Frontline plc Files 6-K Reporting Q4 and FY 2023 Results

TL;DR

Frontline plc dropped its Q4 and full-year 2023 results on 2/29/24 via a 6-K filing.

AI Summary

Frontline plc reported its results for the fourth quarter and full year ended December 31, 2023, via a press release on February 29, 2024. The filing is a Form 6-K, which is a report of foreign private issuers. The company is based in Limassol, Cyprus.

Why It Matters

This filing provides investors with the latest financial performance data for Frontline plc, a key player in the shipping industry, allowing for informed investment decisions.

Risk Assessment

Risk Level: low — This is a routine financial reporting document, not indicating any new or unusual risks.

Key Players & Entities

• Frontline plc (company) — Registrant
• 001-16601 (company) — SEC File Number
• February 29, 2024 (date) — Press Release Date
• December 31, 2023 (date) — Fiscal Year End
• Limassol, Cyprus (location) — Company Address

FAQ

Key Financial Figures

• $118.4 million — ember 31, 2023 : Highlights Profit of $118.4 million , or $0.53 per share for the fourth qua
• $0.53 — ghlights Profit of $118.4 million , or $0.53 per share for the fourth quarter of 202
• $102.2 million — quarter of 2023 . Adjusted profit of $102.2 million , or $0.46 per share for the fourth qua
• $0.46 — Adjusted profit of $102.2 million , or $0.46 per share for the fourth quarter of 202
• $0.37 — of 2023 . Declared a cash dividend of $0.37 per share for the fourth quarter of 202
• $415.0 million — uarter of 2023 . Reported revenues of $415.0 million for the fourth quarter of 2023 . Took
• $335.0 million — 10, for an aggregate net sales price of $335.0 million in January 2024. After repayment of exi
• $238.0 million — rate net cash proceeds of approximately $238.0 million . In the process of refinancing eight
• $408 — rate net cash proceeds of approximately $408. 0 million . The net cash proceeds of
• $646.0 million — The net cash proceeds of approximately $646.0 million expected to be generated from sale and
• $275.0 million — der loan and the amount drawn under the $275.0 million senior unsecured revolving credit facil
• $3,100 — impacted the overall VLCC spot rate by $3,100 per day as limited revenues were record
• $107.7 million — ember 31, 2023, compared with profit of $107.7 million in the previous quarter. The adjusted p
• $102.2 million — ious quarter. The adjusted profit 2 was $102.2 million for the fourth quarter of 2023 compared
• $80.8 million — f 2023 compared with adjusted profit of $80.8 million in the previous quarter. The adjustment

Filing Documents

• d10992818_6k.htm (6-K) — 387KB
• image1.jpg (GRAPHIC) — 24KB
• image00003.jpg (GRAPHIC) — 2KB
• image00005.jpg (GRAPHIC) — 20KB
• 0000919574-24-001843.txt ( ) — 453KB

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. FRONTLINE PLC (registrant) Dated: March 1, 2024 By: /s/ Inger M. Klemp Name: Inger M. Klemp Title: Principal Financial Officer EXHIBIT 1 INTERIM FINANCIAL INFORMATION FRONTLINE PLC FOURTH QUARTER 2023 29 February 2024 FRONTLINE PLC REPORTS RESULTS FOR THE FOURTH QUARTER ENDED DECEMBER 31, 2023 Frontline plc (the "Company" or "Frontline"), today reported unaudited results for the three and twelve months ended December 31, 2023 : Highlights Profit of $118.4 million , or $0.53 per share for the fourth quarter of 2023 . Adjusted profit of $102.2 million , or $0.46 per share for the fourth quarter of 2023 . Declared a cash dividend of $0.37 per share for the fourth quarter of 2023 . Reported revenues of $415.0 million for the fourth quarter of 2023 . Took delivery of 11 VLCCs from Euronav NV ("Euronav") as part of the acquisition of 24 VLCCs ("the Acquisition") in the fourth quarter of 2023 and delivery of a further 12 vessels in January 2024 with the last VLCC expected to be delivered within the first quarter of 2024. Entered into agreements to sell its five oldest VLCCs, built in 2009 and 2010 and one of its oldest Suezmax tankers, built in 2010, for an aggregate net sales price of $335.0 million in January 2024. After repayment of existing debt on the vessels the transactions are expected to generate net cash proceeds of approximately $238.0 million . In the process of refinancing eight Suezmax tankers and 16 LR2 tankers expected to generate net cash proceeds of approximately $408. 0 million . The net cash proceeds of approximately $646.0 million expected to be generated from sale and refinancing of vessels, will enable Frontline to fully repay the Hemen shareholder loan and the amount drawn under the $275.0 million senior unsecured revolving cr

Forward-Looking Statements

Forward-Looking Statements Matters discussed in this report may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements, which 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. Frontline plc and its subsidiaries, or 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. This report and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial performance and are not intended to give any assurance as to future results. When used in this document, the words "believe," "anticipate," "intend," "estimate," "forecast," "project," "plan," "potential," "will," "may," "should," "expect" and similar expressions, terms or phrases may identify forward-looking statements. The forward-looking statements in this report are based upon various assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and 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. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. In addition to these important factors and matters discussed elsewhere herein,

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