EXMAR NV

Quarterly Report • Mar 27, 2014

FINAL RESULTS 2013 27/03/2014 6.45 pm

During its meeting of 27th March 2014, the Board of Directors of EXMAR reviewed the results for the year ending 31st December 2013.

Key figures

Consolidated income statement according IFRS	Total as per	Total as per	Information per share (in USD per share)	Total as per	Total as per
(in million USD)	31-dec-13	31-dec-12		31-dec-13	31-dec-12
		(Restated)			(Restated)
Turnover	405,9	462,8	Weighted average number of shares during the period	56.414.983	56.184.422
EBITDA	154,2	162,2	EBITDA	2,73	2,89
Depreciations	-53,9	-73,3	EBIT	1,78	1,58
Operating result (EBIT)	100,3	88,9	Consolidated result after taxation	1,86	1,00
Financial Result:	5,7	-29,6
- Of which Change in Fair Value of Financial Derivatives	26,8	2,8	Contribution to the consolidated operating result (EBIT)	Total as per	Total as per
Share in the result of equity accounted investees	-0,2	-0,7	of the various operating divisions (in million USD)	31-dec-13	31-dec-12
Result before taxes	105,8	58,6			(Restated)
Income taxes	-0,9	-2,2	LNG	26,5	30,3
Consolidated result after taxation	104,9	56,4	Offshore	1,4	29,7
- Share of the group in the result	104,9	56,4	LPG	73,5	27,5

(Restated)			(Restated)
	Services and Holding	-1,1	-0,4

All figures mentioned in this press release have been prepared under IFRS (International Financial Reporting Standards).

The operating result (EBIT) for the year amounts to USD 100.3 million (USD 88.9 million in 2012), positively influenced by the capital gain realized on the sale of 50% of EXMAR LPG to TEEKAY LNG PARTNERS L.P. (USD 52.8 million) as well as a capital gain realized on the sale of the DONAU (USD 0.9 million).

The financial result has been impacted by the change in fair value of hedging instruments entered to hedge the interest rate and foreign exchange exposure on long-term financing of the fleet, which resulted in a non-cash unrealized profit of USD 26.8 million (USD 2.2 million in 2012).

The consolidated result after taxation for 2013 amounts to USD 104.9 million (USD 56.4 million in 2012).

Prospects 2014

• LNG : The LNG fleet is expected to perform in accordance with the underlying time-charter contracts. The construction of the CARIBBEAN FLNG barge is progressing well. EXMAR, in joint - venture with PACIFIC RUBIALES, will also start the construction of a regasification barge in the second quarter of 2014, with delivery scheduled 2015. Discussions for the employment of this barge are ongoing.
• OFFSHORE : The Offshore division will continue to perform as expected under its long-term charter contracts with the accommodation barges OTTO 5, KISSAMA and NUNCE. EXMAR will continue to enjoy the tariff fee on the production of the OPTI-EX® which is expected to remain throughout 2014.
• LPG : The majority of the LPG fleet has contributed to a Joint-Venture with TEEKAY LNG (ticker: TGP) from early 2013 and will continue to enjoy a stable and diversified coverage portfolio. EXMAR LPG (the Joint-Venture) will take delivery of its first newbuild (WAASMUNSTER - 38,000m³) end of March with a further 2 new Midsize Gas Carriers to be delivered in the course of 2014. Nine additional vessels will be delivered between June 2015 and January 2018. The sale of the TEMSE (35,754 m3 – 1994 built) and the FLANDERS HARMONY (85,826 m3 – 1993 built), respectively in the first and second quarter of 2014 will generate a capital gain of approximately USD 10.4 million for EXMAR's share in EXMAR LPG. The LPG market has been very active in the first part of 2014, similar to the position at the end of 2013, with rates for the Very Large Gas Carriers reaching all-time highs after a weaker first two months of the year.

Dividend

At the general meeting of shareholders on 20th May 2014, the Board of Directors will propose to distribute a gross dividend of EUR 0.90 per share, of which EUR 0.60 per share was paid in September 2013 as an interim dividend. If approved by the general shareholders' meeting, the dividend of EUR 0.30 gross per share (EUR 0.225 net per share) will be payable from 28 May 2014. (ex-date 23 May – record date 27 May).

Annual report available on website: 29th April 2014 Publication first Quarter results: 29th April 2014

FINAL RESULTS 2013 27/03/2014 6.45 pm

The statutory auditor, KPMG Bedrijfsrevisoren – Réviseurs d'Entreprises, represented by Filip De Bock, has confirmed that the audit procedures, which have been substantially completed, have not revealed any material misstatement in the accounting information included in the Company's annual announcement.

Kontich, 27 March 2014 KPMG Bedrijfsrevisoren / Réviseurs d'Entreprises Represented by Filip De Bock, Partner

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 Nicolas Saverys (CEO) and Patrick De Brabandere (COO), and the executive committee, represented by Patrick De Brabandere (COO) and Miguel de Potter (CFO), hereby confirm that, to the best of their knowledge, the consolidated financial statements for the period ended 31 December 2013, which have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) as adopted by the European Union, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the entities included in the consolidation as a whole, and that the management report includes a fair overview of the important events that have occurred during the financial year and of the major transactions with the related parties, and their impact on the consolidated financial statements, together with a description of the principal risks and uncertainties they are exposed to.

* * *

Annex

• Consolidated statement of financial position;
• Consolidated income statement;
• Consolidated statement of comprehensive income;
• Consolidated statement of changes in equity;
• Consolidated statement of cash flows.

The Board of Directors Antwerp, 27 March 2014

Annual report available on website: 29th April 2014 Publication first Quarter results: 29th April 2014

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(in thousands of USD)

	01/01/2013 - 31/12/2013	01/01/2012 - 31/12/2012 (Restated) (*)
ASSETS
NO N-CURRENT ASSETS	863.368	1.042.302
Vessels	835.476	1.013.537
LPG - operational	247.411	445.484
LNG - operational	466.706	486.779
Offshore - operational	21.511	27.134
Vessels under construction	99.848	54.140
Other property, plant and equipment	5.298	9.640
Intangible assets	2.433	2.584
Investment property	12.979	13.049
Investments in equity accounted investees	4.590	1.946
Other investments	2.382	1.546
Derivative financial instruments	210	0
CURRENT ASSETS	325.396	328.032
Available-for-sale financial assets	12.774	26.992
Trade and other receivables	90.074	116.371
Current tax assets	2.993	1.280
Cash and cash equivalents	215.877	183.389
Assets classified as held for sale	3.678	0
TO TAL ASSETS	1.188.764	1.370.334
EQUITY AND LIABILITIES
TO TAL EQ UITY	406.928	366.973 (*)
Equity attributable to owners of the Company	406.640	366.785
Share capital	88.812	88.812
Share premium	209.902	209.902
Reserves	3.134	11.693 (*)
Result for the period	104.792	56.378 (*)
Non-controlling interest	288	188
NO N-CURRENT LIABILITIES	531.252	691.997
Borrowings	504.219	578.134
Banks	477.127	461.503
Finance leases	20.230	110.364
Other loans	6.862	6.267
Employee benefits	4.400	4.818
Provisions	2.399	2.860
Derivative financial instruments	20.234	106.185
CURRENT LIABILITIES	250.584	311.364
Borrowings	134.518	199.294
Banks	131.197	190.414
Finance leases	3.321	8.880
Trade debts and other payables	110.935	109.082
Current tax liability	5.131	2.988
TO TAL EQ UITY AND LIABILITIES	1.188.764	1.370.334

(*) The reserves and the result for the period of 2012 have been corrected for an amount of respectively KUSD - 1,785 and KUSD 1,785 in accordance with the revised IAS19 statement (IAS19R) published by the IASB on 16th June 2011.

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

(in thousands of USD)

	01/01/2013 - 31/12/2013	01/01/2012 - 31/12/2012 (Restated) (*)
STATEMENT OF PROFIT OR LOSS
Revenue	405.904	462.757
Capital gain on sale of assets	53.826	38.553
Other operating income	3.458	7.782
Operating income	463.188	509.092
Goods and services	-244.561	-296.610
Personnel expenses	-55.136	-43.152 (*)
Depreciations, amortisations & impairments losses	-53.908	-73.338
Provisions	495	515
Capital loss on disposal of assets	-19	-1.783
Other operating expenses Result from operating activities	-9.778 100.281	-5.831 88.893 (*)
Interest income	775	654
Interest expenses	-29.630	-36.561
Other finance income	47.766	12.373
Other finance expenses	-13.219	-6.081
Net finance costs	5.692	-29.615
Result before income tax and share of result of equity accounted investees	105.973	59.278 (*)
Share of profit (loss) of equity accounted investees (net of income tax)	-187	-645
Result before income tax	105.786	58.633 (*)
Income tax expense	-906	-2.220
Result for the period	104.880	56.413 (*)
Attributable to:
Non-controlling interest	88	35
Owners of the Company	104.792	56.378 (*)
Result for the period	104.880	56.413 (*)
Basic earnings per share (in USD)	1,86	1,00
Diluted earnings per share (in USD)	1,84	1,00
STATEMENT OF COMPREHENSIVE INCOME
Result for the period	104.880	56.413 (*)
Items that are or may be reclassified to profit or loss
Foreign currency translation differences for foreign operations	1.512	1.300
Net change in fair value of cash flow hedges transferred to profit and loss Net change in fair value of cash flow hedges - hedge accounting	5.653 500	563 118
Available-for sale financial assets - net change in fair value	1.475	3.828
Available-for sale financial assets - reclassified to profit or loss	-4.195	0
	4.945	5.809
Items that will never be reclassified to profit or loss
Employee benefits - remeasurements of defined benefit liability/asset	378	-1.785 (*)
Other comprehensive result for the period	5.323	4.024
Total comprehensive result for the period	110.203	60.437
Attributable to:
Non-controlling interest	100	39
Owners of the Company	110.103	60.398
Total comprehensive result for the period	110.203	60.437

(*) The result for the period of 2012 and other comprehensive income of 2012 have been corrected for an amount of respectively KUSD 1,785 and KUSD - 1,785 in accordance with the revised IAS19 statement (IAS19R) published by the IASB on 16th June 2011.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(in thousands of USD)

				Reserve				Share
			Retained	for				based		Non
	Share	Share	earnings	treasury	Translatio	Fair value	Hedging	payments		controlling	Total
	capital	premium	(Restated)	shares	n reserve	reserve	reserve	reserve	Total	interest	equity
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY AS PER 31 DECEMBER 2012
1 January 2012	88.812	209.902	118.955	-72.234	-7.125	1.673	-7.388	10.080	342.674	149	342.823
Comprehensive result for the period
Result for the period (*)			56.378						56.378	35	56.413
Foreign currency translation differences					1.296				1.296	4	1.300
Net change in fair value of cash flow hedges
transferred to profit and loss							563		563		563
Net change in fair value of cash flow hedges -
hedge accounting							118		118		118
Net change in fair value of available-for-sale
financial assets						3.828			3.828		3.828
Employee benefits - remeasurements of defined
benefit liability/asset (*)			-1.785						-1.785		-1.785
Total other comprehensive result (*)	0	0	-1.785	0	1.296	3.828	681	0	4.020	4	4.024
Total comprehensive result for the period	0	0	54.593	0	1.296	3.828	681	0	60.398	39	60.437
Transactions with owners of the Company
Dividends paid			-37.110						-37.110		-37.110
Treasury shares sold				142					142		142
Acquisition additional non-controlling interest									0		0
Share-based payments								684	684		684
Total transactions with owners of the Company	0	0	-37.110	142	0	0	0	684	-36.284	0	-36.284
31 December 2012	88.812	209.902	136.438	-72.092	-5.829	5.501	-6.707	10.764	366.785	188	366.973

(*) The result for the period of 2012 and the other comprehensive result of 2012 have been corrected for an amount

of respectively KUSD 1,785 and KUSD - 1,785 in accordance with the revised IAS19 statement (IAS19R) published

				Reserve				Share
				for				based		Non
	Share	Share	Retained	treasury	Translatio	Fair value	Hedging	payments		controlling	Total
	capital	premium	earnings	shares	n reserve	reserve	reserve	reserve	Total	interest	equity
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY AS PER 31 DECEMBER 2013
1 January 2013	88.812	209.902	136.438	-72.092	-5.829	5.501	-6.707	10.764	366.785	188	366.973
Comprehensive result for the period
Result for the period			104.792						104.792	88	104.880
Foreign currency translation differences					1.500				1.500	12	1.512
Net change in fair value of cash flow hedges transferred to profit and loss							5.653		5.653		5.653
Net change in fair value of cash flow hedges - hedge accounting							500		500		500
Net change in fair value of available-for-sale
financial assets						-2.720			-2.720		-2.720
Employee benefits - remeasurements of defined
benefit liability/asset			378						378		378
Total other comprehensive result	0	0	378	0	1.500	-2.720	6.153	0	5.311	12	5.323
Total comprehensive result for the period	0	0	105.170	0	1.500	-2.720	6.153	0	110.103	100	110.203
Transactions with owners of the Company
Dividends paid			-74.373						-74.373		-74.373
Treasury shares sold									0		0
Acquisition additional non-controlling interest									0		0
Share-based payments									0		0
Share options exercised			-5.947	11.225				-1.429	3.849		3.849
Share based payments transactions								275	275		275
Total transactions with owners of the Company	0	0	-80.320	11.225	0	0	0	-1.154	-70.249	0	-70.249
31 December 2013	88.812	209.902	161.285	-60.867	-4.329	2.781	-554	9.610	406.640	288	406.928

CONSOLIDATED STATEMENT OF CASH FLOWS

(in thousands of USD)

O PERATING ACTIVITIES Result for the period 104.880 56.413 () Share of profit (loss) of equity accounted investees (net of income tax) 187 645 Depreciations, amortisations and impairment loss 53.908 73.338 Changes in the fair value of derivative financial instruments -26.669 -18.086 Net interest income/expenses 28.855 33.335 Other financial income -4.417 0 Income tax expense 906 2.220 Net gain on sale of available for sale financial assets -6.451 0 Net gain on sale of assets -53.826 -36.830 Dividend income -1.891 -75 Unrealised exchange difference 0 -51 Equity settled share-based payment expenses (option plan) 275 684 Gross cash flow from operating activities 95.757 111.593 Decrease/increase of trade and other receivables 26.297 216.450 Increase/decrease of trade and other payables 1.853 7.728 Increase/decrease in provisions and employee benefits -536 -693 () Cash generated from operating activities 123.371 335.078 Interest paid -30.899 -37.986 Interest received 725 3.260 Income taxes paid/received -485 1.152 92.712 301.504 NET CASH FRO M O PERATING ACTIVITIES INVESTING ACTIVITIES Acquisition of intangible assets -373 -130 Acquisition of vessels and other property, plant and equipment -56.444 -104.751 Proceeds from the sale of intangible assets 80 9 Proceeds from the sale of vessels and other property, plant and equipment (incl held for sale) 2.835 100.573 Acquisition of available-for-sale financial assets -1.938 -32 Proceeds from available-for-sale financial assets 19.215 14.024 Acquisition of / proceeds from the sale of subsidiaries, associates and other investments 128.397 61 91.772 9.754 NET CASH USED IN / FRO M INVESTING ACTIVITIES FINANCING ACTIVITIES Dividends paid -74.373 -37.109 Dividends received 1.891 75 Early termination derivative products (**) -54.510 0 Proceeds from treasury shares 3.849 142 Proceeds from new borrowings 160.280 2.317 Repayment of borrowings -189.607 -222.592 -152.470 -257.167 NET CASH USED IN FINANCING ACTIVITIES 32.014 54.091 NET INCREASE / DECREASE IN CASH AND CASH EQ UIVALENTS RECONCILIATION OF NET INCREASE/DECREASE IN CASH AND CASH EQUIVALENTS Net cash and cash equivalents at 1 January 183.389 128.953 Net increase/decrease in cash and cash equivalents 32.014 54.091 Exchange rate fluctuations on cash and cash equivalents 474 345 NET CASH AND CASH EQ UIVALENTS AT 31 DECEMBER 215.877 183.389	01/01/2013 - 31/12/2013	01/01/2012 - 31/12/2012 (Restated) (*)

(*) The result for the period of 2012 and decrease in provisions and employee benefits of 2012 have been corrected for an amount of respectively KUSD 1,785 and KUSD - 1,785 in accordance with the revised IAS19 statement (IAS19R) published by the IASB on 16th June 2011.

215.877 (**) Some of our swap contracts include an early termination clause. In November 2013 Royal Bank of Scotland (RBS) exercised its'option to early terminate all LNG related contracts. This termination resulted in a cash out of KUSD 39,410. Secondly Exmar terminated its' Cross Currency Interest Rate contract for "Excel" with an extra KUSD 15,100 cash out as result.