CMB.TECH announces final year results | CMBT Stock News

CMB.TECH ANNOUNCES FINAL YEAR RESULTS ANTWERP, Belgium, 31 March 2026 – CMB.TECH NV (“CMBT”, “CMB.TECH” of “the company” (NYSE: CMBT, Euronext Brussels: CMBT and Euronext Oslo Børs: CMBTO) reported its final financial results today for the full year ended 31 December 2025. HIGHLIGHTS 2025 Financial highlights: Profit of USD 89.1 million in Q4 2025 bringing full year profit to USD 139.1 million No major changes compared to the preliminary figures published on 26/2/26Total contract backlog increased to USD 3.05 billion Fleet highlights: CMB.TECH focused on its fleet rejuvenation with 17 newbuild deliveries 8 Newcastlemaxes1 Crude oil tanker1 Chemical tanker5 CTVs 2 CSOVs Further fleet expansion with 9 vessels ordered (6 chemical tankers, 2 CTVs and 1 MP-ASV)Sale of 12 older vessels (5 VLCCs, 2 Suezmaxes, 2 Capesizes, 2 Panamaxes and 1 CTV)Fortescue and CMB.TECH signed agreement for ammonia-powered Newcastlemax CMB.TECH and MOL signed landmark agreement for nine ammonia-powered vessels Corporate highlights: On March 4 2025, CMB.TECH announced that it entered into a share purchase agreement with Hemen Holding Limited for the acquisition of 81,363,730 shares in Golden Ocean Group Limited.Completed merger with Golden Ocean on 20 August Additional listing: CMB.TECH is now listed on NYSE (CMBT), EURONEXT Brussels (CMBT) and EURONEXT Oslo (CMBTO) CMB.TECH is investing in the Chinese ammonia supply chainSupervisory Board changes HIGHLIGHTS Q1 2026 Sale of stake in Tankers International Pool, closed on 27 January 2026.Management Board changes: resignation of Mr. Benoit TimmermansSale of 8 VLCCs and 2 Capesize vessels Q1 to dateDelivery of 3 vessels in Q1 to date For the fourth quarter of 2025, the company realised a net gain of USD 89.1 million or USD 0.31 per share (fourth quarter 2024: a net gain of 93.1 USD million or USD 0.48 per share). EBITDA (a non-IFRS measure) for the same period was USD 323.4 million (fourth quarter 2024: USD 180.4 million). CMB.TECH FLEET DEVELOPMENTS RECAP 2025 In 2025, CMB.TECH focused on its fleet rejuvenation with 17 newbuild deliveries (8 Newcastlemaxes, 1 crude oil tanker, 1 chemical tanker, 5 CTVs & 2 CSOVs) and the sale of 12 older vessels (5 VLCCs, 2 Suezmaxes, 2 Capesize vessels, 2 Panamaxes and 1 CTV). Furthermore, the company also ordered an additional 9 vessels (6 chemical tankers, 2 CTVs and 1 MPSAV). CAPITAL GAIN IN USD The total capital gain on vessel sales in 2025 amounted to USD 192.6 million and in Q1 2026 the capital gain on vessel sales will amount to approximately USD 269.3 million. MARKET & OUTLOOK An overview and outlook of the markets can be found in the Q4 2025 press release. Key figures The most important key figures are: (in thousands of USD) Fourth Quarter 2025 Fourth Quarter 2024 YTD 2025 YTD 2024 Revenue 588,980 226,029 1,666,080 940,246 Other operating income 1,504 8,254 29,756 50,660 Raw materials and consumables (3,769) (1,576) (10,265) (3,735) Voyage expenses and commissions (128,169) (42,692) (362,155) (174,310) Vessel operating expenses (128,067) (52,817) (420,409) (199,646) Charter hire expenses (415) (3) (3,124) (138) General and administrative expenses (51,504) (24,616) (141,975) (77,766) Net gain (loss) on disposal of tangible assets 49,489 71,114 192,564 635,017 Depreciation and amortisation (114,526) (43,911) (387,968) (166,029) Impairment losses (2,081) (1,847) (5,354) (1,847) Net finance expenses (113,308) (47,096) (406,941) (130,650) Share of profit (loss) of equity accounted investees (2,599) (1,418) (882) 920 Result before taxation 95,535 89,421 149,327 872,722 Income tax benefit (expense) (6,476) 3,709 (10,185) (1,893) Profit (loss) for the period 89,059 93,130 139,142 870,829 Attributable to: Owners of the Company 89,059 93,130 160,696 870,829 Non-controlling interest — — (21,554) — Earnings per share: (in USD per share) Fourth Quarter 2025 Fourth Quarter 2024 YTD 2025 YTD 2024 Weighted average number of shares (basic) * 290,169,769 194,216,835 229,443,392 196,041,579 Basic earnings per share 0.31 0.48 0.70 4.44 The number of shares issued on 31 December 2025 is 315,977,647. However, the number of shares excluding the owned shares held by CMB.TECH at 31 December 2025 is 290,169,769. EBITDA reconciliation: (in thousands of USD) Fourth Quarter 2025 Fourth Quarter 2024 YTD 2025 YTD 2024 Profit (loss) for the period 89,059 93,130 139,142 870,829 + Net finance expenses 113,308 47,096 406,941 130,650 + Depreciation and amortisation 114,526 43,911 387,968 166,029 + Income tax expense (benefit) 6,476 (3,709) 10,185 1,893 EBITDA 323,369 180,428 944,236 1,169,401 EBITDA per share: (in USD per share) Fourth Quarter 2025 Fourth Quarter 2024 YTD 2025 YTD 2024 Weighted average number of shares (basic) 290,169,769 194,216,835 229,443,392 196,041,579 EBITDA 1.11 0.93 4.12 5.97 All figures, except for EBITDA, have been prepared under IFRS as adopted by the EU (International Financial Reporting Standards) and have not been audited nor reviewed by the statutory auditor. TCE The average daily time charter equivalent rates (TCE, a non IFRS-measure) can be summarised as follows: In USD per dayFull year 2025Full year 2024DRY BULK VESSELSNewcastlemax average spot rate(1)27,61430,600Newcastlemax average time charter rate21,457NACapesize average spot rate(1)22,346NAPanamax/Kamsarmax average spot rate(1)13,000NAPanamax/Kamsarmax average time charter rate13,552NATANKERSVLCC average spot rate(2)45,25144,600VLCC average time charter rate45,91245,912Suezmax average spot rate(1) (3)46,50845,600Suezmax average time charter rate34,83831,000FSO Average time charter rate86,68987,330CONTAINER VESSELSAverage time charter rate29,37829,378CHEMICAL TANKERSAverage spot rate(2)20,67525,600Average time charter rate19,30619,306OFFSHORE WIND (CTV)CSOV Average time charter rate81,307NACTV Average time charter rate3,0332,973 (1) Reporting load-to-discharge, in line with IFRS 15, net of commission(2) CMB.TECH owned ships in TI Pool or Stolt Pool (excluding technical off hire days)(3) Including profit share where applicable Difference between Q4 2025 preliminary results and Q4 2025 final results Next to some reclasses in statement of financial position and statement of profit or loss, net result for the period decreased with USD 1.0 million related to additional accrued expenses. Independent auditor's procedures The statutory auditor, BDO Bedrijfsrevisoren - Réviseurs d’Entreprises, represented by Veerle Catry, has confirmed that the audit procedures, which have been in relation to the financial information for the year ended 31 December 2025 in accordance with the International Standards on Auditing are substantially completed and have not revealed any material corrections required to be made to the financial information included in the company’s annual announcement. CMB.TECH highlights in 2025 7 January The company took delivery of the Newcastlemax Mineral Portugal (2025 - 210,754 dwt). 13 January Windcat Workboats International BV, a subsidiary of CMB.TECH, has ordered a newbuild hydrogen-powered (dual fuel) multifunctional harbour utility vessel (MPHUV) with Neptune Construction. Delivery is scheduled in 2026. 13 January The company took delivery of the Newcastlemax Mineral Osterreich (2025 - 210,761 dwt). 27 January The VLCC Alsace (2012 - 299,999 DWT) was successfully delivered to its new owner. A capital gain of approximately USD 27.46 million was booked in Q1 2025. 4 March CMB.TECH NV announced that it had entered into a share purchase agreement with Hemen Holding Limited, through its subsidiary, for the acquisition of 81,363,730 shares in Golden Ocean Group Limited (representing ca. 40.8% of Golden Ocean’s outstanding shares and votes which includes all Golden Ocean shares controlled by Hemen), 24 March CMB.TECH announced that it signed an agreement with Mitsui O.S.K. Lines, Ltd. (“MOL”) and MOL CHEMICAL TANKERS PTE. LTD. (“MOLCT”) for nine ammonia-powered vessels. 26 March The company took delivery of the CTV Hydrocat 60. 27 March CMB.TECH NV filed a Schedule 13D/A to report that CMB.TECH NV indirectly acquired 7,347,277 additional shares in Golden Ocean in the open market following the Share Purchase. 3 April CMB.TECH NV filed a Schedule 13D/A to report that CMB.TECH NV indirectly acquired 9,689,297 additional shares in Golden Ocean in the open market following the Share Purchase. 9 April The Company took delivery of the CTV TSM Windcat 59. 10 April The company took delivery of the Newcastlemax Mineral Suomi (2025 - 210,000 dwt). 14 April CMB.TECH announced that it signed an agreement with Fortescue to charter a new ammonia-powered vessel featuring a dual fuel engine. 22 April CMB.TECH and Golden Ocean announced that they signed a term sheet (the “Term Sheet”) for a contemplated stock-for-stock merger, with CMB.TECH as the surviving entity, based on an exchange ratio of 0.95 shares of CMB.TECH for each share of Golden Ocean (the “Exchange Ratio”), subject to customary adjustments.. 23 April The company took delivery of the Newcastlemax Mineral Sverige (2025 - 210,000 dwt). 30 April CMB.TECH announced that it had sold three VLCCs, Iris (2012 - 314,000 dwt), Hakata (2010 - 302,550 dwt) & Hakone (2010 - 302,624 dwt) as part of its fleet rejuvenation. The sales generated a total capital gain of 96.4 million USD. 23 May The company took delivery of the Newcastlemax Mineral Polska (2025 - 210,000 dwt). 28 May CMB.TECH and Golden Ocean announced that they signed an agreement and plan of merger (the “Merger Agreement”) for a stock-for-stock merger, as contemplated by the term sheet previously announced on 22 April 2025. 23 June The company took delivery of the Newcastlemax Mineral Cesko (2025 - 210,000 dwt). 2 July The CTV TSM Windcat 58was delivered. 3 July The company entered into an agreement to sell the Capesize vessel Golden Zhoushan for a sale price of USD 22.1 million, less a 1% commission. The vessel was delivered to its new owner in the third quarter of 2025. 24 July The CSOV Windcat Rotterdam was delivered. 8 August The company took delivery of Newcastlemax Mineral Slovensko (2025- 210,761 dwt). 19 August Golden Ocean held a Special General Meeting to vote on the proposed merger. The merger was approved by shareholders holding 92.72% of the shares present or represented at the meeting. 20 August The merger with Golden Ocean was closed. 25 August The company entered into an agreement to sell the Suezmax Sofia (2010 - 165,000 dwt) for a net sale price of USD 40.1 million. The sale generated a capital gain of approximately USD 20.4 million and was delivered to its new owner in the fourth quarter of 2025. 28 August Mr. Marc Saverys decided to resign as member and chairman of the Supervisory Board of CMB.TECH. Mr. Patrick de Brabandere, as representative of Debemar BV was appointed to succeed Mr. Marc Saverys as chairman of the Supervisory Board. The Supervisory Board further decided to co-opt Mrs. Gudrun Janssens as independent member within the Supervisory Board. 18 September The company took delivery of Chemical tanker Bochem Santos (2025 -25,000 dwt). 25 September On 25 September 2025, CMB.TECH announced that Mrs. Julie De Nul decided to resign as member of the Supervisory Board of CMB.TECH NV. The Supervisory Board decided to co-opt Mr. Carl Steen as independent member within the Supervisory Board. Mr. Carl Steen was appointed to succeed Mrs. Julie de Nul as chairman of the Remuneration committee. 26 September The company took delivery of Newcastlemax Mineral Slovenija (2025, 210,000 dwt). 20 October CMB.TECH announced the sale of the capesize Battersea (2009, 169.390 dwt). The sale generated a total capital gain of 2.4 million USD. The vessel was delivered to its new owner during Q4 2025. 10 November The company took delivery of VLCC Atrebates (2025, 319,000 dwt). 12 November The company took delivery of the CTV Windcat 61. 12 December CMB.TECH took delivery of the CTV Windcat 62. 19 December The company took delivery of the CSOV Windcat Amsterdam. Events occurring after the end of the financial year ending 31 December 2025 In January 2026, the company invested in the Chinese ammonia supply chain. CMB.TECH has signed an off-take agreement for green ammonia produced by CEEC Hydrogen Energy (“CEEC”) in Jilin Province and owns a minority share in privately owned Jiangsu Andefu Energy Technology Co., Ltd. (“Andefu”) one of China's largest ammonia supply chain companies. On 7 January 2026 CMB.TECH NV announced that it had sold eight vessels, generating a capital gain of approximately 269.2 million USD in total. CMB.TECH sold six VLCCs: Daishan (2007, 306,005 dwt), Hirado (2011, 302,550 dwt), Hojo (2013, 302,965 dwt),Dia (2015, 299,999 dwt), Antigone (2015, 299,421 dwt), and Aegean (2016, 299,999 dwt) and two Capesize vessels: Golden Magnum (2009, 179,790 dwt), and Belgravia (2009, 169,390 dwt). The vessels have been delivered to their new owners in Q1 2026. On 12 January 2026, CMB.TECH took delivery of the VLCC Eburones (2026, 319,000 dwt). On 13 January 2026, CMB.TECH took delivery of the chemical tanker Bochem Callao (2026, 25,000 dwt). On 9 February 2026, CMB.TECH announced it has sold two VLCCs: Ingrid (2012, 314,000 dwt) and Ilma (2012, 314,000 dwt). The sale will generate a capital gain of approximately 98.2 million USD in Q2 2026, based on the net sales price and book values. The vessels will be delivered to their new owner in Q2 2026. On 26 February, CMB.TECH announced that Mr. Benoit Timmermans has decided to resign as member of the Management Board of CMB.TECH with effect as of 1 May 2026. Mr. Benoit Timmermans joined the Management Board of CMB.TECH as Chief Strategy Officer and has assisted the company in the transition from a pure-play crude oil tanker player to a large and diversified maritime group. For the time being, Mr. Timmermans will not be replaced. His responsibilities will be taken over by the current members of the Management Board. On 26 February, CMB.TECH announced CMB.TECH has sold its share in the Tankers International (TI) Pool to International Seaways (INSW), closed on 27 January 2026. On 23 March 2026, CMB.TECH took delivery of the VLCC Menapii (2026, 319,000 dwt). Financial calendar 2026 21 April 2026 Annual report 2025 available on the website 19 May 2026 Announcement of first quarter results 2026 21 May 2026 Annual General Meeting of Shareholders 27 August 2026 Announcement of second quarter results 2026 27 August 2026 Half year report 2026 available on website 26 November 2026 Announcement of third quarter results 2026 The Supervisory Board, represented by Patrick de Brabandere, its Chairman, and the Management Board, represented by Alexander Saverys, Chief Executive Officer, and Ludovic Saverys, Chief Financial Officer, hereby confirm, in the name and for account of CMB.TECH that, to the best of their knowledge the consolidated financial statements as of and for the year ended 31 December 2025 presented herein were established in accordance with applicable accounting standards (IFRS as adopted by the EU) and give a true and fair view, as defined by these standards, of the assets, liabilities, financial position and results of CMB.TECH NV. On behalf of the Supervisory Board and the Management Board: Alexander Saverys Patrick de BrabandereChief Executive Officer Chairman of the Supervisory Board Annual report available on the website – 21 April 2026 About CMB.TECH CMB.TECH (all capitals) is one of the largest listed, diversified and future-proof maritime groups in the world with a combined fleet of about 250 vessels: dry bulk vessels, crude oil tankers, chemical tankers, container vessels, offshore energy vessels and port vessels. CMB.TECH also offers hydrogen and ammonia fuel to customers, through own production or third-party producers. CMB.TECH is headquartered in Antwerp, Belgium, and has offices across Europe, Asia and Africa. CMB.TECH is listed on Euronext Brussels and the NYSE under the ticker symbol “CMBT” and on Euronext Oslo Børs under the ticker symbol “CMBTO”. More information can be found at https://cmb.tech Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbour protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbour provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbour legislation. The words "believe", "anticipate", "intends", "estimate", "forecast", "project", "plan", "potential", "may", "should", "expect", "pending" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of counterparties to fully perform their contracts with us, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker vessel capacity, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the United States Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. Condensed consolidated statement of financial position (in thousands of USD) December 31, 2025 December 31, 2024ASSETS Non-current assets Vessels 6,323,773 2,617,484Assets under construction 738,298 628,405Right-of-use assets 4,847 1,910Other tangible assets 23,981 21,628Prepayments 1,075 1,657Intangible assets 12,710 16,187Goodwill 177,022 —Receivables 97,116 75,076Investments 111,346 61,806Deferred tax assets 2,850 10,074 Total non-current assets 7,493,018 3,434,227 Current assets Inventory 77,175 26,500Trade and other receivables 320,843 235,883Current tax assets 4,912 3,984Cash and cash equivalents 146,529 38,869 549,459 305,236 Non-current assets held for sale 363,097 165,583 Total current assets 912,556 470,819 TOTAL ASSETS 8,405,574 3,905,046 EQUITY and LIABILITIES Equity Share capital 343,440 239,148Share premium 1,817,557 460,486Translation reserve 9,502 (2,045)Hedging reserve 90 2,145Treasury shares (284,508) (284,508)Retained earnings 737,239 777,098 Equity attributable to owners of the Company 2,623,320 1,192,324 Non-current liabilities Bank loans 2,839,590 1,450,869Other notes — 198,887Other borrowings 1,876,795 667,361Lease liabilities 3,368 1,451Other payables 20 —Employee benefits 1,180 1,060Deferred tax liabilities 485 438 Total non-current liabilities 4,721,438 2,320,066 Current liabilities Trade and other payables 222,492 79,591Current tax liabilities 8,288 9,104Bank loans 351,170 201,937Other notes 203,287 3,733Other borrowings 273,898 95,724Lease liabilities 1,681 2,293Provisions — 274 Total current liabilities 1,060,816 392,656 TOTAL EQUITY and LIABILITIES 8,405,574 3,905,046 Condensed consolidated statement of profit or loss (in thousands of USD except per share amounts) 2025 2024 Jan. 1 - Dec. 31, 2025 Jan. 1 - Dec. 31, 2024Shipping income Revenue 1,666,080 940,246Gains on disposal of vessels/other tangible assets 192,568 635,019Other operating income 29,756 50,660Total shipping income 1,888,404 1,625,925 Operating expenses Raw materials and consumables (10,265) (3,735)Voyage expenses and commissions (362,155) (174,310)Vessel operating expenses (420,409) (199,646)Charter hire expenses (3,124) (138)Loss on disposal of vessels/other tangible assets (4) (2)Depreciation tangible assets (384,684) (163,148)Amortisation intangible assets (3,284) (2,881)Impairment losses (5,354) (1,847)General and administrative expenses (141,975) (77,766)Total operating expenses (1,331,254) (623,473) RESULT FROM OPERATING ACTIVITIES 557,150 1,002,452 Finance income 22,876 38,689Finance expenses (429,817) (169,339)Net finance expenses (406,941) (130,650) Share of profit (loss) of equity accounted investees (net of income tax) (882) 920 PROFIT (LOSS) BEFORE INCOME TAX 149,327 872,722 Income tax benefit (expense) (10,185) (1,893) PROFIT (LOSS) FOR THE PERIOD 139,142 870,829 Attributable to: Owners of the company 160,696 870,829Non-controlling interest (21,554) — Basic earnings per share 0.70 4.44Diluted earnings per share 0.70 4.44 Weighted average number of shares (basic) 229,443,392 196,041,579Weighted average number of shares (diluted) 229,443,392 196,041,579 Condensed consolidated statement of comprehensive income (in thousands of USD) 2025 2024 Jan. 1 - Dec. 31, 2025 Jan. 1 - Dec. 31, 2024 Profit/(loss) for the period 139,142 870,829 Other comprehensive income (expense), net of tax Items that will never be reclassified to profit or loss: Remeasurements of the defined benefit liability (asset) 88 200 Items that are or may be reclassified to profit or loss: Foreign currency translation differences 11,547 (2,280)Cash flow hedges - effective portion of changes in fair value (2,055) 1,005 Other comprehensive income (expense), net of tax 9,580 (1,075) Total comprehensive income (expense) for the period 148,722 869,754 Attributable to: Owners of the company 170,276 869,754Non-controlling interest (21,554) — Condensed consolidated statement of changes in equity (in thousands of USD) Share capitalShare premiumTranslation reserveHedging reserveTreasury sharesRetained earningsEquity attributable to owners of the CompanyNon-controlling interestTotal equity Balance at January 1, 2024239,1481,466,5292351,140(157,595)807,9162,357,373—2,357,373 Profit (loss) for the period — — — — —870,829870,829—870,829Total other comprehensive income (expense) — —(2,280)1,005 — 200(1,075)—(1,075)Total comprehensive income (expense) — —(2,280)1,005 —871,029869,754—869,754 Transactions with owners of the company Business Combination — — — — — (796,970)(796,970)— (796,970)Dividends to equity holders — (1,006,043) — — — (104,877)(1,110,920) (1,110,920)Treasury shares acquired — — — — (126,913) —(126,913)—(126,913)Total transactions with owners — (1,006,043) — — (126,913) (901,847)(2,034,803)—(2,034,803) Balance at December 31, 2024239,148460,486(2,045)2,145(284,508)777,0981,192,324—1,192,324 Share capitalShare premiumTranslation reserveHedging reserveTreasury sharesRetained earningsEquity attributable to owners of the CompanyNon-controlling interestTotal equity Balance at January 1, 2025239,148460,486(2,045)2,145(284,508)777,0981,192,324—1,192,324 Profit (loss) for the period — — — — —160,696160,696(21,554)139,142Total other comprehensive income (expense) — —11,547(2,055) —889,580—9,580Total comprehensive income (expense) — —11,547(2,055) —160,784170,276(21,554)148,722 Transactions with owners of the company Business Combination - Initial purchase —— — — ———1,453,5751,453,575Business Combination - Subsequent purchases —— — — —72,72672,726(209,792)(137,066)Merger 104,2921,357,071 — — —(244,352)1,217,011(1,217,011)—Dividends to equity holders —— — — —(29,017)(29,017)—(29,017)Dividends to non-controlling interest —— — — ———(5,218)(5,218)Total transactions with owners104,2921,357,071———(200,643)1,260,72021,5541,282,274 Balance at December 31, 2025343,4401,817,5579,50290(284,508)737,2392,623,320—2,623,320 Condensed consolidated statement of cash flows (in thousands of USD) 2025 2024 Jan. 1 - Dec. 31, 2025 Jan. 1 - Dec. 31, 2024Cash flows from operating activities Profit (loss) for the period 139,142 870,829 Adjustments for: 618,492 (355,549)Depreciation of tangible assets 384,684 163,148Amortisation of intangible assets 3,284 2,881Impairment losses (reversals) 5,354 1,847Provisions (274) (325)Income tax (benefits)/expenses 10,185 1,893Share of profit of equity-accounted investees, net of tax 882 (920)Net finance expense 406,941 130,650(Gain)/loss on disposal of assets (192,564) (635,017)(Gain)/loss on disposal of subsidiaries — (19,706) Changes in working capital requirements 7,264 39,307Change in cash guarantees (8,986) (46,869)Change in inventory (28,477) 5,197Change in receivables from contracts with customers 38,631 95,930Change in accrued income (17,957) 7,410Change in deferred charges 8,104 (6,065)Change in other receivables 30,230 3,317Change in trade payables 34,687 (14,867)Change in accrued payroll 4,155 (94)Change in accrued expenses (37,031) (18,999)Change in deferred income 19,280 6,602Change in other payables (35,438) 7,758Change in provisions for employee benefits 66 (13) Income taxes paid during the period (4,657) (4,549)Interest paid (340,615) (109,136)Interest received 6,414 17,112 Net cash from (used in) operating activities 426,040 458,014 Acquisition of vessels and vessels under construction (1,026,068) (1,114,907)Proceeds from the sale of vessels 509,817 1,718,862Acquisition of other tangible assets (3,741) (5,022)Acquisition of intangible assets (1,503) (1,541)Proceeds from the sale of other (in) tangible assets 860 2,000Net cash on deconsolidation / sale of subsidiaries — 822Investments in other companies — (45,000)Loans from (to) related parties (3,403) (4,485)Acquisition of a subsidiary, net of cash acquired (1,098,897) (1,152,620)Repayment of loans from related parties — (79,930)Lease payments received from finance leases 1,263 1,591Dividends received from other investments 9,876 1,050 Net cash from (used in) investing activities (1,611,796) (679,180) (Purchase of) Proceeds from sale of treasury shares — (126,913)Proceeds from borrowings 6,469,027 2,722,525Repayment of borrowings (4,237,099) (1,177,328)Repayment of lease liabilities (121,881) (33,879)Repayment of commercial paper (221,304) (357,171)Repayment of sale and leaseback (379,423) (54,299)Transaction costs related to issue of loans and borrowings (56,894) (19,223)Dividends paid (20,157) (1,126,683)Acquisition of non-controlling interest (137,066) — Net cash from (used in) financing activities 1,295,203 (172,971) Net increase (decrease) in cash and cash equivalents 109,448 (394,137) Net cash and cash equivalents at the beginning of the period 38,869 429,370Effect of changes in exchange rates (1,788) 3,636 Net cash and cash equivalents at the end of the period 146,529 38,869 CMBT_Final_year_results_PR