EXMAR : Results first semester 2022

HALF-YEAR 2022 PRESS RELEASE

Antwerp - 09/09/2022 - 5.45 pm

Regulated information

Inside information

The Board of Directors of EXMAR has approved the interim accounts for the period ending June 30, 2022. The interim condensed consolidated financial statements have not been subjected to an audit or a review by the statutory auditor.

HIGHLIGHTS

• Five-yearcharter agreement of the regasification barge EEMSHAVEN LNG with GASUNIE delivering hire income as from Mid-August 2022
• Sale and delivery of the LPG carrier BRUSSELS and agreements to sell LPG carriers EUPEN and BASTOGNE
• Repayment NOK bond in May 2022
• Significant subsequent events:
  o Closing of the sale of the floating liquefaction barge TANGO FLNG to Eni for a value in range of USD 572 - 694 million o Repayment of the TANGO FLNG financing to Bank of China and repayment of the Sequoia loan
  o 10-year bareboat charter agreement for EXCALIBUR signed with Eni
  o Order of two new build Midsize LPG/ammonia carriers with dual fuel LPG propulsion, delivery expected end 2024, early 2025 at USD 69 million each; option for two more ammonia fueled vessels

CONSOLIDATED KEY FIGURES (non-audited)

		International Financial Reporting			Management reporting based on
		Standards (IFRS) (1)			proportionate consolidation (2)
	Consolidated results (in million USD)	30 June 2022	30 June 2021					30 June 2022	30 June 2021
	Revenue	57.1	107.9				100.3	159.1
	EBITDA	1.2	61.0				29.9	93.1
	Depreciation and impairment losses	0.4	-35.0				-5.9	-47.2
	Operating result (EBIT)	1.6	26.1				24.0	45.9
	Net finance result	-8.5	-5.3				-14.0	-11.0
	Share of result of equity accounted investees (net
	of income tax)	17.0	13.1				0.2	-1.0
	Result before income tax		33.9					33.9
	10.1				10.1
	Income tax expense	-0.4	-1.2				-0.4	-1.2
	Result for the period	9.7	32.7				9.7	32.7
	Of which Group share	9.6	32.7				9.6	32.7
	Information per share (in USD per share)
	Weighted average number of shares of the period	57,226,737	57,226,737				57,226,737	57,226,737
	EBITDA		1.07				1.63
	0.02				0.52
	Operating result (EBIT)		0.46				0.80
	0.03				0.42
	Result for the period		0.57				0.57
	0.17				0.17
	Information per share (in EUR per share)
	Exchange rate	1.1006	1.2089				1.1006	1.2089
	EBITDA		0.88				1.35
	0.02				0.47
	Operating result (EBIT)		0.38				0.66
	0.02				0.38
	Result for the period		0.47				0.47
	0.15				0.15

1. The figures in these columns have been prepared in accordance with IFRS as adopted by the EU, i.e. joint-ventures accounted for at equity method.
2. The figures in these columns reflect management presentation and include the joint-ventures based on the proportionate consolidation method instead of the equity method.

Half year report 2022 available on the website: today, September 9, 2022

Press Release | Half-year 2022 results

Contact: Christine Verhaert | CFO | [phone] or

Wouter Goovaerts | Investor Relations | [phone]

www.exmar.be

HALF-YEAR 2022 PRESS RELEASE

Antwerp - 09/09/2022 - 5.45 pm

Regulated information

Inside Information

COMMENTARY KEY RESULTS

The figures discussed below are all based on the proportionate consolidation method.

SHIPPING:

Proportionate consolidation - SHIPPING	6 months ended
(In millions of USD)	30 June 2022	30 June 2021
Revenue	69.8	68.7
EBITDA	38.0	35.3
Operating result (EBIT)	22.5	17.6
Segment result for the period	12.0	10.9

Revenue increased by USD 1.1 million in the first half of 2022 compared to the same period in 2021 and is the combined effect of the contribution of the two new VLGC's (operational since the second half 2021), higher rates in all vessel types, partially offset by the unemployment of the LNG carrier EXCALIBUR and a lower number of midsize vessels in the fleet.

The operating result for the Shipping segment in 2022 was higher than in 2021 as 2022 was positively impacted by higher revenue, lower operating charges and lower net depreciations and impairments.

Time Charter Equivalent (in USD per day)	2022	2021
Midsize (100 pool points)	23,835	22,956
VLGC (Average)	31,594	27,861
Pressurized (Average) (3,500 m3)	6,880	5,896
Pressurized (Average) (5,000 m3)	8,725	8,028
INFRASTRUCTURE:
Proportionate consolidation - INFRASTRUCTURE	6 months ended
(In millions of USD)	30 June 2022	30 June 2021
Revenue	24.4	81.8
EBITDA	-4.4	60.6
Operating result (EBIT)	5.6	31.5
Segment result for the period	-7.0	17.2

Revenue in the Infrastructure segment decreased in 2022 by USD 57.4 million as 2021 included an early termination fee of USD 56.8 million and charter income under previous contract.

Consequently, EBITDA and EBIT of the first-half 2022 were negatively impacted.

In 2021, EBIT included USD 19.0 million impairment charge of the EEMSHAVEN LNG (former FSRU S188) as a result of its unemployment, while in 2022 the market significantly improved and thus USD 18.3 million was reversed.

SUPPORTING SERVICES:

Proportionate consolidation - SUPPORTING SERVICES	6 months ended
(In millions of USD)	30 June 2022	30 June 2021
Revenue	11.1	14.1
EBITDA	-3.7	-2.8
Operating result (EBIT)	-4.1	-3.3
Segment result for the period	4.7	4.6

Revenues at the Supporting Services segment decreased, primarily due to lower activities (less vessels) at EXMAR Shipmanagement and no one-off revenue (2021: USD 0.5 million cancellation fees).

Press Release | Half-year 2022 results

Contact: Christine Verhaert | CFO | [phone] or

Wouter Goovaerts | Investor Relations | [phone]

www.exmar.be

HALF-YEAR 2022 PRESS RELEASE

Antwerp - 09/09/2022 - 5.45 pm

Regulated information

Inside Information

Update on liquidity position

The uncertainties for EXMAR with regard to the going concern assessment relating to the liquidity position and the covenant compliance, as disclosed in the 2021 annual report, have been resolved.

Intermediary dividend

The Board of Directors of EXMAR has decided to convene a special general meeting of shareholders to decide on the distribution of an intermediary dividend of gross 0.95 euro per share.

***

Statement onthe true and fair view

The Board of Directors, represented by Nicolas Saverys (Chairman) and Carl-Antoine Saverys, and the Executive Committee, represented by Francis Mottrie, CEO (representing FMO BV) and Christine Verhaert, CFO (representing FINMORE BV), hereby confirm that, to the best of their knowledge,

• the interim condensed consolidated financial statements for the six-months ended June 30, 2022, which have been prepared in accordance with IAS 34 Interim financing reporting, 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,
• the interim management report includes a fair overview of the information required under Article 13 §5 and §6 of the Royal Decree of November 14, 2007 on the obligations of issuers of financial instruments admitted to trading on a regulated market.

GLOSSARY

• EBITDA: Earnings before interests, taxes, depreciation, amortization and impairment.
• EBIT: Earnings before interests and taxes.

ANNEX

• Interim condensed consolidated statements
  The Board of Directors, Antwerp, September 9, 2022

Press Release | Half-year 2022 results

Contact: Christine Verhaert | CFO | [phone] or Wouter Goovaerts | Investor Relations | [phone] www.exmar.be

HALF-YEAR 2022 PRESS RELEASE

Antwerp - 09/09/2022 - 5.45 pm

Regulated information

Inside Information

Interim condensed consolidated statement of financial position

			31 December
	(In thousands of USD)	30 June 2022	2021
	Non-current assets	537,000	767,317
	Vessels and barges		648,436
	399,125
	Other property, plant and equipment		1,274
	1,265
	Intangible assets		82
	68
	Right-of-use assets		6,000
	5,121
	Investments in equity accounted investees		86,780
	103,638
	Borrowings to equity accounted investees		24,740
	25,666
	Deferred tax assets		5
	2,116
	Current assets		234,079
	426,580
	Derivative financial assets		920
	0
	Other investments		1,849
	1,705
	Trade and other receivables		55,149
	40,783
	Borrowings to equity accounted investees		15,407
	7,553
	Current tax assets		1,003
	515
	Restricted cash		76,121
	0
	Cash and cash equivalents		71,130
	43,313
	Assets held for sale		12,500
	332,710
	Total assets	963,579	1,001,395
	Equity	542,226	536,503
	Equity attributable to owners of the Company		536,231
	542,042
	Share capital		88,812
	88,812
	Share premium		209,902
	209,902
	Reserves		225,918
	233,681
	Result for the period		11,600
	9,648
	Non-controlling interest		272
	184
	Non-current liabilities		315,347
	235,570
	Borrowings	234,040	313,816
	Employee benefit obligations		730
	730
	Provisions		800
	800
	Current liabilities		149,546
	185,783
	Borrowings	21,683	110,995
	Trade and other payables		37,241
	35,257
	Current tax liability		1,309
	3,260
	Liabilities held for sale		0
	125,583
	Total liabilities		464,892
	421,353
	Total equity and liabilities	963,579	1,001,395

Press Release | Half-year 2022 results

Contact: Christine Verhaert | CFO | [phone] or Wouter Goovaerts | Investor Relations | [phone] www.exmar.be

ANNEX TO THE HALF-YEAR 2022 PRESS RELEASE

Interim condensed consolidated statement of profit and loss

	(In thousands of USD)	6 months ended
	CONSOLIDATED STATEMENT OF PROFIT OR LOSS	30 June 2022	30 June 2021
	Revenue	57,083	107,877
	Gain on disposal		36
	502
	Other operating income		456
	1,969
	Operating income		108,370
	59,555
	Vessel expenses		-20,443
	-29,632
	General and administrative expenses		-12,651
	-14,327
	Personnel expenses		-14,093
	-14,402
	Depreciations and amortisations		-14,803
	-17,967
	Impairment losses and reversals		-20,165
	18,345
	Loss on disposal		-100
	0
	Other operating expenses		-50
	-1
	Result from operating activities		26,064
	1,570
	Interest income	900	732
	Interest expenses		-8,440
	-10,768
	Other finance income		4,993
	6,005
	Other finance expenses		-2,566
	-4,630
	Net finance result		-5,282
	-8,493
	Result before income tax and share of result of equity accounted investees		20,782
	-6,923
	Share of result of equity accounted investees (net of income tax)	17,036	13,082
	Result before income tax		33,865
	10,114
	Income tax expense	-424	-1,162
	Result for the period	9,689	32,703
	Attributable to:
	Non-controlling interest		38
	41
	Owners of the Company		32,665
	9,648
	Result for the period	9,689	32,703
	Basic earnings per share (in USD)	0.17	0.57
	Diluted earnings per share (in USD)	0.17	0.57
	CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
	Result for the period	9,689	32,703
	Items that are or may be reclassified subsequently to profit or loss:
	Equity accounted investees - share in other comprehensive income	1,578	161
	Foreign currency translation differences		-322
	-522
	Total other comprehensive income for the period (net of tax)	1,056	-161
	Total comprehensive income for the period	10,746	32,541
	Attributable to:
	Non-controlling interest		29
	32
	Owners of the Company		32,513
	10,713