweerstand en regelmatig polijsten van de schroef. – De meest efficiënte methoden om brandstof te besparen zijn waarschijnlijk “slow” en “super slow steaming”. Het is echter een vrij nieuw initiatief en sommige eigenaars zijn bang de hoofdmotor te beschadigen en van overmatige slijtage aan de hulpmotoren. Bocimar heeft “slow” of “super slow steaming” ingevoerd op alle ingecharterde schepen en de meeste van haar schepen in eigendom die op de spotmarkt worden uitgebaat. Bocimar heeft haar beslissing om “slow” en “super slow steaming” in te voeren gebaseerd op besprekingen met de bouwers van hoofdmotoren, ervaringen van andere eigenaars en inspecties uitgevoerd op de motoren enkele maanden na de invoering van “super slow steaming”. Bocimar deelt haar ervaringen met betrekking tot “super slow steaming” met alle scheepseigenaren die het wensen toe te passen. Bocimar is er van overtuigd dat deze methode niet alleen de brandstofkost substantieel vermindert maar tevens een belangrijke impact heeft op het leefmilieu door een vermindering van de uitstoot van broeikasgassen.
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VLOOTOVERZICHT ASL AVIATION Manufacturer serial number
Registratie
Bouwjaar
Configuratie
152 234 236 220 274 259
IE IE IE IE IE IE
1981 1983 1983 1982 1983 1983
vracht vracht vracht vracht vracht vracht
24387 24388 24789 25124 28898 29333 29336 26850 32631 32632 32633 32634 32635 27143 26961 24446 24440 24433
FR FR FR FR FR FR FR FR ZA ZA ZA ZA ZA ZA US IE IE US
1989 1989 1990 1991 1997 1998 1999 1992 2002 2002 2002 2003 2003 1993 1995 1994 1992 1990
quick change quick change quick change quick change quick change quick change quick change quick change passagier passagier passagier passagier passagier combi passagier vracht vracht vracht
149 115 625 633 637 639 157 183 210 395 387 405 674 679 681
IE ES CZ CZ CZ CZ IE IE IE IE IE IE CZ CZ CZ
1989 1989 2004 2005 2005 2005 1989 1990 1992 1994 1994 1994 2001 2001 2001
vracht passagier passagier passagier passagier passagier vracht vracht vracht vracht passagier passagier passagier passagier passagier
4673 4565 4248 4562 4475 4208 4695
IE ZA ZA ZA ZA ZA ZA
1976 1974 1967 1974 1973 1967 1984
standaard standaard standaard standaard standaard standaard standaard
10369 10373 10377 10378
IT IT IT IT
1969 1969 1969 1969
vracht vracht vracht vracht
Airbus A300 B4-100 F A300 B4-100 F A300 B4-100 F A300 B4-203 F A300 B4-203 F A300 B4-100 F
Boeing B737-300 B737-300 B737-300 B737-300 B737-300 B737-300 B737-300 B737-300 B737-800 B737-800 B737-800 B737-800 B737-800 B737-400 B737-400 B737-400 B737-400 B737-400
ATR ATR 42-300 ATR 42-320 ATR 42-500 ATR 42-500 ATR 42-500 ATR 42-500 ATR 72-200 ATR 72-200 ATR 72-200 ATR 72-212 ATR 72-212 ATR 72-212 ATR 72-500 ATR 72-500 ATR 72-500
Hercules L-382 L-382 L-382 L-382 L-382 L-382 L-382
Fokker Fokker F27 Fokker F27 Fokker F27 Fokker F27 Alle vliegtuigen zijn volledige eigendom van de ASL-Groep.
35
BOCIMAR – DROGE BULK
100% BOCIMAR International
100% BOCIMAR HONG KONG
100% BOCIMAR LUX S.A. 100% BOCIMAR BELGIUM
100% BOHANDYMAR
Met de wereldwijde economische recessie, de aanhoudende onzekerheid in de Eurozone en de vraagtekens rond de veerkracht van de Chinese economie als achtergrond gingen de droge bulkmarkten door één van de ergste crisissen van de laatste dertig jaar. Na de ongekende boom van de jaren 2003-2005, werd 2012 gekenmerkt door een toevloed aan nieuwbouwschepen. De fundamentele drijvende krachten aan de vraagzijde bleven intact, maar het aanbod was gewoonweg te groot om geabsorbeerd te worden. Bovendien werd dit effect nog versterkt door verstoringen in het aanbod van cargo naar aanleiding van ongunstige weersomstandigheden. Eind 2005 telde de wereldcapesizevloot 650 schepen (+ 100.000 dwt) die samen 110 miljoen dwt vertegenwoordigen. Eind 2012 telt de wereldvloot 1.500 schepen of 279 miljoen dwt. Het wereldzeevervoer groeide in dezelfde periode met meer dan 100 miljoen ton. Hoge brandstofprijzen en lage vrachttarieven werkten bovendien “slow steaming” in de hand. Tegelijkertijd was 2012 eveneens een recordjaar op het vlak van verschroting; 35 miljoen dwt werd gesloopt. Het onevenwicht tussen het Atlantisch en Pacifisch bekken – een fenomeen van de laatste jaren – zette zich door in 2012, wat een invloed heeft op de tonmijlen. Maar ondanks de toegenomen verschroting groeide de droge-bulkvloot met 64 miljoen dwt of 10,5% (bron SSY). De groei in wereldzeevervoer, “slow steaming” en een toename van de tonmijlen konden deze toevloed niet opvangen. De massale instroom aan nieuwe schepen bleef dan ook niet zonder effect op de vrachtenmarkt. De gemiddelde capesizeopbrengsten – gemeten op basis van de Cape Baltic 4TC routes – bedroeg 7.635 USD/dag, hetzij de helft van 2011. Soms waren de capesize-opbrengsten zelfs negatief. Enkel door over te gaan naar “super slow steaming” konden negatieve opbrengsten in positieve omgebogen worden; zij het nog steeds onder het niveau van de dagelijkse uitbatingskosten. Bocimar behaalde gemiddeld 7.463 USD/dag op de spotmarkt. De gemiddelde opbrengsten van Bocimar voor 2012 zijn als volgt samen te vatten:
USD/dag 2012
– capesize
24.868
–panamax/postpanamax
10.660
– handymax
9.563
– handysize
7.713
38
Gemiddelde tarieven (jan 2010 - dec 2012) in USD/dag
capesize gemiddelde 4 TC routes
handysize gemiddelde 6 TC routes
60.000
50.000
40.000
30.000
20.000
10.000
12 20 Jan
11 20 Jan
Jan
20
10
0
Bron: Clarkson Research Services
De wereldvloot aan handysize schepen kende in 2012 een aangroei van 294 eenheden terwijl er 275 schepen gesloopt werden. In dit marktsegment – met het oudste leeftijdsprofiel – werd dankzij verschroting slechts een bescheiden netto-aangroei van 2% opgetekend. Bocimar realiseerde in dit segment een gemiddelde opbrengst van 7.700 USD/dag. In deze barre economische omgeving besteedde Bocimar veel aandacht aan het optimaliseren van haar reisopbrengsten met het invoeren van “slow” en “super slow steaming” alsook het doorvoeren van duurzame energiebesparende maatregelen. Het aanbrengen van energiebesparende apparaten, computergestuurde optimalisatie van de ladingstrim, computergestuurde analyse van het brandstofverbruik, weeranalyse van de vaarroute en het toepassen van speciale verftechnieken zijn slechts enkele voorbeelden van de genomen maatregelen. Tegelijkertijd voerde Bocimar ook de praktijk van “slow” en “super slow steaming” in op zowel haar eigen schepen alsook – indien toegestaan – op de door haar ingehuurde schepen. In dit verband werden de nodige investeringen in onderdelen gedaan die schepen toelaten om op 20 à 25% van hun normale belasting te varen; wat resulteert in aanzienlijke brandstofbesparingen. Door de aanhoudende lage vrachtenmarkten zochten verscheidene reders bescherming voor hun schuldeisers of stopten zij hun activiteiten. Zo heeft Bocimar de gevolgen gevoeld van een Japanse en een Chinese reder die voortijdig – respectievelijk twee en één jaar – een capesize- en handymaxschip terugleverden. Bocimar verwacht geen verdere schadegevallen binnen haar portefeuille aan langetermijn-tijdsbevrachtingsovereenkomsten. Ook de waarden van schepen, zowel nieuw als tweedehands, hadden te lijden onder de lage markten. Bocimar gebruikte dit in haar voordeel door twee nieuwe capesize-eenheden aan te kopen bij Jinhai aan historisch zeer lage prijzen. De schepen kwamen in dienst als Mineral Faith en Mineral Hope. In augustus van 2012 opende Bocimar een nieuw kantoor in Singapore, het snelst groeiende scheepvaartcentrum in de wereld. Van bij de start worden er vijf personen tewerkgesteld. Teneinde voordeel te nemen van het gunstige leeftijdsprofiel van de wereldhandysizevloot alsook als verdere uitbouw van haar “eco”type vloot, bestelde Bocimar nog vier bijkomende eenheden van 36.000 dwt bij de Samjin werf in Weihai, China. 39
40
Bocimar is er van overtuigd dat de combinatie van toegenomen verschroting, het sterk afnemend aantal van nog op te leveren nieuwbouwschepen en het sterk verminderde nieuwbouworderboek kan leiden tot een beter evenwicht tussen vraag en aanbod later in 2013 of tijdens de eerste helft van 2014. Bocimar draagt 51.950.000 USD (2011: 107.705.000 USD) bij aan het geconsolideerd resultaat. Deze bijdrage houdt rekening met een meerwaarde van 51.735.000 USD gerealiseerd op de verkoop van aandelen FMG. Na de verkopen gedaan in 2012 heeft Bocimar geen aandelen FMG meer in portefeuille.
evolutie vervoerde volumes
40
in miljoen ton
35 30 25 20 15 10 5 0
2003 * steenkool
2004 *
2005 ijzererts
2006
2007 graan
2008
2009
2010
andere
2011
2012
* volume Bocimar & partners
geconsolideerde sleutelcijfers in duizenden USD omzet EBITDA afschrijvingen 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
2012
2011
368.990 123.897 –97.605 26.292 25.688 51.980 –30 51.950
365.967 182.729 –70.436 112.293 –6.241 106.052 1.653 107.705
51.950 –
107.705 –
1.648.349 328.203 689.384
1.486.725 533.156 638.364
41
A S L A V I A T IO N – L U C H T V A A R T
51% ASL AVIATION
100% AIR CONTRACTORS
100% EUROPE AIR POST
100% SAFAIR
43
Met weinig of geen verbetering in de moeilijke werkomstandigheden voor luchtvaartmaatschappijen blijft ASL sterke resultaten neerzetten. De pure luchtvaartactiviteiten (EAP en Air Contractors) binnen Europa blijven succesvol ondanks de aanhoudende moeilijke marktomstandigheden. Bij EAP werd er een toegenomen verschuiving vastgesteld van de passagiers- naar de cargoactiviteit. De zwakke passagiersactiviteit werd ruimschoots opgevangen door een toename van de cargoactiviteit met 16% zowel uitgedrukt in aantal vluchturen als in aantal vervoerde tonnen vracht. Ook de betrouwbaarheid blijft van een zeer hoog en uitzonderlijk niveau. Een gedeelte van de toename is te wijten aan nieuwe contracten binnen de Europese markt voor pakjesdiensten wat de afhankelijkheid van klassieke postcontracten verminderd heeft. Anderzijds werden een aantal contracten met La Poste – de belangrijkste klant van EAP – in de loop van het jaar verlengd.
2012
2011
totaal aantal vlieguren
33.223
36.406
aantal vlieguren cargo aantal ton vervoerde cargo
15.645 75.660
13.459 64.940
aantal vlieguren passagiers aantal vervoerde passagiers
17.578 660.193
22.947 803.711
betrouwbaarheid cargovluchten
99,06%
99,56%
De activiteiten van Air Contractors (ACL) hebben in 2012 een verdere evolutie gekend. Daar waar de kernactiviteit van ACL de uitbating van ATR schroefvliegtuigen blijft, werd 2012 gekenmerkt door de opkomst van Boeing 737 als vervanging van de A300 vliegtuigen die stilaan het einde van hun economische levensduur bereiken. De opstart van operaties in Hong Kong – voor rekening van één van de belangrijke integrators – met dit nieuwere type vliegtuig betekent niet enkel een belangrijke geografische uitbreiding maar is ook een belangrijke stap voor ACL in de uitbating van Boeing 737 vliegtuigen. Betrouwbaarheid blijft één van de belangrijkste troeven van ACL wat duidelijk blijkt uit onderstaande tabel.
aantal vliegtuigen
2012 aantal vlieguren
betrouwbaarheid
aantal vliegtuigen
2011 aantal vlieguren
betrouwbaarheid
6 11 9 2
5.556 8.462 8.576 2.029
98,90% 98,20% 96,90% 95,20%
5 11 12 –
5.679 8.931 13.572 –
98,70% 98,80% 96,70% –
ATR 42 ATR 72 A300 B737
Safair blijft succesvol een gemengde vloot van Hercules en Boeing vliegtuigen uitbaten hoofdzakelijk in de internationale markt voor voedselhulpbedeling. In de loop van het jaar werden vijf Hercules toestellen, die voorheen ingehuurd werden, aangekocht. Verder werden vier Boeing 737-400 toestellen aangekocht die zullen omgebouwd worden tot vrachtvliegtuigen. Voorts werden drie ATR-toestellen die het einde van hun leasingcontract bereikten, verkocht. Tenslotte werden nog twee oudere A300-B4 toestellen in eigendom uit dienst genomen.
44
Op basis van de langetermijncontracten en de reeds verkochte passagiersvluchten kan ASL 2013 met optimisme tegemoet zien. De voornaamste onzekerheden voor 2013 zijn naast de mogelijke gevolgen van regelgeving binnen de luchtvaartindustrie, brandstofprijzen en wisselkoersen. De bijdrage van ASL aan het geconsolideerd resultaat voor het jaar 2012 bedraagt 18.234.000 USD (2011: 21.864.000 USD).
geconsolideerde sleutelcijfers 2012
2011
omzet EBITDA afschrijvingen EBIT (bedrijfsresultaat) financieel resultaat resultaat voor belasting belastingen resultaat over de periode toerekenbaar aan eigenaars van de moedermaatschappij minderheidsbelangen
252.890 54.434 –23.474 30.960 –5.955 25.005 –6.771 18.234
290.273 59.935 –27.565 32.370 –3.979 28.391 –6.527 21.864
18.234 –
21.864 –
vaste activa eigen vermogen schulden op meer dan één jaar
186.177 101.491 87.754
202.490 82.725 104.300
in duizenden USD
45
andere act i v i te i ten
27% ANGLO–EASTERN
MANAGEMENT GROUP
50% RESLEA
47
48
De Andere activiteiten bestaan voornamelijk uit CMB (moedermaatschappij), 50% in de vastgoedvennootschap RESLEA en het belang van 27% in de scheepsmanager Anglo-Eastern Management Group (AEMG). AEMG draagt 6.805.000 USD (2011: 5.408.000 USD) bij aan het geconsolideerd resultaat. Eind 2012 bestaat de door AEMG beheerde vloot uit 436 schepen. De vooruitzichten voor AEMG voor 2013 blijven positief. De Andere activiteiten dragen voor 60.690.000 USD (2011: 7.581.000 USD) bij aan het geconsolideerd resultaat. Deze bijdrage houdt rekening met: – een meerwaarde van 41.502.000 USD gerealiseerd op de volledige afbouw van de deelneming in Clarksons; – een meerwaarde van 23.038.000 USD op de verkoop van aandelen FMG in portefeuille bij CMB. Op het einde van 2012 bezit CMB nog 12.192.792 aandelen FMG.
geconsolideerde sleutelcijfers 2012
2011
omzet EBITDA afschrijvingen EBIT (bedrijfsresultaat) financieel resultaat resultaat voor belasting belastingen resultaat over de periode toerekenbaar aan eigenaars van de moedermaatschappij minderheidsbelangen
34.509 –12.090 –1.438 –13.528 74.242 60.714 –24 60.690
24.065 –13.755 –1.490 –15.245 23.055 7.810 –229 7.581
60.690 –
7.581 –
vaste activa eigen vermogen schulden op meer dan één jaar
23.588 629.810 18.207
24.072 464.775 12.776
in duizenden USD
49
50
RESULTAATVERWERKING Het te bestemmen resultaat van het boekjaar bedraagt 258.679.664,91 USD. Met inbegrip van de overdracht van vorig boekjaar ad 366.008.229,70 USD, geeft dit een te verdelen winstsaldo van: 624.687.894,61 USD Aan de algemene aandeelhoudersvergadering van 14 mei 2013 zal voorgesteld worden om over het boekjaar 2012, aan alle aandelen, een brutodividend van 0,08 EUR per aandeel uit te keren. Op basis hiervan ziet de verwerking van het resultaat er als volgt uit: – aan de wettelijke reserve
265.250,00 USD
– aan het kapitaal
2.322.755,77 USD
– aan de aandeelhouders
3.676.120,00 USD
– overdracht naar volgend boekjaar
618.423.768,84 USD
Na aftrek van de roerende voorheffing zal een nettodividend uitbetaald worden ten belope van 0,06 EUR per aandeel
Het nettodividend zal op 24 mei 2013 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). Belangrijk bericht aan de houders van toonderaandelen Verwijzend naar eerdere berichtgevingen, gezien het feit dat de momenteel nog in omloop zijnde toonderaandelen niet langer over fysieke coupons beschikken voor mogelijke dividendbetalingen, adviseert de vennootschap de eigenaars van toonderaandelen deze aandelen voor eind april 2013 te deponeren bij een financiële instelling en om te laten zetten in gedematerialiseerde vorm of op naam.
Antwerpen, 26 maart 2013 DE RAAD VAN BESTUUR
51
KALENDER Dividenden Bekendmaking halfjaarresultaten 2013
Betaalbaar vanaf 24 mei 2013 donderdag 18 juli 2013
Bekendmaking resultaten derde kwartaal 2013
donderdag 17 oktober 2013
Bekendmaking resultaten vierde kwartaal 2013
donderdag 23 januari 2013
Jaarvergadering
tweede dinsdag van mei om 14.30 uur 2014: dinsdag 13 mei
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 dankzij de medewerking en steun van de bemanning aan boord van de CMB/BOCIMAR vloot. Het management van CMB en BOCIMAR dankt alle bemanningsleden voor de foto’s die ze hebben aangebracht van de schepen waarop zij werken en een beeld geven van het dagdagelijkse leven aan boord. Verantwoordelijke uitgever: Marc Saverys, De Gerlachekaai 20, BE 2000 Antwerpen. This year report is also available in English.
financial statements for the year ended 31 December 2012
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
Een Nederlandstalige versie van de rekeningen kan op aanvraag verkregen worden op de maatschappelijke zetel van de vennootschap en is eveneens beschikbaar op de website van de vennootschap: www.cmb.be.
Consolidated financial statements for the year ended 31 December 2012
Consolidated financial statements for the year ended 31 December 2012
Consolidated statement of financial position in thousands of USD
note
2012
2011
ASSETS NON-CURRENT ASSETS
1.904.813
1.767.464
1.858.114
1.713.287
Vessels
1.631.669
1.259.922
Aircraft
180.879
196.722
Investment property
10.202
9.763
Land and buildings
4.281
4.808
26.318
237.332
4.765
4.740
-
13.795
668
Financial assets
-
32.388
52.959
Investments in equity accounted investees
8
31.195
44.389
Property, plant and equipment
7
Assets under construction Other tangible assets Intangible assets
Investments in securities
8
33
32
Non-current receivables
10
1.160
8.538
9
516
550
378.903
446.678
-
13.067
12.729
11
162.791
101.897
-
956
702
Deferred tax assets
CURRENT ASSETS Inventories Trade and other receivables Current tax asset Short-term investments Cash and cash equivalents Assets classified as held for sale TOTAL ASSETS
4
8
60.852
224.803
12
106.327
104.919
2
34.910
1.628
2.283.716
2.214.142
Consolidated financial statements for the year ended 31 December 2012
in thousands of USD
note
2012
2011
EQUITY and LIABILITIES EQUITY
1.059.504
1.080.656
13
1.059.504
1.080.656
Share capital
-
35.000
32.348
Share premium
-
-
330
Translation reserves
5
21.815
21.662
Fair value reserve
5
45.578
139.565
Hedging reserve
5
-1.381
-2.035
Treasury shares
-
-13.285
-13.285
Retained earnings
-
971.777
902.071
Non-controlling interest
-
-
-
868.470
742.657
Equity attributable to owners of the Company
NON-CURRENT LIABILITIES Loans and borrowings
15
761.506
714.544
Finance leases
-
-
-
Bank loans
-
757.880
710.994
Other loans
-
3.626
3.550
18
73.874
-
9
14.969
11.046
Employee benefits
16
7.980
4.324
Provisions
17
10.141
12.743
355.742
390.829
168.838
266.307
Trade and other payables Deferred tax liabilities
CURRENT LIABILITIES Trade and other payables Current tax liability
18 -
662
580
Loans and borrowings
15
176.178
117.947
Provisions
17
10.064
5.995
2
-
-
2.283.716
2.214.142
Liabilities classified as held for sale TOTAL EQUITY and LIABILITIES
5
Consolidated financial statements for the year ended 31 December 2012
Consolidated income statement in thousands of USD
note
2012
2011
Turnover
-
656.389
680.305
Gain on disposal of vessels
3
-
-
Other operating income
3
53.591
57.583
Services and other goods
4
-470.716
-426.459
Loss on disposal of vessels
4
-2.719
-
Depreciation and amortisation expenses
4
-122.517
-99.491
Impairment losses (-) / reversals (+)
-
-
-
Staff costs
4
-61.287
-62.811
Other operating expenses
4
-9.483
-19.534
19
466
-175
43.724
129.418
-
124.241
195.661
Finance expenses
-
-34.931
-188.917
Net finance expense
5
89.310
6.744
Share of result of equity accounted investees (net of tax)
8
4.665
6.091
137.699
142.253
-6.825
-5.103
130.874
137.150
Net result on freight and other similar derivatives Result from operating activities Finance income
Result before income tax Income tax expense
6
Result for the period
Attributable to: Owners of the Company
-
130.874
137.150
Non-controlling interest
-
-
-
Weighted number of shares
14
34.465.000
34.663.333
Basic and diluted earnings per share (in USD)
14
3,80
3,96
6
Consolidated financial statements for the year ended 31 December 2012
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME in thousands of USD
note
2012
Result for the period
2011
130.874
137.150
Other comprehensive income Items that will not be reclassified to profit or loss: Revaluation of property, plant and equipment
-
-
-
Defined benefit plan actuarial gains (losses)
-
-
-
Income tax on items that will not be reclassified to profit or loss
-
-
-
-
-
Items that may be reclassified subsequently to profit or loss: Foreign currency translation differences
5
150
23.778
Available-for-sale financial assets
5
-93.987
-102.026
Cash flow hedges
5
657
1.871
Income tax on items that may be reclassified to profit or loss
-
-93.180
-76.377
Other comprehensive income for the period, net of income tax
-93.180
-76.377
Total comprehensive income for the period
37.694
60.773
Attributable to: Owners of the Company
-
37.694
60.773
Non-controlling interest
-
-
-
7
Consolidated financial statements for the year ended 31 December 2012
Consolidated statement of changes in equity
in thousands of USD
Share capital
Share premium
Translation reserve
Fair value reserve
Hedging reserve
Treasury shares
Noncontrolling interest
Capital and reserves
Retained earnings
Total equity
Balance at 1 January 2011
33.405
341
-1.795
242.820
-3.914
-6.717
864.115
1.128.255
-
1.128.255
Currency translation difference on transition to USD
-1.057
-11
-1.925
407
-24
786
-32.887
-34.711
-
-34.711
-
-
25.382 25.382
-103.662 -103.662
1.903 1.903
-
137.150 137.150
137.150 -76.377 60.773
-
137.150 -76.377 60.773
-
-
-
-
-
-7.354
-66.807 500
-66.807 -6.854
-
-66.807 -6.854
-
-
-
-
-
-7.354
-66.307
-73.661
-
-73.661
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-7.354
-66.307
-73.661
-
-73.661
Balance at 31 December 2011
32.348
330
21.662
139.565
-2.035
-13.285
902.071
1.080.656
-
1.080.656
Balance at 1 January 2011
32.348
330
21.662
139.565
-2.035
-13.285
902.071
1.080.656
-
1.080.656
-
-
153 153
-93.987 -93.987
654 654
-
130.874 130.874
130.874 -93.180 37.694
-
130.874 -93.180 37.694
-
-
-
-
-
-
-59.779 933
-59.779 933
-
-59.779 933
-
-
-
-
-
-
-58.846
-58.846
-
-58.846
-
-
-
-
-
-
-
-
-
-
2.652 2.652
-330 -330
-
-
-
-
-2.322 -61.168
-58.846
-
-58.846
35.000
-
21.815
45.578
-1.381
-13.285
971.777
1.059.504
-
1.059.504
Total comprehensive income for the period Result for the period Total other comprehensive income Total comprehensive income for the period 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 Total transactions with owners
Total comprehensive income for the period Result for the period Total other comprehensive income Total comprehensive income for the period 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 2012
The extroardinary general meeting of 8 May 2012 that approved the change of functional currency also approved a capital increase by incorporation of the total amount of share premium account and part of the retained earnings. In doing so the share capital now amounts to USD 35 million and is represented by 35 million shares.
8
Consolidated financial statements for the year ended 31 December 2012
Consolidated statement of cash flows
in thousands of EUR
note
Net cash and cash equivalents at the beginning of the period Result before income tax
-
2012
2011
104.919
106.006
137.699
142.253
Adjustments for non-cash transactions
-
63.537
111.007
Adjustments for items disclosed under investing or financing activities
-
-73.941
-7.733
Changes in working capital
-
-24.437
74.506
Income taxes paid during the period
-
-3.021
-3.081
Interest paid
-
-34.712
-30.685
Interest received
-
2.666
3.148
Dividends received
-
7.365
11.253
75.156
300.668
Cash flows from operating activities Acquisition of vessels
7
-226.877
-213.237
Proceeds from the sale of vessels
7
-
-
Acquisition of other (in)tangible assets
7
-34.133
-17.514
Proceeds from the sale of other (in)tangible assets
7
25.472
8.571
Investment in securities
8
-2.192
-
Capital increase/decrease in subsidiaries, joint ventures & associates
-
-1.554
-535
Proceeds from the sale of securities
8
188.154
19.291
Loans to related parties
10
-953
-963
Repayment of loans to related parties
10
-
-
Proceeds of disposals of subsidiaries & joint ventures net of cash disposed of and of associates
24
-
42.146
Purchase of subsidiaries, joint ventures & associates net of cash acquired
-
-1.332
-1.979
-53.415
-164.220
Cash flows from investing activities Proceeds from issue of share capital
13
-
-
Repurchase / sale of treasury shares
13
-
-7.354
New long-term borrowings
15
382.329
225.656
Repayment of long-term borrowings
15
-379.297
-285.661
Proceeds from loans from related parties
15
-
-
Repayment of loans from related parties
15
-
-
Dividends paid
-
-59.028
-66.328
-55.996
-133.687
Cash flows from financing activities Currency translation difference on transition to USD Effect of changes in exchange rates Net cash and cash equivalents at the end of the period
15
-
-3.546
-372
-302
70.292
104.919
9
Notes to the consolidated financial statements for the year ended 31 December 2012
Significant accounting policies
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 2012 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 (a) 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 2012. The financial statements were authorised for issue by the Board of Directors on 26 March 2013. (b) 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. (c) 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. (d) 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 7 – Property, plant and equipment; • Note 20 – Operating leases.
10
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 7 – Property, plant and equipment; • Note 17 – Provisions and contingencies;
(e) Changes in accounting policies The accounting policies have been applied consistently to all periods presented and for all group entities as included in these consolidated financial statements. The accounting policies and calculation methods adopted in the preparation of the consolidated financial statements for the period ended 31 December 2012 are consistent with those applied in the preparation of the consolidated financial statements for the year ended 31 December 2011 except for the change of functional and presentation currency.. As from the financial year 2012 CMB prepares and presents its consolidated accounts in USD. This change of reporting currency is a consequence of CMB as parent company - changing its functional currency for its statutory accounts from EUR to USD. The Company has received regulatory approval to use the USD as its functional currency as the company itself is now operating vessels. The functional currency on international shipping markets is the USD which means that assets (vessels) and related debts, receivables and loans are expressed in USD. Furthermore, management was of the opinion that using the USD as a reporting currency enhances the presentation of its financial statements as the better part of the business of the Group is carried out in a USD environment. The comparable figures for 2011 have been converted on the basis of an exchange rate of EUR 1 = USD 1,4035 for all income and cash flow statement related elements. All comparable balance sheet items have been converted at an exchange rate of EUR 1 = USD 1,2939. A number of new standards, amendments to standards and interpretations have become effective for annual periods beginning after 1 January 2012. These have had no material impact to CMB’s consolidated financial statements. (f) Basis of consolidation (i) 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.
Notes to the consolidated financial statements for the year ended 31 December 2012
Significant accounting policies (continued)
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 non-controlling 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. (g) Foreign currency (i) 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. (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.
11
Notes to the consolidated financial statements for the year ended 31 December 2012
Significant accounting policies (continued)
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.
(h) Financial instruments (i) 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
12
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. Heldto-maturity financial assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, heldto-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.
Notes to the consolidated financial statements for the year ended 31 December 2012
Significant accounting policies (continued)
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.
They are included in non-current assets unless the Company intends to dispose of the investment within 12 months of the balance sheet date.
(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
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.
(i) Intangible assets (i) Goodwill Goodwill represents amounts arising on an acquisition of subsidiaries, associates and joint ventures. For the measurement of goodwill at initial recognition, see note (f)(i).
Goodwill is recognised as an asset and initially at its cost. After initial recognition goodwill shall be remeasured at cost less any accumulated impairment losses (refer accounting policy (l)). In respect of equity accounted investees, the carrying amount of goodwill is included in the carrying amount of the investment, and any impairment loss is allocated to the carrying amount of the equity accounted investee as a whole.
13
Notes to the consolidated financial statements for the year ended 31 December 2012
Significant accounting policies (continued)
(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. (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) Vessels, property, plant and equipment (i) 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.
14
(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.
Notes to the consolidated financial statements for the year ended 31 December 2012
Significant accounting policies (continued)
(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.
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.
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 firstout 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. (l) Impairment (i) Non-derivative financial assets A financial asset not classified as at fair value through profit or loss is assessed at each reporting date whether there is objective evidence that it is impaired. A financial asset is impaired if there is objective evidence of impairment as a
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-tomaturity 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.
15
Notes to the consolidated financial statements for the year ended 31 December 2012
Significant accounting policies (continued)
(ii) Non-financial asset The carrying amounts of the Group’s non-financial assets, other than inventories and deferred tax assets (refer accounting policy (t)), are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated. Goodwill and indefinite-lived intangible assets are tested annually for impairment. An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit (CGU) exceeds its recoverable amount.
The recoverable amount of an asset or CGU is the greater of its fair value less cost to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. Future cash flows are based on current market conditions, historical trends as well as future expectations. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGU’s. Subject to an operating segment ceiling test, CGU’s to which goodwill has been allocated are aggregated so that the level at which impairment testing is performed reflects the lowest level at which goodwill is monitored for internal reporting purposes. Goodwill acquired in a business combination is allocated to groups of CGU’s that are expected to benefit from the synergies of the combination. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGU’s are allocated first to reduce the carrying amount of any goodwill allocated to the CGU (group of CGU’s), and then to reduce the carrying amounts of the other assets in the CGU (group of CGU’s) on a pro rata basis. 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 7 – Property, plant and equipment.
(m) 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.
16
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
(n) Employee benefits (i) 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 recognised as an employee benefit expense in profit or loss in the periods during which related services are rendered by employees. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in future payments is available. Contributions to a defined contribution plan that are due more than 12 months after the end of the period in which the employees render the services are discounted to their present value (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 return for their service in the current and prior periods; that benefit is discounted to determine the present value. Any unrecognised past service cost and the fair value of any plan assets is deducted. The discount rate is the yield at 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. The calculation is performed annually by a qualified actuary using the projected unit credit method. Where the calculation results in a benefit to the Group, the recognised asset is limited to the total of any unrecognised past service costs and 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. In order to calculate the present value of economic benefits, consideration is given to any minimum funding requirements that apply to any plan in the Group. An economic benefit is available to the Group if it is realisable during the life of the plan, or on settlement of the plan liabilities. When the benefits of a plan are improved, the portion of the increased benefit relating to past service by employees is recognised in profit or loss on a straight-line basis over the average period until the benefits become vested. To the extent that the benefits vest immediately, the expense is recognised immediately in profit or loss. All actuarial gains and losses arising from defined benefit plans and all expenses related to defined benefit plans are immediately recognised in profit or loss. The Group recognises gains and losses on the curtailment or settlement of a defined benefit plan when the curtailment or settlement occurs. The gain or loss on curtailment or settlement comprises any resulting change in the fair value of plan assets, any change in the present value of the defined benefit obligation, any related actuarial gains and losses and past service cost that had not previously been recognised.
Notes to the consolidated financial statements for the year ended 31 December 2012
Significant accounting policies (continued)
(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.
(p) Revenue (i) Goods sold and services rendered Revenue from the sale of goods in the course of ordinary activities is measured at the fair value of the consideration received or receivable, net of trade discounts. Revenue is recognised when persuasive evidence exists, usually in the form of an executed sales agreement, that the significant risks and rewards of ownership have been transferred to the buyer, recovery of the consideration is probable, the associated costs and possible return of goods can be estimated reliably, there is no continuing management involvement with the goods, and the amount of revenue can be measured reliably. If it is probable that discounts will be granted and the amount can be measured reliably, then the discount is recognised as a reduction of revenue as the sales are recognised The timing of the transfers of risk and rewards varies depending on the individual terms of the sales agreement. For the sale of vessels and aircraft, transfer usually occurs upon delivery of the vessel or aircraft to the new owner. (ii) Service Revenue from services rendered is recognised in profit or loss in proportion to the stage of completion of the transaction at the reporting date. The stage of completion of spot voyages is assessed by reference to the percentage of the estimated duration of the voyage completed at the reporting date. Revenue from time charters and bareboat charters is recognised on a daily basis over the term of the charter. No revenue is recognised if there are significant uncertainties regarding recovery of the consideration due, associated costs or the possible return of goods. (iii) Rental income Rental income from investment property is recognised as revenue on a straight-line basis over the term of the lease. Lease incentives granted are recognised as an integral part of the total rental income, over the term of the lease. Rental income from other property is recognised as other income. Rental income form the leasing of aircraft under operating leases is recognised on a straight-line basis over the term of the lease. (q) 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). (r) 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.
17
Notes to the consolidated financial statements for the year ended 31 December 2012
Significant accounting policies (continued)
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.
(s) 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. (t) Income tax Tax expenses comprises 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.
18
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. 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 4).
(u) 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.. (v) 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.
Notes to the consolidated financial statements for the year ended 31 December 2012
Significant accounting policies (continued)
(w) New standards and interpretations not yet adopted A number of new standards, amendments to standards and interpretations - as listed below - are effective for annual periods beginning on or after 1 January 2012, and have not been applied in preparing these consolidated financial statements. CMB will not early adopt these standards. Amendments to IAS 12 – Deferred Tax: Recovery of Underlying Assets Amendments to IAS 1 – Presentation of Items of Other Comprehensive Income IFRS 9 Financial Instruments IFRS 10 Consolidated Financial Statements IFRS 11 Joint Arrangements IFRS 12 Disclosure of Interests in Other Entities IFRS 13 Fair value Measurement IAS 19 Employee Benefits (amended 2011) IAS 27 Separated financial instruments (2011) IAS 28 Investments in Associates and Joint Ventures (2011)
None of these is expected to have a material impact on CMB’s consolidated financial statements, except for IFRS 11 Joint Arrangements, that becomes mandatory for the Group’s 2013 consolidated financial statements. The Company is currently 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 consolidated financial statements, 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.
19
Notes to the consolidated financial statements for the year ended 31 December 2012 Note 1 - Segment reporting Note 2 - Assets and liabilities classified as held for sale and discontinued operations Note 3 - Operating revenue and other operating income Note 4 - Operating expenses Note 5 - Net finance expense Note 6 - Income tax expense Note 7 - Property, plant and equipment Note 8 - Financial assets Note 9 - Deferred tax assets and liabilities Note 10 - Non-current receivables Note 11 - Trade and other receivables Note 12 - Cash and cash equivalents Note 13 - Equity Note 14 - Earnings per share Note 15 - Interest-bearing loans and borrowings Note 16 - Employee benefits Note 17 - Provisions & contingencies Note 18 - Trade and other payables Note 19 - Financial instruments - Market and other risks Note 20 - Operating leases Note 21 - Related parties Note 22 - Group entities Note 23 - Interest in joint ventures Note 24 - Subsidiaries Note 25 - Major exchange rates Note 26 - Subsequent events Note 27 - Remuneration of the statutory auditors Note 28 - Statement on the true and fair view of the consolidated financial statements and the fair overview of the management report
20
Notes to the consolidated financial statements for the year ended 31 December 2012
Note 1 - 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. Statement of financial position in thousands of USD ASSETS
Bocimar
NON-CURRENT ASSETS
1.661.719
188.308
88.670
Property, plant and equipment Intangible assets Financial assets Deferred tax assets
1.648.349 13.183 187 -
186.177 612 1.003 516
23.588 65.082 -
215.173
99.756
1.876.892
CURRENT ASSETS TOTAL ASSETS
ASL Aviation
2012 Other activities
Eliminations
ASL Aviation
2011 Other activities
Total
Bocimar
Eliminations
Total
-33.884
1.904.813
1.508.682
204.900
94.826
-40.944
1.767.464
-33.884 -
1.858.114 13.795 32.388 516
1.486.725 21.957 -
202.490 668 1.192 550
24.072 70.754 -
-40.944 -
1.713.287 668 52.959 550
644.551
-580.577
378.903
262.491
107.147
504.530
-427.490
446.678
288.064
733.221
-614.461
2.283.716
1.771.173
312.047
599.356
-468.434
2.214.142
EQUITY and LIABILITIES EQUITY
328.203
101.491
629.810
-
1.059.504
533.156
82.725
464.775
-
1.080.656
Equity attributable to owners of the Company Non-controlling interest
328.203 -
101.491 -
629.810 -
-
1.059.504 -
533.156 -
82.725 -
464.775 -
-
1.080.656 -
NON-CURRENT LIABILITIES
765.022
112.461
24.826
-33.839
868.470
638.940
125.351
19.261
-40.896
742.656
Loans and borrowings Trade and other payables Deferred tax liabilities Employee benefits Provisions
689.384 73.874 1.616 148
87.754 14.930 4.730 5.047
18.207 39 1.634 4.946
-33.839 -
761.506 73.874 14.969 7.980 10.141
638.364 423 153
104.300 11.006 3.090 6.955
12.776 40 811 5.634
-40.896 -
714.544 11.046 4.324 12.742
CURRENT LIABILITIES
783.667
74.112
78.585
-580.622
355.742
599.077
103.971
115.320
-427.538
390.830
1.876.892
288.064
733.221
-614.461
2.283.716
1.771.173
312.047
599.356
-468.434
2.214.142
TOTAL EQUITY and LIABILITIES Income statement in thousands of USD
Bocimar
ASL Aviation
2012
2011
Other activities
Other activities
Eliminations
Total
Bocimar
ASL Aviation
Eliminations
Total
Turnover Gains on disposal of vessels Other operating income
368.990 42.925
252.890 7.759
34.638 4.635
-129 -1.728
656.389 53.591
365.967 44.234
290.273 9.916
24.177 4.891
-112 -1.458
680.305 57.583
Services and other goods Losses on disposal of vessels Depreciation and amortisation expense Impairment losses (-) / reversals (+) Staff costs Other operating expenses
-267.423 -2.719 -97.605 -6.410 -11.932
-158.765 -23.474 -50.160 2.710
-46.385 -1.438 -4.717 -261
1.857 -
-470.716 -2.719 -122.517 -61.287 -9.483
-214.479 -70.436 -5.092 -7.726
-184.720 -27.565 -53.200 -2.334
-28.830 -1.490 -4.519 -9.474
1.570 -
-426.459 -99.491 -62.811 -19.534
466
-
-
-
466
-175
-
-
-
-175
Result from operating activities
Net result on freight and other similar derivatives
26.292
30.960
-13.528
-
43.724
112.293
32.370
-15.245
-
129.418
Net finance expense Share of result of equity accounted investees (net of tax)
27.828
-5.955
67.437
-
89.310
-6.925
-3.979
17.648
-
6.744
-2.140
-
6.805
-
4.665
684
-
5.407
-
6.091
Result before income tax
51.980
25.005
60.714
-
137.699
106.052
28.391
7.810
-
142.253
-30
-6.771
-24
-
-6.825
1.653
-6.527
-229
-
-5.103
Result for the period
51.950
18.234
60.690
-
130.874
107.705
21.864
7.581
-
137.150
Attributable to: Owners of the Company Non-controlling interest
51.950 -
18.234 -
60.690 -
-
130.874 -
107.705 -
21.864 -
7.581 -
-
137.150 -
Income tax expense
The Group has one client - in the ASL Aviation segment - that represents approximately 10% of the Group’s total turnover. All the other clients represent less than 10% respectively.
21
Notes to the consolidated financial statements for the year ended 31 December 2012
Note 1 - Segment reporting (continued) Statement of cash flows in thousands of USD Bocimar
ASL Aviation
2012
2011
Other activities
Other activities
Eliminations
Total
Bocimar
ASL Aviation
Eliminations
Total
Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities
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
250.789 -199.533 130.759
43.804 -8.267 -26.551
6.075 43.580 -237.895
-
300.668 -164.220 -133.687
Capital expenditure Impairment losses Impairment losses reversed
227.237 -
24.763 -
826 -
-
252.826 -
213.673 -
16.094 -
264 -
-
230.031 -
The company’s internal organisation and management structure does not distinguish any geographical segments. Hence no geographical segment information is presented.
Note 2 - Assets and liabilities classified as held for sale and discontinued operations Assets classified as held for sale in thousands of USD
2012 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
19.688 14.610 34.298
Liabilities classified as held for sale in thousands of USD
612 612
Total -
Bocimar
19.688 612 14.610 34.910
ASL Aviation -
2012 Bocimar
Provisions Loans and borrowings Deferred tax liabilities Trade and other payables Total
2011 Other activities
ASL Aviation -
-
Other activities
1.628 1.628
Total -
1.628 1.628
2011 Other activities
Total -
Bocimar -
ASL Aviation -
-
Other activities
Total -
-
The Assets held for sale in the Bocimar segement consist 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 which the Group is committed to sell in the course of 2013. The Asset held for sale in the ASL Aviation segment relates to the value of an aircraft that will be sold during 2013. For 2011, the Asset held for sale in the ASL Aviation segment represents the value of an aircraft that was disposed of in the course of the first quarter of 2012. Discontinued operations As per 31 December 2012 the Group has no operations that meet the qualifications of a discontinued operation.
22
Notes to the consolidated financial statements for the year ended 31 December 2012
Note 3 - Operating revenue and other operating income Gain on disposal of vessels in thousands of USD
2012
Gains on the sale of vessels Gains on the transfer of time charter contracts Total
Other operating income in thousands of USD Gains on disposal of other (in)tangible assets Gains on disposal of subsidiaries & associates Government grants Reversal of unused provisions Recharge of expenses and compensations received Total
2011 -
2012 6.255 1.200 46.136 53.591
-
2011 1.971 2.317 53.295 57.583
The Recharge of expenses and compensations received mainly consists of the indemnity received under the charterer’s default insurance.
Note 4 - Operating expenses Services and other goods in thousands of USD
2012
2011
Operating expenses Charter hire Voyage expenses Raw materials and consumables used Tonnage tax Administrative expenses Sub-total Bocimar
-94.559 -97.465 -65.938 -669 -8.792 -267.423
-67.166 -96.245 -41.715 -637 -8.716 -214.479
Operating expenses Lease expenses Other expenses Raw materials and consumables used Administrative expenses Sub-total ASL Aviation
-113.176 -7.842 -17.719 -12.649 -7.379 -158.765
-131.914 -9.825 -21.674 -12.726 -8.581 -184.720
Operating expenses Charter hire Voyage expenses Raw materials and consumables used Administrative expenses Sub-total Other activities
-9.756 -18.578 -10.736 -7.315 -46.385
-5.321 -12.938 -4.835 -5.736 -28.830
Eliminations Total
1.857 -470.716
1.570 -426.459
Depreciation and amortisation expenses in thousands of USD
2012
2011
Depreciation of property, plant and equipment Amortisation of intangible assets Total
-120.449 -2.068 -122.517
-99.033 -458 -99.491
The increase in Intangible assets relates to the value attached to the time charters of Lake Dolphin and Mineral Subic that were acquired as a part of the acquisition of the Delphis dry bulk assets.
23
Notes to the consolidated financial statements for the year ended 31 December 2012
Note 4 - Operating expenses (continued) Loss on disposal of vessels in thousands of USD Loss on the sale of vessels
2012
2011
-2.719
-
The loss on the sale of vessels refers to a loss realised on the sale of the Bulk Canada (2012 – 179.397 dwt) within the framework of the restructuring of a joint venture - between Bocimar and Boxlog in three bulk vessels. As a consequence the Lake Dolphin will become fully owned by CMB/Bocimar and the Bulk Canada will be sold to Boxlog. The third vessel, the Mineral Subic (2011 – 179.397), will continue to be operated in joint venture.
Staff costs in thousands of USD
2012
2011
Wages and salaries Social security costs Provision for employee benefits Other staff costs Total
-42.437 -12.060 -3.493 -3.297 -61.287
-45.170 -13.648 -80 -3.913 -62.811
440,19
435,52
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
2012 -4.250 -2.791 -1.303 -1.139 -9.483
2011 -1.026 -10.114 -2.404 -5.990 -19.534
The Losses on disposal of subsidiaries & associates for the year 2011 are composed of the loss on the sale of Hessenatie Logistics (see also Note 24).
24
Notes to the consolidated financial statements for the year ended 31 December 2012
Note 5 - Net finance expense Recognised in profit or loss in thousands of USD 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
2012
2011
2.466 2.482 2.301
3.109 1.575 5.469 90
101.426
16.296
-
-
Foreign exchange gains Finance income
Net change in fair value of financial assets at fair value through profit or loss
15.566 124.241
169.122 195.661
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
-33.832 3.089 -851 -12.834
-30.999 1.771 -2.895
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 Net finance expense recognised in profit or loss
25.503 -16.006 -34.931 89.310
1.295 -158.089 -188.917 6.744
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
2.466 -33.832
3.109 -30.999
Recognised directly in equity in thousands of USD
2012
2011
Foreign currency translation differences 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
150 7.439 -101.426 575 82 -93.180
23.778 -85.730 -16.296 -1.906 3.777 -76.377
Attributable to: Owners of the Company Non-controlling interest Net finance expense recognised directly in equity
-93.180 -93.180
-76.377 -76.377
153 -93.987 654 -93.180
25.382 -103.662 1.903 -76.377
Recognised in: Translation reserve Fair value reserve Hedging reserve
The net finance expense includes an amount of USD 116.396.000 of gains and losses realised on the sale of available-for-sale financial assets. It mainly concerns a capital gain of USD 41.502.000 on the divestment of CMB’s participating interest in Clarksons and a capital gain of USD 74.773.000 realised on the sale of shares FMG.
25
Notes to the consolidated financial statements for the year ended 31 December 2012
Note 6 - Income tax expense in thousands of USD
2012
2011
Current tax Current period Adjustments for prior years Total
-2.863 13 -2.850
-2.716 584 -2.132
Deferred tax Origination and reversal of temporary differences Benefit of tax losses recognised Total
-4.621 646 -3.975
-3.405 434 -2.971
Total income tax expense
-6.825
-5.103
Reconciliation of effective tax in thousands of USD
2012
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
26
2011 137.699
-33,99%
-46.804
-4,96%
-17.144 44.151 -2.010 -999 1.737 13 14.231 -6.825
142.253 -33,99%
-48.352
-3,59%
-2.926 10.554 -536 -4.778 26.091 584 14.260 -5.103
Notes to the consolidated financial statements for the year ended 31 December 2012
Note 7 - Property, plant and equipment
At 1 January 2011 Cost Depreciation & impairment losses Net carrying amount
1.112.636 -164.592 948.044
15.932 -3.932 12.000
396.536 -177.617 218.919
16.025 -5.982 10.043
5.184 -2.187 2.997
379.977 379.977
-
14.431 -9.643 4.788
1.940.721 -363.953 1.576.768
-58.022 -70.238 370.912 58.022 -
-345 -796 345 -
-5.776 11.996 -4.147 -25.580 -1.628 2.938 -
-321 -386 427 -
-257 2.963 -458 -427 -10 -
-966 213.237 15.030 -370.912 966 -
-
-162 1.836 -175 -1.575 28 -
-65.849 230.032 -4.322 -99.033 15.030 -1.628 62.289 -
Balance at 31 December 2011
1.248.718
11.204
196.722
9.763
4.808
237.332
-
4.740
1.713.287
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 -
Balance at 31 December 2012
1.621.264
10.405
180.879
10.202
4.281
26.318
-
4.765
1.858.114
At 31 December 2012 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
Currency translation difference on transition to USD 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
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
Total
At 31 December 2012, assets with a total carrying amount of USD 1.755.052.000 (2011: USD 1.412.000.000) have been mortgaged to secure bank loans (see also Note 15).
27
Notes to the consolidated financial statements for the year ended 31 December 2012
Note 7 - 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 2012 exceeds the market value by USD 559 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, Handymax and Handysize. Other assumptions used in calculating the value in use are: - a WACC (weighted average cost of capital) of 10,31% in line with industry wide used percentages (currently ranging between 9,40% and 10,30%), - 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 2012 - did not result in any need to record an impairment loss in the 2012 consolidated accounts. ASL Aviation As per 31 December 2012 there were no indications of impairment in respect of the aircraft fleet.
Vessels under construction in thousands of USD
2012
Capesize bulkcarriers Panamax bulkcarriers Handymax bulkcarriers Handysize bulkcarriers Total
2011
26.318 26.318
170.949 14.749 51.634 237.332
Capital commitments At 31 December 2012, the Group has capital commitments amounting to USD 211.501.000 (2011: USD 297.974.000). These can be detailed as follows:
in thousands of USD Commitments in respect of bulk 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 202.977 8.524 211.501
2013 99.477 8.524 108.001
18.900
18.900
payments scheduled for 2014 2015 76.900 26.600 76.900 26.600 -
2012 28.560
-
2016
2017 -
-
-
-
2011 25.487
The fair value of investment property has been determined on basis of a valuation report obtained from a qualified real estate broker and taking into account the value of recent transactions. The increase in the value of investment property is a reflection of the changes in the leasing portfolio of which a substantial part was renewed and extended in the course of the year.
28
Notes to the consolidated financial statements for the year ended 31 December 2012
Note 8 - Financial assets Investments in equity accounted investees in thousands of USD Equity value
Goodwill
Total
At 1 January 2011
16.115
28.122
44.237
Currency translation difference on transition to USD Acquisitions & additional investments Disposals and repayments Share in the result Dividends Impairment losses Reversal of impairment losses Business combinations Transfers Translation differences Other changes
-566 535 6.091 -5.784 314 -438
-966 966 -
-1.532 535 6.091 -5.784 1.280 -438
Balance at 31 December 2011
16.267
28.122
44.389
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
Balance at 31 December 2012
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 and 2012 the Group increased its stake in AEMG slightly. As per 31 December 2012 the Group’s stake amounts to 27,46%. During 2009 the Group acquired a 50% participating interest in Interbarge Partners LLC (Interbarge). Interbarge in its turn holds 50% of the shares in SCFCo Holdings LLC (SCFCo), a company engaged in the business of acquiring, operating and chartering to third parties, barge convoys and related equipment and services in the Paranà-Paraguay waterway. SCFCo is taken up in the consolidated accounts as from September 2009 and is accounted for as an investment in an associate on the basis of a 25% indirect percentage share. The Group’s share of profit from AEMG for the year 2012 amounted to USD 6.805.000 (2011: USD 5.408.000). The Group’s share in the result of SCFCo for the year 2012 amounted to USD -2.140.000 (2011: USD 683.000). In the course of the year 2012 the Group received dividends amounting to USD 4.883.000 from AEMG (2011: USD 5.784.000). The following is a summary of financial information for AEMG and SCFCo (excluding any Group adjustments) for the financial year 2012 and 2011 not adjusted for the percentage ownership held by the Group: AEMG in thousands of USD
2012
SCFCo 2011
2012
2011
Percentage share
27,46%
27,43%
25,00%
25,00%
Current assets Non-current assets Total assets
107.750 15.194 122.944
90.928 15.830 106.758
7.391 130.651 138.042
9.967 140.137 150.104
97.601 146 97.747
86.553 1.217 87.770
25.867 68.675 94.542
22.230 82.264 104.494
183.948 -160.537 23.411
162.237 -141.390 20.847
43.799 -49.470 -5.671
47.521 -44.775 2.746
Current liabilities Non-current liabilities Total liabilities Revenues Expenses Profit / (Loss)
29
Notes to the consolidated financial statements for the year ended 31 December 2012
Note 8 - Financial assets (continued) Investments in securities in thousands of USD
Availablefor-sale
Held-tomaturity
Other
Total
At 1 January 2011 Cost Revaluation Impairment losses Net carrying amount
141.745 242.635 -50.443 333.937
-
-
141.745 242.635 -50.443 333.937
Currency translation difference on transition to USD 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 Disposals of subsidiaries Transfers Translation differences Other changes
-2.226 -5.827 -16.296 -85.731 -73 1.368 -317 -
-
-
-2.226 -5.827 -16.296 -85.731 -73 1.368 -317 -
Balance at 31 December 2011
224.835
-
-
224.835
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 Disposals of subsidiaries 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 -
Balance at 31 December 2012
60.885
-
-
60.885
At 31 December 2012 Cost Revaluation Impairment losses Net carrying amount
38.073 45.578 -22.766 60.885
-
-
38.073 45.578 -22.766 60.885
See also Note 5 for details on disposals.
30
Notes to the consolidated financial statements for the year ended 31 December 2012
Note 8 - Financial assets (continued) Investments in securities in thousands of USD
non-current 2012 2011
Available-for-sale – quoted – unquoted Held-to-maturity – quoted – unquoted Other – quoted – unquoted
current 2012
2011
33
32
60.852 -
224.803 -
-
-
-
-
33
32
60.852
224.803
Sensitivity analysis - equity price risk Nearly all of the Group’s equity investments are listed on international markets like NYSE Euronext, ASX or the Stock Exchange of Hong Kong Limited. A two percent increase at the reporting date would have increased equity and profit or loss by the amounts shown below. The analysis for 2011 is performed on the same basis. in thousands of USD Equity Profit or loss
2012 1.217 -
2011 4.491 5
31
Notes to the consolidated financial statements for the year ended 31 December 2012
Note 9 - 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
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
Unrecognised deferred tax assets and liabilities Deferred tax assets have not been recognised in respect of the following items: in thousands of USD 2012 Assets Liabilities Deductible temporary differences 9.617 Taxable temporary differences -6.102 51.571 Unused tax losses & tax credits 61.188 -6.102 -6.102 6.102 Offset Total 55.086 -
Net -7.525 -9.877 1.942 1.007 -14.453 -
Assets 4.549 1.258 8.998 14.805 -14.255 550
2011 Liabilities -8.919 -9.549 -6.833 -25.301 14.255 -11.046
Net -4.370 -9.549 1.258 -6.833 8.998 -10.496 -
2011 Assets Liabilities 12.248 -10.272 48.501 60.749 -10.272 -10.272 10.272 50.477 -
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 2011 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
-1.101 -8.966 1.181 -11.187 12.973 -7.100
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
32
-4.370 -9.549 1.258 -6.833 8.998 -10.496
Currency translation Recognised Recognised Other Translation difference in equity movements differences on transition in income to USD 314 -2.589 -994 357 -940 -47 124 16 4.353 -15 -108 -3.919 52 532 -2.971 -957 Currency translation Recognised Recognised Other Translation difference in equity movements differences on transition in income to USD -3.305 150 -137 -191 645 39 6.833 -8.011 20 -3.975 18
Balance at 31 Dec 2011 -4.370 -9.549 1.258 -6.833 8.998 -10.496
Balance at 31 Dec 2012 -7.525 -9.877 1.942 1.007 -14.453
Notes to the consolidated financial statements for the year ended 31 December 2012
Note 10 - Non-current receivables 2012
in thousands of USD Loans to related parties Loans to associates Finance lease receivable Other non-current receivables Total
2011
1.160 1.160
6.688 560 1.290 8.538
Note 11 - Trade and other receivables in thousands of USD
2012
2011
Trade receivables Loans to related parties Finance lease receivable Derivatives Accrued income Deferred charges Other receivables Total
87.855 7.641 2 7.966 19.962 39.365 162.791
50.211 1.608 1.121 9.537 16.220 23.200 101.897
Finance lease receivable relates to principal repayments for the leasing of office space. The future minimum lease receivables are as follows: 2012
in thousands of USD
Less than one year Between one and five years More than five years Total
Minimum lease receivables -
2011
Interest
Principal -
-
Minimum lease receivables 1.669 653 2.322
Interest 61 93 154
Principal 1.608 560 2.168
The amounts mentioned under Derivatives can be detailed as follows (see also note 22): in thousands of USD
2012
Forward Freight Agreements Interest rate swaps, caps and floors Forward exchange contracts Total
2011 2 2
58 190 873 1.121
Note 12 - Cash and cash equivalents in thousands of USD
2012
2011
Bank deposits Cash at bank and in hand Total
20.536 85.791 106.327
25.144 79.775 104.919
-36.035
-
70.292
104.919
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
The Net cash and cash equivalents for the year 2012 includes an amount of USD 10.550.000 (2011: USD 19.427.000) 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.
33
Notes to the consolidated financial statements for the year ended 31 December 2012
Note 13 - Equity Share capital and share premium in shares
2012
2011
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 2012 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 2012, the authorised share capital amounts to USD 10.400.000 (2011: EUR 8.000.000) or the equivalent of 10.400.000 shares (2011: 11.200.000 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. Treasury shares As per 31 December 2012 the Company owns 535.000 treasury shares (2011: 535.000 shares). Dividends In the course of the year the Board of Directors approved the payment of the following interim dividends. Interim dividends are shown as paid and are deducted from equity. in thousands of EUR
2012
EUR 0,00 per ordinary share (2011: EUR 0,28) in thousands of USD
2011 -
9.800 12.680
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 0,08 per ordinary share (2011: EUR 1,32) in thousands of USD
34
2012 2.800 3.676
2011 46.200 59.779
Notes to the consolidated financial statements for the year ended 31 December 2012
Note 14 - Earnings per share Basic earnings per share The calculation of basic earnings per share at 31 December 2012 was based on the profit attributable to ordinary shares of USD 130.874.000 (2011: USD 137.150.000) and a weighted average number of shares outstanding during the year ended 31 December 2012 of 34.465.000 (2011: 34.663.333), calculated as follows: Profit attributable to ordinary shares in thousands of USD
2012
2011
Profit for the period
130.874
137.150
Weighted average number of ordinary shares in shares
On issue at 31 December 2010
treasury shares
shares issued
shares outstanding
weighted number of shares 34.800.000
35.000.000
200.000
34.800.000
-
300.000 35.000 -
34.500.000 34.765.000 34.500.000 34.500.000
On issue at 31 December 2011
35.000.000
535.000
34.465.000
purchases of treasury shares withdrawal of treasury shares sales of treasury shares
-
-
34.465.000 34.465.000 34.465.000
On issue at 31 December 2012
35.000.000
535.000
34.465.000
purchases of treasury shares (August purchases of treasury shares (September withdrawal of treasury shares sales of treasury shares
34.663.333
34.465.000
35
Notes to the consolidated financial statements for the year ended 31 December 2012
Note 15 - Interest-bearing loans and borrowings Long-term loans and borrowings in thousands of USD
Finance lease
Bank loans
Loans from related Other loans parties 1.184 6.559 7.743 9.675
Total
More than 5 years Between 1 and 5 years More than 1 year Less than 1 year
1.653
204.113 579.085 783.198 85.928
At 1 January 2011
1.653
869.126
-
17.418
888.197
Currency translation difference on transition to USD New loans Scheduled repayments Early repayments Refinancing Business combinations Disposals of subsidiaries Transfer to liabilities held for sale Transfers Translation differences Other changes
83 -1.736 -
-25.475 225.656 -99.421 -186.240 12.960 20.940 -
-
-389 699 -1.910 -77 -796 -
-25.781 226.355 -101.331 -188.053 12.960 20.144 -
Balance at 31 December 2011
-
817.546
-
14.945
832.491
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
-
3.550 3.550 11.395
194.776 519.768 714.544 117.947
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
Balance at 31 December 2012
-
898.023
-
3.626
901.649
More than 5 years Between 1 and 5 years More than 1 year Less than 1 year
-
307.334 450.546 757.880 140.143
-
3.626 3.626 -
307.334 454.172 761.506 140.143
Balance at 31 December 2012
-
898.023
-
3.626
901.649
205.297 585.644 790.941 97.256
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 1.418.489.000 (2011: USD 1.442.632.000). 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 2012 an amount of USD 193 million was drawn under the facility.
36
Notes to the consolidated financial statements for the year ended 31 December 2012
Note 15 - Interest-bearing loans and borrowings (continued) Short-term loans and borrowings in thousands of USD
2012
2011
Current portion of long-term loans
140.143
117.947
36.035
-
Bank overdrafts and credit lines used for cash management purposes
-
-
176.178
117.947
Commercial paper Total Undrawn borrowing facilities
At 31 December 2012 the Group has undrawn borrowing facilities amounting to USD 51.557.000 (2011: USD 141.410.000). Additionally the Group also has a commercial paper program for a total amount of USD 224.492.000 of which USD 0 has been drawn on 31 December 2012 (2011: USD 0).
Terms and debt repayment schedule The terms and conditions of outstanding loans were as follows: in thousands of USD Secured vessel loans Secured aircraft loans Secured aircraft loan Secured aircraft loan Secured roll-over facility Secured aircraft loans Secured aircraft loans Secured aircraft loans Secured aircraft loans Secured real estate loan Unsecured bank facility Commercial paper Bank overdrafts
Currency
Nominal
Year of maturity
USD USD EUR USD EUR USD USD ZAR USD EUR USD EUR EUR
libor +0,70%/ ... /+3,00% 4,50% - 5,50% euribor +3,50% 3,65% - 5,15% euribor +3,00% libor +5,00% 5,21% 9,96% - 10,01% 3,96% - 3,42% - 3,60% euribor +1,15% libor +2,40% market libor/euribor at market
2013 - 2022 2014 - 2015 2015 - 2016 2016 - 2017 2014 2012 2013 2011 - 2012 2015 - 2016 2018 2015 -
Total interest-bearing liabilities
Face value
2012 Carrying value
Face value
2011 Carrying value
816.336 14.424 6.298 4.286 14.131 614 30.609 5.225 10.000 224.492 51.557
812.436 14.424 6.298 4.286 14.131 614 30.609 5.225 10.000 36.035
707.063 28.656 7.246 2.967 18.477 7.772 2.991 6.893 17.002 5.978 12.500 224.492 141.410
707.064 28.656 7.246 2.967 18.477 7.772 2.991 6.893 17.002 5.978 12.500 -
1.177.972
934.058
1.183.447
817.546
Note 16 - Employee benefits Post-employment benefits The amounts recognised in the balance sheet are as follows: in thousands of USD Present value of funded obligations Fair value of plan assets
2012
2011
Present value of unfunded obligations Unrecognised actuarial gains/(losses) Unrecognised past service cost
-8.439 5.189 -3.250 -4.730 -
-5.003 3.768 -1.235 -3.089 -
Net liability
-7.980
-4.324
Amounts in the balance sheet: Liabilities Assets
-7.980 -
-4.324 -
Net liability
-7.980
-4.324
Liability for defined benefit obligations The Group makes contributions 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.
37
Notes to the consolidated financial statements for the year ended 31 December 2012
Note 17 - Provisions & contingencies Provisions in thousands of USD
Claims
Onerous contracts
Other
Total
Non-current provisions Current provisions
6.586 -
1.505
6.432 6.877
13.018 8.382
At 1 January 2011
6.586
1.505
13.309
21.400
-154 111 -813 -
-42 1.391 -1.504 42 -
-312 8.330 -8.806 -905 -
-508 9.832 -8.806 -2.317 -863 -
Balance at 31 December 2011
5.730
1.392
11.616
18.738
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 -
Balance at 31 December 2012
4.940
8.174
7.091
20.205
Non-current provisions Current provisions
4.940 -
148 8.026
5.053 2.038
10.141 10.064
Balance at 31 December 2012
4.940
8.174
7.091
20.205
Currency translation difference on transition to USD 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 mainly relates to a provision for the balance sheet guarantee made 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 yet to start his consultations and investigations. Based on the foregoing, no reliable estimate of a possible economic outflow can be determined. Hence no provision is recognised.
38
Notes to the consolidated financial statements for the year ended 31 December 2012
Note 18 - Trade and other payables Non-current liabilities in thousands of USD
2012
2011
Deferred income Other payables
73.874 -
-
Total
73.874
-
As per 31 December 2012 management reviewed the indemnity received following the termination of the counterparty default insurance. On basis of this review management assessed that part of the indemnity received is to be considered as non-current. The amount shown as Deferred income under Non-current liabilities mainly represents the long term portion of this indemnity. Current liabilities in thousands of USD Trade payables Staff costs Dividends payable Derivatives Accrued expenses Deferred income Other payables Total
2012
2011
54.212 10.569 160 6.158 30.287 51.994 15.458
30.976 9.016 342 5.036 25.627 177.561 17.749
168.838
266.307
The amounts mentioned under Derivatives can be detailed as follows (see also note 22): in thousands of USD
2012
2011
Forward Freight Agreements Interest rate swaps, caps and floors Forward exchange contracts
1.426 4.637 95
20 4.906 110
Total
6.158
5.036
39
Notes to the consolidated financial statements for the year ended 31 December 2012
Note 19 - 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
-
2012 trading -73 -1.426 -1.499 -1.537 38 -
total -73 -1.426 -1.499 -1.537 38 -
The impact on the income statement can be summarised as follows: in thousands of USD Income/(Expenses Fair value adjustment Total
2012 2.003 -1.537 466
Sensitivity analysis A USD 1.000/day change in the FFA rate as at 31 December 2012 would have increased (decreased) equity and profit or loss by the amounts shown below. The analysis is performed on the same basis for 2010. Effect on profit or loss of a USD 1.000/day in thousands of USD
increase
Effect on equity of a USD 1.000/day
decrease
increase
decrease
2011 Cash flow sensitivity (net)
-9
9
-
-
-122
-309
-
-
2012 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
2012
Not past due Past due 0-30 days Past due 31-365 days More than one year
145.656 6.727 10.145 263
92.920 3.309 5.579 89
Total
162.791
101.897
2011
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.
40
Notes to the consolidated financial statements for the year ended 31 December 2012 Note 19 - 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
229.059 607.081 125.306
3.550 11.747
-
266.307
At 31 December 2011
961.446
15.297
-
266.307
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
Derivative financial liabilities in thousands of USD More than 5 years Between 1 and 5 years Less than 1 year At 31 December 2011
More than 5 years Between 1 and 5 years Less than 1 year At 31 December 2012
Forward Interest rate freight swaps agreements 19 5.579 19
5.579
Forward Interest rate freight swaps agreements 1.426 5.137 1.426
5.137
Forward exchange contracts 110 110 Forward exchange contracts 95 95
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 2012, the Group had hedged USD 225.443.000 (2011: USD 203.820.000) 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 2012 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 2012, USD 24.350.000 (2011: USD 48.934.000) of the outstanding shipping debt is covered by these IRS.
41
Notes to the consolidated financial statements for the year ended 31 December 2012
Note 19 - 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 2012 the outstanding debt covered by this IRS amounts to EUR 3.960.000 (2011: EUR 4.620.000). 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 -378 -1.722 -2.100 252 -971 -1.381
Financial assets 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
2012 trading -2.915 -2.915 2.837 -2 -5.750 -
total -378 -4.637 -5.015 3.089 -2 -6.721 -1.381
The impact on the income statement can be summarised as follows: in thousands of USD
2012
Income/(Expenses Fair value adjustment
-4.717 3.089
Total
-1.628
At the reporting date the interest rate profile of the Group’s interest-bearing financial liabilities was: Carrying amount in thousands of USD
2012
2011
Fixed rate instruments Variable rate instruments
49.933 884.125
58.509 759.037
Total
934.058
817.546
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 2011.
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
2011 Variable rate instruments Interest rate swaps
-4.596 674
4.596 -637
455
-455
Cash flow sensitivity (net)
-3.922
3.959
455
-455
2012 Variable rate instruments Interest rate swaps
-4.300 619
4.300 -619
-
-
Cash flow sensitivity (net)
-3.681
3.681
-
-
42
Notes to the consolidated financial statements for the year ended 31 December 2012
Note 19 - 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 nearly 80% of its USD needs , mainly leasing and planned maintenance expenses, for the year 2013. It concerns an amount of USD 7.775.000 (Group’s share of 51%) or EUR 5.893.000. 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: 2012 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
-
2 -95 -93 -851 -4 762 -
total 2 -95 -93 -851 -4 762 -
The impact on the income statement can be summarised as follows: in thousands of USD
2012
Income/(Expenses) Fair value adjustment
-851
Total
-851
Sensitivity analysis A 10 percent strengthening of the EUR against the USD at 31 December 2012 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 2011. in thousands of USD Equity Profit or loss
2012 7.449 1.581
2011 6.730 2.244
A 10 percent weakening of the EUR against the USD at 31 December 2012 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. When analysing the Company’s capital structure, the same debt/equity classification as applied in the IFRS reporting is used.
43
Notes to the consolidated financial statements for the year ended 31 December 2012
Note 19 - 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: 2012
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 Finance lease liabilities Trade and other payables Commercial paper Bank overdraft
2011
Fair value
Carrying amount
Fair value
60.885 2 60.887
60.885 2 60.887
224.835 58 190 873 225.956
224.835 58 190 873 225.956
162.789 106.327 269.116
162.789 106.327 269.116
100.776 104.919 205.695
100.776 104.919 205.695
-1.426 -4.637 -95 -6.158
-1.426 -4.637 -95 -6.158
-20 -4.906 -110 -5.036
-20 -4.906 -110 -5.036
-888.023 -10.000 -162.680 -36.035 -1.096.738
-888.023 -10.000 -162.680 -36.035 -1.096.738
-805.046 -805.046 -12.500 -12.500 -261.271 -261.271 -1.078.817 -1.078.817
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 2011 Available-for-sale financial assets Derivative financial assets
Derivative financial liabilities
2012 Available-for-sale financial assets Derivative financial assets
Derivative financial liabilities
44
Level 1
Level 2
Level 3
Total
224.803 224.803
32 1.121 1.153
-
224.835 1.121 225.956
224.803
-5.036 -3.883
-
-5.036 220.920
60.852 60.852
33 2 35
-
60.885 2 60.887
60.852
-6.158 -6.123
-
-6.158 54.729
Notes to the consolidated financial statements for the year ended 31 December 2012
Note 19 - 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.
45
Notes to the consolidated financial statements for the year ended 31 December 2012
Note 20 - 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
2012
2011
Less than 1 year Between 1 and 5 years More than 5 years
-108.092 -403.137 -163.506
-101.532 -477.047 -264.090
Total
-674.735
-842.669
The Group’s total commitment in respect of time charter covers a total of 35.214 vessel days (2011: 43.820) between 2013 and 2022. 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
2012
2011
Less than 1 year Between 1 and 5 years More than 5 years
-32.660 -25.545 -6.219
-8.822 -13.096 -6.200
Total
-64.424
-28.118
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
2012
2011
Less than 1 year Between 1 and 5 years More than 5 years
167.064 465.532 84.491
175.400 455.357 99.633
Total
717.087
730.390
The total number of TC out days amounts to 25.520 (2010: 26.922) 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
2012
2011
Less than 1 year Between 1 and 5 years More than 5 years
19.713 51.727 4.082
45.176 60.965 9.957
Total
75.522
116.098
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.
46
Notes to the consolidated financial statements for the year ended 31 December 2012
Note 21 - Related parties Identity of related parties The Group has a related party relationship with its subsidiaries (see Note 22) and joint ventures (see Note 23) 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 2012 Saverco invoiced for a total amount of USD 818.000 (2011: USD 529.000). In its turn, CMB also renders some services to Saverco. In 2012 CMB invoiced for a total amount of USD 44.000 (2011: USD 36.000). All services are supplied on an arms’ length basis. In the course of the first semester the Group acquired the dry bulk assets of Delphis a subsidiary of Saverco one of CMB’s reference shareholders (see also Note 24). 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
2012
2011
454
421
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
2012
2011
1.445
1.393
106 93
104 81
487
774
291
308
The remuneration of the CEO can be summarised as follows: in thousands of EUR
2012
2011
Total fixed remuneration of which Cost of pension Other benefits
982
940
53 54
53 36
Total variable remuneration of which Non CMB-share related option plan
327
545
177
363
In the course of 2012 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 2012 the outstanding loan amounts to USD 6.051.000 (2011: USD 5.251.000). 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 assets following the decision to dispose of the participating interest in SCFCo Holdings in the course of 2013 (see also Note 2). Guarantees The Group guarantees certain bank loans of some of its subsisidaries and or joint ventures.
47
Notes to the consolidated financial statements for the year ended 31 December 2012
Note 22 - Group entities Country of incorporation
Consolidation method
Ownership interest 2012 2011 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% 50,00% 50,00% 50,00% 50,00% 50,00% 100,00% 100,00% 50,00% 50,00% 50,00% 50,00% 50,00% 50,00% 50,00% 50,00% 50,00% 50,00% 50,00% 25,00% 25,00% 25,00% 25,00% 49,00% 49,00% 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 Komati Shipping Limited 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 Seaboc Pty Ltd 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 Liberia Hong Kong Liberia Hong Kong Hong Kong Hong Kong Liberia Liberia Hong Kong Marshall Islands Australia Hong Kong Marshall Islands Marshall Islands
proportionate full full full full full full full full full full proportionate proportionate proportionate full proportionate proportionate proportionate proportionate proportionate proportionate proportionate equity proportionate 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 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 Ireland Ireland Cayman Islands
proportionate proportionate proportionate proportionate proportionate proportionate proportionate proportionate proportionate proportionate proportionate proportionate proportionate proportionate proportionate 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% 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%
AMI nv Anglo Eastern Management Group Bocimar Hong Kong Limited Bright Time Holding Ltd CMB nv CMB Services sa Entarco sa SIVA Bocimar Chemical Pte Ltd Reslea nv Sakura International KK
Belgium Hong Kong Hong Kong Hong Kong Belgium Luxembourg Belgium Singapore Belgium Japan
full equity full proportionate full full full proportionate proportionate full
100,00% 27,46% 100,00% 50,00% 100,00% 100,00% 100,00% 50,00% 50,00% 100,00%
100,00% 27,43% 100,00% 50,00% 100,00% 100,00% 100,00% 50,00% 50,00% 100,00%
The following companies were liquidated in the course of the year 2012 following the cessation of their activities: Bocimar Far East Holdings Limited Liberia full Oceanic Star (HK) Limited Hong Kong proportionate Shinyo Toku Ltd Marshall Islands full Shinyo Voyager Ltd Marshall Islands full Shinyo Zest Ltd Marshall Islands full
-
100,00% 50,00% 100,00% 100,00% 100,00%
BAC Travel Management Ltd
-
51,00%
48
UK
proportionate
Notes to the consolidated financial statements for the year ended 31 December 2012
Note 23 - 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 Subsidiaries & associates
Joint ventures
2011
Eliminations
Total
Subsidiaries & associates
Joint ventures
Eliminations
Total
ASSETS NON-CURRENT ASSETS
1.716.375
328.063
-139.625
1.904.813
1.516.939
317.879
-67.354
1.767.464
Property, plant and equipment Intangible assets Financial assets Deferred tax assets
1.538.460 6.932 170.983 -
319.654 6.863 1.030 516
-139.625 -
1.858.114 13.795 32.388 516
1.414.982 101.957 -
298.307 668 18.354 550
-2 -67.352 -
1.713.287 668 52.959 550
231.648
151.463
-4.208
378.903
330.827
117.961
-2.110
446.678
1.948.023
479.526
-143.833
2.283.716
1.847.766
435.840
-69.464
2.214.142
CURRENT ASSETS TOTAL ASSETS EQUITY and LIABILITIES EQUITY
995.714
63.790
-
1.059.504
961.967
118.689
-
1.080.656
Equity attributable to owners of the Company Non-controlling interest
995.714 -
63.790 -
-
1.059.504 -
961.967 -
118.689 -
-
1.080.656 -
NON-CURRENT LIABILITIES
737.143
270.952
-139.625
868.470
610.046
199.963
-67.352
742.657
Loans and borrowings Trade and other payables Deferred tax liabilities Employee benefits Provisions
654.926 73.874 3.249 5.094
246.205 14.969 4.731 5.047
-139.625 -
761.506 73.874 14.969 7.980 10.141
603.025 1.234 5.787
178.871 11.046 3.090 6.956
-67.352
714.544 11.046 4.324 12.743
CURRENT LIABILITIES TOTAL EQUITY and LIABILITIES
215.166
144.784
-4.208
355.742
275.753
117.188
-2.112
390.829
1.948.023
479.526
-143.833
2.283.716
1.847.766
435.840
-69.464
2.214.142
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 Net result on freight and other similar derivatives
-
2012 Subsidiaries & associates 341.921 44.867 -280.198 -89.206 -11.027 -11.931
2011
330.281 9.129
-15.813 -405
Subsidiaries Total & associates 656.389 346.985 53.591 46.147
-206.736 -2.719 -33.311 -50.260 2.448
16.218 -
-470.716 -2.719 -122.517 -61.287 -9.483
Joint ventures
Eliminations
-224.046 -66.901 -9.497 -16.773
Joint ventures
Eliminations
Total
343.803 11.589
-10.483 -153
680.305 57.583
-213.049 -32.590 -53.314 -2.761
10.636 -
-426.459 -99.491 -62.811 -19.534
466
-
-
466
-175
-
-
-175
Result from operating activities
-5.108
48.832
-
43.724
75.740
53.678
-
129.418
Net finance expense Share of result of equity accounted investees (net of tax)
98.661 6.805
-9.351 -2.140
-
89.310 4.665
11.736 5.408
-4.992 683
-
6.744 6.091
100.358
37.341
-
137.699
92.884
49.369
-
142.253
-56
-6.769
-
-6.825
1.700
-6.803
-
-5.103
Result for the period
100.302
30.572
-
130.874
94.584
42.566
-
137.150
Attributable to: Owners of the Company Non-controlling interest
100.302 -
30.572 -
-
130.874 -
94.584 -
42.566 -
-
137.150 -
Result before income tax Income tax expense
49
Notes to the consolidated financial statements for the year ended 31 December 2012
Note 24 - Subsidiaries On 23 March 2012 the Group acquired the dry bulk assets of Delphis. It concerned the acquisition of a 50% participating interest in the joint venture company Ocean Capes Limited (including its wholly owned subsidiary Green Dolphin) and 100% of the shares of Blue Dolphin Shipping Limited. Ocean Capes Limited is the owner of the capesize vessels Mineral Subic (2011-179.397 dwt), Lake Dolphin (2011-179.418 dwt) and Bulk Canada (2012-179.397 dwt). Blue Dolphin is the owner of the handysize vessel Rio Negro (1999-20.501 dwt). The remaining 50% of Ocean Capes Limited is held by joint venture partner Boxlog. In the course of year 2012 ASL incorporated a new subsidiary ASL Aircraft Investment Ltd. In the course of 2012 no subsidiaries were sold. During 2011 the Group sold its participating interest in Hessenatie Logistics nv and Hessenatie Logistics Kortrijk nv. The effect of these sales on individual assets and liabilities is as follows: in thousands of USD 2012 2011 Investment property Other equipment and vehicles Non-current receivables Trade and other receivables Assets classified as held for sale Income tax receivable Cash and cash equivalents Trade and other payables Liabilities classified as held for sale Loans from related parties (inter-company)
-
-60.642 12.506 -
Net identifiable assets and liabilities
-
-48.136
Consideration received in cash Cash and cash equivalents disposed of
-
42.146 -
Net cash inflow
-
42.146
The capital loss included under the heading Other operating expenses (see note 4) amounts to
-
-5.990
Note 25 - Major exchange rates The following major exchange rates have been used in preparing the consolidated financial statements:
1 USD = x,xxxx XXX
closing rates 2012 2011
average rates 2012 2011
EUR GBP HKD JPY ZAR
0,7579 0,6185 7,7550 86,1073 8,4680
0,7746 0,6301 7,7576 79,2964 8,1507
50
0,7729 0,6456 7,7680 77,4403 8,1019
0,7125 0,6223 7,7833 79,8183 7,1311
Notes to the consolidated financial statements for the year ended 31 December 2012
Note 26 - Subsequent events January 2013 14 January 2013: Acquisition of TNT Airways will not proceed. The previously announced acquisition of TNT Airways will obviously not proceed now that the merger between UPS and TNT Express will not take effect. TNT Express is currently updating its strategy, also on the network. Taking into account its expertise and experience ASL is convinced that it can make a valuable contribution towards this and is looking forward to continuing to explore possible co-operation with TNT Express. February 2013 22 February 2013: Delivery of the Mineral Kyushu (2006 – 180.211 dwt). Bocimar and its joint venture partner Drylog acquire this vessel following a purchase obligation. This vessel was previously on long term time charter in. March2013 1 March 2013: Bocimar cancels the Tsuneishi SC 145 newbuilding. As the yard was not able to respect the contractually determined delivery date Bocimar decided to cancel the order for this vessel. All advances paid – including interest – were reimbursed on 11 March 2013. 26 March 2013: Bohandymar orders 4 additional Handysize ECO-type bulk vessels. Earlier this year Bohandymar Limited – a 100% subsidiary of CMB – ordered an additional 4 Handysize ECO-type bulk vessels (36.000 dwt) from Samjin Shipbuilding Industries Korea (Samjin) on very competitive conditions. The delivery of the first two units is scheduled for 2014; and the remaining units are scheduled for 2015. These 4 vessels are sister vessels of the 6 units Bocimar ordered in 2011.
Note 27 - 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: in thousands of USD 2012 2011 Audit services for the annual financial statements Audit related services Tax services Other non-audit assignments
-863 -13 -55 -4
-849 -11 -115 -
Total
-935
-975
Note 28 - 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 2012, 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.
51
Notes to the consolidated financial statements for the year ended 31 December 2012
Statutory auditor’s report to the general meeting of shareholders of CMB NV on the consolidated financial statements for the year ended December 31, 2012 In accordance with the legal requirements, we report to you on the performance of our mandate of statutory auditor. This report includes our report on the consolidated financial statements for the year ended December 31, 2012, as defined below, as well as our report on other legal and regulatory requirements. Report on the consolidated financial statements 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 31 December 2012 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 2.283.716K and the consolidated statement of comprehensive income shows a profit for the year of USD 37.694K. 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, 2012 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 framework of our mandate our responsibility is, in all material aspects, to verify compliance with certain legal and regulatory requirements. On this basis, we provide the following additional comment 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 aspects, 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 29, 2013 KPMG Réviseurs d’Entreprises / Bedrijfsrevisoren Statutory Auditor represented by Serge Cosijns Réviseur d’Entreprises / Bedrijfsrevisor
52
Financial statements of CMB nv for the year ended 31 December 2012
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
financial statements of cmb nv for the year ended 31 December 2012
Statement of financial position
in thousands of EUR
2012
2011
ASSETS FIXED ASSETS
200.595
171.320
6.932
-
Intangible assets Tangible assets
74.154
1.374
Financial assets
119.509
169.946
CURRENT ASSETS
1.204.975
1.021.726
Amounts receivable after one year
550.142
539.038
Amounts receivable within one year
574.996
387.590
Investments
66.741
92.197
Cash at bank and in hand
11.283
1.588
Deferred charges and accrued income TOTAL ASSETS
1.813
1.313
1.405.570
1.193.046
2012
2011
LIABILITIES CAPITAL AND RESERVES Capital Share premium account Reserves Accumulated profits PROVISIONS AND DEFERRED TAXES Provisions and deferred taxes
670.439
415.436
35.000
32.348
-
330
17.015
16.750
618.424
366.008
5.396
6.342
5.396
6.342
CREDITORS
729.735
771.268
Amounts payable after one year
600.957
539.038
Amounts payable within one year
124.426
218.670
4.352
13.560
1.405.570
1.193.046
Accrued charges and deferred income TOTAL LIABILITIES
54
financial statements of cmb nv for the year ended 31 December 2012
Income statement
in thousands of EUR
2012
2011
Operating income
22.148
2.405
Operating charges
34.000
9.095
Operating result
-11.852
-6.690
Financial income
269.766
179.845
Financial charges
30.508
140.685
227.406
32.470
40.594
29.853
9.217
69.264
258.783
-6.941
Result on ordinary activities before taxes Extraordinary income Extraordinary charges Result for the year before taxes Income taxes
103
-56
258.680
-6.885
Transfer from untaxed reserves
-
-
Transfer to untaxed reserves
-
-
258.680
-6.885
Result for the year
Result for the year available for appropriation
in thousands of EUR
Result to be appropriated Transfers to capital and reserves Result to be carried forward Distribution of result
2012
2011
624.688
444.710
2.588
6.243
618.424
366.008
3.676
72.458
55
56
