Euronav NV — Earnings Release 2014

Feb 11, 2015

PRESS RELEASE

REGULATED INFORMATION

11 FEBRUARY 2015 – 8.15 a.m. CET

FOURTH QUARTER RESULTS 2014

Highlights of recent developments

• Initial public offering on NYSE in the United States of 18,699,000 ordinary shares for gross proceeds of USD 229,062,750
• Planned repayment of the USD 235.5 million bond
• Contribution in kind of the 30 outstanding perpetual convertible preferred equity instruments resulting in the issuance of 9,459,283 new ordinary shares
• 17 out of 19 acquired VLCCs delivered

ANTWERP, Belgium, 11 February 2015 – The executive committee of Euronav NV (NYSE: EURN & Euronext: EURN) ("Euronav" or the "Company") reported today its preliminary non-audited financial results for the fourth quarter and full year 2014:

	The most important key figures are:
in thousands of USD		fourth quarter 2013 Restated*	fourth quarter 2014	Full Year 2014	Full Year 2013 Restated*
turnover EBITDA		80,295 20,860	144,866 67,589	473,985 172,482	304,622 82,243
depreciation EBIT (operating result)		$-34,510$ $-13,650$	-47,894 19,695	$-160.953$ 11,530	$-136,958$ $-54,715$
financial result		$-13,511$	$-37,458$	$-93,353$	$-52,644$
share of profit(loss) of Equity Accounted linvestees		3,967	7,992	30,286	17,853
result before taxation		$-23,194$	$-9,772$	$-51,538$	$-89,506$
Tax Expense		$-79$	5,837	5,743	$-178$
result after taxation		$-23,273$	$-3,935$	-45,796	$-89,683$
Attributable to:	owners of the company	$-23.273$	$-3.935$	$-45.796$	$-89,683$
	non-controlling intrests	0	0	0	0

The contribution to the result is as follows
	fourth quarter	fourth quarter	Full Year	Full Year
In thousands of USD	2013	2014	2014	2013
Tankers	$-29.455$	$-11.243$	$-75.249$	$-117.867$
IFSO	6.182	7.308	29.453	28,183
result after taxation	$-23.273$	$-3.935$	-45.796	$-89,684$

Information per share:
	fourth quarter	fourth quarter	Full Year	Full Year
in USD per share	2013	2014	2014	2013
Inumber of shares	50.914.237		129,300,666 116,539,018 50,230,438
EBITDA	0.41	0.52	1.48	1.64
EBIT (operating result)	$-0.27$	0.15	0.10	$-1.09$
result after taxation	$-0.46$	$-0.03$	$-0.39$	$-1.79$

*All figures have been prepared under IFRS as adopted by the EU (International Financial Reporting Standards) and have not been audited by the statutory auditor. The comparative figures for 2013 have been restated following the application of IFRS 10 & IFRS 11 on Joint Arrangements.

**The number of shares outstanding on December 31, 2014 is 131,050,666 (including 1,750,000 treasury shares).

The company had a net loss of USD -3.9 million (fourth quarter 2013: USD -23.3 million) for the three months ended 31 December 2014 or USD -0.03 per share (fourth quarter 2013: USD -0.46 per share). EBITDA was USD 67.6 million (fourth quarter 2013: USD 20.9 million). For the full year ending 31 December 2014, the net results are USD -45.8 million (2013: USD -89.7 million) or USD -0.39 per share (2013: USD -1.79 per share).

CHANGE IN ACCOUNTING POLICY: FIRST-YEAR ADOPTION OF IFRS 10 & IFRS 11

As announced in our first quarter earnings release, the company is applying the new accounting standards IFRS 10 and IFRS 11 as of 1 January 2014. As a result, the consolidation method applied to joint ventures has changed. Consequently, all the joint ventures in which the Company has an interest have now been accounted for, using the equity method and reported in the income statement under the line: "Share of profit (loss) of equity accounted investees". For more details about the impact of the first-time adoption of IFRS 10 and IFRS 11, please see note "v" of the significant accounting policies included in the notes to the consolidated financial statements for the period ended 31 December 2013 in our annual report 2013.

If the company would have continued to apply the proportionate consolidation method for its joint ventures for the fourth quarter of 2014, the EBITDA would have been USD 84.5 million (fourth quarter 2013: USD 34.0 million), the EBIT would have been USD 29.3 million (fourth quarter 2013: USD -7.9 million) and the result after taxation would have remained the same.

In USD per day	Fourth quarter 2014	Fourth quarter 2013	Full year 2014	Full year 2013
VLCC
Average TI Pool spot rate	31,650	24,000	27,625	18,300
SUEZMAX
Average time-charter rate*	30,513	23,400	25,930	22,000
Average spot rate**	24,248	14,500	23,382	16,600

The average daily time charter equivalent rates (TCE) can be summarized as follows:

* Including profit share where applicable

** Excluding technical offhire days

EURONAV TANKER FLEET

Euronav operates its spot VLCC tonnage through the Tankers International Pool of which it is a founding member. Since 6 October 2014, the Pool has been operating in a joint venture with Frontline. This combination is the largest provider of spot VLCC tonnage in the world and is operating under the name VLCC Chartering Ltd.

On 8 October 2014 the Suezmax Cap Isabella (2013 – 157,258 dwt), which the company had on bareboat charter, was delivered to its new owners. This sale generated a profit of USD 4.3 million for Euronav.

On 9 October 2014 Euronav took delivery of the fifteenth and last vessel of the Maersk Acquisition announced on 5 January 2014: the Sandra (2011 – 323,527 dwt).

Towards the end of the year, the company took delivery of the following 2 VLCCs (both part of the acquisition of 4 modern Japanese-built VLCC vessels announced on 8 July 2014): the Hojo (2013 – 302,965 dwt) and the Hakone (2010 - 302,624 dwt) respectively on 19 and

22 December 2014. Deliveries of the remaining two vessels are expected to take place late February and towards the end of the first quarter of 2015.

On 15 January 2015 the VLCC Antarctica (2009 – 315,981 dwt) was delivered to its new owners for conversion in an FPSO.

CORPORATE

On 14 October 2014 the Company signed a new USD 340 million senior secured credit facility comprising of (i) a USD 192 million term loan facility and (ii) a up to USD 148 million non-amortising revolving credit facility for the purpose of partially financing the acquisition of 4 VLCCs announced on 8 July and the refinancing of 4 existing Suezmax vessels.

On 28 January the Company announced the closing of its initial public offering of 18,699,000 common shares at a public offering price of USD 12.25 per share for gross proceeds of USD 229,062,750. This included the exercise in full by the underwriters of their overallotment option. The Company's ordinary shares offered in the United States trade on the New York Stock Exchange under the ticker symbol "EURN".

On 3 February 2015 the Company announced that it will repay the USD 235.5 million bond issued to partly finance the acquisition of 15 VLCCs announced on 5 January 2014. The repayment is expected to take place on or around 19 February 2015. As the bond was issued below par and in accordance with IFRS, the Company will amortize USD 20.4 million (non-cash) in the fourth quarter of 2014 bringing the amortization related to this bond for the full year 2014 to USD 31.9 million (non-cash) and a further USD 4.1 million (non-cash) in the first quarter of 2015.

On 6 February 2015 the Company's share capital was increased following the contribution in kind of 30 perpetual convertible preferred equity instruments issued on 15 December 2013 which resulted in the issuance of 9,459,283 new ordinary shares. These new shares are listed on both Euronext Brussels and the NYSE but tradeable only on Euronext Brussels.

TANKER MARKET

A robust and sustained recovery in freight rates in both VLCC and Suezmax sectors gained traction during the fourth quarter of 2014 – a feature which has continued and expanded into Q1 2015. The last three months of the year presented some challenges as owners' confidence was slow to grow and bunker price gains did not materialise within Q4 as bunker inventory was burned off. However, Euronav delivered creditable returns on our VLCC fleet, where we lost a number of vettings due to the ownership change following the acquisitions, thus leading to a longer time required to book charters.

The fundamental drivers for the tanker market, supply and demand for seaborne transport are well positioned for the short and medium term. Demand for oil is healthy and growing. We believe the fall in the oil price will stimulate demand further in the short and medium term. Vessel supply will remain restricted for at least the next two years. Not only is forecast fleet growth limited in the medium term but there is limited capacity as the financial crisis reduced capacity and productivity in many shipyards. Ton miles are structurally increasing. The Atlantic is effectively long oil – this oil supply is feeding demand from non OECD and especially in Asia and the Far East. Therefore traditional trade lanes will continue to be replaced by longer haul routes with the Far East as their ultimate destination.

OUTLOOK

So far, in the first quarter, the Euronav VLCC fleet operated in the Tankers International pool has earned on average USD 59,400 per day and 53% of the available days have been fixed. Euronav's Suezmaxes trading on the spot market have earned on average USD 40,300 per day and 69% of the available spot days have been fixed.

The oil price contango will continue to drive floating storage and reduce vessel supply for transport throughout 2015. Lower bunker costs make speed less of a cost issue but shipowners will not waste fuel so speeds in ballast will vary as to whether the ship is sailing to a cargo or not. No shipowner will want to speed up just to wait. Ships should continue in slow speed until they are fixed for a cargo and then adjust speed to arrive just in time. Ships are not speeding up to a degree which will make a tangible difference to capacity. The industry has learnt over the past five years how to manage variable voyage costs and speed is the key factor.

Euronav has developed into the largest and most transparent tanker platform with 52 vessels on the water today. We have deliberately exposed our fleet to the spot market (86%) with 16,000 open days for 2015 to benefit from what we believe will be a multiyear, growing freight rate market underpinned by a well-capitalized balance sheet and supported by strategic, demand and supply factors.

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor 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 harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor 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, drydocking 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

PRESS RELEASE

REGULATED INFORMATION

11 FEBRUARY 2015 – 8.15 a.m. CET

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.

*

* * Contact: Mr. Brian Gallagher – Euronav Investor Relations Tel: +44 20 7870 0436 Email: IR@euronav.com

Announcement of final year results 2014: Friday 27 March 2015

About Euronav

Euronav is an independent tanker company engaged in the ocean transportation and storage of crude oil. The Company is headquartered in Antwerp, Belgium, and has offices throughout Europe and Asia. Euronav is listed on Euronext Brussels and on the NYSE under the symbol EURN. Euronav employs its fleet both on the spot and period market. VLCCs on the spot market are traded in the Tankers International pool of which Euronav is one of the major partners. Euronav's owned and operated fleet consists of 52 double hulled vessels being 1 V-Plus, 2 FSO vessels (both owned in 50%-50% joint venture), 26 VLCCs of which 1 in joint venture and 23 Suezmaxes (of which 4 in joint venture). The Company's vessels mainly fly Belgian, Greek, French and Marshall Island flags.

Regulated information within the meaning of the Royal Decree of 14 November 2007.

Consolidated financial statements for the year ended December 31, 2014

Consolidated statement of financial position

in thousands of U.S.\$	2014	2013 Restated *
ASSETS
NON-CURRENT ASSETS ……………………………………	2,559,095	1,728,993
Property, plant and equipment ……………………………	2,276,161	1,445,433
Vessels …………………………………………………………	2,258,334	1,434,800
Other tangible assets …………………………………………	1,226	633
Prepayments………………………………………………….	16,601	10,000
Intangible assets ……………………………………………	31	32
Financial assets ………………………………………………	259,036	259,535
Investments ……………………………………………………	1	1
Receivables ……………………………………………………	259,035	259,534
Investments in equity accounted investees ……………	17,331	23,113
Deferred tax assets …………………………………………	6,536	880
CURRENT ASSETS …………………………………………	537,853	191,768
Trade and other receivables …………………………………	194,732	95,913
Current tax assets ……………………………………………	36	36
Cash and cash equivalents …………………………………	254,086	74,309
Non-current assets held for sale ……………………………	89,000	21,510
TOTAL ASSETS ………………………………………………	3,096,948	1,920,761

	2014	2013
		Restated *
EQUITY and LIABILITIES
EQUITY …………………………………………………………	1,472,708	800,990
Equity attributable to owners of the Company …………	1,472,708	800,990
Share capital ……………………………………………………	142,441	58,937
Share premium ………………………………………………	941,770	365,574
Translation reserve ……………………………………………	379	946
Hedging reserve ………………………………………………	-	-1,291
Treasury shares ………………………………………………	-46,062	-46,062
Other Equity Interest …………………………………………	75,000	-
Retained earnings ……………………………………………	359,180	422,886
NON-CURRENT LIABILITIES ………………………………	1,252,697	874,979
Loans and borrowings ………………………………………	1,244,328	835,908
Bank loans ………………………………………………………	1,012,955	710,086
Convertible and other Notes …………………………………	231,373	125,822
Other payables	-	31,291
Deferred tax liabilities ………………………………………	-	-
Employee benefits ……………………………………………	2,108	1,900
Amounts due to equity-accounted joint ventures………	5,880	5,880
Provisions ……………………………………………………	381	-
CURRENT LIABILITIES ………………………………………	371,543	244,792
Trade and other payables ……………………………………	126,632	107,094
Tax liabilities ……………………………………………………	1	21
Loans and borrowings …………………………………………	221,374	137,677
Convertible and other Notes …………………………………	23,124	-
Provisions ………………………………………………………	412	-
TOTAL EQUITY and LIABILITIES …………………………	3,096,948	1,920,761

Consolidated financial statements for the year ended December 31, 2014

Consolidated statement of profit or loss

in thousands of U.S.\$	2014	2013
		Restated *
Revenue …………………………………………………	473,985	304,622
Gains on disposal of vessels/other tangible assets…	13,122	8
Other operating income ………………………………	11,410	11,520
Expenses for shipping activities …………………….…	-278,055	-206,528
Losses on disposal of vessels …………………………	-	-215
Impairment on non-current assets held for sale……	-7,416	-
Depreciation tangible assets …………………………	-160,934	-136,882
Depreciation intangible assets ………………………	-20	-75
Employee benefits ………………………………………	-20,489	-13,881
Other operating expenses ……………………………	-20,075	-13,283
Result from operating activities ……………………	11,528	-54,714
Finance income …………………………………………	2,617	1,993
Finance expenses ………………………………………	-95,970	-54,637
Net finance expense …………………………………	-93,353	-52,644
Share of profit(loss) of equity accounted investees (net of income tax) ………………………………….	30,286	17,853
Profit(loss) before income tax ………………………	-51,539	-89,505
Income tax expense ……………………………………	5,743	-178
Profit(loss) for the period ……………………………	-45,796	-89,683
Attributable to: Owners of the Company …………………………	-45,796	-89,683
Basic earnings per share (in U.S.\$) …………………	-0.39	-1.79
Diluted earnings per share (in U.S.\$) …………………	-0.39	-1.79

Consolidated financial statements

for the year ended December 31, 2014

Consolidated statement of comprehensive income

in thousands of U.S.\$	2014	2013 Restated *
Profit (loss) for the period…………………………………………………	-45,796	-89,683
Other comprehensive income, net of tax Items that will never be reclassified to profit or loss:
Remeasurements of the defined benefit liability(asset)…………………	-393	263
Items that are or may be reclassified to profit or loss Foreign currency translation differences ………………………………… Cash flow hedges - effective portion of changes in fair value…………	-567 1,291	216 5,430
Equity-accounted investees - share of other comprehensive income…	2,106	3,077
Other comprehensive income for the period, net of tax …………	2,437	8,986
Total comprehensive income for the period …………………………	-43,359	-80,697
Attributable to: Owners of the Company ……………………………………….	-43,359	-80,697

Consolidated financial statements

for the year ended December 31, 2014

Consolidated statement of changes in equity

Transactions with owners of the company

in thousands of U.S.\$	Share capital	Share premium	Translatio n reserve	Hedging reserve	Treasury shares	Retained earnings	Capital and reserves	Other	Non controlling interest	Total equity
Balance at January 1, 2013 restated ……………………………	56,248	353,063	730	-6,721	-46,062	509,712	866,970	-	-	866,970
Total comprehensive income for the period
Profit (loss) for the period…………………………………………… Other comprehensive income	-	-	-	-	-	-89,683	-89,683	-	-	-89,683
Foreign currency translation differences …………………………	-	-	216	-	-	-	216	-	-	216
Cash flow hedges - effective portion of changes in fair value……	-	-	-	5,430	-	-	5,430	-	-	5,430
Equity-accounted investees, share of other comprehensive income……………………………………………………………	-	-	-	-	-	3,077	3,077	-	-	3,077
Remeasurements of the defined benefit liability(asset)…………	-	-	-	-	-	263	263	-	-	263
Total other comprehensive income …………………………………	-	-	216	5,430	-	3,340	8,986	-	-	8,986
Total comprehensive income for the period ……………………	-	-	216	5,430	-	-86,343	-80,697	-	-	-80,697
Transactions with owners of the company
Issue of ordinary shares ……………………………………………	-	-	-	-	-	-	-	-	-	-
Issue and conversion of convertible Notes ………………………	2,689	12,511	-	-	-	-666	14,534	-	-	14,534
Dividends to equity holders ………………………………………	-	-	-	-	-	-	-	-	-	-
Treasury shares ……………………………………………………	-	-	-	-	-	-	-	-	-	-
Equity-settled share-based payment………………………………	-	-	-	-	-	183	183	-	-	183
Total contributions by and distributions to owners ………………	2,689	12,511	-	-	-	-483	14,717	-	-	14,717
Total transactions with owners …………………………………	2,689	12,511	-	-	-	-483	14,717	-	-	14,717
Balance at December 31, 2013 restated ………………………	58,937	365,574	946	-1,291	-46,062	422,886	800,990		-	800,990
Balance at January 1, 2014 ………………………………………	58,937	365,574	946	-1,291	-46,062	422,886	800,990	-	-	800,990
Total comprehensive income for the period
Profit (loss) for the period……………………………………………	-	-	-	-	-	-45,796	-45,796	-	-	-45,796
Other comprehensive income								-
Foreign currency translation differences …………………………	-	-	-567	-	-	-	-567	-	-	-567
Cash flow hedges - effective portion of changes in fair value……	-	-	-	1,291	-	-	1,291	-	-	1,291
Equity-accounted investees, share of other comprehensive income……………………………………………………………	-	-	-	-	-	2,106		-

* All figures have been prepared under IFRS as adopted by EU (International Financial Reporting Standards) and have not been audited by the statutory auditor. The comparative figures for 2013 have been restated following the application of IFRS 10& 11 on Joint Arrangements.

Balance at December 31, 2014 ………………………………… 142,441 941,770 379 - -46,062 359,181 1,397,708 75,000 - 1,472,708

Total other comprehensive income ………………………………… - - -567 1,291 - 1,713 724 - 724 Total comprehensive income for the period …………………… - - -567 1,291 - -44,083 -43,359 - -43,359

Issue of ordinary shares …………………………..………………… 53,119 421,881 - - - -12,694 462,306 - - 462,306 Issue and conversion of convertible Notes ……………………… 20,103 89,597 - - - -7,422 102,278 - - 102,278 Issue and conversion of perpetual convertible preferred equity… 10,282 64,718 - - - -3,500 71,500 75,000 - 146,500 Dividends to equity holders …………………………..…………… - - - - - - - - - - Treasury shares …………………………..……………………..…… - - - - - - - - - - Equity-settled share-based payment……………………………… - - - - - 3,994 3,994 - - 3,994 Total contributions by and distributions to owners ……………… 83,504 576,196 - - - -19,623 640,077 75,000 - 715,077 Total transactions with owners ………………………………… 83,504 576,196 - - - -19,623 640,077 75,000 - 715,077

Remeasurements of the defined benefit liability(asset)………… - - - - -393 -

Consolidated financial statements for the year ended December 31, 2014

Consolidated statement of cash flows

in thousands of U.S.\$	2014	2013 Restated *
Profit (loss) for the period……………………………………………………………	-45,796	-89,683
Adjustments for :………………………………………………………………	217,409	172,095
Depreciations tangible assets…………………………………………	160,934	136,882
Depreciations intangible assets………………………………………	20	75
Impairment on non-current assets held for sale……………………	7,415	-
Leasing……………………………………………………………………		-
Provisions…………………………………………………………………	840	-
Tax expenses…………………………………………………………………	-5,742	178
Share of profit of equity-accounted investees, net of tax ………………………	-30,286	-17,853
Net finance expense…………………………………………………………	93,353	52,644
Capital gain(loss) on disposal of assets……………………………………	-13,118	-14
Equity-settled share-based payment transactions……………………………… Changes in working capital requirements ………………………………………	3,994 -112,279	183 -43,442
Change in cash guarantees………………………………………………	-1,246	-1
Change in trade receivables………………………………………….………	-23,755	-79
Change in accrued income…………………………………………………	-8,577	-1,706
Change in deferred charges……………………………………………	-2,124	-8,664
Change in other receivables………………………….…………………	-64,299	-4,036
Change in trade payables………………………………….……………	-9,435	19,899
Change in accrued payroll………………………………………………………	166	-28
Change in accrued expenses……………………………………………	9,581	8,342
Change in deferred income………………………….…………………	-2,016	-1,065
Change in other payables………………………………….……………	-10,660	-56,018
Change in provisions for employee benefits………………………………….…	85	-86
Change in non-current trade payables………………………………….…………	-	-
Income taxes paid during the period …………………………………………………	67	-82
Interest paid ………………………………………………………………….	-54,449	-47,895
Interest received ………………………………………………………………….	421	90
Dividends received ……………………………………………………………	9,410	-
Net cash from operating activities……………………………………………	14,784	-8,917
Acquisition of vessels …………………………………………………………………	-1,053,939	-10,000
Proceeds from the sale of vessels ……………………………………………………	123,609	52,920
Acquisition of other (in)tangible assets ………………………………………………	-123,207	-355
Proceeds from the sale of other (in)tangible assets ………………………………	22	24
Loans from (to) related parties ………………………………………………………	29,508	-11,475
Proceeds of disposals of subsidiaries & joint ventures net of cash disposed	1,000	-
and of associates …………………………………
Purchase of subsidiaries, joint ventures & associates net of cash acquired ………………….……………………………………………	-	-3,000
Net cash from (used in) investing activities………………………………………	-1,023,008	28,114
Proceeds from issue of share capital ………………………………………………	475,000	-
Transaction costs related to issue of share capital ………………………………	-12,694	-
Proceeds from issue of perpetual convertible preferred equity ……………….…	150,000	-
Transaction costs related to issue perpetual convertible preferred equity ……… Purchase / sale of treasury shares …………………………………………………	-3,500 -	- -
Proceeds from new long-term borrowings ……………………………………………	1,395,392	61,390
Repayment of long-term borrowings …………………………………………………	-799,891	-118,770
Transaction costs related to issue of loans and borrowings ……………………	-15,284
Dividends paid ………………………………………………………………………	-2	-4
Net cash from (used in) financing activities ……………………………………	1,189,021	-57,384
Net increase (decrease) in cash and cash equivalents	180,797	-38,187
Net cash and cash equivalents at the beginning of the period ……………	74,309	113,051
Effect of changes in exchange rates …………………………………………	-1,020	-555
Net cash and cash equivalents at the end of the period………………………	254,086	74,309